Stuypend Terms of Service and User Agreement

This User Agreement ("Agreement") is a contract between you and Stuypend, Inc. ("Stuypend") and applies to your use of Stuypend® products and services and any other Stuypend® features, technologies, and/or functionalities offered by Stuypend on our website or through any other means (the "Stuypend Services"). The Stuypend Services are provided to you subject to this Agreement as well as our Privacy Policy ("Privacy Policy") which is available at and is incorporated in this Agreement by this reference.




You acknowledge and agree that this Agreement is between you and Stuypend, not with any third party (including, but not limited to, Apple®, Google®, or any mobile carrier), and that Stuypend is solely responsible for the Stuypend Services. Your use of the Stuypend Services may be subject to separate agreements you may enter into with your mobile device operating system provider (e.g., Apple, Google, Microsoft®, Canonical®, Cyanogen®), your mobile device manufacturer (e.g., Apple, Samsung®, HTC®, or LG®), your mobile service carrier (e.g., AT&T®, Verizon®, T-Mobile®, or Sprint®), and other parties involved in providing your mobile device service. Third party operating system providers such as Apple, Google, and Microsoft, your phone or other mobile device manufacturer, your wireless carrier or other network provider, any other product or service provider related to your mobile device service are collectively referred to as "Covered Third Parties." You agree to comply with all applicable third party terms of agreement when using the Stuypend Services. Stuypend is not a party to those agreements and has no responsibility for the products and services provided by third parties.




1. Terms for Stuypend Services


The Stuypend Services allow you to initiate payments via mobile device to merchants, in-store, for small retail purchases. Merchants can use Stuypend to accept payments from customers purchasing items in their store. Customers may use the Stuypend Services on their mobile device to initiate a payment to a merchant, and merchants may accept Stuypend payments through the Stuypend mobile app.


Transfers initiated with Stuypend are processed by Dwolla, Inc. through their financial institution partner(s) on the Automated Clearing House ("ACH") network of NACHA ("NACHA"). Stuypend has no responsibility for the actions of your transfer recipient or for the subject of the transfer. We do not guarantee the identity of any user of the Stuypend Services or that a sender or a recipient can or will complete a transaction.


a. Eligibility and Account Registration


To be eligible to use the Stuypend Services, you must be a resident of the United States, be 18 years or older, use the Stuypend Services in the United States, and create a Stuypend account with the required information. As further detailed in our Privacy Policy, in order to register, create and use an account, Stuypend may require that you submit certain Personal Information (as defined in the Privacy Policy), including but not limited to your name, email address, text-enabled cellular/wireless telephone number, street address or zip code, date of birth, and social security number to Stuypend. During the registration process, or when you access the Stuypend Services from a phone, your phone's device ID is also stored. You agree that the Personal Information you provide to Stuypend upon registration and at all other times will be true, accurate, current and complete, and you agree to maintain and update this Personal Information with us as necessary.


When you create an account to use Stuypend’s functionality you will open an "Access API" account provided by our ACH technology provider, Dwolla, Inc. ("Dwolla"), and accept the Dwolla Terms of Service and Privacy Policy. You authorize Stuypend to share your identity and account data with Dwolla for the purposes of opening and supporting your Dwolla account, and you are responsible for the accuracy and completeness of that data. You understand that you will access and manage your Dwolla account through the Stuypend application, and Dwolla account notifications will be sent by Stuypend, not Dwolla. Stuypend will provide customer support for your Dwolla account activity, and can be reached at


b. Types of Accounts


We offer two different types of accounts, Customer and Merchant accounts. You may have no more than one of each account type. Customer accounts are used to initiate payments in-store to Merchant users for small retail purchases. Some features of Customer accounts may be limited based on how you wish to use the Stuypend Services, how much you need to spend and what we know about you. We may require that you provide more information in order to complete a transaction. Customer accounts may not be used to receive business, commercial or merchant transactions.


For each business you are involved with, you may have only one Merchant account. Merchant account use is limited. Merchant accounts must be authorized by Stuypend. By opening a Merchant account and accepting the terms as outlined in this Agreement, including, but not limited to, the Rules and Restrictions for Merchant Accounts set forth below, you attest that neither you nor your business is establishing a Merchant account primarily for personal, family or household purposes. We may reverse or place a hold on your transactions or place a reserve on your funds if you are in breach of this Agreement, including, but not limited to, if you are using a Customer account for business purposes or a Merchant account for personal, family or household purposes.


c. Identity Authentication


You hereby authorize Stuypend, directly or through third parties, to make any inquiries we consider necessary to validate your identity and/or authenticate your identity and account information and, for Merchant accounts, your company or employer. This may include asking you for further information and/or documentation about your account usage or identity, or requiring you to take steps to confirm ownership of your email address, wireless/cellular telephone number or financial instruments, and verifying your information against third party databases or through other sources. This process is for internal verification purposes.


d. Transaction History


You have the right to receive a list of recorded transactions initiated using Stuypend. You may view this list of transactions by logging into your Stuypend account.


e. Initiating Transfers


i. Payment Limits

We may, at our discretion, impose limits on the amount of money you can send or receive through the Stuypend Services. Please contact Stuypend support for more details on limits. If we have authenticated your identity, we may increase your sending and/or receiving limits. These limits may change from time to time in Stuypend’s sole discretion. You may not send money to your own account.


ii. Default Funding Sources

Stuypend transfers are sourced exclusively from the bank account you connect to your Stuypend account during sign-up. To use a different bank account as your funding source, you must connect that account to your Stuypend account.


iii. Funding Source Limitations

In order to manage risk, Stuypend may put various restrictions on the funding source selected to fund any particular transaction.


