Policies
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Terms of Service
Terms of service
Privacy Policy
Terms of Service
Last updated: November 18, 2024
Thank you for your interest in Robora Financial, LLC (“Robora”, “we”, or “us”). These Terms describe the rules of using our website (including www.roborafinancial.com) and related websites, applications, and other services, including those made available by our third-party partners (collectively, the “Services”).
PLEASE READ THE FOLLOWING TERMS CAREFULLY:
BY CLICKING “ACCEPT”, UTILIZING OR OTHERWISE ACCESSING THE SERVICES, YOU AGREE THAT YOU HAVE READ AND UNDERSTOOD, AND AS A CONDITION TO THE USE OF THE SERVICES, YOU AGREE TO BE BOUND BY THE FOLLOWING TERMS AND CONDITIONS, INCLUDING ROBORA’S PRIVACY POLICY (COLLECTIVELY, THE “TERMS”), AND THE APPLICABLE TERMS OF OUR BANKING PARTNERS WHO PROVIDE THE SERVICES IDENTIFIED IN SECTION 7 BELOW. IF YOU ARE ASSISTING ANOTHER TO USE THE SERVICES, IT IS LEGALLY BINDING TO BOTH YOU AND THE PARTY BEING ASSISTED.
If you do not agree to the Terms, or are not eligible, then you are not permitted to use the Services. These Terms may change at any time, and if so will be posted on our website or here. Each time you utilize the Services, it is your responsibility to review these Terms and, by continuing to use the Services, you consent to any changes to our Terms. You further acknowledge and agree that any activity on this website is subject to monitoring by Robora at any time, and that Robora may use the results of such monitoring without limitation, subject to applicable law. We may require that you accept modified Terms in order to continue to use the Services. If you do not agree to the modified Terms, then you should discontinue your use of the Services.
1. Services
Robora offers the ability to open a new bank account for interest earnings, to transfer funds, and other services and data when you open an account with us.
1.1 New Bank Deposit Account and Linking Accounts
When you open an account with Robora, Robora’s platform offers the ability to link a Prior Bank Account to a New Bank Deposit Account and earn interest returns in the New Bank Deposit Account. The “Prior Bank Account(s)” is an existing bank account you own or legally control, prior to opening an account with Robora, at your or your business’s banking institution. The “New Bank Deposit Account” is a deposit account with our banking partner or partners (“Banking Partner”). When you open a New Bank Deposit Account, the Prior Bank Account designated by you is linked to a New Bank Deposit Account either (a) held in your name in a deposit account with our Banking Partner or (b) held in your name in a deposit account with our Banking Partner, which sweeps those funds into deposit accounts across a network of FDIC-insured² banks (described more fully in Section 7 below).
You understand and agree that Robora restricts any transfer, wire or other transactions from your New Bank Deposit Account except transfers back to the linked Prior Bank Account. This limitation is designed in part as protection of misuse or fraudulent access to your funds.
You acknowledge that Robora is not a bank or deposit institution. The deposit account, and any banking services, are provided through our Banking Partners. Your account is subject to these Terms and the additional terms of the Banking Partner where your New Bank Deposit account is held. Additional banking terms are referenced below, under the section titled “Third-Party Banking Services.”
1.2 Analytics, Transfer Thresholds, Automation and Other Services
Robora also provides cash flow analytics and data, transaction history statements, and other services which may be offered in the future.
In linking your Prior Bank Account, you acknowledge and authorize Robora to access and analyze transaction data in your Prior Bank Account. Robora utilizes this data and analytics to provide the Services and provide information to you. Robora may make certain recommendations or suggestions based on the analytics for an amount or amounts to be deposited in your New Bank Deposit Account, either when registering for the Services or ongoing. Such recommendations or suggestions are for informational purposes only and you are exclusively responsible for decisions made regarding recommendations or suggestions, even if they contain errors or result in losses to you.
Additionally, you will be able to set and configure certain thresholds, preferences or specifications, including Sweep Limits. “Sweep Limits” are the balance amounts of the Prior Bank Account that triggers sweeps to or from the New Bank Deposit account. For illustrative purposes only, an upper Sweep Limit of $50,000 means if the Prior Bank Account balance is above $50,000 on a set date, funds in the Prior Bank Account above such limit are swept and transferred to the linked New Bank Deposit account, and a lower Sweep Limit of $40,000 means if the Prior Bank Account balance is below $40,000, funds in the New Bank Deposit Account (if available) are swept and transferred to the linked Prior Bank Account to increase the balance to $40,000. Robora may make certain recommendations or suggestions for such Sweep Limits. Robora also provides the ability for you to automate such transfers based on the Sweep Limits between the linked accounts. You are exclusively responsible for such settings or configurations, as well as the automation settings and transfers, regardless of any recommendations or suggestions by Robora, even if they contain errors or result in losses to you.
1.3 Devices and Internet Requirements
The Services require internet connectivity and other hardware (e.g. computer or mobile device) that you must provide. You acknowledge the internet can be unpredictable, unsecure and may impede access or performance. You acknowledge and agree that Robora is not responsible for internet connectivity, outages, or interference with your use of or access to the Services. You acknowledge and agree that Robora is not responsible for unsecure connections or security breaches from any device or internet connectivity you supply. You waive any and all claims against Robora and our Banking Partners in connection with the foregoing.
1.4 Error Reporting
If there are any errors, either by Robora or you, you agree to notify us immediately. Robora makes no representation in its ability to correct any errors. You agree to notify Robora by email at support@roborafinancial.com immediately of any loss or disclosure, whether voluntary or otherwise, of any account access credentials.
2. Authorization of Funds Transfers
In accordance with these Terms, you may initiate the funds transfers from your New Bank Deposit Account to your Prior Bank Account, or vice versa. In acting on your instruction to transfer, you may be offered a choice of transmission (e.g. ACH or Wire), and such choice will be included in the transfer instruction to the Banking Partner; however, if determined reasonably necessary, we may use any means of transmission, funds transfer system, clearing house, or intermediary bank that we reasonably select.
All funds transfers are governed by the rules of the funds transfer system(s) through which the transfers are made, including Fedwire, the National Automated Clearing House Association, the Electronic Check Clearing House Organization, any regional association (each an “ACH”), the Clearing House Interbank Payments System (“CHIPS”), the Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) the RTP system (“RTP System”), or other funds transfer system. Instructions that contravene (or the results of such transfers) applicable law, including, without limitation, requirements of the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) and the Financial Crimes Enforcement Network (“FinCEN”) are not required to be honored by us or our Banking Partners.
3. Services Eligibility
By agreeing to these Terms, you represent and warrant that (a) you are at least 18 years old, (b) you are eligible for the Services, (c) your use of the Service is in compliance with any and all applicable laws and regulation, and (d) your use of the Services will not be for any fraudulent activity. If you are applying or using these Services on behalf of a business, organization or other entity or person, you represent and warrant that you are authorized to agree to these Terms on behalf of such entity or person and bind them and you to these Terms.
4. Accounts and Registration Information
We require identification of customers that open accounts or access the Services. Identification helps the authentication of you and/or your business and accounts, and ensures we and our third party partners comply with applicable laws, regulations and information reporting requirements, such as “know your customer” or “know your business”. The identification process requires some information to be provided to us about your and/or your business. This information may include your name, email address, phone number, social security number, company EIN, company ownership, or other contact information (“Account Information”).
4.1 Consent to Data
You hereby grant Robora an unrestricted, perpetual, irrevocable, non-exclusive, fully-paid, royalty-free right and license to use your Account Information and to provide the Account Information to our Banking Partners and our third party service providers as necessary to provide the Services and in accordance with the terms of our Privacy Policy. We also may obtain personal information from third parties in order to verify your identity, or to help prevent fraud. You hereby authorize us, Banking Partners, or a third-party service provider that we designate, to take any measures that we consider necessary to confirm the personal information you provide, verify and authenticate your personal information, and take any action we deem necessary based on the results. At any time, we may require you to provide us with additional personal information as a condition to your continued access to and use of your Robora account. During such time, your access to and use of your Robora account may be temporarily restricted. You agree that the information you provide to us is accurate, complete, and not misleading, and that you will keep it accurate and up to date at all times, and if it contains information of a business or other parties, you represent you have the authority to provide such information.
4.2 Private Access Responsibility
After you register for a Robora account, you will have private access to the Services. For example, when you register, you will be asked to create a password. You are responsible for the use of the account and exclusive, confidential use of the access credentials. You agree to accept responsibility for all activities that occur under your account. If you believe that your Robora account is no longer secure, then you should immediately notify us at support@roborafinancial.com
5. Pricing, Fees and Payment Terms
One of our goals is to strive to be transparent and clear on pricing and any fees. This section discusses these items, but the details are outlined at Pricing and incorporated herein by reference. Please review those details, which include the following items:
Pricing: This is the interest rate earned on deposits held in the New Bank Deposit Account.
Account Fees: Currently there are no mandatory monthly fees.
Transaction Fees: Currently there are no fees for ACH transfers, but wires could incur a fee.
The interest is calculated on a 365 day basis, compounded daily and paid monthly at the rates indicated on the Pricing daily based on the account balance for such day's ending balance.
All fees are in U.S. Dollars and are non-refundable unless otherwise specifically provided for in these Terms, and fees are deducted directly from either your Prior Bank Account or New Bank Deposit Account as authorized herein.
Robora reserves the right to determine Pricing, Account Fees, Transaction Fees, and other fees, and reserves the right to change these terms from time to time, for the Services. Robora will make reasonable efforts to keep all current pricing and fees related to the Services on the Robora website up to date. If you are an existing Robora account holder, Robora may change the pricing and fees for any features of the Services, or additional charges, with advance notice of changes before they apply.
5.1 Account Pricing and Earnings
The Services includes the ability to earn yield on the balance amount in a New Bank Deposit Account with one of our Banking Partners. You acknowledge and agree that the Banking Partner and Robora establish the interest rate for such earnings which will be set forth on our rate sheet at the link above or otherwise communicated to you in writing. Robora reserves the right to amend the yield rate by posting new yield rates on Robora’s website or in the account; such changes shall take effect immediately on that day forward. You acknowledge Robora and Banking Partners may earn fees on certain deposits.
Within 10 days after the end of each month, subject to any non-workdays, the yield for the relevant month will be paid to the user by crediting the amount to the user's account.
5.2 Account Fees, Other Fees
Without limiting the prior section, and while it is subject to change, currently there are no monthly fees. There may be additional fees, such as for wire transfers, which are collected when incurred, and referenced in the link provided above.
5.3 Authorization of Charges and Collection
Robora charges and collects any such fees by way of debit either on your New Bank Deposit Account or your Prior Bank Account. You hereby authorize Robora to deduct or draft any fees after you open your New Bank Deposit Account, from either (a) your New Bank Deposit Account to collect any fees due per these Terms, or (b) your Prior Bank Account.
6. Licenses
Robora grants you, solely for your individual or your business’s individual use (and not for any commercialization of the Services by you), a limited, non-exclusive, non-transferable, non-sublicensable, revocable license to access and use the Services. All rights, title and interest in and to the Services and all intellectual property rights, including all copyright, trademark, patent and trade secret rights therein shall remain with Robora and our licensors and vendors, and no ownership interest is transferred to you or any other entity by virtue of making the content available through the Services, granting the foregoing licenses or entering into this Agreement. If you are prohibited under applicable law from using the Services, then you may not use them.
7. Third-Party Banking Services
You understand and acknowledge that when you open your New Bank Deposit Account (a) a deposit account will be opened at a Banking Partner used by Robora from time to time, and (b) any funds you deposit or transfer are to a deposit account at the Banking Partner under the Services, and will be executed by methods allowed by the Banking Partner. You acknowledge and agree that any funds you deposit are not held by Robora and that Robora is not a bank. You further acknowledge that Robora may be compensated by a Banking Partner for deposits in your New Bank Deposit Account, either in fees or percentage of rate, in excess of what you earn. These potential fees or rates can have an impact on the rate you receive and are mutually set by Robora and Banking Partner.
7.1 Banking Partner and Agreements
When you open an account with Robora and/or your New Bank Deposit Account, you are also agreeing to separate agreements and terms and conditions of the Banking Partner. You acknowledge that you have reviewed and hereby agree to each of the Banking Partner Agreements (defined below) with the Banking Partner, each being provided below.
OMB Bank (“OMB”) is our current Banking Partner and OMB, and any future Banking Partner, is a third-party beneficiary to these Terms for purposes of enforcing their respective account, service and program terms listed below.
