Common use of Payroll Service Clause in Contracts

Payroll Service. 4.1 Upon receiving the Customer's Instruction for the Bank to provide the Payroll Service, completed in accordance with clause 2, the Bank shall provide the following services (collectively referred to as the "Payroll Service"): (a) the debiting of Salary Amounts and Service Charges from the Customer's Account(s); (b) the transfer of the relevant Salary Amounts to the respective Receiving Accounts, to be effective on the date specified in the Instruction for Payroll Service, by referring to the Funds Transfer Instruction in accordance with the Service and Service Charge Details ; and (c) the Customer may send the Instruction for Payroll Service in accordance with the conditions under the Service and Service Charge Details, without limitation on the number and the maximum amount of transactions per day. 4.2 If the Customer applies for the payroll with insurance service, the Customer agrees and acknowledges that the Bank merely takes out insurance coverage from an insurance company selected by it. This insurance service is provided by the insurance company in its capacity as an insured, and not by the Bank. The Bank reserves the right to replace the insurance company. The Customer represents that it has duly obtained consent from its employees or is legally entitled to disclose employees’ personal data to the Bank in order for the Bank to disclose such personal data to the insurance company for the purpose of providing payroll with insurance service. To the extent permitted by law, the amendment or exception to or under this Cash Management Agreement shall not be made without the Bank’s prior written consent. However, in the event that there is an amendment to the terms and conditions of any product or service in relation to this Cash Management Agreement that impacts on the customers' use of services such as fee adjustments for the use of financial products or services corresponding to the increased costs, changing service channels, changing conditions or benefits of a financial product or service, changing due date for debt settlement, the Bank shall communicate to or notify the Customer of the material information of such amendment not less than 30 days prior to the effective date of such amendment, unless there may be significant damage to the Bank, such as the suspension or cancellation of credit card use in the event that the Bank detects fraud or where the customer defaults on the debt or fails to comply with the terms and conditions of using the financial services, the Bank shall be entitled to only notify such actions to the Customer after such amendment within a reasonable period of time, except where the parties have agreed otherwise. In this regard, communicating or giving material information of the change under the preceding paragraph does not include cases where the Bank is required to take action under the law or order of the court or government agency. In the event that such amendment affects the service available to the Customer, materially causing disadvantageous or increase burdens to the Customer such as increasing credit card limit or cash card, changing method of notification, the delivery of information and documents from the original format to the electronic data format, the Customer has the right to give consent or deny such changes. In the event that the Customer wishes to change such conditions, the Customer shall give consent for the change within the period and formats as specified by the Bank.,