Autopay Terms
[DRAFT SUBJECT TO CHANGE: AGREEMENT FOR DECEMBER EMPLOYEE TESTING EXERCISE ONLY]
Effective Date: December 4, 2024
By agreeing to these Autopay Terms, you authorize Square Financial Services, Inc. (“SFS” or the 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 and/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 in these Autopay Terms have the respective meanings given to them in your loan agreement.
Payment of 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. It also provides for automatic payment for optional prepayments as described in Section 4 of the agreement.
You can opt out of automatic payments at any time through the following steps:
Click the Borrow icon on the home section in your Cash App;
Select your loan;
Click “Autopay” in the loan details page; and
Click “Disable Autopay”.
Opting out will, by no later than three Business Days after the date of such opt-out, disable all subsequent automatic payments, including those to be made during the loan term, on the Due Date and (if applicable) after the Due Date.
Optional Repayment Schedules - Split it Up
You may enroll in optional weekly payments to pay your loan in four weekly amounts, with the first three payments being optional (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 Outstanding Balance.” Of course, payments that You make under the Split it up option will reduce your Outstanding Balance, or as applicable the Payoff Amount, 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 Split it up 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.
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:
Tap the Banking tab on your Cash App home screen
Select “Borrow”
Scroll down to “Upcoming” and select the payment you would like to skip
Tap “Skip Repayment”
Please note that you are unable to skip final repayment on the loan due date.
You may also skip a Split it up repayment by contacting Cash App Support, but 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 will 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 Split it up repayment in your next payment (whether a Split it up repayment or a payment of the 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 following the steps listed in the section “Payment of Outstanding Balance” to disable automatic payments. 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 Outstanding Balance”.
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 - Pay as You Go
You may choose to enroll in an optional “Pay as You Go” 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 (or, if this amount is more than your Outstanding Balance, then the automatic loan payment will be equal to the Outstanding Balance).
How to Cancel Pay as You Go Repayments
Your enrollment in the Pay as You Go 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 Pay as You Go payments at any time by following the steps listed above in the section “Payment of Outstanding Balance” to disable automatic payments. 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 Pay as You Go 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 Outstanding Balance”.
Unless You or we terminate your enrollment in the Pay as You Go plan, as provided by these Autopay Terms, your authorization will remain in effect until You pay your loan in full.
Other Terms
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, and you authorize us to initiate payments from that debit card in accordance with 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.
In the event there is any inconsistency between these Autopay Terms and the loan agreement or 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 Borrowed receipt, or You can request a copy by contacting Cash App Support.