FedNow Transfer Services Terms

The FedNow Transfer Services Terms govern User’s access to and use of the FedNow Transfer Services. Unless otherwise defined in this Platform Agreement, capitalized terms used in the FedNow Transfer Services Terms have the meanings set forth in Section 9 of the FedNow Transfer Services Terms.

Moov’s FI Partner, Lincoln Savings Bank (“FedNow FI Partner”), is a party to this Platform Agreement solely in connection with the FedNow Transfer Services. Accordingly, in addition to constituting a legally binding agreement between Moov and User, this Platform Agreement also will constitute a legally binding agreement between FedNow FI Partner and User.

1. FedNow Transfer Services.

1.1. Generally. Moov, as an agent of, and in conjunction with, FedNow FI Partner, will provide or otherwise make available the FedNow Transfer Services to User in order for User to initiate funds transfers through the FedNow Service operated by the Federal Reserve Banks (“Federal Reserve”) in accordance with the terms and conditions of this Platform Agreement. User may be permitted to receive funds transfers via the FedNow Transfer Services. User acknowledges and agrees that User’s ability to receive funds transfers through the FedNow Transfer Services will be subject to Moov’s and/or FedNow FI Partner’s authorization to participate in the FedNow Transfer Services and enablement and support for the same, the FedNow Rules, and User’s acceptance of additional terms and conditions applicable to the FedNow Transfer Services.

1.2. Initiation of FedNow Payments. User hereby authorizes FedNow FI Partner, in its capacity as a Participant, to execute Instant Payment Messages initiated by User to FedNow FI Partner through the FedNow Transfer Services. User acknowledges and agrees that all Instant Payment Messages are final and irrevocable. User agrees that Moov and FedNow FI Partner may rely on all information in any Instant Payment Message submitted through the FedNow Transfer Services without further inquiry into the accuracy, completeness, authenticity, or validity of such information, subject to the applicable Security Procedures.

1.3. FedNow Rules. User acknowledges and agrees that User’s access to and use of the FedNow Transfer Services is subject to the FedNow Rules.

2. Initiating FedNow Payments.

2.1. Permitted FedNow Payments. User will provide Instant Payment Messages that order a payment only to a Beneficiary whose account is located in the Territory. User will not send or receive Instant Payment Messages or Requests for Payment on behalf of another Person.

2.2. Restrictions on FedNow Payments. The dollar amount and volume of Instant Payment Messages, individually and in the aggregate, permitted to be initiated by User on any one day or other time period may be subject to limits established by Moov or FedNow FI Partner from time to time. In addition, Moov and FedNow FI Partner may be subject to limits on the dollar amount and volume of Instant Payment Messages that may be submitted through the FedNow Service. If any Instant Payment Message would cause User, Moov, or FedNow FI Partner to exceed any applicable limits, then User acknowledges and agrees that the Instant Payment Message may not be processed or submitted through the FedNow Service. Moov and FedNow FI Partner may modify, supplement, or replace any restrictions applicable to the initiation of Instant Payment Messages through the FedNow Transfer Services. User will not initiate any Instant Payment Messages in a currency other than U.S. dollars. User agrees not to initiate Instant Payment Messages that violate any Applicable Law.

2.3. Cut-off Times. Moov or FedNow FI Partner may establish cut-off times for the initiation of Instant Payment Messages in connection with the FedNow Transfer Services. Any cut-off times applicable to the initiation of Instant Payment Messages may be provided or otherwise made available to User by the Company through which User accesses the Moov Services.

2.4. Cancellation and Amendment of Instant Payment Messages. User has no right to cancel or amend any Instant Payment Message after User has submitted such Instant Payment Message through the FedNow Transfer Services. Moov and FedNow FI Partner may endeavor to act on a cancellation or amendment request to any Instant Payment Message submitted by User before executing the Instant Payment Message. However, User agrees that neither Moov nor FedNow FI Partner will have any responsibility or liability in connection with any cancellation or amendment to any Instant Payment Message, including if Moov or FedNow FI Partner are not able to effect the cancellation or amendment of such Instant Payment Message. User understands and agrees that an Instant Payment Message cannot be cancelled or amended once it has been executed. User will comply with the Security Procedures in connection with any cancellation or amendment request.

