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ACH Deposit Authorization Form Template for Philippines

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Key Requirements PROMPT example:

ACH Deposit Authorization Form

"I need an ACH Deposit Authorization Form for my Philippine tech startup that will allow us to automatically collect monthly subscription fees from our business clients, with variable amounts up to PHP 50,000, starting from January 2025."

What is a ACH Deposit Authorization Form?

The ACH Deposit Authorization Form is a critical document used in the Philippine banking system to establish and maintain automated electronic fund transfers. This form is essential when setting up recurring payments, direct deposits, or regular fund transfers between accounts. It complies with the Philippines' Electronic Commerce Act (Republic Act No. 8792) and relevant BSP circulars governing electronic banking transactions. The document includes comprehensive details about the account holder, their banking information, transfer specifications, and authorization terms. It serves as a legal agreement between the account holder and the financial institution, enabling secure and efficient electronic fund transfers while protecting both parties' interests under Philippine law.

What sections should be included in a ACH Deposit Authorization Form?

1. Account Holder Information: Essential details of the account holder including full legal name, contact information, and address as required by BSP regulations

2. Bank Account Details: Specific information about the bank account from which funds will be transferred, including bank name, account number, and account type

3. Authorization Statement: Clear statement authorizing the electronic fund transfers, including the scope of the authorization and any limitations

4. Transaction Details: Specifics about the authorized transactions, including frequency, amount (fixed or variable), and purpose

5. Terms and Conditions: Essential terms governing the ACH transfers, including processing timeframes, responsibilities, and rights of both parties

6. Cancellation Rights: Information about how and when the authorization can be cancelled or revoked

7. Signature Block: Space for date and signature of the account holder, with attestation statement

What sections are optional to include in a ACH Deposit Authorization Form?

1. Secondary Account Holder Information: Required only for joint accounts where multiple parties need to authorize ACH transfers

2. International Transfer Provisions: Include when the ACH system will be used for international fund transfers, addressing specific requirements and fees

3. Variable Amount Authorization: Include when the transfer amount may vary, specifying maximum limits and notification requirements

4. Electronic Statement Consent: Optional section for authorizing electronic delivery of transfer notifications and statements

What schedules should be included in a ACH Deposit Authorization Form?

1. Schedule A - Fee Schedule: Detailed breakdown of all applicable fees and charges related to ACH transfers

2. Schedule B - Processing Timeline: Detailed information about processing times, cut-off times, and settlement periods

3. Appendix 1 - Supporting Documentation Requirements: List of required supporting documents for verification and compliance purposes

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

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