Revised April 30, 2018
These Terms Contain a Binding Arbitration Provision. These Terms provide that all disputes between you and Beam will be resolved by binding arbitration. ACCORDINGLY, YOU AGREE TO GIVE UP YOUR RIGHT TO GO TO COURT (INCLUDING IN A CLASS ACTION PROCEEDING) to assert or defend your rights under these Terms (except for matters that may be taken to small claims court). Your rights will be determined by a neutral arbitrator and not a judge or jury and your claims cannot be brought as a class action. Please review the arbitration provision below for the details regarding your agreement to arbitrate any disputes related to these Terms or the Services and your right to opt-out of the arbitration provision.
Through the use of the Services you can earn money on settled funds in your Beam Account as described in this Section. The amount of settled funds in your Beam Account is your "Reward Balance". The amount you will earn on your Reward Balance is the "APY Reward" paid by Beam. The APY Reward paid by Beam on the Reward Balance will be a minimum of 2% per annum. Funds are "settled" when actually received by the Bank. Beam limits the amount you may deposit to your Beam Account as disclosed in the App.
You can increase the amount of your APY Reward above 2% per annum by engaging with the App and performing certain activities, such as making referrals. Each day, the amount of the APY Reward will reset to 2% per annum. It is possible to increase the APY Reward to 4% per annum or more on your Rewards Balance, but we make no guarantee or representation that you will be able to do so. We reserve the right to modify, at any time, the methods for earning an APY Reward.
At the end of each day the APY Reward rate for your Beam Account as reflected in our records will be used to determine your daily APY Reward, if any. We will take the APY Reward rate for your Beam Account at the end of the day and divide that by 365 to get the daily rate (the "Daily APY Reward Rate") for a particular day. To calculate the daily APY Reward, we will take the Daily APY Reward Rate for that day and multiply it by the Rewards Balance at the beginning of that day. Fractions of a penny will be rounded down and those fractions of a penny will be carried forward to the next day for purposes of determining the next day's APY Reward. Beam will deposit the APY Reward you earn each day to your Beam Account by the end of the next calendar day.
Obtaining Balance Information. You may obtain information about the balance of funds in your Beam Account at any time by logging into the App.
Maximum Deposit. We may limit the amount you may deposit to your Beam Account. Any such limit will be disclosed in the App.
Fees. The Bank's fees for the Beam Account are disclosed in the Bank's Deposit Agreement and Truth in Savings Disclosure. Beam has agreed to pay to the Bank, on your behalf, any fees incurred by you and imposed by the Bank on your Beam Account.
For our compliance purposes and in order to provide the Services to you, you hereby authorize us to, directly or through a third-party, obtain, verify, and record information and documentation that helps us verify your identity and bank account information. When you register for the Services and from time to time thereafter, we may require you to provide and/or confirm information and documentation that will allow us to identify you, such as:
Important information about procedures for using our services under the USA PATRIOT Act of 2001: To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you use our services, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see a form of identification with your photograph or other identifying documents.
When you set up your profile via the Services, you will need to link at least one external bank account ("External Account") to your profile in order to utilize the ability to earn an APY Reward using the Services. You represent and warrant that you have the right to control any External Account you sign into via the Services. The integration service enabling you to sign into an External Account via the Services is provided by Plaid Technologies, Inc. and/or Synapse Financial Technologies, Inc. ("Synapse"). By using the service, you agree to Synapse's Terms of Service. You authorize Plaid Technologies, Inc. and/or Synapse, pursuant to your instructions, to access your External Account and link it to the Beam Account via the Services.
When you use the "Add Account" feature of the Service, you will be connected to the website for the third party financial institution you have identified (or its authorized third party). You will be instructed to submit information including usernames and passwords that you provide to log you into such third party website(s). As part of the Services, Beam will retrieve balance and other information from the External Accounts you link to your Beam Account. You authorize Beam to access your account information maintained by identified third parties, on your behalf as your agent. Beam makes no effort to review the account information for accuracy or any other purpose and is not responsible for the accuracy of such information. Beam is not responsible for the products and services offered by or on third-party sites. The Platform is not sponsored or endorsed by any third party financial institution at which you have an External Account.
If during the course of linking your External Account your profile is flagged for review by our compliance systems, you may be asked to upload documentation supporting your identity. You agree only to upload documentation that is current, accurate, and belongs to you. Deposits into your Beam Account may take up to 3-5 business days to process. During that time the funds will be unavailable for withdrawal or other use.
