Dwolla Terms of Service
The Dwolla Terms of Service (“Terms”) are a legally binding agreement between you, Dwolla, Inc. (“Dwolla”) and our financial institution partner, Veridian Credit Union (the “Financial Institution Partner”), and apply to your use of a Dwolla account (“Account”) and any Dwolla products and services that you access using an Account (the “Dwolla Services”). Dwolla offers a payment software platform that allows users to send and receive money using an Internet connection. Funds transfers are performed by our Financial Institution Partner based on instructions issued through the Dwolla software platform. Dwolla’s actions in connection with funds transfers are done on behalf of and as an agent of our Financial Institution Partner.
Our Financial Institution Partner is party to these Terms only in its capacity as the entity that holds your funds and performs funds transfers. Except as specifically set forth in these Terms, our Financial Institution Partner has no responsibility to perform the Dwolla Services or fulfill any obligations under these Terms.
It is important that you read and understand these Terms as they govern your use of the Dwolla Services. These Terms contain a binding arbitration provision, which affects your legal rights and may be enforced by the parties. By accessing or using the Dwolla Services, you accept and agree to be bound by these Terms. If you do not agree to these Terms, you must immediately stop using the Dwolla Services.
We may amend these Terms at any time by posting a revised version on dwolla.com or any other website we maintain for purposes of providing the Dwolla Services. Amended Terms are effective at the time we post them and your continued use of the Dwolla Services constitutes your acceptance of any amended Terms. We may provide you with notice regarding upcoming Terms changes by email. Capitalized terms used in these Terms have the meaning assigned to them in Section 16 (Definitions).
If you open, access, and use your Account solely on a third party provider’s platform, website, and/or application (“Application”), your account is a “White Label Account” and we recommend that you begin your review of these Terms in Section 8 (White Label Accounts).
1. Using Dwolla.
1.1 Dwolla provides a software platform. The Dwolla software platform gives you the ability to send and receive electronic payments to other Dwolla users. All funds transfer services are provided by our Financial Institution Partner, as Dwolla does not receive, hold, or transmit funds. Dwolla provides the software platform that allows you to send funds transfer instructions to our Financial Institution Partner. Any funds recorded as Dwolla Balance in your Account are held in one or more pooled holding accounts held by our Financial Institution Partner (“Holding Account”). THE FUNDS HELD IN A HOLDING ACCOUNT MAY NOT BE ELIGIBLE FOR SHARE INSURANCE OFFERED BY THE NATIONAL CREDIT UNION SHARE INSURANCE FUND. IN THE EVENT OF A FINANCIAL INSTITUTION PARTNER RECEIVERSHIP, YOU MAY LOSE VALUE.
1.2. Dwolla Accounts. Dwolla offers Personal, Business, Government, and Non-profit accounts, and “White Label Accounts” as set out in Section 8 (White Label Accounts) (each an “Account”). References in these Terms to “Accounts” include White Label Accounts, unless otherwise specified. If you open a Business, Government, Non-profit Account, or White Label Business Account, you agree that you are not opening the Account primarily for personal, family, or household purposes.
1.4. Accuracy of information. When you register for an Account, you may be required to provide information that will allow us to verify your identity, including but not limited to: a valid US physical address (not including P.O. Boxes or commercial mail receiving agencies), phone number, bank or credit union account information, a copy of your photo identification, and your tax identification or social security number. You agree to provide true and accurate information to Dwolla when you create your Account. You also agree to update this information to keep it true and accurate at all times.
1.5. Authentication. You may be required to provide additional information or documentation to allow Dwolla to verify your identity and/or your account information. Dwolla may also verify your information against third party databases or other sources and you authorize Dwolla to make such inquiries.
1.6. Password security. You are responsible for keeping your Account login information, password, and PIN secure. If you share your Account credentials with another person, you are responsible for all activity that person conducts using your Account, regardless of whether or not you authorized the activity. Dwolla will never ask you for your Account credentials.