Your dispute resolution rights are determined by the funding source used to fund your transaction.


iv. Bank Transfers

When you initiate a payment using Stuypend, you are requesting that we initiate on your behalf an electronic transfer from your bank account. For these transactions, Stuypend will initiate electronic transfers (via the Automated Clearing House ("ACH") network of NACHA, using the Dwolla API) from your bank account in the amount you specify. You agree that such requests constitute your authorization to Stuypend to initiate the ACH transfer, and once you have provided your authorization for the transfer, you will not be able to cancel the electronic transfer and Stuypend may resubmit any ACH debit you authorized that is returned for insufficient or uncollected funds, except as otherwise provided by NACHA's ACH rules (collectively, the "ACH Rules"), or applicable law.


v. Refused and Refunded Transactions

You agree that you will not hold Stuypend liable for any damages resulting from a recipient's decision not to accept a payment made through the Stuypend Services.


We will return any unclaimed, refunded or denied payment within 30 days of the date you initiate payment. If a payment is unclaimed, denied or refunded for any reason, we will return the money to your balance or to the original funding source.


viii. Fees for Sending Money

There is no cost for Customer users to initiate payments to Merchant users via Stuypend. Please contact Stuypend for more information on fees for Merchant users. These fees may change from time to time in Stuypend’s sole discretion. You may be subject to third party fees, such as insufficient fund fees, reversal fees, or ACH insufficient fund fees that a bank may charge if your payment is rejected.


f. Payment Investigation


Payment investigation is a process by which Stuypend reviews certain potentially high-risk transactions. If a payment is subject to payment investigation, Stuypend will place a hold on the payment and may provide notice to the recipient. Stuypend will conduct a review and either clear or cancel the payment. If the payment is cleared, Stuypend will provide notice to the recipient. Otherwise, Stuypend will cancel the payment and the funds will be returned. Stuypend will provide notice to you by email and/or in the account history tab of your Stuypend account if the payment is canceled.


g. Risk of Reversals, Chargebacks and Claims


When a Merchant user receives a payment, they are liable to Stuypend for the full amount of the payment plus any fees if the payment is later invalidated for any reason. This means that, in addition to any other liability, Merchants will be responsible for the amount of the payment, plus applicable fees if they lose a claim or a chargeback, or if there is a reversal of the payment.


If a sender of a payment later disputes the payment or files a claim for a chargeback, the originating bank, not Stuypend, will determine whether the dispute is valid and to whom payment is due. You agree to allow Stuypend to recover any amounts due to Stuypend by debiting your account. If there are insufficient funds in your balance to cover your liability, you agree to reimburse Stuypend through other means. If Stuypend is unable to recover the funds from your primary funding source, Stuypend may attempt to contact you, and may take other legal actions to collect the amount due, to the extent allowed by applicable law.


h. Account Balances


i. Balances

Stuypend is not a bank or other chartered depository institution. Stuypend does not itself hold funds when initiating a transaction and therefore cannot use your funds for its operating expenses or any other corporate purposes, and cannot voluntarily make your funds available to its creditors in the event of bankruptcy. Funds are held by the financial institution partner(s) of our ACH technology provider Dwolla, Inc. Funds held by Dwolla's financial institution partner(s) in connection with the processing of transactions are not insured for the benefit of the user by the Federal Deposit Insurance Corporation or any other governmental agency.


While your funds are in the custody of Dwolla’s financial institution partner(s) your funds will be combined with the funds of other users in one or more pooled financial institution accounts.


Funds held in balance are an ancillary function of enabling money transmission and not for other benefit.


ii. Negative Balances

You agree to allow Stuypend to recover any amounts due to Stuypend by debiting your balance. If there are insufficient funds in your balance to cover your liability, you agree to reimburse Stuypend through other means. If Stuypend is unable to recover the funds from your primary funding source, Stuypend may attempt to contact you, Stuypend may recover the funds from your alternate funding sources, or may take other legal actions to collect the amount due, to the extent allowed by applicable law.


iii. Security Interest

To secure your performance of this Agreement, you hereby grant to Stuypend a lien on and security interest in your account and agree to execute any further documentation to perfect these company (Stuypend) rights.


i. Closing Your Account


i. How to Close Your Account

As long as there are no pending or in progress transactions, you may close your account at any time. You may close your account by sending an email to from the verified email address you registered with Stuypend and request we close your account.


ii. Limitations on Closing Your Account

You may not close your account to evade a payment investigation. If you attempt to close your account while we are conducting an investigation, we may hold your funds for up to 180 days to protect Stuypend or a third party against the risk of reversals, chargebacks, claims, fees, fines, penalties and other liability. You will remain liable for all obligations related to your account even after the account is closed.


j. Item Hold


Stuypend, in its sole discretion, may place a hold on a payment you receive for a transaction when Stuypend believes there may be a high level of risk associated with the transaction. If Stuypend places a hold on your payment, it will show as "pending" in your Stuypend account.


i. Release of Item Hold

Stuypend will release the payment hold after 21 days unless we receive a dispute, claim, chargeback, or reversal on the transaction subject to the hold. Stuypend may release the hold earlier if the sender of funds provides us confirmation, Stuypend is able to confirm proper delivery, or Stuypend otherwise completes its investigation.


ii. Additional hold period

If you receive a dispute, claim, chargeback, or reversal on the transaction subject to the item hold, Stuypend may hold the payment in your account until the matter is resolved pursuant to this Agreement.


k. Account Hold and Reserves


For high volume accounts, including business accounts, Stuypend may, in its sole discretion, place a reserve on funds held in your account when it believes there may be a high level of risk associated with your account. If your account is subject to a reserve, Stuypend will provide you with notice specifying the terms of the reserve. The terms may require that a certain percentage of the amounts received into your account are held for a certain period of time, or that a certain amount of money is held in reserve, or anything else that Stuypend determines is necessary to protect against the risk associated with your account. Stuypend may change the terms of the reserve at any time by providing you with notice of the new terms.


