The Bancorp Bank, N.A. - Wallet Terms of Service

Last updated: September 30, 2023

IMPORTANT - PLEASE READ CAREFULLY

This Terms of Use contains an Arbitration Clause requiring all claims to be resolved by way of binding arbitration.

1. Terms of Use for your Expensify Wallet

The Expensify Wallet is provided by The Bancorp Bank, Wilmington, Delaware, member of the Federal Deposit Insurance Corporation ("FDIC") (the "Bank") on behalf of Expensify Payments LLC ("Expensify"), the program partner responsible for managing the Expensify Wallet "We", "our", and "us" refer to the Bank, our successors, affiliates or assignees. "You" and "your" refer to the individual users of the Expensify Wallet. The Expensify Wallet is available to any individual registered for an Expensify Account, even if the individual's employer is not a customer of Expensify, Inc. With the Expensify Wallet, the funds of users are held in the user's "Expensify Wallet", an electronic means of storing funds on a prepaid basis, which is accessible online via our web app and/or through our mobile applications (with such web app and mobile applications described in the Expensify Terms of Service). Users of the Expensify Wallet are able to hold their funds in their Expensify Wallet and transfer funds through Expensify's peer-to-peer service ("P2P") to recipients that also have an Expensify Wallet (each a "Recipient").

Please read carefully the following terms and conditions related to the Expensify Wallet (the "Agreement"). By using the Expensify Wallet, you acknowledge that you have read the Agreement and agree to abide by the requirements explained herein. This Agreement is incorporated into the Expensify Terms of Service. This Agreement governs your access to and use of the Expensify Wallet and constitutes a binding legal agreement between you and Bank. To the extent of any conflict between this Agreement and the Expensify Terms of Service, this Agreement shall control.

As a condition of your use of the Expensify Wallet, you warrant that you will safeguard your Expensify Wallet information, including all means to access your Expensify Wallet and will supervise and be completely responsible for any use of your Expensify Wallet by you and anyone other than you.

Capitalized terms not defined in this Agreement are defined in the Expensify Terms of Service.

YOU ACKNOWLEDGE AND AGREE THAT, BY CLICKING ON THE "ACCEPT AGREEMENT" BUTTON, OR USING AN Expensify Wallet, YOU ARE INDICATING THAT YOU HAVE READ, UNDERSTAND AND AGREE TO BE BOUND BY THIS AGREEMENT. IF YOU DO NOT AGREE TO THIS AGREEMENT, THEN YOU HAVE NO RIGHT TO USE AN Expensify Wallet.

Our business days are Monday through Friday, excluding federal holidays, even if we are open. Any references to "days" found in this Agreement are calendar days unless indicated otherwise.

2. IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING AN EXPENSIFY WALLET

In order to use an Expensify Wallet, you will be required to open an Expensify Wallet at the Bank. Your Expensify Wallet is a stored value account, with funds that are maintained at the Bank . Your Expensify Wallet does not earn interest.

An Expensify Wallet may be opened on the New Expensify mobile application or by visiting new.expensify.com.

To help the government fight the funding of terrorism and money laundering activities, federal law requires Bank to obtain, verify, and record information that identifies each person who opens an Expensify Wallet. What this means for you: When you open an Expensify Wallet, 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 copy of your driver's license or other identifying documents.

When opening and maintaining an Expensify Wallet, you agree to provide up-to-date, complete and accurate information, maintain and promptly update your Expensify Wallet information, and maintain your log-in information and password.

You agree you shall not (and shall not authorize) any act or omission that would sublicense, loan, sell, assign, lease, rent, transfer, distribute, or grant the same or similar rights in your Expensify Wallet or Expensify Wallet to any other person or entity without the prior written consent of Bank.

3. Funding

You may make deposits to your Expensify Wallet by debiting a linked personal bank account held in your name up to $10,000 per day (not to exceed to $50,000 per month). Bank can decrease these limits for the purpose of fraud prevention at its own discretion. Your Expensify Wallet may also be funded by amounts that you receive from other Expensify Payment Accounts. If you debit your linked personal bank account to fund your Expensify Wallet, funds may not be available in your Expensify Wallet until three (3) business days after you initiate the debit to your linked personal bank account. Your Expensify Wallet may also be funded by pulling funds from a linked debit card held in your name up to $10,000 per day (not to exceed to $50,000 per month). If you fund your Expensify Wallet from your linked debit card, funds may not be available in your Expensify Wallet until 30 minutes after you initiate the transfer from your linked debit card, provided the transfer is successful.

