Preauthorized Debit Form

Preauthorized Debit Form Template for Singapore

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Key Requirements PROMPT example:

"I need a Preauthorized Debit Form for my Singapore-based telecommunications company to collect monthly subscription fees from customers, with variable payment amounts up to SGD 300 and the ability to adjust rates with 30 days notice."

Document background

The Preauthorized Debit Form is essential for establishing automated payment arrangements in Singapore's banking system. It's commonly used when regular payments need to be made to service providers or creditors. The form, governed by Singapore's Payment Services Act and MAS regulations, includes crucial details such as the account holder's information, bank account details, payment specifications, and explicit authorization for automatic debits. It serves as a formal agreement that protects both the payor and payee while ensuring compliance with local banking and data protection regulations.

Suggested Sections

1. Account Holder Information: Personal/company details of the account holder authorizing the debit, including name, ID/registration number, contact details and address

2. Bank Account Details: Complete banking information for the account to be debited, including bank name, branch, account number and account type

3. Payment Details: Specification of payment amount, frequency, and duration of the authorization

4. Authorization Declaration: Explicit consent statement for the debit arrangement and acknowledgment of terms

5. Data Protection Notice: PDPA-compliant statement about data collection, usage, and processing of personal information

Optional Sections

1. Variable Payment Instructions: Additional section used when payment amounts may vary, specifying maximum debit limits and variation terms

2. Multiple Account Authorization: Optional section when debits may be made from multiple accounts, including details for each account

3. Joint Account Declaration: Additional declaration required when the account has multiple signatories, including all signatories' details

Suggested Schedules

1. Payment Schedule: Detailed breakdown of payment dates and amounts if fixed, including commencement date and end date if applicable

2. Terms and Conditions: Detailed terms governing the direct debit arrangement, including rights and obligations of all parties

3. Cancellation Form: Template form for future cancellation of the direct debit authorization, including notice period requirements

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok��˰� | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Banking and Financial Services
Utilities
Insurance
Telecommunications
Property Management

Relevant Teams

Finance
Accounts
Operations
Compliance
Customer Service

Relevant Roles

Finance Manager
Accounts Receivable Manager
Banking Operations Officer
Compliance Officer
Credit Controller

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Let's create your Preauthorized Debit Form

Authors

Alex Denne

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