Last updated: July 27, 2020
BankingOn, Inc. (“BankingOn”, “we”, “us”, “our”, etc.) operates an online
cash management and account
optimization tool available through Eli (the “Application” or “Eli”). These Terms
of Service (“Terms” or
“Agreement”) govern your access to and use of the Application, any related websites, and all
services thereon (collectively, the “Service(s)”). These Terms constitute a binding agreement
BankingOn and you (“you”, “your”, and “User”, etc.) individually. Before using the
Services, you must
read and accept all of the Terms. By accepting this Agreement as you access our Services, you agree that
the Terms will apply whenever you use the Services. If you do not accept and agree to these Terms, you
are not permitted to use the Services.
BankingOn reserves the right, in its sole and absolute discretion, to amend, supplement, or otherwise modify these Terms from time to time. Modified Terms will take effect immediately upon posting to the Application. Your continued use of the Services after modified Terms have been so posted shall constitute your acceptance of such modified Terms.
The Service is a tool to enable cash transfers as if you had manually instructed your financial institution to complete such transfers. Based on your instructions and account information provided to us, the Service gathers, stores, processes, and analyzes information about you and deposit accounts you hold at various third-party financial institutions (“Bank Account(s)”), and then, on your behalf, periodically issues funds transfers as if you had instructed such individual transfers yourself. You assume all risk when using the Services, and you acknowledge that BankingOn cannot guarantee and does not promise any specific results from your use of the Services. You must register for an account (“Account”) by creating a username and password in order to utilize the Services.
The Services are not intended to be or to provide, and must not be taken to be or to provide, financial advice from BankingOn, nor does your use of the Services create a fiduciary relationship with BankingOn. By using the Application, you understand and affirmatively acknowledge that BankingOn is not a bank or affiliated with any bank or financial institution. We are not responsible for ensuring your Bank Account has sufficient funds for your designated transactions. You understand and agree that you will not receive any interest or other earnings on your funds in your Account. You irrevocably transfer and assign to BankingOn any and all rights that you may have to any interest that may accrue on funds transferred and held in your Account.
By using the Services, you are authorizing us to process individual and recurring debits to your Bank
Account that are initiated by you, as well as recurring debits to your Bank Account initiated
automatically by Eli on your behalf.
When you initiate a single or recurring debit from your Bank Account, you expressly authorize Eli to debit your Bank Account on the date and for the amount you have indicated. You agree that you will not dispute any transaction so long as such transaction corresponds to the terms of your authorization.
When you activate the Smart Savings function, you authorize Eli to initiate debits on a daily basis, the amount of which shall be determined by Eli to be between one (1) and fourteen (14) dollars each, based on Eli’s analysis of your account activity and balances. Please note that transactions can take 2-5 business days to show on your bank statement. This authorization will remain in effect unless we receive written notice of cancellation. You may cancel this recurring authorization at any time. But we must be notified at least three (3) business days before the debit is scheduled to occur, to prevent the upcoming transaction from processing.
We will provide you with written notice of transactions we make on your behalf. You may also open a live chat with one of our associates through the Application or call us at 855-7717141 to determine the status of any pre-authorized or automatic transaction.
You must not use the Services if you are not able to form legally binding contracts, are less than
eighteen (18) years of age, or are suspended from using the Services. You must have a valid US mailing
address and have a Bank Account with a U.S. financial institution to use the Service. All Accounts are
associated with individual Users, who must not share Account credentials with others. The individual
User associated with each Account shall be held responsible for all actions taken by or through the
Account. You may only create one Account for your personal use of the Services. We may, at our absolute
discretion, refuse to register any person or entity as a User. Your Account, including any rights or
obligations you have under this Agreement, is yours alone, and cannot be transferred or assigned to any
third party without our prior written consent.