To Your Beam Account. You may transfer funds from your External Account to your Beam Account via ACH using the Services. Only funds from your External Account may be transferred to your Beam Account. The funds in your Beam Account are held at an FDIC-insured bank in an account in your name. We are not responsible for any third-party fees that you may incur as a result of using the Services, including, but not limited to, third-party fees incurred as a result of maintaining insufficient funds in your External Account.
From Your Beam Account. You may transfer any or all of your funds from your Beam Account to your External Account using the Services. You may not withdraw cash. We will generally complete the requested transfer from your Beam Account to your External Account within two business days from our receipt of your request. You authorize us to transfer funds from your Beam Account to your External Account without notice to you upon the closure of your Beam Account as described below and at any time if required by applicable law or if we, in our sole discretion, suspect the Services are being used for unlawful purposes or otherwise in violation of these Terms.
By using the Platform you acknowledge that use of the Services involves transmissions over various networks. Beam is not responsible for incorrect or inaccurate transcription of information, for problems related to any of the equipment or programming associated with the Services, for any interruption, deletion, omission, defect, or line failure of any network or electronic transmission, for problems relating to computer equipment, software, inability to access the Platform or the Services, or for any other technical or non-technical error or malfunction.
You may not use the Services in any manner that may impair, overburden, damage, disable or otherwise compromise (i) the Services; (ii) any other party's use and enjoyment of the Services; or (iii) the services and products of any third parties including, without limitation, any device through which you access the Application. You agree to comply with all local laws and regulations governing the downloading, installation and/or use of the Application, including, without limitation, any usage rules set forth in the online application store terms of service. From time to time, Beam may automatically check the version of Application installed on the device through which you access the Application and, if applicable, provide updates for the Application. Updates may contain, without limitation, bug fixes, patches, enhanced functionality, plug-ins and new versions of the Application. By installing the Application, you authorize the automatic download and installation of updates and agree to download and install updates manually if necessary. Your use of the Application and updates will be governed by these Terms (as amended by any terms and conditions that may be provided with updates). Beam reserves the right to temporarily disable or permanently discontinue any and all functionality of the Application at any time without notice and with no liability to you.
You agree not to authorize any other person or entity to use your user name and password or mobile device to access the Services. You are solely responsible for the maintenance, confidentiality, and security of your username and password. Except as otherwise required by applicable law, you are responsible for all transactions and other activities authorized or performed using your username and password or mobile device, whether authorized or unauthorized by you. Except as otherwise expressly stated in these Terms or required by applicable law, we are not responsible for any losses arising out of the loss or theft of your User Information, access credentials, or your mobile device or from unauthorized or fraudulent transactions associated with your External Account or your Beam Account. Your passwords and confidential data should be not shared by email.
If your mobile device is lost or stolen or if you suspect someone has gained unauthorized access to your username or password or mobile device, you must contact us immediately at email@example.com. In order to take any action, you will need to provide us information to verify your identity.
Consumer Liability. Tell us AT ONCE if you believe your mobile device or access credentials have been lost or stolen, or if you believe that an electronic fund transfer has been made without your permission. Telephoning is the best way of keeping your possible losses down. You could lose all the money in your account (plus your maximum overdraft line of credit). If you tell us within 2 business days after you learn of the loss or theft of your mobile device or access credentials, you can lose no more than $50 if someone used your Beam Account without your permission.)
If you do NOT tell us within 2 business days after you learn of the loss or theft of your mobile device or access credentials, and we can prove we could have stopped someone from using your mobile device or access credentials without your permission if you had told us, you could lose as much as $500.
Also, if your statement shows transfers that you did not make, including those made by card, code or other means, tell us at once. If you do not tell us within 60 days after the statement was mailed to you, you may not get back any money you lost after the 60 days if we can prove that we could have stopped someone from taking the money if you had told us in time. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time periods.
Contact in event of unauthorized transfer. If you believe your mobile device or access credentials have been lost or stolen, call: (650) 550-0028 or write: Beam Financial, Inc., 1540 Market St, Suite 100, San Francisco, CA 94102. If you believe a transfer has been made without your permission, please email firstname.lastname@example.org.
Business days. For purposes of these disclosures, our business days are Monday through Friday, excluding holidays.
Transfer types and limitations.
