The Auto Payment Agreement serves as a foundational document for establishing recurring payment arrangements in the Philippine banking system. It is typically used when customers wish to authorize automatic debits from their accounts for regular payments such as utility bills, loan installments, insurance premiums, or other recurring obligations. The document complies with Philippine banking regulations, particularly BSP Circular No. 980 on electronic banking services and the E-Commerce Act. It details the authentication requirements, payment mechanisms, data protection measures, and customer rights in line with local regulatory requirements. This agreement is essential for financial institutions offering automated payment services and provides legal protection for both the institution and its customers while ensuring transparent terms for all automated transactions.
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1. Parties: Identification of the payment service provider/bank and the customer, including complete legal names and addresses
2. Background: Context of the agreement, explaining the purpose of establishing an automatic payment arrangement
3. Definitions: Key terms used throughout the agreement, including technical banking terms and payment-related terminology
4. Authorization: Customer's explicit authorization for automatic debiting of their account
5. Payment Terms: Details of payment arrangements including frequency, amount, and timing of automatic payments
6. Account Details: Specification of the accounts involved in the auto-payment arrangement
7. Duration and Renewal: Term of the agreement and conditions for renewal
8. Modification and Termination: Procedures for changing or ending the auto-payment arrangement
9. Failed Transactions: Procedures and consequences for insufficient funds or failed payments
10. Dispute Resolution: Process for resolving disputes related to automatic payments
11. Data Privacy: Terms regarding the handling and protection of personal and financial information
12. Governing Law: Specification of Philippine law as governing law and relevant jurisdictional matters
1. Multiple Account Provisions: Include when arrangement involves multiple accounts or payment sources
2. Variable Amount Provisions: Include when payment amounts may vary (e.g., utility bills, credit card payments)
3. International Payment Provisions: Include when arrangement involves cross-border payments
4. Third-Party Authorization: Include when payments are being made to or through third-party service providers
5. Special Instructions: Include when customer has specific payment processing requirements or conditions
1. Schedule A - Payment Schedule: Detailed schedule of payment dates, amounts, and frequencies
2. Schedule B - Fee Schedule: List of all applicable fees, including processing fees and failed payment charges
3. Appendix 1 - Account Information Form: Form containing detailed account information and validation requirements
4. Appendix 2 - Cancellation Form: Standard form for requesting cancellation of the auto-payment arrangement
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