4. Withdrawals from Expensify Wallet

In addition to the sending of payments via P2P, as described below, you may withdraw up to $10,000 per day (not to exceed to $50,000 per month) from your Expensify Wallet to deposit into your personal bank account. You may also withdraw up to $10,000 per day (not to exceed to $50,000 per month) from your Expensify Wallet to deposit into your linked debit card. Bank can decrease these limits for the purpose of fraud prevention as its own discretion.

5. Sending Payments

When using P2P to send funds to a recipient, you understand that you must provide your express authorization at the time of the transaction to initiate a debit entry to your Expensify Wallet. You may send funds to a recipient's Expensify Wallet by debiting your Expensify Wallet up to $10,000 per day (not to exceed to $50,000 per month). Bank can decrease these limits for the purpose of fraud prevention at its own discretion. Bank may also establish from time to time additional restrictions and limitations on the transfer amounts and frequency of the P2P service at its own discretion. You acknowledge and agree that payment transfers will be completed using information that you provide to Bank, including the identity of the Recipient and the amount of the payment. Please make sure you provide accurate information, since your obligation to pay for the transfer will not be excused by an error in the information you provide.

6. Cancelling Payments

You understand that your ability to cancel a P2P transaction is extremely limited, and may not be available at all. You only have the ability to cancel a payment if you cancel the transaction prior to the transaction information being sent to Bank. Otherwise, you will have no ability to stop the transaction once it is initiated. You acknowledge that Bank or Expensify does not have any liability for transactions that cannot be cancelled once initiated.

7. Receiving Payments

When someone uses their Expensify Wallet to send you a payment, a credit entry to your Expensify Wallet will be initiated and processed. If the sender's funds are debited from the sender's linked personal bank account, the funds may not be available in your Expensify Wallet for up to three (3) business days after the sender initiates the transfer. Bank can set limits on receiving payments for the purpose of fraud prevention at its own discretion. If you do not yet have an Expensify Wallet, you will be required to open one in order to receive the payment sent to you. You acknowledge that Bank or Expensify does not have any liability to you for any transfers to your Expensify Wallet that are incomplete or inaccurate, or for any related losses or damages.

8. Authorization of Proposed Transfers

You authorize Bank to withdraw, debit or charge the necessary funds from your Expensify Wallet in order to complete all of your designated transfers. You agree that you will instruct us to make a withdrawal only when a sufficient balance is available in your Expensify Wallet at the time of the withdrawal. The completion of a transfer or payment is subject to the availability of sufficient funds at the time the transaction is posted. If sufficient funds to complete the transfer or payment are not available, Bank may either (i) refuse to complete the transaction, or (ii) complete the transaction using funds provided by you from your linked bank account (subject to funds availability restrictions set forth on linked bank account transfers in Section 3) or (iii) complete the transaction using funds provided by you from your linked debit card to the extent such an arrangement is offered by Bank. Bank does not have any obligation to inform you if we do not complete a payment or transfer because there are non-sufficient funds in your account to process the transaction.

9. Settlement of Proposed Transfers From Your Linked Bank Account

Transfer instructions related to any transfer from your linked bank account, and the transmission of data related to such instructions, shall be received pursuant to this Agreement and the operating rules and guidelines for utilizing the ACH network, as promulgated by the National Automated Clearing House Association (NACHA) (collectively, the "Rules"), and you agree to be bound by such Rules as in effect from time to time. In accordance with such Rules, any debit or credit to an account shall be provisional until such credit has been finally settled by us or with the third party financial institution that holds the Deposit Account of the applicable Recipient.

10. Your Representations and Warranties

By using your Expensify Wallet, you represent and warrant to us that: (i) you are at least 18 years of age (or older if you reside in a state where the majority age is older); (ii) you are a U.S. citizen or legal alien residing in the fifty (50) states of the United States ("U.S.") or the District of Columbia; (iii) you have provided us with a verifiable U.S. street address (not a P.O. Box); (iv) the personal information that you provide to us in connection with the Expensify Wallet is true, correct and complete; and (v) you received a copy of this Agreement and agree to be bound by and to comply with its terms.

11. Periodic Statement

You will get a monthly account statement (unless there are no transfers in a particular month. In any case you will get a statement at least quarterly). When your statement is available, you will receive an email directing you to your Expensify Wallet where you can retrieve your statement. The statement will also be available online at new.expensify.com and accessible via the mobile application.

