Updated: January 2, 2024

These Money Movement Terms (“Terms”) are part of Candidly’s User Terms of Service and are incorporated therein by this reference. Capitalized terms used but not otherwise defined in these Terms have the meanings set forth in the User Terms of Service. All terms of the User Terms of Service, including, without limitation, all indemnities, disclaimers of warranties, limitations of liability, and other agreements linked or referenced in the User Terms of Service, apply to these Terms (collectively, the “Agreement”), unless you are a representative of an entity that has entered into a separate agreement with us, in which case the terms of such separate agreement control in lieu of the corresponding terms in the User Terms of Service. In the event of any conflict between the User Terms of Service and these Terms, then these Terms control.

PLEASE REVIEW THESE TERMS CAREFULLY. ONCE ACCEPTED, THESE TERMS, TOGETHER WITH THE REMAINDER OF THE AGREEMENT, WILL BECOME A BINDING LEGAL COMMITMENT BETWEEN YOU AND CANDIDLY. IF YOU DO NOT AGREE TO BE BOUND BY THESE TERMS, YOU SHOULD NOT ACCEPT THESE TERMS OR USE CANDIDLY MONEY MOVEMENT SERVICES.

THESE TERMS ARE SUBJECT TO AN AGREEMENT TO ARBITRATE, WHICH REQUIRES YOU TO SUBMIT ANY CLAIMS AGAINST US, WITH LIMITED EXCEPTION, TO BINDING AND FINAL ARBITRATION (UNLESS YOU ARE A REPRESENTATIVE OF AN ENTITY WITH A SEPARATE AGREEMENT CONTAINING DIFFERENT CONTROLLING DISPUTE RESOLUTION TERMS). UNDER THE AGREEMENT TO ARBITRATE, WHICH INCLUDES A CLASS ACTION WAIVER, YOU MUST PURSUE CLAIMS AND SEEK RELIEF AGAINST CANDIDLY ON AN INDIVIDUAL BASIS.

Money Movement Description

Overview. Several of our Solutions involve the movement of money, such as enabling payments toward your student loans held by your Servicer(s); employer-paid workplace benefits, such as employer contributions toward your student loans or emergency fund or tuition reimbursement; or transfers of funds to your designated emergency fund (collectively, “Money Movement Solutions”). Amounts will be sent on your behalf via electronic funds transfer through the Automated Clearing House (“ACH”), subject to the Nacha Operating Rules. Depending on the features of each Money Movement Solution, you may make a one-time payment or set up automatic recurring payments of a fixed amount or for variable payments ranging from $5.00 to $2,000.00 depending on rules you set. These Terms apply to your use of any and all of our Money Movement Solutions.

Third Parties. We have agreements in place with one or more unaffiliated third-party financial institutions (“Bank Partner(s)”) and other service providers to operationalize our Money Movement Solutions. You agree that we may delegate to our Bank Partners and service providers some or all of the rights and performance obligations we have under these Terms, and that our Bank Partners and service providers will be entitled to all the rights and protections that these Terms provide to us. You authorize us to share any information you provide or that we obtain about you, including, without limitation, your Account registration or Your Content, with our Bank Partners, other third parties we use to provide the Money Movement Solutions, law enforcement authorities, or impacted third parties as we deem advisable. You also authorize us to update your Account information based on information provided by you, your financial institution, our Bank Partners or service providers, or other third-party data sources. We may change Bank Partners or other service providers we use to provide our Money Movement Solutions at any time, with or without notice to you.

Access to Money Movement Solutions

Registration. To use our Money Movement Solutions, you must link, successfully verify, and maintain a bank account from which your transactions may be debited (your “Payment Method”). Your Payment Method must be a debit-enabled account issued by a U.S. depository financial institution (each, a “Qualifying Account”), and you authorize us to store information regarding this Payment Method, and any additional account(s) that you may choose to place on file with Candidly, unless you contact us at help@getcandidly.com to request the removal of your Payment Method from your Account and until Candidly reasonably can act on your request. To help the federal government fight the funding of terrorism and money laundering activities, we will obtain, verify, and record information that identifies Money Movement Solution users. When you place a Payment Method on file, and during the duration of your Money Movement Solution utilization, we may request, collect, and/or use information, including, without limitation, your Account information such as your name, street address, and date of birth, that will allow us to identify you and verify your financial information. For example, we may ask to see a copy of your driver’s license or other documents at any time, and we may also validate any information you provide to us. Your ability to use any Money Movement Solution is subject to our ability to verify your information with documentation acceptable to us in our sole discretion. If we suspect any fraudulent, illegal or unusual activity, we may take extra precautions in reviewing your identity documentation and verifying your information. We also reserve the right to not provide any Money Movement Solution to anyone in our sole discretion.

