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Special discount
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Get 40% off Lili Smart fee for 3 months
BalanceUp Service Disclosure
It is important for you to use your Lili Account responsibly and to never intentionally overdraw your account. We recognize, of course, that as a small business you may have cash flow variability that results in financial shortfalls from time to time. So, we have a solution that may help you. As a benefit to our most engaged customers, we offer a discretionary overdraft protection plan for checking accounts called BalanceUp.
BalanceUp is a discretionary deposit service available to Lili paid plan (Pro, Smart, and Premium) customers that maintain their accounts in good standing and in a responsible manner.
BalanceUp is not a line of credit.
With BalanceUp we will strive to pay your overdraft items up to your overdraft limit, however, whether your overdrafts will be paid is discretionary, and we reserve the right not to pay items even if we have previously paid items for you.
All deposits to overdrawn accounts are applied to the negative balance.
Since BalanceUp is discretionary, and the limit is dynamic and may change monthly, you should manage your Lili Account responsibly and always strive to keep a positive balance.
Eligibility for BalanceUp
BalanceUp is a discretionary deposit service available at our sole discretion. Although an opt-in is necessary, no application is required and eligibility is available to paid plan customers whose accounts are maintained in a responsible manner. The limit is dynamic and may change monthly, based on your account activity. Consistency in your average daily balance and spending habits is important. The limit may decrease or increase from your original limit. Generally, the minimum limit is $0 and the maximum is $200, though the maximum limit may vary depending upon business type, plan type, and other factors.
We use an algorithm that considers many weighted factors to determine your eligibility and limit. The following are some of the factors we consider:
Transactions eligible for BalanceUp
BalanceUp is only available for debit card transactions. You may not use BalanceUp to overdraft your account through ATM withdrawals, Point of Sale cash back transactions, or any non-debit card withdrawals.
Termination of BalanceUp Privilege
Your BalanceUp Privilege may be suspended or permanently removed based on the following criteria:
Account Agreement
Your Sunrise Banks Account Agreement (Account Agreement) describes the duties, obligations, and rights of depositors, authorized users and our sponsor bank with regard to your Lili Account. That Account Agreement is incorporated herein for all purposes as if it were set forth verbatim as to matters not directly addressed by this disclosure. Your Account Agreement and this disclosure shall be construed so as to minimize conflicts between them.
Disclaimer
BalanceUp is discretionary and is not an obligation to pay any specific transaction presented. The provisions of the program may be denied to any customer at any time, or from time to time. For example, overdrafts may not be paid if an account is not in good standing, you are not making regular deposits, or if you have too many overdrafts. You do not have a contractual right to participate in the BalanceUp program and at no time is payment guaranteed by the program. Furthermore, we have no obligation to notify you before paying or returning an item.
Waiver
Our forbearance from, or delay in, exercising any of our rights, remedies, privileges, or
right to insist on your strict performance of any provisions of your Account Agreement, this service disclosure, or any other provision related to your Lili Account, shall not be construed to be a current or future waiver of our rights, remedies or privileges.
Effective Date
All information listed in this disclosure is effective as of October 1, 2024.
Lili is a financial technology company, not a bank. Banking services are provided by Sunrise Banks, N.A., Member FDIC. The Lili Visa® Debit Card is issued by Sunrise Banks, N.A., Member FDIC, pursuant to a license from Visa U.S.A., Inc. The Card may be used everywhere Visa debit cards are accepted.
Wire Transfer service provided by Column Bank N.A., Member FDIC. All wires are subject to acceptance criteria and risk-based review and may be rejected at the sole discretion of Column Bank N. A. or Lili App Inc.
1 Eligibility for cashback awards is available to Lili Pro, Lili Smart, and Lili Premium account holders only; applicable monthly account fees apply. For details, please refer to your Sunrise Banks Account Agreement.
2 Accounting, tax preparation and invoicing software is available to Lili Smart and Lili Premium account holders only; applicable monthly account fees apply. For details, please refer to your Sunrise Banks Account Agreement.
3 The Annual Percentage Yield (“APY”) for the Lili Savings Account is variable and may change at any time. The disclosed APY is effective as of October 1, 2024. Must have at least $0.01 in savings to earn interest. The APY applies to balances of up to and including $100,000. Any portions of a balance over $100,000 will not earn interest or have a yield. Available to Lili Pro, Lili Smart, and Lili Premium account holders only; applicable monthly account fees apply.
4 BalanceUp is a discretionary overdraft program for debit card purchases only, offered for Lili Pro, Lili Smart, and Lili Premium Account holders; applicable monthly account fees apply. You must meet eligibility requirements and enroll in the program. Once enrolled, your Account must remain in good standing with a deposit and spending history that meets our discretionary requirements to maintain access to the feature. BalanceUp overdraft limits of $20-$200 are provided at our sole discretion, and may be revoked any time, with or without notice. Please refer to our BalanceUP Service Disclosure for more details.
5 Early access to ACH transfer funds depends on the timing of the payer’s submission of transfers. Lili will generally post these transfers on the day they are received which can be up to 2 days earlier than the payer’s scheduled payment date.
6 Up to $1,000 per cardholder per 24 hours period. Some locations have lower limits and retailer fees may vary ($4.95 max). Note that Lili does not charge transaction fees.
7 Lili AI and other reports related to income and expenses provided by Lili can be used to assist with your accounting. Final categorization of income and expenses for tax purposes is your responsibility. Lili is not a tax preparer and does not provide tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors regarding your specific situation.
8 Lili does not charge debit card fees related to foreign transactions, in-network ATM usage, or card inactivity, or require a minimum balance. The Lili Visa® Debit Card is included in all account plans, and remains fee-free with the Lili Basic plan. Applicable monthly account fees apply for the Lili Pro, Lili Smart, and Lili Premium plans. For details, please refer to your Sunrise Banks Account Agreement.
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