12. Preauthorized Payments

Your Expensify Wallet cannot be used for preauthorized payments from the account.

13. Limitation of Liability

EXCEPT AS OTHERWISE REQUIRED UNDER THIS AGREEMENT YOU AGREE THAT NEITHER WE (INCLUDING OUR AFFILIATES) NOR OUR SERVICE PROVIDERS (INCLUDING, BUT NOT LIMITED TO, EXPENSIFY) OR ANY OF THEIR AFFILIATES, ACCOUNT PROVIDERS OR ANY OF THEIR AFFILIATES, WILL BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL OR EXEMPLARY DAMAGES, INCLUDING, BUT NOT LIMITED TO, DAMAGES FOR LOSS OF PROFITS, GOODWILL, USE, DATA OR OTHER INTANGIBLE LOSSES, EVEN IF WE OR OUR SERVICE PROVIDERS (INCLUDING, BUT NOT LIMITED TO, EXPENSIFY) HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, RESULTING FROM OR ARISING IN ANY WAY OUT OF: (I) THE USE OR THE INABILITY TO USE THE EXPENSIFY WALLET AND/OR THE INSTALLATION, USE, OR MAINTENANCE OF ANY EXPENSIFY WALLET RELATED EQUIPMENT OR SOFTWARE AND/OR THE EXPENSIFY WALLET; (II) THE COST OF GETTING SUBSTITUTE GOODS AND SERVICES RESULTING FROM ANY PRODUCTS, DATA, INFORMATION OR SERVICES PURCHASED OR OBTAINED OR MESSAGES RECEIVED OR TRANSACTIONS ENTERED INTO THROUGH OR FROM THE EXPENSIFY WALLET; (III) UNAUTHORIZED ACCESS TO OR ALTERATION OF YOUR TRANSMISSIONS OR DATA; (IV) STATEMENTS OR CONDUCT OF ANYONE ON THE EXPENSIFY WALLET; (V) THE USE, INABILITY TO USE, UNAUTHORIZED USE, PERFORMANCE OR NON-PERFORMANCE OF ANY THIRD-PARTY SITE, EVEN IF THE PROVIDER OF SUCH THIRD-PARTY SITE HAS BEEN ADVISED PREVIOUSLY OF THE POSSIBILITY OF SUCH DAMAGES; (V) ANY PRODUCTS, DATA, INFORMATION OR SERVICES PURCHASED OR OBTAINED OR MESSAGES RECEIVED OR TRANSACTIONS ENTERED INTO, THROUGH OR FROM THE EXPENSIFY WALLET, OR (VI) ANY OTHER MATTER RELATING TO THE EXPENSIFY WALLET.

Some jurisdictions do not allow the limitation or exclusion of liability for the damages described in the immediately preceding paragraph. Accordingly, some of the above limitations may not apply to you.

14. Fees and Contact Information

All Expensify Wallet fees

Your funds are eligible for FDIC insurance. Your funds will be held at or transferred to The Bancorp Bank, N.A., an FDIC-insured institution. Once there, your funds are insured up to $250,000 by the FDIC in the event The Bancorp Bank, N.A. fails. See fdic.gov/deposit/deposits/prepaid.html for details.

No overdraft/credit feature.

Contact Expensify Payments by calling +1 833-400-0904, by email at concierge@expensify.com or sign in at new.expensify.com.

For general information about prepaid accounts, visit cfpb.gov/prepaid.

If you have a complaint about a prepaid account, call the Consumer Financial Protection Bureau at 1-855-411-2372 or visit cfpb.gov/complaint.

15. Confidentiality

We may disclose information to third parties about your Expensify Wallet or the transactions you make:

1. Where it is necessary for completing transactions;

2. In order to verify the existence and condition of your Expensify Wallet for a third party, such as a credit bureau;

3. In order to comply with government agency, court order, or other legal or administrative reporting requirements;

4. If you consent by giving us your written permission;

5. To our employees, auditors, affiliates, service providers, or attorneys as needed; or

6. Otherwise as necessary to fulfill our obligations under this Agreement.

16. Our Liability for Failure To Complete Transactions

If we do not properly complete a transaction from your Expensify Wallet on time or in the correct amount according to our Agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable, for instance:

1. If through no fault of ours, you do not have enough funds available in your Expensify Wallet to complete the transaction;

2. If, through no fault of ours, you do not have enough funds in your Expensify Wallet to complete the transfer, or the transfer would exceed the funding or withdrawal limit associated with your Expensify Wallet;

