Last updated April 01, 2022

Consumer ACH Authorization & Agreement

I acknowledge that by “Linking My Bank Account” I allow for funds to be transferred electronically via the Automated Clearing House (“ACH”) between my eligible PDH (“PayDown Hero”) account(s) and my external account(s) at other financial institutions (“External Account(s)”, once I have successfully registered my External Account(s). This includes:

  • ‍Monthly billing for its services/subscriptions.
  • One-time on-demand transfers, which allow me to initiate multiple, non-recurring, individual transfers based on the transfer date and dollar amount that I request through the “Transfer Funds” feature of Online and Mobile Banking from time to time;
  • Recurring transfers, which allow me to initiate recurring transfers of a set dollar amount at regular intervals that I have established through the Transfer Funds feature of Online and Mobile Banking; and/or
  • Other ACH transfer features that PayDown Hero may make available.

Subject to the terms with PayDown Hero and the terms of other agreements with Stripe & Plaid, I hereby authorize PayDown Hero to initiate electronic credit/debit entries to my eligible “linked bank account(s)” and each registered External Account for (a) various amounts at varying times by making on-demand transfers pursuant to my instructions, and/or (b) fixed amount at the frequency I have selected by making recurring transfers pursuant to my instructions (a “Preauthorized Transfer”), and/or (c) fixed monthly subscription fee. If any transfer date falls on a weekend or bank holiday, I understand and agree that the transfer may be executed on the next business day, or as soon as reasonably possible at the discretion of PayDown Hero. I hereby represent and warrant that I have all necessary rights, power, and authority to debit and credit my PayDown Hero account and any External Account(s) registered and that all information or instructions that I provide to PayDown Hero in relation to any ACH transfer are complete and accurate. I agree that the ACH transactions I authorize comply with all applicable laws. Should an incorrect amount be withdrawn from or deposited to my External Account(s) or my PayDown Hero account(s), I authorize PayDown Hero to correct the error by debiting/crediting my External Account(s) or my “linked bank account(s)”. This authorization is to remain in full force and effect until PayDown Hero has received written notification from me of its cancellation/termination in such time and in such manner as to afford PayDown Hero a reasonable opportunity to act on it. For Preauthorized Transfers, I understand that it is my responsibility to contact PayDown Hero to stop or cancel a Preauthorized Transfer at least three (3) days prior to the following scheduled payment. In either case, I will send my notice to: support@paydownhero.com ‍I acknowledge that the origination of ACH transactions must comply with the provisions of applicable law and the rules of the National Automated Clearing House Association (NACHA). I request the financial institution that holds my External Account(s) to honor all transfers initiated in accordance with this authorization form. I agree to print this ACH Authorization and retain a hard copy or save it as an electronic copy. Customer signatures are collected electronically.