1.7. Authorization to debit your linked bank or credit union account. If you link a bank or credit union account to your Account, the bank or credit union must be a state or federally-chartered institution in the United States. When you make a payment that is funded by your bank or credit union account, you are authorizing Dwolla and our Financial Institution Partner to initiate an electronic transfer from your linked bank or credit union account in the amount you specify. You are solely responsible for complying with any terms set by your bank or credit union with respect to your bank or credit union account, including any fee terms, such as non-sufficient fund or overdraft fee terms. If you are entitled to a Reversal, refund, or other adjustment associated with a payment you made using the Dwolla Services, you also authorize Dwolla and our Financial Institution Partner to credit your linked bank or credit union account to complete that transaction.
1.8. Automated Clearing House clearing times. If you link a bank or credit union account to your Account, you may add funds to your Account, withdraw money from your Account, or send a payment using your linked bank or credit union account. If you do so, you acknowledge that normal Automated Clearing House clearing times will apply. This means that the funds should generally be available to you or your recipient within 4 business days. If your recipient is a seller, the seller may wait until they have received the funds before fulfilling your purchase.
1.9. USA PATRIOT Act Notice. Important information about procedures for opening a new account under the USA PATRIOT Act of 2001: To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an Account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see a form of identification with your photograph or other identifying documents.
1.10. No endorsement of products. Dwolla does not provide any endorsements or guarantees for any individual or entity using the Dwolla system, nor any third party offers, goods or services featured on Dwolla websites. Information regarding third party offers, goods, and services is provided on Dwolla websites for informational purposes only, and may not be true, accurate, or reliable.
2. Consent to receive electronic Communications.
2.1. Communications. By opening an Account and using the Dwolla Services, you consent to receive all Communications from Dwolla electronically and you confirm that you can access, receive and retain such Communications. “Communications” means all communications, terms, disclosures, notices, and statements that Dwolla provides to you in connection with your Account and your use of the Dwolla Services. Dwolla provides Communications to you by posting them on dwolla.com or by emailing them to you at the email address associated with your Account.
2.2. Notices to you. A Communication will be considered to be received by you within 24 hours after the time we post it to our website or email it to you.
2.3. Hardware and software requirements. In order to access and retain Communications electronically, you need the following hardware and software:
– A computer, laptop, smartphone, or other device, that is Internet-enabled
– A valid email account associated with your Account;
– A web browser which includes 128-bit encryption, such as current versions of Chrome, Internet Explorer, Firefox, or Safari, with cookies enabled; and
– Data storage to save Communications electronically or an installed printer to print them.
2.4. Keeping your contact information updated. You must keep your email address updated in order to receive Communications from Dwolla electronically. To update the email address associated with your Account, log into your Account at dwolla.com and access the settings menu.
2.5. Requesting paper copies. You may request a paper copy of a Communication that we provided to you electronically by contacting us as set out in Section 2.7 (How to contact us regarding electronic Communications). We will send it to the mailing address on file for your Account. Dwolla may charge you a fee of $5.00 for each paper copy of a Communication sent to you.
2.6. Withdrawing consent. You may withdraw your consent to receive Communications electronically by contacting us as set out in Section 2.7 (How to contact us regarding electronic Communications). If you withdraw your consent, Dwolla may prohibit you from using the Dwolla Services and may close your Account.
2.7. How to contact us regarding electronic Communications. If you have any questions regarding our policy on electronic Communications, please email us at email@example.com or call us at 1-888-289-8744.
3.1. Dwolla Fee Removal. As of June 4, 2015, Dwolla will no longer charge the $0.25 Dwolla Fee for any transactions.
3.2. Facilitator Fee. The recipient, such as a seller or a third party facilitating your payment transaction (“Facilitator”) may charge you additional service fees (“Facilitator Fee”) based on their terms and conditions. We recommend that you review Facilitator Fee terms before completing your payment.
3.3. Reversal Fee. If a payment that you received is subject to a Reversal as set out in Section 6 (Transaction reversal), you may be charged a fee of $15.00 (“Reversal Fee”).
4. Transaction limits.
4.1. Account limits. You are limited on the amount of money that can be sent from your Account per transaction. The per transaction limit varies based on your Account type. Personal Accounts are limited to sending $5,000.00 per transaction. Business, Non-profit, and Government Accounts are limited to sending $10,000.00 per transaction. We reserve the right to decrease your sending limit at any time, for any reason.
