Autopay Terms

Effective Date: July 30, 2024

By agreeing to these Autopay Terms, you authorize First Electronic Bank, any assignee of your loan, or any service provider of either (collectively, “we” or “us”) to initiate payments for your loan automatically from your Cash App Stored Balance or the debit card you linked to your Cash App account (each a “Payment Account”). These Autopay Terms set forth terms and conditions, in addition to those contained in your loan agreement, that govern these automatic payments. Capitalized terms used but not otherwise defined herein shall have the respective meanings given to them in your loan agreement.

Payment of Your Outstanding Balance
Your loan agreement provides for automatic repayment of the Outstanding Balance on the Due Date and, if applicable, the Payoff Amount after the Due Date.

Optional Repayment Schedules - Split it Up

You may enroll in optional weekly payments (the “Split it up” repayment schedule). If you choose to “Split it up,” we will initiate automatic payments on the dates and in the amounts provided to you in your optional repayment schedule. Enrolling in the Split it up repayment schedule does not opt you out of the automatic payment terms that take effect on the Due Date. Even if you enroll in Split it up, we may initiate automatic payments as set forth above under “Payment of Your Outstanding Balance.” Of course, payments that you make under the Split it up option will reduce your Outstanding Balance, so the automatic payments on or after the Due Date will be lower.

Payment Account for Split it Up
We will deduct any Split it up repayments from your Cash App Stored Balance. If a Split it up repayment is greater than your Cash App Stored Balance at the time of payment, then we will deduct the available amount from your Cash App Stored Balance and initiate payment for the remainder of the Split it up payment from the debit card that you have linked to your Cash App account (if any). In this case, we will use the debit card that is linked at the time of the Split it up payment. For example, if your scheduled payment is $50, but your Cash App Stored Balance is only $30 at the time of payment, we will deduct the $30 in your Cash App Stored Balance and then initiate payment for the remaining $20 from your linked debit card. As described below in the “Skipped or Missed Split it up Repayments” section, a Split it up repayment may include both your scheduled repayment and any remainder from previous Split it up repayments that were unable to be charged to either your Cash App Stored Balance or linked debit card.

Skipped or Missed Split it Up Repayments
You can skip one or more Split it up repayments without penalty or fee. In order to skip a Split it up repayment, you must notify us at least three business days before the payment you would like to skip is initiated. You may still ask to skip a Split it up repayment after that, but we cannot promise that we will be able to stop it. When you instruct us to skip a payment, you authorize us to initiate a payment on the next scheduled payment date equal to the amount of the skipped payment plus the amount of the next Split it up repayment (which may include a remainder from previous Split it up repayments that were not able to be charged). Payments will then resume according to your “Split it up” repayment schedule and these Autopay Terms. If you want to skip additional payments, you’ll need to go through the skip payment process again.

If there are not enough funds in your Cash App Stored Balance to cover a Split it up repayment and we cannot charge the remainder of the Split it up repayment to your linked debit card on our first try, then we may reinitiate a payment for any remainder of the Split it up repayment as allowed by network rules and applicable law. If we are unable to reinitiate a payment or a reinitiated payment is not successful, we will include the remainder of the voluntary prepayment in your next payment (whether a voluntary prepayment or a payment of any outstanding balance on the Due Date). Reasons that we might not be able to charge a payment to your debit card include that the card issuer declines the transaction, the card linked to your account is no longer valid (e.g., it is expired), or you have removed the debit card linked to your Cash App account and not replaced it with another card.

Skipping or missing a payment does not cancel your enrollment in Split it up repayments. If you want to cancel your enrollment in Split it up repayments, see the section “How to Cancel Split it Up Repayments.”

How to Cancel Split it Up Repayments
Your enrollment in the Split it Up repayments will remain in effect unless you or we cancel your enrollment. Making a voluntary unscheduled loan payment will not delay or reduce your next scheduled Split it up repayment (unless the unscheduled payment lowers your Outstanding Balance to less than the scheduled payment, in which case your scheduled payment will only be for the amount of the Outstanding Balance).

