Regulation E??
http://www.federalreserve.gov/bankinforeg/regecg.htm
Regulation E: Electronic Fund Transfers
12 CFR 205
This description should not be interpreted as a comprehensive statement of the regulation. Rather, it is intended to give a broad overview of the regulation's requirements. The full regulation is available on the Government Printing Office web site.
Regulation E provides a basic framework that establishes the rights, liabilities, and responsibilities of participants in electronic fund transfer systems such as automated teller machine transfers, telephone bill-payment services, point-of-sale (POS) terminal transfers in stores, and preauthorized transfers from or to a consumer's account (such as direct deposit and social security payments). The term "electronic fund transfer" (EFT) generally refers to a transaction initiated through an electronic terminal, telephone, computer, or magnetic tape that instructs a financial institution either to credit or to debit a consumer's asset account.
A general description of the regulation, by section, follows.
Section 205.1 Authority and purpose
States that the primary objective of the regulation is to protect individual consumers who engage in electronic fund transfers.
Section 205.2 Definitions
Defines key terms used in the regulation.
Section 205.3 Coverage
Lists the types of transactions covered by the regulation--those initiated through an electronic terminal, telephone, computer, or magnetic tape to either order, instruct, or authorize a financial institution to debit or credit an account. These transfers include, but are not limited to, POS and ATM transfers, direct deposits or withdrawals, telephone transfers, and transfers initiated through a debit card transaction.
Section 205.4 General disclosure requirements; jointly offered services
States that a financial institution may combine the disclosure information required by the regulation with that required by other laws such as the Truth in Lending Act or the Truth in Savings Act as long as it is clear and understandable and is in a written form that consumers can keep.
Section 205.5 Issuance of access devices
Stipulates that a depository institution may issue an access device (such as a debit card) only if a consumer has requested it either orally or in writing.
Section 205.6 Liability of consumer for unauthorized transfers
Limits a consumer's liability for unauthorized electronic fund transfers, such as those arising from loss or theft of an access device, to $50; if the consumer fails to notify the depository institution in a timely fashion, the amount may be $500 or unlimited.
Section 205.7 Initial disclosures
Requires financial institutions to provide to consumers initial disclosures of the terms and conditions of EFT services. Institutions must disclose the consumer's liability for unauthorized EFTs, the types of EFTs the consumer may make, and any limit on the frequency or dollar amount; fees charged by the institution; and error-resolution procedures. Institutions must also provide a summary of various consumer rights under the regulation.
Section 205.8 Change-in-terms notice; error-resolution notice
States that if there are adverse changes in fees, the consumer's liability, types of transfers available, or limits on transfers, the institution must provide a change-in-terms notice at least twenty-one days before the changes take effect. The institution must periodically send a reminder of the error-resolution procedures. It may send a detailed notice annually or provide an abbreviated notice with each account statement.
Section 205.9 Receipts at electronic terminals; periodic statements
States that consumers must be provided documentation in two forms: terminal receipts and periodic statements. Consumers must receive a receipt when they initiate an electronic transfer and monthly in the form of periodic statements. Both documents must include the type of electronic transfer; the amount and date of the transaction; the location of the terminal; and other information.
Section 205.10 Preauthorized transfers
Requires financial institutions to provide the consumer with some form of notice that electronic transfers that recur at substantially regular intervals, such as the direct deposit of salaries or benefits and the preauthorized payment of bills, occurred as scheduled.
Section 205.11 Procedures for resolving errors
States that if a consumer notifies an institution that an error involving an EFT has occurred, the institution must investigate and resolve the claim within specified deadlines. Errors covered by this requirement include unauthorized EFTs, incorrect EFTs, and the omission from an account statement of an EFT that should have been included.
Section 205.12 Relation to other laws
States that with regard to the issuance of access devices, consumer liability, and the unsolicited issuance of credit cards, the financial institution must take into account the provisions set forth in Regulation Z, Truth in Lending. In addition, the Federal Reserve Board shall determine whether the request of a state, financial institution, or other interested party is preempted by state laws relating to electronic fund transfers. Only state laws that are inconsistent with the act and this regulation are preempted, and then only to the extent of the inconsistency.
Section 205.13 Administrative enforcement; record retention
Indicates which federal agency enforces the regulation for particular classes of institutions. Records are to be retained for a period of not less than two years from the date disclosures are required to be made or an action is required to be taken.
Section 205.14 Electronic fund transfer service provider not holding consumer's account
States that a person who provides an electronic fund transfer service to a consumer but does not hold the consumer's account is subject to many of the same requirements set forth in the regulation.
Section 205.15 Electronic fund transfer of government benefits
States that a government agency is subject to the requirements of the regulation if directly or indirectly it issues an access device to a consumer for use in initiating an electronic fund transfer of government benefits from an account, other than needs-tested benefits in a program established under state or local law or administered by a state or local agency.
Appendix A Model disclosure clauses and forms
Appendix B Federal enforcement agencies
Appendix C Issuance of staff interpretations
Supplement I Official staff interpretations (Commentary)
< Back to Regulation E
Topic: 2013-08-05 Updated Dwolla User Agreement (Read 4987 times)
Yes they do because they have a new limit where if you trasfer money in to bx from dwolla and buy bitcoins you need to wait 31 days before you can transfer those coins out. Dwolla make them enforce this.
Perhaps to deal with the upcoming federal law about needing to be able to get your money back for a period of 30 mins if you are dealing with a licensed MSB ?
So you can't use them to move money into an exchange without their permission.
I assume CampBX must have their permission then?
Sounds like they are likely to grant it if you are trying to comply with FinCEN guidance.
I assume CampBX must have their permission then?
Sounds like they are likely to grant it if you are trying to comply with FinCEN guidance.
Yes they do because they have a new limit where if you trasfer money in to bx from dwolla and buy bitcoins you need to wait 31 days before you can transfer those coins out. Dwolla make them enforce this.
there are previous Dwolla agreements posted elsewhere. If someone can do a diff you can find the exact text that was changed. I just don't have the time to search for it right now.
So you can't use them to move money into an exchange without their permission.
I assume CampBX must have their permission then?
Sounds like they are likely to grant it if you are trying to comply with FinCEN guidance.
I assume CampBX must have their permission then?
Sounds like they are likely to grant it if you are trying to comply with FinCEN guidance.
Not sure when this went live. We've been keeping track of the changes else where on these boards.
Maybe someone can do a diff.
Dwolla User Agreement
Welcome to the Dwolla System. Dwolla, Inc. has developed payment software that is used by a financial institution partner to make it easy for users to send and receive money online without all the fees of traditional systems.
Dwolla, Inc. provides its registered users with access to its software platform, and acts as an agent of a financial institution partner in Dwolla’s provision of funds transfer services All actions taken by Dwolla in regards to the transfer of funds are done so on behalf of a financial institution partner.
Although we would love to have a one page terms of service that was comprised of easy-to-read bullet points, unfortunately the realities of the legal world make that nearly impossible. So, please bear with us through all the legalities of this User Agreement-although we couldn't keep it to one page, it is important You read this User Agreement in full and understand the terms and conditions that govern our services.
TABLE OF CONTENTS
Terms and Conditions of Service
Definitions
General
Representation
User Conduct
Fees
Referral Program
Guest Checkout
Actions Against Your User Account due to Non-Compliance with User Conduct Requirements or Security Concerns
Debt
Login / Password / PIN
Multiple User Accounts and Dual Log In Sessions
Reversals
Error Resolution
ACH ("Automated Clearing House") Clearing Times
Logging
System Maintenance and Updates
Warranty
No Endorsement or Guarantee
Force Majeure
3rd party API use
Consent to Electronic Transactions and Disclosures
Arbitration
Privacy Policy
Data Retention
USA Patriot Act Notice
Terms and Conditions of Service
This User Agreement is effective as of June 21, 2013.
This Dwolla System User Agreement is a binding agreement between You, Dwolla, Inc. and our Financial Institution Partner, which for purposes of this Agreement is Veridian Credit Union. The Financial Institution Partner provides funds transfer services upon instructions issued through the Dwolla software platform. Dwolla, Inc. provides access to Dwolla's software platform and all actions taken in regards to the transfer of funds are on the Financial Institution Partner's behalf. We may modify this Agreement from time to time for any reason, subject to Your renewed agreement by click through or other indication of acceptance. Please read the Agreement carefully, as it may have changed since Your last visit. Unless the context otherwise requires, the capitalized terms used herein shall have the meaning assigned to them in the Definitions section below.
THIS IS AN IMPORTANT DOCUMENT, WHICH YOU MUST CONSIDER CAREFULLY WHEN CHOOSING WHETHER TO USE THE DWOLLA SYSTEM AND THE FINANCIAL INSTITUTION PARTNER'S SERVICES PROVIDED THROUGH THE DWOLLA SYSTEM. PLEASE READ THIS AGREEMENT CAREFULLY. BY REGISTERING FOR, ACCESSING AND USING THE DWOLLA SYSTEM, YOU ACKNOWLEDGE THAT YOU HAVE READ, UNDERSTOOD, AND AGREE TO BE BOUND BY THIS AGREEMENT. IF AT ANY TIME YOU DO NOT AGREE TO THESE TERMS AND CONDITIONS, YOU MUST IMMEDIATELY CEASE YOUR USE OF THE DWOLLA SYSTEM.
