¶¶Òõ¶ÌÊÓƵ

All Countries
Banking
Authorization Agreement For Direct Deposits

Authorization Agreement For Direct Deposits Template for Malaysia

Create a bespoke document in minutes,  or upload and review your own.

4.6 / 5
4.8 / 5

Let's create your Authorization Agreement For Direct Deposits

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Get your first 2 documents free

Your data doesn't train Genie's AI

You keep IP ownership of your information

Key Requirements PROMPT example:

Authorization Agreement For Direct Deposits

"I need an Authorization Agreement for Direct Deposits for our tech company in Kuala Lumpur that will allow us to process monthly salary payments for our 200 employees starting January 2025, with specific provisions for both local and international bank accounts."

Celebrated by
Collaborations with
Investors
Document background
The Authorization Agreement For Direct Deposits serves as a crucial document in Malaysia's modern banking landscape, enabling secure and efficient electronic payment processing. This agreement is essential when establishing automated payment arrangements between financial institutions and account holders, commonly used for salary payments, government disbursements, and regular business transactions. The document must comply with Malaysian banking regulations, particularly the Financial Services Act 2013 and Bank Negara Malaysia guidelines, while ensuring proper data protection under the Personal Data Protection Act 2010. It includes vital information such as account details, authorization parameters, and terms for modification or termination of the arrangement. This agreement is particularly relevant in today's digital banking environment, where organizations increasingly rely on electronic payment methods for efficiency and security.
Suggested Sections

1. Parties: Identification of the account holder (employee/depositor) and the financial institution

2. Background: Brief context explaining the purpose of the direct deposit authorization

3. Definitions: Key terms used throughout the agreement including 'Direct Deposit', 'Account', 'Payment Day', etc.

4. Authorization: Express authorization from the account holder to the financial institution to accept direct deposits

5. Account Details: Specification of the bank account information where deposits will be made

6. Timing of Deposits: Details about when deposits will be made and when funds will be available

7. Changes and Modifications: Process for making changes to the authorization or account information

8. Termination: Conditions and process for terminating the direct deposit authorization

9. Data Protection: Provisions regarding the handling and protection of personal and financial information

10. Governing Law: Specification that Malaysian law governs the agreement

Optional Sections

1. Multiple Accounts: Section to specify allocation of deposits across multiple accounts, used when the depositor wants to split deposits

2. International Transfers: Additional provisions for handling international direct deposits, needed for foreign currency or overseas transactions

3. Special Instructions: Section for any specific handling instructions or conditions, used when standard processing doesn't apply

4. Electronic Statements: Optional enrollment in electronic statements and notifications, included when this service is offered

5. Joint Account Provisions: Additional terms for joint accounts, included when the receiving account has multiple holders

Suggested Schedules

1. Schedule A - Account Details: Detailed banking information including account numbers, bank branch details, and routing numbers

2. Schedule B - Authorized Depositors: List of authorized entities permitted to make direct deposits to the account

3. Schedule C - Fee Schedule: Any applicable fees or charges related to the direct deposit service

4. Appendix 1 - Required Documentation: List of supporting documents required for setting up direct deposit

5. Appendix 2 - Contact Information: Contact details for customer service and technical support related to direct deposits

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 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

Human Resources and Employment

Payroll Services

Corporate Services

Public Sector

Healthcare

Education

Retail

Manufacturing

Technology

Relevant Teams

Human Resources

Finance

Payroll

Legal

Compliance

Operations

Treasury

Accounts Payable

Banking Operations

Employee Services

Relevant Roles

HR Manager

Payroll Administrator

Finance Director

Accounts Payable Manager

Treasury Manager

Compliance Officer

Banking Operations Manager

Financial Controller

HR Operations Specialist

Compensation and Benefits Manager

Account Manager

Finance Operations Manager

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

Find the exact document you need

Accounts Receivable Collection Agreement

A Malaysian law-governed agreement establishing terms for accounts receivable collection services, including compliance requirements, fee structures, and operational procedures.

find out more

Deed Of Assignment Of Shares

A Malaysian law-governed deed that formally documents and executes the transfer of shares from one party to another, ensuring legal compliance with local corporate and stamp duty requirements.

find out more

Current Account Agreement

Malaysian law-governed agreement establishing terms and conditions for operating a current account with a financial institution in Malaysia.

find out more

Pre Authorized Payment Agreement

A Malaysian law-governed agreement establishing automated recurring payment arrangements between a financial institution and account holder, complying with local banking and data protection regulations.

