The penalty for the late filing of a bank draft authorization form can vary depending on the specific policies of the bank or financial institution involved. In many cases, there may be a late fee charged for the delay in submitting the form. This fee could be a flat amount or a percentage of the payment being authorized. Additionally, the late filing may result in a delay in processing the payment or transaction, which could have implications for the individual or organization involved. It is advisable to consult the terms and conditions provided by the bank or contact their customer service for accurate information on the penalties for late filing of a bank draft authorization form.