4.2. Increased limits. You may apply for an increased sending limit here. Approval is solely in Dwolla’s discretion and may be reassessed and/or revoked at any time.
5. Funding source limitations.
5.1. Recipient Limitation. A recipient, such as a seller, may choose not to accept all forms of Dwolla funding sources. This means you may not be able to choose from the full range of funding sources you have available in your Account to complete your payment to that recipient.
6. Transaction reversal.
6.1. Reversals. Any payment that you receive may be reversed if: (a) the sender requests a reversal of the payment, (b) the sender’s bank or credit union requests a reversal of the payment, or (c) Dwolla decides a Dispute against you (each a “Reversal”). You are liable to our Financial Institution Partner for the full amount of any payment that you receive that is subject to a Reversal and the Reversal Fee, if applied.
6.2. Authorization to recover amounts due. You authorize Dwolla to recover any Reversal amounts due to our Financial Institution Partner by debiting your available Dwolla Balance. If you have an insufficient Dwolla Balance, you authorize Dwolla and our Financial Institution Partner to take any of the following actions to recover the remaining amounts from you:
a. Debit the bank or credit union account(s) linked to your Account
b. Suspend your Account and require your immediate payment; or
c. Engage in collection efforts.
7. User conduct.
7.1. Restricted activities. You agree that in connection with your use of the Dwolla Services and your interactions with Dwolla you will not:
a. Breach these Terms or any other applicable terms or policies of Dwolla or our Financial Institution Partner that you have accepted;
b. Provide false or inaccurate information to Dwolla, including identity information;
c. Engage or attempt to engage in illegal or fraudulent activities;
d. Engage in transactions involving illegal goods, including but not limited to counterfeit goods, stolen goods, illegal or controlled substances, and substances that pose a risk to consumer safety (including synthetics, “potpourri not for human consumption”, and other similar items)
e. Engage in transactions involving illegal services, including but not limited to counterfeit services, illegal gambling, Ponzi and/or pyramid schemes, and money laundering;
f. Engage in transactions involving debt collection services;
g. Engage in transactions involving escort services;
h. Engage in transactions involving the purchase, sale, or exchange of Virtual Currency or provide a Virtual Currency marketplace or exchange;
i. Engage in transactions involving the purchase and/or sale of lottery tickets;
j. Provide white label ATM services;
k. Engage in the following activities without Dwolla’s prior written consent: transactions related to online gambling, or activities regulated by FinCEN, including money services business activities and payday lending;
l. Attempt to receive or actually receive duplicate compensation for a disputed payment from the recipient (such as a seller), Dwolla, and/or your bank or credit union; or
m. Engage in activity that indicates, in the discretion of Dwolla or our Financial Institution Partner, that there may be a high level of risk associated with you, your Account, or any of your Account activity.
8. White Label Accounts.
The terms and conditions of this Section 8 only apply to your use of a White Label Account through an Application provided by a third party provider (“White Label Provider”). You are referred to herein as a “White Label Customer”. The products and services that the White Label Provider provides through its Application are referred to herein as “White Label Provider Services”. In order to provide you with a seamless payments experience, your White Label Account and payment activity will be managed by the White Label Partner in its Application.
8.1. Applicability of the Dwolla Terms of Service (“Terms”). In order to use the payment functionality of a White Label Provider’s Application, you must open a White Label Account provided by Dwolla and accept these Terms as they apply to a White Label Customer. All terms and conditions of these Terms apply to you, except as follows:
a. The transaction limits set forth in Section 4 (Transaction limits) apply to you as a White Label Customer, unless otherwise communicated to you by your White Label Provider.
b. The Dwolla products described in Section 9 (Dwolla product-specific terms) are not available to you as a White Label Customer, unless otherwise communicated to you by your White Label Provider.
c. The terms set forth in Section 10 (Disputes with other Dwolla users) do not apply to you as a White Label Customer. Your White Label Provider is responsible for resolving any disputes that relate to the White Label Provider Services, including any disputes that you may communicate to Dwolla. Dwolla has no obligation or any liability associated with the White Label Provider’s dispute resolutions policies and procedures.
