Bill Payment and Presentment Service
This Addendum sets forth additional terms and conditions with respect to Bill Payment and Presentment Services via the Cash Management System (hereinafter referred to as the “BP&P Services”). The definitions, terms and conditions of the Cash Management Agreement are hereby incorporated in this Addendum by reference. The provisions of this Addendum are controlled by the rights, obligations and liabilities established by the Cash Management Agreement. If you do not have a copy of the Cash Management Agreement, then one will be provided to you upon your request.
Access to Services
Access to BP&P Services is available only by entering your Company ID, Company Password, User ID and User Password at the System login screen. Once validated on the Cash Management System, there is no additional sign-on required to access the BP&P Services. Users that are authorized to access the BP&P Services will have the ability to pay bills from all of the Eligible Accounts designated for BP&P Services.
Scope of Services
You are responsible for providing payee contact information for each bill payment transaction. You are also responsible for providing any changes to this contact information as soon as you are aware of them. Five (5) Business Days must be allowed for payment processing prior to the due date. Your payee may require additional processing time, above and beyond our processing time. You may only pay established payees with United States addresses. The BP&P Services may not be used to process payments to federal, state or local tax agencies. We reserve the right to refuse to make payments to certain payees for certain obligations, including but not limited to, alimony, child support, tax liabilities, court directed or government payments, and fines or penalties.
When you have entered and transmitted a payment instruction, you authorize us or our agent to reduce the balance in your designated Eligible Account by an amount equal to that amount requested in your payment instruction to us. If there are insufficient funds in your designated Eligible Account to make the payments you have authorized, we may either refuse to pay the item or we may make the payment and thereby overdraw your designated Eligible Account. In either event, you are responsible for any non-sufficient funds (NSF) and overdraft charges we may impose as stated in your depositor agreement. Funds for payments clear your account as would any other electronic or paper item. Electronic items usually clear within three (3) days and paper items usually clear within five (5) days. Additional time may elapse due to payee processing delays, postal service delays or electronic payment systems delays. Individual bill payment transactions may not exceed $9,999 and cumulative daily transactions may not exceed $19,999 unless otherwise agreed to by the BANK in writing.
Stopping Bill Payments
You may cancel any scheduled bill payment prior to 4:00 PM Central Time on the scheduled Payment Date by using the “Delete” function on the “Pending Bills” page of the System. Under some circumstances, you may be charged a Stop Payment Fee for cancellation of the bill payment as shown in the Cash Management Fee Schedule: Addendum H.
Failure to Make Timely Payment
The BANK or a third party acting as our agent shall be responsible for completing bill payments from your Eligible Accounts on time and according to your properly entered and transmitted instructions. If you scheduled a payment to be processed at least five (5) business days before the due date, and the BANK or our agent does not properly complete a bill payment on time or in the correct amount, the BANK shall pay any late fees or finance charges on the payment, so long as your account was in good standing with the payee prior to the incident. In order to be reimbursed, you will be required to provide the confirmation number of the payment, which you can print or record at the time the payment is scheduled. The BANK shall not be responsible for any late fees or charges imposed, or any other action taken by a payee which results from a payment that you have not scheduled properly.
The BANK shall not be liable for failure to timely pay a bill payment if i) you do not authorize a bill payment soon enough for your payment to be made and properly credited by the payee by the due date, ii) you provide the wrong payment amount or inaccurate payee information, iii) a timely bill payment is made, but the payee does not credit your payment promptly after receipt, or if iv) any third party through which any bill payment is made fails to properly transmit the payment to the intended payee.
Liability for Presentment
The BANK shall not be responsible for the accuracy of invoices or bills presented to you through the BP&P Service and shall not be responsible for any resulting losses or damages caused thereby. The COMPANY shall bear all risk of loss or damages for i) invoices or bills obtained directly from payees participating in the BP&P Services, ii) invoices or bills you authorize us to obtain directly from the payees website, iii) and invoices or bills directed to a processing agent processing center for scanning.
Cancellation of BP&P Services
Either the BANK or COMPANY may terminate this Addendum at any time upon prior written notice to the other, but such termination shall not affect any bill payments executed by the BANK prior to the effective termination date. Upon termination or cancellation of the BP&P Services for any reason, the COMPANY shall first cancel all future bill payments by deleting those payments from the System. The BANK or a third party acting as our agent shall continue making payments that the COMPANY has previously authorized until we have had a reasonable opportunity to act upon your cancellation notice. Termination of this Addendum shall not constitute termination of the Agreement or any other Addendum.