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The Vendor Direct Deposit Authorization Form is a standard financial document used across Canadian businesses to establish electronic payment arrangements with vendors and suppliers. This form is essential when transitioning from check payments to electronic transfers or when onboarding new vendors who prefer direct deposit payments. It includes crucial information such as vendor details, banking information, and formal authorization for electronic fund transfers. The document ensures compliance with Canadian banking regulations, privacy laws (PIPEDA), and electronic commerce legislation while providing a secure and efficient method for processing vendor payments. Organizations typically implement this form as part of their vendor management and accounts payable processes to streamline payment operations and reduce paper-based transactions.

1. Vendor Information: Basic vendor details including legal business name, operating name (if different), business number/GST number, and contact information

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

3. Authorization Declaration: Statement confirming the vendor's authorization for direct deposits and verification of information accuracy

4. Terms and Conditions: Brief outline of the direct deposit arrangement, including timing of deposits, notification procedures, and responsibilities of both parties

5. Signature Block: Space for authorized signature, printed name, title, and date