Preauthorized Debit Form for Singapore

Preauthorized Debit Form Template for Singapore

A Preauthorized Debit Form is a legal document used in Singapore that establishes an arrangement between an account holder, their bank, and a billing organization for automatic recurring payments. The document complies with Singapore's Payment Services Act 2019 and MAS guidelines, incorporating necessary data protection provisions under PDPA 2012. It enables the automated collection of regular payments while providing security and clarity for all parties involved.

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What is a Preauthorized Debit Form?

The Preauthorized Debit Form is essential for establishing automated payment arrangements in Singapore's banking system. It's commonly used when regular payments need to be made to service providers or creditors. The form, governed by Singapore's Payment Services Act and MAS regulations, includes crucial details such as the account holder's information, bank account details, payment specifications, and explicit authorization for automatic debits. It serves as a formal agreement that protects both the payor and payee while ensuring compliance with local banking and data protection regulations.

What sections should be included in a Preauthorized Debit Form?

1. Account Holder Information: Personal/company details of the account holder authorizing the debit, including name, ID/registration number, contact details and address

2. Bank Account Details: Complete banking information for the account to be debited, including bank name, branch, account number and account type

3. Payment Details: Specification of payment amount, frequency, and duration of the authorization

4. Authorization Declaration: Explicit consent statement for the debit arrangement and acknowledgment of terms

5. Data Protection Notice: PDPA-compliant statement about data collection, usage, and processing of personal information

What sections are optional to include in a Preauthorized Debit Form?

1. Variable Payment Instructions: Additional section used when payment amounts may vary, specifying maximum debit limits and variation terms

2. Multiple Account Authorization: Optional section when debits may be made from multiple accounts, including details for each account

3. Joint Account Declaration: Additional declaration required when the account has multiple signatories, including all signatories' details

What schedules should be included in a Preauthorized Debit Form?

1. Payment Schedule: Detailed breakdown of payment dates and amounts if fixed, including commencement date and end date if applicable

2. Terms and Conditions: Detailed terms governing the direct debit arrangement, including rights and obligations of all parties

3. Cancellation Form: Template form for future cancellation of the direct debit authorization, including notice period requirements

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

Jurisdiction

Singapore

Publisher

Genie AI

Document Type

Authorization Form

Cost

Free to use
Industries

Payment Services Act 2019: Primary legislation that regulates payment systems and payment service providers in Singapore, setting requirements for payment transactions and authorizations

Banking Act (Chapter 19): Core legislation governing banking operations and transactions in Singapore, particularly relevant for direct debit arrangements

MAS Guidelines: Regulatory guidelines including Payment Services Regulations 2019, E-Payments User Protection Guidelines, and Guidelines on Direct Debit Authorization issued by the Monetary Authority of Singapore

Personal Data Protection Act 2012: Legislation governing the collection, use, and disclosure of personal data, including consent obligations for data collection and processing in financial transactions

Electronic Transactions Act: Chapter 88 legislation providing legal recognition of electronic records and signatures, and establishing requirements for electronic transactions

GIRO Operating Rules: Specific requirements and technical specifications for the GIRO (General Interbank Recurring Order) system and direct debit arrangements in Singapore

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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