Reverse Wire Transfers. If we determine in our sole discretion that this type of method is required (includes decision based on credit review or based on the expectation that a transaction exceeds any established thresholds for ACH processing), you authorize us to initiate a request for a wire transfer of funds from your bank to meet your obligations related to the Payroll Services for the applicable payroll no later than by 10 a.m. Houston, Texas time on the first business day prior to the Check Date and we will cause such funds to be wire transferred from your bank to our designated bank account. No other form of payment is acceptable. We will not release a payroll or related taxes until we have timely received full payment from you. You agree that you are responsible for all fees charged by your bank for these transactions.
Reverse Wire Transfers. This method must be used if (a) your total monthly payroll (including related taxes) exceeds $150,000, (b) you are making a payment not related to standard payroll (e.g. bonus or severance payments) that exceeds your approved direct debit limit, or (c) we determine that you pose a credit risk. You authorize us to initiate a request for a transfer of funds from your bank to meet your obligations related to the Payroll Services for the applicable payroll. Reverse wire transactions are initiated on the day of payroll processing and funds will be deducted from your Payroll Account immediately upon receipt of the transaction file at your bank regardless of the employee check date. In the event a reverse wire transaction is not supported by your banking institution, direct wire transactions will be permitted and the appropriate instructions will be provided. No other form of payment is acceptable. We will not release a payroll or related taxes until we have timely received full payment from you. You agree that you are responsible for all fees charged by your bank for these transactions.
Reverse Wire Transfers. Bank will honor reverse transfer drafts subject to the terms of this Agreement and further subject to and conditioned upon Customer’s execution of the Reverse Wire Authorization Form provided by Bank or other Bank authorized documentation. Upon population of the Reverse Wire Authorization section of the Separate Agreement related hereto and execution of such Separate Agreement (the “Reverse Wire Authorization”), Customer authorizes the credit party identified in such form (the “Credit Party”) to initiate transfers from Customer’s account(s) to Credit Party’s account (each a “Reverse Wire”), each as identified in the Reverse Wire Authorization. Customer agrees that Bank’s treatment of, or action related to, a Reverse Wire shall be treated as if Customer requested the transfer pursuant to the terms of this Agreement. Bank may decline any Reverse Wire request to the same extent it may decline any transfer hereunder. Notwithstanding any provision herein to the contrary, Bank may honor any Reverse Wire request in conformance with the instructions outlined in the Reverse Wire Authorization. The Reverse Wire Authorization shall remain in effect unless and until revoked in writing by an authorized representative of Customer and both Bank and Credit Party have each received such written notice and have had a reasonable period of time to act on such notice.