(1) Account access. You may use your Beam Account to transfer funds between your Beam Account and External Account.
(2) Limitations on dollar amounts of transfers. You may transfer up to $15,000 to or from your Beam Account each business day using the Service. This limitation is subject to change, subject to any notice required by applicable law.
Fees. The Bank's fees for transferring funds are disclosed in the Bank's Truth in Savings Disclosure. However, Beam has agreed to pay those fees on your behalf. Therefore, you will not be required to pay to Beam or the Bank any fees for transferring funds between your Beam Account and External Account. We are not responsible for any fees charged by the financial institution where you have your External Account.
(1) Preauthorized credits. If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, you can call us at (650) 550-0028 to find out whether or not the deposit has been made.
(2) Periodic statements. You will get a monthly account statement (unless there are no transfers in a particular month) from Beam. In any case you will get the statement at least quarterly.
(1) Right to stop payment and procedure for doing so.If you have told us in advance to make regular payments out of your account, you can stop any of these payments. Here's how: Call us at (650) 550-0028, or write us at 1540 Market St, Suite 100, San Francisco, CA 94102, in time for us to receive your request 3 business days or more before the payment is scheduled to be made. If you call, we may also require you to put your request in writing and get it to us within 14 days after you call.
(2) Notice of varying amounts. If these regular payments may vary in amount, the person you are going to pay will tell you, 10 days before each payment, when it will be made and how much it will be. (You may choose instead to get this notice only when the payment would differ by more than a certain amount from the previous payment, or when the amount would fall outside certain limits that you set.)
(3) Liability for failure to stop payment of preauthorized transfer. If you order us to stop one of these payments 3 business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.
Liability. If we do not complete a transfer to or from your account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable, for instance:
(1) If, through no fault of ours, you do not have enough money in your account to make the transfer.
(2) If the money in your account is being held subject to legal process restricting transfers to or from your account.
(3) If you have not complied with our instructions on how to make a transfer.
(4) If the system was not working properly and you knew about the breakdown when you started the transfer.
(5) If circumstances beyond our control (such as fire or flood) prevent the transfer, despite reasonable precautions that we have taken.
(6) There may be other exceptions stated in our agreement with you or in the Deposit Agreement.
In Case of Errors or Questions About Your Electronic Transfers: Call us at (650) 550-0028, write us at 1540 Market St, Suite 100, San Francisco, CA 94102, or email us at email@example.com and email firstname.lastname@example.org as soon as you can, if you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt. We must hear from you no later than 60 days after we sent the FIRST statement on which the problem or error appeared.
(1) Tell us your name and account number (if any).
(2) Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information.
(3) Tell us the dollar amount of the suspected error.
If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days.
We will determine whether an error occurred within 10 business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days to investigate your complaint or question. If we decide to do this, we will credit your account within 10 business days for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not credit your account.
For errors involving new accounts, we may take up to 90 days to investigate your complaint or question. For new accounts, we may take up to 20 business days to credit your account for the amount you think is in error.
We will tell you the results within three business days after completing our investigation. If we decide that there was no error, we will send you a written explanation. You may ask for copies of the documents that we used in our investigation.
Beam retains full, irrevocable, royalty-free, worldwide, sub-licensable, and perpetual intellectual property rights around any user generated content uploaded, shared, transmitted, or otherwise disseminated on the Platform or through other communications channels. Beam can store, use, reproduce, modify, and adapt such content and will retain full rights to any derivative works or compilations of such content; users warrant by their actions that they have the necessary rights to grant such licenses to Beam. Beam can further delete such content at any time and for any reason. Beam is the owner and/or authorized user of all text, images, data representations, animation, music, sounds, and any and all other materials on the Platform. You may not copy, reproduced, republish, disseminate, exploit, distribute, or otherwise incorporate any material found on the Platform or in Beam's communications. Such materials are protected by U.S. and international copyright and treaty provisions without limitation as copyrights, trademarks, service marks, logos, and other intellectual property.
By providing us with a telephone number for a cellular phone or other wireless device, including a number that you later connect to a cellular device, you are expressly consenting to receiving communications (including but not limited to prerecorded or artificial voice message calls, text messages, and calls made by an automatic telephone dialing system) from us, our affiliates, and our agents at that number. This consent applies to each such telephone number that you provide to us now or in the future and permits such calls for non-marketing purposes. Calls and messages may incur access fees from your cellular provider.
