The Pre-Authorized Deposit Form is a crucial banking document used in the Philippine financial sector to facilitate automated and recurring transactions. This form is essential when establishing standing arrangements for regular deposits, automatic bill payments, or recurring transfers between accounts. It serves as a formal authorization from the account holder to their bank, allowing specific automated transactions while protecting both parties' interests under Philippine banking regulations. The document must comply with various regulatory requirements, including the General Banking Law of 2000, BSP circulars on electronic banking, and the Data Privacy Act. It's commonly used by businesses for payroll processing, regular vendor payments, or recurring collections, and by individuals for automatic bill payments or investment contributions.
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1. Account Holder Information: Details of the account holder including full name, account number, contact information, and valid ID information as required by BSP regulations
2. Authorization Details: Specific authorization from the account holder allowing automatic debits/credits, including transaction types and purposes
3. Transaction Parameters: Specific details about the authorized transactions including maximum amount, frequency, and timing of deposits/debits
4. Term and Validity: Duration of the authorization and conditions for renewal or termination
5. Bank Rights and Obligations: The bank's responsibilities and rights regarding the pre-authorized transactions
6. Account Holder's Declarations: Customer's confirmations and acknowledgments regarding the arrangement
7. Data Privacy Consent: Explicit consent for data processing as required by the Data Privacy Act
8. Signature and Verification: Space for signatures, witnesses if required, and bank verification details
1. Multiple Account Authorization: Additional section when authorization covers multiple accounts
2. Third Party Beneficiary Details: When the pre-authorized payments are meant for a third party beneficiary
3. Foreign Currency Provisions: Special provisions for foreign currency transactions if applicable
4. Joint Account Provisions: Additional requirements and authorizations for joint accounts
5. Digital Banking Provisions: Additional terms for online/mobile banking integration if applicable
1. Schedule A - Transaction Details: Detailed breakdown of authorized transaction parameters including amounts, frequencies, and purposes
2. Schedule B - Supporting Documents: List of required supporting documents submitted with the form
3. Schedule C - Fee Schedule: Breakdown of any applicable fees for the pre-authorized deposit service
4. Appendix 1 - Terms and Conditions: Standard terms and conditions for pre-authorized deposits
5. Appendix 2 - Privacy Policy: Detailed privacy policy and data handling procedures
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Insurance
Utilities
Telecommunications
Real Estate
Education
Healthcare
Retail
Business Process Outsourcing
Manufacturing
Professional Services
Relevant Teams
Operations
Compliance
Legal
Finance
Treasury
Customer Service
Risk Management
Corporate Banking
Retail Banking
Data Privacy
Information Security
Relevant Roles
Banking Operations Manager
Compliance Officer
Account Manager
Treasury Manager
Finance Director
Payroll Manager
Corporate Banking Officer
Risk Management Officer
Financial Controller
Branch Manager
Customer Service Manager
Legal Counsel
Data Privacy Officer
Operations Director
Chief Financial Officer
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