CrowdPay™ Inc. Service Agreement
CrowdPay™ Inc. underwrites the CrowdPay™ Calculator, which determines your Internal Return Rate and ensures a Cash-Flow Distribution Schedule to optimize savings. This agreement outlines the terms under which CrowdPay™ Inc. will manage your household bill payments and expenses, offering an opportunity to generate monthly savings for W-2 employees who use checking accounts to pay their bills.
By opting into this service, you agree to allow CrowdPay™ Inc. to pay your monthly household expenses and bills on your behalf. In exchange, CrowdPay™ Inc. offers a no-risk strategy designed to generate additional savings for your household.
1. Weekly Withdrawals for Bill Pay
1.1. Each week, CrowdPay™ Inc. will initiate an ACH transfer for the predetermined amount calculated by the CrowdPay™ Calculator from your checking account.
1.2. In addition to paying your household bills in full and on time, each week, CrowdPay™ Inc. will deposit your discretionary spending allowance (based on the information you provide) to the debit card(s) of your choice, covering all discretionary and miscellaneous spending for your household.
1.3. You understand that the pre-established weekly withdrawal amount is based on your household’s calculated expense schedule. There is no need to send any savings or additional amounts beyond the calculated sum.
2. Termination of Contract
2.1. This bill pay contract will become null and void if you, the client, experience a significant loss of direct deposit income due to job loss or other financial difficulties, or if you decide to discontinue using the CrowdPay™ system at any time.
2.2. You may also terminate this contract at any time, for any reason, without penalty.
3. Payment Processing and Accountability
3.1. By providing CrowdPay™ Inc. with your Payees’ names and account information, you authorize CrowdPay™ Inc. to follow the Payment Instructions provided. Payments will be scheduled to ensure they arrive as close to the Business Day designated by you as reasonably possible. However, we recommend that all Scheduled Payment Dates be set at least five (5) Business Days before the actual due date of the bill.
3.2. CrowdPay™ Inc. shall incur no liability for late payments due to delays caused by Payees or financial institutions, errors in account information, or insufficient funds in your account. Should a bill payment not be processed correctly and on time, you may cancel this agreement, and CrowdPay™ Inc. will refund any outstanding amounts as soon as possible.
3.3. If any EFT (Electronic Funds Transfer) transaction is rejected due to insufficient funds (NSF), CrowdPay™ Inc. may, at its discretion, attempt to process the charge again within 30 days, including an additional $10.00 charge for each NSF attempt. This fee will be initiated as a separate transaction from the authorized payment.
4. Client Access and Transparency
4.1. You may log into CrowdPay™ Inc. at any time to:
- See what bills have been paid,
- View upcoming bills and scheduled payments,
- Monitor your account balances,
- Track your savings benefit,
- Direct your savings to any account of your choice.
4.2. You are responsible for safeguarding your account password and login credentials. Any unauthorized transactions resulting from shared access to your credentials are your responsibility. In case of a suspected unauthorized transfer, please notify CrowdPay™ Inc. immediately.
5. Client Protections and Liabilities
5.1. You will not be held liable for any payment failures resulting from malfunctions of the CrowdPay™ Inc. system or circumstances beyond our control, such as natural disasters or technical issues with Payees.
5.2. In case of an error or unauthorized transaction, you must contact CrowdPay™ Inc. within two (2) Business Days to report the issue. Failure to report within this time frame may result in a liability of up to $500. If an unauthorized transfer is found after 60 days, you may lose any amount transferred without your authorization unless there is a valid reason for the delay.
6. Prohibited Payments
6.1. CrowdPay™ Inc. will not process payments for the following:
- Tax payments,
- Court-ordered payments,
- Payments to Payees outside the United States.
7. Exclusions of Warranties
7.1. CrowdPay™ Inc. makes no warranties, expressed or implied, regarding the timeliness or suitability of the service for any particular purpose.
8. Disclosures of Account Information
8.1. It is the general policy of CrowdPay™ Inc. to treat your account information as confidential. However, your account information may be disclosed to third parties in the following cases:
- To verify the existence of your account to a Payee,
- To comply with a government order or legal requirement,
- With your written permission.
9. Errors and Dispute Resolution
9.1. In case of an error or dispute regarding any transaction, you must notify CrowdPay™ Inc. within 60 days from the date of the first online statement in which the issue appears. CrowdPay™ Inc. will investigate and resolve the issue within ten (10) Business Days.
10. Cash Flow Distribution and Benefits
10.1. CrowdPay™ Inc. is committed to optimizing your financial outcomes by following a Cash-Flow Distribution Schedule based on your monthly expenses.
10.2. If CrowdPay™ Inc. does not meet the agreed-upon targets for bill payment timeliness or savings percentages (from 4% to 100% of your expenses), you may void this agreement and request a refund of any outstanding balance.
By signing or opting into this agreement, you acknowledge and agree to the above terms and conditions.