Douugh Account Agreement Terms and Conditions.
This Account Agreement is effective January 1st, 2022
IMPORTANT – Please read carefully and retain this Account Agreement for your records.
Your account(s) is issued and operated by Douugh. If you have any questions about this notice, please contact us at firstname.lastname@example.org
Terms and Conditions Definitions
This Account Agreement (the “Agreement”) contains the rules that govern, where appropriate, your account(s) and card(s) with Douugh (the “Douugh,” “we,” or “us”).
The words “you” and “your” mean each account owner and anyone else with authority to deposit, withdraw, or exercise control over an account. If there is more than one owner, then these words mean each account owner separately, and all account owners jointly.
An “owner” is one who has the power to deal with an account in his, her or its own name.
“Personal accounts” are accounts in the names of natural persons (individuals). They are to be distinguished from “non-personal accounts” which are accounts in the name of corporations, partnerships, trusts and other entities.
“Deposit Account '' means any checking account opened with Douugh.
“Card” means the Douugh Mastercard debit card issued by Choice Financial in the name of the Cardholder for carrying out of all Card Transactions from an account held with Douugh, as provided for in these Account Agreement Terms and Conditions.
“Cardholder” means the person in whose name an Account has been opened and in whose name a Card is issued
“Card Transactions” means any payment made for goods or services, cash withdrawals from a bank or financial institution (including ATM withdrawals) or transfer of funds made through the use of the Card or the Card number.
“Financial Service '' means a Deposit Account, overdraft credit account, Bill Payment service, Funds Transfer service, or any other financial product or service available through Douugh.
Unless it would be inconsistent to do so, words and phrases used in this Agreement should be construed so that the singular includes the plural and the plural includes the singular.
Consent to Terms and Conditions and Modifications
We may amend or change any terms of this Agreement or any account disclosures and documents provided to you. Notice of the amendment or change will be provided to you as required under applicable law.
If at any time the terms, conditions or fees associated with your account are not acceptable to you, you may terminate this Agreement by closing your account after paying any fees or charges owed to us. We may cancel or suspend your account, debit card, or other account services or this Agreement at any time.
For purposes of these disclosures, our business days are Monday through Friday, unless stated otherwise. Federal holidays are not included.
Waivers and Precedents
Any waiver by Douugh must be approved by an authorized representative of Douugh or the Bank. If a waiver is approved by us, we are not obligated to provide similar waivers in the future.
Identification Notice (USA PATRIOT ACT)
To help the government fight the funding of terrorism and money laundering, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
This means that when you open an account or use our services, we may ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see other identifying documents such as driver's license or other documents that validate your identity.
Even if you have been an existing customer of ours, we may ask you to provide this kind of information and documentation because we may not have collected it from you in the past or we may need to update our records.
If, for any reason, any owner is unable to provide the information necessary to verify their identity, your account(s) may be blocked or closed, which may result in additional fees assessed to the account(s).
You are responsible for the accuracy and completeness of all information supplied to us in connection with your account and/or account services and for keeping your personal data with us updated if you move or otherwise make changes to your personal data.
General Terms and Conditions
Who Can Use the Services
Only individuals 18 or older who can form a legally binding contract can use our Services. We may impose other restrictions as well.
An account opened for personal use cannot be used for business purposes. If your personal account is identified as being used as a business account, business-related transactions will be reversed, your account privileges will be suspended, and your account may be closed if business-related activities continue.
Overview of Douugh Services
At Douugh we believe in making the world financially healthier - changing people’s relationship with money for the better. Our services are designed to help you to better manage your money with the intention of helping you reach financial freedom.
Through the Douugh mobile application, Douugh offers a personal checking account with a Mastercard debit card, account aggregation, payment services, including the ability to receive funds from, other accounts to your Checking account. In addition, Douugh allows users to create savings Stash Jars to achieve short-term savings goals as well as long-term investments in Portfolio Jars, as well as set spending targets per spending category, monitor bill payments and view account information.
Some services may not be immediately available and will be made available to consumers at Douugh’s discretion.
Douugh will provide you with any and all notifications as well as all customer support related to your Account.
Please contact us if you have any questions at email@example.com.
You agree to maintain a positive balance and that you will not incur overdrafts. If you manage your account in such a way that it results in a negative balance or becomes overdrawn, you agree to rectify the matter by transferring sufficient funds from your linked external account to pay the overdrawn balance. Your failure to bring your account to a positive balance could result in the temporary or permanent suspension of your Account and services. Further consequences may be enacted if you do not remedy the situation in a timely manner and may include: (1) the reporting of your negative balance to a reporting agency; (2) legal action; and/or (3) charging you fees for the overdraft in accordance with our Schedule of Fees.
In accordance with our Privacy statement, we will disclose information about your account or the transactions you make to third parties:
When it is necessary to complete transactions;
Where it is necessary to establish, process or manage accounts, or effect a transaction that the customer requests or authorizes in connection with servicing or processing a financial product, or with a non affiliated third party that facilitate Douugh Services, such as investing services partners;
To verify the existence and standing of your account with us upon the request of a third party, such as a credit bureau or merchant;
In accordance with your written permission;
In order to comply with court, governmental, or administrative agency summonses, subpoenas or orders; and
On receipt of certification from a federal agency or department that a request for information is in compliance with the Right to Financial Privacy Act of 1978.
If you wish to close your account with us, you agree to withdraw all of the funds from your account and we may require you to notify us of this intention in writing. After an Account is closed, we have no obligation to accept deposits or pay outstanding items but may do so at our discretion. You agree to hold us harmless for refusing to honor any item on a closed account. If funds remain in the account after you have notified us of your intent to close your account, we will require you to submit your request to us in writing and we will return any remaining funds to your linked external account. All related closing fees will be deducted from the final balance.