l. Termination


Upon termination of this Agreement for any reason, we have the right to prohibit your access to the Stuypend Services, including without limitation by deactivating your username and password, and to refuse future access to the Stuypend Services by you or if a business entity, its parent, affiliates or subsidiaries or its or their successors.


m. Rules and Restrictions for Customer Accounts


The following Rules and Restrictions for Customer accounts apply to your use of a personal account under this Agreement.


i. Initiating Payments

Stuypend may impose limits on use of our app, including limits on initiating payments for security and risk purposes. These limits may change from time to time in Stuypend's sole discretion.


ii. Error in Initiating a Payment

In the event of an error, you give Stuypend permission, subject to Stuypend's compliance with applicable law, to make appropriate corrections by debiting or crediting your connected bank account as applicable.


iii Account Errors

If your account history shows transfers you did not make, follow the procedures outlined in Section D.11 of this Agreement.


n. Rules and Restrictions for Merchant Accounts


The following Rules and Restrictions for Merchant Accounts apply to your use of a Merchant account under this Agreement.


i. Receiving Payments

Except as may be otherwise provided by applicable law, there is no pre-set limit to the amount of funds you can receive using the Stuypend Services. These limits may change from time to time in Stuypend's sole discretion and the requirements to lift those limits may vary based on product usage.


ii. Error in Receiving a Payment

In the event of an error, you give Stuypend permission, subject to Stuypend’s compliance with applicable law, to make appropriate corrections by debiting or crediting your Stuypend balance, or debiting or crediting your primary or alternate funding sources as applicable.


iii. Credit Authorization

If you open a Merchant account, you are providing us with written instructions and authorization in accordance with the Fair Credit Reporting Act to obtain your personal and/or business credit report from a credit bureau. You are also authorizing us to obtain your personal and/or business credit report at any time we reasonably believe there may be an increased level of risk associated with your account. An increased level of risk includes, but is not limited to, a high number of chargebacks or reversals, or suspicious activity associated with your account.


iv. Representations

If you are a business entity, you represent that you are duly authorized to do business in the United States; and your employees, officers, representatives, and other agents accessing the Stuypend Services are duly authorized to access the Stuypend Services and to legally bind you to this User Agreement and all transactions conducted under your username and password.


v. Authority of Officers and Employees

If you are a business entity, you agree that all officers, employees, agents, representatives and others having access to the username and/or password shall be vested by you with the authority to use the Stuypend Services and to legally bind you. You shall be responsible for all actions by current and former officers, employees, agents, representatives and others, regardless of whether authorized by you, that access the Stuypend Services using your username and password. YOU ASSUME THE ENTIRE RISK FOR THE FRAUDULENT, UNAUTHORIZED OR OTHERWISE IMPROPER USE OF YOUR PASSWORD. WE SHALL BE ENTITLED TO RELY ON THE GENUINENESS AND AUTHORITY OF ALL INSTRUCTIONS RECEIVED BY US WHEN ACCOMPANIED BY SUCH PASSWORD, AND TO ACT ON SUCH INSTRUCTIONS.




1. Third Party Operating System Providers, Phone Manufacturers, and Wireless Carriers


The Stuypend mobile application works on an application linked to a particular device and operating system, such as Apple's iOS operating system. Stuypend is solely responsible for providing maintenance and support services for the Stuypend Services. Covered Third Parties have no obligation to provide maintenance or support services for the Stuypend Services.

Covered Third Parties have no warranty obligations whatsoever with respect to the Stuypend Services and any other claims, losses, liabilities, damages, costs or expenses attributable to any failure of the Stuypend Services to conform to any warranty provided by Stuypend, if any, will be Stuypend's sole responsibility.


Stuypend, not any Covered Third Parties, is responsible for addressing any claims relating to the Stuypend Services, including, but not limited to: (i) product liability claims; (ii) any claim that the Stuypend Services fail to conform to any applicable legal or regulatory requirement; (iii) claims arising under consumer protection or similar legislation; and (iv) intellectual property claims. Please see the Contact Us section below for how to contact Stuypend.


If you are using the Stuypend Services on an Apple device, you acknowledge and agree that Apple, and Apple's subsidiaries, are third party beneficiaries of this Agreement, and that Apple will have the right (and will be deemed to have accepted the right) to enforce this Agreement against you as a third party beneficiary. Such rights may also accrue to other handset manufacturers and operating systems which participate in the Services.


2. Services via SMS or Mobile Data


If you use the Services on your mobile phone, you are responsible for any fees that your phone service provider charges for SMS, data services, etc. Your phone service provider is not the provider of the Stuypend Services.




1. Notices to You


You agree that Stuypend may provide notice to you by posting it on our website (including but not limited to our Terms of Service, Policy Updates, Licenses, Privacy Policy, and Security Statement documents), or if we have your email address or street address, by emailing it to the email address listed in your account or mailing it to the street address listed in your account. Such notice shall be considered to be received by you within 24 hours of the time it is posted to our website or emailed to you unless we receive notice that the email was not delivered. If the notice is sent by mail, we will consider it to have been received by you three Business Days after it is sent. Stuypend's Business Days include all days on which the New York Federal Reserve Bank is open for business. We may also provide notice when you access the Stuypend Services.


You acknowledge and agree that we will provide the notice to you in accordance with our Consent to Receive Electronic Disclosure Policy. If you do not consent or at any time withdraw your consent to receive electronic notices from us, we reserve the right to close your accounts.


2. Business Days


“Business Days” means Monday through Friday, excluding Holidays. “Holidays” means New Year's Day (January 1), Birthday of Martin Luther King, Jr. (the third Monday in January), Washington's Birthday (the third Monday in February), Memorial Day (the last Monday in May), Independence Day (July 4), Labor Day (the first Monday in September), Columbus Day (the second Monday in October), Veterans Day (November 11), Thanksgiving Day (the fourth Thursday in November) and Christmas Day (December 25).If a Holiday falls on a Saturday, Stuypend shall observe the Holiday on the prior Friday. If the Holiday falls on a Sunday, Stuypend shall observe the Holiday on the following Monday.


