Popmoney® User Agreement
Popmoney® Personal Payment Service User Agreement ("Agreement")
This Agreement applies to your use of the Popmoney® Personal Payment Service (the "Service" or "Popmoney") at Silicon Valley Bank>Private Bank ("we," "us," or "our"), which allows you to send money to friends, family or persons you know. The Popmoney® Personal Payment Service is provided by CheckFreePay Corporation and CheckFreePay Corporation of New York, each a wholly owned subsidiary of Fiserv, Inc.
By clicking below, you agree to these terms and conditions, and consent to receive information, updates, and amendments to this Agreement which apply to the Service by electronic and non-electronic means. You should read this Agreement in full, and keep a copy for your records.
1. Services. Through your account access by way of online banking, you enroll, then initiate and receive personal payments through the Service to and from other person(s).The Service is designed to allow you to transfer funds electronically (as defined in our Deposit Agreement and Disclosure Statement, hereinafter the "DADS") from your deposit account: checking or savings (including money market savings) to other personal accounts in the U.S. You will need a valid email address and telephone number to enroll and will be asked to validate your enrollment prior to activation and use. To send money from your bank account, you will need the recipient's name and valid email address, mobile phone number, or bank account number. Money can be sent one time, recurring or for a designated future date.
Once you have enrolled and have the information needed to send money, you may initiate the transfer of funds as a Popmoney payment. Your funds will be withdrawn from your (the Sender's) account within one (1) business day after the recipient accepts the funds. Delivery of funds generally takes one (1) to three (3) business days, depending on the recipient's bank. Also, extended holds may apply at the recipient's bank account. Recipient(s) will be notified via email or text that money has been sent. (Data and messaging charges may apply to the recipient of the text). A Popmoney payment may be set up as an automatic deposit, resulting in funds directly deposited into the recipient's designated account for the specified amount on the specified day.
Popmoney payment requests made prior to 4:00 p.m. Pacific Time will be processed on the same business day. Transactions on a weekend, holiday, or other non-business day will be initiated on the business day following the request.
Typically, Popmoney payment requests are limited as follows:
The following limits on transfer amounts are calculated against ALL outstanding Popmoney transfers, which are transfers that have been requested but not yet paid.
|Time Period/Total Outstanding||Minimum Amount||Maximum Amount|
*For purposes of the "monthly" transfer limits, a month means the thirty (30) calendar days immediately prior to the date on which a Popmoney transfer request is processed by us.
NOTE: We may permit transfers in excess of these limits from time to time, based on our loss experience, security issues and other factors. We also may deny or limit specific transfers if we have any reason to question the authorization for, or security of, the transaction.
We offer Popmoney Services free of charge to you; however, other charges associated with your bank account may apply, such as overdraft fees. Other banks or institutions may charge/assess fees for receipt, and some data and messaging charges may apply to receiving the confirmation sent to the mobile phone number provided.
2. Acceptance of Terms. Your use of the Service constitutes your acceptance of this Agreement. This Agreement is a Related Agreement under the DADS and is subject to change (as defined by and in accordance with the DADS). If there are inconsistencies, the terms of this Agreement will control those of the DADS. Your continued use of the Service will indicate your acceptance of the revised Agreement. We also reserve the right, at any time and at our sole discretion, to change, modify, add, or remove portions of the Service. Your continued use of Service will also indicate your acceptance of any such changes to the Service.
3. Limitations on the Popmoney Service.
a. Our right to reject Popmoney payment requests. We reserve the right to complete or to reject any attempted Popmoney payment request that exceeds or is lower than the applicable limit, at our complete discretion. You understand and agree that such attempted or completed Popmoney payment requests may subject your account to overdraft fee(s).
b. Frequency limitations. Popmoney payment requests are only permitted with bank accounts at U.S. financial institutions. We reserve the right to limit the frequency and dollar amount of payment requests from any of your accounts for security reasons. We will not be liable to you for any Popmoney payment requests that cannot be completed in accordance with your instructions due to limitations imposed by other financial institutions or applicable law.
c. Other Limitations. Your ability to initiate payment requests from any savings or money market account with us is limited by law under Regulation D. You may only make up to six withdrawals and/or transfers each monthly statement cycle by check (for accounts with check writing privileges), preauthorized or automatic transfer (e.g., automatic payments to an insurance company), draft, point-of-sale debit card, telephone and/or online banking (which includes this Service). See your DADs for details.
4. Funding of Popmoney payment requests. The recipient has 10 days to collect the funds. Your account (as Sender) will be debited one business day after the recipient designates the account in which to deposit the funds. In the event the payment is not completed, then funds may be returned to your account within 1 to 3 business days of notice of the occurrence.