OMB Banking Partner Agreements
When you open a New Bank Deposit Account, it will be with OMB, which either holds or sweeps the funds to a network of FDIC insured banks. Please review below the agreements for OMB (each a “Banking Agreement”)
If there is inconsistency between these Terms and a Banking Agreement, the Banking Agreement shall be controlling to the extent of such inconsistency.
7.2 FDIC Insurance² with Banking Partner/Sweep Program
You understand and acknowledge that any funds you deposit (i.e. deposited in your New Bank Deposit Account(s)) are not held by Robora but are deposited directly to our Banking Partner, which are held by the Banking Partner or swept to a network of FDIC chartered banks (as described in (b) below). Given the funds may be held at TCB or swept to a network of chartered banks, you acknowledge that you have read and understand the following:
FDIC Insurance²: The maximum amount of FDIC insurance² coverage for funds on deposit in your account at a Banking Partner is up to the FDIC’s standard maximum deposit insurance amount, which is currently $250,000, per legal category of account ownership at the applicable bank (“SMDIA”). Your balances at a Banking Partner may exceed the SMDIA. You are solely responsible for making any necessary arrangements to protect your excess balances consistent with applicable law. If you hold any funds at a Banking Partner outside of the Services (including any other balances you may hold at that Banking Partner directly or indirectly through other intermediaries, including broker-dealers), when combined with your deposits held at that Banking Partner through the Services, the total amount of your deposits at that Bank could exceed the SMDIA for an ownership capacity or category, and those excess funds will not be FDIC insured². For additional information regarding FDIC deposit insurance, please visit https://www.fdic.gov/resources/deposit-insurance/
Your funds may be placed under OMB’s ICS Deposit Placement Agreement (“OMB ICS Deposit Placement Program”) if they are below, at, or above the SMDIA. However, if your funds exceed the standard SMDIA, your funds will be swept into the OMB ICS Deposit Placement Program. Under the OMB ICS Deposit Placement Program, your funds are transferred from your deposit account at OMB to accounts at one or more other FDIC-insured or National Credit Union Share Insurance Fund (“NCUSIF”) insured credit unions, in order to provide expanded levels of FDIC or NCUSIF insurance coverage on your funds. Your funds are protected in excess of the SMDIA limit in aggregate through the sweep network of OMB, such amount subject to change at any time. You are also acknowledging that you have reviewed and hereby agree to the separate account and OMB ICS Deposit Placement Agreement as set forth in section 7.1 above. Please review the OMB ICS Deposit Placement Program Terms carefully as these contain material legal and risk disclosures and additional terms and conditions regarding your participation in the OMB ICS Deposit Placement Program.
The OMB ICS Deposit Placement Program is offered to you by Robora and OMB and is administered by a third party service provider (“Administrator”). OMB is a participating institution in the OMB ICS Deposit Placement Program. The Administrator provides administrative and record keeping services to Robora and OMB with respect to the OMB ICS Deposit Placement Program, and acts as OMB’s agent with respect to the OMB ICS Deposit Placement Program. The Administrator’s services are provided to Robora and OMB under, and subject to, written agreements entered into with Robora and OMB, and no representations or warranties, express or implied, are provided by the Administrator or any of its affiliates, except as expressly set forth in those written agreements. Limits apply and customer eligibility criteria may apply.
By participating in the OMB ICS Deposit Placement Program, you appoint OMB as your agent for purposes of the OMB ICS Deposit Placement Program, including to establish and maintain accounts at OMB ICS Deposit Placement Program Receiving Institutions (as defined below) and to transfer all or any of the funds in your account at OMB to deposits account at one or more insured depository institutions at which deposits are insured by the FDIC up to the SMDIA limit (a “Bank Receiving Institution”), or a share account at a credit union at which share accounts are insured by the NCUSIF (administered by the National Credit Union Administration (“NCUA”)) up to the NCUSIF insurance limit of, currently, $250,000 (a “Credit Union Receiving Institution”; together with a Bank Receiving Institution, a “OMB ICS Deposit Placement Program Receiving Institution”). A share account, which is offered by credit unions, is similar to a deposit account, which is offered by insured depository institutions; however, there are important differences between share accounts and deposit accounts. Please refer to the separate OMB ICS Deposit Placement Program Terms linked above for more information about these differences.
If you are otherwise subject to restrictions or requirements on placement of your funds, you are solely responsible for determining whether your use of the OMB ICS Deposit Placement Program satisfies those restrictions or requirements. You may opt-out of placing funds at a particular bank or credit union by selecting the “Opt Out” option within the online Robora dashboard. Click here for a list of the banks and savings associations with which Robora and OMB Bank has a direct or indirect business relationship for the placement of deposits under the OMB ICS Deposit Placement Program, and into which you may place deposits (subject to these Terms and the OMB ICS Deposit Placement Program’s Terms and any opt-outs by you).
7.3 Change of Banking Partner
Robora reserves the right, at any time in our sole discretion, to add, change, or remove a Banking Partner. If you have a New Bank Deposit Account with a Banking Partner that is removed, you will be notified and the funds in the New Bank Deposit Account shall be returned to your linked Prior Bank Account. However, you hereby authorize Robora to link the Prior Bank Account to a new Banking Partner, with notice thereafter to you.
8. Communications
8.1 Phone, Texting and other Messaging
You agree that Robora and any third party operating for Robora may call or send you text (SMS) messages at the phone number you provided, and message you through other applications which you may separately consent to for the Services. Calls and text messages may be for Services related or other purposes, and may be sent using an automatic telephone dialing system.
IF YOU WISH TO OPT OUT OF TEXT MESSAGES FROM ROBORA, YOU CAN EMAIL support@roborafinancial.com OR TEXT THE WORD “STOP” TO THE NUMBER FROM WHICH YOU ARE RECEIVING THE MESSAGES. You may continue to receive calls and text messages for a short period while we process your request, including a message confirming the receipt of your opt-out request. Your agreement to receive marketing calls and texts is not a condition of any purchase on or use of the Services.
8.2 Email
We may send you emails concerning our products and services, as well as those of third parties. You may opt out of promotional emails by following the unsubscribe instructions in the promotional email itself.
9. Prohibited Content
YOU SHALL NOT AND SHALL NOT PERMIT ANY THIRD PARTY TO USE THE SERVICES EXCEPT AS PERMITTED TO, AND SPECIFICALLY YOU SHALL NOT AND SHALL NOT PERMIT ANY THIRD PARTY TO:
Use the Services illegally or in violation of any local, state, national, or international law;
Permit any party to access or use the Services other than your personnel authorized under these Terms;
Commit fraudulent activity (including using a false identity or misrepresenting your identify or using another affiliation or identity), falsifying your information, age or date of birth, or accessing the Services improperly;
Violate any right of a third party, including by infringing or misappropriating any third-party intellectual property right;
Use of any engine, software, tool, agent, device, or mechanism (including spiders, robots, crawlers, and data mining tools) other than the software or search agents to access any Services or information provided by Robora;
Except as expressly permitted by law, interfere with security features of the Services, including: (i) disabling or circumventing features that prevent or limit use, printing or copying of any content; or (ii) reverse engineering or otherwise attempting to discover the source code of any portion of the Services;
Interfere with the function or operation of the Services or any user’s enjoyment of the Services, including by: (i) uploading or otherwise disseminating any virus, adware, spyware, worm, or other malicious code; (ii) collecting personal information about another user or third party without consent; or (iii) interfering with or disrupting any network, equipment, or server connected to or used to provide the Services; or
Attempt to do any of the acts described in this Section 9 or assist or permit or instruct any person in engaging in any of the acts described in this Section 9.
10. Changes or Modifications to Terms
These Terms may, from time to time, change. It is your responsibility to check these Terms periodically for changes. Revisions will be effective immediately except that, for existing users, material revisions (such as a material increase in fees, a material increase of liability for users, material changes to the types of electronic fund transfers available on the Services, or materially stricter limitations on the frequency or dollar amount of transfers), will be effective after prior notice to you or 30 days after posting of the revisions unless otherwise stated. We may require that you accept modified Terms in order to continue to use the Services. If you do not agree to the modified Terms, then you should discontinue your use of the Services. Except as expressly permitted in this Section 10, these Terms may be amended only by a written agreement signed by authorized representatives of the parties to these Terms.
11. Term and Termination
11.1 Term
These Terms are effective beginning when you accept the Terms or first download, install, access, or use the Services, and ending when terminated as described in this Section.
11.2 Termination. These Services may terminated as follows:
Upon notice to support@roborafinancial.com by you that you wish to terminate;
Robora may, at its sole discretion, terminate the Services or your account on the Services, or suspend or terminate your access to the Services, at any time in our sole discretion, with or without notice, and without any liability to you arising from such termination; or
If you violate any provision of these Terms or terms of our Banking Partners, then your authorization to access the Services and these Terms automatically terminate.
Please note that currently there is a minimum monthly balance of $10,000 required for a New Bank Deposit Account, and falling below such limit may lead to account termination.
11.3 Effect of Termination
Once terminated, your license and access to your account or the Services ceases. You must pay Robora any unpaid amount that was due prior to termination and any funds remaining in your New Bank Deposit Account will be handled in accordance with applicable federal and state laws or in accordance with our Banking Partner and other third-party partner and service provider terms which have been provided to you. Any obligations and limitations under Sections 6, 7, this 11.3, 12, 13, 14, 15, and 16 shall survive termination. Since upon termination of your account, you may lose access rights to any information you provided to the Services, you are responsible for retaining copies of any information you provide to the Services.
12. Indemnity
YOU AGREE TO DEFEND, INDEMNIFY AND HOLD HARMLESS THE SERVICES-RELATED-PARTIES, THEIR AFFILIATES AND THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, CONTRACTORS, AGENTS, LICENSORS, SUPPLIERS, SUCCESSORS AND ASSIGNS FROM AND AGAINST ANY CLAIMS, LIABILITIES, DAMAGES, JUDGMENTS, AWARDS, LOSSES, COSTS, EXPENSES OR FEES (INCLUDING REASONABLE ATTORNEYS’ FEES) ARISING OUT OF OR RELATING TO YOUR VIOLATION OF THESE TERMS OR YOUR USE OF THE SERVICES, INCLUDING, BUT NOT LIMITED TO, ANY USE OF THE CONTENT, SERVICES AND PRODUCTS OTHER THAN AS EXPRESSLY AUTHORIZED IN THESE TERMS OR YOUR USE OF ANY INFORMATION OBTAINED FROM THE WEBSITE.
ADDITIONAL PROVISIONS REGARDING INDEMNIFICATION REGARDING OUR BANKING PARTNERS AND OTHER THIRD-PARTY PARTNERS AND SERVICE PROVIDERS ARE SET FORTH IN THE THIRD-PARTY TERMS, INCLUDING THE BANKING AGREEMENTS, WHICH HAVE BEEN PROVIDED TO YOU.
13. Disclaimers; No Warranties by Robora
ALL CONTENT PROVIDED THROUGH THE SERVICES IS PROVIDED TO YOU ON AN “AS IS”, “AS AVAILABLE” BASIS. ROBORA, ALL THIRD PARTIES, IF ANY, PROVIDING CONTENT, AND ALL THIRD PARTIES PROVIDING SUPPORT OR INFORMATION FOR THE SERVICES, INCLUDING, FOR THE AVOIDANCE OF DOUBT, THE APPLICABLE BANKING PARTNERS (COLLECTIVELY, “SERVICES-RELATED PARTIES”) HEREBY DISCLAIM ALL WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, STATUTORY OR OTHERWISE INCLUDING BUT NOT LIMITED TO THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. THE SERVICES-RELATED-PARTIES MAKE NO WARRANTY AS TO THE ACCURACY, COMPLETENESS, TIMELINESS, CORRECTNESS, OR RELIABILITY OF ANY CONTENT AVAILABLE THROUGH THE SERVICES. WITHOUT LIMITING THE FOREGOING, THE SERVICES-RELATED PARTIES SPECIFICALLY DO NOT REPRESENT OR WARRANT THAT ANY INFORMATION REGARDING PARTICULAR PLAN BENEFITS OR SCOPE OF COVERAGE IS ACCURATE OR COMPLETE. THE SERVICES-RELATED PARTIES MAKE NO REPRESENTATIONS OR WARRANTIES THAT USE OF THE SERVICES WILL BE UNINTERRUPTED OR ERROR-FREE, THAT DEFECTS WILL BE CORRECTED, OR THAT THE SERVICES OR THE TECHNOLOGY THAT MAKES IT AVAILABLE ARE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS. YOU ARE RESPONSIBLE FOR TAKING ALL PRECAUTIONS NECESSARY TO ENSURE THAT ANY CONTENT YOU MAY OBTAIN FROM THE SERVICES IS FREE OF VIRUSES AND ANY OTHER POTENTIALLY DESTRUCTIVE COMPUTER CODE.
