A Debit Authorization Agreement serves as the foundational document for establishing automated payment arrangements in the United States. This agreement becomes necessary when regular, recurring payments need to be automatically withdrawn from an account, such as for mortgage payments, insurance premiums, or subscription services. The document must comply with federal regulations including the Electronic Fund Transfer Act, Regulation E, and NACHA Operating Rules, while also adhering to state-specific banking laws. The agreement typically specifies the payment amount, frequency, duration, and provides protection for both the initiator and receiver of the funds.
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1. Parties: Identification of the account holder and financial institution
2. Background: Purpose of the debit authorization arrangement
3. Definitions: Key terms used in the agreement including ACH, debit, and related banking terminology
4. Authorization: Explicit permission for debiting the account and terms of authorization
5. Account Details: Banking information and account numbers for the authorized debits
6. Payment Terms: Amount, frequency, and timing of debits, including any recurring payment details
7. Termination: Conditions and process for ending the authorization, including notice requirements
1. Variable Amount Authorization: Additional terms for handling variable payment amounts and associated notification requirements
2. International Transfers: Specific terms and conditions for cross-border transfers and associated fees
3. Multiple Accounts: Terms governing the authorization of debits from multiple accounts
1. Schedule A - Payment Schedule: Detailed schedule outlining payment dates, amounts, and frequency
2. Schedule B - Account Information: Detailed banking information including account and routing numbers
3. Appendix A - Notice Requirements: Specific requirements for notices and communications between parties
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