With Safwa Islamic Bank, you can now execute payments from your accounts to merchants/companies’ accounts, whether their accounts are with Safwa Islamic Bank or other local banks, through the Automated Clearing House (ACH) system. You can benefit from the program if you have monthly payments such as school fees, buying furniture, paying the monthly home rent and other obligations.
Direct Debit Service – ACH
ACH Direct Debit Features
- It is considered an automatic alternative to postdated checks and cash payments.
- Irrevocable, i.e., the motive cannot stop the authorization except with the consent of the beneficiary.
- The start and end dates for it are determined, the sum of the movements’ value, and the value of every transaction.
- The discount is monthly.
- Authorization currency is Jordanian Dinars only.
How ACH Direct Debit works
- Print the form here or get it from any Safwa Islamic Bank branch.
- Fill two copies of the form, keeping in mind the definitions in the form. (Payer/Payer’s Bank/Payee/Payee’s Bank).
- Read and accept the authorization’s terms and conditions.
- Sign the form in the designated fields using your approved bank signature.
- Deliver your signed copy of the form to the bank.
The service’s conditions and requirements
- Ensure you have sufficient balance in your account to collect debits without refusal.
- Read the terms and conditions of the authorization appearing on the form.
- The form should have signature/s of the payer (individuals) of Jordanian nationality and the payee (merchants/companies) in the designated fields, using the signatures approved by the bank.
- The payer and the payee should submit their copies of the form to their banks within a maximum of three working days from the date of signing.
- When the authorization is received, the due date of the first/last payment should not be earlier than 10 days from the date of inception/expiry of the authorization.
- The payee has the right to submit a request to his/her bank to cancel the registration of the authorization by signing the designated form 5 working days before the installment’s due date, along with the reasons behind the cancelation request.
- This service is available for Jordanians only.
Learn more about Direct Debit Service through the following video:
