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Lili Account Agreement Terms and Conditions

Welcome to Lili!

This Account Agreement is effective June 27, 2022

IMPORTANT – Please read carefully and retain this Account Agreement for your records.

 

1. ACCOUNT AGREEMENT

Your Account (defined below) is provided by Choice Financial Group (“Choice Financial” or “the Bank”), who is also the issuer of your Lili Card.  Choice Financial is an FDIC insured, equal opportunity lender. Lili App Inc. (“Lili”) is a program manager and service provider to Choice Financial. In that role, Lili is responsible for providing access and other services to facilitate your use of the banking products and services provided by Choice Financial. Lili is a financial technology company, not a bank. Lili does not provide your Account or any other banking services.  This Account Agreement (the “Agreement”) contains the rules that govern, where appropriate, your Account(s) and Card(s).  “We” or “us” means Choice Financial and, in its capacity as a service provider to the Bank, Lili. If you have any questions about this Agreement, please contact us at [email protected].

 

1.1. Consent to Agreement

By applying for an Account or enrolling in Services, you agree to be bound by this Agreement and agree to pay any fees that may be imposed. This Agreement incorporates by reference any disclosures we give you when you open your Account, subsequent disclosures we provide in connection with an Account or Services, periodic statements, user guides, the applicable privacy policies, and any other disclosure or terms we provide to you in connection with an Account or Services, in each case as may be amended from time to time.  Your opening and use of an Account or Card is subject to the privacy policy of Choice Financial which is available here and Lili which is available here.

 

1.2. Definitions

The words “you” and “your” mean each Account Owner and anyone else with authority to deposit, withdraw, or exercise control over an Account.  

“Account” means a checking or savings account with Choice Financial that is opened through Lili.

“Business Account” means an Account established primarily for commercial purposes and under the name through which the business or operation is conducted and presented to the public.  We limit Business Accounts to single-owner limited liability companies that have been assigned an EIN. 

“Card” means the Lili Visa debit card issued by Choice Financial for carrying out of all Card Transactions from an Account, as provided for in this Agreement.

“Card Transactions” means any payment made for goods or services, cash withdrawals from an ATM or transfer of funds made through the use of the Card or the Card number.

“EIN” means the tax / employer identification number received from the Internal Revenue Service (IRS).

“Owner” means a person or entity that has the power to deal with an Account in his, her or its own name.

“Personal Account” means an Account in the name of a natural person (individual) established primarily for personal, family or household use.

“PIN” means a personal identification number.

“Service” means a bill payment service, funds transfer service, or any other financial product or service provided by Choice Financial and accessed and made available through Lili. 

Unless it would be inconsistent to do so, words and phrases used in this Agreement should be construed so that the singular includes the plural and the plural includes the singular.

 

1.3. Modifications

We may amend or change any terms of this Agreement or any disclosures and documents provided to you. Notice of the amendment or change will be provided to you as required under applicable law.

If at any time the terms, conditions or fees associated with your Account are not acceptable to you, you may terminate this Agreement by closing your Account after paying any fees or charges owed to us. We may cancel or suspend your Account, card, other Services or this Agreement at any time.

 

1.4. Business Days

For purposes of this Agreement, our business days are Monday through Friday, unless stated otherwise. Federal bank holidays are not included.

 

1.5. Waivers and Precedents

Any waiver by us must be approved by an authorized representative of Lili and/or the Bank, as applicable. If a waiver is approved by us, we are not obligated to provide similar waivers in the future.

 

1.6. Identification Notice (USA PATRIOT ACT)

To help the government fight the funding of terrorism and money laundering, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. 

This means that when you open an Account or use our Services, we may ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see other identifying documents such as driver’s license or other documents that validate your identity.

If you are opening a Business Account, we may also ask for your company’s legal name, EIN, legal address, state of incorporation, and other information that will allow us to identify your company. We may also require proof of legal formation or articles of incorporation to add a business name to your Account. We may also require the identifying information listed above regarding the owner of the company.

 Even if you have been an existing customer of ours, we may ask you to provide this kind of information and documentation because we may not have collected it from you in the past or we may need to update our records. 

 If, for any reason, any owner is unable to provide the information necessary to verify their identity, your Account may be blocked or closed, which may result in additional fees assessed to the Account.

 You are responsible for the accuracy and completeness of all information supplied to us in connection with your Account and the Services and for notifying us if you move or if there are any other changes to the information you have provided. 

 

2. ACCOUNT TYPES

We offer Personal Accounts and Business Accounts. Only individuals 18 or older who can form a legally binding contract can open an Account and use our Services. We may impose other restrictions as well. We do not offer joint accounts or the ability to add authorized users at this time.  

 

2.1. Personal Accounts

A Personal Account may not be used for business purposes. By opening a Personal Account with us, you certify to us that you will use the Account primarily for personal, family or household use. If your Personal Account is identified as being used as a Business Account, without you having submitted the proper documentation, we may take appropriate action such as reversing all business-related transactions, suspending your Account, or closing your Account.

 

2.2. Business Accounts

A Business Account may be opened by single-owner limited liability companies (LLCs). We also allow “DBA” Business Accounts for businesses where the business is conducted and presented to the public via a name that is not the legal name of the business. To open a “DBA” Business Account you must provide [the business’s EIN, the owner’s Social Security Number, and documentation of the DBA]. 

By opening a Business Account with us, you certify to us that you will use the Account primarily for commercial purposes and not primarily for personal, family or household use.

 

2.3. Pro Account

This Agreement applies to both the Basic Account and the Pro Account types. 

A Pro Account customer will decide on a daily dollar amount to be move once a week from their checking Account to their savings Account.

Check and ACH deposit limits may be increased as well based on our discretion.  Limits to the number of mobile deposits permitted and the amount of funds that can be deposited are imposed for security reasons. For this purpose, we may not readily disclose those limits to you.

You will have the ability to extend your spend through our overdraft protection feature.  The overdraft protection available to you will be determined based on the length of time you have had your Account and your spend history. Only Accounts in good standing will be eligible for overdraft protection. All overdraft balances will be settled with your next incoming credit, regardless of where the funds originated (including but not limited to Payroll, loan proceeds, ACH Credits, Check or Cash Deposits).

The Pro Account will also include the ability to create invoices, offer Cashback Rewards through the Visa SavingsEdge program, and allow you to earn interest on your emergency bucket savings. Not all services may be available at this time. 

 

3. TRUTH IN SAVINGS DISCLOSURE

3.1. Opening Balance and Account Requirements

There is no minimum balance requirement to open an Account.   

In addition, we reserve the right to: 

1. Offset negative balances from the savings Account in cases where the checking Account is negative for more than 7 days; and 

2. Close any savings Account that is inactive for at least 6 months.

3.2. Rate Information

Checking Accounts are non-interest bearing accounts. Interest paid on any savings Accounts will begin to accrue the day funds are moved to the Account. Interest will be compounded on a daily basis method (this method applies a daily periodic rate to the principal in the Account each day) and credited once a month on the first day of the following month and will be posted to the savings Account.  The annual percentage yield (APY) shown in conjunction with the interest rate assumes all funds (including interest earned) will remain on deposit.  If you close your savings Account before interest is credited, you will not receive the accrued interest. Any withdrawals will reduce the earned APY.  Fees may reduce earnings.  A balance of at least $.01 is required to obtain the annual percentage yield. 

The savings Account is a variable rate account.  We may change the interest rate and annual percentage yield (APY) at our discretion or in conjunction with rate changes made by the Federal Reserve.  Rates may change at any time.  To obtain the current interest rate and annual percentage yield visit our website.

The current rate and APY for Lili savings accounts is 1.00%. 

 

3.3. Account Balances\Posting order

You agree to maintain a positive balance and will not incur overdrafts. If you manage your Account in such a way that it results in a negative balance or becomes overdrawn, you agree to rectify the matter by transferring sufficient funds from your linked tax bucket or external account to pay the overdrawn balance within 3 business days. Your failure to bring your Account to a positive balance may result in the temporary or permanent suspension of your Account or the Services. Further consequences may be taken if you do not remedy the situation within the required timeframe, which can include: (1) the reporting of your negative balance to a reporting agency; (2) legal action; (3) charging you fees for the overdraft in accordance with our Schedule of Fees; and/or (4) referring your Account to a third-party collection agency. 
We process items in order in which we receive them. 

 

3.4. Fees

A Basic Account has no monthly fee. A Pro Account has a monthly fee of $4.99. 

Other fees may apply. Additional fees are set forth in the Schedule of Fees.

 

3.5. Transaction Limitations

Type  Pro  Basic
Card Purchases $5,000 $3,000
ATM Withdraw $500 $500
ACH Outbound $5,000 $500
 Direct Deposit  $25,000 per day
 $50,000 per month
 $25,000 per day
 $50,000 per month
 Cash Deposit  $1,000 per day
 $9,000 per month
 $1,000 per day
 $9,000 per month
 ACH Inbound (Linked Account)  $1,000 per day
 $5,000 per month
 Max 1 transfer a day
 Max 5 transfer a month
 $500 per day
 $2,000 per month
 Max 1 transfer a day
 Max 5 transfer a month
 Debit Card Funding  $100 per month  $100 per month
 Mobile Check Deposit   $50,000 per month
 $5,000 per day
 Max $5,000 per check
 Max 2 checks per day
 Max 15 checks per month
 ($200 monthly minimum funding)
 $6,000 per month
 $2,500 per day
 Max $2,000 per check
 Max 2 checks per day
 Max 6 deposits per month
 ($200 monthly minimum funding)

We reserve the right to require not less than 7 days’ notice in writing before any withdrawal from a savings Account.

We will use the date a transaction is completed by us (as opposed to the day you initiated it) to apply the frequency limitations.

 

3.6 Bonus programs

Please refer to the specific terms and conditions of the bonus campaign. 

 

4. DEPOSITS TO ACCOUNTS

4.1. Deposits

All items deposited will be handled by us as agent for you.

 

  • All checks submitted for deposit must be made payable to you. 
  • We do not accept third-party checks. 
  • We do not accept deposits in foreign funds or checks drawn on banks outside the United States. 
  • We do not accept funds from an account that is not in your name. 
  • We do not accept ACH or direct deposits not in your name.
  • We do not accept in-person or mailed deposits.

We reserve the right to reject a deposit if it is made payable to Lili or Choice Financial and contains no other information that might assist us in identifying the Account to which it should be deposited. We reserve the right to refuse any other type of deposit if we believe it is fraudulent, will not be paid, it is not made payable to you, or is otherwise suspicious in nature. We will not be held liable if such action causes outstanding items to be dishonored and returned, or payment orders to be rejected. Refused deposits will be returned to you.

All deposits will be credited to your Account in accordance with our Funds Availability Policy.  If you need to be sure when a particular deposit will be available for withdrawal, you can verify the availability of your deposit by viewing the transaction detail on your Lili mobile app.

 

4.2. ACH Deposits

In order to transfer funds from an account that you own or have control of at another financial institution to your Account with us using the Automated Clearing House (“ACH”) Funds Transfer Service, we use Plaid to gather your data from external financial institutions you connect via the Lili mobile app. By using our Service, you grant us and Plaid the right, power, and authority to act on your behalf to access and transmit your personal and financial information from the relevant financial institution. You agree to your personal and financial information being transferred, stored, and processed by Plaid in accordance with the Plaid Privacy Policy at plaid.com/legal. 