THIS AGREEMENT CONTAINS A BINDING ARBITRATION PROVISION, WHICH AFFECTS YOUR LEGAL RIGHTS AND MAY BE ENFORCED BY THE PARTIES.
Definitions
The following capitalized terms shall have the indicated meanings:
"Agreement" means this User Agreement, effective as of the date specified above.
"Dwolla, Inc.," or "Dwolla" refers to Dwolla, Inc., a company incorporated in Delaware that provides funds management software for Dwolla Users, and its successors, affiliates, or assigns.
"Dwolla System" or "Dwolla Software Platform" means software owned by Dwolla; provided to Dwolla Users by Dwolla as an agent of the Financial Institution Partner to provide money transfer instructions to the Financial Institution Partner; or used by Dwolla and the Financial Institution Partner in the provision of Our services.
"Dwolla User" or" "User," means a natural person, corporation, or other entity that has established a User Account on the Dwolla System. By agreeing to this Agreement, You are a User (and Dwolla User) hereunder.
"Dwolla Website" means Dwolla's website at http://www.dwolla.com and its subdomains, through which the Dwolla System is made available for use by You.
"Guest" means a natural person, corporation, or other entity that is using the Dwolla System's Guest Checkout services (as described in this Agreement).
"Financial Institution" means any federally or state chartered bank, thrift, or credit union.
"Financial Institution Partner" means the Financial Institutions with whom Dwolla has entered into an agreement to act as an agent for purposes of providing access to the Dwolla System. AS OF THE DATE HEREOF, THE FINANCIAL INSTITUTION PARTNER IS VERIDIAN CREDIT UNION. This definition may be amended from time to time as other Financial Institutions contract to use the Dwolla System.
"FinCEN" means the United States Department of the Treasury's Financial Crimes Enforcement Network.
"Partners" means natural persons or entities that Dwolla does business with in order to bring the Dwolla System to the marketplace.
"Receiver" means a natural person, corporation, or other entity that is receiving funds using the Dwolla System's Guest Checkout services (as described in this Agreement).
"Referral Program" means the referral program made available through the Dwolla Website from time to time, as described thereon.
"Sender" means a natural person, corporation, or other entity that is sending funds using the Dwolla System's Guest Checkout services (as described in this Agreement).
"Veridian Credit Union" (or "Veridian") refers to our Financial Institution Partner, Veridian Credit Union, an Iowa-chartered, federally insured credit union headquartered in Waterloo, Iowa, and its successors, affiliates, and assigns.
"Veridian Holding Account" is a pooled holding account at Veridian Credit Union that holds all the Dwolla Users funds. THE VERIDIAN HOLDING ACCOUNT IS NOT ELIGIBLE FOR INDIVIDUAL INSURANCE AND MAY NOT BE ELIGIBLE FOR SHARE INSURANCE BY THE NATIONAL CREDIT UNION SHARE INSURANCE FUND.
"Financial Institution Partner's Services" means the funds transfer services made available through Your use of the Dwolla System; Dwolla offers its services solely as an agent of the Financial Institution Partner, using its Dwolla System to provide money transfer instructions to the Financial Institution Partner.
"United States Financial Institutions" means Financial Institutions chartered in the United States of America.
"Us" or "We" or "Our" refers to Dwolla, Inc. and the Financial Institution Partner.
"User Account" is the online user account with Dwolla on the Dwolla System associated with a Dwolla User.
"You," or "Your" means the person who accepts this User Agreement, and the entity, if any, that such person represents. You are a Dwolla User under this Agreement.
General
Dwolla provides You with access to its software platform, which allows Dwolla Users to provide instructions to the Financial Institution Partner to send and receive money.
You understand and agree to these important features of Your relationship with Us as a Dwolla User: (1) Dwolla provides funds management software for Dwolla Users on a remote hosted (commonly known as "platform as a service") basis; (2) Dwolla does not receive, hold, or transmit User funds; Dwolla only maintains and manages information associated with User ownership of the funds; (3) the Financial Institution Partner is the entity that provides funds transfer services upon instructions issued through the Dwolla System; and (4) Funds in the Veridian Holding Account are held in a pooled account. THESE FUNDS ARE NOT ELIGIBLE FOR INDIVIDUAL INSURANCE, AND MAY NOT BE ELIGIBLE FOR SHARE INSURANCE BY THE NATIONAL CREDIT UNION SHARE INSURANCE FUND, AND IN THE EVENT OF A VERIDIAN RECEIVERSHIP DWOLLA USERS MAY LOSE VALUE.
The Dwolla System may only be used in connection with United States Financial Institutions: User funds must originate at a United States Financial Institution, and Dwolla will only instruct the Financial Institution Partner to transfer funds to a United States Financial Institution associated with the appropriate Dwolla User.
You may not transfer any rights or obligations that You may have under this Agreement or with respect to any service provided hereunder without Our prior written consent. We reserve the right to transfer any right or obligation under this Agreement or with respect to any service without Your consent.
Representation
Dwolla acts on Your behalf by maintaining records related to Your User Account and by sending information and instructions associated with Your User Account to the Financial Institution Partner. You understand and agree that: (1) You are responsible for the accuracy and validity of all information provided to Us; (2) Your failure to provide accurate and valid information may result in actions taken against Your User Account and access to the Dwolla System by Dwolla, actions taken by the Financial Institution Partner with respect to Your User Account and the funds in the Veridian Holding Account, or other penalties or actions as detailed in this Agreement; and (3) We are not responsible for incorrect or invalid information provided by You through the Dwolla System.
User Conduct
You understand and agree that You will not engage in the following activities:
Use of the Dwolla System, without Dwolla's written consent, to operate or engage in any business regulated by FinCEN, including the money service business;
Use of the Dwolla System without registering as a money services business if required by FinCEN's March 18, 2013 Guidance entitled "Application of FinCEN's Regulations to Persons Administering, Exchanging, or Using Virtual Currencies" (FIN-2013-G0001);
Act as a marketplace and/or exchange for virtual currency products without Dwolla's prior written consent, and FinCEN registration if applicable;
Use the Dwolla System in association with or for payment of illegal goods or services, including, but not limited to, illegal substances, illegal online gambling/ wagering, pyramid schemes, or any type of money laundering;
Attempt to falsify Your identity, such as by providing false account information or false documents; or
Defraud Us or other Dwolla Users in any way.
You understand and agree:
You will provide information requested to determine Your identity, including but not limited to the following: a valid U.S. address, phone number, Financial Institution account information, photo identification, and/or tax identification or social security number.
You authorize Us, directly or through third parties, to make inquiries that We consider necessary to validate Your identity, such as requesting additional information to validate Your Financial Institution account ownership, identity, and transaction authorization. This information is requested to protect Dwolla Users.
Fees
When You use the Dwolla System to process Your transactions, You will be charged a $0.25 fee per transaction for all transactions over $10. Any transaction under and including $10 will not be charged a fee. If another Dwolla User (a third party) "facilitates" Your transaction, You may be charged a facilitator fee (an additional service fee). The transaction facilitator determines, sets, and manages the facilitator fee. There are currently no monthly, setup, or gateway service fees to utilize the Dwolla System.
Other Fees
We work to protect You from unwarranted chargebacks. In cases where You are found liable for a chargeback, You'll be charged the full amount of the chargeback plus an additional $15 chargeback fee.
Referral Program
In addition to the terms and conditions otherwise provided for in this Agreement, use of Dwolla's Referral Program requires acceptance of the terms and conditions listed below.
Dwolla cooperates with Extole to provide services related to the Referral Program. Extole collects and processes information on behalf of Dwolla. You agree and acknowledge that Dwolla and Extole have separate and distinct Terms and Conditions and Privacy Policy. Your use of the referral credits granted under the Referral Program requires Your acceptance of Extole's Terms and Conditions and Privacy Policy.
Referral credits are not transferable and may not be auctioned, traded, bartered or sold. They can only be used to pay for transaction fees owed to Dwolla hereunder. Upon termination of the Program or any portion thereof for any reason, or upon cancellation of a Referrer's Dwolla account for any reason, any unredeemed credit and rewards accumulated by You will then be automatically forfeited.
Referral credits can expire or be terminated at any time at Dwolla's sole discretion.
Guest Checkout
In addition to the terms and conditions otherwise provided for in this Agreement, Users who utilize Dwolla's Guest Checkout Service (described below) agree to and accept the terms and conditions of each of the paragraphs below. Such Users are referred to as "Guests" or "Receivers" as defined above.
If You are a Guest, You represent that You have read and agree to all of the terms of this Agreement applicable to the Guest Checkout Service (without limiting Your other commitments under this Agreement). The Guest warrants and represents that he/she (i) is over 18 years of age, (ii) is using a valid US bank account, and (iii) is authorized to use the bank account.
In order to use Dwolla Guest Services, You must be directed to a guest payment screen by Your Receiver (an established Dwolla customer).
