AUTOPAY TERMS & CONDITIONS
Last Modified: March 1, 2023
By enrolling in the Petal AutoPay Program (the "Program"), you authorize Petal, as a servicer for WebBank, Member FDIC (“WebBank”) and any successive servicer (together “we” or “us”), to debit the bank account you designate (the "AutoPay Bank Account") each billing period to pay automatically the amount you have selected.
We will advise you by an in-app and email message of the amount and date of the payment that will be automatically debited. To receive confirmation of the debit transfer taking place, you may log into the Petal mobile application or website, or call your bank, or call Petal Customer Service at the number on the back of your Petal credit card.
1. Definitions:
A. Current Balance: The total amount of money you currently owe on your credit card, including your previous statement balance, any interest, past due amounts, fees (if applicable) and new charges made thereafter. Current Balance does not include any pending purchases at the time your AutoPay payment is withdrawn.
B. Statement Balance: The New Balance indicated on your most recent statement. Statement Balance does not include Charges This Month, payments, credits or disputes that have occurred between the statement issuance date and the AutoPay Date.
C. Minimum Payment Due: The payment amount required to keep your account in good standing, which will be indicated on your monthly statement. This amount will vary according to your balance each month and may be less than indicated on your statement as the result of adjustments or merchant credits.
D. Custom Amount: If you select the "Custom Amount" automatic payment option, your payment account will be debited for the dollar amount that you specified, except as provided herein. If the Custom Amount you have chosen is greater than the Current Balance on your Petal credit card account, then your account will be debited for no greater than the Current Balance on your account. However, you may have the option to turn-on/off a setting that allows your Custom Amount to be at least always equal to the amount of your Minimum Payment Due. You understand that each such debit will occur on the date specified in your payment notice and will occur no earlier than the payment schedule option you have selected.
E. AutoPay Bank Account: This is the bank account you have connected to your Petal account during enrollment into AutoPay.
F. AutoPay Date: This is the date you selected for us to begin processing your AutoPay Payment or shortly thereafter, and the same calendar day of each subsequent month (or the last day of the month if you selected the 29th, 30th, or 31st of any month without that many days) or shortly thereafter.
You agree that unless you notify us to stop or adjust the amount of the debit, in accordance with the procedures set forth in paragraph 4 below, you authorize the debit of funds from the AutoPay Bank Account in the amount specified in the automatic payment option you have selected on the AutoPay Date. You will ensure that there are sufficient funds in the AutoPay Bank Account on the specified debit date to pay the amount of the debit. For any automatic payment option you have selected, we are authorized to reduce the amount of the debit previously disclosed to you on your payment notice by the amount of any payments, credits applied (excluding purchase credits), or financial charges adjustments to your Petal credit card account prior to the scheduled debit date. You understand that if your Petal credit card account is cancelled and there is an outstanding balance on the credit card account, you authorize us to continue to automatically debit your AutoPay Bank Account unless you terminate participation in the Program in accordance with the procedures set forth in paragraph 6 below. If you close your AutoPay Bank Account, you agree to notify us beforehand to enable us to stop initiating debit transactions.
2. Additional Payments. If you would like to make payment in addition to the automated payment amount you have selected, you may do so by scheduling a one-time payment in-app, on the website, by phone or another means such as mailing in a check. Note, any additional payments made outside of your scheduled AutoPay payment amount will reduce the balance you owe toward your Minimum Payment Due, Statement Balance or Current Balance amounts. If you have scheduled your AutoPay to withdraw a Custom Amount, your withdrawal amount would only be modified if withdrawal of the original Custom Amount would result in a credit balance (e.g. -$100.00) to your Petal credit card account. Such modification to your Custom Amount in this instance, would result in a withdrawal that is no greater than your Current Balance amount.
3. Varying Amounts: You have the right to receive advance notice if any payment we seek will vary from the amount you authorize in your AutoPay settings or the previous debit. You authorize us to vary the amount of any payment so long as such payment is less than the pre-authorized amount for your Current Balance or, if you have selected the Current Balance AutoPay option, no greater than 110% of your maximum credit limit. We will send you a reminder at least ten (10) calendar days prior to initiating any debit by sending you an email that contains the details of your amount of your scheduled payment and the AutoPay Date. If your AutoPay Date falls on a Saturday, Sunday, legal holiday or other day that we are not open for business, we will process your payment on the next available business day. However, the payment will be credited to your account as if it had been processed and posted on the AutoPay Date. All payments are subject to further verification and payment as well as the terms and conditions for your credit card and deposit accounts.
4.Stop Payment Orders/Adjustments: You may cancel your upcoming payment by turning off your AutoPay feature within the Petal Website and/or Mobile Application by no later than 8pm ET one (1) calendar day prior to your scheduled AutoPay Date. Also, you may edit your AutoPay settings on any date prior to your AutoPay Date, however, any changes you make after 8pm ET one (1) calendar day prior to your scheduled AutoPay Date will occur after your payment processes and will be effective for the following month’s AutoPay Date.
You must update your Petal account: (a) if any information changes regarding your bank account, (b) if you wish to change the account or financial institution from which your payment is debited, or (c) if you wish to stop a payment or discontinue your participation in AutoPay.
5. Returned Payments: If your AutoPay Bank Account rejects your payment because of insufficient (NSF) or uncollected funds, you authorize Petal to reinitiate the payment up to as many times as is permitted by applicable ACH network rules and applicable law, without further notice to you. However, you agree that we are under no obligation to reinitiate any rejected debits. At our discretion, we may attempt to process the charge again within 14 days. If funds are not fully available at any time during your participation in the Program, or your account is otherwise not in good standing, we reserve the right to terminate your participation therein. If your account is unenrolled for any reason, you will receive an email alert notifying you that your account has been unenrolled. You may incur and be responsible for returned payment fee(s), if applicable to your Petal credit card account type, as well as any such fees charged by your bank.
6. Termination of Participation in the Program: You may turn off or edit the AutoPay settings at any time by going to the ‘Settings’ page on your online account and changing your payment preferences. This is the exclusive means by which you may revoke this authorization.
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