YOU UNDERSTAND AND ACKNOWLEDGE THAT IN NO EVENT WILL ROBORA OR BANKING PARTNER BE OBLIGATED TO EFFECT ANY TRANSACTION IT BELIEVES WOULD VIOLATE ANY APPLICABLE LAW OR THAT IT OR A BANKING PARTNER BELIEVES TO BE FRAUDULENT OR UNAUTHORIZED.
APPLICABLE LIMITATIONS, EXCLUSIONS AND DISCLAIMERS REGARDING OUR BANKING PARTNERS AND OTHER THIRD-PARTY PARTNERS AND SERVICE PROVIDERS ARE SET FORTH IN THE THIRD-PARTY TERMS, INCLUDING THE BANKING AGREEMENTS, WHICH HAVE BEEN PROVIDED TO YOU.
Some states do not allow limitations on implied warranties, so one or more of the above limitations may not apply to you. Check your local laws for any restrictions or limitations regarding the exclusion of implied warranties.
14. Limitation of Liability
IN NO EVENT WILL THE ROBORA, ITS AFFILIATES, OFFICERS OR OTHER RELATED ENTITIES BE LIABLE TO YOU FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES (INCLUDING DAMAGES FOR INVESTMENT LOSSES, LOSS OF PROFITS, GOODWILL, OR ANY OTHER INTANGIBLE LOSS) ARISING OUT OF OR RELATING TO YOUR ACCESS TO OR USE OF, OR YOUR INABILITY TO ACCESS OR USE, THE SERVICES OR ANY MATERIALS OR CONTENT ON THE SERVICES, WHETHER BASED ON WARRANTY, CONTRACT, TORT (INCLUDING NEGLIGENCE), STATUTE, OR ANY OTHER LEGAL THEORY, AND WHETHER OR NOT ANY ROBORA ENTITY HAS BEEN INFORMED OF THE POSSIBILITY OF DAMAGE.
THE AGGREGATE LIABILITY OF THE ROBORA ENTITIES TO YOU FOR ALL CLAIMS ARISING OUT OF OR RELATING TO THE USE OF OR ANY INABILITY TO USE ANY PORTION OF THE SERVICES OR OTHERWISE UNDER THESE TERMS, WHETHER IN CONTRACT, TORT, OR OTHERWISE, IS LIMITED TO $100.
EACH PROVISION OF THESE TERMS THAT PROVIDES FOR A LIMITATION OF LIABILITY, DISCLAIMER OF WARRANTIES, OR EXCLUSION OF DAMAGES IS INTENDED TO AND DOES ALLOCATE THE RISKS BETWEEN THE PARTIES UNDER THESE TERMS. THIS ALLOCATION IS AN ESSENTIAL ELEMENT OF THE BASIS OF THE BARGAIN BETWEEN THE PARTIES. EACH OF THESE PROVISIONS IS SEVERABLE AND INDEPENDENT OF ALL OTHER PROVISIONS OF THESE TERMS. THE LIMITATIONS IN THIS SECTION WILL APPLY EVEN IF ANY LIMITED REMEDY FAILS OF ITS ESSENTIAL PURPOSE.
PROVISIONS REGARDING LIMITATIONS OF LIABILITY REGARDING OUR BANKING PARTNERS AND OTHER THIRD-PARTY PARTNERS AND SERVICE PROVIDERS ARE SET FORTH IN THE THIRD-PARTY TERMS WHICH HAVE BEEN PROVIDED TO YOU.
15. Dispute Resolution and Arbitration
YOU AND ROBORA ARE AGREEING TO GIVE UP ANY RIGHTS TO LITIGATE CLAIMS IN A COURT OR BEFORE A JURY, OR TO PARTICIPATE IN A CLASS ACTION OR REPRESENTATIVE ACTION WITH RESPECT TO A CLAIM. OTHER RIGHTS THAT YOU WOULD HAVE IF YOU WENT TO COURT MAY ALSO BE UNAVAILABLE OR MAY BE LIMITED IN ARBITRATION.
ANY CLAIM, DISPUTE OR CONTROVERSY (WHETHER IN CONTRACT, TORT OR OTHERWISE, WHETHER PRE-EXISTING, PRESENT OR FUTURE, AND INCLUDING STATUTORY, CONSUMER PROTECTION, COMMON LAW, INTENTIONAL TORT, INJUNCTIVE AND EQUITABLE CLAIMS) BETWEEN YOU AND US ARISING FROM OR RELATING IN ANY WAY TO THESE TERMS OR TO YOUR PURCHASE OF PRODUCTS OR SERVICES THROUGH THE WEBSITE (EACH A “CLAIM”), WILL BE RESOLVED EXCLUSIVELY AND FINALLY BY BINDING ARBITRATION.
The arbitration will be administered by the American Arbitration Association (“AAA”) in accordance with the Consumer Arbitration Rules (the “AAA Rules”) then in effect, except as modified by this Section. (The AAA Rules are available at www.adr.org/arb_med or by calling the AAA at 1-800-778-7879.) The Federal Arbitration Act will govern the interpretation and enforcement of this section.
The arbitrator’s decision in any such arbitration will be final and binding upon the parties and may be enforced in any court of competent jurisdiction. The parties agree that the arbitration will be kept confidential and that the existence of the proceeding and any element of it (including, without limitation, any pleadings, briefs or other documents submitted or exchanged and any testimony or other oral submissions and awards) will not be disclosed beyond the arbitration proceedings, except as may lawfully be required in judicial proceedings relating to the arbitration or by applicable disclosure rules and regulations of securities regulatory authorities or other governmental agencies.
If you demonstrate that the costs of arbitration will be prohibitive as compared to the costs of litigation, we will pay as much of the administrative costs and arbitrator’s fees required for the arbitration as the arbitrator deems necessary to prevent the cost of the arbitration from being prohibitive. In the final award, the arbitrator may apportion the costs of arbitration and the compensation of the arbitrator among the parties in such amounts as the arbitrator deems appropriate.
This arbitration agreement does not preclude you or us from seeking action by federal, state, or local government agencies. You and we also have the right to bring qualifying claims in small claims court. In addition, you and we retain the right to apply to any court of competent jurisdiction for provisional relief, including pre-arbitral attachments or preliminary injunctions, and any such request shall not be deemed incompatible with these Terms, nor a waiver of the right to have disputes submitted to arbitration as provided in these Terms.
Neither you nor we may act as a class representative or private attorney general, nor participate as a member of a class of claimants, with respect to any Claim. Claims may not be arbitrated on a class or representative basis. The arbitrator can decide only your and/or our individual Claims. The arbitrator may not consolidate or join the claims of other persons or parties who may be similarly situated.
If any provision of this Section is found to be invalid or unenforceable, then that specific provision shall be of no force and effect and shall be severed, but the remainder of this Section shall continue in full force and effect. No waiver of any provision of this Section of the Terms will be effective or enforceable unless recorded in a writing signed by the party waiving such a right or requirement. Such a waiver shall not waive or affect any other portion of these Terms. This Section of the Terms will survive the termination of your relationship with us.
THIS SECTION LIMITS CERTAIN RIGHTS, INCLUDING THE RIGHT TO MAINTAIN A COURT ACTION, THE RIGHT TO A JURY TRIAL, THE RIGHT TO PARTICIPATE IN ANY FORM OF CLASS OR REPRESENTATIVE CLAIM, THE RIGHT TO ENGAGE IN DISCOVERY EXCEPT AS PROVIDED IN AAA RULES, AND THE RIGHT TO CERTAIN REMEDIES AND FORMS OF RELIEF. OTHER RIGHTS THAT YOU OR WE WOULD HAVE IN COURT ALSO MAY NOT BE AVAILABLE IN ARBITRATION.
16. Miscellaneous
These Terms and all other agreements expressly incorporated by reference into these Terms, are the complete and sole agreement between you and Robora. You may not assign or transfer these Terms or your rights under these Terms, in whole or in part, by operation of law or otherwise, without our prior written consent. We may assign these Terms and all rights granted under these Terms, including with respect to your information, at any time without notice or consent. Use of Section headers in these Terms is for convenience only and will not have any impact on the interpretation of any provision. If any part of these Terms is held to be invalid or unenforceable, then the unenforceable part will be given effect to the greatest extent possible, and the remaining parts will remain in full force and effect.
16.1 Governing Law
These Terms are governed by the laws of the State of Delaware without regard to conflict of law principles. You and Robora submit to the personal and exclusive jurisdiction of the state courts and federal courts located within Delaware for resolution of any lawsuit or court proceeding permitted under these Terms.
16.2 Privacy Policy
Please read the Robora Privacy Policy at link (the “Privacy Policy”) carefully for information relating to our collection, use, storage, and disclosure of your personal information. The Robora Privacy Policy is incorporated by this reference into, and made a part of, these Terms.
16.3 Additional Terms
Your use of the Services is subject to all additional terms, policies, rules, or guidelines applicable to the Services or certain features of the Services that we may post on or link to from the Service, which are incorporated by this reference into, and made a part of, these Terms.
16.4 Contact Information.
The Services are offered by Robora Financial, LLC located at 1515 Mockingbird Ln., Suite 700, Charlotte, Nc 28209. You may contact us by sending correspondence to that address or by emailing us at support@roborafinancial.com.
16.5 Notice to California Residents
If you are a California resident, then under California Civil Code Section 1789.3, you may contact the Complaint Assistance Unit of the Division of Consumer Services of the California Department of Consumer Affairs in writing at 1625 N. Market Blvd., Suite S-202, Sacramento, California 95834, or by telephone at +1-800-952-5210 in order to resolve a complaint regarding the Services or to receive further information regarding use of the Services.
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Terms of service
Terms of Service
Privacy Policy
Terms of Service
Privacy Policy
Terms of Service
Last updated: November 18, 2024
Thank you for your interest in Robora Financial, LLC (“Robora”, “we”, or “us”). These Terms describe the rules of using our website (including www.roborafinancial.com) and related websites, applications, and other services, including those made available by our third-party partners (collectively, the “Services”).
PLEASE READ THE FOLLOWING TERMS CAREFULLY:
BY CLICKING “ACCEPT”, UTILIZING OR OTHERWISE ACCESSING THE SERVICES, YOU AGREE THAT YOU HAVE READ AND UNDERSTOOD, AND AS A CONDITION TO THE USE OF THE SERVICES, YOU AGREE TO BE BOUND BY THE FOLLOWING TERMS AND CONDITIONS, INCLUDING ROBORA’S PRIVACY POLICY (COLLECTIVELY, THE “TERMS”), AND THE APPLICABLE TERMS OF OUR BANKING PARTNERS WHO PROVIDE THE SERVICES IDENTIFIED IN SECTION 7 BELOW. IF YOU ARE ASSISTING ANOTHER TO USE THE SERVICES, IT IS LEGALLY BINDING TO BOTH YOU AND THE PARTY BEING ASSISTED.
If you do not agree to the Terms, or are not eligible, then you are not permitted to use the Services. These Terms may change at any time, and if so will be posted on our website or here. Each time you utilize the Services, it is your responsibility to review these Terms and, by continuing to use the Services, you consent to any changes to our Terms. You further acknowledge and agree that any activity on this website is subject to monitoring by Robora at any time, and that Robora may use the results of such monitoring without limitation, subject to applicable law. We may require that you accept modified Terms in order to continue to use the Services. If you do not agree to the modified Terms, then you should discontinue your use of the Services.
1. Services
Robora offers the ability to open a new bank account for interest earnings, to transfer funds, and other services and data when you open an account with us.
1.1 New Bank Deposit Account and Linking Accounts
When you open an account with Robora, Robora’s platform offers the ability to link a Prior Bank Account to a New Bank Deposit Account and earn interest returns in the New Bank Deposit Account. The “Prior Bank Account(s)” is an existing bank account you own or legally control, prior to opening an account with Robora, at your or your business’s banking institution. The “New Bank Deposit Account” is a deposit account with our banking partner or partners (“Banking Partner”). When you open a New Bank Deposit Account, the Prior Bank Account designated by you is linked to a New Bank Deposit Account either (a) held in your name in a deposit account with our Banking Partner or (b) held in your name in a deposit account with our Banking Partner, which sweeps those funds into deposit accounts across a network of FDIC-insured² banks (described more fully in Section 7 below).