Candidly is committed to complying with the requirements set forth by the Office of Foreign Assets Control (“OFAC”) regarding the administration and enforcement of economic and trade sanctions against targeted foreign states, organizations, and individuals. If we discover or suspect that you are using a Money Movement Solution to send payments to anyone on the Specially Designated Nationals and Blocked Persons List (as published from time to time, the “SDN List”), or that you are on the SDN List, then we may take all measures we deem necessary or advisable to ensure OFAC compliance and you agree to cooperate fully with any related investigation or request for information. You agree to indemnify and hold harmless the Candidly Parties (including, without limitation, the Bank Partner and other Money Movement Solution service providers) from all Claims arising out or relating to your alleged OFAC violation.

Purpose. You agree that you will not use any Money Movement Solution, nor allow any Money Movement Solution to be used, for any purpose other than sending payments or transfers to a Qualifying Account in accordance with the stated functionality of the Money Movement Solution (e.g., paying down debt held by a Servicer, making employer- or self- contributions to emergency funds, etc.). You may not use any Money Movement Solution to transfer funds outside of the United States. You also may not request the processing of any transaction that you know or should know is fraudulent or unauthorized, or otherwise violates Applicable Law.

Operations

Authorization. By setting up transactions using a Money Movement Solution, you authorize us and our Bank Partner to debit (and, if necessary, electronically credit to correct erroneous debits) your Payment Method in the designated amounts and send the corresponding funds to the Qualifying Account(s) of your designated recipient(s) (each, a “Recipient”). Depending on the authorization you provide for a given Money Movement Solution, Candidly will instruct our Bank Partner to send transactions either as (1) a one-time ACH transfer from your Payment Method to your Recipient, or (2) based on rules you set, a recurring series of preauthorized ACH transfers to your Recipient(s). Some of our Money Movement Solutions allow you to set rules enabling flexible periodic payment amounts (e.g., monthly employer contributions based on actual amounts paid to a Servicer by an employee), and you understand and reasonably expect that recurring payments authorized under these Terms are for variable amounts and may be made on various dates. We may impose cutoff times and/or notify you of upcoming transfers to help ensure the timely delivery of funds pursuant to your instructions. To the extent possible under Applicable Law, you waive any rights you may have to receive advance notice of any particular preauthorized charge, including, without limitation, if your payment amounts are within a preset range. You also authorize Candidly to try a transaction again at our discretion if the initial transfer is rejected by your financial institution for any reason.

You also authorize us and our Bank Partner to debit your Payment Method in the amount of any fees owed to us as a result of your use of a Money Movement Solution (applicable fees, if any, will be presented to you on the Platform).

Your authorization will remain in effect unless you notify us that you wish to revoke your authorization in sufficient time for us to act on your request. Once you have authorized a transaction, we cannot guarantee that you will be able to cancel the transaction, or that we can reverse the payment or provide you a refund, except as required by the Nacha Operating Rules or Applicable Law. If you wish to revoke an authorization for a recurring series of preauthorized transfers, you must notify us at least 2 business days, which are Monday through Friday, excluding holidays and any other days our Bank Partner is closed for business (“Business Days”), in advance of the next scheduled transaction by contacting us at help@getcandidly.com or by canceling the transaction on the Platform.

Transactions. For all Money Movement Solution transactions, funds will be withdrawn from your Payment Method in U.S. dollars and held in a pooled account, established by and in the name of the Bank Partner for the benefit of Candidly users, before being transferred from the pooled account to your Recipient in U.S. dollars. You will not have access to, nor control over, the pooled account, and you will not be paid interest on any funds held in the pooled account. Funds held in the pooled account represent unsecured claims against Candidly that are not eligible for Federal Deposit Insurance Corporation insurance.

You agree that if your payment instructions identify a Qualifying Account by name and account number, those payment instructions may be executed by reference to the account number only, even if the account number does not correspond to the account name. You further acknowledge that financial institutions holding the Qualifying Account may choose to not investigate discrepancies between account names and account numbers and agree that we have no responsibility to investigate discrepancies between account names and account numbers.

We will not send you a periodic statement listing transactions that you make using the Money Movement Solutions. The transactions will appear on the Payment Method statement issued by your financial institution. We encourage you to save any receipts or information we make available to you when you use the Money Movement Solutions and review your Account history on the Platform against the Payment Method statement you receive from your financial institution.