All ACH transactions must match the name on your Account to be accepted. ACH transactions will not be processed and accessible until the Service is activated by us. Funds from these types of deposits will not be available until after the funds have settled. For more information, see the ACH Funds Transfer Service section.

4.3. Direct Deposits

You may initiate direct deposits to your checking Account by providing your primary contractor, employer or government benefits administration with our Routing Number, 091302966, and your 12-digit Account number which can be found by logging in to the Lili mobile app. If we deposit any amount into your Account which should have been returned to the Federal Government for any reason, you authorize us to deduct the amount of our liability to the Federal Government from your Account or from any other account you have with us, without prior notice and at any time, except as prohibited by law. We may also use any other legal remedy to recover the amount of our liability.

If a direct deposit posts to your Account and is later found to be made payable to someone other than yourself or another account owner listed in our records, the amount of the deposit will be deducted from your Account and returned to the originator without prior notice to you.

 

4.4. Cash Deposits

We accept cash deposits to your Account in conjunction with designated merchants through Greendot. Please do not send cash deposits through the mail. In the event that a cash deposit is received for your Account, you agree that our determination of the amount of the deposit will be final. We are not liable for any deposits, including cash, lost in the mail, lost in transit, or not received by us.

 

4.5. Mobile Check Deposits

For checks deposited via mobile deposit, the check shall not be considered to have been received by us until we have received the valid electronic check image file. Limits to the number of mobile deposits permitted and the amount of funds that can be deposited are imposed for security reasons. For this purpose, we may not readily disclose those limits to you.

You agree to properly endorse all items captured and submitted using the mobile deposit service. This should include a signature(s) from the named payee(s). It is also required that you write “For Lili Mobile Deposit Only.”  You agree, after you submit an item for deposit using the mobile deposit service, you will not redeposit, otherwise transfer, or negotiate the original item.  Additional restrictions and limits for the Mobile Deposit Service may be found here:  

 

4.6. Return of Deposited Items

If final payment is not received on any item you deposited to your Account, or if any electronic fund transfer to your Account is returned to us for any reason, you agree to pay us the amount of the return.

We may re-present any item you deposit with us that is returned to us unpaid without prior notice to you. We may charge a fee for returned deposited items in accordance with our Schedule of Fees.

 You authorize us to attempt collection of previously returned items that you deposited. In our attempts to collect these items, you agree that we may allow the payor bank (the bank on which the item is drawn) to hold the item beyond its midnight deadline. If an item you deposit is returned unpaid, you waive the requirement for notice of this return.

If a claim is made on any item subsequent to final payment on the grounds that the item was altered, bears a forged or unauthorized endorsement, or was not otherwise properly payable, we will withhold credit for the item from your Account until final determination of the claim. In addition, we will not be liable for a check, draft or other item that you deposit that has been forged or altered in such a way that a reasonable person could not discover the forgery.

 

5. FUNDS AVAILABILITY

5.1. Funds Availability Policy

Information contained in this section is to assist you in understanding our Funds Availability Policy. We do not accept in-person or mailed deposits.

 

5.2. General Policy

It is our policy to review each deposit and determine how the funds are being deposited. We make the funds available to you according to the deposit type and when the funds were received. Some deposit types may not be available for immediate use. When we delay the availability of funds or place a hold on a deposit made to your Account, you may not withdraw those funds. In addition, we will not use these funds to pay bills on your behalf or fund other debits, such as ACH withdrawals or wire transfers, during the hold period.

 

We reserve the right to refuse any deposit. If final payment is not received on any item you deposited to your Account, or if any direct deposit, ACH deposit or electronic fund transfer to your Account is returned to us for any reason, you agree to pay us the amount of the return, plus any fee in accordance with our Schedule of Fees.

 

5.3. Availability

The length of delay in the availability of funds varies depending on the type of deposit. Special rules may apply to new Accounts.

 

5.4. Business Days

The length of delay in the availability of funds is counted in business days from the day your deposit is applied to your Account. Deposits received after 4:00 PM (CST) will be considered to be received on the next business day.  

 

5.5. Same-Day Availability

Funds from transfers between Accounts, preauthorized electronic payments such as payroll direct deposits, or other preauthorized electronic payments will be available on the day the deposit is applied to your Account.

 Funds from electronic payments or transfers you initiate will be applied to the beneficiary Account when we have verified the external account and received payment in collected funds. Once the funds are applied to your Account, they will have same-day availability.

 

5.6. Longer Delays May Apply 

Funds you deposit by mobile deposit may be delayed for a longer period of time. They will generally be available no later than the fifth business day after the day of your deposit.

 

5.7. Special Rules for New Accounts

If you are a new customer, the following special rules will apply during the first 30 days your Account is open:

  • Funds from electronic direct deposits to your account will be available on the day we receive the deposit.
  • Funds from all other check deposits will be available on the fifth business day after the day of your deposit.

6. WITHDRAWALS FROM ACCOUNTS

6.1. General

Unless otherwise indicated by us, anyone who is listed as an Account Owner may withdraw or transfer all or any part of the Account balance at any time with your Card, through Bill Pay, or other available Services.

We reserve the right to refuse any withdrawal or transfer request that is attempted by any method not specifically permitted or that exceeds any frequency or monetary limitations. Even if we honor a nonconforming request or allow a transaction or transaction(s) to overdraw your Account, your repeated abuse of the stated limitations, or regular overdrawing your Account, may result in us closing the Account. 

 

6.2. General Card Terms and Conditions

6.2.1. Card Activation

You must activate your Card in accordance with the instructions provided before it can be used. You will need to provide your personal and card information in order to verify your identity and activate your Card. You must sign the signature strip on the back of the Card as soon as it’s received.

Digital cards we provide are active when created and can be used immediately if funds are available in your Account.

