2 Eligibility and Registration. In order to use the Service, you first must apply. As part of your registration and use of the Service, you represent and warrant that:
2.1 You have full authority to enter into this Agreement;
2.2 You hold a US bank account that will be the source of funds for transfers using the Service and that, unless you are acting as an agent as set forth in Section 2.5, is held in your name and over which you exercise legal authority and control;
2.3 You will not be violating any laws or regulations by registering with us, entering into or by performing any part of this Agreement, or by otherwise using the Service;
2.4 You are not an agent acting for an undisclosed principal or third party beneficiary. In the event that you are acting for a third party, you agree to provide us with certified copies of identification evidence of such authorizations that you have received from the third party and obtain our express approval before acting on that third party’s behalf;
2.5 All information provided by you as part of your registration and use of the Service is accurate and complete, and you undertake to promptly notify us of any changes to such information; and
2.6 You will inform us if your contact details change. We will use those contact details to contact you wherever required under this Agreement or in connection with the Service. You may update your contact details at any time by emailing email@example.com.
3 Identity Verification Process. To help the government fight the funding of terrorism and money laundering activities, Federal law requires the Bank to obtain, verify and record information that identifies each person to whom we provide certain types of services. What this means for you when you use our Service is that we will require you to provide your company name, address, incorporation number, phone number, email address and other information that will allow us to identify you. We may require you to provide documentation, which may include your documents of incorporation and bylaws, as well as the passport, driver’s license, or other government issued photo identification document of your principals, key executives or other authorized users of the Service. We may also contact you if we have additional questions and periodically ask you to re-confirm these details.
4 Description of the Service. The Service provides the transmission of funds to recipients (“Recipients”) located in other countries via electronic funds transfer, wire transfer or other electronic methods, and may include the use of the Currency Cloud user interface or application program interface (“API”), the debiting or crediting of your bank account, the buying or selling of foreign currency, including Limit Orders (an order to buy or sell currency at a set price), and any other global payment solutions provided by us from time to time. The Service, as described herein, may be amended by us at any time, upon notice, as set forth above. Moreover, we retain full discretion to refuse to accept any user or to complete any instruction to send money (a “Transaction”) at any time.
5 Compliance with Office of Foreign Assets Control (“OFAC”). All U.S. persons, including U.S. banks, bank holding companies, and non-bank subsidiaries, must comply with OFAC’s regulations. This means that we may institute a hold on your account or your funds, if you are a Specially Designated National, or fall into the scope of a country-based sanction program.
6 Unlawful and Other Impermissible Use. You agree not to use the Service for any unlawful activity, and we reserve the right to investigate any suspicious activity or in response to any complaints or reported violations. When investigating any such activity, we reserve the right to report suspected unlawful activity to any appropriate regulatory or similar authority or person and to provide such authority or person any relevant information, including personal data.
More specifically, you are not allowed to use our Services:
7 Multiple Registrations. Multiple registrations are prohibited. You may register only once, and each user must maintain a separate registration. If we detect multiple active registrations for a single user, we reserve the right to merge or terminate the registrations and refuse you all continued use of the Service without notification to you.
8 Client Help Center. The currencies available for conversion, settlement schedule, payment cut-off times and failed payment procedures are described in the Client Help Center.
9 Transaction Booking.
9.1 To use the Service you will need to book a conversion and a payment through the Currency Cloud API or the Currency Cloud user interface. You will be provided with instructions to access these services after you sign up. 9.2 Booking Date is the date on which you instruct us to make the Transaction. 9.3 The Service offered generally includes three types of conversion:
9.3.1 Fixed Buy Side Conversions, where you instruct us to transfer a specific amount of foreign currency to a Recipient. 9.3.2 Fixed Sell Side Conversions, where you instruct us to convert a specific amount of U.S. Dollars into a specified foreign currency and then to transfer the resulting converted amount to the Recipient. 9.3.3 Same Currency Conversion, where you instruct us to settle an international transaction in USD.
10 Payment Methods. You will need to pay for the transaction by transferring funds from your bank account, using an ACH Push or domestic Wire Transfer. No other payment methods are accepted, including cash, mailed check, or electronic check.
10.1 If you choose to pay for your transfer using the ACH Push or domestic wire transfer method, then your payment order will remain inactive until we receive your funds (the “Deposit Payment”) to our specified account.