3. Notices to Stuypend

Notice to Stuypend must be sent by postal mail to: Stuypend, Inc., Attention: Jeffrey Silberman,

30 Rockefeller Plaza 22nd Floor

New York, NY 10112-0015


4. Calls to You


By Providing Stuypend a telephone number (including a wireless/cellular telephone), you consent to receiving autodialed and prerecorded message calls from Stuypend at that number should the need arise. However, we will never call you for promotional purposes.


5. Stuypend Websites


The Stuypend’s company websites may feature third party offers and enable product searches. Stuypend does not warrant that product descriptions, pricing, search results, user ratings and reviews or any other content on Stuypend websites is accurate, complete, reliable or current. This information is provided for informational purposes only and does not constitute an endorsement by Stuypend of any product, service or vendor.


6. Intellectual Property


"", "Stuypend", and all related logos, products and services described in our website and mobile applications are either trademarks or registered trademarks of Stuypend or its licensors. You may not copy, imitate or use them without Stuypend's prior written consent. In addition, all page headers, custom graphics, button icons, and scripts are service marks, trademarks, and/or trade dress of Stuypend. You may not copy, imitate, or use them without our prior written consent. You may use HTML logos provided by Stuypend through our vendor services, SMS tools, promotional tools or affiliate programs without prior written consent for the purpose of directing web and SMS traffic to the service. You may not alter, modify or change these HTML logos in any way, use them in a manner that is disparaging to Stuypend or the Service or display them in any manner that implies Stuypend's sponsorship or endorsement. All right, title and interest in and to the Stuypend website and any content thereon is the exclusive property of Stuypend and its licensors.


Certain other product or service names, brand names and company names may be trademarks of their respective owners.


7. Taxes


It is your responsibility to determine what, if any, taxes apply to the payments you make or receive, and it is your responsibility to collect, report and remit the correct tax to the appropriate tax authority. Stuypend is not responsible for determining whether taxes apply to your transaction, or for collecting, reporting or remitting any taxes arising from any transaction.


8. Privacy


Protecting your privacy is very important to us. Please review our Privacy Policy in order to better understand our commitment to maintaining your privacy, as well as our use and disclosure of your information.


If you receive information about another Stuypend user through the Stuypend Services, you must keep the information confidential and only use it in connection with the service. You may not disclose or distribute a Stuypend user's information to a third party or use the information for marketing purposes unless you receive the user's express consent to do so.


9. Children's Privacy


Protecting the privacy of young children is especially important. For that reason, we do not knowingly collect or solicit personal information from anyone under the age of 13 or knowingly allow anyone under 18 to register for the Stuypend Services. If you are under 13, please do not send any information about yourself to us, including your name, address, telephone number, or email address. No one under age 13 is allowed to provide any personal or payment information to us through the Stuypend Services. If we learn that we have collected personal information from a child under age 13 without verification of parental consent, we will delete that information as quickly as possible. If you believe that we might have any information from or about a child under 13, please contact us at the information provided below in the "Contact Us" section.


10. Loss or Theft of Account Information, PIN, and Mobile Device


If you believe that any of your Stuypend account registration information, PIN or mobile device containing the Stuypend App has been lost or stolen, or if your account history shows transfers that you did not make, immediately contact Stuypend by email to


11. Resolution Procedures for Unauthorized Transactions and Other Errors


a.      Unauthorized Transactions and Other Errors


i. Unauthorized Transactions


Stuypend currently does not offer protection or refunds for unauthorized transactions. To ensure your protection from such loss and to minimize loss if such unauthorized transactions occur, we strongly recommend you take ALL of the following steps to protect your Stuypend account and funds:


1.                  Set a PIN code or fingerprint lock on the Stuypend app

2.                  Set a password, PIN code, or fingerprint lock on your mobile device

3.                  Set a low daily purchase limit on payments with Stuypend (this limit can be set and adjusted in the application’s settings)

4.                  Monitor bank accounts, bank statements, alerts from your bank, and your Stuypend Transaction History in the Stuypend app on a daily basis


ii. Other Errors


“Other Errors” occur when money is either incorrectly credited to your account or incorrectly debited from your account, or when transactions are incorrectly recorded in your account. Other Errors that are covered by Stuypend are limited to the following events:

(i)                 if you send a payment and we debit an incorrect amount from your account;

(ii)               if we credit an incorrect amount to your account;

(iii)             if a transaction is missing from or not properly identified in your account statement; and

(iv)             if there is a computational or mathematical error by Stuypend.


Routine inquiries about your balance or the status of a pending transfer into or out of your account are not considered Unauthorized Transactions or Other Errors unless you expressly notify us of an Unauthorized Transaction or Other Error in connection with the transfer. Requests for information for tax or other recordkeeping purposes and requests for duplicate documentation also are not deemed to be Unauthorized Transactions or Other Errors. You may request documentation or information regarding your account or transaction to determine whether an Unauthorized Transaction or Other Error exists by contacting us at


iii. Notification Requirements


You should immediately notify Stuypend if you believe:

i.                    There has been an Unauthorized Transaction, unauthorized access to your account, or the occurrence of an Other Error;

ii.                  There is an error in your transaction history or your transaction confirmation sent to you by email;

iii.                Your password has been compromised;

iv.                Your Stuypend mobile-activated phone has been lost, stolen or deactivated; or

v.                  You need more information about a transaction listed in your transaction history or transaction confirmation email.


To rectify Other Errors from your account, you must notify us within 60 days after any Other Error first appears in your account statement. If you do not tell us within 60 days after the account statement was made available to you, you may not get back any money you lost after the 60 days. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time periods.


