The Authorization Agreement For Automatic Deposits is essential for establishing automated payment arrangements in the Philippines. This document is commonly used when setting up direct deposits for salary payments, regular government benefits, investment returns, or other recurring deposits. It details the necessary account information, deposit scheduling, and authorization parameters while ensuring compliance with Philippine banking regulations, including the Electronic Commerce Act and BSP guidelines. The agreement is particularly important in the modern digital banking environment, where automated transactions are increasingly common. It provides legal protection for both the financial institution and the account holder by clearly defining the terms of the automatic deposit arrangement and establishing the framework for dispute resolution.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Your data doesn't train Genie's AI
You keep IP ownership聽of your docs
1. Parties: Identification of the account holder and the financial institution, including complete legal names and addresses
2. Background: Brief context explaining the purpose of the agreement and the establishment of an automatic deposit arrangement
3. Definitions: Clear definitions of key terms used throughout the agreement, including 'Automatic Deposit', 'Account', 'Banking Day', etc.
4. Authorization: Explicit authorization from the account holder to the financial institution to process automatic deposits
5. Account Details: Specification of the account(s) to be used for automatic deposits
6. Timing and Frequency: Details of when deposits will occur and their frequency
7. Bank's Rights and Obligations: Outlining the bank's responsibilities and rights in processing automatic deposits
8. Account Holder's Rights and Obligations: Specifying the account holder's responsibilities and rights under the agreement
9. Term and Termination: Duration of the agreement and conditions for termination by either party
10. Amendments: Process for making changes to the agreement or deposit arrangements
11. Governing Law: Specification that Philippine law governs the agreement
12. Execution: Signature blocks and execution requirements
1. Multiple Account Provisions: Additional terms for cases where automatic deposits involve multiple accounts
2. International Transfer Provisions: Special terms for automatic deposits involving international transfers
3. Joint Account Provisions: Additional terms when the account is jointly held
4. Special Instructions: Any specific instructions for handling certain types of deposits or situations
5. Digital Banking Provisions: Additional terms for digital banking interface and online access
6. Force Majeure: Provisions for handling situations beyond the bank's control
7. Language Declaration: Required when the agreement is executed in multiple languages
1. Schedule A - Deposit Details: Detailed information about the automatic deposit arrangement including amounts, frequency, and source
2. Schedule B - Fee Schedule: List of applicable fees and charges related to the automatic deposit service
3. Schedule C - Required Documents: List of supporting documents provided by the account holder
4. Appendix 1 - Bank's Terms and Conditions: Standard terms and conditions of the bank's automatic deposit service
5. Appendix 2 - Data Privacy Statement: Detailed privacy policy and data handling procedures as required by the Data Privacy Act
6. Appendix 3 - Electronic Banking Terms: Terms specific to electronic banking services and online account access
Find the exact document you need
Non Refundable Contract
A Philippine law-governed agreement establishing non-refundable payment terms and conditions, with clear acknowledgment provisions and consumer protection compliance.
Download
Term Deposit Agreement
A Philippine-law governed agreement establishing terms and conditions for a fixed-term deposit account between a financial institution and depositor, compliant with BSP regulations.
Download
Hold Deposit Agreement
A Philippine law-governed agreement establishing terms for holding a deposit amount between parties, specifying conditions for deposit maintenance and release.
Download
Security Deposit Transfer Agreement
A Philippine law-governed agreement facilitating the transfer of security deposits between property owners/landlords during ownership or management changes.
Download
Non Refundable Payment Agreement
A Philippine law-governed agreement establishing terms for non-refundable payments between parties, including payment terms and acknowledgment of non-refundability.
Download
Non Refundable Deposit Purchase Agreement
A Philippine law-governed agreement establishing terms for a non-refundable deposit in a purchase transaction, protecting both seller and buyer interests.
Download
Property Deposit Agreement
A Philippine law-governed agreement establishing terms for property purchase deposits, securing buyer interest and seller commitment while ensuring regulatory compliance.
Download
Sale Deposit Agreement
A Philippine law-governed agreement that formalizes the terms and conditions of a deposit payment in connection with a sale transaction.
Download
Authorization Agreement For Automatic Deposits
A Philippine-law governed agreement authorizing automatic deposits between a financial institution and account holder, establishing terms for automated payment processing.
Download
Good Faith Deposit Contract
A Philippine law-governed agreement establishing terms for a good faith deposit to demonstrate serious intent in a transaction.
Download
Direct Deposit Agreement
A Philippine-compliant agreement establishing terms for automatic electronic fund transfers to designated bank accounts, governed by BSP regulations and local banking laws.
Download
Reservation Deposit Agreement
A Philippine law-governed agreement that formalizes property reservation through deposit payment, setting terms for future purchase.
Download
Agreement For Security Deposit
A Philippine law-compliant agreement establishing terms and conditions for handling security deposits in property rental arrangements, including deposit amount, maintenance, and return conditions.
Download
Cash Deposit Agreement
A Philippine law-governed agreement establishing terms and conditions for cash deposits between a financial institution and depositor, compliant with BSP regulations.
Download
6 Month Rent Contract
A Philippine-law compliant 6-month residential lease agreement establishing terms for property rental and tenant-landlord obligations.
Download
Refundable Deposit Agreement
A Philippine law-governed agreement establishing terms for a refundable monetary deposit, including payment conditions and refund procedures.
Download
Agreement For Deposit Payment
A Philippine law-governed agreement establishing terms and conditions for deposit payments, including payment terms, refund conditions, and parties' obligations.
Download
Holding Deposit Contract
A Philippine law-compliant agreement securing a property through a holding deposit, outlining deposit terms and conditions between property owner and potential buyer/tenant.
Download
骋别苍颈别鈥檚 Security Promise
Genie is the safest place to draft. Here鈥檚 how we prioritise your privacy and security.
Your documents are private:
We do not train on your data; 骋别苍颈别鈥檚 AI improves independently
All data stored on Genie is private to your organisation
Your documents are protected:
Your documents are protected by ultra-secure 256-bit encryption
We are ISO27001 certified, so your data is secure
Organizational security:
You retain IP ownership of your documents and their information
You have full control over your data and who gets to see it
.png)