You understand and agree that Robora restricts any transfer, wire or other transactions from your New Bank Deposit Account except transfers back to the linked Prior Bank Account. This limitation is designed in part as protection of misuse or fraudulent access to your funds.
You acknowledge that Robora is not a bank or deposit institution. The deposit account, and any banking services, are provided through our Banking Partners. Your account is subject to these Terms and the additional terms of the Banking Partner where your New Bank Deposit account is held. Additional banking terms are referenced below, under the section titled “Third-Party Banking Services.”
1.2 Analytics, Transfer Thresholds, Automation and Other Services
Robora also provides cash flow analytics and data, transaction history statements, and other services which may be offered in the future.
In linking your Prior Bank Account, you acknowledge and authorize Robora to access and analyze transaction data in your Prior Bank Account. Robora utilizes this data and analytics to provide the Services and provide information to you. Robora may make certain recommendations or suggestions based on the analytics for an amount or amounts to be deposited in your New Bank Deposit Account, either when registering for the Services or ongoing. Such recommendations or suggestions are for informational purposes only and you are exclusively responsible for decisions made regarding recommendations or suggestions, even if they contain errors or result in losses to you.
Additionally, you will be able to set and configure certain thresholds, preferences or specifications, including Sweep Limits. “Sweep Limits” are the balance amounts of the Prior Bank Account that triggers sweeps to or from the New Bank Deposit account. For illustrative purposes only, an upper Sweep Limit of $50,000 means if the Prior Bank Account balance is above $50,000 on a set date, funds in the Prior Bank Account above such limit are swept and transferred to the linked New Bank Deposit account, and a lower Sweep Limit of $40,000 means if the Prior Bank Account balance is below $40,000, funds in the New Bank Deposit Account (if available) are swept and transferred to the linked Prior Bank Account to increase the balance to $40,000. Robora may make certain recommendations or suggestions for such Sweep Limits. Robora also provides the ability for you to automate such transfers based on the Sweep Limits between the linked accounts. You are exclusively responsible for such settings or configurations, as well as the automation settings and transfers, regardless of any recommendations or suggestions by Robora, even if they contain errors or result in losses to you.
1.3 Devices and Internet Requirements
The Services require internet connectivity and other hardware (e.g. computer or mobile device) that you must provide. You acknowledge the internet can be unpredictable, unsecure and may impede access or performance. You acknowledge and agree that Robora is not responsible for internet connectivity, outages, or interference with your use of or access to the Services. You acknowledge and agree that Robora is not responsible for unsecure connections or security breaches from any device or internet connectivity you supply. You waive any and all claims against Robora and our Banking Partners in connection with the foregoing.
1.4 Error Reporting
If there are any errors, either by Robora or you, you agree to notify us immediately. Robora makes no representation in its ability to correct any errors. You agree to notify Robora by email at support@roborafinancial.com immediately of any loss or disclosure, whether voluntary or otherwise, of any account access credentials.
2. Authorization of Funds Transfers
In accordance with these Terms, you may initiate the funds transfers from your New Bank Deposit Account to your Prior Bank Account, or vice versa. In acting on your instruction to transfer, you may be offered a choice of transmission (e.g. ACH or Wire), and such choice will be included in the transfer instruction to the Banking Partner; however, if determined reasonably necessary, we may use any means of transmission, funds transfer system, clearing house, or intermediary bank that we reasonably select.
All funds transfers are governed by the rules of the funds transfer system(s) through which the transfers are made, including Fedwire, the National Automated Clearing House Association, the Electronic Check Clearing House Organization, any regional association (each an “ACH”), the Clearing House Interbank Payments System (“CHIPS”), the Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) the RTP system (“RTP System”), or other funds transfer system. Instructions that contravene (or the results of such transfers) applicable law, including, without limitation, requirements of the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) and the Financial Crimes Enforcement Network (“FinCEN”) are not required to be honored by us or our Banking Partners.
3. Services Eligibility
By agreeing to these Terms, you represent and warrant that (a) you are at least 18 years old, (b) you are eligible for the Services, (c) your use of the Service is in compliance with any and all applicable laws and regulation, and (d) your use of the Services will not be for any fraudulent activity. If you are applying or using these Services on behalf of a business, organization or other entity or person, you represent and warrant that you are authorized to agree to these Terms on behalf of such entity or person and bind them and you to these Terms.
4. Accounts and Registration Information
We require identification of customers that open accounts or access the Services. Identification helps the authentication of you and/or your business and accounts, and ensures we and our third party partners comply with applicable laws, regulations and information reporting requirements, such as “know your customer” or “know your business”. The identification process requires some information to be provided to us about your and/or your business. This information may include your name, email address, phone number, social security number, company EIN, company ownership, or other contact information (“Account Information”).
4.1 Consent to Data
You hereby grant Robora an unrestricted, perpetual, irrevocable, non-exclusive, fully-paid, royalty-free right and license to use your Account Information and to provide the Account Information to our Banking Partners and our third party service providers as necessary to provide the Services and in accordance with the terms of our Privacy Policy. We also may obtain personal information from third parties in order to verify your identity, or to help prevent fraud. You hereby authorize us, Banking Partners, or a third-party service provider that we designate, to take any measures that we consider necessary to confirm the personal information you provide, verify and authenticate your personal information, and take any action we deem necessary based on the results. At any time, we may require you to provide us with additional personal information as a condition to your continued access to and use of your Robora account. During such time, your access to and use of your Robora account may be temporarily restricted. You agree that the information you provide to us is accurate, complete, and not misleading, and that you will keep it accurate and up to date at all times, and if it contains information of a business or other parties, you represent you have the authority to provide such information.
4.2 Private Access Responsibility
After you register for a Robora account, you will have private access to the Services. For example, when you register, you will be asked to create a password. You are responsible for the use of the account and exclusive, confidential use of the access credentials. You agree to accept responsibility for all activities that occur under your account. If you believe that your Robora account is no longer secure, then you should immediately notify us at support@roborafinancial.com
5. Pricing, Fees and Payment Terms
One of our goals is to strive to be transparent and clear on pricing and any fees. This section discusses these items, but the details are outlined at Pricing and incorporated herein by reference. Please review those details, which include the following items:
Pricing: This is the interest rate earned on deposits held in the New Bank Deposit Account.
Account Fees: Currently there are no mandatory monthly fees.
Transaction Fees: Currently there are no fees for ACH transfers, but wires could incur a fee.
The interest is calculated on a 365 day basis, compounded daily and paid monthly at the rates indicated on the Pricing daily based on the account balance for such day's ending balance.
All fees are in U.S. Dollars and are non-refundable unless otherwise specifically provided for in these Terms, and fees are deducted directly from either your Prior Bank Account or New Bank Deposit Account as authorized herein.
Robora reserves the right to determine Pricing, Account Fees, Transaction Fees, and other fees, and reserves the right to change these terms from time to time, for the Services. Robora will make reasonable efforts to keep all current pricing and fees related to the Services on the Robora website up to date. If you are an existing Robora account holder, Robora may change the pricing and fees for any features of the Services, or additional charges, with advance notice of changes before they apply.
5.1 Account Pricing and Earnings
The Services includes the ability to earn yield on the balance amount in a New Bank Deposit Account with one of our Banking Partners. You acknowledge and agree that the Banking Partner and Robora establish the interest rate for such earnings which will be set forth on our rate sheet at the link above or otherwise communicated to you in writing. Robora reserves the right to amend the yield rate by posting new yield rates on Robora’s website or in the account; such changes shall take effect immediately on that day forward. You acknowledge Robora and Banking Partners may earn fees on certain deposits.
Within 10 days after the end of each month, subject to any non-workdays, the yield for the relevant month will be paid to the user by crediting the amount to the user's account.
5.2 Account Fees, Other Fees
Without limiting the prior section, and while it is subject to change, currently there are no monthly fees. There may be additional fees, such as for wire transfers, which are collected when incurred, and referenced in the link provided above.
5.3 Authorization of Charges and Collection
Robora charges and collects any such fees by way of debit either on your New Bank Deposit Account or your Prior Bank Account. You hereby authorize Robora to deduct or draft any fees after you open your New Bank Deposit Account, from either (a) your New Bank Deposit Account to collect any fees due per these Terms, or (b) your Prior Bank Account.
6. Licenses
Robora grants you, solely for your individual or your business’s individual use (and not for any commercialization of the Services by you), a limited, non-exclusive, non-transferable, non-sublicensable, revocable license to access and use the Services. All rights, title and interest in and to the Services and all intellectual property rights, including all copyright, trademark, patent and trade secret rights therein shall remain with Robora and our licensors and vendors, and no ownership interest is transferred to you or any other entity by virtue of making the content available through the Services, granting the foregoing licenses or entering into this Agreement. If you are prohibited under applicable law from using the Services, then you may not use them.
7. Third-Party Banking Services
You understand and acknowledge that when you open your New Bank Deposit Account (a) a deposit account will be opened at a Banking Partner used by Robora from time to time, and (b) any funds you deposit or transfer are to a deposit account at the Banking Partner under the Services, and will be executed by methods allowed by the Banking Partner. You acknowledge and agree that any funds you deposit are not held by Robora and that Robora is not a bank. You further acknowledge that Robora may be compensated by a Banking Partner for deposits in your New Bank Deposit Account, either in fees or percentage of rate, in excess of what you earn. These potential fees or rates can have an impact on the rate you receive and are mutually set by Robora and Banking Partner..
7.1 Banking Partner and Agreements
When you open an account with Robora and/or your New Bank Deposit Account, you are also agreeing to separate agreements and terms and conditions of the Banking Partner. You acknowledge that you have reviewed and hereby agree to each of the Banking Partner Agreements (defined below) with the Banking Partner, each being provided below.
OMB Bank (“OMB”) is our current Banking Partner and OMB, and any future Banking Partner, is a third-party beneficiary to these Terms for purposes of enforcing their respective account, service and program terms listed below.
OMB Banking Partner Agreements
When you open a New Bank Deposit Account, it will be with OMB, which either holds or sweeps the funds to a network of FDIC insured banks. Please review below the agreements for OMB (each a “Banking Agreement”)
If there is inconsistency between these Terms and a Banking Agreement, the Banking Agreement shall be controlling to the extent of such inconsistency.
7.2 FDIC Insurance² with Banking Partner/Sweep Program
You understand and acknowledge that any funds you deposit (i.e. deposited in your New Bank Deposit Account(s)) are not held by Robora but are deposited directly to our Banking Partner, which are held by the Banking Partner or swept to a network of FDIC chartered banks (as described in (b) below). Given the funds may be held at TCB or swept to a network of chartered banks, you acknowledge that you have read and understand the following:
FDIC Insurance²: The maximum amount of FDIC insurance coverage² for funds on deposit in your account at a Banking Partner is up to the FDIC’s standard maximum deposit insurance amount, which is currently $250,000, per legal category of account ownership at the applicable bank (“SMDIA”). Your balances at a Banking Partner may exceed the SMDIA. You are solely responsible for making any necessary arrangements to protect your excess balances consistent with applicable law. If you hold any funds at a Banking Partner outside of the Services (including any other balances you may hold at that Banking Partner directly or indirectly through other intermediaries, including broker-dealers), when combined with your deposits held at that Banking Partner through the Services, the total amount of your deposits at that Bank could exceed the SMDIA for an ownership capacity or category, and those excess funds will not be FDIC insured². For additional information regarding FDIC deposit insurance, please visit https://www.fdic.gov/resources/deposit-insurance/
Your funds may be placed under OMB’s ICS Deposit Placement Agreement (“OMB ICS Deposit Placement Program”) if they are below, at, or above the SMDIA. However, if your funds exceed the standard SMDIA, your funds will be swept into the OMB ICS Deposit Placement Program. Under the OMB ICS Deposit Placement Program, your funds are transferred from your deposit account at OMB to accounts at one or more other FDIC-insured or National Credit Union Share Insurance Fund (“NCUSIF”) insured credit unions, in order to provide expanded levels of FDIC or NCUSIF insurance coverage on your funds. Your funds are protected in excess of the SMDIA limit in aggregate through the sweep network of OMB, such amount subject to change at any time. You are also acknowledging that you have reviewed and hereby agree to the separate account and OMB ICS Deposit Placement Agreement as set forth in section 7.1 above. Please review the OMB ICS Deposit Placement Program Terms carefully as these contain material legal and risk disclosures and additional terms and conditions regarding your participation in the OMB ICS Deposit Placement Program.