You represent and warrant that all Personal Information you provide us from time to time is truthful, accurate, current, and complete, and you agree not to misrepresent your identity or your Personal Information. You agree to promptly notify us of changes to your Personal Information by updating your Account through the Services; provided, however, that you must notify us at least three Business Days before any changes to your Bank Account information, including without limitation the closure of your Bank Account for any reason by emailing [EMAIL] or by updating your Account through the Services.
For our compliance purposes and in order to provide the Services to you, you hereby authorize us to, directly or through a third-party, obtain, verify, and record information and documentation that helps us verify your identity and Bank Account information. When you register for the Services and from time to time thereafter, we may require you to provide or confirm information and documentation that will allow us to identify you, such as:
To the extent permitted by applicable law, you consent to use electronic signatures and to electronically receive all records, notices, statements, communications, and other items for all Services provided to you under these Terms and in connection with your relationship with us (collectively, "Communications") that we may otherwise be required to send or provide you in paper form (e.g., by mail). By accepting and agreeing to these Terms electronically, you represent that: (i) you have read and understand this consent to use electronic signatures and to receive Communications electronically; and (ii) your consent will remain in effect until you withdraw your consent as specified herein. You may withdraw your consent to receive further Communications electronically at any time by contacting us at [email protected] If you withdraw your consent to receive Communications electronically, we may choose to close your Account and, if so, will return the balance in your Account to your Bank Account as set forth in these Terms. Any withdrawal of your consent to receive Communications electronically will be effective only after we have a reasonable period of time to process your withdrawal. Please note that withdrawal of your consent to receive Communications electronically will not apply to Communications electronically provided by us to you before the withdrawal of your consent becomes effective. In order to ensure that we are able to provide Communications to you electronically, you must notify us of any change in your email address and your mobile device number or other text message address by updating your profile through the Services.
The Services may contain links to other websites. BankingOn is not responsible for the content, accuracy, or opinions on such websites, and such websites are not investigated, monitored, or checked for accuracy or completeness by us. No such website is approved or endorsed by BankingOn. If you access these third-party websites, you do so at your own risk and should review such third-parties’ policies for your better understanding.
We grant you no rights to our intellectual property or the intellectual property of our affiliates,
except as expressly stated herein. We and our third-party affiliates retain all right, title, and
interest in and to the Services, and any associated patents, trademarks, copyrights, trade secrets, or
other intellectual property rights. While using the Services, you must not:
BankingOn offers the Services for a fee on a monthly basis, although free trial periods may be offered from time to time. BankingOn may also choose to offer promotional events (for example, temporary discounts) or new services, and such changes are effective when we post a temporary promotional event or new service on the Services, or as notified through promotional correspondence. You agree that BankingOn, following the expiration of any applicable promotion for which you were eligible and registered, will charge your Account for the subscription fee (“Subscription Fee”) on a monthly basis until you cancel your Account or your Account is terminated for some other reason. Eli will notify you of any change to the Subscription Fees in these Terms. Subscription Fees are non-refundable.
You do and shall assign and transfer to us all intellectual property rights in and to all feedback, reputation information, reviews, or images you post on the Services consisting of comments and any ratings together with any composite rating by us. You acknowledge that such feedback, reputation, and reviews belong solely to us, notwithstanding that we permit you to use it on our Services while you remain a User. You must not use or deal in such feedback, reputation, and reviews in any way inconsistent with these Terms or our policies as posted on the Services from time to time. You may not do (or omit to do) anything that may undermine the integrity of the BankingOn feedback system. Our feedback ratings belong to us and may not be used for any purpose other than facilitating the provision of design and printing services via the Services.
We may close, suspend, or limit your access to your Account without reason or for any reason at all.
