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Direct Debit Authorization Form

Direct Debit Authorization Form Template for Saudi Arabia

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Key Requirements PROMPT example:

Direct Debit Authorization Form

"I need a Direct Debit Authorization Form for my telecommunications company in Saudi Arabia that will allow monthly variable payments from customers, with a maximum cap of 5000 SAR per transaction, and must include both English and Arabic versions."

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Document background
The Direct Debit Authorization Form is a crucial banking document used in Saudi Arabia when establishing automated payment arrangements between parties. It serves as the legal foundation for recurring payments and is particularly relevant in situations requiring regular financial transfers, such as utility bills, insurance premiums, or subscription services. The form, governed by Saudi Central Bank (SAMA) regulations and Sharia principles, must contain specific elements including customer identification, bank account details, biller information, and clear authorization terms. It enables businesses to streamline their collection processes while providing customers with a convenient payment method. The document must be bilingual (Arabic and English) and comply with Saudi banking regulations, anti-money laundering requirements, and data protection laws.
Suggested Sections

1. Customer Information: Essential details including full name (as per ID), ID number, contact information, and address

2. Bank Account Details: Customer's bank account information including IBAN, account number, and bank name

3. Biller Information: Details of the organization/company authorized to collect payments

4. Payment Details: Specifics about the payment arrangement including maximum amount, frequency, and start date

5. Authorization Declaration: Formal statement authorizing the direct debit arrangement

6. Terms and Conditions: Standard terms governing the direct debit arrangement including cancellation rights and dispute procedures

7. Signature Block: Space for customer signature, date, and any required witness signatures

Optional Sections

1. Secondary Account Holder Details: Required when the account has joint holders who need to authorize the direct debit

2. Variable Amount Declaration: Required when the direct debit amount may vary from month to month

3. Special Instructions: Used when customer needs to specify any special conditions or requirements for the direct debit

4. Corporate Authorization: Required when the account holder is a company rather than an individual, including authorized signatories

5. Sharia Compliance Declaration: Optional section confirming the arrangement complies with Islamic banking principles

Suggested Schedules

1. Schedule A - Fee Structure: Detailed breakdown of any applicable fees and charges

2. Schedule B - Payment Schedule: Detailed timeline of payments if following a specific payment plan

3. Appendix 1 - Required Documents: List of supporting documents required to be submitted with the form

4. Appendix 2 - Cancellation Form: Standard form for cancelling the direct debit authorization

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 Industries

Banking & Financial Services

Utilities

Telecommunications

Insurance

Real Estate & Property Management

Education

Healthcare

Retail

Subscription Services

Government Services

Relevant Teams

Operations

Customer Service

Compliance

Legal

Finance

Treasury

Collections

Risk Management

Account Management

Payment Processing

Relevant Roles

Banking Operations Manager

Compliance Officer

Account Manager

Financial Controller

Billing Coordinator

Customer Service Representative

Treasury Manager

Collections Specialist

Relationship Manager

Operations Supervisor

Legal Counsel

Finance Director

Accounts Receivable Manager

Payment Services Manager

Risk Assessment Officer

Industries
SAMA Rules Governing the Opening of Bank Accounts: Saudi Central Bank (SAMA) regulations that specify requirements for bank account operations and documentation requirements
Saudi Arabian Monetary Authority (SAMA) Payment Systems Law: Regulations governing payment systems, including direct debit arrangements and electronic fund transfers in Saudi Arabia
Banking Control Law (Royal Decree No. M/5): Primary banking legislation in Saudi Arabia that governs banking operations and customer relationships
Anti-Money Laundering Law (Royal Decree No. M/20): Legislation concerning the prevention of money laundering, requiring specific checks and documentation for financial transactions
Sharia Banking Principles: Islamic financial principles that must be adhered to in Saudi banking, including prohibition of interest (riba) and uncertainty (gharar)
SAMA Direct Debit Rules: Specific regulations governing the direct debit system in Saudi Arabia, including customer rights, bank obligations, and transaction processes
Saudi Data Protection Law: Regulations governing the collection, processing, and storage of personal data, including financial information
Consumer Protection Regulations: SAMA regulations protecting consumer rights in banking and financial services, including transparency requirements and dispute resolution procedures
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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