If you have moved outside of the United States or have frequent international transactions, you may be contacted about the international activity in your account and for further verification of your address. If you are moving, traveling, or will be temporarily residing overseas, we recommend you contact us to prevent any disruption in your account activity. Your account may be closed.
Inactive and Dormant Accounts
We may consider a Deposit Account to be “inactive” after a period of no owner-initiated activity. After a period of “inactive” status, we may consider a Deposit Account to be “dormant”, at which time it will be closed.
If the account becomes inactive or dormant, the account will continue to be subject to service charges in accordance with our schedule of fees. If an account becomes inactive, we will notify you with specific instructions on how to restore the account to an active status without the need to make any transactions.
Death or Incompetence
You or your appointed party, designee, or appointed individual agree to notify us promptly if any agent or person with signatory rights on your account dies or becomes legally incompetent or incapacitated. We may continue to honor any items submitted until (a) we know of the fact of death or of a legal determination of incompetence or incapacitation and (b) we have had a reasonable opportunity to act on that knowledge. You agree that, even if we have knowledge of death of an agent or person with signatory rights, we may pay or items drawn on or before the date of death for up to 10 days after that date, unless ordered to stop payment by someone claiming an interest in the account. We may require additional documentation to confirm any claims made on the account.
Levies, Garnishments, and Other Legal Processes
If your account becomes subject to legal action, such as a tax levy or third-party garnishment, we reserve the right to refuse to pay any money from your account, including checks or other items presented for payment, until the action is resolved. If we are required to pay an attachment, garnishment or tax levy, we are not liable to you. Payment is made after satisfying any fees, charges or other debts owed to us. You agree that you are responsible for any expenses, including legal expenses and fees we incur due to a garnishment, levy or attachment on your account. We may charge these expenses to your account. Until we receive the appropriate court documents, we may continue to process transactions against your account, even if we have received an unofficial notification of an adverse claim. You will indemnify us for any losses if we do this.
Withdrawals from Accounts
Unless otherwise indicated by us, anyone who is listed as an account owner may withdraw or transfer all or any part of the account balance at any time on forms approved by us or with your debit card, or other available services.
We reserve the right to refuse any withdrawal or transfer request that is attempted by any method not specifically permitted or that exceeds any frequency or monetary limitations. Even if we honor a nonconforming request or allow a transaction or transaction(s) to overdraw your account, repeated abuse of the stated limitations, or regularly overdrawing your account, may force us to close the account. We will use the date a transaction is completed by us (as opposed to the day you initiated it) to apply the frequency limitations.
Deposits to Accounts
All items deposited will be handled by us as an agent for you. All checks submitted for deposit must be made payable to you. We do not accept cash. We do not accept third-party checks. We do not accept deposits in foreign funds or checks drawn on banks outside the United States. We reserve the right to reject a deposit if it is made payable to Douugh or Choice Financial and contains no other information that might assist us in identifying the account to which it should be deposited. We reserve the right to refuse any other type of deposit if we believe it is fraudulent, will not be paid, it is not made payable to you, or is otherwise suspicious in nature. We will not be held liable if such action causes outstanding items to be dishonored and returned, or payment orders to be rejected. Refused deposits will be returned to you.
Automated Clearing House Deposits
We do not accept cash deposits. Please do not send cash deposits through the mail. In the event that a cash deposit is received for your Account, you agree that Douugh’s determination of the amount of the deposit will be final. We are not liable for any deposits, including cash, lost in the mail, lost in transit, or not received by us.
You may initiate direct deposits by providing your employer or government benefits administration with our Routing Number, 091302966, and your 12-digit Account number, which can be found by logging in to the Douugh App. If we deposit any amount into your account which should have been returned to the Federal Government for any reason, you authorize us to deduct the amount of our liability to the Federal Government from your account or from any other account you have with us, without prior notice and at any time, except as prohibited by law. We may also use any other legal remedy to recover the amount of our liability.
If a direct deposit posts to your account and is later found to be made payable to someone other than yourself or another account owner listed in our records, the amount of the deposit will be deducted from your account and returned to the originator without prior notice to you.
For checks sent via mobile deposit, the check shall not be considered to have been received by us until we have received the valid electronic check image file. Limits to the number of mobile deposits permitted and the amount of funds that can be deposited are imposed for security reasons. For this purpose, we may not readily disclose those limits to you.
All deposits will be credited to your account in accordance with our Funds Availability Schedule
Choice Financial may impose additional restrictions and limits in accordance with their Terms and Conditions.
Deposited Items Returned
If final payment is not received on any item you deposited to your account, or if any direct deposit, ACH deposit or Electronic Fund Transfer to your account is returned to us for any reason, you agree to pay us the amount of the return.
We may charge any account of which you are an owner or re-present any item you deposit with us that is returned to us unpaid without prior notice to you. We may charge a fee for returned deposited items in accordance with our Schedule of Fees.
You authorize us to attempt collection of previously returned items that you deposited. In our attempts to collect these items, you agree that we may allow the payor bank (the bank on which the item is drawn) to hold the item beyond its midnight deadline. If an item you deposit is returned unpaid, you waive the requirement for notice of this return.
If a claim is made on any item subsequent to final payment on the grounds that the item was altered, bears a forged or unauthorized endorsement, or was not otherwise properly payable, we may withhold credit for the item from your account until final determination of the claim. In addition, we will not be liable for a check, draft or other item that you deposit that has been forged or altered in such a way that a reasonable person could not discover the forgery.
Funds Availability Policy
Information contained in this section is to assist you in understanding our Funds Availability Policy. The Bank does not accept in-person or mailed deposits.
It is our policy to review each deposit and determine how the funds are being deposited. We make the funds available to you according to the deposit type and when the funds are applied to your account. Some deposit types may not be available for immediate use. When we delay the availability of funds or place a hold on a deposit made to your account, you may not withdraw those funds, and we will not use them to pay bills or other debits, such as ACH withdrawals or wire transfers, during the hold period.