2.5. Pre-Funding. Prior to initiating any Instant Payment Message, User will ensure that it has good and available funds in User’s Moov Balance for the Instant Payment Message. In the event that User does not have good and available funds in the User’s Moov Balance sufficient to cover the total amount of any or all Instant Payment Messages initiated by User, Moov and FedNow FI Partner may take any of the following actions: (a) refuse to process all Instant Payment Messages; (b) process Instant Payment Messages for which User has good and available funds in User’s Moov Balance in whatever order Moov or FedNow FI Partner determine is appropriate; or (c) process Instant Payment Messages regardless of whether User has good and available funds in User’s Moov Balance to cover each such Instant Payment Message, in which event the total amount advanced by Moov or FedNow FI Partner on behalf of User will be immediately due and payable by User without further demand from Moov or FedNow FI Partner. Moov may make available information about the status of an Instant Payment Message through User’s Moov Account. As among User, Moov, and FedNow FI Partner, Moov and FedNow FI Partner will not be responsible or liable for taking any of the above actions, and User will promptly reimburse Moov and FedNow FI Partner for any Losses incurred by Moov and FedNow FI Partner in connection with such actions.

2.6. On-Us Instant Payment Messages. In the case of any Instant Payment Message that orders payment to a Beneficiary with an account maintained with FedNow FI Partner, Moov and FedNow FI Partner may elect to process such Instant Payment Message as an on-us payment (each, an “On-Us FedNow Payment”) and credit the Beneficiary’s account in the amount of such Instant Payment Message.

2.7. Rejection of Instant Payment Messages. User agrees that Moov and FedNow FI Partner will have no obligation to accept Instant Payment Messages and may reject any Instant Payment Messages submitted by User for any reason. While Moov and FedNow FI Partner have no obligation to notify User of any rejection of any Instant Payment Messages, Moov and FedNow FI Partner nevertheless may do so. Neither Moov nor FedNow FI Partner will have any responsibility or liability to User for any rejection of any Instant Payment Message and will not be responsible or liable to User for any amounts, including any interest, in connection with the rejection of any Instant Payment Message.

2.8. Rejection of Instant Payment Messages. If an Instant Payment Message is cancelled or rejected by the Federal Reserve or the FedNow Receiver, Moov or FedNow FI Partner will make available to User information regarding the status of the Instant Payment Message if and to the extent required by the FedNow Rules. If Moov and FedNow FI Partner complied with the terms of these FedNow Transfer Services Terms with respect to the cancelled or rejected Instant Payment Message, Moov and FedNow FI Partner will have no obligation to resend the Instant Payment Message. In the event the Instant Payment Message is not completed due to a cancellation or rejection, User understands a new Instant Payment Message must be initiated through the FedNow Transfer Service to effect the payment.

2.9. Errors in Instant Payment Messages. Neither Moov nor FedNow FI Partner will have any obligation to discover, nor will Moov or FedNow FI Partner be responsible or liable to User for discovering, or for failing to discover, any error made by User in connection with the FedNow Transfer Services, including for any error made in identifying the Beneficiary, for any error in the amount of the Instant Payment Message, or for any issuance by User of duplicate Instant Payment Messages. If User discovers that any Instant Payment Message initiated by User was in error, then User will promptly notify Moov and FedNow FI Partner of such error.

2.10. Request for Return of Funds. Moov or FedNow FI Partner will have no obligation to submit a Return Request for any Instant Payment Message, including erroneous or unauthorized Instant Payment Messages reported by User. Moov or FedNow FI Partner may elect in their sole discretion to submit a Return Request. User acknowledges that a FedNow Receiver is not required to return any funds related to any Instant Payment Message upon receipt of a Return Request. User will be responsible and liable to Moov and FedNow FI Partner for all Losses incurred by Moov and FedNow FI Partner in connection with any Return Request. User acknowledges and agrees that all Instant Payment Messages are final and irrevocable, and that neither Moov nor FedNow FI Partner is obligated to act on User’s request that Moov or FedNow FI Partner submit a Return Request.

2.11. Delays. User acknowledges and agrees that Moov and FedNow FI Partner do not have any control over the acts or omissions of other financial institutions or third parties that could delay the FedNow Transfer Services or delivery of an Instant Payment Message, and neither Moov nor FedNow FI Partner will be responsible or liable for any Losses arising out of or relating to any acts or omissions of any other financial institution or third party, including in the event that additional time is needed to verify identities, complete required fraud and risk screening, otherwise satisfy requirements of Applicable Law or FedNow Rules, or effect an Instant Payment Message. Without limiting the foregoing, neither Moov nor FedNow FI Partner makes any warranty or guarantee that an Instant Payment Message will occur within any given time and Moov and FedNow FI Partner each hereby expressly disclaim any such warranty or guarantee.

