Last update March 10, 2020
Welcome to Monety, owned and operated by Monety Inc. In these Terms of Service, “you” and “your” refer to the individual that uses the Service. “We”, “us”, or “our” refer to Monety.
Monety provides web and mobile application-based services designed to assist individual users in managing their cash flow and avoiding or lessening bank overdrafts and the bank fees associated with overdrafts by providing access to a budget service, overdraft alerts and optionally qualifying you for a cash advance up to $500 USD. These Terms of Service represents an agreement between you and Monety, and contain the terms and conditions governing your use of and access to Monety's website and all affiliated websites and applications owned and operated by us.
Monety may modify these Terms of Service from time to time. The Terms of Service will always indicate the date it was last revised. In addition, we will send you a text message, email, or in-app notification informing you of any material changes in the Terms of Service prior to posting those changes. When you use the Service after those changes are posted, you are deemed to have accepted the new Terms of Service and agree to be bound by any changes to the Terms of Service.
There are additional documents linked within these terms, please be sure to thoroughly review each item prior to agreeing to our Terms of Service.
Start Using The Service.
To start using Monety you must have a mobile device with Android 5.1 (or higher) or IOS 10 (or higher), download our Apps from the official sites (Apple iTunes Store and Google Play) and successfully complete the online registration process within the app.
By using Monety apps and creating your User Account you agree to:
(i) 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.
(ii) License to Monety and its service providers, any information, data, passwords, materials or other content you provide through your User Account. You license the Content to be accessed, stored, and used by Monety and its service providers. Monety and its service providers may use, display, distribute and reproduce the information obtained via your User Account exclusively for the purposes of delivering Monety services to you. You may revoke this license at any time by emailing firstname.lastname@example.org.
(iii) Authorize Monety and its service providers to access third-party sites designated by you or on your behalf to retrieve information requested by you, and to register accounts/request cash advances. For all purposes hereof, you grant Monety and its services providers a limited power of attorney, and you hereby appoint Monety 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, to access third-party internet sites, servers or documents, retrieve information, and use your information exclusively for the purposes of delivering Monety services to you. You understand that Monety 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 active account with Monety.
Overdraft Alerts and Budget Service.
Monety Overdraft Alerts and Budget Services are personal finance information management services that allow you to consolidate and track your financial information. Monety will analyze your past transactions to predict your future spending; we will send you Alerts ahead of time if you are at risk of being charged an overdraft fee at any moment. Monety Overdraft Alerts and Budget Services can potentially assist you in avoiding, reducing the risk of, reducing the amount of, bank overdrafts and resulting overdraft fees. Please note that this service does not guarantee that you will not be charged overdrafts.
By agreeing to these Terms you acknowledge that Monety will charge for $1 USD per month to your authorized payment method for Overdraft Alerts and Budget Services. These services are meant to provide you with your information to allow you to organize and manage your finances. PLEASE NOTE THAT THIS FEE IS NOT CHARGED FOR CASH ADVANCE APPROVAL AND THAT YOU WILL BE CHARGED THE MONTHLY FEE WHETHER YOU RECEIVE A MONETY CASH ADVANCE OR NOT. You can cancel the Overdraft Alerts and Budget Services at any time.
The Monety Score serves as a proprietary indicator of your ability to payback cash advances. We create this score from the information we collect from your Monety Profile. Please note that this score is not linked to any credit bureau. You authorize Monety to use data provided in your profile and cash advance application(s) including bank, personal, and linked third-party information to generate the proprietary score “Monety Score”.
Cash Advance Service.
To report a complaint relating to your Monety Cash Advances, email email@example.com.
PLEASE BE ADVISED THAT PAYING THE MONTHLY SUBSCRIPTION FEE DOES NOT WARRANT POSITIVE QUALIFICATION FOR A CASH ADVANCE.
By submitting an Application, you authorize that approved cash advances be deposited in your authorized bank account.
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.
Monety Charges $1 USD per month for the Overdraft Alerts and Budget Services, and to maintain an active connection to your bank account. Monety requires a connected bank account or debit card for payment of our $1 membership fee, which is billed the sooner of 30 days or your first payday after initiating membership. If payment attempt is declined, Monety reserves the right to cancel your account at its sole discretion. Monety has an additional $2,99 optional fee to expedite the disbursement of approved cash advances. Users may also have the option to make additional voluntary payments or "TIPS" in appreciation of received services.
To repay cash advances you authorize to automatically initiate a repayment of the agreed amount in the form of: (a) an ACH debit transaction (a “Preauthorized ACH Repayment”) from your bank account or, (b) a debit card transaction, Monety reserves the right to select which provided payment method to use to process your repayment. In the case you wish to process the repayment before the Payback Day you may self-initiate repayment of the agreed amount in the form of an ACH debit/debit card transaction (a “Manual Repayment”). Cash advances are payable in one installment.
