Direct Withdrawal Form

Direct Withdrawal Form Template for Nigeria

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Key Requirements PROMPT example:

"I need a Direct Withdrawal Form for my company's monthly subscription payment collection from customers, with a maximum withdrawal limit of ��50,000 per transaction and the ability to process payments on the first working day of each month starting January 2025."

Document background

The Direct Withdrawal Form is a fundamental banking instrument used in Nigeria when an account holder needs to authorize automatic withdrawals from their account. This document is essential for establishing recurring payment arrangements, subscription services, loan repayments, or other regular financial commitments. The form must comply with Central Bank of Nigeria (CBN) regulations, the Banks and Other Financial Institutions Act (BOFIA) 2020, and relevant data protection laws. It typically includes detailed information about the account holder, beneficiary, withdrawal specifications, and terms and conditions. The Direct Withdrawal Form is widely used across various sectors and can be implemented for both individual and corporate accounts, providing a secure and standardized method for automated payment arrangements in the Nigerian banking system.

Suggested Sections

1. Account Holder Information: Details of the account holder including full name, address, phone number, and valid identification details as required by CBN KYC regulations

2. Bank Account Details: Complete banking information including account number, bank name, branch, and BVN (Bank Verification Number)

3. Withdrawal Authorization: Clear statement authorizing the bank to process direct withdrawals, including the purpose of the withdrawal

4. Transaction Details: Specification of withdrawal amount, frequency (one-time or recurring), and timing of withdrawals

5. Beneficiary Information: Details of the party receiving the funds, including their complete banking information

6. Terms and Conditions: Standard terms governing the direct withdrawal arrangement, including the rights and obligations of all parties

7. Cancellation Policy: Clear explanation of how and when the direct withdrawal mandate can be cancelled or modified

8. Declaration: Statement confirming the accuracy of information provided and agreement to the terms and conditions

Optional Sections

1. Maximum Withdrawal Limit: Optional section for specifying maximum withdrawal amounts, recommended for variable payment arrangements

2. Third Party Authorization: Required only when the withdrawal is being set up by someone other than the account holder

3. Multiple Account Authorization: Used when withdrawals may be made from multiple accounts

4. Special Instructions: Any specific instructions or conditions for processing the withdrawals

5. Electronic Notification Preferences: Optional section for specifying how the account holder wishes to receive transaction notifications

Suggested Schedules

1. Schedule A - Payment Schedule: Detailed breakdown of payment dates and amounts for recurring withdrawals

2. Schedule B - Required Documentation: List of supporting documents submitted with the form (ID copies, proof of address, etc.)

3. Appendix 1 - Terms and Conditions: Detailed terms and conditions referenced in the main form

4. Appendix 2 - Fee Schedule: Breakdown of any applicable fees and charges related to the direct withdrawal service

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

Insurance

Telecommunications

Utilities

Real Estate

Education

Healthcare

Retail

Professional Services

Non-Profit Organizations

Government Services

Relevant Teams

Operations

Customer Service

Compliance

Legal

Risk Management

Account Management

Treasury

Corporate Banking

Retail Banking

Documentation

Direct Banking Services

Relevant Roles

Bank Branch Manager

Account Officer

Compliance Officer

Financial Services Manager

Customer Service Representative

Banking Operations Manager

Relationship Manager

Treasury Manager

Credit Officer

Risk Assessment Officer

Legal Officer

Financial Controller

Corporate Services Manager

Direct Debit Administrator

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Authors

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