The Preauthorized Debit Form serves as a crucial financial instrument in the Australian banking system, enabling businesses and organizations to establish automated payment arrangements with their customers. This document is essential when setting up recurring payment arrangements and must comply with Australian banking regulations, including BECS rules and the ePayments Code. The form captures vital information such as account holder details, bank account information, payment specifications, and explicit authorization for the direct debit arrangement. It's commonly used across various sectors for recurring payments such as membership fees, loan repayments, utility bills, and subscription services. The document must incorporate adequate privacy protections and clear terms as required by Australian privacy and consumer protection laws.
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1. Account Holder Information: Details of the account holder(s) including full name, contact information, and address
2. Bank Account Details: Financial institution name, BSB number, account number, and account name
3. Payment Details: Specification of payment amount (fixed or variable), frequency, and start date
4. Merchant Information: Details of the business/organization receiving the payments, including ABN/ACN
5. Authorization Statement: Clear statement of the account holder's authorization for direct debits
6. Terms and Conditions: Standard terms governing the direct debit arrangement including cancellation rights
7. Privacy Statement: Statement on how personal information will be collected, used, and protected
8. Signature Section: Space for account holder(s) signature and date
1. Variable Payment Authorization: Additional terms for variable payment amounts - include when payment amounts may vary
2. Joint Account Authorization: Additional signature section for joint account holders - include when form allows for joint accounts
3. Service Agreement Reference: Reference to a separate service agreement - include when the debit arrangement is part of a broader service contract
4. Credit Card Authorization: Alternative payment method section - include when offering credit card payment option alongside direct debit
1. Schedule A - Direct Debit Service Agreement: Detailed terms and conditions of the direct debit service including rights and responsibilities
2. Schedule B - Fee Schedule: Schedule of any applicable fees including failed payment fees (if applicable)
3. Appendix 1 - Cancellation Form: Template form for cancelling the direct debit arrangement
Relevant legal definitions
Account
Account Holder
Agreement
Authorization
Banking Day
BECS
BSB Number
Business Day
Cancellation Notice
Debit Day
Debit Payment
Direct Debit Request
Direct Debit Service Agreement
Financial Institution
Merchant
Payment Amount
Payment Facility
Payment Frequency
Payment Schedule
Privacy Policy
Service Agreement
Signatory
Transaction
Variable Amount
We/Us/Our
You/Your
Account Holder
Agreement
Authorization
Banking Day
BECS
BSB Number
Business Day
Cancellation Notice
Debit Day
Debit Payment
Direct Debit Request
Direct Debit Service Agreement
Financial Institution
Merchant
Payment Amount
Payment Facility
Payment Frequency
Payment Schedule
Privacy Policy
Service Agreement
Signatory
Transaction
Variable Amount
We/Us/Our
You/Your
Clauses
Authorization
Payment Terms
Privacy
Account Details
Direct Debit Request
Variation
Cancellation Rights
Dispute Resolution
Fees and Charges
Financial Institution Rights
Confidentiality
Notice Requirements
Liability
Force Majeure
Governing Law
Amendment
Electronic Communications
Data Protection
Consumer Rights
Service Agreement
Payment Terms
Privacy
Account Details
Direct Debit Request
Variation
Cancellation Rights
Dispute Resolution
Fees and Charges
Financial Institution Rights
Confidentiality
Notice Requirements
Liability
Force Majeure
Governing Law
Amendment
Electronic Communications
Data Protection
Consumer Rights
Service Agreement
Relevant Industries
Financial Services
Insurance
Utilities
Telecommunications
Subscription Services
Property Management
Education
Healthcare
Professional Services
Retail
Charitable Organizations
Fitness and Recreation
Relevant Teams
Finance
Legal
Compliance
Customer Service
Operations
Risk Management
Treasury
Collections
Payment Processing
Account Management
Relevant Roles
Financial Controller
Accounts Receivable Manager
Compliance Officer
Legal Counsel
Customer Service Manager
Finance Manager
Operations Manager
Business Development Manager
Risk Manager
Banking Relations Manager
Collections Manager
Payment Services Coordinator
Treasury Manager
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