The Guest authorizes Us to perform debits and credits to/from the Guest's bank account specified by the Guest through the Guest's use of the Dwolla System.
If You are the Receiver, You hereby authorize Us to perform debits and credits to Your Dwolla account.
The Guest and Receiver authorize Us to resolve any disputes.
You understand that (i) the Guest Checkout service is being provided on behalf of the Receiver (and established Dwolla Users) as an electronic funds transfer processing service rather than a bank service. You also understand that We are not acting as a fiduciary, trustee, money transmitter, or providing any type of escrow service with respect to Your funds, but only acting as the Receiver's agent.
To the fullest extent permitted by applicable law, this Agreement and any other agreements, notices or other communications regarding Your transaction and/or Your use of the Service, may be provided to You electronically and You agree to receive all such information from Us in electronic form. Information may be posted on the pages within the Dwolla System and website in electronic form.
All information in either electronic or paper form will be considered received by You no later than forty-eight (48) hours after posting or delivery.
Rights and Requirements to Use the Dwolla Guest Checkout Service
FOR THE SENDER:
Personal Information
You must give Us the requested information that is current, true, accurate and complete. You are not permitted to use this Service on behalf of another party or use an unauthorized name. If We determine that any of the information You provide is outdated, false, inaccurate, or incomplete, either of Us may terminate Your use of the Guest Checkout Service immediately and for all future use. This action on Our part does not limit other remedies either of Us may pursue to recover costs, losses, or other expenses either of Us incurs as a result of the information or lack of information You provide.
Upon providing Dwolla with Your information, You are authorizing it, directly or through third parties, to make any inquiries We consider necessary to confirm Your information and to provide such information to the Financial Institution Partner. This may include the use of fraud-screening services to verify the information You provide as well as ordering a credit report and performing other forms of credit checks including verification against third party databases.
Bank Account Information:
You must provide Us with Your routing and account number associated with Your bank account from which funds are to be withdrawn. If We find that Your account is closed or has insufficient funds, Your transaction will not be processed. Please be advised that We reserve the right to reject any accounts at certain banks for the use of our Dwolla System. In addition, We may require additional information and confirmation at Our sole discretion or at the discretion of Your Receiver and Us. In general, consumer and business checking and savings accounts are permitted.
Right to Refuse Payment:
When You send a payment/transfer to a Receiver upon their direction through the Dwolla System, that Receiver is not required to accept the payment. The Receiver is free to return payments/transfers or, in some cases, to use the Dwolla System to reject or deny payments that You have sent. You understand that We will not be liable for any damages resulting from a Receiver's decision not to accept a payment made through the Dwolla System. Any disputes You may have related to a refusal by a Receiver should be handled directly between You and the Receiver. Any payments through the Dwolla System that are denied or unclaimed by a Receiver will be returned to the Sender either on the date of such denial, or within 30 days from the date the payment was originally sent, whichever is earlier.
FOR THE RECEIVER:
Authorize Dwolla as an Agent
You agree and authorize Us to act as an agent on Your behalf to transfer to electronically debit the Senders bank account and credit the funds to Your Dwolla account.
Authorizations for Chargeback:
You understand that We do not warrant the transactions and that these transactions are subject to ACH chargeback processes. You agree and warrant that any chargebacks received by Us can and will be debited from Your Dwolla account and if such funds do not exist a debit for the chargeback amount will be placed against the bank account to which the funds were withdrawn.
FOR DWOLLA AND THE FINANCIAL INSTITUTION PARTNER:
On behalf of the Receiver, We shall make reasonable efforts to ensure that requests for Dwolla System transactions and the related electronic debits and credits involving bank accounts are processed in a timely manner. Many factors outside the control of the Receiver and Us may contribute to when Your Receiver will actually consider the funds to have been received. For this reason, we recommend that You schedule all Dwolla System transactions so that the estimated settlement date is at least twenty-four hours (24 hours) before the actual due date that You would like the transaction to clear. Although the estimated settlement date is shown to You, We do not make any warranties regarding the amount of time needed to complete processing with Your Receiver. Neither Dwolla, the Financial Institution Partner nor Your Receiver shall be liable for any actual or consequential damages arising from any claim of delay of Dwolla transactions due to any number of reasons, including but not limited to the following:
Insufficient funds in Your designated bank account or available credit on Your credit/debit card account to complete the electronic payment request;
Failure to provide correct or complete personal or Receiver information; or
Other circumstances beyond Our control (such as but not limited to fire, flood, earthquakes, war, riots, acts of terrorism, delays in the banking system or interference from a third party source).
In addition, We and/or Receiver, at our sole discretion reserve the right to restrict electronic payment requests from a Sender's designated bank account for any one of the reasons listed below:
Unauthorized or unusual use of Your designated bank or credit/debit card account;
Transfer or receipt of fraudulent or suspected fraudulent funds or credit/debit card use;
Detection of excessive disputes or reversals, or "kiting" type attempts;
Failure to cooperate in an investigation, dispute, or provide additional requested information when requested;
Any noncompliance with the terms and conditions of this Agreement;
Failure to confirm any personal or bank account information previously provided by Sender associated with the use of our Service; or
Insufficient funds, available credit, returns, or reversals of any kind related to Your bank account or credit/debit card account.
We will use reasonable efforts to research and resolve such matters as specified above to reach a conclusion as quickly as possible for all parties involved.
In the event there is a dispute covering a specific transaction, We may restrict the electronic funds or credit related to that particular transaction. We may also restrict all transactions for a designated period of time or until further notice to Sender to protect Ourselves and/or the Receiver against the risk or returns or reversals. If needed, We may cancel Your transaction by notifying You and sending You a check or credit for credit card payment for any funds owed to You at the address You provided in the Dwolla System. At a later point, if it is determined that You are entitled to the amount in dispute, additional payment will be made accordingly.
Actions Against Your User Account due to Non-Compliance with User Conduct Requirements or Security Concerns
YOU UNDERSTAND AND AGREE THAT YOU MAY NOT BE ABLE TO ACCESS FUNDS HELD IN THE VERIDIAN HOLDING ACCOUNT IF YOUR USER ACCOUNT IS CLOSED, SUSPENDED, HAS A HOLD PLACED ON IT, OR IS OTHERWISE LIMITED, AS DETAILED IN THIS SECTION.
You understand and agree that We are not responsible for any losses or liability resulting from actions taken against Your User Account as detailed in this section.
You understand and agree that the decision by Us to take certain actions, including placing holds on or limiting access to Your User Account as detailed below, may be based on confidential criteria that are essential to risk management or security concerns. You understand and agree that We are not under any obligation to disclose the details of Our risk management or security procedures to You.
You understand and agree that We are authorized to take the following actions due to User misconduct or security concerns as detailed in this section:
Place a Hold on Your User Account for Up to 90 days:
Temporarily or Permanently Suspend or otherwise Limit Your Access to Your User Account:
Contact Users who have purchased goods or services from You, contact Your bank or credit card issuer, and/or warn other Users, law enforcement, or impacted third parties of Your actions; or
Take legal action against You
If We take an action against Your User Account, including: placing a hold on, suspending or otherwise limiting Your access to, or terminating Your User Account, We will provide You with notice that such action has been taken against Your User Account. We may also provide the opportunity to request restoration of access if it is deemed appropriate by Us.
User misconduct or security concerns that may result in any of the above listed actions, as applicable, include:
Your Non-compliance with the requirements detailed in this Agreement, including attempting to use the Dwolla System for illegal purposes or attempting to falsify Your identity or provide false information;
Inability of Dwolla to acquire sufficient information to verify Your identity;
A determination by Dwolla, pursuant to general parameters of conduct established by the Financial Institution Partner, that a Hold on Your User Account is reasonably needed to protect against the risk of liability;
A determination by Dwolla, pursuant to general parameters of conduct established by the Financial Institution Partner, that there may be a high level of risk associated with You, other Dwolla users involved in the payments You receive, Your User Account, or any or all of Your transactions.
Debt
You agree in the event You have unpaid debts or bills with Users within the Dwolla System, other Users may use documentation from the Dwolla System in legal or other actions in support of collection of that debt. This includes, but is not limited to, unpaid invoices or unfulfilled contractual agreements. You agree We will not be held liable for any losses or debts incurred during Your experience with other Dwolla Users.
Login / Password / PIN
You agree that You will not share Your login information, password, or PIN with anyone else. You understand and agree to take all necessary steps to protect Your User Account information as detailed in this Agreement. We will never ask for Your password or PIN number. You are solely responsible for all acts and omissions made using Your login information, password or PIN. You agree that We carry no liability for losses or problems that may arise due to Your sharing this private information with other people, businesses, or entities.
You agree We may communicate usage information to Your Financial Institution or any service providers to that Financial Institution.
Multiple User Accounts and Dual Log In Sessions
You understand and agree that You may not maintain multiple User Accounts or use multiple User Accounts simultaneously. You understand and agree that We may provide Your usage information and personal information to state or federal law enforcement in accordance with applicable law. Any misuse or misrepresentation of the Dwolla System (including, but not limited to, attempting to use multiple User Accounts) may result in suspension of Your User Account or other actions.
