Last modified: June 2022
BY AGREEING TO THE TERMS OF THIS AGREEMENT, YOU AUTHORIZE PERPAY TO DEBIT YOUR AVAILABLE FUNDS IN THE PROGRAM ACCOUNT ON A DAILY BASIS TO PAY YOUR OUTSTANDING CREDIT CARD ACCOUNT BALANCE. PLEASE RETAIN A COPY OF THIS AGREEMENT FOR YOUR RECORDS.
Your use of “Automatic Transfers” allows you to use your available funds in the Program Account to pay amounts you owe under your Perpay Mastercard Credit Card Cardholder Agreement with Celtic Bank (“Cardholder Agreement”) on an automatic, daily basis. In this Agreement, “you,” “your,” and “yours” refer to the borrower subject to the Cardholder Agreement. “Perpay,” “we,” or “us” refers to Perpay, Inc., and any of its successors, assignees, designees, agents, partners, and/or service providers. “Program Account” refers to the omnibus account held at JPMorgan Chase Bank, N.A., or other bank we designate, to receive transfers made through Perpay Payroll Direct Deposit. “Credit Card Account” refers to your Perpay Mastercard credit card account with Celtic Bank, and “Credit Card” refers to the associated card. “Credit Card Statement” refers to the monthly billing statement provided to you pursuant to the Cardholder Agreement. “Business Day” means Monday through Friday, excluding federal holidays. Please refer to the Perpay Payroll Direct Deposit Terms and Conditions for details on Payroll Direct Deposit and the Program Account.
You understand that enrolling in Automatic Transfers is not a condition of the Credit Card Account, and you have chosen this method of payment for the convenience of having the outstanding balance on your Credit Card Account paid daily.
By agreeing to this Agreement, you agree to the following terms and conditions:
1. Authorization. You authorize Perpay to initiate debits from your available funds in the Program Account each day in an amount up to the amount of the outstanding balance on your Credit Card Account as of 11:59 PM EST on the immediately preceding day (each, an “Automatic Transfer”). You also authorize Perpay to credit the Program Account if necessary to correct any error or overpayment that has previously occurred.
Perpay will initiate an Automatic Transfer pursuant to this Agreement up to once per calendar day, including weekends and holidays.
You acknowledge and understand that:
• We will only initiate an Automatic Transfer if you have an outstanding balance on your Credit Card Account and have funds available in the Program Account.
• We will initiate an Automatic Transfer even if you have made other payments on your Credit Card Account, including if you have paid the minimum payment or the new balance shown on your Credit Card Statement, and you still have an outstanding balance on your Credit Card Account.
• We will not initiate an Automatic Transfer in an amount greater than the outstanding balance on your Credit Card Account.
• If the amount of your available funds in the Program Account at the time of the Automatic Transfer is less than the outstanding balance on your Credit Card Account, then we will initiate an Automatic Transfer equal to the amount of your available funds. You will remain obligated to pay any unpaid balance on your Credit Card Account in
accordance with the terms of your Cardholder Agreement.
• Transfers made under this Agreement must comply with applicable law.
This authorization will apply immediately after you agree to the terms of this Agreement and will remain in full force and effect until you notify us that you wish to cancel it in accordance with Section 3 below or until we terminate it.
2. Notices. You agree that you will not receive notice of an Automatic Transfer if the Automatic Transfer falls within the range between $0.01 and the amount of the outstanding balance on your Credit Card Account as of 11:59 PM EST on the immediately preceding day. You can find your current credit limit by logging into the Perpay mobile app or website.
3. Cancellation. You may cancel this Agreement by providing notice to Perpay by email at hello@perpay.com or in the Perpay mobile app or website at least three (3) Business Days before the Automatic Transfer you wish to cancel is scheduled to occur. You understand that if you cancel this Agreement, you will still be required to make the required payments due under your Cardholder Agreement.
We reserve the right to reject electronic payments and to terminate this Agreement at any time, for any reason, in our sole discretion.
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