Automated Payment Authorization

Effective November 24, 2020 - February 15, 2021

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 automatic payments on the dates and in the amounts provided to you in your optional repayment schedule.

Payment Account
We will deduct any automatic payments from your Cash App Stored Balance. If an automatic payment is greater than your Stored Balance at the time of payment, then we will deduct the available amount from your Stored Balance and initiate payment for the remainder of the automatic 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 automatic 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 Weekly Payments” section, an automatic payment may include both your scheduled payment and any remainder from previous automatic payments that were unable to be charged to either your Cash App Stored Balance or linked debit card.

If an automatic payment will vary from the amount of the previous transfer, then you have the right to receive notice of such varying transfer ten days before the transfer. However, by voluntarily authorizing us to initiate weekly automatic payments under the “Split it up” option, you acknowledge and request that you will receive such notice of the transfer only if a transfer will vary from the amount of the previous transfer by more than three times your weekly 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.

Skipped or 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 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 automatic payment (which may include a remainder from previous automatic payments 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 an automatic payment and we cannot charge the remainder of the automatic payment to your linked debit card on our first try, then we may do one of three things: (1) reinitiate a payment for any remainder of the automatic payment as allowed by network rules and applicable law; (2) include the remainder in the next or subsequent automatic payments; or (3) wait until the Final Due Date and initiate payment for any outstanding balance. 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 at on our website at cash.app/legal.