Common use of Description of Direct Deposit Services Clause in Contracts

Description of Direct Deposit Services. (a) You engage Sage Payroll to make collections and payments for Your direct deposit liabilities based on the information provided by You. (b) Sage Payroll, through the Originating Bank, will initiate debits to Your Account and credit the financial institution accounts of the Payees. (c) You agree that prior to the initiation of the first credit to any Payee, You shall obtain a written authorization signed by such Xxxxx (the "Payee Authorization"), in a form that complies with XXXXX Rules. This form shall authorize the initiation from time to time of credits to such Xxxxxx' accounts as well as authorize the debiting of such accounts in order to recover any funds credited to such accounts in error or in the event a debit entry to Your Account is returned for any reason. You agree to have Sage Payroll credit or debit Payees' accounts for net changes to payrolls that are reprocessed for any reason. You shall retain the original signed Payee Authorization, or duplicates of the original, regardless of the manner in which stored (electronic, photocopied, etc.), during the period such Payee Authorization is in effect and for a period of two years after the termination or revocation of such Payee Authorization, and shall furnish such original or copy to Sage Payroll upon Sage Payroll's request. (d) You hereby represent and warrant to Sage Payroll that: (i) each credit to the account of a Payee and each debit reversing one or more previous such credits will be timely and has been authorized pursuant to a Payee Authorization signed by such Payee and held by You; (ii) at the time any credit is made to the account of any such Payee, You have no actual knowledge of the revocation or termination of such Payee's Authorization; (iii) each debit to the account of a Payee (reversing a prior credit) will be for a sum which is due and owing; (iv) Your payment by means of electronic credits complies with all laws applicable to You and Payee with respect to such payments; and (v) You will have good, collected funds available in Your Account for the purpose of honoring every debit made by Sage Payroll in connection with the services described herein.

Description of Direct Deposit Services. (a) You engage Sage Payroll to make collections and payments for Your direct deposit liabilities based on the information provided by You. (b) Sage Payroll, through the Originating Bank, will initiate debits to Your Account and credit the financial institution accounts of the Payees. (c) You agree that prior to the initiation of the first credit to any Payee, You shall obtain a written authorization signed by such Xxxxx Payee (the "Payee Authorization"), in a form that complies with XXXXX NACHA Rules. This form shall authorize the initiation from time to time of credits to such XxxxxxPayees' accounts as well as authorize the debiting of such accounts in order to recover any funds credited to such accounts in error or in the event a debit entry to Your Account is returned for any reason. You agree to have Sage Payroll credit or debit Payees' accounts for net changes to payrolls that are reprocessed for any reason. You shall retain the original signed Payee Authorization, or duplicates of the original, regardless of the manner in which stored (electronic, photocopied, etc.), during the period such Payee Authorization is in effect and for a period of two years after the termination or revocation of such Payee Authorization, and shall furnish such original or copy to Sage Payroll upon Sage Payroll's request. (d) You hereby represent and warrant to Sage Payroll that: (i) each credit to the account of a Payee and each debit reversing one or more previous such credits will be timely and has been authorized pursuant to a Payee Authorization signed by such Payee and held by You; (ii) at the time any credit is made to the account of any such Payee, You have no actual knowledge of the revocation or termination of such Payee's Authorization; (iii) each debit to the account of a Payee (reversing a prior credit) will be for a sum which is due and owing; (iv) Your payment by means of electronic credits complies with all laws applicable to You and Payee with respect to such payments; and (v) You will have good, collected funds available in Your Account for the purpose of honoring every debit made by Sage Payroll in connection with the services described herein.