8.3. White Label Account management and notifications. As a White Label Customer, you will access and manage your White Label Account solely through the White Label Partner’s Application, and will receive all activity notifications solely from the White Label Provider. You will not have the ability to manage your White Label Account on dwolla.com, the Dwolla mobile application, or any other Dwolla application. Dwolla may send you account or transaction notifications, if necessary.
8.4. White Label Provider customer support. Your White Label Provider is responsible for providing all customer support and dispute resolution for its White Label Provider Services, including any goods or services sold via the White Label Provider’s Application. Your White Label Provider must disclose to you the method of accessing that customer support. If you require assistance canceling a transaction, you should contact your White Label Provider, but you may also contact Dwolla at firstname.lastname@example.org.
8.5. White Label Account data sharing. In order to open and manage your White Label Account, you must provide true and accurate information to your White Label Provider, including, without limitation, the information described in Sections 1.4 (Accuracy of information) and 1.5 (Authentication) of these Terms. You consent to your White Label Provider sharing that data with Dwolla, and Dwolla using and storing that data for purposes of opening and managing your White Label Account.
8.6. White Label Account termination. If you want to terminate your relationship with the White Label Provider, please contact your White Label Provider. If you want to close your White Label Account, please contact either your White Label Provider or Dwolla at email@example.com. If your White Label Account holds a balance at termination, your White Label Provider or Dwolla may require you to withdraw any Dwolla Balance before closing your White Label Account.
8.7. Limitations on Dwolla’s liability. Dwolla is not responsible for the acts or omissions of your White Label Provider in providing the White Label Provider Services to you.
9. Dwolla product-specific terms.
9.1. Next Day Transfers. If you have or upgrade to a Business, Government, or Non-Profit Account, you may apply for Dwolla’s Next Day Transfer service, which allows you to transfer funds from your linked bank or credit union account to your Dwolla Balance in 1 to 2 business days. Dwolla may deny any application in its sole discretion, may reassess your eligibility at any time if your application is successful, and may modify eligibility for the service at any time.
10. Disputes with other Dwolla users.
10.1. Dispute resolution. You understand and agree that Dwolla is not responsible for the goods or services that you pay for using the Dwolla Services. Each seller that you purchase from is responsible for providing the goods and services that you purchase and for providing all customer service related to those goods and services. We recommend that you review a seller’s policies before completing your purchase. You are responsible for resolving any disputes that you may have with a seller. If you have exhausted all options for resolving a dispute with a seller, you may choose to file a dispute claim with Dwolla (“Dispute”) by following the steps in Section 10.3 (How to file a Dispute).
10.2. Release of Dwolla. By filing a Dispute, you understand and agree that:
– You are asking Dwolla to assist in resolving the dispute in its sole discretion and that such assistance or Dwolla’s decision may not be satisfactory to you;
– Dwolla’s assistance in resolving the dispute does not guarantee any particular outcome nor any action on Dwolla’s part; and
– You release Dwolla and our officers, directors, agents, employees, and suppliers from all claims, demands, and damages of any kind arising out of your dispute with a seller and Dwolla’s review of your Dispute.
10.3. How to file a dispute.To file a Dispute, follow these steps:
– Within 45 days of the original transaction, email firstname.lastname@example.org with the following information:
– The Account numbers and names of both parties, if available;
– The transaction ID number;
– The amount of the transaction; and
– The details of your disagreement with the recipient, including any steps already taken to resolve the issue and copies of supporting documentation (such as email correspondence, receipts, shipping confirmations, etc.).
– Provide any additional information or documentation that we may request. Once Dwolla has decided the outcome of the Dispute, the parties will be notified of the decision. You are required to comply with the decision and complete any actions required by such decision.