We reserve the right to refuse any deposit. If final payment is not received on any item you deposited to your account, or if any direct deposit, ACH deposit or Electronic Fund Transfer to your account is returned to us for any reason, you agree to pay us the amount of the return, plus any fee in accordance with our schedule of fees.
The length of delay in the availability of funds varies depending on the type of deposit. Special rules may apply to new accounts.
The length of delay in the availability of funds is counted in business days from the day your deposit is applied to your account. Deposits received after 5:00 PM (CST) will be considered to be received on the next business.
Funds from wire transfers, transfers between Douugh accounts, preauthorized electronic payments such as payroll direct deposits, or other preauthorized electronic payments will be available on the day the deposit is applied to your account.
Funds from customer-initiated electronic payments or transfers will be applied to the account when Douugh has verified the external account and received payment in collected funds. Once the funds are applied to your account, they will have same-day availability.
Special Rules for New Accounts
Special rules apply during the first 60 days of any new account you open with Douugh:
Funds from wire transfers or ACH direct deposits will be available on the second business day after the deposit is applied to your account.
All check deposits may be held for an extended period of time but no longer then seven business days after deposit is received.
Longer Delays May Occur
Funds you deposit by check may be delayed for a longer time period under the following circumstances:
We believe a check you deposit will not be paid.
You redeposit a check that has previously been returned unpaid.
You have overdrawn your account repeatedly in the last six months.
We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the seventh business day after the day of your deposit.
If you need to be sure when a particular deposit will be available for withdrawal, you can verify the availability of your deposit by viewing the transaction detail on your Douugh mobile app.
Electronic Fund Transfer (“EFTs”) Disclosures
We offer account services that may be considered “Electronic Fund Transfers,” including, but not limited to, ATM transactions through the Maestro and Interlink; ACH transactions, including, but not limited to, direct deposits and pre-authorized withdrawals; and online transfers. This disclosure (as required by Federal Regulation E: Electronic Fund Transfer Act) provides information that describes your rights and responsibilities regarding these services. The Electronic Fund Transfer services are services that we can provide, assuming that you specifically request and arrange them and qualify for the service.
Limits to the amount of funds that can be deposited or withdrawn are imposed for security reasons. For this purpose, we may not readily disclose those limits to you.
You must activate your Card in accordance with the instructions provided with your Card before it can be used. You will need to provide your personal and card information in order to verify your identity and activate your card. You must sign the signature strip on the back of the card as soon as it’s received.
Digital cards offered by Douugh for your BillPay wallet are active when created and can be used immediately if funds are available in your account.
ATM and Debit Card Transactions: Consistent with applicable law, you may use your debit card with your PIN to perform most routine transactions on the accounts that are accessible by your debit card, such as to:
Make cash withdrawals
Transfer funds among accounts linked to the same card
Obtain your most recently available account balance
Pay for purchases at places that have agreed to accept the card
Some of the above services may not be available at all ATMs or locations.
Authorized Card Users
You are responsible for all authorized transactions initiated and fees incurred by use of your card. If you permit another person to have access to your card or card number, we will treat this as if you have authorized such use and you will be liable for all transactions and fees incurred y those persons. You are wholly responsible for the use of each card according to the terms and conditions of this Agreement.
International ATM Transactions
International transactions made using your debit card will be converted to U.S. currency according to the rules and regulations of the card network. The conversion of the currency to U.S. currency may occur on a date other than your original transaction date and fees may be assessed by these networks. You are responsible for the U.S. currency amount plus any fees assessed for the currency conversion. Some services may not be available at international ATM terminals. International ATM transactions may be subject to a fee in accordance with our Schedule of Fees.
Your Douugh debit card does not permit deposits at ATMs.
Debit Card Point-of-Sale Transactions
You may use your debit card to purchases goods and services and/or obtain cash where permitted by the merchant, from any merchant who accepts Mastercard®. The merchant may require your signature instead of your PIN to authorize the purchase request. You may also use your debit card with your PIN at any merchant location where ATM cards are accepted to purchase goods, services, and/or obtain cash where permitted by the merchant. The amount of all purchases, including any cash obtained, will be deducted from your checking account. When you make a purchase through the Card network, we may place a hold on the funds in your checking account in the amount that may be necessary to cover the amount of the transaction. (Please see Preauthorization Holds for additional information.) You do not have the right to stop payment on any purchase transaction originated by use of your Card, other than a Recurring Transaction as described in the section below titled “Recurring Transactions.” When you use your Card to pay for goods or services.
Below are the limits pertaining to your Douugh Everyday Checking Account:
For ATM withdrawals, there is a $250 per transaction limit and a $500 daily limit.
For POS transactions there is a $10,000 daily limit.
Douugh Checking Account Balance: $75,000 limit
Venmo, Cash App, and PayPal instant transfers to Douugh: $1,000 per day, $2,000 total per 30 days
Debit card instant funding: $500 per week, $2000 per month.
ATM owner-operators, merchants, and participating banks may impose their own lower limits on cash withdrawals.
If you intend to use your Card for recurring transactions, you should monitor your balance and ensure you have funds available in your Card Account to cover the transactions. “Recurring transactions” are transactions that are authorized in advance by you to be charged to your Card at substantially regular intervals. We are not responsible if a recurring transaction is declined because you have not maintained a sufficient balance in your Account to cover the recurring transaction. If these recurring transactions may vary in amount, the person you are going to pay should 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.) If you have told us in advance to make regular payments (i.e., recurring transactions) from your Card, you can stop the payment by notifying us orally or in writing at least three (3) business days before the scheduled date of the transfer. If you call, we also may require you to put your request in writing and get it to us within 14 days after you call. If you order us to stop one of these payments three (3) business days or more before the transfer is scheduled, and we do not do so, we will be liable for your direct losses or damages. If you have authorized a merchant to make the recurring transaction, you also should contact the applicable merchant in order to stop the recurring transaction.