Without limiting the foregoing, we may close, suspend, or limit your access to your Account or cancel or
suspend any transaction:
If a dispute arises between you and BankingOn, our goal is to address your concerns promptly and to
provide you with a means of resolving the dispute quickly. We strongly encourage you to contact us
directly to seek a resolution by emailing us at [email protected]
Furthermore, bank services are
provided through our banking software provider, Synapse. To report a complaint relating to the bank
services, email h[email protected] This Agreement
will be governed in all respects by the laws of
California, without regard to the internal law of California regarding conflicts of laws. Other than as
provided herein, with respect to any suit, action, or proceeding relating hereto, each party hereby
irrevocably submits to the exclusive jurisdiction of the courts of competent jurisdiction located in
Alameda County, California, and waives any objection thereto. The prevailing party to any dispute shall
be entitled to reimbursement of its fees and costs from the other party. EACH PARTY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY ACTION ARISING
Alternatively, for any claim, BankingOn, in its sole discretion, may elect to resolve the dispute in a cost effective manner through binding non-appearance-based arbitration. If BankingOn elects arbitration, such arbitration will be initiated through an established alternative dispute resolution (“ADR”) provider, which is to be mutually selected from a panel of ADR providers that BankingOn will provide to you. The ADR provider and the parties must comply with the following rules: (i) the arbitration shall be conducted by telephone, online, or be solely based on written submissions; (ii) the arbitration shall not involve any personal appearance by the parties or witnesses; and (iii) any judgment on the award rendered by the arbitrator may be entered in any court of competent jurisdiction.
All claims you bring against BankingOn must be resolved in accordance with these Terms. All claims filed or brought contrary to this Agreement shall be considered improperly filed and a breach of these Terms. Should you file a claim contrary to these Terms, BankingOn may recover its legal fees and costs accrued in responding thereto (including without limitation in-house lawyer and paralegal fees), provided that BankingOn has notified you in writing of the improperly filed claim, and you have failed to promptly withdraw the claim.
You shall not pursue any claims arising under this Agreement on a class action or other representative basis, and will not seek to coordinate or consolidate any arbitration or action hereunder with any other proceeding.
If any proceeding by or against you is commenced under any provision of any bankruptcy or insolvency law, BankingOn will be entitled to recover all reasonable costs or expenses (including reasonable legal fees and expenses) incurred in connection with the enforcement of this Agreement.
BankingOn’s failure to act with respect to a breach by you or others does not waive our right to act with respect to subsequent or similar breaches.
This Agreement, including any addenda hereto, supersedes any other agreement between you and BankingOn
and contains the entire understanding of the parties relating to the subject matter hereof. As set forth
If any part of this document is found to be unenforceable, that part will be limited to the minimum extent necessary so that this document will otherwise remain in full force and effect. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision. Any invalid or unenforceable provision shall be deemed severed from this Agreement to the extent of its invalidity or unenforceability, and this Agreement shall be construed and enforced as if the Agreement did not contain that particular provision to the extent of its invalidity or unenforceability.
Our failure to enforce any part of this document is not a waiver of any of our rights to later enforce that or any other part of this document. The waiver of any breach of any term, covenant, or condition herein contained, or our failure to seek redress for the violation of, or to insist upon the strict performance of any covenant or condition of this Agreement shall not be deemed to be a waiver of such term, covenant, or condition or any subsequent breach of the same.
We may assign to third parties any of our rights and obligations under this Agreement from time to time.
If there is a dispute between you or any other third party, BankingOn is under no obligation to become involved. In the event that you have a dispute with one or more Users or other third parties, you release BankingOn, its officers, employees, agents, and successors from claims, demands, and damages of every kind or nature, known or unknown, suspected or unsuspected, disclosed or undisclosed, arising out of or in any way related to such disputes and the Services. If you are a California resident, you shall and hereby do waive California Civil Code Section 1542, which says: “A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which, if known by him or her must have materially affected his or her settlement with the debtor.”
You may close your Account at any time. Account closure is subject to your paying any outstanding fees or amounts owing on the Account accrued prior to your closure. We may retain some of your personal information to satisfy regulatory requirements and our own external obligations. Closing your account does not necessarily delete or remove all of the information we hold.
