The EFT Authorization Form is a crucial document in Hong Kong's banking and payment ecosystem, designed to facilitate secure and regulated electronic fund transfers. This form is typically used when establishing new payment arrangements, setting up recurring payments, or authorizing significant one-time transfers. The document must comply with Hong Kong's banking regulations, including the Banking Ordinance (Cap. 155) and the Payment Systems and Stored Value Facilities Ordinance (Cap. 584). The form collects and protects sensitive financial and personal information in accordance with the Personal Data (Privacy) Ordinance, while establishing clear authorization parameters for the financial institution to execute the requested transfers.
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1. Account Holder Information: Essential details of the account holder including full name, contact information, and relationship to the account
2. Bank Account Details: Specific banking information including bank name, branch, account number, and account type
3. Transfer Instructions: Details of the electronic fund transfer including type (one-time/recurring), amount, and frequency if applicable
4. Beneficiary Information: Details of the receiving party including account name, number, and bank information
5. Authorization Declaration: Formal authorization statement and acknowledgment of terms and conditions
6. Privacy Notice: Statement regarding the collection and use of personal data in compliance with the Personal Data (Privacy) Ordinance
7. Signature Block: Space for date and authorized signature(s)
1. Maximum Transfer Limit: Optional section for specifying maximum transfer amounts, recommended for recurring payments
2. Transfer Cancellation Terms: Details about how and when the authorization can be cancelled, recommended for recurring payments
3. Joint Account Authorization: Additional authorization section when the account is jointly held
4. Direct Debit Risk Disclosure: Additional risk disclaimers for direct debit arrangements
5. Foreign Currency Transfer Details: Additional section for international transfers including currency conversion acknowledgment
1. Schedule of Payment Dates: For recurring transfers, detailed schedule of payment dates and amounts
2. Terms and Conditions: Detailed terms and conditions governing the EFT authorization
3. Fee Schedule: Breakdown of applicable fees and charges for the EFT service
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