Eft Authorization Form

Eft Authorization Form Template for Switzerland

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Key Requirements PROMPT example:

"I need an EFT Authorization Form in Swiss German for setting up recurring monthly payments of 2,500 CHF from our corporate account to multiple vendor accounts, starting from March 2025, with specific provisions for international transfers to German suppliers."

Document background

The EFT Authorization Form is a essential financial document used in Switzerland when establishing automated or recurring electronic fund transfers between bank accounts. This form is required when setting up direct debits, recurring payments, or authorized electronic transfers in compliance with Swiss banking regulations. The document must adhere to strict Swiss financial services legislation, including the Federal Act on Financial Services (FinSA) and data protection laws (FADP). It typically includes detailed account holder information, specific transfer instructions, data protection provisions, and clear authorization parameters. The form serves as both a legal record of authorization and a operational document for financial institutions to process electronic transfers in accordance with Swiss banking standards and requirements.

Suggested Sections

1. Account Holder Information: Details of the account holder including full legal name, address, and contact information as required by Swiss banking regulations

2. Bank Account Details: Specific banking information including IBAN, account number, and bank details in compliance with Swiss Interbank Clearing requirements

3. Transfer Authorization: Explicit authorization statement for the electronic funds transfer, including the scope and nature of the authorization

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

5. Cancellation Rights: Information about the right to cancel the authorization and the process for doing so, as required by Swiss financial services regulations

6. Data Protection Notice: Statement about how personal and financial data will be processed and protected in accordance with FADP requirements

7. Signature Block: Space for legally binding signature(s) and date, with option for electronic signature if applicable under FINMA regulations

Optional Sections

1. Third Party Authorization: Additional section when the authorization is being set up by someone other than the account holder, including power of attorney verification

2. Multiple Account Authorization: Section for authorizing transfers between multiple accounts when applicable

3. International Transfer Provisions: Additional terms and conditions specific to international transfers, including currency conversion terms

4. Special Instructions: Section for any specific transfer instructions or conditions that deviate from standard processing

Suggested Schedules

1. Schedule A - Payment Schedule: Detailed breakdown of payment dates, amounts, and recipients if involving recurring payments

2. Schedule B - Fee Schedule: Breakdown of any applicable fees for the EFT service, including processing fees and potential international transfer charges

3. Appendix 1 - Terms and Conditions: Detailed terms and conditions governing the EFT authorization, including all regulatory disclosures

4. Appendix 2 - Required Documentation: List of supporting documents required for verification purposes under Swiss banking and anti-money laundering regulations

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

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Clauses

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Banking and Financial Services

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E-commerce

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Finance

Treasury

Accounts Payable

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Banking Operations

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Financial Control

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Financial Controller

Accounts Payable Manager

Treasury Manager

Banking Operations Manager

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Payment Operations Manager

Financial Services Administrator

Banking Relationship Manager

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Data Protection Officer

Chief Financial Officer

Finance Administrator

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Authors

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