Cred.ai ACH and EFT Authorization

In order to elect certain Cred.ai Services (Convenience Transfer Services and Safe Spending Services) on your Enabled Card (as all are defined in the Cred.ai Services Amendment to the Deposit Agreement), you must agree to this ACH (Automated Clearing House) and EFT (Electronic Fund Transfer) Authorization.

Capitalized terms not defined in this “ACH and EFT Authorization” refer to defined terms in the Cred.ai Services Amendment to the Deposit Agreement.

1. ACH Authorization. By electronically agreeing to this ACH and EFT Authorization, you authorize Cred.ai to cause WSFS Bank to initiate ACH debit and credit transfers between your Linked Bank Account and your Cred.ai Deposit Account, only as follows:

a) for purposes of the Safe Spending Services
b) for purposes of the Convenience Transfer Services, and
c) if applicable, to correct any erroneous ACH debit or credit.

The amounts and dates of these transfers will vary. You have the right to receive ten (10) days’ prior written notice from us of each varying ACH transfer. However, in order to utilize the Cred.ai Services, which seek to operate in real time, you agree to exercise your option to waive your right to receive ten days’ prior written notice of the amount and date of these ACH transfers (notice at the time of the transfer will be provided in your Cred.ai mobile app), but only if any such ACH transfer:

1) Occurs in a range between $0 and $5,000, and
2) would not bring the Linked Bank account balance reported to us by Plaid, if available, just before the transfer is initiated, to below $0.00.

If an ACH transfer will not meet the two criteria above, we will provide you with at least ten days’ prior written notice of the amount and date of the ACH transfer. In general, you can anticipate the amount of a given ACH transfer as: the Convenience Transfer Amount that you have previously set in the Cred.ai mobile app (Convenience Transfers are optional and the amounts are set by you; see section 5.0 of the Cred.ai Services Amendment to the Deposit Agreement), or the amount by which your Enabled Card outstanding balance exceeds the sum of: your Cred.ai Deposit Account balance, plus cash back/promotional credits balance, plus the total future direct deposits being factored into your current Safe Spend amount. Subject to certain restrictions contained within the Cred.ai Services Amendment to the Deposit Agreement, you may transfer money from your Cred.ai Deposit Account back to your Linked Bank account by initiating an ACH transfer in your Cred.ai mobile app.
2. Electronic Funds Transfer Authorization. By electronically agreeing to this ACH and EFT Authorization, you authorize Cred.ai to cause WSFS Bank to initiate certain other EFTs, only as follows:

a) via your Linked Debit Card, to enable the Safe Spending Services to transfer funds from your Linked Bank Account to your Cred.ai Deposit Account,
b) via your Linked Debit Card for purposes of the Convenience Transfer Services, and
c) if applicable, to correct any erroneous EFT.

The amounts and dates of these transfers will vary. You have the right to receive ten (10) days’ prior written notice from us of each varying EFT. However, in order to utilize the Cred.ai Services, which seek to operate in real time, you agree to exercise your option to waive your right to receive ten days’ prior written notice of the amount and date of these EFTs (notice at the time of the transfer will be provided in your Cred.ai mobile app), but only if any such EFT:

1) that is transacted via your Linked Debit Card occurs in a range between $0 and $5,000,
2) that is transacted via your Linked Debit Card would not bring the Linked Bank account balance reported to us by Plaid, if available, just before the transfer is initiated, to below $0.00.

If an EFT will not meet the two criteria above, we will provide you with at least ten days’ prior written notice of the amount and date of the EFT. In general, you can anticipate the amount of a given EFT as: the Convenience Transfer Amount that you have previously set in the Cred.ai mobile app (Convenience Transfers are optional and the amounts are set by you; see section 5.0 of the Cred.ai Services Amendment to the Deposit Agreement), or the amount by which your Enabled Card outstanding balance exceeds the sum of: your Cred.ai Deposit Account balance, cash back/promotional credits balance, and the total future direct deposits currently being factored into your current Safe Spend amount.

Cred.ai will not initiate an ACH transfer and a separate other EFT transaction for the same amount and purpose. A specific transfer authorized by this ACH and EFT Authorization (for example, a specific Convenience Transfer) will occur by either ACH or other EFT, not both.

You may change or stop your Convenience Transfer Elections in the Cred.ai mobile app. In addition, you may stop a transfer under, or revoke this ACH and EFT Authorization by calling us at 877-244-0933 or by writing us at: Cred.ai, P.O. Box 63834, Philadelphia, PA 19147, Please note that we require three business days’ notice to process any stop payment or revocation. Any ACH transfers or EFTs generated by this ACH and EFT Authorization prior to the expiry of the three business days’ notice will still occur as scheduled.

A copy of your ACH and EFT Authorization will always be available to you in the Cred.ai mobile app. You may also call us at 877-244-0933 to request a paper copy at no cost to you.