Dwolla User Accounts are also not eligible for dual log in sessions, meaning that a User of a personal account may not simultaneously be logged in to his or her User Account on more than one page or from more than one location. In the event a second log in session is initiated, You agree Dwolla may disconnect both log in sessions and require any User to revalidate the User Account.
Reversals
The recipient of funds may be subject to reversals occurring within the User Account if claims are made by the sending party or by the sending party's Financial Institution.
You understand and agree that:
If there is a reversal of a payment to You, You will be liable to the Financial Institution Partner for the full amount of the reversed payment plus a fee in the amount of $15 ("Reversal fee"). The reversed payment plus the reversal fee is the "Reversal Liability."
Reversals are debited by the Financial Institution Partner in the Veridian Holding Account and will be reflected in Your Dwolla User Account.
If You do not have a balance in Your Dwolla User Account that is sufficient to cover Your Reversal Liability, the remaining balance in Your Dwolla User Account (if any) will be used to cover the Reversal Liability, and You authorize Us, to take any of the following actions:
Debit Your attached Bank Account in the amount of the unpaid portion of the Reversal Liability;
Suspend Your User Account and require You to take immediate actions to repay the unpaid portion of the Reversal Liability; and/or
Engage in collection efforts to recover the unpaid portion of the Reversal Liability.
Error Resolution
In Case of Errors or Questions About Your Transactions, call us at (515) 280-1000 or E-mail us at [email protected].
You should contact Us as soon as You can if You think Your account statement is wrong or if You need more information about a transfer listed on the account statement. We must hear from You no later than 60 days after the account statement in which the problem or error appeared was first available for You to access on the Dwolla System or the account statement shall be deemed correct and final.
Tell Us Your name and account number (if any).
Describe the error or the transfer You are unsure about, and explain as clearly as You can why You believe it is an error or why You need more information.
Tell Us the dollar amount of the suspected error.
If You tell Us orally, We may require that You send Us Your complaint or question in writing within 10 business days.
We will determine whether an error occurred within 10 business days after We hear from You and will correct any error promptly. If We need more time, however, We may take up to 45 days to investigate Your complaint or question. If We decide to do this, We will credit Your account within 10 business days for the amount You think is in error, so that You will have the use of the money during the time it takes Us to complete its investigation. If We ask You to put Your complaint or question in writing and We do not receive it within 10 business days, We may not credit Your account.
For errors involving new accounts, We may take up to 90 days to investigate Your complaint or question and may take up to 20 business days to credit Your account for the amount, if any, that was debited in error.
Dwolla will tell You the results within three business days after completing Our investigation. If We decide that there was no error, We will provide You a written explanation. You may ask for copies of the documents that We used in Our investigation.
ACH ("Automated Clearing House") Clearing Times
If You choose to deposit or withdraw money into/from Your Dwolla User Account, or initiate a bank funded transfer, You understand that normal ACH clearing times apply. Depending on Your bank, it can take 3-4 business days (excluding weekends and bank holidays) for the money to appear in Your Dwolla User Account or bank account. There is not a set time to withdraw or deposit funds to make it into Your Dwolla account or bank account by a certain time.
Logging
You agree We, for security, legal and performance purposes, shall record information about You and your transactions using the Dwolla System. This includes, but is not limited to, Your operating system, IP address, usage statistics, and transaction frequency. This information can be vital for not only security, but insuring our products are fulfilling their intended purposes.
System Maintenance and Updates
We may, from time to time, perform maintenance on Our systems and/or update Our systems. Such maintenance and updates may result in temporary unavailability of the Dwolla System and temporary inability to access Your funds held at the Financial Institution Partner. You agree to relieve Us from any liability or losses that may be associated with such maintenance or updates.
Warranty
SERVICES PROVIDED BY US ARE ONLY AS REPRESENTED IN THIS AGREEMENT. WE DO NOT INSURE FUNDS. FUNDS ASSOCIATED WITH USER ACCOUNTS USING DWOLLA'S SYSTEM ARE HELD IN AN ACCOUNT MAINTAINED BY VERIDIAN CREDIT UNION. FUNDS HELD AT VERIDIAN ARE HELD IN A POOLED ACCOUNT. THESE FUNDS ARE NOT ELIGIBLE FOR INDIVIDUAL INSURANCE, MAY NOT BE ELIGIBLE FOR SHARE INSURANCE BY THE NATIONAL CREDIT UNION SHARE INSURANCE FUND, AND IN THE EVENT OF A VERIDIAN RECEIVERSHIP DWOLLA USERS MAY LOSE VALUE. NO OTHER WARRANTIES ARE EXPRESS OR IMPLIED.
No Endorsement or Guarantee
YOU UNDERSTAND AND AGREE THAT DWOLLA IS A SOFTWARE PLATFORM THAT MANAGES INFORMATION ASSOCIATED WITH USER FUNDS HELD IN THE VERIDIAN HOLDING ACCOUNT, AND DWOLLA AND VERIDIAN DO NOT PROVIDE ANY ENDORSEMENTS OR GUARANTEES FOR ANY INDIVIDUAL, COMPANY, OR OTHER ENTITY USING THE DWOLLA SYSTEM, AND DO NOT ASSUME ANY LIABILITY FOR PRODUCTS OR SERVICES PURCHASED USING DWOLLA SOFTWARE. DWOLLA AND VERIDIAN ARE NOT JOINTLY LIABLE FOR ANY MATTERS HEREUNDER.
Force Majeure
You understand and agree We will not be held responsible for losses or damages resulting from suspension of service due to extraordinary events or circumstances beyond Our control (a "force majeure event"). In the event of a force majeure event, We may suspend service and access to the Dwolla System and the Financial Institution Partner may suspend service and access to the Veridian Holding Account.
3rd party API use
You agree We will not be responsible and holds no guarantees regarding the reliability, use, or misuses therein of the Dwolla API program. Please see Dwolla's separate API Agreement.
Consent to Electronic Transactions and Disclosures
It is necessary for You to consent to transact business with Us online and electronically. As part of doing business with Us, therefore, You also consent to Our giving You certain disclosures electronically, either via the Dwolla Site or to the email address You provide to Dwolla. By agreeing to this Agreement, You agree to receive electronically all documents, communications, notices, contracts, and agreements arising from or relating to Your User Account ("Disclosures"). The decision to do business with Us electronically is Yours. This document informs You of Your rights concerning Disclosures.
Electronic Communications. Any Disclosures will be provided to You electronically through Dwolla.com either on the Dwolla Site or via electronic mail to the verified email address You provided. If You require paper copies of such Disclosures, You may write to Dwolla at the mailing address provided below and a paper copy will be sent to You at a cost of up to $5.00.
Scope of Consent. Your consent to receive Disclosures and transact business electronically, and Our agreement to do so, applies to any transactions to which such Disclosures relate, whether between You and Dwolla or between You and the Financial Institution Partner.
Consenting to Do Business Electronically. Before You decide to do business electronically with Dwolla or the Financial Institution Partner, You should consider whether You have the required hardware and software capabilities described below.
Hardware and Software Requirements. In order to access and retain Disclosures electronically, You must satisfy the following computer hardware and software requirements: access to the Internet; an email account and related software capable of receiving email through the Internet; a web browser which is SSL-compliant and supports secure sessions, such as Internet Explorer 5.0 or above and Netscape Navigator 6.0 or above, or the equivalent software; and hardware capable of running this software.
Withdrawing Consent. You may withdraw Your consent to receive Disclosures electronically by contacting Us at the address below. However, once You have withdrawn Your consent, You may not continue to use the Dwolla System, and may be required to close Your User Account.
How to Contact Us regarding Electronic Disclosures. You can contact Us via email at [email protected] or by calling (515) 280-1000.
You agree to keep Us informed of any change in Your email or home mailing address so that You can continue to receive all Disclosures in a timely fashion. If Your registered email address changes, You must notify Us of the change by sending an email to [email protected] or calling (515) 280-1000. You also agree to update Your residence address and telephone number in the Dwolla System if they change.
You agree to print a copy of this Agreement for Your records and You agree and acknowledge that You can access, receive and retain all Disclosures electronically sent via email or posted on Dwolla's website or in the Dwolla System.
Applicable Law
You agree that the laws of the State of Iowa, without regard to principles of conflict of laws, will govern this Agreement and any claim or dispute that has arisen or may arise between You and Dwolla and/or the Financial Institution Partner.
Arbitration
You and We ("The Parties") agree that upon the election of either of You or Us, any past, present, or future dispute relating in any way to Your User Account, or any other past, present, or future relationship or transaction between You and Us, will be resolved by binding arbitration as discussed below, and not through litigation in any court. (Such disputes are called "Claims" for purposes of this agreement.). This binding agreement to arbitrate applies regardless of whether the dispute is between You and Us jointly or separately. This arbitration agreement is entered into pursuant to the Federal Arbitration Act, 9 U.S.C. §§ 1-16 ("FAA"). The arbitration shall be conducted by a single neutral arbitrator acting under the administration of United States Arbitration and Mediation, MidWest, Inc., and in accordance with the then-applicable United States Arbitration and Mediation Rules of Arbitration. Unless You and We agree otherwise, or unless the arbitration administrator's rules or law require otherwise, the arbitration shall be held in Minneapolis, MN.