Further, we are not responsible for any failure of another financial institution to act in a timely manner. As a result, we cannot guarantee the timely delivery of or return of funds. Without limiting the foregoing, you accept full responsibility for ensuring that the correct and current email address, mobile phone number, and/or bank account number of the intended recipient are used when requesting the Service. You will not be able to retrieve your funds in the case of a dispute with the receiver of Popmoney payment request or if you provide an incorrect email address or mobile phone number. DO NOT USE THE Popmoney Service IF YOU HAVE ANY DOUBT ABOUT THE RECIPIENT'S EMAIL ADDRESS, MOBILE PHONE NUMBER, AND/OR BANK ACCOUNT NUMBER SINCE ANY ERROR COULD RESULT IN SENDING FUNDS TO AN UNKNOWN THIRD PARTY.
5. Technology/Security. The Popmoney Service will be provided using technology that meets industry standards for security, including without limitation challenge questions and identity verification. These procedures are not guaranteed in any way, and we make no representation concerning the accuracy or privacy of any information supplied via email, mobile phone, or other systems using the Popmoney Service.
6. Errors or Questions. In Case of Errors or Questions About Your Electronic Transfers. Call us at 1 (866) 238-0872 or write us at: 2770 Sand Hill Road, Menlo Park, CA 94025, ATTN: Client Services as soon as you can if: (i) you think your access credentials for online banking have been lost or stolen, (ii) an unauthorized Popmoney Service request has been made from your account is erroneous, wrong or (iii) if you need more information about a Popmoney transaction (electronic transaction). We will address your error in the manner described under the heading "Electronic Funds Transfers" of our DADs.
7. Ownership and License. You agree that we and the third parties we license from retain all ownership and proprietary rights in Popmoney, associated content, technology, and online presentations (including websites). Without limiting any other provision of this Agreement, any breach of this Agreement provides to us the right to immediately terminate your right to use Popmoney. You may not copy, reproduce, distribute or create derivative works from the content and agree not to reverse engineer or reverse compile any of the technology used to provide Popmoney. 8. DISCLAIMER OF WARRANTIES. YOU AGREE YOUR USE OF POPMONEY AND ALL INFORMATION AND CONTENT (INCLUDING THAT OF THIRD PARTIES) IS AT YOUR RISK AND IS PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS. WE DISCLAIM ALL WARRANTIES OF ANY KIND AS TO THE USE OF POPMONEY, WHETHER EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. WE MAKE NO WARRANTY THAT POPMONEY (i) WILL MEET YOUR REQUIREMENTS, (ii) WILL BE UNINTERRUPTED, TIMELY, SECURE, OR ERROR-FREE, (iii) THE RESULTS THAT MAY BE OBTAINED FROM THE SERVICE WILL BE ACCURATE OR RELIABLE, AND (iv) ANY ERRORS IN POPMONEY OR TECHNOLOGY WILL BE CORRECTED. 9. LIMITATION OF LIABILITY. YOU AGREE THAT WE WILL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL OR EXEMPLARY DAMAGES, INCLUDING, BUT NOT LIMITED TO DAMAGES FOR LOSS OF PROFITS, GOODWILL, USE, DATA OR OTHER LOSSES RESULTING FROM THE USE OR THE INABILITY TO USE POPMONEY INCURRED BY YOU OR ANY THIRD PARTY ARISING FROM OR RELATED TO THE USE OF, INABILITY TO USE, OR THE TERMINATION OF THE USE OF THIS SERVICES, REGARDLESS OF THE FORM OF ACTION OR CLAIM (WHETHER CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE), EVEN IF SILICON VALLEY BANK HAS BEEN INFORMED OF THE POSSIBILITY THEREOF.
10. INDEMNITY. You agree to indemnify, defend and hold harmless us and our service provider(s) (and our and their officers, directors, shareholders, agents and other representatives) (collectively, the "Indemnified Parties") from and against any loss, damage or harm suffered by an Indemnified Party due to or in connection with (a) your failure to comply with any provision of this Agreement; or (b) your use of Popmoney, including in connection with any claim asserted by, or fine or penalty levied by, a third party. This clause will survive termination of this Agreement.
11. OTHER TERMS. You may not assign this Agreement. If we refrain from enforcing any term of this Agreement, we are not amending the Agreement or prevented from enforcing that term afterwards. If we waive a limitation at your request, you are responsible for any loss or damage that might arise that could have been prevented or avoided if you had not requested or if we had not acceded to your request for the waiver. A determination that any provision of this Agreement is unenforceable or invalid shall not render any other provision of this Agreement unenforceable or invalid.
Popmoney® is a registered trademark of FiServ, Inc.