If you do not have sufficient funds in your account, you can instruct the merchant to charge a part of the purchase to the card and pay the remaining amount with cash or another card. These are called “split transactions.” Some merchants do not allow cardholders to conduct split transactions. Some merchants will only allow you to do a split transaction if you pay the remaining amount in cash. If you fail to inform the merchant that you would like to complete a split transaction prior to swiping your card, the card transaction is likely to be declined.
Transactions Using Your Card Number
If you initiate a transaction without presenting your Card (such as for a mail order, internet or telephone purchase, a Prefunded Check purchase or an ACH debit purchase), the legal effect will be the same as if you used the Card itself. No Warranty Regarding Goods and Services We are not responsible for the quality, safety, legality, or any other aspect of any goods or services you purchase using your Card.
Your Obligation for Negative Balance Transactions
Each time you initiate a Card transaction, you authorize us to reduce the funds available in your Account by the amount of the transaction and all associated fees. You are not allowed to exceed the available amount in your Account through an individual transaction or a series of transactions (creating a “negative balance”). Nevertheless, if any transactions cause the balance in your Account to go negative, including any purchase transactions where the retailer or merchant does not request authorization, you shall remain fully liable to us for the amount of any negative balance and any corresponding transaction fees. You may also be liable for any related Insufficient Funds/NSF Fee(s) as set forth in the accompanying “Schedule of Fees and Charges.” We reserve the right to bill you for any negative balance or to recoup such negative balance from any other Account we have on which you are an owner. You agree to pay us promptly for the negative balance and any related fees. We also reserve the right to cancel your Card or Account if you repeatedly overdraw your account.
Limitations on Frequency of Debit Card Transactions and Cash Withdrawal Limits
Frequency-of-use limitations are imposed on card transactions for security reasons and for the protection of your account. They are not disclosed for this reason and may be changed at any time. You will be denied the use of your card if:
You exceed the daily ATM withdrawal or purchase limit;
You do not have sufficient available funds in your account;
You do not enter your correct PIN; or
You exceed the limit on the number of times you can use your card each day.
The receipt provided by the ATM or merchant terminal will notify you of the denial. There is a limit on the number of such denials permitted, beyond which the machine may retain your card. The number of attempts that will cause the retention of your card is also not disclosed for security reasons.
You may not withdraw more than $500 cash at an ATM or during a POS purchase, or purchase more than $10,000 worth of goods or services on any calendar day.
You may not withdraw funds at an ATM from your Bills Jar. The Bills Jar has a $6,000 max spend limit for any calendar day.
When your debit card or other network enhancement feature related to the card is used at a point-of-sale location to obtain goods or services or obtain cash, the merchant may attempt to obtain preauthorization from us for the transaction. We may place a hold on your account for the amount of the preauthorization request, up to 7 days, which may vary in some cases from the amount of the actual purchase, depending on the merchant’s request. If the preauthorization request varies from the amount of the actual transaction, payment of the transaction may not remove the hold, which will remain on the account until the end of the 7 day period. This hold may affect the availability of funds from your checking account to paychecks or for other Electronic Fund Transfers. We will not be responsible for damages for wrongful dishonor of any items that are not paid because of the hold.
Preauthorized (ACH) Debits or Credits
You may arrange to have certain recurring payments automatically deposited (credited) to your account. Examples of this service include the direct deposit of Social Security and other government payments, and the direct deposit of your payroll.
You may arrange to have certain recurring withdrawals automatically paid (debited) from your account. For example, you may arrange to have insurance premiums paid automatically.
These preauthorized transfers are governed by federal regulations pertaining to Electronic Fund Transfer services that entitle you to certain protections. Requests for these services must be authorized by you, in writing, to the Originator of the transaction prior to becoming effective.
Right to Stop Preauthorized Electronic Transfers (ACH)
If you want to permanently revoke an ACH you authorized from a third party, you will need to first send written instructions to the originating third party to cancel your ACH transfer.
If you have authorized regular payments out of your account, you can stop any of these payments by notifying Customer Service by telephone or email. If you notify us by telephone (+1 (800) 395 8416), you may be required to confirm the information provided by writing to us at firstname.lastname@example.org.
Your request must include your account number, the name of the payee, the amount of the item to be stopped, and the date payment was scheduled to be made. This request needs to be received by us three (3) or more business days before the payment is scheduled to be made. If your request is by telephone or email, we may also require you to put your request in writing and ensure that it is received by us within 14 days after your call or email. A stop-payment fee may be charged for each stop-payment and renewal order you request in accordance with our Schedule of Fees.
You are subject to the general rules of Stop-Payment Orders in this Agreement.
Stop Payment Liability
If you request that we stop payment on any preauthorized transfer according to the requirements above and we fail to do so, we will be liable for your proven loss or damages, unless:
You failed to give us enough information, proper instructions or sufficient time to act on the stop payment; or
We do not receive written confirmation of your telephone or email request to stop payment within 14 calendar days, and the preauthorized transfer occurs after the 14 calendar days.
In any case, we will only be liable for actual proven damages if the failure to stop payment on your transaction resulted from a bonafide error on our part, despite our procedures to avoid such errors. If we pay a preauthorized transfer despite your valid and timely stop order request, we may re-credit your account. If we do this, you will sign a statement describing the dispute with the payee. You agree to transfer to us all of your rights against the payee. In addition, you will assist us in any legal action taken against the payee.
Additionally, if you want to permanently revoke a recurring preauthorized electronic transfer, you will need to first send written instructions to the originating third party to cancel your preauthorized transfer. We may ask you to provide us with a copy of your letter to the originating third party and sign an Affidavit revoking authorization.
