Common use of Authorization to Debit Clause in Contracts

Authorization to Debit. (i) You authorize and direct iSolved to debit your Account up to five (5) business days (unless otherwise agreed to in writing) before each of the dates you designate that direct deposits are to be remitted to your employees (the “Payroll Check Dates”) in such amounts as you instruct iSolved are necessary to pay those individuals who have elected to receive their wages by direct deposit (“Payees”). The credits to each Payee’s account shall be on the applicable Payroll Check Date. You also authorize and direct your financial institution to charge your Account in the amount of each debit and to honor and pay the debit in accordance with its terms. The foregoing authorizations shall be standing authorizations and shall remain in full force and effect until terminated in accordance with this addendum and your agreement with your financial institution, and until iSolved and your financial institution have had a reasonable opportunity to act upon such termination.