You can cancel Split it up repayments at any time by contacting Cash App Support. Please note that if you instruct us to cancel Split it up repayments fewer than three business days before the next scheduled payment, we might not be able to stop that payment. We may cancel your enrollment in automatic payments at any time and for any reason, including excessive returned payments.

Canceling Split it up repayments does not affect your duty to repay your underlying obligation according to your loan agreement. However, such cancellation will result in the cancellation of the automatic payments described above in the section titled “Payment of Your Outstanding Balance". Your authorization in no way limits any right you may have under federal law to stop payment of a preauthorized electronic transfer by contacting your financial institution.

Unless you or we terminate your enrollment in optional weekly payments as provided by these Autopay Terms, your authorization will remain in effect until you pay your loan in full.

Optional Repayment Schedules - Repay When You Get Paid

You may choose to enroll in an optional “Repay when you get paid” plan, where you make a loan payment when you receive a payment to your Cash App Stored Balance. If you enroll in this plan, we may initiate an automatic loan payment from your Cash App Stored Balance each time you receive a peer-to-peer payment or direct deposit (each a “Qualifying Payment”) into your Cash App account (some exceptions below). We may initiate this automatic loan payment immediately after the Qualifying Payment is credited to your Cash App Stored Balance. The amount of the automatic loan payment will be equal to 10% of the Qualifying Payment. (If this amount is more than your Outstanding Balance, then the automatic loan payment will be equal to the Outstanding Balance.)

How to Cancel the Repay As You Get Paid Plan
Your enrollment in the Repay as you get paid plan will remain in effect unless you or we cancel your enrollment. Making a voluntary unscheduled loan payment will not delay or reduce your next payment (unless the unscheduled payment lowers your Outstanding Balance to less than the scheduled payment, in which case your scheduled payment will only be for the amount of the Outstanding Balance).

You can cancel Repay as you get paid payments at any time by contacting Cash App Support. Please note that if you instruct us to cancel optional payments fewer than three business days before you receive a Qualifying Payment, we might not be able to stop that payment. We may cancel your enrollment in the Repay as you get paid plan at any time and for any reason, including excessive returned payments.

Canceling the Repay as you get paid plan does not affect your duty to repay your underlying obligation according to your loan agreement. However, such cancellation will result in the cancellation of the automatic payments described above in the section titled “Payment of Your Outstanding Balance”.

Your authorization in no way limits any right you may have under federal law to stop payment of a preauthorized electronic transfer by contacting your financial institution.

Unless you or we terminate your enrollment in the Repay as you get paid plan as provided by these Autopay Terms, your authorization will remain in effect until you pay your loan in full.

Other Terms

Authorization to Modify or Combine Payments
You authorize us to combine multiple payments that we may be initiating on the same day from your Payment Account into a single payment. Instead of or in addition to any payments described above, you authorize us to initiate payments from your Payment Account for any amount and on any date that you subsequently direct by phone, email or other method we make available.

Reversals and Credits
You also authorize us to initiate electronic debits or credits to your Payment Account, in the event of an erroneous debit or credit or as otherwise appropriate. If there is any missing or erroneous information with respect to your Payment Account or the associated financial institution, you authorize us to verify and correct such information.

Miscellaneous
You promise that each of your Payment Accounts is legitimate, open and active and that you are an authorized signer on each Payment Account.

If you change the debit card linked to your Cash App account, it will automatically change the debit card that we use for future payments under these Autopay Terms.

You understand that these Autopay Terms are subject to applicable law and network rules. Each payment will be processed in U.S. dollars, and, if it is converted into another currency, its amount may vary based on fluctuations in the applicable conversion rate.

In the event there is any inconsistency between these Autopay Terms and the terms governing your Cash App account, these Autopay Terms will control to the extent of any inconsistency.

You can find a copy of this authorization on your Borrow receipt, or you can request a copy by contacting Cash App Support.