Square Consumer Installments
Automated Monthly Payment Authorization
Updated: July 9, 2019
You authorize Celtic Bank Corporation (“Bank”), Square Capital, LLC (as service provider to Bank), and each of its agents, authorized representatives, successors, and assigns (which such assigns shall include, for the avoidance of doubt, any subsequent holders of your loan) (collectively, “Parties”) to make electronic charges from the debit card you have provided. You understand that these debits will occur monthly in an amount up to your scheduled installment payment amount, including any applicable interest charges, and/or fees. You understand that if you miss any payment(s), subsequent debits may incorporate the amount of the originally scheduled payment, the missed payment, any previously missed payment, and any continued interest charges due as a result of a missed payment. You also authorize Parties to make electronic reversals or credits to your debit card’s bank account, as applicable, in the event of an erroneous debit or as otherwise appropriate.
Your authorization continues until your loan is repaid or until you revoke your authorization. This authorization will remain in effect until you pay off your installment plan or if you otherwise revoke this authorization by notifying Parties at email@example.com. It may take as long as 10 business days to complete your request, so any debit transaction scheduled before that time may be processed. If you revoke your authorization, you must establish an alternative way to repay your installment plan.
You are responsible for fees resulting from unsuccessful payment attempts. If Parties debit your bank account and (1) there is a resulting payment decline, (2) there are insufficient funds to cover the amount due, or (3) the payment attempt is otherwise unsuccessful, then you authorize Parties to reinitiate attempt(s) to debit your bank account, and you understand that you are responsible for any fees you may incur as a result of any initial or subsequent attempt(s).