The OMB ICS Deposit Placement Program is offered to you by Robora and OMB and is administered by a third party service provider (“Administrator”). OMB is a participating institution in the OMB ICS Deposit Placement Program. The Administrator provides administrative and record keeping services to Robora and OMB with respect to the OMB ICS Deposit Placement Program, and acts as OMB’s agent with respect to the OMB ICS Deposit Placement Program. The Administrator’s services are provided to Robora and OMB under, and subject to, written agreements entered into with Robora and OMB, and no representations or warranties, express or implied, are provided by the Administrator or any of its affiliates, except as expressly set forth in those written agreements. Limits apply and customer eligibility criteria may apply.
By participating in the OMB ICS Deposit Placement Program, you appoint OMB as your agent for purposes of the OMB ICS Deposit Placement Program, including to establish and maintain accounts at OMB ICS Deposit Placement Program Receiving Institutions (as defined below) and to transfer all or any of the funds in your account at OMB to deposits account at one or more insured depository institutions at which deposits are insured by the FDIC up to the SMDIA limit (a “Bank Receiving Institution”), or a share account at a credit union at which share accounts are insured by the NCUSIF (administered by the National Credit Union Administration (“NCUA”)) up to the NCUSIF insurance limit of, currently, $250,000 (a “Credit Union Receiving Institution”; together with a Bank Receiving Institution, a “OMB ICS Deposit Placement Program Receiving Institution”). A share account, which is offered by credit unions, is similar to a deposit account, which is offered by insured depository institutions; however, there are important differences between share accounts and deposit accounts. Please refer to the separate OMB ICS Deposit Placement Program Terms linked above for more information about these differences.
If you are otherwise subject to restrictions or requirements on placement of your funds, you are solely responsible for determining whether your use of the OMB ICS Deposit Placement Program satisfies those restrictions or requirements. You may opt-out of placing funds at a particular bank or credit union by selecting the “Opt Out” option within the online Robora dashboard. Click here for a list of the banks and savings associations with which Robora and OMB Bank has a direct or indirect business relationship for the placement of deposits under the OMB ICS Deposit Placement Program, and into which you may place deposits (subject to these Terms and the OMB ICS Deposit Placement Program’s Terms and any opt-outs by you).
7.3 Change of Banking Partner
Robora reserves the right, at any time in our sole discretion, to add, change, or remove a Banking Partner. If you have a New Bank Deposit Account with a Banking Partner that is removed, you will be notified and the funds in the New Bank Deposit Account shall be returned to your linked Prior Bank Account. However, you hereby authorize Robora to link the Prior Bank Account to a new Banking Partner, with notice thereafter to you.
You understand and acknowledge that when you open your New Bank Deposit Account (a) a deposit account will be opened at a Banking Partner used by Robora from time to time, and (b) any funds you deposit or transfer are to a deposit account at the Banking Partner under the Services, and will be executed by methods allowed by the Banking Partner. You acknowledge and agree that any funds you deposit are not held by Robora and that Robora is not a bank. You further acknowledge that Robora may be compensated by a Banking Partner for deposits in your New Bank Deposit Account, either in fees or percentage of rate, in excess of what you earn. These potential fees or rates can have an impact on the rate you receive and are mutually set by Robora and Banking Partner..
7.1 Banking Partner and Agreements
When you open an account with Robora and/or your New Bank Deposit Account, you are also agreeing to separate agreements and terms and conditions of the Banking Partner. You acknowledge that you have reviewed and hereby agree to each of the Banking Partner Agreements (defined below) with the Banking Partner, each being provided below.
OMB Bank (“OMB”) is our current Banking Partner and OMB, and any future Banking Partner, is a third-party beneficiary to these Terms for purposes of enforcing their respective account, service and program terms listed below.
OMB Banking Partner Agreements
When you open a New Bank Deposit Account, it will be with OMB, which either holds or sweeps the funds to a network of FDIC insured banks. Please review below the agreements for OMB (each a “Banking Agreement”)
If there is inconsistency between these Terms and a Banking Agreement, the Banking Agreement shall be controlling to the extent of such inconsistency.
7.2 FDIC Insurance² with Banking Partner/Sweep Program
You understand and acknowledge that any funds you deposit (i.e. deposited in your New Bank Deposit Account(s)) are not held by Robora but are deposited directly to our Banking Partner, which are held by the Banking Partner or swept to a network of FDIC chartered banks (as described in (b) below). Given the funds may be held at TCB or swept to a network of chartered banks, you acknowledge that you have read and understand the following:
FDIC Insurance²: The maximum amount of FDIC insurance coverage² for funds on deposit in your account at a Banking Partner is up to the FDIC’s standard maximum deposit insurance amount, which is currently $250,000, per legal category of account ownership at the applicable bank (“SMDIA”). Your balances at a Banking Partner may exceed the SMDIA. You are solely responsible for making any necessary arrangements to protect your excess balances consistent with applicable law. If you hold any funds at a Banking Partner outside of the Services (including any other balances you may hold at that Banking Partner directly or indirectly through other intermediaries, including broker-dealers), when combined with your deposits held at that Banking Partner through the Services, the total amount of your deposits at that Bank could exceed the SMDIA for an ownership capacity or category, and those excess funds will not be FDIC insured². For additional information regarding FDIC deposit insurance, please visit https://www.fdic.gov/resources/deposit-insurance/
Your funds may be placed under OMB’s ICS Deposit Placement Agreement (“OMB ICS Deposit Placement Program”) if they are below, at, or above the SMDIA. However, if your funds exceed the standard SMDIA, your funds will be swept into the OMB ICS Deposit Placement Program. Under the OMB ICS Deposit Placement Program, your funds are transferred from your deposit account at OMB to accounts at one or more other FDIC-insured or National Credit Union Share Insurance Fund (“NCUSIF”) insured credit unions, in order to provide expanded levels of FDIC or NCUSIF insurance coverage on your funds. Your funds are protected in excess of the SMDIA limit in aggregate through the sweep network of OMB, such amount subject to change at any time. You are also acknowledging that you have reviewed and hereby agree to the separate account and OMB ICS Deposit Placement Agreement as set forth in section 7.1 above. Please review the OMB ICS Deposit Placement Program Terms carefully as these contain material legal and risk disclosures and additional terms and conditions regarding your participation in the OMB ICS Deposit Placement Program.
The OMB ICS Deposit Placement Program is offered to you by Robora and OMB and is administered by a third party service provider (“Administrator”). OMB is a participating institution in the OMB ICS Deposit Placement Program. The Administrator provides administrative and record keeping services to Robora and OMB with respect to the OMB ICS Deposit Placement Program, and acts as OMB’s agent with respect to the OMB ICS Deposit Placement Program. The Administrator’s services are provided to Robora and OMB under, and subject to, written agreements entered into with Robora and OMB, and no representations or warranties, express or implied, are provided by the Administrator or any of its affiliates, except as expressly set forth in those written agreements. Limits apply and customer eligibility criteria may apply.
By participating in the OMB ICS Deposit Placement Program, you appoint OMB as your agent for purposes of the OMB ICS Deposit Placement Program, including to establish and maintain accounts at OMB ICS Deposit Placement Program Receiving Institutions (as defined below) and to transfer all or any of the funds in your account at OMB to deposits account at one or more insured depository institutions at which deposits are insured by the FDIC up to the SMDIA limit (a “Bank Receiving Institution”), or a share account at a credit union at which share accounts are insured by the NCUSIF (administered by the National Credit Union Administration (“NCUA”)) up to the NCUSIF insurance limit of, currently, $250,000 (a “Credit Union Receiving Institution”; together with a Bank Receiving Institution, a “OMB ICS Deposit Placement Program Receiving Institution”). A share account, which is offered by credit unions, is similar to a deposit account, which is offered by insured depository institutions; however, there are important differences between share accounts and deposit accounts. Please refer to the separate OMB ICS Deposit Placement Program Terms linked above for more information about these differences.
If you are otherwise subject to restrictions or requirements on placement of your funds, you are solely responsible for determining whether your use of the OMB ICS Deposit Placement Program satisfies those restrictions or requirements. You may opt-out of placing funds at a particular bank or credit union by selecting the “Opt Out” option within the online Robora dashboard. Click here for a list of the banks and savings associations with which Robora and OMB Bank has a direct or indirect business relationship for the placement of deposits under the OMB ICS Deposit Placement Program, and into which you may place deposits (subject to these Terms and the OMB ICS Deposit Placement Program’s Terms and any opt-outs by you).
7.3 Change of Banking Partner
Robora reserves the right, at any time in our sole discretion, to add, change, or remove a Banking Partner. If you have a New Bank Deposit Account with a Banking Partner that is removed, you will be notified and the funds in the New Bank Deposit Account shall be returned to your linked Prior Bank Account. However, you hereby authorize Robora to link the Prior Bank Account to a new Banking Partner, with notice thereafter to you.
You understand and acknowledge that when you open your New Bank Deposit Account (a) a deposit account will be opened at a Banking Partner used by Robora from time to time, and (b) any funds you deposit or transfer are to a deposit account at the Banking Partner under the Services, and will be executed by methods allowed by the Banking Partner. You acknowledge and agree that any funds you deposit are not held by Robora and that Robora is not a bank. You further acknowledge that Robora may be compensated by a Banking Partner for deposits in your New Bank Deposit Account, either in fees or percentage of rate, in excess of what you earn. These potential fees or rates can have an impact on the rate you receive and are mutually set by Robora and Banking Partner..
7.1 Banking Partner and Agreements
When you open an account with Robora and/or your New Bank Deposit Account, you are also agreeing to separate agreements and terms and conditions of the Banking Partner. You acknowledge that you have reviewed and hereby agree to each of the Banking Partner Agreements (defined below) with the Banking Partner, each being provided below.
OMB Bank (“OMB”) is our current Banking Partner and OMB, and any future Banking Partner, is a third-party beneficiary to these Terms for purposes of enforcing their respective account, service and program terms listed below.
OMB Banking Partner Agreements
When you open a New Bank Deposit Account, it will be with OMB, which either holds or sweeps the funds to a network of FDIC insured banks. Please review below the agreements for OMB (each a “Banking Agreement”)
If there is inconsistency between these Terms and a Banking Agreement, the Banking Agreement shall be controlling to the extent of such inconsistency.
7.2 FDIC Insurance² with Banking Partner/Sweep Program
You understand and acknowledge that any funds you deposit (i.e. deposited in your New Bank Deposit Account(s)) are not held by Robora but are deposited directly to our Banking Partner, which are held by the Banking Partner or swept to a network of FDIC chartered banks (as described in (b) below). Given the funds may be held at TCB or swept to a network of chartered banks, you acknowledge that you have read and understand the following:
FDIC Insurance²: The maximum amount of FDIC insurance coverage² for funds on deposit in your account at a Banking Partner is up to the FDIC’s standard maximum deposit insurance amount, which is currently $250,000, per legal category of account ownership at the applicable bank (“SMDIA”). Your balances at a Banking Partner may exceed the SMDIA. You are solely responsible for making any necessary arrangements to protect your excess balances consistent with applicable law. If you hold any funds at a Banking Partner outside of the Services (including any other balances you may hold at that Banking Partner directly or indirectly through other intermediaries, including broker-dealers), when combined with your deposits held at that Banking Partner through the Services, the total amount of your deposits at that Bank could exceed the SMDIA for an ownership capacity or category, and those excess funds will not be FDIC insured². For additional information regarding FDIC deposit insurance, please visit https://www.fdic.gov/resources/deposit-insurance/
Your funds may be placed under OMB’s ICS Deposit Placement Agreement (“OMB ICS Deposit Placement Program”) if they are below, at, or above the SMDIA. However, if your funds exceed the standard SMDIA, your funds will be swept into the OMB ICS Deposit Placement Program. Under the OMB ICS Deposit Placement Program, your funds are transferred from your deposit account at OMB to accounts at one or more other FDIC-insured or National Credit Union Share Insurance Fund (“NCUSIF”) insured credit unions, in order to provide expanded levels of FDIC or NCUSIF insurance coverage on your funds. Your funds are protected in excess of the SMDIA limit in aggregate through the sweep network of OMB, such amount subject to change at any time. You are also acknowledging that you have reviewed and hereby agree to the separate account and OMB ICS Deposit Placement Agreement as set forth in section 7.1 above. Please review the OMB ICS Deposit Placement Program Terms carefully as these contain material legal and risk disclosures and additional terms and conditions regarding your participation in the OMB ICS Deposit Placement Program.
