In the event that you link a bank account to your Vault account, you must authorize any electronic fund transfers to your account. In each case, the following terms apply:
In the following terms (the “Authorization”), “we”, “us”, “our”, and “Vault” refer to Vault Payments Inc. and its affiliates, successors or assigns, and “you” and “your” refer to each individual authorizing a pre-authorized debit (“PAD”) under this Authorization.
- Authorization. You represent and warrant that you are the person who can authorize withdrawals from any bank account (the “Account”) you have linked to your Vault account, and hereby authorize us to issue PADs drawn on the Account for purposes of a funds transfer, or your business use. We may issue PADs in the amounts and with the frequency that you authorize from time to time based on your agreement with us. YOU WAIVE ANY REQUIREMENT THAT VAULT GIVE PRE-NOTIFICATION OF ANY PAYMENT AMOUNT OR CHANGE OF PAYMENT DATE.
- Authority and Cancellation. With respect to any Account you link to your Vault account, you represent and warrant that you have the authority to link such Account. You may cancel this Authorization at any time by removing the Account by deleting it from your linked Accounts within the Vault application.
- Confirmation. We agree to provide written confirmation by email of this Authorization before the first PAD is debited from the Account.
- Sporadic PADs. We are required to obtain authorization from you for each sporadic PAD. You acknowledge that to subsequently authorize sporadic PADs, you must confirm your identity by logging into your Vault account, or through another permissible method, which shall constitute valid authorization for your financial institution to debit your Account.
- Validation by Financial Institution. You acknowledge that your financial institution is not required to verify that a PAD has been issued in accordance with the terms of this Authorization.
- Recourse. You have certain recourse rights if any PAD does not comply with this Authorization. For example, you have the right to receive reimbursement for any PAD that you have not authorized or that is not consistent with this Authorization. To obtain more information on your recourse rights, you may contact your financial institution or visit Payments Canada.
- Disputes. You may dispute a PAD only if (a) the PAD was not drawn in accordance with this Authorization or (b) we withdrew amounts from your Account after you revoked this Authorization. To be reimbursed, you acknowledge that you may need to complete a declaration and present it to your financial institution within ten (10) business days for a business PAD, from the date the PAD in dispute was posted to the Account. You acknowledge and agree that after such applicable period, any dispute must be resolved solely between you and us.