Effective Date: December 2023
Last Update: December 2023
By using the ShareGro App, you hereby authorize ShareGro to initiate Automated Clearing House (ACH) transfers from your account in accordance with the terms outlined below.
Authorization for ACH Transfers
Your use of Plaid for ACH verification constitutes your consent and authorization for us to access and retrieve your financial data from linked bank accounts through Plaid for verification purposes.
Purpose of ACH Transfer
You acknowledge and agree that ACH transfers authorized through the App can be used, at your discretion, for investment purposes aligned with your specified investment goals and risk profile.
ACH Validation Provider
We have partnered with Plaid, a trusted payment solution, to provide you with a secure and seamless method for transferring funds from your financial institution to ShareGro.
- Plaid Services: Plaid is a third-party service provider that enables the secure linking and verification of bank accounts. We utilize Plaid's services to verify and authenticate your bank account information for processing ACH transactions.
- Data Security: Plaid uses encryption and other security measures to protect your banking credentials and personal information during the verification process. However, we are not responsible for the security of information transmitted through Plaid's platform, and you acknowledge the risks associated with sharing your banking credentials.
Transfer Amount and Frequency
You authorize ShareGro to facilitate ACH transfers to and from your designated account through the App, allowing you to manage deposits and withdrawals according to your individual investment goals and preferences. By authorizing ACH transfers through the App, you confirm that the funds required for the transfer are available in your designated account at the time of initiating the transaction.
Authorization Period
Throughout the authorization period, you have control over managing scheduled deposits and withdrawals, including the ability to cancel upcoming transactions that are not already in a pending state. Additionally, within the App, you possess the convenience of adding or removing bank ACH links. The integrated Plaid platform ensures secure linking and access to your other financial accounts. Please note that while only one ACH account can be linked at a time, you have the flexibility to easily add or remove ACH links using the App interface.
Withdrawal of Authorization
You have the right to withdraw this authorization at any time by providing written notice to ShareGro through the App. You acknowledge that this may impact your investment strategy and plan. You understand that withdrawing authorization may take a certain period to become effective.
Account Information
You acknowledge and confirm that the Account information provided through the App is accurate and up-to-date. You acknowledge and agree that the accuracy of the information provided during the Plaid verification process is your responsibility. Any discrepancies or inaccuracies in the information retrieved via Plaid may affect the processing of ACH transactions. You will promptly update your Account information in the App in case of any changes.
Regulatory Compliance
You understand that ShareGro will initiate ACH transfers through the App in compliance with applicable laws and regulations, including those related to investment management and financial services.
Confirmation and Recordkeeping
ShareGro will provide confirmation of ACH transfers initiated through the App, including transaction details and the purpose of the transfer. You acknowledge that these records will be maintained in accordance with regulatory requirements.ShareGro will provide confirmation of ACH transfers initiated through the App. You acknowledge that these records will be maintained in accordance with regulatory requirements.
Plaid Terms of Service
Your use of Plaid for ACH verification is also subject to Plaid's Terms of Service and Plaid's Privacy Policy, which govern the use of their platform. Please review Plaid's terms for additional information regarding their services and data handling practices.
Liability
You understand that ShareGro will make reasonable efforts to ensure accurate and timely ACH transfers through the App. However, you acknowledge that ShareGro will not be liable for any losses or damages arising from any delay or error in executing the ACH transfer authorization.
Governing Law
These Automated Clearing House (ACH) Authorization Terms shall be governed by and construed in accordance with the laws.