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Automatic Deposit Form Template for Ireland

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Key Requirements PROMPT example:

Automatic Deposit Form

"I need an Automatic Deposit Form under Irish law for a tech startup's employee savings scheme, where employees can automatically deposit a percentage of their monthly salary starting from January 2025, with flexibility for employees to modify their deposit percentage quarterly."

Document background
The Automatic Deposit Form is a crucial banking document used in Ireland to establish recurring deposit arrangements between financial institutions and their customers. It is designed to comply with Irish banking laws, EU regulations (including SEPA and PSD2), and data protection requirements. This form is typically used when setting up regular savings plans, investment contributions, pension payments, or other recurring deposits. The document includes comprehensive sections covering account holder details, banking information, deposit specifications, and necessary authorizations. It's structured to accommodate both individual and business customers, with flexibility for various deposit arrangements while maintaining regulatory compliance. The form serves as a legally binding agreement that protects both the financial institution and the customer while ensuring transparent terms and clear authorization for automatic deposits.
Suggested Sections

1. Account Holder Information: Personal details of the account holder including full name, address, and contact information as required by banking regulations and GDPR

2. Bank Account Details: IBAN, BIC, and other relevant banking details for the account from which funds will be withdrawn

3. Payment Details: Specification of payment amount, frequency, and timing of automatic deposits

4. Authorization Declaration: Explicit authorization from the account holder permitting automatic deposits, including SEPA mandate information

5. Terms and Conditions: Standard terms governing the automatic deposit arrangement, including rights and obligations of all parties

6. Data Protection Notice: GDPR-compliant explanation of how personal data will be collected, processed, and protected

7. Signature and Date: Space for account holder's signature and date of execution

Optional Sections

1. Joint Account Declaration: Additional section required when the account is held jointly by multiple parties

2. Variable Payment Authorization: Optional section for cases where deposit amounts may vary, requiring specific authorization for variable amounts

3. Third Party Authorization: Required when someone other than the account holder is authorized to set up the automatic deposit

4. Corporate Account Details: Additional information required for corporate accounts, including company registration and authorized signatories

5. International Payment Information: Additional details required for automatic deposits involving international transfers

Suggested Schedules

1. Schedule A - Payment Schedule: Detailed breakdown of payment dates, amounts, and frequency if complex payment arrangements are involved

2. Schedule B - Fee Schedule: Breakdown of any applicable fees or charges related to the automatic deposit service

3. Appendix 1 - SEPA Direct Debit Mandate: Standard SEPA mandate form if required for the automatic deposit arrangement

4. Appendix 2 - Supporting Documentation Checklist: List of required supporting documents for account verification and AML compliance

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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Relevant Industries

Banking and Financial Services

Retail

Insurance

Professional Services

Real Estate

Healthcare

Education

Non-Profit Organizations

Technology

Telecommunications

Utilities

Property Management

Investment Services

Pension Services

Relevant Teams

Legal

Compliance

Operations

Customer Service

Account Management

Risk Management

Product Development

Treasury

Retail Banking

Corporate Banking

Financial Control

Regulatory Affairs

Relevant Roles

Banking Operations Manager

Compliance Officer

Financial Services Representative

Account Manager

Customer Service Representative

Treasury Manager

Financial Controller

Payments Operations Specialist

Risk Manager

Legal Counsel

Product Manager - Banking

Relationship Manager

Branch Manager

Operations Director

Regulatory Compliance Specialist

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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