Capital on Tap ACH Payment Terms and Conditions

CONSENT TO ELECTRONIC WITHDRAWAL

You authorize Capital on Tap, as the servicer for your Capital on Tap Business Credit Card, and any successive servicer (together “we” or “us”) to initiate an automated clearing house (ACH) debit in your name from the financial account you specified and in the U.S. Dollar amount you requested through the Capital on Tap application or the Capital on Tap website. The payment amount scheduled will be for the monthly minimum payment or for the full balance outstanding on the account or a fixed amount as specified by you on the Capital on Tap application or website. Payments initiated will be credited to your account within 2 business days.

In the event we make an error in processing an electronic debit, you authorize us to correct the error by initiating an electronic debit to the Account in the amount of such error on or after the date such error occurs. If you make a typographical or similar error in providing us with information about your Account, you authorize us to correct the error upon receiving corrected information from you or your financial institution. In the event the electronic debit is rejected, you authorize us to reinitiate it up to as many times as is permitted by network rules, without further notice to you. However, you agree that we are under no obligation to reinitiate any rejected debits. 

You attest that the designated checking account for payments was established and is used for business purposes and not for personal, family or household purposes.

You understand you are only able to terminate this Authorization for future payments by calling us at the number on the back of your Capital on Tap Business Credit Card. We will honor termination requests to the best of our ability; however, for various reasons we may not be able to honor all requests. We are not liable for failing to stop a payment once you submit and agree to it. 

If you are currently enrolled in AutoPay, you may cancel your upcoming payment by turning off your AutoPay feature through your bank at least three (3) calendar days prior to the AutoPay Date.  Also, you may edit your AutoPay setup on any date prior to your AutoPay Date, however, any changes you make on the same day as your AutoPay Date will occur after your payment processes and be effective for the next AutoPay Date.  You will not incur a charge for canceling or editing a payment prior to being processed by us. You understand and agree that we may not honor any stop payment requests received less than three (3) calendar days before the scheduled payment date, and that once we have begun processing a payment it cannot be canceled or edited by us.

Note: As you are enrolled in AutoPay, we will debit your AutoPay bank account each month even if you made other payments between the statement issuance date and your monthly repayment date, including if you paid the “Current Balance”. No AutoPay debit will be made if you have a balance less than $5 (zero balance) for your “Current Balance” when the AutoPay payment begins processing.

We will send you a reminder at least two (2) calendar days prior to initiating any debit by sending you an email that contains the amount of your scheduled payment and the date the debit will be initiated. If your AutoPay date falls on a Saturday, Sunday, legal holiday or other day that we are not open for business, we will process your payment within 2 business days. However, the payment will be credited to your account as if it had been processed and posted on the monthly repayment date. All payments are subject to further verification and payment as well as the Credit Card Agreement.  You authorize Capital on Tap to reduce the amount of any scheduled debit, so that the amount debited does not exceed the Current Balance as of the time we begin processing your payment.

If you are turning on AutoPay before 11:59 pm ET on the day before your monthly repayment date, your AutoPay selection will go into effect on the same day. If you are turning on AutoPay on the same day as your monthly repayment date, your AutoPay selection will not apply until the next billing cycle’s monthly repayment date.  For avoidance of doubt, if you enroll in AutoPay after your repayment date for the current billing cycle then your AutoPay will go into effect for the following billing cycle. If you have not set up your AutoPay before the repayment date you will be required to make your payment for the current billing cycle by debit card using the online portal.

For any automatic payment, Capital on Tap shall use its best efforts to not debit your bank account by an amount that will cause your Capital on Tap account to have a credit balance. You authorize Capital on Tap to reduce the amount of any scheduled debit, so that the amount debited does not exceed the Current Balance as of the time we begin processing your payment.  With respect to your Current Balance, you agree that once you have expressly agreed for your AutoPay Payment to be charged on a recurring basis, and agreed to the amount of the recurring charges, Capital on Tap may process future payments, which may vary in amount, but never to exceed the amount of your Current Balance, to your eligible AutoPay without further authorization from you, until you revoke such authorization or change your AutoPay bank account. 

If your AutoPay bank account rejects the payment because of insufficient (NSF) funds, you authorize Capital on Tap to reinitiate the payment up to as many times as is permitted by network rules, without further notice to you. However, you agree that Capital on Tap is under no obligation to reinitiate any rejected debits. Capital on Tap at its discretion may attempt to process the charge again within 30 days. If funds are not fully available at any time during your participation in the Capital on Tap automatic payment program, or your Capital on Tap Business Credit Card account is otherwise not in good standing, we reserve the right to terminate your participation therein. If your Capital on Tap Business Credit Card account is unenrolled from AutoPay for any reason, you will receive an email alert notifying you that your account has been unenrolled.

You must update your Capital on Tap account: (a) if any information changes regarding your bank account, or (b) if you wish to change the account or financial institution from which your payment is debited.

 

OTHER IMPORTANT INFORMATION

Applicable Laws and Network Rules: You understand and agree that this Authorization is subject to applicable law and network rules, including the National Automated Clearing House Association Rules and you agree to abide by such applicable law, network rules, and National Automated Clearing House Association Rules.

‍Charges/Fees: You understand that your financial institution may impose fees in connection with rejected debits, and you agree that we do not have any liability to you for such fees.  Additionally, some Capital on Tap Business Credit Cards may be subject to returned payment fees.  See your Credit Card Agreement for additional details on fees.

‍Consent to Electronic Communication: You consent to receive confirmations of your Electronic Payments electronically to the e-mail address you have provided to us. However, we reserve the right to send the confirmation via paper under certain conditions.