You should regularly log into your account and review your transaction history to ensure that there has not been an Unauthorized Transaction or Other Error.


For Unauthorized Transactions or Other Errors in your account, notify us as follows:

1.                  By emailing us at


When you notify us, provide us with all of the following information:

1.                  Your name, and the email address registered to your account;

2.                  A description of any suspected Unauthorized Transaction or Other Error and an explanation of why you believe it is incorrect or why you need more information to identify the transaction; and

3.                  The dollar amount of any suspected Unauthorized Transaction or Other Error.


If you notify us orally, we may require that you send us written confirmation within 10 Business Days. During the course of our investigation, we may request additional information from you.


b. Stuypend Actions After Receipt of your Notification


Once you notify us of any suspected Other Error, or we otherwise learn of one, we will do the following:


1.      We will conduct an investigation to determine whether there has been an Unauthorized Transaction or Other Error.

2.      We will complete our investigation within 10 Business Days of the date we received your notification of the suspected Unauthorized Transaction or Other Error. If your account is new (the first transaction from your account was less than 30 Business Days from the date you notify us), we may take up to 20 Business Days to complete this investigation. If we need more time, we may take up to 45 days to complete our investigation (or up to 90 days for new accounts).



We will inform you of our decision within 3 Business Days after completing our investigation. If we determine that there was a qualifying Other Error, we will promptly credit the full amount of the error into your account within 7 Business Day of our determination. As a reminder,

Stuypend currently does not offer protection or refunds for unauthorized transactions. However, informing Stuypend as well as your bank about such unauthorized transactions may help secure your accounts quickly.


If we decide that there was not an Other Error, we will include an explanation of our decision in our email or other communications to you. You may request copies of the documents that we used in our investigation.


c. Processing Errors


We will rectify any processing error that we discover. If the error results in your receipt of less than the correct amount to which you are entitled, Stuypend will credit your account for the difference. If the error results in your receipt of more than the correct amount to which you are entitled, Stuypend will debit the extra funds from your account. If the error resulted in our not completing a transaction on time or in the correct amount, we will be liable for your losses or damages directly caused by this failure, unless: (a) through no fault of ours, you did not have enough available funds to complete the transaction, (b) our system was not working properly and you knew about the breakdown when you started the transaction, or (c) circumstances beyond our control (such as fire, flood or loss of Internet connection) prevented the transaction, despite our reasonable precautions.


12. Restricted Activities


In connection with your use of our website, your account, or the Stuypend Services, or in the course of your interactions with Stuypend, a user or a third party, you will not:

  • breach this Agreement, the card processing Agreement, or any other Agreement that you have entered into with Stuypend (including a policy);
  • violate any law, statute, ordinance, or regulation (for example, those governing financial services, consumer protections, unfair competition, anti-discrimination or false advertising);
  • infringe Stuypend's or any third party's copyright, patent, trademark, trade secret or other intellectual property rights, or rights of publicity or privacy;
  • act in a manner that is defamatory, trade libelous, unlawfully threatening or unlawfully harassing;
  • provide false, inaccurate or misleading Personal Information;
  • create more than one Stuypend account for yourself, through, among other methods, using a name that is not yours, using temporary email address(es) or phone number(s), or providing any other falsified Personal Information;
  • send or receive what we reasonably believe to be potentially fraudulent funds;
  • refuse to cooperate in an investigation or provide confirmation of your identity or any Personal Information you provide to us;
  • attempt to double dip during the course of a dispute by receiving or attempting to receive funds from both Stuypend and the recipient of funds, bank, or credit card issuer for the same transaction;
  • use an anonymizing proxy;
  • control an account that is linked to another account that has engaged in any of these restricted activities;
  • control or possess more than one account without authorization from Stuypend;
  • conduct your business or use the services in a manner that results in or may result in complaints, disputes, claims, reversals, chargebacks, fees, fines, penalties and other liability to Stuypend, a user, a third party or you;
  • use the Service to make transactions for the purpose of earning rewards, perks, miles, points, etc. with your credit card, debit card, or bank account;
  • have a credit score from a credit reporting agency that indicates a high level of risk associated with your use of the services;
  • use your account or the services in a manner that Stuypend, Visa, MasterCard, American Express or Discover reasonably believe to be an abuse of the credit card system or a violation of credit card association rules;
  • allow your Stuypend account to have a negative balance; provide yourself a cash advance from your credit card (or help others to do so);
  • disclose or distribute another Stuypend user's Personal Information to a third party, or use the information for marketing purposes unless you receive the user's express consent to do so;
  • send unsolicited email to a user or use the services to collect payments for sending, or assisting in sending, unsolicited email to third parties;
  • take any action that imposes an unreasonable or disproportionately large load on our infrastructure;
  • facilitate any viruses, Trojan horses, worms or other computer programming routines that may damage, detrimentally interfere with, surreptitiously intercept or expropriate any system, data or information;
  • use any robot, spider, other automatic device, or manual process to monitor or copy our website without our prior written permission;
  • use any device, software or routine to bypass our robot exclusion headers, or interfere or attempt to interfere, with our website or the services;
  • take any action that may cause us to lose any of the services from our internet service providers, payment processors, or other suppliers;
  • use the Stuypend Service to test credit card behaviors.

