SFS Autopay Terms

Autopay Terms

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 Balance and/or any 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 Final Due Date and, if applicable, the Payoff Amount after the Final Due Date. It also provides for automatic payment for optional prepayments as described in Section 4 of Your loan 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

  • 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 Final Due Date and (if applicable) after the Final Due Date. You must notify us at least three Business Days before the date of a scheduled payment that You would like to opt out of automatic payments. You may still ask to opt out of automatic payments after that, but we cannot promise that we will be able to stop a payment that is scheduled within three Business Days of Your request. You will still be responsible for repaying this loan and all associated fees.

Optional Prepayment Schedule - Weekly Prepayments 

You may enroll in optional weekly prepayments to pay Your loan in installments, with any payments scheduled prior to the Final Due Date being optional. If You choose to pay Your loan in weekly prerepayments, You authorize us to initiate automatic payments on the dates and in the amounts provided to You in Your optional prepayment schedule. Enrolling in this prepayment schedule does not opt You out of the automatic payment terms that take effect on the Final Due Date. Even if You enroll in the optional weekly prepayments , we may initiate automatic payments as set forth above under “Payment of Outstanding Balance.” Of course, payments that You make under this prepayment option will reduce Your Outstanding Balance, or as applicable the Payoff Amount, so the automatic payments on or after the Final Due Date will be lower.

Payment Account for Weekly Prepayments

We will deduct scheduled prepayments from Your Cash App Balance. If a prepayment amount is greater than Your Cash App Balance at the time of payment, then we will deduct the available amount from Your Cash App Balance and initiate payment for the remainder of the amount from the debit card(s) that You have linked to Your Cash App account (if any). If You have more than one debit card linked to Your Cash App account, we will first use the debit card that is designated as the default payment method at the time of the payment. If the remainder of a prepayment amount is greater than the balance of the default debit card that is linked to Your Cash App account at the time of payment, we may deduct the available amount from Your linked debit card account, and attempt the remainder from the second linked card, if any. For example, if Your payment is $50, but Your Cash App Balance is only $30 at the time of payment and You also have two linked debit cards, we will deduct the $30 in Your Cash App Balance and then initiate payment for the remaining $20 from Your default linked debit card. If we determine that You only have $10 in Your default linked debit card account, we may initiate payment for up to $10 from Your default linked debit card. We may then initiate a payment for the remaining amount from Your second linked debit card.

As described below in the “Skipped or Missed Weekly Prepayments” section, a voluntary prepayment may include both Your scheduled repayment and any unpaid amount from a prior voluntary prepayment.

Skipped or Missed Weekly Prepayments

You can skip one or more of the scheduled prepayments without penalty or fee. In order to skip a scheduled prepayment:

  1. Tap the Banking tab on Your Cash App home screen

  2. Select “Borrow”

  3. Scroll down to “Upcoming” and select the payment You would like to skip

  4. Tap “Skip Repayment”

Please note that You are unable to skip final repayment on the Final Due Date.

You may also skip one or more of the scheduled prepayments by contacting Cash App Support. 

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 prepayment 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 scheduled prepayment (which may include a remainder from previous scheduled prepayments that were not able to be charged). Payments will then resume according to Your scheduled prepayment 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 Balance to cover an optional prepayment and we cannot charge the remainder of that prepayment to Your linked debit card(s) on our first try, then we will include the remainder of the prepayment in Your next payment (whether an optional prepayment or a payment of the Outstanding Balance on the Final Due Date). Reasons that we might not be able to charge a payment to Your debit card(s) include that the card issuer declines the transaction, or the card linked to Your account is no longer valid (e.g., it is expired).

Skipping or missing a scheduled payment does not cancel Your enrollment in weekly prepayments. If You want to cancel Your enrollment in weekly prepayments, see the section “How to Cancel Weekly Prepayments.”

How to Cancel Weekly Prepayments

Your enrollment in the weekly prepayments will remain in effect unless You or we cancel Your enrollment. Voluntary unscheduled loan payments made before a scheduled automatic payment is processed will generally be applied toward Your next scheduled repayment. If the amount of Your next scheduled payment is reduced as a result, Your automatic payment on that date will be for the reduced amount. Unless we notify You otherwise, Your remaining scheduled payment dates and amounts will not change. 

You can cancel scheduled 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 scheduled 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 scheduled prepayments 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 scheduled prepayments 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 optional prepayments when You receive a payment to Your Cash App Balance. If You enroll in this plan, we may initiate an automatic loan payment from Your Cash App 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 Balance. The amount of the automatic loan payment will be provided to you in your optional prepayment schedule (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 automatic payments fewer than three Business Days before You receive a Qualifying Payment, we might not be able to stop that payment. 

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.

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.

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 may be required to have a debit card on file throughout the term of Your loan. While Your loan is owed, You will not be able to unlink Your debit card, but You will have the option to replace it, or suspend automatic payments at any time by following the steps above.

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.