Our Liability for Failure to Complete an Electronic Fund Transfer
If we fail to complete an Electronic Fund Transfer transaction on time or in the correct amount when properly instructed by you, we will be liable for damages caused by our failure unless:
There aren’t sufficient funds in your account to complete the transaction through no fault of ours. A fee may be charged in accordance with our schedule of fees;
The funds in your account aren’t available at the time the EFT posts to your account. A fee may be charged in accordance with our schedule of fees;
The funds in your account are subject to legal process;
The ATM system has insufficient cash to complete the transaction;
Your card has been reported lost or stolen and you are using the reported card;
We have a reason to believe that the transaction requested is unauthorized;
The failure is due to an equipment breakdown that you knew about when you started the transaction at an ATM or merchant terminal;
You attempt to complete a transaction at an ATM or merchant terminal that is not a permissible transaction listed above; or
The transaction would exceed security limitations on the use of your debit card.
In any case, we will only be liable for actual proven damages if the failure to make the transaction resulted from an honest error despite our procedures to avoid such errors.
Tell us immediately if you believe your debit card and/or PIN has been lost or stolen, or if you believe that an electronic fund transfer has been made without your permission.
Contacting us by phone or email is the best way to keep your potential losses down. You could lose all the money in your account!
If you tell us within 2 business days after you learn of the loss or theft of your debit card and/or PIN, you can lose no more than $50 if someone used your debit card and/or PIN without your permission.
If you do NOT tell us within 2 business days after you learn of the loss or theft of your debit card and/or PIN, and we can prove we could have stopped someone from using your debit card and/or PIN 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 your account statement is made available 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 extenuating circumstances kept you from telling us, we may extend the time periods at our sole discretion.
You may be required to confirm the information provided over phone or email in writing. In these cases, we will advise you accordingly, provide you the necessary forms for confirming your dispute in writing, and give you instructions for sending us the signed form.
Errors or Questions and How to Contact Us
In case of errors or questions about your Electronic Fund Transfers, you agree to promptly contact Customer Service by telephone (+1 (800) 395 8416) or by email at email@example.com. You may be required to confirm the information in writing within 10 business days. In these cases, we will advise you accordingly, provide you the necessary forms for confirming your dispute in writing, and give you instructions for sending us the signed form.
If you believe an Electronic Fund Transfer transaction was processed in error or was unauthorized, or if you need more information about a transfer listed on your statement or receipt, you must contact Douugh no later than 60 days after the problem or error first appeared on your statement.
In your communication with us, please provide the following information:
The account name, account number, and last four digits of the debit card number, if applicable;
A description of the suspected error or the transfer about which you are unsure, why you believe there is an error, or why you need more information;
The dollar amount of the suspected error; and
The date of the suspected error.
When we receive your dispute notification, we will advise you of the status of our investigation within 10 business days. In all cases, we will correct any error promptly.
If we need more time to investigate your question or complaint, we may take up to 45 calendar days for ATM transactions (other than international transactions) and ACH transactions. For errors involving new accounts within 30 days after the first deposit, point-of-sale transactions or foreign-initiated transactions, we may take up to 90 calendar days to investigate your complaint or question. If this is necessary, we will provisionally credit your account for the amount you believe is in error within 10 business days of your original complaint or question, so that you will have the use of the money during the time it takes us to complete our investigation. If we do not receive your written confirmation of your questions or complaint within 10 business days, we may decide not to provisionally credit your account.
For errors involving new accounts, point-of-sale, or foreign-initiated transactions, 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 send you a written explanation within three (3) business days after we finish our investigation. You may ask for copies of the documents we used in our investigation. If provisional credit was given and it is determined that there was no error, you must repay to us the amount of the provisional credit for the disputed item(s). You will have access to those funds for five (5) business days, and then we may deduct such amounts from your account without further notice.
Debit Card Revocation
You agree that your debit card remains the property of Choice Financial Group and shall be surrendered upon demand. The card is non-transferable, and it may be canceled, repossessed, or revoked at any time without prior notice subject to applicable law.
If you do not use your debit card for an extended period, defined by Douugh as 60 days, or we believe the card may be lost/stolen or is being used improperly, it may be canceled for security reasons and will be unusable. This may occur without prior notice to you.
If your card is reissued or reactivated, we may charge you a fee for its reissue/replacement in accordance with our Fee Schedule.
Fees and Charges
You will pay any applicable fees and charges we assess for your Card services and/or other electronic services that you select. Applicable fees will be deducted from your account and listed on your account statement. These charges and fees are assessed in accordance with our Fee Schedule.
If you do not use the MoneyPass ATM network, we may charge a fee to use your Card at an ATM within the United States or internationally to make a point-of-sale purchase in accordance with our Fee Schedule.
You may be charged a foreign transaction fee for point-of-sale purchases made internationally. The terminal owner may also charge you a fee for use of their ATM. You may, however, be assessed a fee by the card association, for example, Visa, for using your Card at an ATM or making a point-of-sale purchase.
PIN, Passwords, and Passcodes Card PIN
You will be prompted to assign a 4-digit card PIN for your Douugh debit card during card activation. You may change the PIN at any time by accessing the card PIN change process through the mobile app or our automated telephone service.
Password and Passcode
You will be prompted to establish a password and 4-digit Passcode (Login Credentials) during your Douugh enrollment. Depending on your app settings, you may be required to enter your full password or passcode for subsequent logins to the Douugh mobile app to view your account(s), card information, and other Douugh services. Your Douugh password and passcode may be changed at any time after you’ve signed into your app session and following the steps for resetting your Password and Passcode, available in Settings.
Your Login Credentials and PIN are identification methods that are both personal and confidential. You are required to use your PIN with your debit card at an ATM or ATM merchant terminal. It is a security method by which we help you maintain the security of your account. Your Login Credentials are another security method that maintain the security of your account and the transactions you process through the mobile app.
Therefore, you agree to take all reasonable precautions to protect the confidentiality of your Login Credentials, PIN and/or other access devices. Further, you agree that you will not reveal your Login Credentials, PIN, or any other access device, to any person not authorized by you to use your debit card; not write your PIN or Login Credentials on your card or on any item kept with your debit card; and not leave your mobile or other device unattended after you have logged on using your Login Credentials.