13. Acceptable Use


You agree you will not use the Stuypend Services to violate any law, statute, ordinance, or regulation relating to sales of:

  • counterfeit goods;
  • narcotics, steroids, certain controlled substances or other products that present a risk to consumer safety;
  • drug paraphernalia;
  • items that encourage, promote, facilitate or instruct others to engage in illegal activity;
  • items that promote hate, violence, racial intolerance, or the financial exploitation of a crime;
  • items that are considered obscene;
  • items that infringe or violate any copyright, trademark, right of publicity or privacy or any other proprietary right under the laws of any jurisdiction;
  • certain sexually oriented materials or services;
  • ammunition, firearms, or certain firearm parts or accessories; or
  • certain weapons or knives regulated under applicable law;

Relating to transactions that:

  • show the personal information of third parties in violation of applicable law;
  • support pyramid or Ponzi schemes, matrix programs, other "get rich quick" schemes or certain multi-level marketing programs;
  • are associated with purchases of annuities or lottery contracts, lay-away systems, off-shore banking or transactions to finance or refinance debts funded by a credit card;
  • are for the sale of certain items before the seller has control or possession of the item;
  • are by payment processors to collect payments on behalf of merchants;
  • are associated with the sale of traveler's checks or money orders;
  • involve currency exchanges or check cashing businesses or digital currencies such as bitcoins;
  • provide certain credit repair or debt settlement services involving the sales of products or services identified by government agencies to have a high likelihood of being fraudulent;
  • are otherwise related to illegal activity, gambling, pornography, obscene material or otherwise objectionable content or activities,;

Violating applicable laws or industry regulations regarding the sale of:

  • tobacco products;
  • prescription drugs and devices involve gambling, gaming and/or any other activity with an entry fee and a prize, including, but not limited to casino games, sports betting, horse or greyhound racing, lottery tickets, other ventures that facilitate gambling, games of skill (whether or not it is legally defined as a lottery) and sweepstakes unless the operator has obtained prior approval from Stuypend and the operator and customers are located exclusively in jurisdictions where such activities are permitted by law; or
  • provide certain credit repair or debt settlement services involve the sales of products or services identified by government agencies to have a high likelihood of being fraudulent.


14. Legal Compliance


You are solely responsible for ensuring that your use of the Stuypend Services is in conformance with applicable federal, state and local laws and regulations. By using the Stuypend Services, you warrant and represent that (i) you are not located in a country that is subject to a U.S. Government embargo, or that has been designated by the U.S. Government as a "terrorist supporting" country; and (ii) you are not listed on any U.S. Government list of prohibited or restricted parties.


15. Your Liability - Actions We May Take


You are solely responsible for ensuring that your use of the Stuypend Services is in conformance with applicable federal, state and local laws and regulations. By using the Stuypend Services, you warrant and represent that (i) you are not located in a country that is subject to a U.S. Government embargo, or that has been designated by the U.S. Government as a "terrorist supporting" country; and (ii) you are not listed on any U.S. Government list of prohibited or restricted parties.


a. Your Liability


You are responsible for all reversals, chargebacks, claims, fees, fines, penalties and other liability incurred by Stuypend, a Stuypend user, or a third party caused by or arising out of your breach of this Agreement, and/or your use of the Stuypend Services. You agree to reimburse Stuypend, a user, or a third party for any and all such liability.


You acknowledge that you are responsible for the accuracy of all payments sent using the Stuypend Services, including but not limited to the accuracy of the amount paid and the recipient. Stuypend shall not be responsible or in any way held liable due to inaccurate payments, including but not limited to sending an incorrect amount of money or sending money to an incorrect recipient.


b. Actions by Stuypend


If we have reason to believe that you have engaged in any restricted activities, made excessive or unexplainable transactions, violated any parts of this Agreement or provided any incorrect information, we may take various actions to protect Stuypend, another Stuypend user, a third party, or you from reversals, chargebacks, claims, fees, fines, penalties and any other liability. The actions we may take include but are not limited to the following:

·   We may close, suspend, or limit your access to your account or the Stuypend Services (such as limiting access to any of your funding sources, and your ability to send money, make withdrawals, or remove financial information);

·   we may contact users who have sent you money, contact your bank or credit card issuer, and warn other users, law enforcement, or impacted third parties of your actions;

·   may update inaccurate information you provided us;

·   we may refuse to provide our Stuypend Services to you in the future;

·   we may hold your funds for up to 180 days if reasonably needed to protect against the risk of liability; and

·   we may take legal action against you.


Stuypend, in its sole discretion, reserves the right to terminate this Agreement, access to its website, or access to the Service for any reason and at any time upon notice to you and payment to you of any unrestricted funds held in custody for you.


16. Account Closure, Termination of Service, or Limited Account Access


If we limit or close your account or terminate your use of our Services for any reason, you may contact us and request restoration of access if appropriate. However, if we deem you violated this Agreement, restoration is at our sole discretion.


You may stop using the Stuypend Services at any time or may close your accounts by contacting us. Stuypend, in its sole discretion, reserves the right to terminate the Stuypend Services, to terminate this Agreement, or to terminate your access to the Stuypend Services for any reason and at any time. If we terminate or limit your use of our Stuypend Services for any reason, we will use commercially reasonable efforts to provide you with notice of our actions.


17. Policy Violation - User Fines


If Stuypend incurs any damages because you violate our policies, break any laws, or otherwise cause Stuypend to suffer any damages or incur any expenses then we may hold your funds up to 180 days, fine you for each such violation and take legal action against you to recover additional losses, investigation costs, fines, or legal fees we may incur. You acknowledge and agree that a fine of US $2,500.00 for violations of our Agreement is presently a reasonable minimum estimate of Stuypend's damages, considering all currently existing circumstances, including the relationship of the sum to the range of harm to Stuypend that reasonably could be anticipated and the anticipation that proof of actual damages may be impractical or extremely difficult. Stuypend may deduct such fines directly from any existing balance in the offending account, or any other Stuypend account you control.


18. Disputes with Stuypend


a. Dispute with Stuypend


If a dispute arises between you and Stuypend, our goal is to learn about and address your concerns and, if we are unable to do so to your satisfaction, to provide you with a neutral and cost effective means of resolving the dispute quickly. Disputes between you and Stuypend regarding our services may be reported by emailing us at the following email address:


b. Law and Forum for Disputes; Arbitration


This User Agreement shall be governed in all respects by the laws of the State of New York, without regard to conflict of law provisions, except to the extent that federal law applies.

