Vendor ACH Direct Deposit Authorization Form

Vendor ACH Direct Deposit Authorization Form Template for Canada

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Key Requirements PROMPT example:

"I need a Vendor ACH Direct Deposit Authorization Form for my Canadian software company that handles payments in both CAD and USD, with specific provisions for international software vendors and the ability to split payments across multiple accounts."

Document background

The Vendor ACH Direct Deposit Authorization Form is a critical document used in Canadian business operations to establish secure electronic payment arrangements with vendors. This form is necessary when a business wishes to transition from check payments to electronic funds transfers or set up payment arrangements with new vendors. It includes comprehensive vendor identification, detailed banking information, and explicit authorization for direct deposits in compliance with Canadian banking regulations and privacy laws. The form serves as official documentation for audit purposes and helps streamline payment processes while reducing paper-based transactions. It's particularly relevant in the context of modern business operations where electronic payments are becoming the standard method of vendor compensation.

Suggested Sections

1. Vendor Information: Essential business details including legal business name, operating name (if different), business address, and tax identification number

2. Banking Information: Details of the bank account for deposits including bank name, branch transit number, institution number, and account number

3. Payment Details: Specification of payment types to be processed through direct deposit and any specific payment identifiers

4. Authorization Statement: Legal statement confirming the vendor's authorization for direct deposits and acknowledgment of terms

5. Contact Information: Primary and secondary contact details for payment-related communications

6. Signature Block: Space for authorized signatory's name, title, signature, and date

Optional Sections

1. Multiple Account Authorization: Section for authorizing deposits to multiple accounts with specific allocation instructions

2. Payment Notification Preferences: Options for how the vendor wishes to receive payment notifications and remittance information

3. Currency Specification: For vendors accepting payments in multiple currencies, specification of accepted currencies and associated accounts

4. Cancel Authorization: Section for canceling previous direct deposit authorizations

5. International Payment Information: Additional fields required for international payments including SWIFT/BIC codes and intermediary bank information

Suggested Schedules

1. Void Cheque: Attachment of a void cheque or bank-verified direct deposit form to confirm account details

2. Banking Institution Verification: Official bank document verifying the account information and ownership

3. Corporate Resolution: For corporate vendors, documentation authorizing specific individuals to set up direct deposit arrangements

4. Additional Location Details: For vendors with multiple locations, schedule listing all locations covered by the authorization

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 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

Retail

Manufacturing

Healthcare

Technology

Professional Services

Construction

Education

Government

Non-Profit

Telecommunications

Energy and Utilities

Transportation and Logistics

Real Estate

Relevant Teams

Accounts Payable

Finance

Procurement

Vendor Management

Treasury

Financial Operations

Supply Chain

Payment Operations

Financial Systems

Purchasing

Relevant Roles

Accounts Payable Manager

Finance Director

Procurement Manager

Vendor Management Specialist

Treasury Manager

Financial Controller

Chief Financial Officer

Accounts Payable Clerk

Finance Operations Manager

Purchasing Manager

Supply Chain Manager

Vendor Relations Coordinator

Payment Operations Specialist

Financial Systems Administrator

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Income Support Direct Deposit Form

A Canadian government form for setting up direct deposit arrangements for income support payment recipients.

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Let's create your Vendor ACH Direct Deposit Authorization Form

Authors

Alex Denne

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