 

6.2.2. Authorized Card Users

You are responsible for all authorized transactions initiated and fees incurred by use of your Card. If you permit another person to have access to your Card or Card number, we will treat this as if you have authorized such use and you will be liable for all transactions and fees incurred by those persons. You are wholly responsible for the use of each Card according to the terms and conditions of this Agreement. 

 

6.2.3. International ATM Transactions

International transactions made using your Card will be converted to U.S. currency according to the rules and regulations of the card network. The conversion of the currency to U.S. currency may occur on a date other than your original transaction date and fees may be assessed by these networks. You are responsible for the U.S. currency amount plus any fees assessed for the currency conversion. Some services may not be available at international ATM terminals. International ATM transactions may be subject to a fee in accordance with our Schedule of Fees.

 

6.2.4. Split Transactions

If you do not have sufficient funds in your Account, you can instruct the merchant to charge a part of the purchase to the Card and pay the remaining amount with cash or another card. These are called “split transactions.” Some merchants do not allow cardholders to conduct split transactions. Some merchants will only allow you to do a split transaction if you pay the remaining amount in cash. If you fail to inform the merchant that you would like to complete a split transaction prior to swiping your Card, the Card transaction is likely to be declined.

 

6.2.5. VISA Liability

Unless you have been grossly negligent or have engaged in fraud, you will not be liable for any unauthorized transactions using your lost or stolen Visa Debit Card. This additional limit on liability does not apply to ATM transactions or to transactions using your PIN which are not processed by Visa.

If you have authorized someone else to use the Card and/or PIN, you are responsible for all transactions that person or persons initiates at any time, even if the amount or transactions exceed what you may have authorized, until you have given actual notice to us that further transactions are unauthorized. You shall be obligated to pay us the amount of any money, property or services obtained by the authorized use of the Card and/or PIN, to the extent that we are unable to charge such amounts to the Account; and you authorize us to charge the amount of any such obligation to any other of your accounts with us.

 

6.2.6. PIN, Passwords, and Passcodes

6.2.6.1. Card PIN

You will be prompted to assign a 4-digit card PIN for your Card during activation. You may change the PIN at any time by accessing the PIN change process through the mobile app or our automated telephone service.

 

6.2.6.2. Password and Passcode

You will be prompted to establish a password (Login Credentials) during your Account enrollment. Depending on your Lili mobile app settings, you may be required to enter your full password for subsequent logins to the Lili mobile app to view your Account(s), card information, and other Services. Your password may be changed at any time.  We encourage all customers to secure their Lili mobile app using advanced security (ie: facial recognition).

 Your Login Credentials and PIN are identification methods that are both personal and confidential. You may be required to use your PIN with your Card at an ATM or merchant terminal. It is a security method by which we help you maintain the security of your Account. Your Login Credentials are another security method that maintains the security of your Account and the transactions you process through the Lili mobile app.

Therefore, you agree to take all reasonable precautions to protect the confidentiality of your Login Credentials, PIN and/or other access devices. Further, you agree that you will not reveal your Login Credentials, PIN, or any other access device, to any person not authorized by you to use your Card; not write your PIN or Login Credentials on your Card or on any item kept with your Card; and not leave your mobile or other device unattended after you have logged on using your Login Credentials.

 

6.2.7. Debit Card Revocation

You agree that your Card remains the property of Choice Financial and shall be surrendered upon demand. The Card is non-transferable, and it may be canceled, reposed, or revoked at any time without prior notice subject to applicable law.

If you do not use your Card for an extended period, defined by us as 90 days, or we believe the Card may be lost/stolen or is being used improperly, it may be canceled for security reasons and will be unusable. This may occur without prior notice to you. 

If your Card is reissued or reactivated, we may charge you a fee for its reissue/replacement in accordance with our Schedule of Fees.

 

6.3. Electronic Fund Transfer Disclosures

We offer Services that may be considered electronic fund transfers governed by the federal Electronic Fund Transfer Act and Regulation E, including, but not limited to, ATM transactions; ACH transactions, including, but not limited to, direct deposits and pre-authorized withdrawals; and online transfers.  This Section provides information that describes your rights and responsibilities regarding electronic fund transfers to or from Personal Accounts only. 

 

6.3.1. Types of Transfers, Frequency and Dollar Limitations

6.3.2. Card Transactions

Consistent with applicable law, you may use your Card with your PIN to perform most routine transactions on the Accounts that are accessible by your Card, such as to:

 

  • Make cash withdrawals;
  • Transfer funds among Accounts linked to the same Card;
  • Obtain your most recently available Account balance; or
  • Pay for purchases at places that have agreed to accept the Card.

Some of the above transactions may not be available at all ATMs or locations.

 

6.3.2.1. ATM Deposits

Your Card does not permit deposits at ATMs.

 

6.3.2.2. Debit Card Point-of-Sale Transactions

You may use your Card to purchases goods and services and/or obtain cash where permitted by the merchant, from any merchant who accepts Visa®. The merchant may require your signature instead of your PIN to authorize the purchase request. You may also use your Card with your PIN at any merchant location where ATM cards are accepted to purchase goods, services, and/or obtain cash. The amount of all purchases, including any cash obtained, will be deducted from your checking Account. When you make a purchase through the card network, we may place a hold on the funds in your checking Account in the amount that may be necessary to cover the amount of the transaction. (Please see Preauthorization Holds for additional information.)

 

6.3.2.3. Transactions Using Your Card Number

If you initiate a transaction without presenting your Card (such as for mail order, internet or telephone purchase, a prefunded check purchase or an ACH debit purchase), the legal effect will be the same as if you used the Card itself.

 

6.3.2.4. ACH Funds Transfers

ACH Funds Transfer Service is an electronic transfer service that enables you to transfer funds from an account at another financial institution to your Account with us, and/or from your Account with us to an account at another financial institution. Prior to use, you are required to register your external bank account for verification and security purposes. 

