Preauthorization for Recurring Debits and Direct Deposit Allocation From Your Account
You hereby preauthorize Evolve Bank & Trust (“Evolve”) and Activehours, Inc., d/b/a EarnIn and its affiliates, as Evolve’s authorized service provider (“EarnIn”), to (i) allocate and transfer funds from direct deposits received into the transaction account and any sub-account(s) you maintain at Evolve (collectively, the “Account”) in accordance with your designated selections, and (ii) make recurring electronic debit transfers from the Account to the external bank accounts you have linked to your Account (the “Linked Accounts”) and, if applicable, to the secured account issued by Evolve Bank & Trust associated with your EarnIn Card (the “Secured Account”), and, in each case, to correct erroneous debits and credits.
Allocation of Direct Deposits
You may designate a percentage or specific amount of funds from each direct deposit to be allocated to your Linked Accounts and, if applicable, to the Secured Account.
You expressly authorize Evolve and EarnIn to automatically allocate and transfer the designated percentage or amount of each direct deposit in accordance with your selections each time such deposit is received into your Account. The amount allocated or transferred will depend on the amount of funds deposited into your Account.
Application of Funds and Outstanding Obligations
All funds received into your Account, including direct deposits, are subject to any applicable outstanding balances and repayment obligations. Such obligations will be applied prior to any allocation or transfer of funds described above and may reduce the amount of funds available for allocation, transfer, or withdrawal.
The amount of each transfer from your Account shall be determined in accordance with the ranges described as follows:
The full balance available in the Account on each business day net of any of the following:
If you are enrolled in Early Pay, any expedited transfer fee you owe for receiving your direct deposit before your scheduled pay day; and/or
If you used the “Cash Out” product offered by Activehours, Inc. d/b/a EarnIn (“EarnIn”), any repayments due to EarnIn, including any voluntary tips and/or optional expedited transfer fees you may have chosen to pay in connection with your Cash Outs (collectively, the “Total Cash Out Amount”); and/or
If you accessed your Streamed Earnings through your EarnIn Card, the total outstanding Streamed Earnings balance transferred to your Secured Account; and/or
If you used the Balance Shield transfer product, the transactions will appear as a Cash Out transfer as covered above.
Evolve will transfer funds each business day to the extent the Account has a positive balance. You waive advance notice of the amount and timing of recurring debits, except where required by applicable law.
Preauthorization for Recurring Debits From Your Primary Linked Account
If there are insufficient funds in the Account to repay funds as set forth above, you preauthorize Evolve and Evolve’s authorized service providers to initiate recurring ACH debits from your Primary Linked Account, as designated in the EarnIn application.
You authorize Evolve/EarnIn to charge your debit card you have associated with your Primary Linked Account on a recurring basis.
The amount of any recurring ACH debit, or if applicable, debit card charge may in an aggregate amount:
(a) equal to the Total Cash Out Amount;
(b) equal to the Total Overdraft Amount;
(c) equal to any required or authorized payments related to your EarnIn credit card product; and
(d) necessary to correct erroneous debits and credits.
Each debit may be for any amount from $0 up to $2,000 per transaction, and may be less than the total outstanding amount. Debits may occur on varying dates, including before, on, or after your expected deposit date, and you authorize us to initiate such debits without additional advance notice. You understand that the timing of debits will vary based on your account activity, balances, and outstanding obligations. You waive advance notice of the amount and timing of recurring debits, except where required by applicable law.
Changes to Allocation Selections
You may change or cancel your allocation selections at any time through the EarnIn mobile application. Any changes will apply only to future deposits and will not affect transfers that are pending or have already been completed.
General Terms
You may check your current Account balance and view any upcoming amounts to be debited or allocated from your Account or your Linked Accounts at any time by reviewing your EarnIn profile in the EarnIn mobile application.
You understand and agree that this preauthorization, including the authorization to allocate direct deposits and initiate electronic funds transfers and debit card charges to and from your Account and your Linked Accounts, will remain in full force and effect until you notify EarnIn, that you wish to revoke this preauthorization by emailing
care@earnin.com or through the chat feature in the EarnIn mobile application.
You acknowledge that you must provide notice at least three business days before the scheduled debit date of any of the debit amounts above in order to cancel this preauthorization. If EarnIndoes not receive notice at least three business days before the scheduled debit date, EarnIn may attempt, in its sole discretion, to cancel the debit transaction, but assumes no responsibility for its failure to do so.
You understand and agree that if you revoke this Preauthorized Electronic Funds Transfer Agreement, (a) Evolve will close your Account and transfer any remaining funds into your Linked Accounts, (b) you will no longer be able to use your Account, and (c) you will lose access to any services associated with your Account.
You acknowledge and agree that it is your responsibility to switch all recurring direct deposits from your Account to your Linked Account or another account where you will have access to such funds, since your Account will be closed and no longer available for use.
Further, you understand that your revocation of this authorization will not apply to electronic funds transfers performed before the revocation becomes effective.
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