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ACH Authorization Agreement

ACH Authorization Agreement Template for Austria

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Key Requirements PROMPT example:

ACH Authorization Agreement

"I need an ACH Authorization Agreement under Austrian law for my software company to process recurring monthly subscription payments from customers, with variable payment amounts ranging from €50 to €500 and a requirement for 5-day advance notice for any payment amount changes."

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Document background
The ACH Authorization Agreement is essential for establishing automated payment arrangements under Austrian law. This document is typically used when regular electronic fund transfers need to be set up between parties, such as for recurring bill payments, salary deposits, or subscription services. The agreement must comply with the Austrian Payment Services Act 2018 (ZaDiG), EU payment services regulations, and GDPR requirements. It includes crucial details such as account information, payment schedules, authorization terms, and data protection provisions. The document is particularly important for businesses operating in Austria that need to process regular automated payments, ensuring proper authorization and compliance with local banking regulations and EU directives.
Suggested Sections

1. Parties: Identification of the payment originator and the receiving institution, including full legal names, addresses, and registration details

2. Background: Brief context explaining the purpose of the ACH authorization and the underlying business relationship

3. Definitions: Key terms used in the agreement, including technical banking terms and ACH-specific terminology

4. Authorization Grant: Express authorization for initiating ACH debits/credits, including specific account details and transaction parameters

5. Payment Terms: Specifics about payment frequency, amounts, and timing of ACH transfers

6. Duration and Validity: Period for which the authorization remains valid and conditions for automatic renewal

7. Modification and Revocation: Procedures for changing or canceling the authorization

8. Data Protection: GDPR-compliant provisions regarding the handling of personal and financial data

9. Liability and Indemnification: Allocation of responsibilities and risks between parties

10. Governing Law and Jurisdiction: Specification of Austrian law application and competent courts

Optional Sections

1. Variable Payment Provisions: Used when payment amounts may vary, specifying notification requirements and variance limits

2. Multiple Account Provisions: Include when authorization covers multiple bank accounts or backup accounts

3. International Transfer Provisions: Required when ACH transfers may involve cross-border elements

4. Third Party Authorization: Include when a third party is authorized to act on behalf of the payment originator

5. Special Processing Instructions: Used when specific handling or timing requirements apply to the transfers

Suggested Schedules

1. Schedule A - Account Details: Detailed banking information including account numbers, bank identifiers, and routing information

2. Schedule B - Payment Schedule: Detailed timeline of authorized payments, including amounts and dates if fixed

3. Schedule C - Authorization Form: Standard form for collecting necessary authorization details and signatures

4. Appendix 1 - Data Processing Terms: Detailed GDPR-compliant data processing terms and conditions

5. Appendix 2 - Notice Requirements: Specific requirements and forms for notifications regarding changes or cancellations

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
ACH
Account
Account Holder
Authorization
Banking Day
Bank Identifier Code (BIC)
Business Day
Consent
Credit Entry
Data Controller
Data Processor
Debit Entry
Effective Date
Electronic Funds Transfer
Financial Institution
Force Majeure
GDPR
IBAN
Initiating Party
Payment Date
Payment Instruction
Payment Processor
Payment Schedule
Personal Data
Processing Fee
Receiving Bank
Recurring Payment
Revocation
Settlement Date
SEPA
Transaction
Transfer Amount
Variable Amount
ZaDiG
Processing Window
Cut-off Time
Return Entry
Originator
Authorized Representative
Notification Period
Relevant Industries

Banking & Financial Services

Insurance

Real Estate

Utilities

Telecommunications

Retail

Healthcare

Education

Professional Services

Human Resources

Property Management

Subscription Services

Relevant Teams

Finance

Legal

Compliance

Treasury

Accounts Payable

Accounts Receivable

Banking Operations

Risk Management

Customer Service

Data Protection

Contract Administration

Relevant Roles

Finance Manager

Accounts Payable Manager

Accounts Receivable Manager

Treasury Manager

Financial Controller

Compliance Officer

Legal Counsel

Banking Operations Manager

Payment Operations Specialist

Risk Manager

Data Protection Officer

Customer Service Manager

Contract Administrator

Financial Services Director

Banking Relationship Manager

Industries
Austrian Payment Services Act 2018 (Zahlungsdienstegesetz 2018, ZaDiG): Implements EU Payment Services Directive (PSD2) in Austrian law, governing payment services including direct debits and electronic payment authorizations
EU General Data Protection Regulation (GDPR): Regulates the processing of personal data, including financial information and payment details, requiring explicit consent and proper data handling procedures
Austrian Banking Act (Bankwesengesetz, BWG): Sets regulatory framework for banking operations and financial services in Austria, including requirements for payment processing and customer documentation
Austrian Consumer Protection Act (Konsumentenschutzgesetz, KSchG): Provides consumer protection requirements for financial services agreements when one party is a consumer
Austrian E-Commerce Act (E-Commerce-Gesetz, ECG): Regulates electronic business transactions and digital signatures, relevant for online authorization agreements
Austrian Signature and Trust Services Act (Signatur- und Vertrauensdienstegesetz, SVG): Governs the use of electronic signatures and their legal validity in authorization agreements
Austrian Data Protection Act (Datenschutzgesetz, DSG): National implementation of data protection requirements, complementing GDPR in the Austrian context
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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