All ACH transactions must match the name on your Account to be accepted. ACH transactions will not be processed and accessible until the Service is activated by us. Funds from these types of deposits will not be available until after the funds have settled.

ACH debit is only available for “business accounts”. Lili will determine whether you are eligible for the ACH Debit Feature at our sole discretion. Limits may be imposed on the dollar amounts. Lili reserves the right to modify as we deem necessary including based on your account history.

6.3.2.5. Limitations on Frequency of Debit Card Transactions and Cash Withdrawal Limits

Frequency-of-use limitations are imposed on Card transactions for security reasons and for the protection of your Account. They are not disclosed for this reason and may be changed at any time. You will be denied the use of your Card if:

 

  • You exceed the daily ATM withdrawal or purchase limit;
  • You do not have sufficient available funds in your account;
  • You do not enter your correct PIN; or
  • You exceed the limit on the number of times you can use your Card each day.

The receipt provided by the ATM or merchant terminal will notify you of the denial. There is a limit on the number of such denials permitted, beyond which the machine may retain your Card. The number of attempts that will cause the retention of your Card is also not disclosed for security reasons.

You may not withdraw more than $500.00 cash at an ATM or during a point-of-sale purchase, or purchase more than $3,000.00 worth of goods or services on any calendar day. You may not withdraw more than $2,000.00 cash at an ATM or during a point-of-sale purchase, or purchase more than $15,000.00 worth of goods or services during any calendar month.

 

6.3.2.6. Preauthorization Holds

When your Card or other network enhancement feature related to the Card is used at a point-of-sale location to obtain goods or services or obtain cash, the merchant may attempt to obtain preauthorization from us for the transaction. We may place a hold on your Account for the amount of the preauthorization request for a duration based on the vendor type.  This can range from 2 days to 30 days and may vary in some cases from the amount of the actual purchase, depending on the merchant’s request. If the preauthorization request varies from the amount of the actual transaction, payment of the transaction may not remove the hold, which will remain on the Account until the end of the hold period. This hold may affect the availability of funds from your checking Account to pay checks or for other electronic fund transfers. We will not be responsible for damages for wrongful dishonor of any items that are not paid because of the hold. 

 

6.3.2.7. Preauthorized (ACH) Debits or Credits

You may arrange to have certain recurring payments automatically deposited (credited) to your Account. Examples of this service include the direct deposit of Social Security and other government payments, and the direct deposit of your payroll. 

You may arrange to have certain recurring withdrawals automatically paid (debited) from your Account. For example, you may arrange to have insurance premiums paid automatically. 

 

6.3.3. Documentation 

6.3.3.1. Terminal transfers. 

You may get a receipt at the time you make any transfer to or from your Account using an ATM or point-of-sale device. We are not responsible for the furnishing of receipts. Please contact the merchant should you not receive a receipt.

 

6.3.3.2. Preauthorized credits. 

If you have arranged to have direct deposits made to your Account at least once every 60 days from the same person or company, the person or company making the deposit will tell you every time they send us the money.

 

6.3.3.3. Periodic statements. 

You will get a monthly Account statement (unless there are no transfers in a particular month, in which case you will get the statement at least quarterly).

 

6.3.4. Right to Stop Preauthorized Electronic Transfers (ACH)

If you want to permanently revoke an ACH you authorized from a third party, you will need to first send written instructions to the originating third party to cancel your ACH transfer. 

If you have authorized regular payments out of your Account, you can stop any of these payments by notifying Customer Service by telephone or email. If you notify us by telephone, you may be required to confirm the information provided by writing to us at [email protected].

Your request must include your Account number, the name of the payee, the amount of the item to be stopped, and the date payment was scheduled to be made. This request needs to be received by us three (3) or more business days before the payment is scheduled to be made. If your request is by telephone or email, we may also require you to put your request in writing and ensure that it is received by us within 14 days after your call or email.

You are subject to the general rules of Stop Payment Liability in this Agreement. 

 

6.3.5. Stop Payment Liability

If you request that we stop payment on any preauthorized transfer according to the requirements above and we fail to do so, we will be liable for your proven loss or damages, unless:

 

  • You failed to give us enough information, proper instructions, or sufficient time to act on the stop payment; or
  • We do not receive written confirmation of your telephone or email request to stop payment within 14 calendar days, and the preauthorized transfer occurs after the 14 calendar days. 

 

In any case, we will only be liable for actual proven damages if the failure to stop payment on your transaction resulted from a bona fide error on our part, despite our procedures to avoid such errors. If we pay a preauthorized transfer despite your valid and timely stop order request, we may re-credit your Account. If we do this, you will sign a statement describing the dispute with the payee. You agree to transfer to us all of your rights against the payee. In addition, you will assist us in any legal action taken against the payee. 

Additionally, if you want to permanently revoke a recurring preauthorized electronic transfer, you will need to first send written instructions to the originating third party to cancel your preauthorized transfer. We may ask you to provide us with a copy of your letter to the originating third party and sign an Affidavit revoking authorization. 

 

6.3.6. Confidentiality

We will disclose information about your Account or the transactions you make to third parties:

 

  • When it is necessary to complete transactions;
  • To verify the existence and standing of your Account with us upon the request of a third party, such as a credit bureau or merchant;
  • In accordance with your written permission;
  • In order to comply with court, governmental, or administrative agency summonses, subpoenas or orders; and
  • On receipt of certification from a federal agency or department that a request for information is in compliance with the Right to Financial Privacy Act of 1978.