The preauthorized ACH/debit card repayment will be initiated on the agreed payback day (the “Repayment Date”). Your repayment date is determined by you at the time of your cash advance request. We reserve the right, but have no obligation, to defer the preauthorized ACH/debit card repayment based on the balance Monety observes in your Bank Account.
In the case of repayment failure, Monety warrants it will not engage in any collections activities nor report you to a consumer reporting agency. We will help you on avoiding overdraft fees, but we are not responsible for insufficient funds charges, over the limit fees or other bank fees resulting from your failure to maintain sufficient funds in your bank account. We keep track of your balance and we will notify you when your balance is too low and at risk of overdraft, but Monety does not warrant you won't get overdraft charges.
Be advised that All Electronic Fund Transfers are processed by Synapse. Monety only transmits transaction instructions to Synapse for them to process. Questions regarding Electronic Fund Transfers issues and errors relating to transactions and account balances should be directed to: firstname.lastname@example.org.
a.Errors/Questions on transactions:
Please contact us by email at email@example.com (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.
b. Time Periods:
Ten-Day Time Period: Monety 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. Monety shall report the results to the consumer in writing within three business days after completing its investigation. Monety shall act in good faith to correct the error within one business day after determining that an error has occurred.
c. Forty Five-Day Time Period
If Monety is unable to complete its investigation within 10 business days, Monety may take up to 45 days from receipt of a notice of error to investigate and determine whether an error occurred, provided Monety 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.
Monety need not provisionally credit the consumer's account if:
Monety does not receive written confirmation within 10 business days of an oral notice of error; or the alleged error involves an account that is subject to Regulation T (Securities Credit by Brokers and Dealers, 12 CFR part 220), (2) Informs the consumer, within two business days after the provisional crediting, of the amount and date of the provisional crediting and gives the consumer full use of the funds during the investigation; (3) Acts in good faith to correct the error, if any, within one business day after determining that an error occurred; and (4) Reports the results to the consumer within three business days after completing its investigation (including, if applicable, notice that a provisional credit has been made final).
The time periods described above may be extended as follows:
Extension of Ten-Day Time Period - The time limit for resolution is extended to 20 business days in place of 10 business days if the notice of error involves an electronic fund transfer to or from the account within 30 days after the first deposit to the account was made; or
Extension of Forty Five-Day Time Period - The time limit for resolution is extended to 90 days in place of 45 days for completing an investigation, if a notice of error involves an electronic fund transfer that occurred within 30 days after the first deposit to the account was made.
If you wish to access and correct/modify any provided information, you may correct/modify certain information via your user account. You can also send an email that includes your modified information to firstname.lastname@example.org to request any corrections to your information.
If you wish to deactivate your Monety Account you can do so through the settings option in your app. Be advised that you won't be able to deactivate your account if you have a pending balance with us. For further information regarding this process you may email us at email@example.com. After you deactivate your account, we may retain archived copies of information about you for a period of time that is consistent with applicable law.
This Agreement and all Claims are governed by the laws of the State of California.
If any provision of this Agreement is found to be invalid, unlawful, void, or unenforceable by either an arbitrator or a court of competent jurisdiction, this Agreement’s remaining provisions shall be enforced to the fullest extent possible, and the remaining provisions of the Agreement shall remain in full force and effect.
This Agreement is the entire understanding and agreement between you and Monety. This Agreement supersedes any previous Terms of Service agreement or other agreement to which you and Monety may have been bound. This Agreement will be binding on, inure to the benefit of, and be enforceable against the parties and their respective successors and assigns. Neither the course of conduct between parties nor trade practice shall act to modify any provision of the Agreement. You may not assign or transfer this Agreement or your rights hereunder, in whole or in part, by operation of law or otherwise, without our prior written consent. We may assign this Agreement or any of our rights or obligations under this Agreement at any time without notice. All rights not expressly granted herein are hereby reserved.
Content on this site, including but not limited to designs, text, graphics, pictures, video, information, software, music, sound and other files, and their selection and arrangement , are the proprietary property of Monety with all rights reserved.
No Site Content may be modified, copied, distributed, framed, reproduced, republished, downloaded, displayed, posted, transmitted, or sold in any form or by any means, in whole or in part, without Monety prior written permission.
Monety logos are trademarks of We USA, Inc. All other trademarks, logos and brands are the property of their respective owners. Monety is not affiliated with nor has it been authorized, sponsored, or otherwise approved by the other logos and brands displayed on our websites and apps.