The arbitrator will decide the Claim in accordance with all applicable law, including recognized principles of equity and statutes of limitations, and will honor all privileges recognized by law. The arbitrator will have the authority to award to a Party any damages or relief provided for under applicable law. The arbitrator's decision shall be final and legally binding, and may be enforced by any court having jurisdiction.
No class actions or similar process, and no joinder or consolidation of any Claim with a Claim of any other person or entity, shall be allowable in arbitration, without the written consent of both You and Us. The arbitrator shall have no authority to entertain any Claim on behalf of a class, group, person, or entity who is not a named party to the arbitration, nor shall any arbitrator have authority to make any award for the benefit of, or against, any class, group, person, or entity who is not a named party to the arbitration. In the event that there is a dispute about whether limiting arbitration to non-class proceedings, or to the named parties, is enforceable under applicable law, then that question shall be resolved by a court rather than by an arbitrator; and to the extent it is determined that resolution of a Claim must proceed on a class basis, it shall so proceed in a court of competent jurisdiction rather than in arbitration. If You elect to proceed with respect any Claim by an individual action in a small claims court, or its equivalent, instead of arbitration, we will not object,
If the arbitrator or arbitration administrator would impose filing fees or other administrative costs on You, We will reimburse You, upon request, to the extent such fees or costs would exceed those that You would otherwise have to pay if You were proceeding instead in a court. We will also pay additional fees or costs if required to do so by the arbitration administrator's rules or applicable law. Apart from the foregoing, each Party will be responsible for any other fees or costs, such as attorney fees that the Party may incur. If You consider that You are unable to afford any fees or costs that would be Yours to pay, You may request that We pay or reimburse them, and We will consider Your request in good faith.
Arbitration with respect to a claim is binding and neither You nor we will have the right to litigate that claim through a court. In arbitration You and We will not have the same rights that apply in court, such as the right to a trial by judge or jury and the right to participate or be represented in proceedings brought by others such as class actions or similar proceedings. In addition, the right to discovery and the right to appeal may also be limited or eliminated in arbitration. All of these judicial rights are waived with respect to claims that You or we elect to arbitrate.
Privacy Policy
You can find Dwolla's privacy policy here and the Financial Institution Partner privacy policy here.
Data Retention
User information regarding User utilization and registration will be stored by Dwolla for a minimum of 3 years in a highly secure datacenter. This information is stored for the purpose of reporting at the Financial Institution level and is not sold or otherwise utilized for profit. It is not accessible to other Dwolla Users, Dwolla merchants, or the Financial Institution Partner's customers or members. However, collected User information may be shared with the Financial Institution Partner subject to their Privacy Policy.
USA Patriot Act Notice
Important information about procedures for opening a new account under the USA Patriot Act of 2001:
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all Financial Institutions to obtain, verify, and record information that identifies each person who opens an account.
What this means for You: When You open an account, We will ask for Your name, address, date of birth, and other information that will allow Us to identify You. We may also ask to see a form of identification with Your photograph or other identifying documents.
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Dwolla User Agreement
Welcome to the Dwolla System. Dwolla, Inc. has developed payment software that is used by a financial institution partner to make it easy for users to send and receive money online without all the fees of traditional systems.
Dwolla, Inc. provides its registered users with access to its software platform, and acts as an agent of a financial institution partner in Dwolla’s provision of funds transfer services All actions taken by Dwolla in regards to the transfer of funds are done so on behalf of a financial institution partner.
Although we would love to have a one page terms of service that was comprised of easy-to-read bullet points, unfortunately the realities of the legal world make that nearly impossible. So, please bear with us through all the legalities of this User Agreement-although we couldn't keep it to one page, it is important You read this User Agreement in full and understand the terms and conditions that govern our services.
TABLE OF CONTENTS
Terms and Conditions of Service
Definitions
General
Representation
User Conduct
Fees
Referral Program
Guest Checkout
Actions Against Your User Account due to Non-Compliance with User Conduct Requirements or Security Concerns
Debt
Login / Password / PIN
Multiple User Accounts and Dual Log In Sessions
Reversals
Error Resolution
ACH ("Automated Clearing House") Clearing Times
Logging
System Maintenance and Updates
Warranty
No Endorsement or Guarantee
Force Majeure
3rd party API use
Consent to Electronic Transactions and Disclosures
Arbitration
Privacy Policy
Data Retention
USA Patriot Act Notice
Terms and Conditions of Service
This User Agreement is effective as of June 21, 2013.
This Dwolla System User Agreement is a binding agreement between You, Dwolla, Inc. and our Financial Institution Partner, which for purposes of this Agreement is Veridian Credit Union. The Financial Institution Partner provides funds transfer services upon instructions issued through the Dwolla software platform. Dwolla, Inc. provides access to Dwolla's software platform and all actions taken in regards to the transfer of funds are on the Financial Institution Partner's behalf. We may modify this Agreement from time to time for any reason, subject to Your renewed agreement by click through or other indication of acceptance. Please read the Agreement carefully, as it may have changed since Your last visit. Unless the context otherwise requires, the capitalized terms used herein shall have the meaning assigned to them in the Definitions section below.
THIS IS AN IMPORTANT DOCUMENT, WHICH YOU MUST CONSIDER CAREFULLY WHEN CHOOSING WHETHER TO USE THE DWOLLA SYSTEM AND THE FINANCIAL INSTITUTION PARTNER'S SERVICES PROVIDED THROUGH THE DWOLLA SYSTEM. PLEASE READ THIS AGREEMENT CAREFULLY. BY REGISTERING FOR, ACCESSING AND USING THE DWOLLA SYSTEM, YOU ACKNOWLEDGE THAT YOU HAVE READ, UNDERSTOOD, AND AGREE TO BE BOUND BY THIS AGREEMENT. IF AT ANY TIME YOU DO NOT AGREE TO THESE TERMS AND CONDITIONS, YOU MUST IMMEDIATELY CEASE YOUR USE OF THE DWOLLA SYSTEM.
THIS AGREEMENT CONTAINS A BINDING ARBITRATION PROVISION, WHICH AFFECTS YOUR LEGAL RIGHTS AND MAY BE ENFORCED BY THE PARTIES.
Definitions
The following capitalized terms shall have the indicated meanings:
"Agreement" means this User Agreement, effective as of the date specified above.
"Dwolla, Inc.," or "Dwolla" refers to Dwolla, Inc., a company incorporated in Delaware that provides funds management software for Dwolla Users, and its successors, affiliates, or assigns.
"Dwolla System" or "Dwolla Software Platform" means software owned by Dwolla; provided to Dwolla Users by Dwolla as an agent of the Financial Institution Partner to provide money transfer instructions to the Financial Institution Partner; or used by Dwolla and the Financial Institution Partner in the provision of Our services.
"Dwolla User" or" "User," means a natural person, corporation, or other entity that has established a User Account on the Dwolla System. By agreeing to this Agreement, You are a User (and Dwolla User) hereunder.
"Dwolla Website" means Dwolla's website at http://www.dwolla.com and its subdomains, through which the Dwolla System is made available for use by You.
"Guest" means a natural person, corporation, or other entity that is using the Dwolla System's Guest Checkout services (as described in this Agreement).
"Financial Institution" means any federally or state chartered bank, thrift, or credit union.
"Financial Institution Partner" means the Financial Institutions with whom Dwolla has entered into an agreement to act as an agent for purposes of providing access to the Dwolla System. AS OF THE DATE HEREOF, THE FINANCIAL INSTITUTION PARTNER IS VERIDIAN CREDIT UNION. This definition may be amended from time to time as other Financial Institutions contract to use the Dwolla System.
"FinCEN" means the United States Department of the Treasury's Financial Crimes Enforcement Network.
"Partners" means natural persons or entities that Dwolla does business with in order to bring the Dwolla System to the marketplace.
"Receiver" means a natural person, corporation, or other entity that is receiving funds using the Dwolla System's Guest Checkout services (as described in this Agreement).
"Referral Program" means the referral program made available through the Dwolla Website from time to time, as described thereon.
"Sender" means a natural person, corporation, or other entity that is sending funds using the Dwolla System's Guest Checkout services (as described in this Agreement).
"Veridian Credit Union" (or "Veridian") refers to our Financial Institution Partner, Veridian Credit Union, an Iowa-chartered, federally insured credit union headquartered in Waterloo, Iowa, and its successors, affiliates, and assigns.
"Veridian Holding Account" is a pooled holding account at Veridian Credit Union that holds all the Dwolla Users funds. THE VERIDIAN HOLDING ACCOUNT IS NOT ELIGIBLE FOR INDIVIDUAL INSURANCE AND MAY NOT BE ELIGIBLE FOR SHARE INSURANCE BY THE NATIONAL CREDIT UNION SHARE INSURANCE FUND.