3. Security Procedures.

User hereby acknowledges and agrees that Moov, FedNow FI Partner, User, and/or the Company through which User accesses and uses the FedNow Transfer Services (as applicable) may establish security measures applicable to the initiation of Instant Payment Messages in connection with the FedNow Transfer Services (“Security Procedures”). User acknowledges and agrees that any applicable Security Procedures are intended to verify that any Instant Payment Message, including any amendments to such Instant Payment Message, is that of User, that any applicable Security Procedures are not designed to detect any errors in Instant Payment Messages, including any amendments to such Instant Payment Messages, initiated through the FedNow Transfer Services, and that User is solely responsible for detecting and preventing errors. By accessing and using the FedNow Transfer Services, User agrees that: (a) User has reviewed, evaluated, and understands, any applicable Security Procedures, (b) any applicable Security Procedures constitute a commercially reasonable method of protecting against unauthorized Instant Payment Messages, and (c) User will comply with any applicable Security Procedures for any Instant Payment Messages initiated through the FedNow Transfer Services. User agrees to be bound by any Instant Payment Messages initiated through the FedNow Transfer Services, including any amendments to such Instant Payment Messages, whether authorized or unauthorized, that are accepted in compliance with any applicable Security Procedures. User agrees to immediately notify Moov of the possible unauthorized access to or use or disclosure of any identifications, passwords, hints, personal identification numbers, or other information used by User to access and use the FedNow Transfer Services.

4. Review of FedNow Payments.

User agrees to review regularly User’s transaction history in connection with the FedNow Transfer Services. If User identifies any errors, discrepancies, or unauthorized Instant Payment Messages with respect to the FedNow Transfer Services, then User will immediately report such errors, discrepancies, or unauthorized Instant Payment Messages to Moov. Except as otherwise provided by Applicable Law, if User fails to notify Moov of any error, discrepancy, or unauthorized Instant Payment Message within 14 days of the date as of which User’s transaction history reflecting the error, discrepancy, or unauthorized Instant Payment Message is made available to User, then User hereby waives any right to assert any error, discrepancy, or unauthorized Instant Payment Message.

5. Reliance on Account Number.

If any Instant Payment Message describes the applicable Beneficiary inconsistently by name and account number, then User hereby acknowledges and agrees that payment may be made by the FedNow Receiver (or by FedNow FI Partner, in the case of an On-Us FedNow Payment) solely on the basis of the account number provided by User, even if such account number identifies a Person different from the named Beneficiary, and that User’s obligation to pay the amount of the Instant Payment Message is not excused in such circumstances. User will be responsible and liable for, and must settle with Moov and FedNow FI Partner, for any Instant Payment Message initiated by User that identifies a Beneficiary by account or identifying number or by name and account or identifying number.

6. User Representations and Warranties.

6.1. With respect to each Instant Payment Message initiated by User, User hereby represents and warrants to Moov and FedNow FI Partner that:

7. Limitation of Liability.

NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS PLATFORM AGREEMENT, NONE OF MOOV, FEDNOW FI PARTNER, OR ANY OF THEIR RESPECTIVE AFFILIATES, SUCCESSORS, OR ASSIGNS WILL BE RESPONSIBLE FOR ANY CLAIMS OR LOSSES ARISING OUT OF OR RELATING TO THE FEDNOW TRANSFER SERVICES EXCEPT TO THE EXTENT SUCH CLAIMS OR LOSSES DIRECTLY RESULT FROM MOOV’S OR FEDNOW FI PARTNER’S GROSS NEGLIGENCE, WILLFUL MISCONDUCT, OR FRAUD.

8. General Provisions.

8.1. Conflict. In the event of any conflict between any term or condition of this Platform Agreement with respect to the FedNow Transfer Services and any term or condition of the FedNow Rules, the applicable term or condition of the FedNow Rules will govern to the extent necessary to resolve such conflict.

8.2. Survival. The following Sections of the FedNow Transfer Services Terms will survive termination or expiration of the Platform Agreement: the last sentence of Section 1.2, Section 1.3, Section 2.2, Section 2.4, Section 2.5, Section 2.6, Section 2.7, Section 2.9, the last two sentences of Section 2.10, Section 2.11, Section 3, Section 4, Section 5, Section 6, Section 7, Section 8, and Section 9.

9. Definitions.