PAD agreement | Simplii Financial | Discussion forum

Looks like I am required to accept the latest T&C if I click Bank-to-bank Transfer.

Pre-Authorized Debit Agreement

You authorize us1 to process any fixed or variable amount fund transfer or debit ("Payment") from your Simplii Financial account ("Account") to another financial institution ("Financial Institution") in the manner that you specify to us and subject to the terms and conditions of this Pre-Authorized Debit ("PAD") Agreement. You acknowledge that your Payment authorization is given for the benefit of the Financial Institution and us, and is in consideration of the Financial Institution agreeing to process debits against your Account in accordance with Canadian Payments Association requirements.

You agree that with respect to fixed or variable amount sporadic PADs (where Payment frequency is occasional or irregular), a password or secret code or other authorization will be provided by you and shall constitute valid authorization for us or our agent to debit your Account.

You are responsible for reviewing your bank account records to confirm that all PADs are paid on their payment date for the correct amount; we will not verify PADs for you. We will not be liable for any loss, expense, damage or liability that may result if a PAD is not debited as scheduled or if there are any other problems or errors in respect of this service, even if same results from our negligence.

This PAD Agreement can be revoked or cancelled at any time by you upon prior notice to us at least 10 calendar days prior to the due date of the next PAD payment. You can obtain a sample cancellation form at your financial institution or by visiting http://www.cdnpay.ca. Cancellation of this PAD Agreement does not affect or terminate any of your continuing payment obligations under any other agreement.

You have certain recourse rights if any debit does not comply with these terms. For example, you have the right to receive a reimbursement for any PAD that is not authorized or is not consistent with this PAD Agreement. To obtain more information on your recourse or cancellation rights, contact us at 1-888-723-8881 and a Personal Banking Representative will be happy to assist you, or visit http://www.cdnpay.ca.

Delivery of this authorization to us also constitutes delivery to the Financial Institution, and the Financial Institution is not required to verify that Payments have been made in accordance with this authorization. You consent to the disclosure of information in this PAD Agreement to the Financial Institution to the extent that it relates to a Payment. You represent, warrant and guarantee that all of the information provided herein is accurate, and that this authorization is sufficient to authorize Payments from your Account.

1 "We", "us" and "our" mean Canadian Imperial Bank of Commerce.

Do you accept the Terms and Conditions above?

A bit confused. To transfer between my existing externally linked account(s), I need to click Transfers Between my Simplii Accounts. I can also see these accounts when click on Remove Accounts.