"Financial Institution Partner's Services" means the funds transfer services made available through Your use of the Dwolla System; Dwolla offers its services solely as an agent of the Financial Institution Partner, using its Dwolla System to provide money transfer instructions to the Financial Institution Partner.
"United States Financial Institutions" means Financial Institutions chartered in the United States of America.
"Us" or "We" or "Our" refers to Dwolla, Inc. and the Financial Institution Partner.
"User Account" is the online user account with Dwolla on the Dwolla System associated with a Dwolla User.
"You," or "Your" means the person who accepts this User Agreement, and the entity, if any, that such person represents. You are a Dwolla User under this Agreement.
General
Dwolla provides You with access to its software platform, which allows Dwolla Users to provide instructions to the Financial Institution Partner to send and receive money.
You understand and agree to these important features of Your relationship with Us as a Dwolla User: (1) Dwolla provides funds management software for Dwolla Users on a remote hosted (commonly known as "platform as a service") basis; (2) Dwolla does not receive, hold, or transmit User funds; Dwolla only maintains and manages information associated with User ownership of the funds; (3) the Financial Institution Partner is the entity that provides funds transfer services upon instructions issued through the Dwolla System; and (4) Funds in the Veridian Holding Account are held in a pooled account. THESE FUNDS ARE NOT ELIGIBLE FOR INDIVIDUAL INSURANCE, AND MAY NOT BE ELIGIBLE FOR SHARE INSURANCE BY THE NATIONAL CREDIT UNION SHARE INSURANCE FUND, AND IN THE EVENT OF A VERIDIAN RECEIVERSHIP DWOLLA USERS MAY LOSE VALUE.
The Dwolla System may only be used in connection with United States Financial Institutions: User funds must originate at a United States Financial Institution, and Dwolla will only instruct the Financial Institution Partner to transfer funds to a United States Financial Institution associated with the appropriate Dwolla User.
You may not transfer any rights or obligations that You may have under this Agreement or with respect to any service provided hereunder without Our prior written consent. We reserve the right to transfer any right or obligation under this Agreement or with respect to any service without Your consent.
Representation
Dwolla acts on Your behalf by maintaining records related to Your User Account and by sending information and instructions associated with Your User Account to the Financial Institution Partner. You understand and agree that: (1) You are responsible for the accuracy and validity of all information provided to Us; (2) Your failure to provide accurate and valid information may result in actions taken against Your User Account and access to the Dwolla System by Dwolla, actions taken by the Financial Institution Partner with respect to Your User Account and the funds in the Veridian Holding Account, or other penalties or actions as detailed in this Agreement; and (3) We are not responsible for incorrect or invalid information provided by You through the Dwolla System.
User Conduct
You understand and agree that You will not engage in the following activities:
Use of the Dwolla System, without Dwolla's written consent, to operate or engage in any business regulated by FinCEN, including the money service business;
Use of the Dwolla System without registering as a money services business if required by FinCEN's March 18, 2013 Guidance entitled "Application of FinCEN's Regulations to Persons Administering, Exchanging, or Using Virtual Currencies" (FIN-2013-G0001);
Act as a marketplace and/or exchange for virtual currency products without Dwolla's prior written consent, and FinCEN registration if applicable;
Use the Dwolla System in association with or for payment of illegal goods or services, including, but not limited to, illegal substances, illegal online gambling/ wagering, pyramid schemes, or any type of money laundering;
Attempt to falsify Your identity, such as by providing false account information or false documents; or
Defraud Us or other Dwolla Users in any way.
You understand and agree:
You will provide information requested to determine Your identity, including but not limited to the following: a valid U.S. address, phone number, Financial Institution account information, photo identification, and/or tax identification or social security number.
You authorize Us, directly or through third parties, to make inquiries that We consider necessary to validate Your identity, such as requesting additional information to validate Your Financial Institution account ownership, identity, and transaction authorization. This information is requested to protect Dwolla Users.
Fees
When You use the Dwolla System to process Your transactions, You will be charged a $0.25 fee per transaction for all transactions over $10. Any transaction under and including $10 will not be charged a fee. If another Dwolla User (a third party) "facilitates" Your transaction, You may be charged a facilitator fee (an additional service fee). The transaction facilitator determines, sets, and manages the facilitator fee. There are currently no monthly, setup, or gateway service fees to utilize the Dwolla System.
Other Fees
We work to protect You from unwarranted chargebacks. In cases where You are found liable for a chargeback, You'll be charged the full amount of the chargeback plus an additional $15 chargeback fee.
Referral Program
In addition to the terms and conditions otherwise provided for in this Agreement, use of Dwolla's Referral Program requires acceptance of the terms and conditions listed below.
Dwolla cooperates with Extole to provide services related to the Referral Program. Extole collects and processes information on behalf of Dwolla. You agree and acknowledge that Dwolla and Extole have separate and distinct Terms and Conditions and Privacy Policy. Your use of the referral credits granted under the Referral Program requires Your acceptance of Extole's Terms and Conditions and Privacy Policy.
Referral credits are not transferable and may not be auctioned, traded, bartered or sold. They can only be used to pay for transaction fees owed to Dwolla hereunder. Upon termination of the Program or any portion thereof for any reason, or upon cancellation of a Referrer's Dwolla account for any reason, any unredeemed credit and rewards accumulated by You will then be automatically forfeited.
Referral credits can expire or be terminated at any time at Dwolla's sole discretion.
Guest Checkout
In addition to the terms and conditions otherwise provided for in this Agreement, Users who utilize Dwolla's Guest Checkout Service (described below) agree to and accept the terms and conditions of each of the paragraphs below. Such Users are referred to as "Guests" or "Receivers" as defined above.
If You are a Guest, You represent that You have read and agree to all of the terms of this Agreement applicable to the Guest Checkout Service (without limiting Your other commitments under this Agreement). The Guest warrants and represents that he/she (i) is over 18 years of age, (ii) is using a valid US bank account, and (iii) is authorized to use the bank account.
In order to use Dwolla Guest Services, You must be directed to a guest payment screen by Your Receiver (an established Dwolla customer).
The Guest authorizes Us to perform debits and credits to/from the Guest's bank account specified by the Guest through the Guest's use of the Dwolla System.
If You are the Receiver, You hereby authorize Us to perform debits and credits to Your Dwolla account.
The Guest and Receiver authorize Us to resolve any disputes.
You understand that (i) the Guest Checkout service is being provided on behalf of the Receiver (and established Dwolla Users) as an electronic funds transfer processing service rather than a bank service. You also understand that We are not acting as a fiduciary, trustee, money transmitter, or providing any type of escrow service with respect to Your funds, but only acting as the Receiver's agent.
To the fullest extent permitted by applicable law, this Agreement and any other agreements, notices or other communications regarding Your transaction and/or Your use of the Service, may be provided to You electronically and You agree to receive all such information from Us in electronic form. Information may be posted on the pages within the Dwolla System and website in electronic form.
All information in either electronic or paper form will be considered received by You no later than forty-eight (48) hours after posting or delivery.
Rights and Requirements to Use the Dwolla Guest Checkout Service
FOR THE SENDER:
Personal Information
You must give Us the requested information that is current, true, accurate and complete. You are not permitted to use this Service on behalf of another party or use an unauthorized name. If We determine that any of the information You provide is outdated, false, inaccurate, or incomplete, either of Us may terminate Your use of the Guest Checkout Service immediately and for all future use. This action on Our part does not limit other remedies either of Us may pursue to recover costs, losses, or other expenses either of Us incurs as a result of the information or lack of information You provide.
Upon providing Dwolla with Your information, You are authorizing it, directly or through third parties, to make any inquiries We consider necessary to confirm Your information and to provide such information to the Financial Institution Partner. This may include the use of fraud-screening services to verify the information You provide as well as ordering a credit report and performing other forms of credit checks including verification against third party databases.
Bank Account Information:
You must provide Us with Your routing and account number associated with Your bank account from which funds are to be withdrawn. If We find that Your account is closed or has insufficient funds, Your transaction will not be processed. Please be advised that We reserve the right to reject any accounts at certain banks for the use of our Dwolla System. In addition, We may require additional information and confirmation at Our sole discretion or at the discretion of Your Receiver and Us. In general, consumer and business checking and savings accounts are permitted.
Right to Refuse Payment:
When You send a payment/transfer to a Receiver upon their direction through the Dwolla System, that Receiver is not required to accept the payment. The Receiver is free to return payments/transfers or, in some cases, to use the Dwolla System to reject or deny payments that You have sent. You understand that We will not be liable for any damages resulting from a Receiver's decision not to accept a payment made through the Dwolla System. Any disputes You may have related to a refusal by a Receiver should be handled directly between You and the Receiver. Any payments through the Dwolla System that are denied or unclaimed by a Receiver will be returned to the Sender either on the date of such denial, or within 30 days from the date the payment was originally sent, whichever is earlier.
FOR THE RECEIVER:
Authorize Dwolla as an Agent
You agree and authorize Us to act as an agent on Your behalf to transfer to electronically debit the Senders bank account and credit the funds to Your Dwolla account.