You shall indemnify, defend, and hold harmless BankingOn (and our officers, directors, agents, managers, members, subsidiaries, lawyers, insurers and employees) from and against any and all claims, liabilities, suits, losses, damages and expenses, including without limitation reasonable attorneys’ fees, due to any claim arising out of your breach of this Agreement or your infringement of any law or the rights of a third party in the course of using the Services.
You must immediately notify us upon becoming aware of any unauthorized access or any other security
breach to the Services or your Account and do everything possible to mitigate the unauthorized access or
security breach (including preserving evidence and notifying appropriate authorities). Your Account is
yours only, and you must not share your password with others. You are solely responsible for securing
your password. We will not be liable for any loss or damage arising from unauthorized access of your
Account resulting from your failure to secure your password. In the event of an unauthorized access or
security breach of any type, notify us by telephone at 855-7717141 between the hours of 10 am Central
and 4pm Central on Weekdays or in writing at BankingON, Inc. 5316W Highway 290, Ste 300
Austin TX 78735.
If you notify Eli within two business days after learning of the unauthorized transaction, your liability will not exceed the lesser of; (i) $50; or (ii) the amount of unauthorized transfers that occurred before providing us notice.
If you fail to notify us within two business days, your liability will not exceed the lesser of:
(i) $500; or
(ii) the sum of:
(a) the lesser of:
(x) $50; or
(y) the amount of unauthorized transfers that occurred within the two business days; and
(b) the amount of unauthorized transfers that occur between the close of two business days after learning of the unauthorized transaction and the date notice is provided to us.
If you find an unauthorized transaction on the periodic statement provided to you from the institutions that hold your Bank Accounts, you must also report such unauthorized transaction within 60 days of the day your statement was transmitted to you by that financial institution to avoid liability for any unauthorized transactions that occurred between the close of the 60 days following your discovery and your notice to Eli. Should your delay be caused by extenuating circumstances, we will work with you to extend these deadlines in a reasonable manner so as to lessen your liability. Nothing herein shall supersede any state law that might impose less liability on you.
Our Services and all content on it are provided on an ‘as is’, ‘with all faults’ and ‘as available’
basis and without warranties of any kind either express or implied. Without limiting the foregoing, and
other than as may be expressly set forth herein to the contrary, we make no representation or warranty
In no event shall we, our related entities, our affiliates, or staff be liable, whether in contract,
warranty, tort (including negligence), or any other form of liability, for:
Legal notices to you will be served to the email address you provide to BankingOn during the registration process. Notice will be deemed given 24 hours after email is sent, unless the sending party is notified that the email address is invalid or that the email has not been delivered. Alternatively, we may give you legal notice by mail to the address provided by you during the registration process. In such case, notice will be deemed given three days after the date of mailing. Any notices to BankingOn must be given by registered U.S. Mail to BankingON, Inc. 5316W Highway 290, Ste 300 Austin TX 78735.
Headings are for reference purposes only and in no way define, limit, construe, or describe the scope or extent of such section.
Your use of the automated bank account feeds (“Account Aggregation Services”) in connection with opening
your account/requesting your loan is subject to the following terms.
Provide Accurate Information. You agree to provide true, accurate, current and complete information about yourself and your accounts maintained at other websites, including financial institutions. You will not misrepresent your identity or your account information. You represent that you have all the rights to provide such information and license the Content, as defined below. You agree to keep your account information up to date.
License. You are licensing to Platform and its service providers, including Synapse, any information, data, passwords, materials or other content (collectively, “Content”) you provide through the Account Aggregation Services. You license the Content to Platform and its service providers to access, use and store the Content. Platform and its service provider may use, display, distribute and reproduce the information obtained via the Account Aggregation Services exclusively for the purposes of delivering Platform and banking services to you. You may revoke this license at any time by emailing [Platform customer support email].
