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Electronic Fund Transfer Agreement

Last updated Jul 21, 2023

Electronic Fund Transfers: Your Rights and Responsibilities

This disclosure contains important information about your use of electronic fund transfer (“EFT”)
services in relation to your Uphold Account (“Account”).  Whenever you accept or authorize EFTs, you
agree to these terms and conditions, in addition to any other applicable limitations in the User
Agreement (available here for residents of the US). Please read this document carefully and retain it for
future reference.

Contact Information For EFT

  1. Uphold Website and App

    1. You may use the Uphold website (“Website”) or mobile application (“App”), including to:
      • View your Account information
      • Request fund transfers between your Account and a Linked External Account by ACH transfer
      • Make a payment to a third party by ACH transfer

      You understand and agree that any access or use of the Website or App (including any features made available via the Website and App) are subject to specific terms and conditions and additional disclosures made available in connection therewith and which you must consent to prior to any such access or use.

  2. Limits on the Type, Frequency or Amount of EFTs

    1. Limitations. For security reasons, we may limit the number and dollar amount of transfers you can make to an External Account or to third parties.

      Please see the User Agreement for Residents of the United States for more information.

    2. Managing Your Account Balance. You agree that the amount of any EFT you authorize, which will debit your Account, will not exceed the Available Balance in your Account. We do not have to allow any EFT that would create an overdraft in your Account. If we are unable to complete an EFT or perform any other EFT service for any reason associated with your Account, the EFT or other service may not be completed.

  3. Your Rights and Responsibilities

    1. Business Days. For the purposes of these disclosures, our Business Days are every day except Saturdays, Sundays, and federal holidays.

    2. Documentation of Your EFTs.

      • Account Statements. You can access your entire account transaction history via the Uphold app or website. For instructions on how to access this, please see here.

      • Direct Deposits. If you have arranged to have EFT Direct Deposits made to your Account at least once every 60 days from the same person or company, the person or company making the deposit may notify you every time they send us the money. 

      • Other EFT Confirmations. You may call or email us to find out whether any EFT you requested was successfully completed.

    3. Preauthorized Payments

      1. Right to Stop Payment and Procedure for Doing So. If you have told us in advance to make regular EFT payments out of your Account, you can stop any of these payments. For instructions on how to stop automated transactions that you’ve set up, see here. 

      2. Liability for Failure to Stop Payment of Preauthorized Transfer. If you order us to stop one of these payments 3 Business Days or more before the transfer is scheduled and we do not do so, we will be liable for your losses or damages.

      3. Notice of Varying Amounts. If these regular EFT payments may vary in amount, for example, if you set up automated transactions denominated in a currency other than USD, the amount to be deducted from your account may vary depending on the rate at the time of the transaction. 

      4. Our Refusal to Pay a Preauthorized or Other Regular (Automatic) EFT. We reserve the right to refuse to pay a regular (automatic) EFT debiting your Account, for example, if your Account has insufficient funds to cover such transfer or if we are unable to verify the ownership of or other information about the account to which the funds will be transferred.

    4. Your Liability for Unauthorized EFTs.

      Tell us AT ONCE if you believe:

      • Your Access Credentials have been compromised

      • An EFT has been made without your permission, or someone has transferred or may transfer money from your Account without your authorization.

      Submitting a support ticket is the best way to keep your possible losses down. You could lose all the money in your Account. If you tell us within 2 Business Days after you learn of the loss or theft of your Access Credentials, you can lose no more than $50 if someone used your Access Credentials to access your Account without your permission.

      If you DO NOT tell us within 2 Business Days after you learn of the lost or theft, and we can prove we could have stopped someone from using your Access Credentials without your permission if you had told us, you could lose as much as $500.

      Also, if your transactions records show transfers that you did not make, tell us AT ONCE. If you do not tell us within 60 days after the records were made available to you electronically, you may not get back any money you lost after the 60 day period if we can prove that we could have stopped someone from taking the money had you told us in time. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we may extend the time periods.

      If you believe your Access Credentials have been compromised contact us as soon as possible using the contact information above

    5. In Case of Errors or Questions about your EFTs

      Contact us as soon as you can if you think your statement or receipt is wrong or if you need more information about an EFT listed on the statement or receipt. We must hear from you no later than 60 days after we send the FIRST statement on which the problem or error appeared.

      • Tell us your name and the email account associated with your Account.

      • Describe the error or EFT you are unsure about and explain as clearly as you can why you believe it is an error or why you need more information.

      Tell us the dollar amount of the suspected error.

      If you tell us orally, we may require that you send us your complaint or question in writing within 10 Business Days.

      We will determine whether an error occurred within 10 Business Days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days to investigate your complaint or question. If we decide to do this, we will credit your Account within 10 Business Days for the amount you think is in error, so that you will have use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 Business Days, we may not credit your Account.

      For errors involving new Accounts, point-of-sale, or foreign-initiated transactions, we may take up to 90 days to investigate your complaint or question. For new Accounts, we may take up to 20 days to credit your Account for the amount you think is in error.

      We will tell you the results within 3 Business Days after completing our investigation. If we decide that there was no error, we will send you a written explanation. You may ask for copies of the documents that we used in our investigation.

    6. Our Liability for Failure to Make a Transfer. If we do not complete an EFT to or from your Account on time or in the correct amount according to the Agreement, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable, for instance:

      • If, through no fault of ours, you do not have enough money in your Account to make the EFT.

      • If a system or terminal you use to make an EFT was not working properly and you knew about the breakdown when you started the EFT.

      • If circumstances beyond our control (such as fire or flood) prevent the transfer despite reasonable precautions that we have taken. 

      • There may be other exceptions stated in the User Agreement for Residents of the United States.

  4. Confidentiality

    1. We will disclose information to third parties about your Account or the EFTs you make:
      • Where it is necessary for completing EFTs;
      • In order to verify the existence and condition of your Account for a third party, such as a credit bureau or merchant;
      • In order to comply with government agency or court orders; or
      • If you give us your written permission.

  5. Amendments

    We may change any provision of this Electronic Fund Transfer Agreement in our discretion, as permitted by law. If we do, we will give you notice if and to the extent required by applicable law.

  6. Termination

    We reserve the right to terminate your use of any or all of our EFT services for any reason and at any time. We will provide you notice before doing so where required by law. You also have the right to terminate your use of the EFT services described in this Agreement at any time by contacting us using the above information. If you terminate your use of our EFT services and you have arranged for automatic (regular) transfers involving third parties, you are required to inform any third parties that the transfers will cease. Any termination of your use of our EFT services, whether initiated by you or us, will not affect any of your or our rights and obligations under this Agreement that have arisen before the effective date of such termination.