10.2 Deposit Payments must be made to our specified account via ACH Push or domestic wire transfer. If for any reason your Transaction is cancelled or refused, then we will promptly return the deposit to the account from which it originated. In the event that we are unable to return the deposit, then we will promptly contact you using the most current contact information provided to us by you through your Currency Cloud registration.
11 Exchange Rates.
11.1 The “Transaction Amount” is the amount of the Deposit Payment in an ACH Push or wire transfer, minus any applicable fees and prior to any foreign exchange conversion.
11.2 Exchange Rates. We always specify the “Exchange Rate” applicable to your Transaction at the time you submit your requested Transaction. We will convert the Transaction Amount at the Exchange Rate, provided that your Transaction Amount reaches our specified Bank account within the specified period.
11.2.1 Conversion Date. When you book your Transaction, you will be asked to select a conversion date. All funds need to arrive with us one Business Day before your specified conversion date. For that reason you should not specify a conversion date of less than one Business Day after you book your Transaction. If you use regular ACH to pay for your Transaction (rather than domestic wire or same-day ACH), you should book the conversion date at least three Business Days after you book the Transaction. The conversion date may not be more than four Business Days after you book your Transaction.
11.2.2 Rolls. If the Transaction Amount reaches our specified Bank account after the specified period, we will “Roll” your conversion, and charge a $15 intervention fee for the Transaction. If there is significant movement in the Exchange Rate resulting in a loss greater than $15, we will charge you for the difference between the initial Exchange Rate and the new Exchange Rate on the Business Day after we receive your funds. We are not liable if the amount received by the Recipient is less than anticipated as a result of changes in the global currency markets.
11.2.3 For the avoidance of doubt, we do not currently offer the ability to make recurring payments or forward contracts beyond four days as part of our Services.
12 Transaction History. You can access the details of all your Transactions and other information relating to your use of the Service by logging into the Service either via the user interface or the API.
13 Refused Transactions. We reserve the right in our sole discretion to refuse any Transaction. Reasons for refusal may include but are not limited to an inability to match your registration information with your bank account details, incorrect Recipient details or an insufficient deposit amount. We generally will attempt to notify of you of any refusal, using the contact information provided as part of your registration, stating (where possible) the reasons for the refusal and whether the problem can be corrected. We will not notify you of a refusal where to do so would be unlawful.
14 Cancellation of Transactions. You may cancel your Transaction at any time if the Transaction Amount has not yet been converted in accordance with your order. You will be charged a $15 fee for cancelling a Transaction, and if the movement in the Exchange Rate is greater than the amount of the cancellation fee, we will charge you for the movement in the Exchange Rate.
15 Commercial Agreement. The parties also shall enter into a separate commercial agreement which will stipulate all fees and the term of our agreement. Such commercial agreement forms an integral part of this Agreement, and your subscription to the Service shall not be active absent execution of that commercial agreement.
16 Service Providers. We use agents and service providers to help us deliver the Service to you. The Currency Cloud Limited (“TCCL”) is authorized by the Financial Conduct Authority (the “FCA”) in the United Kingdom under the regulations for the issuing of electronic money and the provision of payment services with FCA register number 900199. The Currency Cloud Services Limited (“TCCS”, and together with Currency Cloud and TCCL, the “Currency Cloud Group”) provides the technology platform through which the Services are offered by the other members of the Currency Cloud Group. Currency Cloud also provides customer service functions, and the Currency Cloud Group arranges delivery of funds to Recipient abroad. All services provided by the Currency Cloud Group or other agents or service providers are performed at our direction and subject to our supervision and control.
17 Errors and Compromised User Credentials. Once Transactions have been executed, they cannot be reversed, and, except as expressly set out in this Agreement, we will not be liable in any way for any loss you suffer as a result of a Transaction being carried out in accordance with your instructions.
17.1 If you think there has been an error or problem with your transfer, you must contact Currency Cloud Support no later than 180 days of the date we promised to you that the funds would be made available to the Recipient. When you do, please tell us as much of the following information as possible: (1) Your name and address; (2) The error or problem with the transfer, and why you believe it is an error or problem; (3) The name of the person receiving the funds, and if you know it, his or her telephone number or address; (4) The dollar amount of the transfer; and (5) The confirmation code or number of the Transaction.
17.2 We generally will investigate and determine whether an error occurred within 45 days after you contact us, but typically we will conduct this investigation and make a determination within ten business days. We will inform you of our determination 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 any documents we used in our investigation.
