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Debit Card Authorization Form for Singapore

Debit Card Authorization Form Template for Singapore

A Debit Card Authorization Form is a legal document used in Singapore that establishes the terms and conditions for debit card usage and authorizes the bank to process transactions against the account holder's funds. The document complies with Singapore's Payment Services Act 2019 and relevant MAS guidelines, incorporating necessary data protection measures under PDPA 2012. It includes account holder details, card information, transaction limits, and security protocols.

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What is a Debit Card Authorization Form?

The Debit Card Authorization Form is a crucial document in Singapore's banking system, designed to facilitate secure electronic payments while protecting both financial institutions and consumers. This document is required when establishing new debit card services or modifying existing authorizations. It includes comprehensive details about the account holder, authorized users, transaction limits, and security measures, all aligned with Singapore's Payment Services Act 2019 and MAS guidelines. The form serves as a legal record of the account holder's consent and understanding of the terms governing debit card usage.

What sections should be included in a Debit Card Authorization Form?

1. Account Holder Information: Full legal name, identification/registration number, contact information, and address of the account holder

2. Bank Account Details: Complete bank account information including account number, bank name, branch code, and account type

3. Authorization Details: Specific authorization granted for debit card transactions, including scope and purpose

4. Terms and Conditions: Standard terms governing the debit card authorization including liability, security, and usage terms

5. Data Protection Notice: PDPA-compliant notice regarding collection, use, and disclosure of personal data

6. Declaration: Account holder's confirmation of accuracy and acceptance of terms

7. Execution Block: Signature blocks, witnessing requirements, and date of execution

What sections are optional to include in a Debit Card Authorization Form?

1. Transaction Limits: Optional section specifying daily, monthly, or per-transaction limits for debit card usage

2. Multiple Account Authorization: Additional section when authorization covers multiple accounts or cards

3. Third Party Access: Section required when authorizing third party access to the account or supplementary cardholders

4. Special Instructions: Any specific instructions or conditions for card usage or processing

What schedules should be included in a Debit Card Authorization Form?

1. Schedule 1: Fee Schedule: Comprehensive list of all applicable fees, charges, and transaction costs

2. Schedule 2: Security Procedures: Detailed security protocols and procedures for card usage and protection

3. Schedule 3: Dispute Resolution Process: Step-by-step procedures for handling unauthorized transactions and disputes

4. Schedule 4: Required Documentation: List of supporting documents required for verification and processing

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

Jurisdiction

Singapore

Publisher

Ƶ

Document Type

Authorization Form

Cost

Free to use
Relevant legal definitions




























Clauses

























Industries

Payment Services Act 2019: Primary legislation regulating payment systems and service providers in Singapore, covering payment transactions, authorizations, and consumer protection measures

Banking Act (Chapter 19): Core banking legislation governing banking operations, electronic banking services, and security measures in Singapore

Personal Data Protection Act 2012: Legislation governing the collection, use, and disclosure of personal data, including requirements for consent and protection of card information

Electronic Transactions Act: Legislation establishing legal framework for electronic signatures, records, and communications, ensuring validity of electronic transactions

MAS Guidelines: Regulatory guidelines issued by Monetary Authority of Singapore covering e-payments user protection, technology risk management, and electronic banking practices

Consumer Protection (Fair Trading) Act: Legislation protecting consumers against unfair practices, requiring clear disclosure of terms and protecting against unauthorized transactions

AML/CFT Requirements: Anti-Money Laundering and Counter-Financing of Terrorism regulations including KYC requirements and transaction monitoring obligations

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

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