6.3.7. Our Liability for Failure to Complete an Electronic Fund Transfer

If we fail to complete an electronic fund transfer on time or in the correct amount when properly instructed by you, we will be liable for damages caused by our failure unless:

 

  • There aren’t sufficient funds in your Account to complete the transaction through no fault of ours.
  • The funds in your Account aren’t available at the time the EFT posts to your account.
  • The funds in your Account are subject to legal process,
  • The ATM system has insufficient cash to complete the transaction,
  • Your Card has been reported lost or stolen and you are using the reported Card,
  • We have a reason to believe that the transaction requested is unauthorized,
  • The failure is due to an equipment breakdown that you knew about when you started the transaction at an ATM or merchant terminal,
  • You attempt to complete a transaction at an ATM or merchant terminal that is not a permissible transaction listed above; or
  • The transaction would exceed security limitations on the use of your Card.

 In any case, we will only be liable for actual proven damages if the failure to make the transaction resulted from an honest error despite our procedures to avoid such errors.

 

6.3.8. Unauthorized Transfers

Tell us immediately if you believe your Card and/or PIN has been lost or stolen, or if you believe that an electronic fund transfer has been made without your permission.  Contacting us by phone or email is the best way to keep your potential losses down. You could lose all the money in your Account!

If you tell us within 2 business days after you learn of the loss or theft of your Card and/or PIN, you can lose no more than $50 if someone used your Card and/or PIN without your permission. 

If you do NOT tell us within 2 business days after you learn of the loss or theft of your Card and/or PIN, and we can prove we could have stopped someone from using your Card and/or PIN without your permission if you had told us, you could lose as much as $500.

Also, if your statement shows transfers that you did not make, including those made by card, code or other means, tell us at once. If you do not tell us within 60 days after your Account statement is made available to you, you may not get back any money you lost after the 60 days, if we can prove that we could have stopped someone from taking the money if you had told us in time. If extenuating circumstances kept you from telling us, we may extend the time periods at our sole discretion.

You are required to confirm the information provided over phone or email in writing to receive provisional credit. We will advise you accordingly, provide you the necessary form(s) for confirming your dispute in writing, and give you instructions for sending us the signed form.

 

6.3.9. Errors Resolution and How to Contact Us

In case of errors or questions about your electronic fund transfers, you agree to promptly contact Customer Service by email at [email protected].  You may be required to confirm the information in writing within 10 business days. In these cases, we will advise you accordingly, provide you the necessary forms for confirming your dispute in writing, and give you instructions for sending us the signed form.

If you believe an electronic fund transfer transaction was processed in error or was unauthorized, or if you need more information about a transfer listed on your statement or receipt, you must contact us no later than 60 days after the problem or error first appeared on your statement.

In your communication with us, please provide the following information:

 

  • The Account name, Account number, and last four digits of the Card number, if applicable;
  • A description of the suspected error or the transfer about which you are unsure, why you believe there is an error, or why you need more information;
  • The dollar amount of the suspected error; and
  • The date of the suspected error.

 When we receive your dispute notification, we will advise you of the status of our investigation within 10 business days. In all cases, we will correct any error promptly.

If we need more time to investigate your question or complaint, we may take up to 45 calendar days for ATM transactions (other than international transactions) and ACH transactions. For errors involving new Accounts within 30 days after the first deposit, point-of-sale transactions or foreign-initiated transactions, we may take up to 90 calendar days to investigate your complaint or question. If this is necessary, we will provisionally credit your Personal Account for the amount you believe is in error within 10 business days for established Accounts or 20 business days for new Accounts (5 business days for Visa related transactions) of your original complaint or question, so that you will have the use of the money during the time it takes us to complete our investigation. If we do not receive your written confirmation of the disputed transactions within 10 business days (5 business days for Visa related transactions), we may decide not to provisionally credit your Account.

For errors involving new Accounts, point-of-sale, or foreign-initiated transactions, we may take up to 90 days to investigate your complaint or question. For new Accounts, we may take up to 20 business days to credit your Account for the amount you think is in error.

We will send you a written explanation within three (3) business days after we finish our investigation. You may ask for copies of the documents we used in our investigation. If provisional credit was given and it is determined that there was no error, you must repay to us the amount of the provisional credit for the disputed item(s). You will have access to those funds for five (5) business days, and then we may deduct such amounts from your account without further notice.

 

6.3.10. Fees and Charges

You will pay any applicable fees and charges we assess for your Card services and/or other electronic fund transfer Services that you select. Applicable fees will be deducted from your Account and listed on your Account statement. These charges and fees are assessed in accordance with our Schedule of Fees.

If you do not use the MoneyPass ATM network, we may charge a fee to use your Card at an ATM within the United States or internationally to make a point-of-sale purchase in accordance with our Schedule of Fees.

You may be charged a foreign transaction fee for point-of-sale purchases made internationally. The terminal owner may also charge you a fee for use of their ATM. You may, however, be assessed a fee by the card association, for example, Visa, for using your Card at an ATM or making a point-of-sale purchase.

 

6.4. ACH Funds Transfer Service

You acknowledge that we have given you notice that any credit we give you with respect to a fund transfer is provisional until we receive final settlement for that entry. If we do not receive final settlement, you agree that we are entitled to a refund of the amount credited to your Account in connection with such entry. In such an event, the person who sent the fund transfer is not deemed to have paid you its amount. 

You acknowledge that we will not give you next day notice of receipt of an ACH item. Instead, we will notify you of the receipt of payments in your periodic account statements. When we credit your Business Account for electronic payments (such as bill payments) that we receive from one of your clients, you are obligated to apply those payments to an account of that client. If you fail to do so, you agree to promptly return the payment to us.