The OMB ICS Deposit Placement Program is offered to you by Robora and OMB and is administered by a third party service provider (“Administrator”). OMB is a participating institution in the OMB ICS Deposit Placement Program. The Administrator provides administrative and record keeping services to Robora and OMB with respect to the OMB ICS Deposit Placement Program, and acts as OMB’s agent with respect to the OMB ICS Deposit Placement Program. The Administrator’s services are provided to Robora and OMB under, and subject to, written agreements entered into with Robora and OMB, and no representations or warranties, express or implied, are provided by the Administrator or any of its affiliates, except as expressly set forth in those written agreements. Limits apply and customer eligibility criteria may apply.
By participating in the OMB ICS Deposit Placement Program, you appoint OMB as your agent for purposes of the OMB ICS Deposit Placement Program, including to establish and maintain accounts at OMB ICS Deposit Placement Program Receiving Institutions (as defined below) and to transfer all or any of the funds in your account at OMB to deposits account at one or more insured depository institutions at which deposits are insured by the FDIC up to the SMDIA limit (a “Bank Receiving Institution”), or a share account at a credit union at which share accounts are insured by the NCUSIF (administered by the National Credit Union Administration (“NCUA”)) up to the NCUSIF insurance limit of, currently, $250,000 (a “Credit Union Receiving Institution”; together with a Bank Receiving Institution, a “OMB ICS Deposit Placement Program Receiving Institution”). A share account, which is offered by credit unions, is similar to a deposit account, which is offered by insured depository institutions; however, there are important differences between share accounts and deposit accounts. Please refer to the separate OMB ICS Deposit Placement Program Terms linked above for more information about these differences.
If you are otherwise subject to restrictions or requirements on placement of your funds, you are solely responsible for determining whether your use of the OMB ICS Deposit Placement Program satisfies those restrictions or requirements. You may opt-out of placing funds at a particular bank or credit union by selecting the “Opt Out” option within the online Robora dashboard. Click here for a list of the banks and savings associations with which Robora and OMB Bank has a direct or indirect business relationship for the placement of deposits under the OMB ICS Deposit Placement Program, and into which you may place deposits (subject to these Terms and the OMB ICS Deposit Placement Program’s Terms and any opt-outs by you).
7.3 Change of Banking Partner
Robora reserves the right, at any time in our sole discretion, to add, change, or remove a Banking Partner. If you have a New Bank Deposit Account with a Banking Partner that is removed, you will be notified and the funds in the New Bank Deposit Account shall be returned to your linked Prior Bank Account. However, you hereby authorize Robora to link the Prior Bank Account to a new Banking Partner, with notice thereafter to you.
8. Communications
8.1 Phone, Texting and other Messaging
You agree that Robora and any third party operating for Robora may call or send you text (SMS) messages at the phone number you provided, and message you through other applications which you may separately consent to for the Services. Calls and text messages may be for Services related or other purposes, and may be sent using an automatic telephone dialing system.
IF YOU WISH TO OPT OUT OF TEXT MESSAGES FROM ROBORA, YOU CAN EMAIL support@roborafinancial.com OR TEXT THE WORD “STOP” TO THE NUMBER FROM WHICH YOU ARE RECEIVING THE MESSAGES. You may continue to receive calls and text messages for a short period while we process your request, including a message confirming the receipt of your opt-out request. Your agreement to receive marketing calls and texts is not a condition of any purchase on or use of the Services.
8.2 Email
We may send you emails concerning our products and services, as well as those of third parties. You may opt out of promotional emails by following the unsubscribe instructions in the promotional email itself.
9. Prohibited Content
YOU SHALL NOT AND SHALL NOT PERMIT ANY THIRD PARTY TO USE THE SERVICES EXCEPT AS PERMITTED TO, AND SPECIFICALLY YOU SHALL NOT AND SHALLNOT PERMIT ANY THIRD PARTY TO:
Use the Services illegally or in violation of any local, state, national, or international law;
Permit any party to access or use the Services other than your personnel authorized under these Terms;
Commit fraudulent activity (including using a false identity or misrepresenting your identify or using another affiliation or identity), falsifying your information, age or date of birth, or accessing the Services improperly;
Violate any right of a third party, including by infringing or misappropriating any third-party intellectual property right;
Use of any engine, software, tool, agent, device, or mechanism (including spiders, robots, crawlers, and data mining tools) other than the software or search agents to access any Services or information provided by Robora;
Except as expressly permitted by law, interfere with security features of the Services, including: (i) disabling or circumventing features that prevent or limit use, printing or copying of any content; or (ii) reverse engineering or otherwise attempting to discover the source code of any portion of the Services;
Interfere with the function or operation of the Services or any user’s enjoyment of the Services, including by: (i) uploading or otherwise disseminating any virus, adware, spyware, worm, or other malicious code; (ii) collecting personal information about another user or third party without consent; or (iii) interfering with or disrupting any network, equipment, or server connected to or used to provide the Services; or
Attempt to do any of the acts described in this Section 9 or assist or permit or instruct any person in engaging in any of the acts described in this Section 9.
10. Changes or Modifications to Terms
These Terms may, from time to time, change. It is your responsibility to check these Terms periodically for changes. Revisions will be effective immediately except that, for existing users, material revisions (such as a material increase in fees, a material increase of liability for users, material changes to the types of electronic fund transfers available on the Services, or materially stricter limitations on the frequency or dollar amount of transfers), will be effective after prior notice to you or 30 days after posting of the revisions unless otherwise stated. We may require that you accept modified Terms in order to continue to use the Services. If you do not agree to the modified Terms, then you should discontinue your use of the Services. Except as expressly permitted in this Section 10, these Terms may be amended only by a written agreement signed by authorized representatives of the parties to these Terms.
11. Term and Termination
11.1 Term
These Terms are effective beginning when you accept the Terms or first download, install, access, or use the Services, and ending when terminated as described in this Section.
11.2 Termination. These Services may terminated as follows:
Upon notice to support@roborafinancial.com by you that you wish to terminate;
Robora may, at its sole discretion, terminate the Services or your account on the Services, or suspend or terminate your access to the Services, at any time in our sole discretion, with or without notice, and without any liability to you arising from such termination; or
If you violate any provision of these Terms or terms of our Banking Partners, then your authorization to access the Services and these Terms automatically terminate.
Please note that currently there is a minimum monthly balance of $10,000 required for a New Bank Deposit Account, and falling below such limit may lead to account termination.
11.3 Effect of Termination
Once terminated, your license and access to your account or the Services ceases. You must pay Robora any unpaid amount that was due prior to termination and any funds remaining in your New Bank Deposit Account will be handled in accordance with applicable federal and state laws or in accordance with our Banking Partner and other third-party partner and service provider terms which have been provided to you. Any obligations and limitations under Sections 6, 7, this 11.3, 12, 13, 14, 15, and 16 shall survive termination. Since upon termination of your account, you may lose access rights to any information you provided to the Services, you are responsible for retaining copies of any information you provide to the Services.
12. Indemnity
YOU AGREE TO DEFEND, INDEMNIFY AND HOLD HARMLESS THE SERVICES-RELATED-PARTIES, THEIR AFFILIATES AND THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, CONTRACTORS, AGENTS, LICENSORS, SUPPLIERS, SUCCESSORS AND ASSIGNS FROM AND AGAINST ANY CLAIMS, LIABILITIES, DAMAGES, JUDGMENTS, AWARDS, LOSSES, COSTS, EXPENSES OR FEES (INCLUDING REASONABLE ATTORNEYS’ FEES) ARISING OUT OF OR RELATING TO YOUR VIOLATION OF THESE TERMS OR YOUR USE OF THE SERVICES, INCLUDING, BUT NOT LIMITED TO, ANY USE OF THE CONTENT, SERVICES AND PRODUCTS OTHER THAN AS EXPRESSLY AUTHORIZED IN THESE TERMS OR YOUR USE OF ANY INFORMATION OBTAINED FROM THE WEBSITE.
ADDITIONAL PROVISIONS REGARDING INDEMNIFICATION REGARDING OUR BANKING PARTNERS AND OTHER THIRD-PARTY PARTNERS AND SERVICE PROVIDERS ARE SET FORTH IN THE THIRD-PARTY TERMS, INCLUDING THE BANKING AGREEMENTS, WHICH HAVE BEEN PROVIDED TO YOU.
13. Disclaimers; No Warranties by Robora
ALL CONTENT PROVIDED THROUGH THE SERVICES IS PROVIDED TO YOU ON AN “AS IS”, “AS AVAILABLE” BASIS. ROBORA, ALL THIRD PARTIES, IF ANY, PROVIDING CONTENT, AND ALL THIRD PARTIES PROVIDING SUPPORT OR INFORMATION FOR THE SERVICES, INCLUDING, FOR THE AVOIDANCE OF DOUBT, THE APPLICABLE BANKING PARTNERS (COLLECTIVELY, “SERVICES-RELATED PARTIES”) HEREBY DISCLAIM ALL WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, STATUTORY OR OTHERWISE INCLUDING BUT NOT LIMITED TO THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. THE SERVICES-RELATED-PARTIES MAKE NO WARRANTY AS TO THE ACCURACY, COMPLETENESS, TIMELINESS, CORRECTNESS, OR RELIABILITY OF ANY CONTENT AVAILABLE THROUGH THE SERVICES. WITHOUT LIMITING THE FOREGOING, THE SERVICES-RELATED PARTIES SPECIFICALLY DO NOT REPRESENT OR WARRANT THAT ANY INFORMATION REGARDING PARTICULAR PLAN BENEFITS OR SCOPE OF COVERAGE IS ACCURATE OR COMPLETE. THE SERVICES-RELATED PARTIES MAKE NO REPRESENTATIONS OR WARRANTIES THAT USE OF THE SERVICES WILL BE UNINTERRUPTED OR ERROR-FREE, THAT DEFECTS WILL BE CORRECTED, OR THAT THE SERVICES OR THE TECHNOLOGY THAT MAKES IT AVAILABLE ARE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS. YOU ARE RESPONSIBLE FOR TAKING ALL PRECAUTIONS NECESSARY TO ENSURE THAT ANY CONTENT YOU MAY OBTAIN FROM THE SERVICES IS FREE OF VIRUSES AND ANY OTHER POTENTIALLY DESTRUCTIVE COMPUTER CODE.
YOU UNDERSTAND AND ACKNOWLEDGE THAT IN NO EVENT WILL ROBORA OR BANKING PARTNER BE OBLIGATED TO EFFECT ANY TRANSACTION IT BELIEVES WOULD VIOLATE ANY APPLICABLE LAW OR THAT IT OR A BANKING PARTNER BELIEVES TO BE FRAUDULENT OR UNAUTHORIZED.
APPLICABLE LIMITATIONS, EXCLUSIONS AND DISCLAIMERS REGARDING OUR BANKING PARTNERS AND OTHER THIRD-PARTY PARTNERS AND SERVICE PROVIDERS ARE SET FORTH IN THE THIRD-PARTY TERMS, INCLUDING THE BANKING AGREEMENTS, WHICH HAVE BEEN PROVIDED TO YOU.
Some states do not allow limitations on implied warranties, so one or more of the above limitations may not apply to you. Check your local laws for any restrictions or limitations regarding the exclusion of implied warranties.
14. Limitation of Liability
IN NO EVENT WILL THE ROBORA, ITS AFFILIATES, OFFICERS OR OTHER RELATED ENTITIES BE LIABLE TO YOU FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES (INCLUDING DAMAGES FOR INVESTMENT LOSSES, LOSS OF PROFITS, GOODWILL, OR ANY OTHER INTANGIBLE LOSS) ARISING OUT OF OR RELATING TO YOUR ACCESS TO OR USE OF, OR YOUR INABILITY TO ACCESS OR USE, THE SERVICES OR ANY MATERIALS OR CONTENT ON THE SERVICES, WHETHER BASED ON WARRANTY, CONTRACT, TORT (INCLUDING NEGLIGENCE), STATUTE, OR ANY OTHER LEGAL THEORY, AND WHETHER OR NOT ANY ROBORA ENTITY HAS BEEN INFORMED OF THE POSSIBILITY OF DAMAGE.
THE AGGREGATE LIABILITY OF THE ROBORA ENTITIES TO YOU FOR ALL CLAIMS ARISING OUT OF OR RELATING TO THE USE OF OR ANY INABILITY TO USE ANY PORTION OF THE SERVICES OR OTHERWISE UNDER THESE TERMS, WHETHER IN CONTRACT, TORT, OR OTHERWISE, IS LIMITED TO $100.