All telephone, electronic, or other communication between Beam and its users and customers is subject to monitoring, recording, review, and archiving. You consent to the recording of any electronic or written correspondence and any or all telephone conversations between you and us in connection with these Terms or the Services and agree and understand that recordings may be submitted in evidence in any legal proceeding relating to these Terms or your use of the Services.
We have no obligation to monitor and no ability to control the information users publicly place on our Platform. We do not endorse any opinion, recommendation, and information that is expressed in this fashion. By accessing the Platform or using the Services, you waive any rights or remedies against us in relation to such data.
Beam's office is in San Francisco, however all customer information and records are retained in secured storage in a cloud based platform which is located in a geographically separate area from our offices. We intend for account access to be available through these records should our offices suffer a disruption. Under normal conditions, you can contact us by email at our offices (email@example.com). If, after a significant disruption, you cannot contact us by this standard method, please check www.meetbeam.com to find alternate or temporary contact information and updated information on what we are doing to quickly recover and resume business. Our plan also provides for immediate contact of our third party service providers deemed critical to ongoing operations, and therefore the service providers will be apprised on our current situation and immediate continuity plans. If you are unable to contact us by any of the above means, you should contact the appropriate service provider regarding your Beam Account. Our business continuity plan will be reviewed, updated and tested periodically.
You may stop using the Services, close your Beam Account, and cancel these Terms at any time by contacting us at firstname.lastname@example.org and providing sufficient information for us to verify your identity. If there are any pending transactions relating to your Beam Account when we receive your termination notice, we will close your Beam Account promptly after such transactions are completed. Your termination of these Terms will not affect any of our rights or your obligations arising under these Terms prior to termination.
Upon the closure of your Beam Account, we will transfer the funds in your Beam Account, if any, to your External Account. If your External Account is closed or we are otherwise unable to transfer the funds in your Beam Account to your External Account, we will send you a check for the amount of the funds to you at your street address in our records.
If you do not use the Services for a certain period of time, applicable law may require us to report the funds in your Beam Account as unclaimed property. If this occurs, we may try to locate you at the address shown in our records. If we are unable to locate you, we may be required to deliver any funds in your Beam Account to the applicable state as unclaimed property. The specified period of time to report and deliver funds to a state varies by state, but usually ranges between two and five years.
We reserve the right to amend these Terms at any time, in our sole discretion, without providing notice to you, subject to applicable law. We reserve the right, subject to applicable law, to deliver to you any notice of changes to existing terms or the addition of new terms by posting an updated version of these Terms on the Platform or delivering notice thereof to you electronically. Your continued use of the Services will constitute your acceptance of any revised version of these Terms. Except as otherwise expressly stated by us, your access and use of the Services are subject to, and constitute your acceptance of, the version of these Terms in effect at the time of your access or use.
To the extent permitted by applicable law, we reserve the right, in our sole discretion and without advance notice to you or liability to you, to terminate, cancel, or suspend access to your use of the Services or your Beam Account for any reason, including, but not limited to, your breach of these Terms or if you have provided information to Beam that is untrue, inaccurate, not current or incomplete or Beam has reasonable grounds to suspect that such information is untrue, inaccurate, not current or incomplete. We may close your Beam Account at any time upon reasonable notice to you and credit any funds held in your Beam Account at the time of termination to your External Account. In some cases, such as when we cannot verify your identity or we suspect fraud, it might be reasonable for us to give you notice after the change or account closure becomes effective. If we suspect unauthorized, fraudulent or illegal activity in your Beam Account, we may freeze your Beam Account pending further investigation. We are not responsible for damages suffered by you or any inconvenience caused directly or indirectly by our termination, suspension, or restriction of your access to the Platform or Services.
By accessing or using the Services, you may be subject to additional terms, rules, policies, and conditions that are posted on the Website or the Application, including, but not limited to, terms and conditions for our referral or rewards program, which are hereby incorporated by reference into these Terms. In the event of a conflict between any additional terms and these Terms, these Terms will control.