Funds Transfer Service
“Funds Transfer” is an electronic transfer service provided by Douugh and powered by Choice Financial Group that enables you to securely transfer funds from an account at another financial institution to your account with us, and/or from your account with us to an account at another financial institution. Prior to use, you are required to register your external bank account for verification and security purposes. Once your Funds Transfer service is active, please refer to the Funds Availability schedule to see when your Funds will be available for your use in your account. In all cases, funds may be held until we receive verification that the transaction has settled.
By using the Funds Transfer service, you agree that the Bank will transfer funds through ACH services and that the transaction is subject to completion upon our final review and verification. You agree that such requests constitute authorization for such transfers. This authorization is to remain in full force until the Bank has received written notification from you of its termination, you have electronically deleted a registered bank account or credit card from the Funds Transfer service, or you have electronically canceled an account and/or transfers from the Funds Transfer service in such time and in such manner as to afford the Bank and the other financial institution a reasonable opportunity to act on it.
This service may be subject to a fee in accordance with our schedule of fees. This service may not be available for all customers and/or account types. Please review our Funds Transfer FAQs for information on availability.
By using the Funds Transfer service, you are certifying that the credit cards used to transfer from, and the registered external accounts that you transfer funds to and from, are under the same ownership as the account with us. In the event that the accounts are not titled the same or ownership among the transferring accounts changes, you will indemnify us for any losses incurred as a result of any transaction you initiate between these accounts that is later returned or is reported unauthorized. If you initiate a transfer that is found to be unverifiable or is unable to be completed for other reasons, you agree to hold us harmless for any loss resulting from the incomplete transfer. If a transfer is made from a third-party’s account or registered as an external deposit account, before we detect it, we may without notice to you, place those funds on hold and debit your account, and return the funds to the third-party’s account in the form of a bank check or funds transfer, once we have confirmed the funds cleared the external account.
If you use the Funds Transfer service to transfer funds to or from an account that has multiple owners, you agree that each owner authorizes the others to (a) initiate the transfer of funds between your accounts with us, as permitted by the Funds Transfer service, (b) register any external bank account or credit card, as permitted by the Funds Transfer service, and (c) initiate the transfer of funds between your account(s) with us and any registered external bank account or credit card. This authority will cease only after we have received and have been given a reasonable amount of time to act on the appropriate documentation needed to change or remove the owner from the account. Each account owner agrees to be jointly and severally liable to Douugh for any losses incurred as a result of the improper use of this service up to and including the transfer amount, any applicable fees and any legal expenses. Your Funds Transfer request will only be completed if you have sufficient funds in the account from which you wish to transfer funds and the accounts are linked for transfer capabilities. Funds Transfer transactions are subject to dollar amount limitations, which are determined by us and may be set according to your Account type and/or the type of Funds Transfer service you are using. These limitations are set for security reasons and are not disclosed for that reason.
Douugh reserves the right to limit the number of external accounts that can be linked to your account for purposes of transferring funds; to limit functionality of the Funds Transfer service by imposing limits, holds, or other measures; and to close your account if unlawful activity is found or suspected.
Douugh Membership Fee Agreement
Douugh offers Services for a monthly fee (“Financial Fitness Membership Fee”).
The current charge of the Financial Fitness Membership Fee is disclosed here. If you successfully completed your Douugh account sign up before 11:59pm EST August 24, 2021, your Financial Fitness Membership Fee is $0 per month. Monthly Fee amounts are subject to change at our sole discretion. Douugh offers a 28 day free trial period, which may be revoked at any time at Douugh’s discretion. You acknowledge that Douugh may choose to waive the Financial Fitness Membership Fee as per the Schedule of Fees, for the purposes of promotion, goodwill or for any other reason at Douugh’s discretion.
You authorize Douugh to electronically debit the Financial Fitness Membership Fee and all other fees as per the Schedule of Fees below from your Douugh Checking Account. In the absence of available funds, you authorize Douugh to electronically debit all owing fees from your Plaid connected external bank account by ACH via Plaid’s API.
You acknowledge that the amount and frequency of these preauthorized electronic debits and credits to your connected external account via Plaid may vary, and you waive your right to receive prior notice of the amount and date of each debit and credit.
You may stop payment of these preauthorized electronic debits from your External Bank Account by contacting us in-App or emailing us at firstname.lastname@example.org at least 3 Business Days before the scheduled date of the debit. If you stop these preauthorized electronic debits, we will no longer provide you our Services. If we do not receive notice at least 3 Business Days before the scheduled debit date, we may attempt, in our sole discretion, to cancel the debit transaction. However, we assume no responsibility for our failure to do so. Please note that revoking this authorization will not apply to electronic debits performed before revocation becomes effective.
For purposes of this authorization, "Business Day" means Monday through Friday, excluding federal banking holidays
Fees are charged in accordance with our fees outlined below. If we assess a fee for any other service or make a change to our Schedule of Fees and Charges, we will let you know in advance.
All fees will be deducted from your checking account balance. In the absence of available funds, Douugh reserves the right to trigger an ACH pull request from one of your linked bank accounts via the Plaid connection.
To the extent you access our Services through a mobile or tablet device, your wireless service carrier’s charges, data rates, and other fees may apply.
Schedule of Fees
Financial Fitness Membership Fee
$4.99/month (Free for first 28 days)
Investing Brokerage Fee
Funds Under Management Fee
Connected Accounts via Plaid
Virtual Debit Card Issuing
Wealth Jars Establishment Fee
Bills Jar Establishment Fee
ATM Transaction Fee - MoneyPass Network
ATM Transaction Fee - Out of Network
Card Replacement Fee
Card Expedite Fee
Deposit Item Returned
International ATM Withdrawal Fee
International ATM Transaction Fee
3% of the U.S. dollar amount of the transaction
International Debit Transaction Fee
3% of the U.S. dollar amount of the transaction
Paper Statement Fee
Returned Item Fee
Stop Payment Fee
Debit Card Funding Fee
3.5% of transaction amount
Rights to Setoff
If you owe us any amount, you give us a security interest in your Douugh Account. You also give us the right, to the extent not prohibited by law, to set off against your funds to pay the amount owed to us. You agree that the security interest you have given us is consensual and is in addition to our right of set off. If we exercise our right of set off, we will notify you to the extent required by law.