17.3 If your Transaction history shows Transactions that you did not initiate, please contact Currency Cloud Support at once to let us know. Currency Cloud Support must hear from you no later than sixty days after the date we make available to you the periodic statement in which the error appears. If you do not tell Currency Cloud Support, you may not get back any of the money you lost after the 60 days, if we can prove that we could have stopped someone from taking the money had you told us in time.
17.4 Tell Currency Cloud Support at ONCE if you believe your user credentials have been compromised. Telephoning is the best way of keeping any losses to a minimum.
18 “Business Day” for purposes of this Agreement means any day, other than a Saturday, Sunday, federal or New York state holiday, on which the Bank’s offices are open for business.
19 Limitations of Liability. Neither we nor any of our agents, affiliates, holding companies, subsidiaries, employees, officers, directors, service providers, or subcontractors will be liable:
20 Disclaimer of Liability. IN PROVIDING THE SERVICE TO YOU, NEITHER WE NOR ANY OF OUR AFFILIATES, HOLDING COMPANIES, SUBSIDIARIES, EMPLOYEES, OFFICERS, DIRECTORS, AGENTS, SERVICE PROVIDERS OR SUBCONTRACTORS, MAKES ANY EXPRESS WARRANTIES OR REPRESENTATIONS TO YOU WITH RESPECT TO THE SERVICE EXCEPT AS SET OUT IN THIS AGREEMENT, AND ALL IMPLIED AND STATUTORY WARRANTIES AND REPRESENTATIONS, INCLUDING WITHOUT LIMITATION ANY WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE, MERCHANTABILITY OR NON-INFRINGEMENT ARE HEREBY EXPRESSLY DISCLAIMED TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW.
IN NO EVENT SHALL WE OR ANY OF OUR AFFILIATES, HOLDING COMPANIES, SUBSIDIARIES, EMPLOYEES, OFFICERS, DIRECTORS, AGENTS, SERVICE PROVIDERS OR SUBCONTRACTORS BE LIABLE TO YOU OR ANY THIRD PARTY FOR ANY INDIRECT, SPECIAL, CONSEQUENTIAL, PUNITIVE, EXEMPLARY OR INCIDENTAL DAMAGES, WHETHER BASED ON NEGLIGENCE, WILFUL MISCONDUCT, TORT, CONTRACT OR ANY OTHER THEORY OF LAW, OR FOR ANY DAMAGES FOR LOSS OF DATA, LOSS OF INCOME, FAILURE TO REALIZE EXPECTED REVENUES OR SAVINGS, LOSS OF PROFITS OR ANY ECONOMIC OR PECUNIARY LOSS.
WE FURTHER DISCLAIM ANY AND ALL LIABILITY FOR ANY GOODS OR SERVICES BOUGHT OR SOLD BY YOU THAT ARE SETTLED THROUGH YOUR PARTICIPATION IN THE SERVICE.
21 Right of Set-Off. You agree that we are authorized at any time to set-off the funds deposited with us against your debts or liabilities owed to us. We may exercise this right of set-off without notice to you.
22 Changes to this Agreement. We may amend this Agreement at any time by posting a revised version on the Service Website (a “Change”). In the event that there is a Change which happens during the time which we have agreed to perform a Service for you but the Service has yet to be fully completed, the original terms and conditions (prior to any such Change) shall apply until such Service has been fully completed or has been cancelled or terminated in accordance with this Agreement, except where a Change is required by applicable law to take effect sooner. For the avoidance of doubt, any Change relating to the addition of a new service, extra functionality or any such change which we believe in our reasonable opinion neither reduces your rights nor increases your responsibilities shall be deemed to be effective immediately. You are recommended to retain a copy of this Agreement at the time a Service is requested for your records. You also may request a copy from us of the version of the Agreement in effect at the time of a particular Transaction that you have requested by emailing firstname.lastname@example.org.
23 Consent for Electronic Disclosures. The Service is an electronic commerce relationship. In order for the Service to be provided to you, we must have your consent to provide access to required disclosures in electronic format. If you do not consent to electronic disclosure of these documents, then you may not use the Service. Your consent applies to all of the documents we provide to you electronically in connection with the Service, including receipts and notices.
25 Limiting the Services and Termination
25.1 We may limit the Services available to you, terminate your registration or suspend or refuse a Transaction at any time, without notice, if we reasonably suspect any security risk associated with your registration or Transaction, or if we terminate your registration for the reasons set out in this Agreement. We will do our best to notify you prior to taking any such action. However, if prior notification is not practicable, we will promptly notify you by email after the suspension. We have no obligation to notify you should such a notification be impossible or unlawful.
