Overview
By using Aalto services, you agree to Aalto and its Affiliates’ right to debit your User Bank Account and you authorize Aalto and its Affiliates to debit your User Bank Account to collect any Fees owed or other amounts due to Aalto or its Affiliates under the Aalto Services Agreement, or to credit or transfer funds to any of your accounts maintained with Aalto or its Affiliates. Your authorization to Aalto and its Affiliates extends to any bank account that you link to Aalto services (i.e., any User Bank Account). Aalto may originate debits and credits through its banking and payment partners (in the United States, including Column, N.A.).
Your authorization is in complete compliance with any applicable bank debit rules and you agree to comply with applicable bank debit rules, including the applicable debit scheme authorization and mandate language included below. Your authorization to debit any of your User Bank Accounts includes the specific mandate or authorization language for the specific debit scheme that covers your bank account (e.g., for US bank accounts the ACH/Nacha language will apply, and for Canadian bank accounts the ACSS language will apply). You further are responsible for ensuring that your User Bank Account can accept the applicable country scheme debits (e.g., ACH for US bank accounts, ACSS for Canadian bank accounts). The debit scheme language for each bank scheme is incorporated into your authorization to Aalto and Aalto’s Affiliates to debit any of your User Bank Accounts with the same force and effect as if you had signed a paper and obtained a hard copy containing the same terms.
You will ensure that your User Bank Account has sufficient funds to allow for a debit. If a debit is returned to Aalto because your User Bank Account has insufficient funds, it is your responsibility to fund your User Bank Account so that we can re-process the debit.
US Bank Accounts (ACH/Nacha)
ACH Authorization
I authorize Aalto and Aalto’s Affiliates to periodically debit any of the US User Bank Accounts for any amount owed to Aalto or Aalto’s Affiliates under the Aalto Services Agreement, or to credit or transfer funds to any of my accounts maintained with Aalto or Aalto’s Affiliates, until this authorization is revoked. Aalto may originate these entries over the ACH Network through its banking partners, including Column, N.A. I waive any prior notice requirements for Aalto and/or Aalto’s Affiliates to provide me or my company with notice of a debit for amounts owed to Aalto or Aalto’s Affiliates or amounts used to credit or transfer funds to any of my accounts with Aalto or Aalto’s Affiliates. I confirm that I am the only person required to authorize debits from the User Bank Accounts. I understand that Aalto and Aalto’s Affiliates will only debit the User Bank Account in accordance with the Aalto Services Agreement or as otherwise agreed between Aalto or Aalto’s Affiliates and me. I may amend or cancel this authorization at any time by providing Aalto with 30 days’ notice.
Canada Bank Accounts (ACSS): Pre-Authorized Debit Agreement
You authorize Aalto to initiate debit and credit entries to the User Bank Account maintained by you at an institution that is a member of the Canadian Payments Association, doing business as Payments Canada, in each case, in accordance with the Aalto Services Agreement and this Pre-Authorized Debit Agreement (this “PAD Agreement”).
PAD Category: You agree that any debit withdrawal by Aalto in accordance with the Aalto Services Agreement is a pre-authorized debit (“PAD”) for business purposes, as defined under Rule H1 of Payments Canada.
PAD Amount and Timing: The amount of any PAD will vary and be based on the amount owed by you from time-to-time under the Aalto Services Agreement. The timing of issuance of each PAD will be triggered by the amount becoming due by you to Aalto under the Aalto Services Agreement.
Waiver/Modification of Pre-notification/Confirmation Periods: You waive the right to receive pre-notification or confirmation of the amount or timing of any PAD, and you agree that you do not require advance notice of the amount or timing of any PAD before the debit is processed. Without limiting the foregoing sentence, you acknowledge that no notice or confirmation is required for the amount or timing of any PAD or changes to the amount or timing of any PAD, when the debit of such amount or change in such amount is triggered by a specified act, event or other criteria under the Aalto Services Agreement.
Changes to User Bank Account: If you change the User Bank Account, this PAD Agreement will apply to the new account and you will provide Aalto written notice and information regarding the new account as Aalto deems necessary. Following receipt of your written notice, it may take Aalto up to ten business days to reflect any change to the User Bank Account in Aalto’s systems. If you change the User Bank Account, you are responsible for all costs incurred by Aalto in connection with your decision to change the User Bank Account.
Cancellation of PAD Agreement: You may revoke this PAD Agreement upon thirty days’ prior written notice to Aalto, but any revocation will be a material breach of the Aalto Services Agreement. You may obtain a sample cancellation form, as well as further information on your right to cancel a PAD authorization, by contacting your financial institution or by visiting www.payments.ca. In addition, Aalto may stop issuing PADs either in accordance with the terms of this PAD Agreement or, where cancellation is not addressed, in accordance with the rules of Payments Canada.
Recourse/Reimbursement Statement: You have certain recourse rights if any debit does not comply with this PAD Agreement. 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.
Aalto’s Contact Information: If you would like to make inquiries with Aalto regarding this PAD Agreement or any PAD issued by Aalto, you may contact Aalto at legal@aalto.energy.
Questions about these authorizations can be sent to legal@aalto.energy or by mail to Aalto Energy, Inc., 524 Broadway, #02-110, New York, NY 10012, United States.