If any provision of these Terms is found unenforceable, then that provision will be severed from these Terms and not affect the validity and enforceability of any remaining provisions.
If an arbitrator or court finds any provision to be invalid, you and we agree that the arbitrator or court should give valid effect to the intention of that provision, and that the remainder of the Terms remain in full force and effect.
The following terms and conditions apply to Douugh Autopilot. Autopilot automates your money management through the automatic transfers of funds between your Jars as set by you in the Autopilot Settings Screen. You can turn autopilot on or off at any time in the Douugh app.
When switched ON, you authorize Douugh’s Autopilot to automatically transfer funds as soon as your nominated salary direct deposit is paid into your Checking account, as per the allocation set up in the ‘Autopilot Settings Screen’.
When you switch ON Salary Sweeper, we provide a guide of the allocation of your Bills, Stash Jars and Portfolio Jars, and what’s left remains in your Spending Jar (Checking Account). These are only a guide and can be changed at your discretion. You may allocate one ‘income payment’ to be your nominated salary, and this will trigger the salary sorter on every payment event. You can change this at any time.
We initiate the transfer from your Checking account to your Bills Jar, Rainy Day Jar, and any other Stash or Portfolio Jars you may have allocated. You can always transfer these funds back at a later date if need be. Transfers may take up to 3 minutes to complete.
Autopilot transfers in to your Portfolio Jar
As your investments are held in your name with our investment partner, DriveWealth, funds take up to 2 business days to be invested in your chosen Portfolio. Please be advised that there is no calculation or recommendation in Salary Sweeper and that the guided allocations should not be considered as advice. Neither the time frame set on your goals or amount needed to achieve your goals have been considered, therefore and the guided (or your chosen) Salary Sweeper amounts may not be sufficient to meet your goal.
We will never perform an action without your consent. You can turn OFF Salary Sweeper at any time in the ‘Autopilot Settings’ in the ‘More’ section.
If there is not enough funds available from your Checking Account (Spending Jar) then Autopilot Sweeps will decline and you’ll need to manually process these yourself at a later time.
Bills Jar Payments
Douugh will not be liable for any missed payments or late payment fees associated with not allocating enough funds into your Bills Jar to cover ‘Upcoming BIlls’ on your Bills Virtual Card or any direct debit out of your Bills Jar account.
Please ensure you always have enough in your Bills Jar to cover any upcoming payments.
Douugh Portfolio Jars
Douugh offers clients access to investment services through its subsidiary Douugh Wealth LLC. Douugh Wealth, LLC is registered with the Securities and Exchange Commission (SEC) under the Investment Advisers Act of 1940. SEC registration does not imply a certain level of skill or training. This communication and all data are for informational purposes only and do not constitute a recommendation to buy or sell securities. The value of your investment will fluctuate over time and you may gain or lose money and each user’s investment results can vary based on their specific account holdings. Douugh Wealth does not provide individualized or specialized investment advice, financial planning, tax, estate or retirement planning to its clients. Advisory services are only provided to investors who become Douugh Wealth Clients (“Clients”) pursuant to a written Investment Advisory Agreement. A copy of the written Investment Advisory Agreement is available upon request. Douugh Wealth’s Form ADV Brochure is available here. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS, AND ANY EXPECTED RETURNS OR HYPOTHETICAL PROJECTIONS USED FOR ILLUSTRATIVE PURPOSES MAY NOT REFLECT ACTUAL FUTURE PERFORMANCE. FURTHERMORE, PAST RETURNS MAY REFLECT THE PERFORMANCE OF ASSETS FOR A FINITE TIME, OR DURING A PERIOD OF EXTREME MARKET ACTIVITY. ALL INVESTMENTS INVOLVE RISK AND MAY LOSE MONEY. Investments: Not FDIC Insured - Not NCUA Insured - No Bank Guarantee - May Lose Value.Brokerage Services provided to Clients of Douugh Wealth by DriveWealth, LLC which serves as registered broker-dealer and member FINRA/SIPC. There can be no assurance that the portfolio of securities recommended for you will meet or exceed the projected performance illustrated on the Site or App, or achieve the expected result.
Douugh Wealth Process
Douugh Wealth, LLC is an internet-only investment service that provides access to a software-based portfolio management service. Douugh Wealth provides a software-based portfolio management service. We utilize an algorithm that provides clients with goals-driven investment advice based on a profile that is generated from each client's risk-tolerance questionnaire (RTQ) responses. The RTQ assists the clients with identifying their age, goal, time horizon, preferences, volatility tolerance, and financial situation. The profile generated from the (RTQ) is utilized by the software-based algorithm to match the client with a recommended portfolio. Investment advice is provided as a recommended portfolio ranging from conservative to aggressive. For more information on Douugh Wealth’s investment process please refer to Douugh Wealth’s Form ADV Brochure available here.
When establishing a Portfolio Jar you will need to agree to enter into a relationship with DriveWealth and adhere to DriveWealth’s Account Terms. Your funds held by DriveWealth are SIPC insured upto the value of $500,000. Client funds are held with an independent custodian. Douugh Wealth relies on its brokerage partner to execute orders, and it monitors the quality of transactions to fulfill its obligation to seek best execution pursuant to regulatory requirements.
Funds moved to your Portfolio Jars will be ‘swept’ to your DriveWealth brokerage account on a daily basis for investing purposes.
Douugh Wealth does not currently charge a fee for assets under management, commision or brokerage However, investment accounts may be subject to an administrative fee.