3. If the P2P service is not working properly and you know or have been advised about the malfunction before you execute the transfer;

4. If you have not provided us with the correct information for the Recipient;

5. If circumstances beyond our control (such as, but not limited to, fire, flood, or interference from an outside force) prevent the proper execution of the transfer;

6. If the failure to complete a transfer from your Expensify Wallet on time or in the correct amount was due to a failure of third party systems, including, but not limited to NACHA;

7. If the failure to complete a transfer on time or in the correct amount was caused by actions we have taken to address the security of our systems or our customers' information;

8. If the transfer or related funds are subject to legal or other regulatory encumbrance or other process preventing or restricting the transfer;

9. If we revoked or suspended your Expensify Wallet for inactivity or other reason in our discretion;

10. If the transfer appears suspicious, fraudulent or unauthorized, and we cannot confirm that it is a legitimate transfer, or if the payment is (or appears to be) prohibited by law or any payment system rules, including the Rules; and/or

11. If you failed to follow our instructions for use of P2P.

12. If access to your Expensify Wallet has been blocked after you reported unauthorized use;

13. If we have reason to believe the requested transaction is unauthorized; or

14. Any other exception stated in our Agreement with you.

17. Your Liability for Unauthorized Transfers

Contact us at once if you believe any unauthorized party has obtained your username, password, or other means to access your Expensify Wallet or if you believe that an electronic fund transfer has been made without your permission from your Expensify Wallet. Emailing us at concierge@expensify.com is the best way to minimize your possible losses. You may also call +1 833-400-0904 or message us via in-app chat. If you notify us within two (2) business days after you learn of any unauthorized transactions, you can lose no more than $50.00 if someone used your username, password or other means to access your Expensify Wallet and complete a transaction without your permission. If you do not notify us within two (2) business days after you learn of the loss or theft of your username, password, or other means to access your Expensify Wallet and we can prove that we could have stopped someone from using your password(s) or other means to access your Expensify Wallet without your permission if you had promptly notified us, you could lose as much as $500.00.

Also, if your statement shows transactions that you did not make, notify us at once following the procedures stated in the paragraph labeled "Information About Your Right to Dispute Errors." If you do not notify us within sixty (60) days after the statement was made available to you, you may not get back any value you lost after the sixty (60) days if we can prove that we could have stopped someone from taking the value if you had notified us in time. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time periods. If your username, password, or other means to access your Expensify Wallet has been improperly obtained, we may close your Expensify Wallet to keep losses down.

18. Other Miscellaneous Terms

Your Expensify Wallet and your obligations under this Agreement may not be assigned by you. We may transfer our rights under this Agreement. We do not waive our rights by delaying or failing to exercise them at any time. If any provision of this Agreement shall be determined to be invalid or unenforceable under any rule, law, or regulation of any governmental agency, local, state, or federal, the validity or enforceability of any other provision of this Agreement shall not be affected. This Agreement will be governed by the law of the State of except to the extent governed by federal law.

19. Amendment and Cancellation

We reserve the right to change or discontinue, temporarily or permanently, the Expensify Wallet at any time without notice to you. If we modify this Agreement, we will post the modification on www.expensify.com or provide you with notice of the modification. We will also update the "Last Updated Date" at the top of these Terms of Use. You will be notified of any change in the manner provided by applicable law prior to the effective date of the change. However, if the change is made for security purposes, we can implement such change without prior notice. If the modified Agreement is not acceptable to you, your only recourse is to cease using the Expensify Wallet.

In order to maintain the security and integrity of the Expensify Wallet, we may also suspend your access to the Expensify Wallet at any time without notice. In addition, we may discontinue the provision of the Expensify Wallet to you, or may refuse to process a transaction requested by you in connection with your Expensify Wallet for any reason including, but not limited to, if we are unable to validate any registration or transaction information provided by you, or if we believe that providing the Expensify Wallet or completing the requested transaction may expose us to a risk of loss or violation of applicable law. You agree that we will not be liable to you or any third party for any modification or discontinuance of the Expensify Wallet.

20. Information About Your Right to Dispute Errors

In case of errors or questions about electronic transfers through your Expensify Wallet, call +1 833-400-0904 or write to us at concierge@expensify.com, as soon as you can, if you think an error has occurred in your account, or if you need more information about a transaction listed on your statement. We must allow you to report an error until sixty (60) days after we sent the FIRST statement on which the problem or error appeared. You will need to tell us:

1. Your email and phone number or name associated with your Expensify Wallet;

2. 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; and,

3. the dollar amount of the suspected error.