Limits. We may set dollar amount, frequency, or velocity limitations, or other restrictions on transactions, if we reasonably believe restrictions are necessary or advisable for security reasons; to prevent misuse, fraud, or a suspected illegal act; or for any other reason. Likewise, the financial institution that holds your Payment Method or Recipient’s Qualifying Account may impose dollar amount, frequency, or velocity limitations on the ability to withdraw, transfer, or deposit funds.

If we suspect any fraudulent, illegal, or unusual activity with respect to a Money Movement Solution, we may, in our sole discretion, temporarily suspend or terminate your access or place holds on your transactions that delay or suspend disbursement of the funds. Reasons for holds may be based on multiple factors, including, without limitation, an analysis of your transaction risk or potential account takeover attempts. Such risk evaluation may result in your ineligibility for certain Money Movement Solutions. We also reserve the right, in our sole discretion, to review and either clear or cancel each transaction.

Any funds that we are unable to send to your Recipient due to your abandonment of your account or your failure to remedy any deficiencies in the information we are required to collect may be remitted to your state of residency, directed to specially designated accounts, or otherwise disbursed pursuant to Applicable Law or other compliance procedures, including, without limitation, those relating to unclaimed property, anti-money laundering, or sanctions.

Incomplete Transactions. Except to the extent required by Applicable Law, we will not be liable for any damages or loss of any kind arising from our failure or inability to complete a transaction. As examples, we may not complete a transaction:

  1. If you have insufficient funds in your Payment Method;
  2. If the payment is rejected or returned by the Recipient or financial institution holding the Recipient’s Qualifying Account;
  3. If you have provided incorrect information;
  4. If the Payment Method is closed or the funds otherwise cannot be accessed by us;
  5. If we informed you that the Money Movement Solution is unavailable;
  6. Due to circumstances beyond our control (such as fire, flood, or other natural disasters; acts of government, terror, or war; pandemic; civil unrest or strikes; interference from an outside source; hardware, telecommunications, or internet service provider failure; or any other force majeure event); or
  7. Based on other exceptions stated in these Terms.

If we do not complete a transaction, you agree that we may reverse any credit we advanced to your Recipient on your behalf, and you agree to indemnify us against any Claims arising out of such reversals. If we are unable to reverse an advance made on your behalf, you agree that we may seek repayment from you, as permitted by law, such as by re-initiating a debit from your Payment Method or debiting another Qualifying Account linked to your Account.

Support

Questions. All questions about transactions made through the Money Movement Solutions can be directed to us, in addition to the financial institution providing your Payment Method. If you have any questions about a transaction, please contact us at help@getcandidly.com.

Unauthorized Transactions. If your credentials to access the Money Movement Solutions are lost or stolen, please notify us immediately at help@getcandidly.com. As long as you inform us within 2 Business Days after you learn of the loss or theft of your credentials, then you can lose no more than $50 on unauthorized transactions. If you fail to inform us within 2 Business Days after you learn of the loss or theft of your credentials, and we can demonstrate that we could have stopped the unauthorized transaction(s) had we been notified, then you could lose as much as $500.

You must also notify us immediately at help@getcandidly.com if you believe that an unauthorized transaction, or a transaction for an erroneous amount, has occurred through the Money Movement Solutions. If you fail to notify us of unauthorized transactions within 60 days after receiving the Payment Method statement provided by your financial institution, then you may not be entitled to the return of money you lost to unauthorized transactions after those 60 days if we can demonstrate that we could have stopped the unauthorized transaction(s) had we been notified.

If you initially contact us by telephone, we may require that you send your dispute to us in writing within 10 Business Days. You must provide us with the following information: your name; the email address registered for the Money Movement Solution; a description (including dollar amount) of the transaction; an explanation of why you believe the transaction was unauthorized or made in error, or why you need more information; a reference/transaction ID; and any other information we reasonably request. We will use reasonable efforts to determine whether an error occurred within 10 Business Days after receiving your written dispute, and to correct any error in a timely manner.

In certain circumstances, however, we may take up to 45 days (for new accounts, 60 days) to investigate your dispute. If we require the 45-day time period to investigate your dispute, we will credit your account within 10 Business Days (for new accounts, 20 Business Days) for the amount you have informed us is in error, so that you will have the use of the money during the time it takes us to complete our investigation. If we provisionally credit your account as described and we later determine that no error occurred, then we may reverse the credit. If we ask you to submit your dispute in writing and we do not receive it within 10 Business Days, then we may not credit your account.

We will use reasonable efforts to inform you of dispute results within 3 Business Days after completing our investigation. If we decide that there was no error, we will send you an explanation. You may ask for copies of the documents that we used in our investigation.