Autopay Terms

Effective Date: September 4, 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 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. Terms used and not otherwise defined herein will have the meanings ascribed to them in your loan agreement.
Payment of Your Outstanding Balance
Your loan agreement provides for automatic repayment of the Outstanding Balance on the Final Due Date and, if applicable, the Payoff Amount after the Due Date.

Voluntary Prepayments

Your Payment Plan provides for voluntary prepayment options. If you choose to make any voluntary prepayments, you authorize us to initiate automatic payments on the dates and in the amounts provided to you in your voluntary prepayment schedule. Choosing a voluntary prepayment schedule does not opt you out of the automatic payment terms that take effect on the Final Due Date. Even if you choose to make voluntary prepayments, we may initiate automatic payments as set forth above under “Payment of Your Outstanding Balance.” Of course, any voluntary prepayments that you make will reduce your Outstanding Balance, in which case any automatic payments on or after the Final Due Date will be lower.
Payment Account for Voluntary Prepayments
We will deduct any voluntary prepayments from your Cash App Balance. If the amount of a voluntary prepayment is greater than your Cash App Balance at the time of such prepayment, then we will deduct the available amount from your Cash App Balance and initiate payment for the remainder of the voluntary prepayment from the debit card that you have linked to your Cash App account (if any). For example, if your scheduled payment is $50, but your Cash App Balance is only $30 at the time of payment, we will deduct $30 from your Cash App Balance and then initiate payment for the remaining $20 from your linked debit card. As described below in the “Skipped or Missed Payments” section, a voluntary prepayment may include both your scheduled repayment and any unpaid amount from a prior voluntary prepayment.
Skipped or Missed Repayments
You can skip one or more voluntary prepayments without penalty or fee. In order to skip a voluntary prepayment, you must notify Cash App Support at least three business days before the payment you would like to skip is to be initiated. You may still ask to skip a voluntary prepayment after that date, 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 voluntary prepayment (which may include a remainder from previous voluntary prepayments that were not able to be charged). Payments will thereafter resume according to your voluntary prepayment schedule and the Loan Documents. If you want to skip additional payments, you’ll need to go through the foregoing process again.
If there are not enough funds in your Cash App Balance to cover a voluntary prepayment and we cannot charge the remainder of the voluntary prepayment to your linked debit card on our first try, then 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 Final 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 voluntary prepayment schedule. If you do not want to make your voluntary prepayment, simply skip the voluntary prepayments and the unpaid amount(s) will be added to the subsequent payment. If you skip all scheduled voluntary prepayments, the Total of Payments will be due on the Final Due Date.

How to Cancel Automatic Prepayments

You can cancel the automatic payments authorized in the Loan Documents as described in your loan agreement. We may cancel your automatic payments at any time and for any reason, including excessive returned payments.
Unless you or we terminate your automatic payments as provided in the Loan Documents, 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 the Loan Documents.
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 the Loan Documents and the terms governing your Cash App account, the Loan Documents will control to the extent of any inconsistency. You can find a copy of this authorization on your Truth in Lending Act Disclosure, or you can request a copy by contacting Cash App Support.