Pre-Authorized Debit Agreement

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.

1. 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. A PAD for a variable amount from a linked account can be requested by you through the Vault platform. YOU WAIVE ANY REQUIREMENT THAT VAULT GIVE PRE-NOTIFICATION OF ANY PAYMENT AMOUNT OR CHANGE OF PAYMENT DATE.
2. 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. You acknowledge that you can obtain a sample cancellation form or further information on your right to cancel this agreement from your Financial Institution or by visiting www.payments.ca.
3. Confirmation. We agree to provide written confirmation by email of this Authorization before the first PAD is debited from the Account.
4. 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.
5. 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.
6. 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 debit that is not authorized or is not consistent with this PAD Agreement. To obtain more information on your recourse rights, you may contact your financial institution or visit www.payments.ca.
7. Payment Service Provider. You acknowledge that we may use a third party as our payment processing representative for the transactions contemplated by this authorization. You agree that the information contained in this Authorization may be disclosed to such third party in accordance with our Privacy Policy and as required to complete any PAD transaction. You acknowledge that this Authorization is provided for the benefit of Vault and is provided in consideration of your financial institution agreeing to process debits against your Account in accordance with the rules of the Canadian Payments Association.
8. 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. 
9. Contacting Vault. For any questions or concerns, you can contact Vault support via email at support@tryvault.com.