If you provide this information orally, we may require that you send your complaint or question in writing within ten (10) business days.

We will determine whether an error occurred within ten (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 forty-five (45) days to investigate your complaint or question. If we decide to do this, we will credit your Expensify Wallet within ten (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 to complete the investigation. If we ask you to put your complaint or question in writing and you do not provide it within ten (10) business days, we may not credit your Expensify Wallet.

For errors involving new Expensify Wallets, we may take up to ninety (90) days to investigate your complaint or question. For new Expensify Wallets, we may take up to twenty (20) business days to credit your Expensify Wallet for the amount you think is in error.

We will tell you the results within three (3) business days after completing the investigation. If we decide that there was no error, we will send you a written explanation. Copies of the documents used in the investigation may be obtained by contacting the phone number or address shown at the beginning of this section. If you need more information about our error-resolution procedures, call +1 833-400-0904 or email concierge@expensify.com.

21. English Language Controls

Any translation of this Agreement is provided for your convenience. The meanings of terms, conditions and representations herein are subject to definitions and interpretations in the English language. Any translation provided may not accurately represent the information in the original English.

22. Customer Service

For customer service or additional information regarding your Expensify Wallet, please contact:

Expensify Payments LLC
concierge@expensify.com
+1 833-400-0904

Customer Service agents are available to answer your calls:

Monday through Friday, 9a.m. to 9p.m. ET (holidays excluded).

23. Telephone Monitoring/Recording

From time to time we may monitor and/or record telephone calls between you and us to assure the quality of our customer service or as required by applicable law.

24. Arbitration

Any claim, dispute, or controversy ("Claim") arising out of or relating in any way to: i) this Agreement; ii) your Expensify Wallet; iii) your use of the Expensify Wallet; iv) the amount of available funds in the Expensify Wallet; v) advertisements, promotions or oral or written statements related to the Expensify Wallet; vi) the benefits and services related to the Expensify Wallet; or vii) transactions using the Expensify Wallet, no matter how described, pleaded or styled, shall be FINALLY and EXCLUSIVELY resolved by binding individual arbitration conducted by the American Arbitration Association ("AAA") under its Consumer Arbitration Rules. This arbitration agreement is made pursuant to a transaction involving interstate commerce and shall be governed by the Federal Arbitration Act (9 U.S.C. 1-16).

We will pay the initial filing fee to commence arbitration and any arbitration hearing that you attend shall take place in the federal judicial district of your residence.

ARBITRATION OF YOUR CLAIM IS MANDATORY AND BINDING. NEITHER PARTY WILL HAVE THE RIGHT TO LITIGATE THAT CLAIM THROUGH A COURT. IN ARBITRATION, NEITHER PARTY WILL HAVE THE RIGHT TO A JURY TRIAL OR TO ENGAGE IN DISCOVERY, EXCEPT AS PROVIDED FOR IN THE AAA CODE OF PROCEDURE .

For a copy of the procedures, to file a Claim or for other information about this organization, contact it at: AAA, 335 Madison Avenue, New York, NY 10017 or at www.adr.org.

All determinations as to the scope, interpretation, enforceability and validity of this Agreement shall be made final exclusively by the arbitrator, which award shall be binding and final. Judgment on the arbitration award may be entered in any court having jurisdiction.

NO CLASS ACTION, OR OTHER REPRESENTATIVE ACTION OR PRIVATE ATTORNEY GENERAL ACTION OR JOINDER OR CONSOLIDATION OF ANY CLAIM WITH A CLAIM OF ANOTHER PERSON OR CLASS OF CLAIMANTS SHALL BE ALLOWABLE.

This arbitration provision shall survive: i) the termination of the Agreement; ii) the bankruptcy of any party; iii) any transfer, sale or assignment of your Expensify Wallet, or any amounts owed from your Expensify Wallet to any other person or entity; or iv) expiration or termination of the Expensify Wallet. If any portion of this arbitration provision is deemed invalid or unenforceable, the remaining portions shall remain in force.

IF YOU DO NOT AGREE TO THE TERMS OF THIS ARBITRATION AGREEMENT, DO NOT USE YOUR EXPENSIFY WALLET. EMAIL CONCIERGE@EXPENSIFY.COM FOR ASSISTANCE WITH CANCELING YOUR EXPENSIFY WALLET.