Auto Pay Authorization

Effective August 10, 2020 - November 23, 2020

Automated Payment Authorization

By enrolling in Automated Payments (“Autopay”) for your loan, you authorize First Electronic Bank and its service providers, including Square Capital, LLC, to initiate payments for your loan automatically from your Cash App Stored Balance or the debit card you linked to your Cash App account. These terms and conditions (“Autopay Terms”) govern these automatic payments.

In these Autopay Terms, "we" and "us," mean First Electronic Bank, any assignee of your loan, or any service provider of either, such as Square Capital, LLC. This means that if First Electronic Bank assigns or transfers your loan to another party, then that party (and its service providers) may initiate payments pursuant to these Autopay Terms.

Payment Schedule
Your loan terms require you to pay the loan balance in full by the Final Due Date specified in your Summary of Loan Terms. If you make your payment as a lump sum (the “All at once” option), we will initiate an automatic payment on the Final Due Date for the total loan amount, less any early or extra payments you make before your Final Due Date

You can also enroll in optional weekly payments (the “Split it up” repayment schedule). If you choose to “Split it up,” we will initiate an automatic payments in the dates and amounts provided to you in your optional repayment schedule

Payment Account
We will deduct any automatic payments from your Cash App Stored Balance. If a scheduled payment is greater than your Stored Balance at the time of payment, then we will initiate the remainder of the scheduled 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 scheduled payment. If you change your linked debit card, it will automatically change the debit card that we use for future Autopay payments. Any payment source identified in this section may be used as a payment account (“Payment Account”) as identified in any other section.

Missed Weekly Payments
If you choose the optional “Split it up” repayment schedule, you can skip one or more optional weekly payments without penalty or fee, as long as the total loan amount is paid back by the Final Due Date. You can instruct us to skip a payment at any time before the payment is initiated. When you instruct us to skip a payment, you will 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 scheduled payment. Payments under these Autopay Terms will resume according to your “Split it up” repayment schedule. If you want to skip the additional payments, you’ll need to go through the skip payment process again.

If there are not enough funds in your Cash App balance to cover a weekly payment and we cannot charge the payment to your debit card for the amount of the payment on our first try, then we may do one of two things: (1) reattempt the charge to your debit card as allowed by network rules and applicable law; or (2) wait until the Due Date and reattempt the payment then. 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 Autopay enrollment. If you want to cancel your Autopay enrollment, see the section “How to Cancel Autopay.”

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.

How to Cancel Autopay
You can cancel Autopay by contacting Support through the Cash App. Please note that if you instruct us to cancel Autopay 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 Autopay at any time and for any reason, including excessive returned payments. If Autopay is cancelled, you understand that you will be responsible for making your payments by another payment method. Terminating Autopay does not affect your duty to repay your underlying obligation according to your loan agreement. 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 Autopay, it will remain in effect until you pay your loan in full.

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

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