By completing the AutoPay Online sign up ("Sign up"), you authorize Commerce Bank to debit a checking or savings account ("AutoPay Account") designated by you for the purpose of making automatic payments to your Commerce Bank credit card account on your Payment Due Date, as shown on your Statement, each month in which a payment is due.
You acknowledge that all of the account information provided by you is accurate as of the Sign up date. You agree to maintain sufficient funds on deposit to cover the automatic payment from the AutoPay Account. You agree not to rely upon overdraft protection to make your payment. The amount deducted from your AutoPay Account will be based upon the AutoPay Method chosen by you at the time of Sign up.
If you choose a Savings Account or Money Market Account as your AutoPay Account, please be aware that federal regulations set a limit of 6 transactions, of certain types, that may be made during each statement cycle, and that these automatic payments will count toward that limit. The transaction types subject to the limit include: Online Banking and other preauthorized, automatic or ACH transactions, such as withdrawals, transfers to another account at the same bank or transfers to a 3rd party, and 3rd-party transfers by check or debit card. In-person and ATM transfers and withdrawals are unlimited. If you exceed the limitations, we may close your account or reclassify it as a regular checking account.
If you choose a non-Commerce Bank account as your AutoPay Account, it is your responsibility to understand the terms and conditions set forth by the financial institution that issued the account. Please refer to your applicable accountholder agreement.
Available AutoPay Methods are defined as follows:
Minimum Payment Due - a payment equal to the Minimum Amount Due on your credit card account as shown on your credit card statement, less any additional payments received after the Statement Closing Date and before the Payment Due Date.
Fixed Payment - A payment in an amount chosen by you, or the Minimum Amount Due as shown on your credit card statement, whichever is greater. However, the Fixed Payment option will NOT pay Past Due Amounts. If the Minimum Amount Due includes a Past Due Amount, you must make a separate payment for that amount to avoid any potential late fees or other charges.
Full Payment of New Balance - a payment equal to the New Balance on your credit card account as shown on your credit card statement, less any additional payments or credits received after the Statement Closing Date and before the Payment Due Date. In no event will the Full Payment of New Balance result in overpayment of your account.
Your first AutoPay payment will occur on the first Payment Due Date following the date of the Sign up, with one exception: If your Sign up date is less than 4 days before your Payment Due Date, your first AutoPay payment will occur on the next Payment Due Date. If you sign up within that 4 day period, you must make other arrangements to make your next payment.
Any changes to the AutoPay Method or the AutoPay Account must precede your Payment Due Date by at least 4 days in order for the changes to take effect on your Payment Due Date. You will be unable to make any changes to your AutoPay settings, including modifying payments or cancelling AutoPay, during the 4 days prior to your Payment Due Date.
If your Payment Due Date falls on a holiday or weekend, your payment will occur on the last business day prior to your Payment Due Date.
This authorization shall remain in effect until Commerce Bank receives notice of termination from you. You may terminate AutoPay electronically through Online Banking, or by contacting us at 1-800-645-2103. Your notice must be sent in such time and manner as to afford Commerce Bank a reasonable opportunity to act upon the termination (but in no event less than four business days). Commerce Bank reserves the right to decline or cancel AutoPay service at any time.