Auto Pay Terms
Effective February 16, 2021 - April 28, 2021
Automatic Payment Terms
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.
Payment of Your Outstanding Balance
Your loan agreement provides for automatic repayment of any Outstanding Balance on your loan as of the Final Due
Date. Effective on the Final Due Date, you authorize us to initiate payments to us from your Cash App Stored Balance any time that there are available funds in your Cash App Stored Balance. Except as set forth below, a payment that we initiate under this authorization may be in the amount of the available funds in your Cash App Stored Balance or your Outstanding Balance (including any Overdue Interest), whichever is less. This authorization will be continuing and will remain in effect until your loan is paid in full. For the avoidance of doubt, we may initiate multiple separate payment transactions under this authorization.
Also, if your Cash App Stored Balance has insufficient available funds on your Final Due Date to pay your Outstanding Balance in full then we may, after initiating a payment from your Cash App Stored Balance, initiate a second
transaction for the remainder of your Outstanding Balance from the debit card linked to your Cash App account as
a funding source.
Optional Weekly Payments
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 Final 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 Final Due Date will be lower.
Payment Account for Optional Weekly Payments
We will deduct any optional weekly payments from your Cash App Stored Balance. If an optional weekly 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 optional weekly 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 optional weekly 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
Optional Weekly Payments” section, an optional weekly payment may include both your scheduled payment and any remainder from previous optional weekly payments that were unable to be charged to either your
Cash App Stored Balance or linked debit card.
If an optional weekly 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 optional 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 amount.
Skipped or Missed Optional Weekly Payments
You can skip one or more optional weekly payments without penalty or fee. In order to skip an optional weekly payment, 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 an optional weekly
payment 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 optional weekly payment (which may include a remainder from previous optional weekly 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 optional weekly payment and we
cannot charge the remainder of the optional weekly 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 optional weekly payment as
allowed by network rules and applicable law; (2) include the remainder in the next or subsequent optional
weekly payments; or (3) wait until the Final Due Date and initiate payment for any outstanding balanceOutstanding 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 enrollment in optional weekly payments. If you want to cancel your enrollment in optional weekly payments, see the section “How to Cancel Optional Weekly Payments.”
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 Optional Weekly Payments
Your enrollment in the Split it up option 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 payment (unless the unscheduled
payment lowers your outstanding loan 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 optional weekly payments by contacting Support through the Cash App. Please note that if you instruct us to cancel optional weekly payments 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.
Cancelling optional weekly payments does not affect your duty to repay your underlying obligation according to your loan agreement.
It also does not cancel 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.
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.
You can find a copy of this authorization on your Borrow receipt, or can request a copy by contacting Support through the Cash App.