Authorizations for Chargeback:
You understand that We do not warrant the transactions and that these transactions are subject to ACH chargeback processes. You agree and warrant that any chargebacks received by Us can and will be debited from Your Dwolla account and if such funds do not exist a debit for the chargeback amount will be placed against the bank account to which the funds were withdrawn.
FOR DWOLLA AND THE FINANCIAL INSTITUTION PARTNER:
On behalf of the Receiver, We shall make reasonable efforts to ensure that requests for Dwolla System transactions and the related electronic debits and credits involving bank accounts are processed in a timely manner. Many factors outside the control of the Receiver and Us may contribute to when Your Receiver will actually consider the funds to have been received. For this reason, we recommend that You schedule all Dwolla System transactions so that the estimated settlement date is at least twenty-four hours (24 hours) before the actual due date that You would like the transaction to clear. Although the estimated settlement date is shown to You, We do not make any warranties regarding the amount of time needed to complete processing with Your Receiver. Neither Dwolla, the Financial Institution Partner nor Your Receiver shall be liable for any actual or consequential damages arising from any claim of delay of Dwolla transactions due to any number of reasons, including but not limited to the following:
Insufficient funds in Your designated bank account or available credit on Your credit/debit card account to complete the electronic payment request;
Failure to provide correct or complete personal or Receiver information; or
Other circumstances beyond Our control (such as but not limited to fire, flood, earthquakes, war, riots, acts of terrorism, delays in the banking system or interference from a third party source).
In addition, We and/or Receiver, at our sole discretion reserve the right to restrict electronic payment requests from a Sender's designated bank account for any one of the reasons listed below:
Unauthorized or unusual use of Your designated bank or credit/debit card account;
Transfer or receipt of fraudulent or suspected fraudulent funds or credit/debit card use;
Detection of excessive disputes or reversals, or "kiting" type attempts;
Failure to cooperate in an investigation, dispute, or provide additional requested information when requested;
Any noncompliance with the terms and conditions of this Agreement;
Failure to confirm any personal or bank account information previously provided by Sender associated with the use of our Service; or
Insufficient funds, available credit, returns, or reversals of any kind related to Your bank account or credit/debit card account.
We will use reasonable efforts to research and resolve such matters as specified above to reach a conclusion as quickly as possible for all parties involved.
In the event there is a dispute covering a specific transaction, We may restrict the electronic funds or credit related to that particular transaction. We may also restrict all transactions for a designated period of time or until further notice to Sender to protect Ourselves and/or the Receiver against the risk or returns or reversals. If needed, We may cancel Your transaction by notifying You and sending You a check or credit for credit card payment for any funds owed to You at the address You provided in the Dwolla System. At a later point, if it is determined that You are entitled to the amount in dispute, additional payment will be made accordingly.
Actions Against Your User Account due to Non-Compliance with User Conduct Requirements or Security Concerns
YOU UNDERSTAND AND AGREE THAT YOU MAY NOT BE ABLE TO ACCESS FUNDS HELD IN THE VERIDIAN HOLDING ACCOUNT IF YOUR USER ACCOUNT IS CLOSED, SUSPENDED, HAS A HOLD PLACED ON IT, OR IS OTHERWISE LIMITED, AS DETAILED IN THIS SECTION.
You understand and agree that We are not responsible for any losses or liability resulting from actions taken against Your User Account as detailed in this section.
You understand and agree that the decision by Us to take certain actions, including placing holds on or limiting access to Your User Account as detailed below, may be based on confidential criteria that are essential to risk management or security concerns. You understand and agree that We are not under any obligation to disclose the details of Our risk management or security procedures to You.
You understand and agree that We are authorized to take the following actions due to User misconduct or security concerns as detailed in this section:
Place a Hold on Your User Account for Up to 90 days:
Temporarily or Permanently Suspend or otherwise Limit Your Access to Your User Account:
Contact Users who have purchased goods or services from You, contact Your bank or credit card issuer, and/or warn other Users, law enforcement, or impacted third parties of Your actions; or
Take legal action against You
If We take an action against Your User Account, including: placing a hold on, suspending or otherwise limiting Your access to, or terminating Your User Account, We will provide You with notice that such action has been taken against Your User Account. We may also provide the opportunity to request restoration of access if it is deemed appropriate by Us.
User misconduct or security concerns that may result in any of the above listed actions, as applicable, include:
Your Non-compliance with the requirements detailed in this Agreement, including attempting to use the Dwolla System for illegal purposes or attempting to falsify Your identity or provide false information;
Inability of Dwolla to acquire sufficient information to verify Your identity;
A determination by Dwolla, pursuant to general parameters of conduct established by the Financial Institution Partner, that a Hold on Your User Account is reasonably needed to protect against the risk of liability;
A determination by Dwolla, pursuant to general parameters of conduct established by the Financial Institution Partner, that there may be a high level of risk associated with You, other Dwolla users involved in the payments You receive, Your User Account, or any or all of Your transactions.
Debt
You agree in the event You have unpaid debts or bills with Users within the Dwolla System, other Users may use documentation from the Dwolla System in legal or other actions in support of collection of that debt. This includes, but is not limited to, unpaid invoices or unfulfilled contractual agreements. You agree We will not be held liable for any losses or debts incurred during Your experience with other Dwolla Users.
Login / Password / PIN
You agree that You will not share Your login information, password, or PIN with anyone else. You understand and agree to take all necessary steps to protect Your User Account information as detailed in this Agreement. We will never ask for Your password or PIN number. You are solely responsible for all acts and omissions made using Your login information, password or PIN. You agree that We carry no liability for losses or problems that may arise due to Your sharing this private information with other people, businesses, or entities.
You agree We may communicate usage information to Your Financial Institution or any service providers to that Financial Institution.
Multiple User Accounts and Dual Log In Sessions
You understand and agree that You may not maintain multiple User Accounts or use multiple User Accounts simultaneously. You understand and agree that We may provide Your usage information and personal information to state or federal law enforcement in accordance with applicable law. Any misuse or misrepresentation of the Dwolla System (including, but not limited to, attempting to use multiple User Accounts) may result in suspension of Your User Account or other actions.
Dwolla User Accounts are also not eligible for dual log in sessions, meaning that a User of a personal account may not simultaneously be logged in to his or her User Account on more than one page or from more than one location. In the event a second log in session is initiated, You agree Dwolla may disconnect both log in sessions and require any User to revalidate the User Account.
Reversals
The recipient of funds may be subject to reversals occurring within the User Account if claims are made by the sending party or by the sending party's Financial Institution.
You understand and agree that:
If there is a reversal of a payment to You, You will be liable to the Financial Institution Partner for the full amount of the reversed payment plus a fee in the amount of $15 ("Reversal fee"). The reversed payment plus the reversal fee is the "Reversal Liability."
Reversals are debited by the Financial Institution Partner in the Veridian Holding Account and will be reflected in Your Dwolla User Account.
If You do not have a balance in Your Dwolla User Account that is sufficient to cover Your Reversal Liability, the remaining balance in Your Dwolla User Account (if any) will be used to cover the Reversal Liability, and You authorize Us, to take any of the following actions:
Debit Your attached Bank Account in the amount of the unpaid portion of the Reversal Liability;
Suspend Your User Account and require You to take immediate actions to repay the unpaid portion of the Reversal Liability; and/or
Engage in collection efforts to recover the unpaid portion of the Reversal Liability.
Error Resolution
In Case of Errors or Questions About Your Transactions, call us at (515) 280-1000 or E-mail us at [email protected].
You should contact Us as soon as You can if You think Your account statement is wrong or if You need more information about a transfer listed on the account statement. We must hear from You no later than 60 days after the account statement in which the problem or error appeared was first available for You to access on the Dwolla System or the account statement shall be deemed correct and final.
Tell Us Your name and account number (if any).
Describe the error or the transfer You are unsure about, and explain as clearly as You can why You believe it is an error or why You need more information.
Tell Us the dollar amount of the suspected error.
If You tell Us orally, We may require that You send Us Your complaint or question in writing within 10 business days.
We will determine whether an error occurred within 10 business days after We hear from You and will correct any error promptly. If We need more time, however, We may take up to 45 days to investigate Your complaint or question. If We decide to do this, We will credit Your account within 10 business days for the amount You think is in error, so that You will have the use of the money during the time it takes Us to complete its investigation. If We ask You to put Your complaint or question in writing and We do not receive it within 10 business days, We may not credit Your account.
For errors involving new accounts, We may take up to 90 days to investigate Your complaint or question and may take up to 20 business days to credit Your account for the amount, if any, that was debited in error.
Dwolla will tell You the results within three business days after completing Our investigation. If We decide that there was no error, We will provide You a written explanation. You may ask for copies of the documents that We used in Our investigation.
ACH ("Automated Clearing House") Clearing Times
If You choose to deposit or withdraw money into/from Your Dwolla User Account, or initiate a bank funded transfer, You understand that normal ACH clearing times apply. Depending on Your bank, it can take 3-4 business days (excluding weekends and bank holidays) for the money to appear in Your Dwolla User Account or bank account. There is not a set time to withdraw or deposit funds to make it into Your Dwolla account or bank account by a certain time.