11. Your liability and actions we may take.
11.1. Your liability. You are responsible for all Reversals, claims, fees, fines, penalties, and other liability incurred by Dwolla, our Financial Institution Partner, other Dwolla users, or third parties arising from your breach of these Terms or your use of the Dwolla Services. You agree to reimburse Dwolla, our Financial Institution Partner, other Dwolla users, or third parties for any and all such liability.
11.2 Actions we may take. If we determine, in our sole discretion, that you may have breached these Terms, that you or your Account activity presents risk or security concerns, or if we are unable to verify your identity, we may take actions to protect Dwolla and our users, our Financial Institution Partner, or other third parties from Reversals, claims, fines, penalties, and any other liability. These actions may include, but are not limited to, the following:
a. Suspending your access to your Account and/or the Dwolla Services;
b. Suspending your access to your funds held in a Holding Account for up to 90 days;
c. Taking action as set out in Section 6 (Transaction reversal) to recover amounts that you owe;
d. Closing your Account;
e. Contacting Dwolla users or third parties who have purchased goods or services from you, contacting your bank, and/or warning other Dwolla users, law enforcement, or other impacted third parties of your actions;
f. Refusing to provide the Dwolla Services to you in the future; and
g. Taking legal action against you.
11.3. Notice of limit or suspension. We will provide you with notice if we take any of the above actions against your Account. If we limit or suspend your Account, we will provide you with notice of our action.
12. Unauthorized transactions and Error resolution.
12.1. Notify Dwolla of Account Errors. Contact Dwolla immediately at email@example.com or 1-888-289-8744 if you think that: (a) your Account has been accessed without your authorization, (b) a transaction that you did not authorize has occurred, (c) a transaction has been processed incorrectly to or from your Account, or (d) your Account statement contains an error regarding your transaction history (each, an “Error”). If you give someone access to your Account and that person conducts transactions without your authorization, these transactions are not considered Errors, unless you are the victim of a phishing attack or similar exploit. We must hear from you within 60 days after we provided the Account statement on which the suspected Error first appeared.
12.2. How to notify Dwolla. When you notify us of the suspected Error, please provide:
– Your name and Account number,
– The nature of the suspected Error and why you believe it is an Error, and
– The dollar amount of the suspected Error.
If you notify us by phone, we may require that you send us your inquiry by email within 10 business days.
12.3. Investigation by Dwolla. We will determine whether an Error occurred within 10 business days after you notify us and will correct any Error promptly. If we need more time, we may take up to 45 days to investigate. If we decide to do this, we will credit your Account within 10 business days for the amount of the suspected Error. If we ask you to send your inquiry by email and we do not receive it within 10 business days, we may not credit your Account. For Errors involving new Accounts, we may take up to 90 days to investigate and may take up to 20 business days to credit your Account.
12.4. Investigation results. Dwolla will tell you the results within 3 business days after completing our investigation. If we decide that there was no Error, we will provide you a written explanation. You may ask for copies of the documents that we used in our investigation.
13.1. By you. You may stop using the Dwolla Services at any time. You may also close your Account at any time, as long as you have no pending transactions or open Disputes, by contacting us at firstname.lastname@example.org or 1-888-289-8744. You will be required to withdraw any Dwolla Balance before closing your Account.
13.2. By us. We may close your Account or terminate your access to the Dwolla Services without liability, for any reason, upon notice to you. Reasons for termination may include, but are not limited to, your violation of these Terms or any other applicable terms or policies of Dwolla or our Financial Institution Partner, Account inactivity, or Dwolla’s assessment that you pose an unacceptable risk to the Dwolla network, based on our confidential risk and security criteria. Dwolla also reserves the right to modify or terminate the Dwolla Services at any time, for any reason.
14. Disputes with Dwolla
14.1. Binding arbitration. You, Dwolla, and our Financial Institution Partner (the “Parties”) agree that upon the election of either of the Parties, any past, present, or future dispute relating in any way to your Account, or any other past, present, or future relationship or transaction between the Parties, will be resolved by binding arbitration as discussed below, and not through litigation in any court. Such disputes are called “Claims” for purposes of this agreement. This binding agreement to arbitrate applies regardless of whether the dispute is between you and us jointly or separately. This arbitration agreement is entered into pursuant to the Federal Arbitration Act, 9 U.S.C. §§ 1-16. The arbitration shall be conducted by a single neutral arbitrator acting under the administration of United States Arbitration and Mediation, MidWest, Inc., and in accordance with the then-applicable United States Arbitration and Mediation Rules of Arbitration. Unless the Parties agree otherwise, or unless the arbitration administrator’s rules or law require otherwise, the arbitration shall be held in Minneapolis, MN.