EACH PROVISION OF THESE TERMS THAT PROVIDES FOR A LIMITATION OF LIABILITY, DISCLAIMER OF WARRANTIES, OR EXCLUSION OF DAMAGES IS INTENDED TO AND DOES ALLOCATE THE RISKS BETWEEN THE PARTIES UNDER THESE TERMS. THIS ALLOCATION IS AN ESSENTIAL ELEMENT OF THE BASIS OF THE BARGAIN BETWEEN THE PARTIES. EACH OF THESE PROVISIONS IS SEVERABLE AND INDEPENDENT OF ALL OTHER PROVISIONS OF THESE TERMS. THE LIMITATIONS IN THIS SECTION WILL APPLY EVEN IF ANY LIMITED REMEDY FAILS OF ITS ESSENTIAL PURPOSE.
PROVISIONS REGARDING LIMITATIONS OF LIABILITY REGARDING OUR BANKING PARTNERS AND OTHER THIRD-PARTY PARTNERS AND SERVICE PROVIDERS ARE SET FORTH IN THE THIRD-PARTY TERMS WHICH HAVE BEEN PROVIDED TO YOU.
15. Dispute Resolution and Arbitration
YOU AND ROBORA ARE AGREEING TO GIVE UP ANY RIGHTS TO LITIGATE CLAIMS IN A COURT OR BEFORE A JURY, OR TO PARTICIPATE IN A CLASS ACTION OR REPRESENTATIVE ACTION WITH RESPECT TO A CLAIM. OTHER RIGHTS THAT YOU WOULD HAVE IF YOU WENT TO COURT MAY ALSO BE UNAVAILABLE OR MAY BE LIMITED IN ARBITRATION.
ANY CLAIM, DISPUTE OR CONTROVERSY (WHETHER IN CONTRACT, TORT OR OTHERWISE, WHETHER PRE-EXISTING, PRESENT OR FUTURE, AND INCLUDING STATUTORY, CONSUMER PROTECTION, COMMON LAW, INTENTIONAL TORT, INJUNCTIVE AND EQUITABLE CLAIMS) BETWEEN YOU AND US ARISING FROM OR RELATING IN ANY WAY TO THESE TERMS OR TO YOUR PURCHASE OF PRODUCTS OR SERVICES THROUGH THE WEBSITE (EACH A “CLAIM”), WILL BE RESOLVED EXCLUSIVELY AND FINALLY BY BINDING ARBITRATION.
The arbitration will be administered by the American Arbitration Association (“AAA”) in accordance with the Consumer Arbitration Rules (the “AAA Rules”) then in effect, except as modified by this Section. (The AAA Rules are available at www.adr.org/arb_med or by calling the AAA at 1-800-778-7879.) The Federal Arbitration Act will govern the interpretation and enforcement of this section.
The arbitrator’s decision in any such arbitration will be final and binding upon the parties and may be enforced in any court of competent jurisdiction. The parties agree that the arbitration will be kept confidential and that the existence of the proceeding and any element of it (including, without limitation, any pleadings, briefs or other documents submitted or exchanged and any testimony or other oral submissions and awards) will not be disclosed beyond the arbitration proceedings, except as may lawfully be required in judicial proceedings relating to the arbitration or by applicable disclosure rules and regulations of securities regulatory authorities or other governmental agencies.
If you demonstrate that the costs of arbitration will be prohibitive as compared to the costs of litigation, we will pay as much of the administrative costs and arbitrator’s fees required for the arbitration as the arbitrator deems necessary to prevent the cost of the arbitration from being prohibitive. In the final award, the arbitrator may apportion the costs of arbitration and the compensation of the arbitrator among the parties in such amounts as the arbitrator deems appropriate.
This arbitration agreement does not preclude you or us from seeking action by federal, state, or local government agencies. You and we also have the right to bring qualifying claims in small claims court. In addition, you and we retain the right to apply to any court of competent jurisdiction for provisional relief, including pre-arbitral attachments or preliminary injunctions, and any such request shall not be deemed incompatible with these Terms, nor a waiver of the right to have disputes submitted to arbitration as provided in these Terms.
Neither you nor we may act as a class representative or private attorney general, nor participate as a member of a class of claimants, with respect to any Claim. Claims may not be arbitrated on a class or representative basis. The arbitrator can decide only your and/or our individual Claims. The arbitrator may not consolidate or join the claims of other persons or parties who may be similarly situated.
If any provision of this Section is found to be invalid or unenforceable, then that specific provision shall be of no force and effect and shall be severed, but the remainder of this Section shall continue in full force and effect. No waiver of any provision of this Section of the Terms will be effective or enforceable unless recorded in a writing signed by the party waiving such a right or requirement. Such a waiver shall not waive or affect any other portion of these Terms. This Section of the Terms will survive the termination of your relationship with us.
THIS SECTION LIMITS CERTAIN RIGHTS, INCLUDING THE RIGHT TO MAINTAIN A COURT ACTION, THE RIGHT TO A JURY TRIAL, THE RIGHT TO PARTICIPATE IN ANY FORM OF CLASS OR REPRESENTATIVE CLAIM, THE RIGHT TO ENGAGE IN DISCOVERY EXCEPT AS PROVIDED IN AAA RULES, AND THE RIGHT TO CERTAIN REMEDIES AND FORMS OF RELIEF. OTHER RIGHTS THAT YOU OR WE WOULD HAVE IN COURT ALSO MAY NOT BE AVAILABLE IN ARBITRATION.
16. Miscellaneous
These Terms and all other agreements expressly incorporated by reference into these Terms, are the complete and sole agreement between you and Robora. You may not assign or transfer these Terms or your rights under these Terms, in whole or in part, by operation of law or otherwise, without our prior written consent. We may assign these Terms and all rights granted under these Terms, including with respect to your information, at any time without notice or consent. Use of Section headers in these Terms is for convenience only and will not have any impact on the interpretation of any provision. If any part of these Terms is held to be invalid or unenforceable, then the unenforceable part will be given effect to the greatest extent possible, and the remaining parts will remain in full force and effect.
16.1 Governing Law
These Terms are governed by the laws of the State of Delaware without regard to conflict of law principles. You and Robora submit to the personal and exclusive jurisdiction of the state courts and federal courts located within Delaware for resolution of any lawsuit or court proceeding permitted under these Terms.
16.2 Privacy Policy
Please read the Robora Privacy Policy at link (the “Privacy Policy”) carefully for information relating to our collection, use, storage, and disclosure of your personal information. The Robora Privacy Policy is incorporated by this reference into, and made a part of, these Terms.
16.3 Additional Terms
Your use of the Services is subject to all additional terms, policies, rules, or guidelines applicable to the Services or certain features of the Services that we may post on or link to from the Service, which are incorporated by this reference into, and made a part of, these Terms.
16.4 Contact Information.
The Services are offered by Robora Financial, LLC located at 1515 Mockingbird Ln., Suite 700, Charlotte, NC 28209. You may contact us by sending correspondence to that address or by emailing us at support@roborafinancial.com.
16.5 Notice to California Residents
If you are a California resident, then under California Civil Code Section 1789.3, you may contact the Complaint Assistance Unit of the Division of Consumer Services of the California Department of Consumer Affairs in writing at 1625 N. Market Blvd., Suite S-202, Sacramento, California 95834, or by telephone at +1-800-952-5210 in order to resolve a complaint regarding the Services or to receive further information regarding use of the Services.
Last updated: November 18, 2024
Thank you for your interest in Robora Financial, LLC (“Robora”, “we”, or “us”).
These Terms describe the rules of using our website (including www.roborafinancial.com) and related websites, applications, and other services, including those made available by our third-party partners (collectively, the “Services”).
PLEASE READ THE FOLLOWING TERMS CAREFULLY:
BY CLICKING “ACCEPT”, UTILIZING OR OTHERWISE ACCESSING THE SERVICES, YOU AGREE THAT YOU HAVE READ AND UNDERSTOOD, AND AS A CONDITION TO THE USE OF THE SERVICES, YOU AGREE TO BE BOUND BY THE FOLLOWING TERMS AND CONDITIONS, INCLUDING ROBORA’S PRIVACY POLICY (COLLECTIVELY, THE “TERMS”), AND THE APPLICABLE TERMS OF OUR BANKING PARTNERS WHO PROVIDE THE SERVICES IDENTIFIED IN SECTION 7 BELOW. IF YOU ARE ASSISTING ANOTHER TO USE THE SERVICES, IT IS LEGALLY BINDING TO BOTH YOU AND THE PARTY BEING ASSISTED.
If you do not agree to the Terms, or are not eligible, then you are not permitted to use the Services. These Terms may change at any time, and if so will be posted on our website or here. Each time you utilize the Services, it is your responsibility to review these Terms and, by continuing to use the Services, you consent to any changes to our Terms. You further acknowledge and agree that any activity on this website is subject to monitoring by Robora at any time, and that Robora may use the results of such monitoring without limitation, subject to applicable law. We may require that you accept modified Terms in order to continue to use the Services. If you do not agree to the modified Terms, then you should discontinue your use of the Services.
1. Services
Robora offers the ability to open a new bank account for interest earnings, to transfer funds, and other services and data when you open an account with us.
1.1 New Bank Deposit Account and Linking Accounts
When you open an account with Robora, Robora’s platform offers the ability to link a Prior Bank Account to a New Bank Deposit Account and earn interest returns in the New Bank Deposit Account. The “Prior Bank Account(s)” is an existing bank account you own or legally control, prior to opening an account with Robora, at your or your business’s banking institution. The “New Bank Deposit Account” is a deposit account with our banking partner or partners (“Banking Partner”). When you open a New Bank Deposit Account, the Prior Bank Account designated by you is linked to a New Bank Deposit Account either (a) held in your name in a deposit account with our Banking Partner or (b) held in your name in a deposit account with our Banking Partner, which sweeps those funds into deposit accounts across a network of FDIC-insured² banks (described more fully in Section 7 below).
You understand and agree that Robora restricts any transfer, wire or other transactions from your New Bank Deposit Account except transfers back to the linked Prior Bank Account. This limitation is designed in part as protection of misuse or fraudulent access to your funds.
You acknowledge that Robora is not a bank or deposit institution. The deposit account, and any banking services, are provided through our Banking Partners. Your account is subject to these Terms and the additional terms of the Banking Partner where your New Bank Deposit account is held. Additional banking terms are referenced below, under the section titled “Third-Party Banking Services.”
1.2 Analytics, Transfer Thresholds, Automation and Other Services
Robora also provides cash flow analytics and data, transaction history statements, and other services which may be offered in the future.
In linking your Prior Bank Account, you acknowledge and authorize Robora to access and analyze transaction data in your Prior Bank Account. Robora utilizes this data and analytics to provide the Services and provide information to you. Robora may make certain recommendations or suggestions based on the analytics for an amount or amounts to be deposited in your New Bank Deposit Account, either when registering for the Services or ongoing. Such recommendations or suggestions are for informational purposes only and you are exclusively responsible for decisions made regarding recommendations or suggestions, even if they contain errors or result in losses to you.
Additionally, you will be able to set and configure certain thresholds, preferences or specifications, including Sweep Limits. “Sweep Limits” are the balance amounts of the Prior Bank Account that triggers sweeps to or from the New Bank Deposit account. For illustrative purposes only, an upper Sweep Limit of $50,000 means if the Prior Bank Account balance is above $50,000 on a set date, funds in the Prior Bank Account above such limit are swept and transferred to the linked New Bank Deposit account, and a lower Sweep Limit of $40,000 means if the Prior Bank Account balance is below $40,000, funds in the New Bank Deposit Account (if available) are swept and transferred to the linked Prior Bank Account to increase the balance to $40,000. Robora may make certain recommendations or suggestions for such Sweep Limits. Robora also provides the ability for you to automate such transfers based on the Sweep Limits between the linked accounts. You are exclusively responsible for such settings or configurations, as well as the automation settings and transfers, regardless of any recommendations or suggestions by Robora, even if they contain errors or result in losses to you.
1.3 Devices and Internet Requirements
The Services require internet connectivity and other hardware (e.g. computer or mobile device) that you must provide. You acknowledge the internet can be unpredictable, unsecure and may impede access or performance. You acknowledge and agree that Robora is not responsible for internet connectivity, outages, or interference with your use of or access to the Services. You acknowledge and agree that Robora is not responsible for unsecure connections or security breaches from any device or internet connectivity you supply. You waive any and all claims against Robora and our Banking Partners in connection with the foregoing.
1.4 Error Reporting
If there are any errors, either by Robora or you, you agree to notify us immediately. Robora makes no representation in its ability to correct any errors. You agree to notify Robora by email at support@roborafinancial.com immediately of any loss or disclosure, whether voluntary or otherwise, of any account access credentials.
Robora offers the ability to open a new bank account for interest earnings, to transfer funds, and other services and data when you open an account with us.