find out more

Collateral Account Control Agreement

A Malaysian law-governed agreement establishing control arrangements over bank accounts as security, detailing operational procedures and control rights between account holder, secured party, and account bank.

find out more

Collateral Account Agreement

Malaysian law-governed agreement establishing security over bank accounts and their contents, detailing account operation and security enforcement rights.

find out more

Running Account Credit Agreement

A Malaysian law-governed agreement establishing a revolving credit facility between a financial institution and borrower, detailing terms for ongoing credit access and utilization.

find out more

Business Account Agreement

A Malaysian law-governed agreement between a bank and business entity establishing terms for business banking accounts and related services.

find out more

Bookkeeping Confidentiality Agreement

A Malaysian law-governed confidentiality agreement protecting financial information handled by bookkeepers, ensuring compliance with local data protection and financial services regulations.

find out more

Trust Account Agreement

A Malaysian law-governed agreement establishing the terms and conditions for operating a trust account, defining relationships between trustee, settlor, and beneficiaries.

find out more

Letter Of Authorization To Debit Account

A Malaysian banking document authorizing automatic debits from an account holder's account, compliant with local banking regulations and central bank guidelines.

find out more

Account Control Agreement

A Malaysian law agreement establishing control rights over bank accounts in secured financing arrangements, between an account holder, secured party, and bank.

find out more

Notice Of Assignment Of Accounts Receivable

A Malaysian law-compliant formal notice informing debtors that receivables have been assigned to a new creditor, including payment instructions and acknowledgment requirements.

find out more

Blocked Account Control Agreement

A Malaysian law-governed agreement establishing control rights over a bank account as security, typically used in financing transactions.

find out more

Authorization Agreement For Direct Deposits

A Malaysian-compliant agreement authorizing financial institutions to process direct deposits into designated bank accounts, establishing terms for electronic fund transfers.

find out more

Security Account Control Agreement

A Malaysian law-governed agreement establishing control rights over bank accounts as collateral, creating a three-way relationship between account holder, secured party, and bank.

find out more

Deposit Account Agreement

A Malaysian law-governed agreement establishing terms and conditions for operating a deposit account with a financial institution, compliant with Malaysian banking regulations.

find out more

Margin Agreement

A Malaysian law-governed agreement establishing terms for margin trading facilities between financial institutions and clients, including collateral arrangements and regulatory compliance requirements.

find out more

Account Bank Agreement

A Malaysian law-governed agreement establishing the terms and conditions for banking services between a bank and its account holder(s).

find out more

Securities Account Control Agreement

A Malaysian law-governed tripartite agreement establishing control rights over a securities account in favor of a secured party, compliant with local securities regulations.

find out more

Account Management Agreement

A Malaysian law-governed agreement establishing terms for professional account management services and regulatory compliance.

find out more

Joint Account Agreement

A Malaysian law-governed agreement establishing the terms and conditions for operating a joint bank account between multiple account holders and a financial institution.

find out more

Account Pledge Agreement

A Malaysian law security document creating a pledge over bank accounts in favor of lenders/security agents, subject to local banking and security regulations.

find out more

Account Opening Agreement

A Malaysian law-governed agreement establishing the terms and conditions for opening and maintaining bank accounts, compliant with local banking regulations and consumer protection requirements.

find out more

Certificate Of Deposit Agreement

A Malaysian law-governed agreement establishing terms and conditions for a fixed-term deposit between a financial institution and depositor, detailing deposit amount, interest, and maturity terms.

find out more

Account Receivable Purchase Agreement

A Malaysian law-governed agreement for the sale and purchase of accounts receivable between a seller and a financial institution, establishing terms for ongoing receivables purchases.

find out more

Download our whitepaper on the future of AI in Legal

By providing your email address you are consenting to our Privacy Notice.
Thank you for downloading our whitepaper. This should arrive in your inbox shortly. In the meantime, why not jump straight to a section that interests you here: /our-research
Oops! Something went wrong while submitting the form.

³Ò±ð²Ô¾±±ð’s Security Promise

Genie is the safest place to draft. Here’s how we prioritise your privacy and security.

Your documents are private:

We do not train on your data; ³Ò±ð²Ô¾±±ð’s 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

Our bank-grade security infrastructure undergoes regular external audits

We are ISO27001 certified, so your data is secure

Organizational security

You retain IP ownership of your documents

You have full control over your data and who gets to see it

Innovation in privacy:

Genie partnered with the Computational Privacy Department at Imperial College London

Together, we ran a £1 million research project on privacy and anonymity in legal contracts

Want to know more?

Visit our for more details and real-time security updates.

Read our Privacy Policy.