Douugh Wealth does not represent in any manner that its advisory services for any of its products and/or services will result in any particular tax consequence for its clients. Clients should consult with their tax professional regarding the tax consequences of investing with Douugh Wealth and engaging in investing in the portfolio selected by Douugh Wealth
This communication and all data are for informational purposes only and do not constitute a recommendation to buy or sell securities.
Douugh wants to hear your comments, concerns, suggestions, or questions. Email us at email@example.com.
Consent to Electronic Communication
We would like to communicate with you using electronic means. When you click or tap the “I Agree” button below, this tells us:
You agree to receive any electronic communication from us for any purpose;
You agree to receive an electronic version of any written notice or disclosures we must send you under law (“Legal Disclosures”); and
You understand that to receive Legal Disclosures, you must meet the requirements in Section 2 below.
When we send electronic communication, including a Legal Disclosure, it may come in the form of an update to our website or within our app; as an email, text, or communication on social media; as a notification on mobile, tablet, or wearable devices; or through other electronic means. When you sign-up for an Account with Douugh, we will request your mobile telephone number. We request this information in order to send you security confirmation text messages and information about your Account and our Services. By clicking or tapping the “I agree” button below, you are telling Douugh that you consent and agree to accept and receive communications from us, including via e-mail, text message, calls and push notification to the mobile telephone number you provide us. As part of this consent, Douugh, or someone on our behalf, may send you communications generated by automatic telephone dialing systems [and/or deliver prerecorded messages] that includes (i) security confirmation messages; (ii) communications about your Account (such as transfers you requested or received), (iii) communications about use and updates to our Services, and (iv) other information concerning your Account and our Services. Douugh does not charge you when we communicate with you via text message, but your phone carrier will apply standard text messaging charges and data rates.
In order to receive electronic communications, including Legal Disclosures, you must have:
A computer or mobile device with an internet connection.
A web browser that includes 128-bit encryption, with cookies enabled.
A valid email address and phone number.
Sufficient storage space to save any Legal Disclosure or an installed printer to print them.
We may change these requirements, but we will notify you promptly of any material changes.
If you would like a paper copy of any Legal Disclosure we present to you, please contact us at firstname.lastname@example.org and we will mail one to you at no cost.
If you would like to withdraw your consent, you can tell us at any time by emailing email@example.com. Once you do withdraw your consent, we will no longer send you paper copies of any Legal Disclosure. Also, please be aware that once you withdraw consent, we may – but are not obligated to – cancel your account with us.
Saving and Reviewing this Consent
You can print this consent by clicking here.
In this E-SIGN Consent, “we”, “us” or “our” means Douugh and “you” or “your” refers to the person applying to establish an account with Douugh.
Share the Douugh (Refer a friend)
Douugh’s Refer a Friend offer is valid from 19 October 2021 and may be revoked at any time at Douugh's discretion. The offer is available to all active Douugh customers.
This offer cannot be used in conjunction with any other offer (unless we determine otherwise).
Referred “friends and family” must enter a valid invitees referral code during sign up, successfully complete their Douugh account registration and make at least 5 successful transactions of over $10 each (5 x $10 = $50) from their Spending or Bills debit card to become eligible for the bonus payment. (excludes payment app transactions e.g. CashApp, Venmo, Paypal, Zelle
Eligible members and “friends and family” will each receive a payment of $20 each into their Spending Jar (Douugh account) within 30 days of the friend opening an account.
There are always a few people who will try to game the system, so here are some fair play conditions.
We retain the absolute right to refuse to pay or cancel a “refer a friend bonus” payment without notice to you. The reasons for us to refuse or cancel a payment may include but are not limited to, if:
we believe that your access to the Douugh app is or may be fraudulent
we believe that you have threatened the security of Douugh
we believe you have breached any of our General Terms
we believe you are acting in bad faith
we have suspended or closed your account
your account contains unpaid charges or is overdrawn
We also retain the absolute right to stop the offer at any time and to change the conditions or incentives of the offer.
Last modified 19 October 2021
Roundup Saving Supercharge Offer Terms
Qualifying Douugh Members are opted into the Program by turning on the Roundups feature in their app and using their Douugh Spending Jar debit card to make a purchase.
The Program will be available between 03/09/2022 at 12:00 AM EST and 03/24/2022 at 11:59 PM EST.
Participation in the Program is open to all Douugh Members who have turned on the Roundups feature in the Douugh app.
All purchases using a Douugh Spending Jar debit card and posted during the Promotion Period, are eligible for the Supercharged Roundup payment under the terms of the Program. Bank Transfers, P2P transfer transactions (e.g. Venmo/Paypal/Square) and ATM withdrawals are excluded.
For each Eligible Transaction posted during the Promotion Period, Members will receive a credit to their nominated Douugh Stash Jar which is receiving round-ups, equal to 100% of the Roundup for that transaction, up to a maximum aggregate cap of $50 during the Promotion Period. Purchases of whole dollar amounts (e.g. $1.00) will not be rounded up and therefore will not receive the Supercharged Roundup.
Supercharged Round-ups only apply to transactions over $1.
Supercharged Roundup payments will post after 10AM EST Friday for the prior week’s eligible transactions.
Purchases that are made when Roundups are not enabled for an account will not receive the Supercharged Roundup payment and cannot be backdated.
There are always a few people who will try to game the system, so here are some fair play conditions.
We retain the absolute right to refuse to pay or cancel a “Supercharged Roundup” payment without notice to you. The reasons for us to refuse or cancel a payment may include but are not limited to, if:
we believe that your access to the Douugh app is or may be fraudulent
we believe that you have threatened the security of Douugh
we believe you have breached any of our General Terms
we believe you are acting in bad faith
we have suspended or closed your account
your account contains unpaid charges or is overdrawn
We also retain the absolute right to stop the offer at any time and to change the conditions or incentives of the offer.