ACH Debit Authorization Agreement 2003-2024 free printable template
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A direct debit or direct withdrawal is a financial transaction in which one person withdraws funds from another person's bank account formally the person who directly draws the funds instructs his or her bank to collect an amount directly from another's bank account designated by the payer and pay those funds into a bank account designated by the payee before the pair's banker will allow the transaction to take place the payer must have advised the bank that he or she has authorized the payee to directly draw the funds it is also called pre-authorized debit or pre-authorized payment after the authorities are set up the direct debit transactions are usually processed electronically direct debits are typically used for recurring payments such as credit card and utility bills where the payment amounts vary from one payment to another however when the authorization is in place the circumstances in which the funds are drawn as well as the dates and amounts are a matter of agreement between the payee and pair with which the bankers are not concerned in countries where setting up authorization is easy enough direct debits can also be used for irregular payments such as for mail order transactions or at a point-of-sale the payer can cancel the authorization for a direct debit at any time and the banker can decline to carry out a debit if the transaction were breached the terms of the bank account out of which payment is to be made for example if it were to cause the account to over draw a direct debit instruction differs from a direct deposit and standing order instruction which are initiated by the payer a standing order involves fixed payment amounts paid periodically while a direct deposit can be of any amount and can be casual or periodic direct debits are available in a number of countries including the United Kingdom Brazil Germany Spain South Africa Switzerland and the Netherlands direct debits are made under each country's rules and are usually restricted to domestic transactions in those countries an exception in this respect is the single euro payments area which allows for euro denominated cross-border direct dead since November 2010 in the United States direct debits are processed through the automated Clearing House Network authorization a direct debit instruction must in all cases be supported by some sort of authorization for the payee to collect funds from the pair's account there are generally two methods to set up the authorization one method involves only the pair and the payee with the paralyzing the pay to collect amounts due on his or her account however the pair can instruct his or her bank to return any direct debit note without giving a reason in that event the payee has to pay all fees for the transaction and may eventually lose his or her ability to initiate direct debits if this occurs too often however it still requires all the account holders to watch statements and request returns if necessary unless they have instructed...
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