The arbitrator will decide the Claim in accordance with all applicable law, including recognized principles of equity and statutes of limitations, and will honor all privileges recognized by law. The arbitrator will have the authority to award to a Party any damages or relief provided for under applicable law. The arbitrator’s decision shall be final and legally binding, and may be enforced by any court having jurisdiction.
No class actions or similar process, and no joinder or consolidation of any Claim with a Claim of any other person or entity, shall be allowable in arbitration, without the written consent of both Parties. The arbitrator shall have no authority to entertain any Claim on behalf of a class, group, person, or entity who is not a named party to the arbitration, nor shall any arbitrator have authority to make any award for the benefit of, or against, any class, group, person, or entity who is not a named party to the arbitration. In the event that there is a dispute about whether limiting arbitration to non-class proceedings, or to the named parties, is enforceable under applicable law, then that question shall be resolved by a court rather than by an arbitrator; and to the extent it is determined that resolution of a Claim must proceed on a class basis, it shall so proceed in a court of competent jurisdiction rather than in arbitration. If you elect to proceed with respect any Claim by an individual action in a small claims court, or its equivalent, instead of arbitration, we will not object, however, any such action shall be taken in small claims court in Des Moines, Iowa.
If the arbitrator or arbitration administrator would impose filing fees or other administrative costs on you, we will reimburse you, upon request, to the extent such fees or costs would exceed those that you would otherwise have to pay if you were proceeding instead in a court. We will also pay additional fees or costs if required to do so by the arbitration administrator’s rules or applicable law. Apart from the foregoing, each Party will be responsible for any other fees or costs, such as attorney fees that the Party may incur. If you consider that you are unable to afford any fees or costs that would be yours to pay, you may request that we pay or reimburse them, and we will consider your request in good faith.
Arbitration with respect to a Claim is binding and neither Party will have the right to litigate that Claim through a court. In arbitration the Parties will not have the same rights that apply in court, such as the right to a trial by judge or jury and the right to participate or be represented in proceedings brought by others such as class actions or similar proceedings. In addition, the right to discovery and the right to appeal may also be limited or eliminated in arbitration. All of these judicial rights are waived with respect to Claims that the Parties elect to arbitrate.
15. General terms.
15.1. Indemnification. You agree to defend, indemnify and hold harmless Dwolla, our Financial Institution Partner, and our and its respective officers, directors, agents, employees, and suppliers from any third party claims, actions, proceedings, and suits and related liabilities, damages, settlements, penalties, fines, costs or expenses (including reasonable attorneys’ fees and other litigation expenses) arising from: (a) your violation of these Terms or any other applicable terms or policies of Dwolla or our Financial Institution Partner; (b) your use of the Dwolla Services; or (c) your negligence or willful misconduct; and/or (d) your actual or alleged violation of any third party rights, or any applicable laws, regulations or rules.
