Eft Authorization Form

Eft Authorization Form for Germany

Eft Authorization Form Template for Germany

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What is a Eft Authorization Form?

The EFT Authorization Form is a fundamental document used in German banking and payment operations to establish automated payment arrangements between parties. This document is essential when setting up recurring payments, direct debits, or authorized electronic transfers in compliance with German banking regulations and EU directives. The form must adhere to strict requirements under German banking laws, PSD2, and GDPR, particularly regarding data protection and consumer rights. It typically includes comprehensive details about the account holder, banking information, payment parameters, and authorization scope. The document is commonly used for various purposes such as utility payments, insurance premiums, loan repayments, or business-to-business transactions within the German market.

What sections should be included in a Eft Authorization Form?

1. Account Holder Information: Essential details of the account holder including full legal name, address, and contact information as required by KWG and GDPR

2. Bank Account Details: IBAN, BIC/SWIFT code, and bank name for the account from which funds will be transferred

3. Authorization Scope: Clear description of what types of transfers are being authorized (one-time, recurring, maximum amounts, etc.)

4. Payment Details: Specific information about the authorized payments including frequency, amount, and duration for recurring payments

5. Data Protection Notice: GDPR-compliant information about how the personal and banking data will be processed and stored

6. Revocation Rights: Information about the account holder's right to cancel the authorization and the process for doing so

7. Declaration and Signature: Final authorization statement and space for legally binding signature with date

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

1. Third Party Authorization: Required when the authorization is being set up for a third party to initiate transfers, including details of the authorized third party

2. Multiple Account Authorization: Used when authorizing transfers between multiple accounts owned by the same holder

3. Special Instructions: Section for any specific conditions or instructions for the transfers

4. Foreign Currency Handling: Required when transfers might involve currency conversion or foreign currency transactions

What schedules should be included in a Eft Authorization Form?

1. Schedule of Authorized Payments: Detailed list of payment amounts and dates for recurring payments, required for complex payment arrangements

2. Terms and Conditions: Detailed terms and conditions of the bank or payment service provider regarding EFT services

3. Privacy Policy: Detailed GDPR-compliant privacy policy regarding the handling of personal and financial data

4. Cancellation Form: Standard form for revoking the authorization, as required by German consumer protection laws

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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Authorization For Claiming Money

A German law-compliant document authorizing a designated party to collect money on behalf of another, establishing the terms and scope of collection authority.

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What is a Eft Authorization Form?

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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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