PLEASE READ CAREFULLY. This Savings Jar Preauthorization Form (the “Authorization”) is your electronic authorization, given to Lead Bank (“Lead” or the “Bank”), the Originating Depository Financial Institution (“Originator” for purposes of the NACHA Operating Rules), to initiate Automated Clearing House (“ACH”) debit entries to the deposit account you designate in the EarnIn mobile application (the “Linked Account”). EarnIn US1 LLC (“EarnIn”) acts as Lead’s authorized service provider and Third-Party Sender in connection with the Savings Jar service, and operates the EarnIn mobile application through which you initiate and manage the debits authorized below.
By electronically signing this Authorization, you are authenticating this Authorization as your own and agreeing to its terms. You may print or save a copy of this Authorization at any time from within the EarnIn mobile application.
1. Linked Account and Account Validation
The Linked Account is the consumer deposit account you have designated in the EarnIn Platform. The records of the EarnIn mobile application showing the Linked Account number and routing number are incorporated into this Authorization by reference. You represent that you are an owner of, or are authorized to initiate debits from, the Linked Account.
You acknowledge that, before initiating any ACH debit to the Linked Account for the first time, Lead or EarnIn (on Lead’s behalf) may validate that the Linked Account is open, in good standing, and capable of receiving ACH debits, using one or more commercially reasonable methods (such as account aggregation, microdeposits, prenotification entries, or third-party validation services), consistent with the NACHA Operating Rules’ account validation requirements for WEB debit entries.
Your “Savings Jar” is the designated deposit account held for you at Lead Bank into which amounts debited from your Linked Account will be credited.
2. Your Standing Authorization for Savings Jar Funding Debits
You hereby authorize Lead, and EarnIn as Lead’s service provider, to initiate one or more ACH debit entries (each, a “Funding Debit”) from your Linked Account and to credit the debited amount to your Savings Jar, on the following terms:
Frequency: Funding Debits may be initiated as either (i) one-time (single) debits or (ii) recurring debits, as you select and confirm in the EarnIn mobile application for each Funding Debit or schedule of Funding Debits. This Authorization is a Standing Authorization under the NACHA Operating Rules; “Funding Debits initiated pursuant to this Standing Authorization may have originated as subsequent entries under the NACHA Operating Rules..
Amount: The amount of each Funding Debit is the amount you specify in the EarnIn mobile application at the time you initiate or schedule the debit, not to exceed $100 per Business Day.
Timing and Start Date: Funding Debits will begin on the date you first initiate or schedule a Funding Debit through the EarnIn mobile application. For recurring Funding Debits, you will select the start date, frequency (e.g., daily, weekly, biweekly, monthly), and (if applicable) end date or number of debits in the EarnIn mobile application, and those selections are incorporated into this Authorization. If a scheduled debit date falls on a day that is not a Business Day, the debit may settle on the next Business Day. “Business Day” means a banking day as defined in the NACHA Operating Rules.
Erroneous Entries: You authorize Lead to debit or credit your Linked Account and Savings Jar, as applicable, to correct erroneous debits or credits made under this Authorization.
3. Your Single-Entry Authorization for Each Withdrawal
Each time you tap “Withdraw” (or a similar affirmative button) on the Savings Withdrawal screen within the EarnIn mobile application, you authorize Lead, and EarnIn as Lead’s service provider, to initiate a single ACH credit entry to the Linked account, in the amount you specify in the EarnIn mobile application (not to exceed your Savings Jar’s available funds balance). Each such withdrawal is a separate, single-entry ACH credit authorization.
4. Posting; Insufficient Funds
Lead will initiate Funding Debits each Business Day on which a debit has been scheduled by you. Lead will initiate a Funding Debit only to the extent it determines that the Linked Account has a positive available balance sufficient to cover the debit. If a Funding Debit is returned for insufficient or uncollected funds (Return Reason Codes R01 or R09), Lead and EarnIn may, but are not obligated to, reinitiate the debit up to two additional times in accordance with the Nacha Operating Rules’ limits on reinitiation.
5. Notice of Changes in Amount or Date (Recurring Debits)
For recurring Funding Debits in which the debit amount varies, you elect to receive notice only when the amount of a scheduled debit will differ from the amount of the most recent debit, the amount you previously specified for that scheduled debit, or a specified range you previously approved in the EarnIn mobile application. Where required, such notice will be provided at least ten (10) calendar days before the scheduled debit date. If Lead changes the date on which a recurring Funding Debit is scheduled to occur, Lead will provide you with notice at least seven (7) calendar days before the first affected debit. Variations in debiting dates due to weekends or banking holidays are not changes in the scheduled date for purposes of this notice.
6. Reviewing Your Activity
You may view your Savings Jar balance and the amounts to be debited from your Linked Account and Savings Jar in the EarnIn mobile application.
7. Your Right to Revoke This Authorization
This Authorization will remain in full force and effect until you revoke it. You may revoke this Authorization at any time by emailing care@earnin.com, or by such other method as EarnIn may make available in the EarnIn mobile application from time to time. To stop a specific scheduled debit, your revocation must be received in such time and manner as to give Lead and EarnIn a reasonable opportunity to act on it, and in any event at least three (3) Business Days before the scheduled debit date. If Lead and EarnIn do not receive your revocation at least three (3) Business Days before the scheduled debit date, they may attempt to cancel the debit but are not required to do so.
Your revocation will not apply to ACH debit entries that have already been transmitted to the ACH Network before your revocation takes effect. Upon termination of this Authorization, Lead will close your Savings Jar and return its balance to your Linked Account in accordance with the agreement governing the Savings Jar, and you will no longer be able to use the Savings Jar service offered by EarnIn.
8. Consumer Rights; Errors and Unauthorized Transactions
ACH debits from your Linked Account and Savings Jar are electronic fund transfers covered by the federal Electronic Fund Transfer Act and Regulation E. If you believe a debit was not authorized, was in an amount different from the amount you authorized, or was initiated on a date earlier than the date you authorized, you have the right to dispute the entry with the financial institution that holds the affected account. Contact EarnIn promptly at care@earnin.com or through the EarnIn mobile application if you believe an unauthorized or erroneous debit has been made, so that EarnIn and Lead can investigate. Additional consumer-rights disclosures are provided in the Lead Bank Customer Account Terms.
9. Record Retention
Lead and EarnIn will retain a record of this Authorization, including evidence of your electronic authentication, for at least two (2) years after the Authorization terminates or is revoked, as required by the NACHA Operating Rules. A copy of this Authorization will be made available to you through the EarnIn mobile application.
10. Your Acknowledgment
By electronically signing this Authorization in the EarnIn mobile application, you acknowledge that:
you have read and agree to the terms of this Authorization;
you are authorizing both (i) a Standing Authorization for recurring or one-time Funding Debits from your Linked Account, and (ii) a single-entry authorization each time you tap “Withdraw” in the EarnIn mobile application;
the account number and routing number you provided and confirmed in the EarnIn mobile application accurately identify the Linked Account, and you are authorized to initiate debits from that account; and
your electronic action in the EarnIn mobile application constitutes your signature on this Authorization for all purposes.
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