You acknowledge that if, in connection with your Business Account, you request us to transmit an ACH return transaction, for example, in connection with any claim of erroneous or unauthorized transaction, that the originating depository financial institution has no obligation to accept that return transaction if the return request is not made within the applicable time frame set forth in the National Automated Clearing House Association (NACHA) Operating Rules. We will attempt to pursue your return request with the originating depository financial institution as long as you report the problem to us in writing within 60 days after the statement first reflecting the transaction was mailed to you; however, we do not guarantee that we will be able to recover your funds if you notify us of the problem after expiration of the NACHA time frames. In some cases, depending on the facts, your claim may not be honored and you may incur a loss.

By using the ACH Funds Transfer Service, you are certifying that the registered external accounts that you transfer funds to and from, and the debit or credit cards used to transfer from are under the same ownership as the Account with us. In the event that the accounts are not titled the same or ownership among the transferring accounts changes, the funds will be returned to the sender.  

Subject to the limitation of liability applicable for transactions that are electronic funds transfers under the Electronic Funds Transfer Act and Regulation E, you will indemnify us for any losses incurred as a result of any transaction you initiate between these accounts that is later returned or is reported unauthorized, and if you initiate a transfer that is found to be unverifiable or is unable to be completed for other reasons, you agree to hold us harmless for any loss resulting from the incomplete transfer.  If a transfer is made from a third-party’s account or registered as an external deposit account before we detect it, we may, without notice to you, place those funds on hold and debit your Account, and return the funds to the third party’s account in the form of a bank check or funds transfer, once we have confirmed the funds cleared the external account.

 If you use the ACH Funds Transfer Service to transfer funds to or from an account that has multiple owners, you agree that each owner authorizes the others to (a) initiate the transfer of funds between accounts; (b) register any external bank account or credit card; and (c) initiate the transfer of funds between your Account(s) with us and any registered external bank account or credit card. This authority will cease only after we have received and have been given a reasonable amount of time to act on the appropriate documentation needed to change or remove the Owner from the Account. Each Account Owner agrees to be jointly and severally liable to us for any losses incurred as a result of the improper use of this Service up to and including the transfer amount, any applicable fees and any legal expenses. Your funds transfer request will only be completed if you have sufficient funds in the account from which you wish to transfer funds and the accounts are linked for transfer capabilities. Funds transfer transactions are subject to dollar amount limitations, which are determined by us and may be set according to your Account type and/or the type of ACH Funds Transfer Service you are using. These limitations are set for security reasons and are not disclosed for that reason.

We reserve the right to limit the number of external accounts that can be linked to your Account for purposes of transferring funds; to limit functionality of the Funds Transfer service by imposing limits, holds, or other measures; and to close your Account if unlawful activity is found or suspected.

The ACH Funds Transfer Service may be subject to a fee in accordance with our Schedule of Fees. This Service may not be available for all customers and/or Account types. 

 

6.5. Funds Transfers

Unless you have entered into a separate agreement with us regarding the use of our fund transfer services, the following special rules apply to any fund transfers you send or receive through us in connection with any [Personal Accounts or] Business Accounts that are not electronic funds transfers subject to the Electronic Funds Transfer Act or Regulation E. While these special rules apply to ACH fund transfers that you receive, you may not send ACH fund transfers through us unless you have entered into a separate agreement with us regarding that Service. We may charge fees for sending or receiving a fund transfer and may deduct those fees from your Account or from the amount of the fund transfer. The terms used in this Section have the meanings set forth in Article 4A of the Uniform Commercial Code. 

 

6.5.1. Errors Unauthorized Fund Transfer Requests 

We will reflect payments we make in response to your fund transfer requests in your Account statements. If you believe a statement reflects a debit to your Account for an unauthorized fund transfer request or that there was some error in the way we executed your fund transfer request, notify us as soon as possible by contacting us at [email protected], with a statement of relevant facts, within 14 days of the first date you receive the statement on which the debit for that fund transfer appears or otherwise receive transactional information regarding the fund transfer. If you fail to give us the required notice within that 14-day period, we will not be liable to you for any loss of interest or for any other compensation relating to the unauthorized or erroneous debit to your Account or because of any other discrepancy in the Account statement. Furthermore, in no event will we be liable to you or any other person or entity for any consequential, special or incidental damages relating to any unauthorized or erroneously executed fund transfer request. 

 

7. ACCOUNT MAINTENANCE 

7.1. Account Closing

If you wish to close your Account with us, you agree to withdraw all funds from your Account, and we may require you to notify us of this intention in writing. After an Account is closed, we have no obligation to accept deposits or pay outstanding items but may do so at our discretion. You agree to hold us harmless for refusing to honor any item on a closed Account. If funds remain in the Account after you have notified us of your intent to close your Account, we will require you to submit your request to us in writing and we will return any remaining funds to you. All related closing fees will be deducted from the final balance.

 

7.2. Foreign Activity

If you have moved outside of the United States or have frequent international transactions, you may be contacted about the international activity in your Account and for further verification of your address. If you are moving, traveling, or will be temporarily residing overseas, we recommend you contact us to prevent any disruption in your Account activity. Your Account may be closed if you will not be returning to the United States, are residing outside the United States for extended periods of time or have not notified us of your extended travel.     

 

7.3. Inactive and Dormant Accounts

We may consider an Account to be “inactive” after a period of no owner-initiated activity. After a period of “inactive” status, we may consider an Account to be “dormant”, at which time it will be closed.

If the Account becomes inactive or dormant, the Account will continue to be subject to any service charges in accordance with our Schedule of Fees. If an Account becomes inactive, we will notify you with specific instructions on how to restore the Account to an active status without the need to make any transactions.

 

7.4. Death or Incompetence

We may continue to honor any items submitted until (a) we know of the fact of your death or of a legal determination of incompetence or incapacitation and (b) we have had a reasonable opportunity to act on that knowledge. You agree that, even if we have knowledge of your death we may pay on items drawn on or before the date of death for up to 10 days after that date, unless ordered to stop payment by someone claiming an interest in the Account. We may require additional documentation to confirm any claims made on the Account.  We do not support Trust accounts or Powers of Attorneys at this point in time.