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW AND EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THESE TERMS, YOU AGREE THAT YOUR USE OF THE SERVICES AND ALL CONTENT (INCLUDING THAT OF THIRD PARTIES) INCLUDED IN OR ACCESSIBLE FROM THE PLATFORM IS AT YOUR SOLE RISK. THE SERVICES AND PLATFORM ARE PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS WITHOUT ANY WARRANTY OF ANY KIND. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, WE AND OUR THIRD-PARTY SERVICE PROVIDERS EXPRESSLY DISCLAIM ANY AND ALL CONDITIONS, REPRESENTATIONS, AND WARRANTIES OF ANY KIND AS TO THE CONTENT OR OPERATION OF THE PLATFORM OR SERVICES AND CONTENT (INCLUDING THAT OF THIRD PARTIES) INCLUDED IN OR ACCESSIBLE FROM THE PLATFORM, WHETHER EXPRESS, IMPLIED, STATUTORY, OR OTHERWISE, INCLUDING, BUT NOT LIMITED TO, ANY IMPLIED WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT.
WITHOUT LIMITING THE FOREGOING, WE AND OUR THIRD-PARTY SERVICE PROVIDERS MAKE NO WARRANTY THAT:
(A) THE SERVICES WILL BE UNINTERRUPTED, TIMELY, SECURE, OR ERROR-FREE,
(B) THE INFORMATION OBTAINED ON THE PLATFORM WILL BE ACCURATE OR RELIABLE,
(C) THE QUALITY OF SERVICES OR INFORMATION OBTAINED BY YOU THROUGH THE PLATFORM WILL MEET YOUR EXPECTATIONS OR REQUIREMENTS,
(D) THAT ANY CONTENT AVAILABLE THROUGH THE PLATFORM IS FREE OF INFECTION FROM ANY VIRUSES OR OTHER CODE OR COMPUTER PROGRAMMING ROUTINES THAT CONTAIN CONTAMINATING OR DESTRUCTIVE PROPERTIES, OR
(E) ANY ERRORS IN THE SERVICES WILL BE CORRECTED.
NO ORAL OR WRITTEN INFORMATION OBTAINED BY YOU FROM US OR OUR THIRD-PARTY SERVICE PROVIDERS THROUGH OR FROM THE SERVICES WILL CREATE ANY WARRANTY NOT EXPRESSLY STATED IN THESE TERMS.
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, YOU AGREE THAT BEAM, ITS AFFILIATES, AND ITS AND THEIR RESPECTIVE EMPLOYEES, OFFICERS, DIRECTORS, AGENTS, AND THIRD-PARTY SERVICE PROVIDERS WILL NOT BE LIABLE TO YOU OR ANY THIRD PARTY FOR:
(A) THE PERFORMANCE OF THE SERVICES OR THE INABILITY TO USE THE SERVICES;
(B) ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, PUNITIVE, OR EXEMPLARY DAMAGES, WHETHER BASED IN CONTRACT, TORT, OR OTHERWISE, INCLUDING, BUT NOT LIMITED TO, DAMAGES FOR LOSS OF PROFITS, GOODWILL, OR OTHER INTANGIBLE LOSSES, EVEN IF SUCH PERSONS HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHICH ARISE OUT OF OR ARE IN ANY WAY CONNECTED WITH THESE TERMS OR THE SERVICES;
(C) ANY AMOUNT, IN THE AGGREGATE, IN EXCESS OF THE GREATER OF $200 OR THE AMOUNT TRANSFERRED FROM YOUR EXTERNAL ACCOUNT TO YOUR BEAM ACCOUNT VIA THE SERVICES; OR
(D) ANY EVENT BEYOND OUR REASONABLE CONTROL.
SOME STATES DO NOT ALLOW THE EXCLUSION OR LIMITATION OF CERTAIN DAMAGES, SO THE ABOVE LIMITATION AND EXCLUSIONS MAY NOT APPLY TO YOU.
ANY MATERIAL DOWNLOADED OR OTHERWISE OBTAINED THROUGH THE SERVICES IS DONE AT YOUR OWN DISCRETION AND RISK, AND YOU ARE SOLELY RESPONSIBLE FOR ANY DAMAGE TO YOUR COMPUTER SYSTEM OR LOSS OF DATA THAT RESULTS FROM THE DOWNLOAD OF ANY SUCH MATERIAL.
You agree to indemnify and otherwise hold harmless Beam, each of its affiliates and each of their respective officers, directors, employees, agents, partners and representatives from any and all claims, suits, liabilities, damages (actual and consequential), losses, fines, penalties, costs, and expenses (including reasonable attorneys' fees) arising from or in any way related to any third-party claims relating to: (i) your use of the Platform or Services, (ii) your fraud or willful misconduct, or (iii) any breach of these Terms.