ELECTRONIC FUND TRANSFER TERMS

The following terms (the “Terms”) apply to Electronic Fund Transfer made from the linked bank account or bank card (“Account”) shown on the associated screen in the MoneyLion mobile application. As your Account was established for personal, family, or household purposes, it is governed by the Electronic Fund Transfer Act and its accompanying Regulation E. The term “Electronic Fund Transfer” refers to any transfer of funds that is initiated through an electronic terminal, telephone or computer for the purpose of ordering, instructing, or authorizing a financial institution to debit or credit a consumer’s account, and includes ACH transfers (including bill payments and direct deposits), transfers resulting from debit card transactions, and internal transfers to or from another account at your bank. For purposes of these Terms, “MoneyLion” or “we” refer to MoneyLion Technologies Inc., its affiliates, successors, assigns, agents and third-party service providers.

Authorized Signer; No Violation of Laws

By submitting an authorization for an Electronic Fund Transfer, you verify that you are an authorized signer on the Account and agree that the Electronic Fund Transfer does not violate applicable law. You agree that you will not dispute any electronic debits properly authorized by you and initiated by MoneyLion, so long as the debits correspond to the terms indicated on the associated screen in the MoneyLion mobile application.

Account Statements and Electronic Fund Transfers

If the Account is a RoarMoney Account, your periodic Account statement will show the date, amount, and description of each Electronic Fund Transfer. You may verify the posting of an Electronic Fund Transfer to your Account on the next business day after it has been initiated by contacting us at 1-801-252-4427 during our regular business hours as shown on the MoneyLion website or by logging into your Account on the MoneyLion mobile application. For purposes of these Terms, “business days” are Mondays through Fridays, excluding bank holidays.

Stopping Electronic Fund Transfers

If you have scheduled a recurring Electronic Funds Transfer, you may cancel the transfer either through the MoneyLion application, or by contacting us by phone or email, at least three (3) business days before the scheduled transfer date so as to afford MoneyLion a reasonable opportunity to act on your request. If you order us to stop a payment three (3) business days or more before the transfer is scheduled and we do not do so, we will be liable for any losses or damages. However, if you order us to stop a payment with less than three (3) business notice before the transfer is scheduled, we will not be liable for any losses or damages if we are unable to stop the payment. 

Rejection of Debit Entry

You understand and agree that if you request to debit an Account that is a non-RoarMoney Account, and your debit request is rejected by the financial institution holding your non-RoarMoney Account, MoneyLion may attempt to initiate your requested debit again to your non-RoarMoney Account until the earlier of (1) when your requested  payment is received, or (2) the maximum number of times permitted under applicable law. You understand that the financial institution holding your non-RoarMoney Account  may impose fees in connection with rejected debits, and that MoneyLion does not have any liability to you for such fees.

You acknowledge and agree that although MoneyLion may use technology to check your non-RoarMoney Account balance before completing your debit request, which may avoid bank fees to you, MoneyLion does not have any duty to do so, and that you may incur overdraft or insufficient funds fees if you fail to maintain a sufficient balance in your non-RoarMoney Account.

Errors in Debit Entry

In the event that MoneyLion makes an error in processing an Electronic Fund Transfer, you authorize MoneyLion to correct the error by initiating an electronic credit or debit to your Account in the amount of such error on or after the date such error occurs. If you make a typographical error or similar error in providing MoneyLion with information about your Account, you authorize MoneyLion to correct the error, after verifying the correct information with you or your financial institution.

Error Resolution

In case of errors or questions about your Electronic Fund Transfers, contact us at 1-801-252-4427 or MoneyLion, Attn Customer Service, P.O. Box 1547, Sandy, UT 84091-1547 or by email at [email protected] as soon as you can, if you think your Account statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt. We must hear from you no later than 60 days after we sent the FIRST Account statement on which the problem or error appeared.

  1. Tell us your name and Account number;
  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;
  3. Tell us the dollar amount of the suspected error.

If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days.

We will determine whether an error occurred within 10 business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days to investigate your complaint or question. If we decide to do this, we will credit your Account within 10 business days for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not credit your Account.

For errors involving new Accounts, 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 tell you the results within three (3) business days after completing our investigation. If we decide that there was no error, we will send you a written explanation. You may ask for copies of the documents that we used in our investigation.

Liability for Unauthorized Electronic Fund Transfers From your Account

You must immediately inform us if you believe that your Account credentials have been lost or stolen or that an Electronic Fund Transfer has been made from your Account without your permission. Contacting us by phone at 1-801-252-4427 is the best way to minimize your losses.

If you tell us within two (2) business days after learning that your Account credentials have been lost or stolen or of an unauthorized Electronic Fund Transfer, your liability will be no more than $50. If you do NOT tell us within two (2) business days of such an event, and MoneyLion can prove that the unauthorized Electronic Fund Transfer could have been stopped if we were notified in time, your liability could be up to $500. You must report an unauthorized Electronic Fund Transfer that appears on your Account periodic statement within 60 days of your receipt of the Account periodic statement. If you do not notify MoneyLion in time, and MoneyLion can prove that the unauthorized Electronic Fund Transfers could have been stopped if we were notified within the 60-day period, then you may not get your money back. If your delay in notifying us was due to extenuating circumstances, MoneyLion may extend the times specified above.

Liability for Failure to Complete Electronic Fund Transfers

If we do not complete an Electronic Fund Transfer to or from your Account on time or in the correct amount according to this Agreement, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable, for instance:

There may also be other exceptions not specifically mentioned in the Agreement or that are stated elsewhere in the Agreement that may apply.

If you have set up a recurring Electronic Fund Transfer and any of the above circumstances occur, with the sole exception of if your Account has been closed, such that it results in three failed transfers, then MoneyLion may, in its discretion, treat your preauthorized, recurring Electronic Fund Transfer as cancelled.

Confidentiality – Information We Collect About You

Federal law requires us to tell you how we collect, share, and protect your personal information.  You acknowledge that you have received a copy of our privacy notice, which is accessible at https://www.moneylion.com/privacy-notice (the “Privacy Notice”). You may review our Privacy Notice and practices with respect to your personal information at our website as linked herein.

MoneyLion Contacts

If you need to contact us about your Account and/or any Electronic Fund Transfers, please contact us at 1-801-252-4427 or MoneyLion, Attn Customer Service, P.O. Box 1547, Sandy, UT 84091-1547 or by email at [email protected]. Our regular business hours and our standard response times are posted here