 

7.5. Levies, Garnishments, and Other Legal Processes

If your Account becomes subject to legal action, such as a tax levy or third-party garnishment, we reserve the right to refuse to pay any money from your Account, including checks or other items presented for payment, until the action is resolved. If we are required to pay an attachment, garnishment or tax levy, we are not liable to you. Payment is made after satisfying any fees, charges or other debts owed to us. You agree that you are responsible for any expenses, including legal expenses and fees we incur due to a garnishment, levy or attachment on your Account. We may charge these expenses to your Account. Until we receive the appropriate court documents, we may continue to process transactions against your Account, even if we have received an unofficial notification of an adverse claim. You will indemnify us for any losses if we do this.

 

8. FEES

Fees are charged in accordance with our fees outlined in our Schedule of Fees. If we assess a fee for any other Service or make a change to our Schedule of Fees we will let you know in advance.

To the extent you access your Account or the Services through a mobile device, your wireless service carrier’s charges, data rates, and other fees may apply.

 

8.1. Schedule of Fees

Activity Fee
ATM Transaction Fee – MoneyPass Network Free *surcharge fees may be applied by the ATM owner
Bill Pay Services Free
Deposit Item Returned Free
Dormant Account Free
Funds Transfer Free
Inactive Account Free
International Debit Transaction Fee Free
Overdraft Fee Free
Returned Item Fee Free
Stop Payment Fee Free
ATM Transaction Fee – Non MoneyPass Network (Domestic) $2.50
Pro Account Subscription Fee $4.99
Card Replacement Fee $5.00 after first free replacement
International ATM Withdrawal Fee $5.00
Express mail fee $20.00
Deposited Check Return $25.00

9. OTHER TERMS

9.1. Connected Accounts

To ensure a more valuable experience with us, we use Plaid Technologies, Inc. (“Plaid”) to gather your data from external financial institutions you connect via the Lili moble app. By using our Services, you grant us and Plaid the right, power, and authority to act on your behalf to access and transmit your personal and financial information from the relevant financial institution. You agree to your personal and financial information being transferred, stored, and processed by Plaid in accordance with the Plaid Privacy Policy.

 

9.2. Lili Rewards

Lili Rewards are powered by Visa SavingsEdge offered by Visa U.S.A. Inc.  By accepting this Agreement you also accept the Visa SavingsEdge Terms and Conditions.

 

9.3. Governing Law

This agreement is governed by and interpreted according to federal law [and the law of the state where your Account is located]. If state and federal law are inconsistent, or if state law is preempted by federal law, federal law governs.

 

9.4. Rights to Setoff

If you owe us any amount, you give us a security interest in your Account. You also give us the right, to the extent not prohibited by law, to set off against your funds to pay the amount owed to us. You agree that the security interest you have given us is consensual and is in addition to our right of set off. If we exercise our right of set off, we will notify you to the extent required by law.

 

9.5. Severability

If any provision of this Agreement is found unenforceable, then that provision will be severed from this Agreement and not affect the validity and enforceability of any remaining provisions.

 

9.6. Invalidated Provisions

If an arbitrator or court finds any provision to be invalid, you and we agree that the arbitrator or court should give valid effect to the intention of that provision, and that the remainder of the Agreement remain in full force and effect.

 

9.7. Contact Information

We want to hear your comments, concerns, suggestions, or questions. Email us at [email protected].

 

10. E-SIGN CONSENT TO ELECTRONIC COMMUNICATION

We would like to communicate with you using electronic means. When you click or tap the “I Agree” button below, this tells us:

 

  • You agree to receive any electronic communication from us for any purpose;
  • You agree to receive an electronic version of any written notice or disclosures we must send you under law (“Legal Disclosures”); and
  • You understand that to receive Legal Disclosures, you must meet the requirements in Section 10.1 below.

When we send an electronic communication, including a Legal Disclosure, it may come in the form of an update to our website or within the Lili mobile app; as an email, text, or communication on social media; as a notification on mobile, tablet, or wearable devices; or through other electronic means. When you sign-up for an Account, we will request your mobile telephone number.  We request this information in order to send you security confirmation text messages and information about your Account and the Services.  By clicking or tapping the “I agree” button below, you consent and agree to accept and receive communications, including Legal Disclosures, from us, including via e-mail, text message, calls and push notification to the mobile telephone number you provide us.  As part of this consent, we, or someone on our behalf, may send you communications generated by automatic telephone dialing systems [and/or deliver prerecorded messages] that includes (i) security confirmation messages; (ii) communications about your Account (such as transfers you requested or received); (iii) communications about use and updates to our Services; and (iv) other information concerning your Account and our Services.  We do not charge you when we communicate with you via text message, but your phone carrier will apply standard text messaging charges and data rates.

 

10.1. Technology Requirements

In order to receive electronic communications, including Legal Disclosures, you must have:

 

  • A computer or mobile device with an internet connection;
  • A web browser that includes 128-bit encryption, with cookies enabled;
  • A valid email address and phone number; and
  • Sufficient storage space to save any Legal Disclosure or an installed printer to print them.

We may change these requirements, but we will notify you promptly of any material changes.

 

10.2. Paper Versions

If you would like a paper copy of any Legal Disclosure we send you, please contact us as [email protected] and we will mail one to you at no cost.

 

10.3. Withdrawing Consent

If you would like to withdraw your consent, you can tell us at any time by emailing [email protected]. Once you withdraw your consent, we will no longer send you paper copies of any Legal Disclosure. Also, please be aware that once you withdraw consent, we may – but are not obligated to – cancel your Account with us.

 

10.4. Saving and Reviewing this Consent

This Agreement can be printed and saved for your records.