Logging
You agree We, for security, legal and performance purposes, shall record information about You and your transactions using the Dwolla System. This includes, but is not limited to, Your operating system, IP address, usage statistics, and transaction frequency. This information can be vital for not only security, but insuring our products are fulfilling their intended purposes.
System Maintenance and Updates
We may, from time to time, perform maintenance on Our systems and/or update Our systems. Such maintenance and updates may result in temporary unavailability of the Dwolla System and temporary inability to access Your funds held at the Financial Institution Partner. You agree to relieve Us from any liability or losses that may be associated with such maintenance or updates.
Warranty
SERVICES PROVIDED BY US ARE ONLY AS REPRESENTED IN THIS AGREEMENT. WE DO NOT INSURE FUNDS. FUNDS ASSOCIATED WITH USER ACCOUNTS USING DWOLLA'S SYSTEM ARE HELD IN AN ACCOUNT MAINTAINED BY VERIDIAN CREDIT UNION. FUNDS HELD AT VERIDIAN ARE HELD IN A POOLED ACCOUNT. THESE FUNDS ARE NOT ELIGIBLE FOR INDIVIDUAL INSURANCE, MAY NOT BE ELIGIBLE FOR SHARE INSURANCE BY THE NATIONAL CREDIT UNION SHARE INSURANCE FUND, AND IN THE EVENT OF A VERIDIAN RECEIVERSHIP DWOLLA USERS MAY LOSE VALUE. NO OTHER WARRANTIES ARE EXPRESS OR IMPLIED.
No Endorsement or Guarantee
YOU UNDERSTAND AND AGREE THAT DWOLLA IS A SOFTWARE PLATFORM THAT MANAGES INFORMATION ASSOCIATED WITH USER FUNDS HELD IN THE VERIDIAN HOLDING ACCOUNT, AND DWOLLA AND VERIDIAN DO NOT PROVIDE ANY ENDORSEMENTS OR GUARANTEES FOR ANY INDIVIDUAL, COMPANY, OR OTHER ENTITY USING THE DWOLLA SYSTEM, AND DO NOT ASSUME ANY LIABILITY FOR PRODUCTS OR SERVICES PURCHASED USING DWOLLA SOFTWARE. DWOLLA AND VERIDIAN ARE NOT JOINTLY LIABLE FOR ANY MATTERS HEREUNDER.
Force Majeure
You understand and agree We will not be held responsible for losses or damages resulting from suspension of service due to extraordinary events or circumstances beyond Our control (a "force majeure event"). In the event of a force majeure event, We may suspend service and access to the Dwolla System and the Financial Institution Partner may suspend service and access to the Veridian Holding Account.
3rd party API use
You agree We will not be responsible and holds no guarantees regarding the reliability, use, or misuses therein of the Dwolla API program. Please see Dwolla's separate API Agreement.
Consent to Electronic Transactions and Disclosures
It is necessary for You to consent to transact business with Us online and electronically. As part of doing business with Us, therefore, You also consent to Our giving You certain disclosures electronically, either via the Dwolla Site or to the email address You provide to Dwolla. By agreeing to this Agreement, You agree to receive electronically all documents, communications, notices, contracts, and agreements arising from or relating to Your User Account ("Disclosures"). The decision to do business with Us electronically is Yours. This document informs You of Your rights concerning Disclosures.
Electronic Communications. Any Disclosures will be provided to You electronically through Dwolla.com either on the Dwolla Site or via electronic mail to the verified email address You provided. If You require paper copies of such Disclosures, You may write to Dwolla at the mailing address provided below and a paper copy will be sent to You at a cost of up to $5.00.
Scope of Consent. Your consent to receive Disclosures and transact business electronically, and Our agreement to do so, applies to any transactions to which such Disclosures relate, whether between You and Dwolla or between You and the Financial Institution Partner.
Consenting to Do Business Electronically. Before You decide to do business electronically with Dwolla or the Financial Institution Partner, You should consider whether You have the required hardware and software capabilities described below.
Hardware and Software Requirements. In order to access and retain Disclosures electronically, You must satisfy the following computer hardware and software requirements: access to the Internet; an email account and related software capable of receiving email through the Internet; a web browser which is SSL-compliant and supports secure sessions, such as Internet Explorer 5.0 or above and Netscape Navigator 6.0 or above, or the equivalent software; and hardware capable of running this software.
Withdrawing Consent. You may withdraw Your consent to receive Disclosures electronically by contacting Us at the address below. However, once You have withdrawn Your consent, You may not continue to use the Dwolla System, and may be required to close Your User Account.
How to Contact Us regarding Electronic Disclosures. You can contact Us via email at [email protected] or by calling (515) 280-1000.
You agree to keep Us informed of any change in Your email or home mailing address so that You can continue to receive all Disclosures in a timely fashion. If Your registered email address changes, You must notify Us of the change by sending an email to [email protected] or calling (515) 280-1000. You also agree to update Your residence address and telephone number in the Dwolla System if they change.
You agree to print a copy of this Agreement for Your records and You agree and acknowledge that You can access, receive and retain all Disclosures electronically sent via email or posted on Dwolla's website or in the Dwolla System.
Applicable Law
You agree that the laws of the State of Iowa, without regard to principles of conflict of laws, will govern this Agreement and any claim or dispute that has arisen or may arise between You and Dwolla and/or the Financial Institution Partner.
Arbitration
You and We ("The Parties") agree that upon the election of either of You or Us, any past, present, or future dispute relating in any way to Your User Account, or any other past, present, or future relationship or transaction between You and Us, will be resolved by binding arbitration as discussed below, and not through litigation in any court. (Such disputes are called "Claims" for purposes of this agreement.). This binding agreement to arbitrate applies regardless of whether the dispute is between You and Us jointly or separately. This arbitration agreement is entered into pursuant to the Federal Arbitration Act, 9 U.S.C. §§ 1-16 ("FAA"). The arbitration shall be conducted by a single neutral arbitrator acting under the administration of United States Arbitration and Mediation, MidWest, Inc., and in accordance with the then-applicable United States Arbitration and Mediation Rules of Arbitration. Unless You and We agree otherwise, or unless the arbitration administrator's rules or law require otherwise, the arbitration shall be held in Minneapolis, MN.
The arbitrator will decide the Claim in accordance with all applicable law, including recognized principles of equity and statutes of limitations, and will honor all privileges recognized by law. The arbitrator will have the authority to award to a Party any damages or relief provided for under applicable law. The arbitrator's decision shall be final and legally binding, and may be enforced by any court having jurisdiction.
No class actions or similar process, and no joinder or consolidation of any Claim with a Claim of any other person or entity, shall be allowable in arbitration, without the written consent of both You and Us. The arbitrator shall have no authority to entertain any Claim on behalf of a class, group, person, or entity who is not a named party to the arbitration, nor shall any arbitrator have authority to make any award for the benefit of, or against, any class, group, person, or entity who is not a named party to the arbitration. In the event that there is a dispute about whether limiting arbitration to non-class proceedings, or to the named parties, is enforceable under applicable law, then that question shall be resolved by a court rather than by an arbitrator; and to the extent it is determined that resolution of a Claim must proceed on a class basis, it shall so proceed in a court of competent jurisdiction rather than in arbitration. If You elect to proceed with respect any Claim by an individual action in a small claims court, or its equivalent, instead of arbitration, we will not object,
If the arbitrator or arbitration administrator would impose filing fees or other administrative costs on You, We will reimburse You, upon request, to the extent such fees or costs would exceed those that You would otherwise have to pay if You were proceeding instead in a court. We will also pay additional fees or costs if required to do so by the arbitration administrator's rules or applicable law. Apart from the foregoing, each Party will be responsible for any other fees or costs, such as attorney fees that the Party may incur. If You consider that You are unable to afford any fees or costs that would be Yours to pay, You may request that We pay or reimburse them, and We will consider Your request in good faith.
Arbitration with respect to a claim is binding and neither You nor we will have the right to litigate that claim through a court. In arbitration You and We will not have the same rights that apply in court, such as the right to a trial by judge or jury and the right to participate or be represented in proceedings brought by others such as class actions or similar proceedings. In addition, the right to discovery and the right to appeal may also be limited or eliminated in arbitration. All of these judicial rights are waived with respect to claims that You or we elect to arbitrate.
Privacy Policy
You can find Dwolla's privacy policy here and the Financial Institution Partner privacy policy here.
Data Retention
User information regarding User utilization and registration will be stored by Dwolla for a minimum of 3 years in a highly secure datacenter. This information is stored for the purpose of reporting at the Financial Institution level and is not sold or otherwise utilized for profit. It is not accessible to other Dwolla Users, Dwolla merchants, or the Financial Institution Partner's customers or members. However, collected User information may be shared with the Financial Institution Partner subject to their Privacy Policy.
USA Patriot Act Notice
Important information about procedures for opening a new account under the USA Patriot Act of 2001:
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all Financial Institutions to obtain, verify, and record information that identifies each person who opens an account.
What this means for You: When You open an account, We will ask for Your name, address, date of birth, and other information that will allow Us to identify You. We may also ask to see a form of identification with Your photograph or other identifying documents.
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