ANY CLAIMS ARISING OUT OF, RELATING TO, OR CONNECTED WITH THIS USER AGREEMENT MUST BE ASSERTED INDIVIDUALLY IN BINDING ARBITRATION CONDUCTED BY A SINGLE ARBITRATOR WITH EXPERIENCE IN CONSUMER ONLINE PAYMENT SERVICES DISPUTES ADMINISTERED BY THE AMERICAN ARBITRATION ASSOCIATION ("AAA") IN ACCORDANCE WITH ITS COMMERCIAL ARBITRATION RULES AND THE AAA SUPPLEMENTARY PROCEDURES FOR CONSUMER-RELATED DISPUTES. The forum for arbitration shall be in the city closest to your residence having a federal district courthouse. The arbitrator shall not conduct any form of class or collective arbitration nor join or consolidate claims by or for individuals. To the extent allowed by applicable law, the Arbitrator, and not any federal, state, or local court or agency, shall have exclusive authority to resolve any dispute relating to the interpretation, applicability, enforceability or formation of this User Agreement including, but not limited to, any claim that all or any part of this User Agreement is void or voidable. Judgment on the award rendered by the arbitrator may be entered in any court of competent jurisdiction. For any non-frivolous claim, Stuypend will pay the costs of the arbitration (but not your attorney fees), up to $3,000.

This User Agreement and each of its parts evidence a transaction involving interstate commerce, and the United States Arbitration Act shall apply in all cases and govern the interpretation and enforcement of the arbitration rules and arbitration proceedings.


There are only two exceptions to this agreement to arbitrate. First, if we reasonably believe that you have in any manner violated or threatened to violate our intellectual property rights, we may seek injunctive or other appropriate relief in any court of competent jurisdiction. Second, any claim of $500 or less may, at the option of the claiming party, be resolved in small claims court in New York City, New York, if the claim and the parties are within the jurisdiction of the small claims court. For these two exceptions, you agree to submit to the personal jurisdiction of the courts located within New York City, New York for the purpose of litigating such claims or disputes.


c. Waiver of Right to Jury; Class Action Waiver




19. Liability of Stuypend for Failure to Complete Transfers


If Stuypend does not complete a transfer to or from your account, or using your saved payment information, on time or in the correct amount according to this Agreement, Stuypend will be liable for your losses or damages to the extent required by law. Stuypend will not be liable:

  • If, through no fault of Stuypend's, you do not have enough money in your connected bank account, for reasons including but not limited to you exceeding your balance or any applicable credit limit;
  • the funds in your account are subject to legal process or other encumbrance restricting their use;
  • If the Stuypend Services were not working properly and you knew about the breakdown when you started the transfer;
  • If the failure results from a failure of a financial institution that holds your account for any reason other than due to Stuypend's fault;
  • If you provided inaccurate or incomplete information regarding the transfer;
  • If the transfer appears suspicious, fraudulent, or unauthorized, and Stuypend cannot confirm that it is a legitimate transfer, or if the account of either user involved in the transfer is under investigation by Stuypend or if the transfer is or appears to be prohibited by any applicable law or rules


20. Disclaimers of Warranty; Damages Exclusions


Unless otherwise prohibited by law, you assume all responsibility for your use of the Stuypend Services and use them at your own risk. To the fullest extent permissible under applicable law, all such representations, warranties, guarantees and conditions are disclaimed, including, but not limited to, any implied warranties of merchantability, fitness for a particular purpose, title, noninfringement of intellectual property rights, or other terms which might otherwise be implied by statute, common law or in equity. Stuypend does not warrant that the services will be uninterrupted or error-free, that defects will be corrected, or that the services, or the servers that process information for the services, are free of viruses, bugs or other harmful components. On behalf of Stuypend, Covered Third Parties, and each of our respective affiliates, vendors, agents and suppliers, Stuypend makes the following disclaimers set forth in this section: the services are provided on an "as is", "as available" and "with all faults" basis, without any representations, warranties, guarantees, or conditions of any kind, express, implied or statutory, including, but not limited to, any warranty as to the use or operation of the services, or the information, content or other materials related to the services, whether provided by Stuypend or any of the Covered Third Parties. Neither Stuypend nor any of the Covered Third Parties warrant nor make any representations regarding the use or the results of the services in terms of correctness, accuracy, timeliness, reliability, or otherwise. You assume the entire cost of all necessary maintenance, repair, or correction to any equipment you use in accessing any of the services, including, but not limited to, your mobile phone or other device.


Stuypend IS NOT LIABLE FOR THE CONSEQUENCES OF YOU CHOOSING TO SHARE ANY PAYMENT DETAILS ON SOCIAL MEDIA OR WITHIN THE STUYPEND SERVICES, AND YOU AGREE TO HOLD Stuypend HARMLESS AND INDEMNIFY Stuypend FROM ANY LIABILITY arising from the actions or inactions of any external social media network in connection with the permissions you grant to the external social media network.


Neither Stuypend, the Covered Third Parties nor any of their respective affiliates, vendors, agents or suppliers will be liable for, and you agree not to seek against any of the foregoing, any damages of any kind arising from the use of the services, including, but not limited to, indirect, special, incidental, punitive, exemplary, consequential damages or damages resulting from the use of service, loss of use of the service, lost data, lost profits, or business interruption arising out of or in any way connected with the use of the services, any delays in the services, or the inability to use the services, or any portion thereof, whether based on contract, tort, negligence, strict liability or otherwise, even if all or any of us have been advised of the possibility of such damages and even if any remedy fails of its essential purpose.


Stuypend does not have any control over any products or services that are paid for with our services and Stuypend cannot ensure that any party you are dealing with will actually complete the transaction or is authorized to do so.