25.2 Termination 25.2.1 We may immediately terminate your registration and this Agreement at any time without prior notice if in our reasonable opinion: *we determine in our sole discretion that you are not eligible to use the Services or that you are using them for an impermissible purpose; *you have materially breached the law, the terms of the Agreement or the terms of our referral or promotional programs; *you engage in behaviour that we in our sole discretion view as suspicious or otherwise of concern; *duplicate accounts are opened for the same person; or *it is impossible to get in touch with you by the telephone number and email address you have provided. 25.2.2 We may suspend or refuse to execute Transactions if any of the reasons in 26.2.1 apply to the Recipient of the Transaction or if, in our sole discretion, we believe execution of the Transaction will violate applicable laws, regulations or Bank policies or procedures. 25.2.3 You may terminate your registration at any time by contacting Currency Cloud Support. Termination, whether by you or by us, shall not affect prior Transactions or (except where required by law) obligations under this Agreement existing at the time of termination. Upon termination, Currency Cloud will retain records of your Transaction history in accordance with regulatory requirements and our and Currency Cloud’s retention policies.
26 Applicable Law and Arbitration. This Agreement is entered into in New York. This Agreement and any claim or controversy arising out of or relating thereto, including any claim against Currency Cloud in connection with the Service (collectively, a “Claim”) is governed by the laws of the United States and the state of New York, without regard to conflicts or choice of laws principles, whether or not you live in New York.
You hereby consent to arbitration of all claims before a single arbitrator. The arbitrator will be selected and the arbitration conducted pursuant to the commercial arbitration rules (expedited procedures) of the American arbitration association. No “class” or similar group arbitration shall be permitted. All arbitration hearings or similar proceedings shall be held in New York, New York, although you may elect telephonic proceedings or waive any hearing. The AAA commercial arbitration rules (expedited procedures) are available for review at: www.adr.org/aaa/faces/rules (click rules, then click commercial arbitration rules).
Any arbitral award shall be final and binding and may be enforced by any court of competent jurisdiction.
**You understand that, in return for your agreement to this section, we are able to offer you the service at the terms designated, and that your assent to this section is an indispensable consideration to this agreement. You also acknowledge and understand that, with respect to any claim: **
*You are giving up your right to have a trial by jury; *You are giving up your right to have a court resolve any such dispute; and *You are giving up your right to serve as a representative, as a private attorney general, or in any other representative capacity, or to participate as a member of a class of claimants, in any arbitration or lawsuit involving any such dispute.
This Section is made pursuant to a transaction involving interstate commerce and will be governed by the Federal Arbitration Act, 9 U.S.C.1-16.
27 Severability. If any provision of this Agreement is held to be invalid or unenforceable, such provision will be deemed to be modified to the minimum extent necessary to make it valid and enforceable and the rest of this Agreement will not be affected.
28 Assignment. You may not transfer or assign this Agreement to any other person or organization without our prior written consent. We may assign our obligations to you under this Agreement without your consent or any prior notice.
29 English Language. This Agreement may be provided to you in English or any other language that we support. For the avoidance of doubt, any non-English version of the Agreement is provided for translation purposes only. In the event that any conflict arises between the English and non-English versions of the Agreement, the English version shall prevail.
30 Entire Agreement. This Agreement and any document expressly referred to in it constitutes the whole agreement between us and supersedes any previous discussions, correspondence, arrangements or understandings between us.
31 Currency Cloud Support. You may contact Currency Cloud Support at email@example.com or via telephone at (646) 759 7527.
32 Notices to Us. If you have any problems using the Service, you should contact Currency Cloud Support. Any notice of legal claim or other process pursuant to this Agreement shall be delivered via email to firstname.lastname@example.org and email@example.com, or via post to:
Community Federal Savings Bank 89-07 Jamaica Avenue Woodhaven, New York 11421 Attn: CFSB Legal
Access to electronic disclosures will be provided by way of the Internet. Your history of use of the Service is vailable for viewing online from your account on the Service Website. In order to view these disclosures, you will need a hardware device that can access the Internet via modem or other form of connection. Your hardware device must run on an appropriate operating system. You must be able to access the Internet to access our website. Additionally, Internet browser software is required to access the disclosures from a personal computer.
If you require a printed copy of your Transaction history, you can request this by emailing firstname.lastname@example.org.