Electronic Funds Transfer Authorisation Form

Electronic Funds Transfer Authorisation Form for the United Kingdom

Electronic Funds Transfer Authorisation Form Template for England and Wales

An Electronic Funds Transfer Authorisation Form is a legal document used in England and Wales that enables the automated transfer of funds between bank accounts. It complies with the Payment Services Regulations 2017 and related financial services legislation. The form captures necessary account holder information, banking details, and explicit consent for fund transfers while incorporating required data protection notices and declarations in accordance with UK GDPR requirements.

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What is a Electronic Funds Transfer Authorisation Form?

The Electronic Funds Transfer Authorisation Form is a critical document used when establishing automated payment arrangements between parties in England and Wales. It serves as formal authorization for recurring or one-time electronic fund transfers, ensuring compliance with the Payment Services Regulations 2017 and UK financial services legislation. The form includes essential information such as account holder details, banking information, transfer specifications, and necessary declarations. It's particularly important for businesses setting up direct debits, regular payments, or automated clearing house (ACH) transfers.

What sections should be included in a Electronic Funds Transfer Authorisation Form?

1. Account Holder Information: Personal/business details of the account holder including name, address, contact information and any reference numbers

2. Bank Account Details: Complete banking information including account number, sort code, bank name and branch details

3. Transfer Authorization: Explicit consent for fund transfers including authorization statement and confirmation of understanding

4. Data Protection Notice: Information about how personal data will be processed, stored and shared in accordance with UK GDPR

5. Declaration: Confirmation of accuracy of provided information and agreement to terms, including signature section

What sections are optional to include in a Electronic Funds Transfer Authorisation Form?

1. Transfer Limits: Section for specifying maximum transaction limits and frequency of transfers

2. Multiple Account Authorization: Additional section for authorizing transfers between multiple accounts

3. International Transfer Details: Specific details required for international transfers including SWIFT/BIC codes and additional declarations

What schedules should be included in a Electronic Funds Transfer Authorisation Form?

1. Schedule of Fees: Comprehensive list of all applicable transfer fees and charges

2. Terms and Conditions: Detailed terms governing the transfer service including rights, obligations and liability

3. Privacy Notice: Detailed information about data processing practices, retention periods and data subject rights

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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What is a Electronic Funds Transfer Authorisation Form?

What sections should be included in a Electronic Funds Transfer Authorisation Form?

What sections are optional to include in a Electronic Funds Transfer Authorisation Form?

What schedules should be included in a Electronic Funds Transfer Authorisation Form?

Authors

Alex Denne

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