The Electronic Funds Transfer Authorization Form is a crucial document used across Canadian businesses and organizations to establish automated payment arrangements. This form is required whenever a party needs to set up recurring electronic transfers, direct deposits, or pre-authorized debits in Canada. It must comply with the Canadian Payments Association Rules, federal privacy laws (PIPEDA), and provincial electronic commerce legislation. The form typically includes the payor's banking details, payment specifications, authorization terms, and privacy statements. It serves as legal proof of consent for automated transactions and helps organizations maintain compliance with Canadian banking and privacy regulations while streamlining their payment processes.
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1. Payor Information: Section for collecting the payor's full legal name, address, contact information, and any required identification details
2. Financial Institution Details: Information about the payor's financial institution, including bank name, branch, and complete account details
3. Payment Details: Specification of payment amount (fixed or variable), frequency, start date, and any maximum authorized amount
4. Payee Information: Details of the organization or individual authorized to receive the funds, including their banking information
5. Authorization Statement: Clear statement of authorization for the EFT, including terms and conditions of the authorization
6. Cancellation Rights: Information about the right to cancel and required notice period for cancellation
7. Privacy Statement: Statement about how personal and financial information will be collected, used, and protected
8. Signature Block: Space for date, signature, and confirmation of authority to authorize the EFT
1. Business Account Authorization: Additional section for business accounts requiring confirmation of signing authority and business registration details
2. Variable Amount Authorization: Special provisions for variable amount debits, including maximum amount and notification requirements
3. Joint Account Authorization: Additional authorization section when the account requires multiple signatures
4. Third Party Authorization: Section for cases where the person authorizing is not the account holder
5. Language Choice: Option for selecting preferred language of communication (particularly relevant in Quebec)
1. Schedule A - Payment Schedule: Detailed breakdown of payment dates, amounts, and frequency if payments vary or are recurring
2. Schedule B - Void Cheque: Attachment of void cheque or direct deposit form from the financial institution
3. Schedule C - Terms and Conditions: Detailed terms and conditions of the EFT authorization, including all rights and obligations
4. Appendix 1 - Supporting Documentation: Space for any required supporting documentation such as business registration or power of attorney
Relevant legal definitions
Account
Authorization
Banking Day
Business Day
Cancellation Notice
Direct Deposit
Due Date
Electronic Funds Transfer (EFT)
Financial Institution
Fixed Amount Payment
Joint Account
Notice Period
NSF (Non-Sufficient Funds)
Payor
Payee
Payment Date
Payment Schedule
Pre-Authorized Debit (PAD)
Processing Date
Recourse Rights
Recurring Payment
Settlement Date
Signature Authority
Transaction
Variable Amount Payment
Void Cheque
Withdrawal
Authorization
Banking Day
Business Day
Cancellation Notice
Direct Deposit
Due Date
Electronic Funds Transfer (EFT)
Financial Institution
Fixed Amount Payment
Joint Account
Notice Period
NSF (Non-Sufficient Funds)
Payor
Payee
Payment Date
Payment Schedule
Pre-Authorized Debit (PAD)
Processing Date
Recourse Rights
Recurring Payment
Settlement Date
Signature Authority
Transaction
Variable Amount Payment
Void Cheque
Withdrawal
Clauses
Authorization
Payment Terms
Account Information
Processing Details
Cancellation Rights
Privacy
Data Protection
Consent
Modification Rights
Recourse Rights
Liability
Force Majeure
Notice Requirements
Verification
Dispute Resolution
Governing Law
Language Declaration
Representations and Warranties
Assignment
Severability
Payment Terms
Account Information
Processing Details
Cancellation Rights
Privacy
Data Protection
Consent
Modification Rights
Recourse Rights
Liability
Force Majeure
Notice Requirements
Verification
Dispute Resolution
Governing Law
Language Declaration
Representations and Warranties
Assignment
Severability
Relevant Industries
Banking and Financial Services
Insurance
Utilities
Telecommunications
Property Management
Retail
Professional Services
Healthcare
Education
Non-Profit Organizations
Government Services
Subscription Services
Relevant Teams
Finance
Legal
Compliance
Operations
Administration
Customer Service
Accounts Receivable
Accounts Payable
Treasury
Risk Management
Payroll
Relevant Roles
Finance Manager
Accounts Receivable Specialist
Accounts Payable Specialist
Treasury Manager
Financial Controller
Compliance Officer
Legal Counsel
Privacy Officer
Banking Relations Manager
Customer Service Manager
Operations Manager
Administrative Officer
Payroll Manager
Credit Manager
Risk Manager
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