15.2. Limitation of liability. IN NO EVENT SHALL DWOLLA, OUR FINANCIAL INSTITUTION PARTNER, OR OUR OR ITS RESPECTIVE OFFICERS, DIRECTORS, AGENTS, EMPLOYEES, OR SUPPLIERS BE LIABLE TO YOU OR ANY THIRD PARTY UNDER ANY CIRCUMSTANCES FOR ANY INDIRECT, CONSEQUENTIAL, SPECIAL, PUNITIVE, OR EXEMPLARY DAMAGES OR LOSSES, INCLUDING BUT NOT LIMITED TO DAMAGES FOR LOSS OF PROFITS, GOODWILL, USE, DATA, OR OTHER INTANGIBLE LOSSES INCURRED IN CONNECTION WITH: (i) THESE TERMS, (ii) YOUR USE OF, INABILITY TO USE, OR UNAVAILABILITY OF THE DWOLLA SERVICES, OR (iii) ANY GOODS OR SERVICES PURCHASED, RECEIVED, OR PAID FOR USING THE DWOLLA SERVICES, UNDER ANY THEORY OF LIABILITY OR CAUSE OF ACTION WHETHER IN TORT (INCLUDING NEGLIGENCE), CONTRACT, OR OTHERWISE, REGARDLESS OF WHETHER DWOLLA OR OUR FINANCIAL INSTITUTION PARTNER HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. IN NO EVENT SHALL DWOLLA OR OUR FINANCIAL INSTITUTION PARTNER’S’ LIABILITY AND THE LIABILITY OF OUR AND ITS RESPECTIVE OFFICERS, DIRECTORS, AGENTS, EMPLOYEES, AND SUPPLIERS EXCEED THE FEES DWOLLA HAS RECEIVED FROM YOU THROUGH YOUR USE OF THE DWOLLA SERVICES. DWOLLA AND OUR FINANCIAL INSTITUTION PARTNER SHALL NOT BE JOINTLY LIABLE FOR ANY MATTERS HEREUNDER. THIS LIMITATION OF LIABILITY SECTION SHALL APPLY TO FULLEST EXTENT PERMITTED BY LAW IN THE APPLICABLE JURISDICTION.
15.3. No warranty. THE DWOLLA SERVICES ARE PROVIDED “AS IS” AND “AS AVAILABLE”, WITHOUT ANY REPRESENTATION OF WARRANTY, WHETHER EXPRESS, IMPLIED, OR STATUTORY. USE OF THE DWOLLA SERVICES IS AT YOUR OWN RISK. DWOLLA, OUR FINANCIAL INSTITUTION PARTNER, AND OUR AND ITS RESPECTIVE OFFICERS, DIRECTORS, AGENTS, EMPLOYEES, AND SUPPLIERS, SPECIFICALLY DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT. NEITHER DWOLLA NOR OUR FINANCIAL INSTITUTION PARTNER HAS CONTROL OF, OR LIABILITY FOR, ANY PRODUCTS OR SERVICES THAT ARE PAID FOR USING THE DWOLLA SERVICES AND CANNOT ENSURE THAT ANY THIRD PARTY YOU TRANSACT WITH WILL COMPLETE THE TRANSACTION. NEITHER DWOLLA NOR OUR FINANCIAL INSTITUTION PARTNER REPRESENTS OR WARRANTS THAT THE DWOLLA SERVICES WILL MEET YOUR REQUIREMENTS, BE CONTINUOUS, UNINTERRUPTED, SECURE, TIMELY, OR ERROR-FREE, OR THAT DEFECTS WILL BE CORRECTED. NO ADVICE OR INFORMATION, WHETHER ORAL OR WRITTEN, OBTAINED BY YOU FROM DWOLLA OR THROUGH THE DWOLLA SERVICES WILL CREATE ANY WARRANTY NOT EXPRESSLY STATED HEREIN. NEITHER DWOLLA NOR OUR FINANCIAL INSTITUTION PARTNER SHALL BE RESPONSIBLE FOR ANY SERVICE INTERRUPTIONS OR SYSTEM FAILURES THAT MAY AFFECT THE PROCESSING, COMPLETION, OR SETTLEMENT OF DWOLLA SERVICES TRANSACTIONS. THIS DISCLAIMER OF WARRANTY SECTION SHALL APPLY TO THE FULLEST EXTENT PERMITTED BY LAW IN THE APPLICABLE JURISDICTION.
15.4. Force majeure. You understand and agree we will not be held responsible for any losses or damages resulting from suspension of service due to extraordinary events or circumstances beyond our control. In such an event, Dwolla may suspend the Dwolla Services and access to your Account and our Financial Institution Partner may suspend service and access to funds in a Holding Account.
15.5. Assignment. You may not transfer or assign any rights or obligations you have under these Terms. Dwolla and our Financial Institution Partner reserve the right to transfer or assign any rights or obligations under these Terms at any time.