Third-Party Accounts. By using the Account Aggregation Services, you authorize Platform and its service providers to access third-party sites designated by you, on your behalf, to retrieve information requested by you, and to register for accounts/request loans. For all purposes hereof, you grant Platform and its services providers a limited power of attorney, and you hereby appoint Platform and its service providers as your true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for you and in your name, access third-party internet sites, servers or documents, retrieve information, and use your information exclusively for the purposes of delivering Platform and banking services to you. You understand that Platform and its service providers may access your third-party accounts any time and obtain access to the information in such third-party accounts at any time while you have an account with Platform.
The following disclosures are made in accordance with the federal law regarding electronic payments,
deposits, transfers of funds and other electronic transfers to and from your account(s). There may be
limitations on account activity that restrict your ability to make electronic fund transfers. Any such
limits are disclosed in the appropriate agreements governing your account.
A. Definitions: Electronic Fund Transfer: Any transfer of funds, other than a transaction originated by check, draft or similar paper instrument, that is initiated through an electronic device or computer to instruct us to debit or credit an account. Electronic Fund Transfers include such electronic transactions as direct deposits or withdrawals of funds, transfers initiated via telephone, website or mobile application. Preauthorized Electronic Fund Transfer: An Electronic Fund Transfer that you have authorized in advance to recur at substantially regular intervals; for example, direct deposits into or withdrawal of funds out of your account.
B. Your Liability: Authorized Transfers: You are liable for all Electronic Fund Transfers that you authorize, whether directly or indirectly. Unauthorized Transfers: Tell us at once if you believe your account or PIN or Access Information (as defined below) is lost or stolen or has been or may be subject to unauthorized Electronic Fund Transfers. Support message us immediately to keep your possible losses to a minimum. You could lose all the money in your account(s). If you tell us within two (2) business days after learning of the loss or theft of your account access device, or after learning of any other unauthorized transfers from your account involving your account access device, you can lose no more than $50 if Electronic Fund Transfers are made without your permission. For these transactions, if you DO NOT tell us within two (2) business days after learning of the loss, theft or unauthorized use, and we can establish that we could have prevented the unauthorized transfer(s) if you had told us in time, you could lose as much as $500. Also, if your periodic account statement shows unauthorized transfers and you DO NOT tell us within sixty (60) days after the statement was delivered to you, you may not get back any money you lose after the sixty (60) day period if we can prove that we could have prevented the unauthorized transfer(s) if you had told us in time. If an extenuating circumstance (such as extended travel or hospitalization) prevents you from promptly notifying us of a suspected lost or stolen access device or of any other suspected unauthorized transfer(s), the time periods specified in this Section B may be extended for a reasonable period.
Please contact us by emailing us at [email protected] (1) if you believe a transaction receipt or a
statement is wrong, or (2) if you need more information about a transaction on the receipt or statement.
For consumer accounts, we must hear from you no later than sixty (60) days after we sent you the first
statement on which the error or problem appeared. For business accounts, we must hear from you within
one (1) business day of us sending you a receipt. Your inquiry must include: (x) your name, email
associated with your account, and your account number (if available); (y) a description of the error or
the transaction you are unsure about, and a clear explanation of why you believe there is an error or
why you need more information; and (z) the dollar amount of the suspected error. If you tell us orally,
we may require that you send us your inquiry via email within ten (10) business days.
Time Periods Ten-Day Time Period: Eli will investigate promptly and, except as otherwise provided in this paragraph, shall determine whether an error occurred within 10 business days of receiving a notice of error. Eli shall report the results to the consumer in writing within three business days after completing its investigation. Eli shall correct the error within one business day after determining that an error occurred.
Forty Five-Day Time Period: If Eli is unable to complete its investigation within 10 business days, Eli may take up to 45 days from receipt of a notice of error to investigate and determine whether an error occurred, provided Eli does the following: (1) Provisionally credits the consumer's account in the amount of the alleged error (including interest where applicable) within 10 business days of receiving the error notice. Eli need not provisionally credit the consumer's account if: