The Electronic Funds Transfer Authorization Form serves as a crucial document in Singapore's digital banking landscape, enabling secure and regulated transfer of funds between accounts. This document, governed by Singapore's Payment Services Act 2019 and overseen by the Monetary Authority of Singapore, is essential for establishing recurring payments, direct debits, or one-time transfers. It contains necessary account details, transfer specifications, and authorization parameters while ensuring compliance with local data protection and electronic transaction regulations. The form is designed to protect both the financial institution and the account holder while facilitating efficient electronic fund movements.
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1. Account Holder Information: Details of the account holder including name, address, contact information, and identification details as required by Singapore regulations
2. Bank Account Details: Complete banking information including account number, bank name, branch details, and account type
3. Authorization Statement: Express authorization for electronic fund transfers, including acknowledgment of PSA and ETA requirements
4. Transfer Details: Specification of transfer parameters including frequency, amount, purpose, and any transaction limits
5. Terms and Conditions: General terms governing the authorization, including data protection clauses, liability provisions, and regulatory compliance statements
1. Multiple Account Authorization: Additional section for authorizing transfers between multiple accounts owned by the same account holder
2. International Transfer Details: Supplementary information required for cross-border transactions, including compliance with international banking regulations
3. Standing Instructions: Detailed instructions for recurring transfers, including modification and cancellation procedures
1. Schedule A: Fee Schedule: Comprehensive breakdown of all applicable transfer fees, charges, and currency conversion rates
2. Schedule B: Required Documentation: List of supporting documents required for verification as per Singapore banking regulations
3. Schedule C: Terms of Service: Detailed terms and conditions including regulatory compliance requirements, data protection measures, and dispute resolution procedures
Relevant legal definitions
Account Holder
Authorized Account
Bank
Banking Day
Direct Debit
Electronic Funds Transfer
Financial Institution
Payee
Payment Date
Payment Instructions
Payment Service Provider
Personal Data
Recurring Payment
Settlement Date
Standing Order
Transaction Amount
Transaction Fee
Transfer Authorization
Transfer Limit
Valid Authorization
Authorized Account
Bank
Banking Day
Direct Debit
Electronic Funds Transfer
Financial Institution
Payee
Payment Date
Payment Instructions
Payment Service Provider
Personal Data
Recurring Payment
Settlement Date
Standing Order
Transaction Amount
Transaction Fee
Transfer Authorization
Transfer Limit
Valid Authorization
Clauses
Authorization
Bank Account Details
Consent
Data Protection
Effective Date
Fees and Charges
Force Majeure
Governing Law
Indemnification
Liability Limitations
Modification
Notice Requirements
Payment Instructions
Privacy
Revocation Rights
Security Measures
Service Interruption
Termination
Transaction Limits
Verification
Bank Account Details
Consent
Data Protection
Effective Date
Fees and Charges
Force Majeure
Governing Law
Indemnification
Liability Limitations
Modification
Notice Requirements
Payment Instructions
Privacy
Revocation Rights
Security Measures
Service Interruption
Termination
Transaction Limits
Verification
Relevant Industries
Relevant Teams
Relevant Roles
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