Eft Authorization Form Template for Belgium

This document serves as a legally binding authorization form for electronic funds transfers under Belgian law and EU regulations. It enables account holders to authorize automatic electronic payments from their bank accounts, complying with the EU Payment Services Directive 2 (PSD2) and Belgian banking regulations. The form includes comprehensive details about the account holder, payment specifications, authorization parameters, and necessary data protection notices in accordance with GDPR requirements. It establishes the terms and conditions for recurring or one-time electronic fund transfers while ensuring all necessary consumer protections under Belgian financial law.

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What is a Eft Authorization Form?

The EFT Authorization Form is a critical financial document used in Belgium to establish and manage electronic payment arrangements between parties. This form is essential when setting up automatic payments, direct debits, or recurring transfers from a bank account. It must comply with Belgian banking laws, EU Payment Services Directive 2 (PSD2), and GDPR requirements. The document typically includes comprehensive account holder information, specific payment details, authorization scope, and data protection provisions. Organizations use this form to obtain formal permission for initiating electronic funds transfers, whether for single or recurring payments. The form serves as a legal record of the account holder's consent and establishes the terms under which electronic transfers can be processed.

What sections should be included in a Eft Authorization Form?

1. Account Holder Information: Detailed information about the account holder including full name, address, and contact details as required by Belgian banking regulations and GDPR

2. Bank Account Details: Specific banking information including IBAN, BIC/SWIFT code, and bank name

3. Payment Authorization: Clear statement of authorization for electronic funds transfers, including the scope and nature of authorized transactions

4. Transaction Details: Specification of payment details including frequency, maximum amount, and purpose of transfers

5. Terms and Conditions: Essential terms including cancellation rights, notice requirements, and applicable fees in accordance with Belgian banking laws

6. Data Protection Notice: GDPR-compliant statement about how personal and financial data will be processed and protected

7. Signature Block: Space for date and legally binding signature, including electronic signature provisions if applicable

What sections are optional to include in a Eft Authorization Form?

1. Multiple Account Authorization: Additional section for authorizing transfers between multiple accounts, used when the account holder wants to set up transfers between several accounts

2. Third Party Authorization: Section for authorizing payments to specific third parties, used in cases of regular vendor payments or specific beneficiary arrangements

3. International Transfer Terms: Additional terms specific to international transfers, included when cross-border payments are anticipated

4. Variable Amount Authorization: Special provisions for variable amount debits, used for utility bills or similar variable payments

What schedules should be included in a Eft Authorization Form?

1. Schedule A - Payment Schedule: Detailed schedule of payment dates, amounts, and frequencies if regular payments are being authorized

2. Schedule B - Authorized Beneficiaries: List of pre-approved payment recipients with their banking details, used when multiple regular payment recipients are involved

3. Appendix 1 - Terms and Conditions: Detailed terms and conditions referenced in the main form, including all legal requirements under Belgian law

4. Appendix 2 - Privacy Notice: Detailed GDPR-compliant privacy notice explaining data processing practices and rights

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

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Authorisation Form

A Belgian-law compliant document that formally grants specific powers or permissions from an authorizing party to an authorized representative.

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Download a Standard Eft Authorization Form

Review your own Eft Authorization Form

What is a Eft Authorization Form?

What sections should be included in a Eft Authorization Form?

What sections are optional to include in a Eft Authorization Form?

What schedules should be included in a Eft Authorization Form?

Authors

Alex Denne

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