15.6. Applicable law. You agree that the laws of the State of Iowa, without regard to principles of conflict of laws, govern these Terms and any claim or dispute that has arisen or may arise between you and Dwolla and/or our Financial Institution Partner.
15.7. Complete agreement, no waiver, and survival. These Terms, along with any applicable terms and policies of Dwolla or our Financial Institution Partner that you have agreed to, set forth the entire understanding between you, Dwolla, and our Financial Institution Partner with respect to the Dwolla Services. Any failure of Dwolla or our Financial Institution Partner to enforce any right or provision of these Terms shall not constitute a waiver of such right or provision. Any provision of these Terms held to be invalid or unenforceable under applicable law shall be struck, and the remaining provisions will continue in full force and effect. Sections 1 (Using Dwolla), 2 (Consent to receive electronic Communications), 6 (Transaction reversal), 8 (White Label Accounts), 10 (Disputes with other Dwolla users), 11 (Your liability and actions Dwolla and the Financial Institution Partner may take), 14 (Disputes with Dwolla), and 15 (General terms), as well as any other terms which by their nature should survive, will survive the termination of these Terms.
“Account”means a Dwolla Personal Account, Business Account, Government Account, Non-profit Account, or White Label Account.
“Application” means the platform, website, and/or application used by a White Label Provider to provide and manage a White Label Customer’s payments experience.
“Business Account” means an Account established primarily for business purposes and not primarily for personal, family, or household purposes.
“Communications” means the communications described in Section 2.1 (Communications).
“Dispute” means a dispute claim filed with Dwolla as described in Section 10.1 (Dispute resolution).
“Dwolla” means Dwolla, Inc. and its successors, affiliates, or assigns.
“Dwolla Balance” means the funds available in your Account. A Dwolla Balance represents funds held for your benefit by our Financial Institution Partner in a Holding Account.
“Dwolla Services” means all products and services, including Accounts, offered by Dwolla through our websites, applications, or through any other means.
“Facilitator” means a third party or third party software that facilitates your payment as described in Section 3.2 (Facilitator Fee).
“Facilitator Fee” means the fee charged by a Facilitator.
“Financial Institution Partner” means Veridian Credit Union and its successors, affiliates, and assigns.
“FinCEN” means the United States Department of the Treasury’s Financial Crimes Enforcement Network.
“Government Account” means an Account established by a government entity primarily for government purposes and not for personal, family, or household purposes.
“Holding Account” means one or more pooled holding accounts held by our Financial Institution Partner. A HOLDING ACCOUNT MAY NOT BE ELIGIBLE FOR SHARE INSURANCE OFFERED BY THE NATIONAL CREDIT UNION SHARE INSURANCE FUND. IN THE EVENT OF A FINANCIAL INSTITUTION PARTNER RECEIVERSHIP, YOU MAY LOSE VALUE.
“Non-profit Account” means an Account established primarily for non-profit purposes and not for personal, family, or household purposes.
“Reversal Fee” means the fee that may be charged for any Reversal associated with your Account.
“Reversal” means Dwolla’s reversal of a payment you received because: (a) the sender requests a reversal of the payment, (b) the sender’s bank or credit union requests a reversal of the payment, or (c) Dwolla decides a Dispute against you.
“Terms” means these Dwolla Terms of Service, as may be amended from time to time.
“Us”, “we” or “our” refers to Dwolla.
“Virtual Currency” means a medium of exchange that operates like a currency in some environments, does not have all the attributes of real currency, and is subject to regulatory guidance by FinCEN. Virtual Currency includes cryptocurrencies, including, but not limited to Bitcoin, Litecoin, Namecoin, and Peercoin.
“White Label Account” means an Account opened and used by a White Label Customer solely on a White Label Provider’s Application.
“White Label Customer” means a person or entity opening and/or using a White Label Account through a White Label Provider’s Application.
“White Label Provider” means the third party provider that manages a White Label Customer’s payments experience in its Application.
“White Label Provider Services” means the products and services that a White Label Provider provides to a White Label Customer through its Application.
“You” or “your” means any person or entity using the Dwolla Services.