Stuypend will make reasonable efforts to ensure that requests for electronic debits and credits involving bank accounts are processed in a timely manner but Stuypend makes no representations or warranties regarding the amount of time needed to complete processing because Stuypend is dependent upon many factors outside of our control, such as delays in the banking system or the U.S. or international mail service.




21. Limitations on Liability


Except as otherwise EXPRESSLY provided in this agreement, and to the extent permissible under applicable law, Stuypend's cumulative liability to you for any claims or damages arising out of or related to your use of the Stuypend Services shall not exceed the greater of the fee you paid to Stuypend for the use of the Stuypend Services or $1.00 USD.


These limitations on liability apply to: anything related to a service or any application or content made available through any such service; and claims for breach of contract, breach of warranty, guarantee or condition, strict liability, negligence, or other tort to the extent permitted by applicable law. These limitations on liability also apply even if: repair, replacement or a refund for the service does not fully compensate you for any losses; or Stuypend or a Covered Third Party knew or should have known about the possibility of the damages.


These limitations on liability will apply to the maximum extent permitted by applicable law, even if any remedy fails of its essential purpose.


Some states or other jurisdictions do not allow the limitation of liability so the foregoing limitations may not apply to you. You may also have other rights that vary from state to state and jurisdiction to jurisdiction.


22. License Grant


Certain of the Services require the use of software and software applications provided to you by Stuypend (collectively "Software"). Stuypend and its licensors grant you a limited, nonexclusive license to use Stuypend's Software in the United States that we provide to you solely in accordance with this Agreement and any user documentation we may provide, including all updates, upgrades, new versions and replacements of the Software (all of which become part of the "Software") for your personal use only in accordance with this Agreement. If the Software will be downloaded to a mobile device, this license extends to your use of the Software on a device that you own or control, as long as your use is permitted by the usage rules set forth for your particular device (for example, the Apple App Store Terms of Use). You may not rent, lease or otherwise transfer your rights in the Software to a third party. You must comply with the implementation and use requirements for the Software contained in this Agreement or in any Stuypend Services documentation we provide to you. If you do not comply with such implementation and use requirements, you will be liable for all resulting damages suffered by you, Stuypend or any third parties. You agree not to alter, reproduce, adapt, distribute, display, publish, reverse engineer, translate, disassemble, decompile or otherwise attempt to create any source code which is derived from the software. You acknowledge that all rights, title and interest to Stuypend's software are owned by Stuypend. Your rights to use the Software cease immediately upon termination of this Agreement and you must delete all of your copies of the Software.


23. Indemnification


You agree to defend, indemnify and hold harmless Stuypend and its parent, affiliates, officers, directors and employees from any claim or demand (including any damages, losses, expenses and attorney’s fees resulting therefrom) made or incurred by any third party due to or arising out of your breach of this Agreement and/or your use of the Stuypend Services.


24. Assumption of Rights


If Stuypend makes a payment to you for a claim, reversal or chargeback that you file with us against a recipient of your payment, you agree that Stuypend assumes your rights against the recipient and third parties related to the payment, and may pursue those rights directly or on your behalf, in Stuypend's discretion.


25. Release of Stuypend


If you have a dispute with one or more users relating to payment, Stuypend is not responsible for any such dispute and you hereby release Stuypend (and our officers, directors, agents, joint ventures and employees) from any and all claims, demands and damages (actual and consequential) of every kind and nature arising out of or in any way connected with such disputes.


26. Modification of Terms


We may amend this Agreement at any time by posting a revised version on our website. The revised version will be effective at the time we post it unless it contains material changes. If we make changes to our Agreements with you that either reduce your rights or increase your responsibilities, we will provide 21 days’ notice to you before the changes become effective. By using the Stuypend Services after a new Agreement has been posted, you agree to the revised Agreement.


27. Survival


In the event of termination of this Agreement or the Stuypend Services, the terms in this Agreement that by their nature are continuing shall survive such termination, including but not limited to the disclaimers and limitations of liabilities.


28. Force Majeure


We shall not be liable for any delay or failure in the performance or in delivery or shipment of materials, or for any damages suffered by you by reason of such delay or failures, directly or indirectly caused by or in any manner arising from or connected with acts of God, acts of public enemies, riots, strikes, acts of governmental agencies, labor difficulties, failure of our power, telecommunications or other suppliers, delays in securing or shortages of raw materials, breakdown or destruction of any system or equipment, or any other cause or causes beyond our control, whether or not similar to those enumerated herein.


29. Miscellaneous


This Agreement and other documents (including but not limited to the Privacy Policy) referenced in or linked to this Agreement, which are hereby incorporated herein and made a part of this Agreement by this reference, contain yours and our entire Agreement regarding your use of the Stuypend Services. If any provision of this Agreement is deemed to be illegal or unenforceable, such provision shall be enforced to the extent possible, and any remaining illegality or unenforceability will not affect the validity or enforceability of any other provisions of this Agreement, which together will be construed as if such illegal or unenforceable provision had not been included in this Agreement. Any legal action arising out of your use of the Stuypend Services must be brought within one year after the cause of action has arisen. The section headings in this Agreement are for convenience of reference only and are not to be considered as parts, provisions or interpretations of this Agreement. You may not transfer or assign any rights or obligations you have under this Agreement without Stuypend's prior written consent. Stuypend reserves the right to transfer or assign this Agreement or any right or obligation under this Agreement at any time. Our failure to act with respect to a breach by you or others does not waive our right to act with respect to that breach or subsequent or similar breaches.


30. Independent Contractors


Independent Contractors. The parties agree they are independent contractors to each other in performing their respective obligations hereunder. Nothing in this Agreement or in the working relationship being established and developed hereunder shall be deemed or is intended to be deemed, nor shall it cause, the parties to be treated as partners, joint ventures, or otherwise as joint associates for profit.