1.1 New Bank Deposit Account and Linking Accounts
When you open an account with Robora, Robora’s platform offers the ability to link a Prior Bank Account to a New Bank Deposit Account and earn interest returns in the New Bank Deposit Account. The “Prior Bank Account(s)” is an existing bank account you own or legally control, prior to opening an account with Robora, at your or your business’s banking institution. The “New Bank Deposit Account” is a deposit account with our banking partner or partners (“Banking Partner”). When you open a New Bank Deposit Account, the Prior Bank Account designated by you is linked to a New Bank Deposit Account either (a) held in your name in a deposit account with our Banking Partner or (b) held in your name in a deposit account with our Banking Partner, which sweeps those funds into deposit accounts across a network of FDIC-insured² banks (described more fully in Section 7 below).
You understand and agree that Robora restricts any transfer, wire or other transactions from your New Bank Deposit Account except transfers back to the linked Prior Bank Account. This limitation is designed in part as protection of misuse or fraudulent access to your funds.
You acknowledge that Robora is not a bank or deposit institution. The deposit account, and any banking services, are provided through our Banking Partners. Your account is subject to these Terms and the additional terms of the Banking Partner where your New Bank Deposit account is held. Additional banking terms are referenced below, under the section titled “Third-Party Banking Services.”
1.2 Analytics, Transfer Thresholds, Automation and Other Services
Robora also provides cash flow analytics and data, transaction history statements, and other services which may be offered in the future.
In linking your Prior Bank Account, you acknowledge and authorize Robora to access and analyze transaction data in your Prior Bank Account. Robora utilizes this data and analytics to provide the Services and provide information to you. Robora may make certain recommendations or suggestions based on the analytics for an amount or amounts to be deposited in your New Bank Deposit Account, either when registering for the Services or ongoing. Such recommendations or suggestions are for informational purposes only and you are exclusively responsible for decisions made regarding recommendations or suggestions, even if they contain errors or result in losses to you.
Additionally, you will be able to set and configure certain thresholds, preferences or specifications, including Sweep Limits. “Sweep Limits” are the balance amounts of the Prior Bank Account that triggers sweeps to or from the New Bank Deposit account. For illustrative purposes only, an upper Sweep Limit of $50,000 means if the Prior Bank Account balance is above $50,000 on a set date, funds in the Prior Bank Account above such limit are swept and transferred to the linked New Bank Deposit account, and a lower Sweep Limit of $40,000 means if the Prior Bank Account balance is below $40,000, funds in the New Bank Deposit Account (if available) are swept and transferred to the linked Prior Bank Account to increase the balance to $40,000. Robora may make certain recommendations or suggestions for such Sweep Limits. Robora also provides the ability for you to automate such transfers based on the Sweep Limits between the linked accounts. You are exclusively responsible for such settings or configurations, as well as the automation settings and transfers, regardless of any recommendations or suggestions by Robora, even if they contain errors or result in losses to you.
1.3 Devices and Internet Requirements
The Services require internet connectivity and other hardware (e.g. computer or mobile device) that you must provide. You acknowledge the internet can be unpredictable, unsecure and may impede access or performance. You acknowledge and agree that Robora is not responsible for internet connectivity, outages, or interference with your use of or access to the Services. You acknowledge and agree that Robora is not responsible for unsecure connections or security breaches from any device or internet connectivity you supply. You waive any and all claims against Robora and our Banking Partners in connection with the foregoing.
1.4 Error Reporting
If there are any errors, either by Robora or you, you agree to notify us immediately. Robora makes no representation in its ability to correct any errors. You agree to notify Robora by email at support@roborafinancial.com immediately of any loss or disclosure, whether voluntary or otherwise, of any account access credentials.
2. Authorization of Funds Transfers
In accordance with these Terms, you may initiate the funds transfers from your New Bank Deposit Account to your Prior Bank Account, or vice versa. In acting on your instruction to transfer, you may be offered a choice of transmission (e.g. ACH or Wire), and such choice will be included in the transfer instruction to the Banking Partner; however, if determined reasonably necessary, we may use any means of transmission, funds transfer system, clearing house, or intermediary bank that we reasonably select.
All funds transfers are governed by the rules of the funds transfer system(s) through which the transfers are made, including Fedwire, the National Automated Clearing House Association, the Electronic Check Clearing House Organization, any regional association (each an “ACH”), the Clearing House Interbank Payments System (“CHIPS”), the Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) the RTP system (“RTP System”), or other funds transfer system. Instructions that contravene (or the results of such transfers) applicable law, including, without limitation, requirements of the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) and the Financial Crimes Enforcement Network (“FinCEN”) are not required to be honored by us or our Banking Partners.
3. Services Eligibility
By agreeing to these Terms, you represent and warrant that (a) you are at least 18 years old, (b) you are eligible for the Services, (c) your use of the Service is in compliance with any and all applicable laws and regulation, and (d) your use of the Services will not be for any fraudulent activity. If you are applying or using these Services on behalf of a business, organization or other entity or person, you represent and warrant that you are authorized to agree to these Terms on behalf of such entity or person and bind them and you to these Terms.
4. Accounts and Registration Information
We require identification of customers that open accounts or access the Services. Identification helps the authentication of you and/or your business and accounts, and ensures we and our third party partners comply with applicable laws, regulations and information reporting requirements, such as “know your customer” or “know your business”. The identification process requires some information to be provided to us about your and/or your business. This information may include your name, email address, phone number, social security number, company EIN, company ownership, or other contact information (“Account Information”).
4.1 Consent to Data
You hereby grant Robora an unrestricted, perpetual, irrevocable, non-exclusive, fully-paid, royalty-free right and license to use your Account Information and to provide the Account Information to our Banking Partners and our third party service providers as necessary to provide the Services and in accordance with the terms of our Privacy Policy. We also may obtain personal information from third parties in order to verify your identity, or to help prevent fraud. You hereby authorize us, Banking Partners, or a third-party service provider that we designate, to take any measures that we consider necessary to confirm the personal information you provide, verify and authenticate your personal information, and take any action we deem necessary based on the results. At any time, we may require you to provide us with additional personal information as a condition to your continued access to and use of your Robora account. During such time, your access to and use of your Robora account may be temporarily restricted. You agree that the information you provide to us is accurate, complete, and not misleading, and that you will keep it accurate and up to date at all times, and if it contains information of a business or other parties, you represent you have the authority to provide such information.
4.2 Private Access Responsibility
After you register for a Robora account, you will have private access to the Services. For example, when you register, you will be asked to create a password. You are responsible for the use of the account and exclusive, confidential use of the access credentials. You agree to accept responsibility for all activities that occur under your account. If you believe that your Robora account is no longer secure, then you should immediately notify us at support@roborafinancial.com
5. Pricing, Fees and Payment Terms
One of our goals is to strive to be transparent and clear on pricing and any fees. This section discusses these items, but the details are outlined at Pricing and incorporated herein by reference. Please review those details, which include the following items:
Pricing: This is the interest rate earned on deposits held in the New Bank Deposit Account.
Account Fees: Currently there are no mandatory monthly fees.
Transaction Fees: Currently there are no fees for ACH transfers, but wires could incur a fee.
The interest is calculated on a 365 day basis, compounded daily and paid monthly at the rates indicated on the Pricing daily based on the account balance for such day's ending balance.
All fees are in U.S. Dollars and are non-refundable unless otherwise specifically provided for in these Terms, and fees are deducted directly from either your Prior Bank Account or New Bank Deposit Account as authorized herein.
Robora reserves the right to determine Pricing, Account Fees, Transaction Fees, and other fees, and reserves the right to change these terms from time to time, for the Services. Robora will make reasonable efforts to keep all current pricing and fees related to the Services on the Robora website up to date. If you are an existing Robora account holder, Robora may change the pricing and fees for any features of the Services, or additional charges, with advance notice of changes before they apply.
5.1 Account Pricing and Earnings
The Services includes the ability to earn yield on the balance amount in a New Bank Deposit Account with one of our Banking Partners. You acknowledge and agree that the Banking Partner and Robora establish the interest rate for such earnings which will be set forth on our rate sheet at the link above or otherwise communicated to you in writing. Robora reserves the right to amend the yield rate by posting new yield rates on Robora’s website or in the account; such changes shall take effect immediately on that day forward. You acknowledge Robora and Banking Partners may earn fees on certain deposits.
Within 10 days after the end of each month, subject to any non-workdays, the yield for the relevant month will be paid to the user by crediting the amount to the user's account.
5.2 Account Fees, Other Fees
Without limiting the prior section, and while it is subject to change, currently there are no monthly fees. There may be additional fees, such as for wire transfers, which are collected when incurred, and referenced in the link provided above.
5.3 Authorization of Charges and Collection
Robora charges and collects any such fees by way of debit either on your New Bank Deposit Account or your Prior Bank Account. You hereby authorize Robora to deduct or draft any fees after you open your New Bank Deposit Account, from either (a) your New Bank Deposit Account to collect any fees due per these Terms, or (b) your Prior Bank Account.
5. Pricing, Fees and Payment Terms
One of our goals is to strive to be transparent and clear on pricing and any fees. This section discusses these items, but the details are outlined at Pricing and incorporated herein by reference. Please review those details, which include the following items:
Pricing: This is the interest rate earned on deposits held in the New Bank Deposit Account.
Account Fees: Currently there are no mandatory monthly fees.
Transaction Fees: Currently there are no fees for ACH transfers, but wires could incur a fee.
The interest is calculated on a 365 day basis, compounded daily and paid monthly at the rates indicated on the Pricing daily based on the account balance for such day's ending balance.
All fees are in U.S. Dollars and are non-refundable unless otherwise specifically provided for in these Terms, and fees are deducted directly from either your Prior Bank Account or New Bank Deposit Account as authorized herein.
Robora reserves the right to determine Pricing, Account Fees, Transaction Fees, and other fees, and reserves the right to change these terms from time to time, for the Services. Robora will make reasonable efforts to keep all current pricing and fees related to the Services on the Robora website up to date. If you are an existing Robora account holder, Robora may change the pricing and fees for any features of the Services, or additional charges, with advance notice of changes before they apply.
5.1 Account Pricing and Earnings
The Services includes the ability to earn yield on the balance amount in a New Bank Deposit Account with one of our Banking Partners. You acknowledge and agree that the Banking Partner and Robora establish the interest rate for such earnings which will be set forth on our rate sheet at the link above or otherwise communicated to you in writing. Robora reserves the right to amend the yield rate by posting new yield rates on Robora’s website or in the account; such changes shall take effect immediately on that day forward. You acknowledge Robora and Banking Partners may earn fees on certain deposits.
Within 10 days after the end of each month, subject to any non-workdays, the yield for the relevant month will be paid to the user by crediting the amount to the user's account.
5.2 Account Fees, Other Fees
Without limiting the prior section, and while it is subject to change, currently there are no monthly fees. There may be additional fees, such as for wire transfers, which are collected when incurred, and referenced in the link provided above.
5.3 Authorization of Charges and Collection
Robora charges and collects any such fees by way of debit either on your New Bank Deposit Account or your Prior Bank Account. You hereby authorize Robora to deduct or draft any fees after you open your New Bank Deposit Account, from either (a) your New Bank Deposit Account to collect any fees due per these Terms, or (b) your Prior Bank Account.
6. Licenses
Robora grants you, solely for your individual or your business’s individual use (and not for any commercialization of the Services by you), a limited, non-exclusive, non-transferable, non-sublicensable, revocable license to access and use the Services. All rights, title and interest in and to the Services and all intellectual property rights, including all copyright, trademark, patent and trade secret rights therein shall remain with Robora and our licensors and vendors, and no ownership interest is transferred to you or any other entity by virtue of making the content available through the Services, granting the foregoing licenses or entering into this Agreement. If you are prohibited under applicable law from using the Services, then you may not use them.
7. Third-Party Banking Services
You understand and acknowledge that when you open your New Bank Deposit Account (a) a deposit account will be opened at a Banking Partner used by Robora from time to time, and (b) any funds you deposit or transfer are to a deposit account at the Banking Partner under the Services, and will be executed by methods allowed by the Banking Partner. You acknowledge and agree that any funds you deposit are not held by Robora and that Robora is not a bank. You further acknowledge that Robora may be compensated by a Banking Partner for deposits in your New Bank Deposit Account, either in fees or percentage of rate, in excess of what you earn. These potential fees or rates can have an impact on the rate you receive and are mutually set by Robora and Banking Partner.
7.1 Banking Partner and Agreements
When you open an account with Robora and/or your New Bank Deposit Account, you are also agreeing to separate agreements and terms and conditions of the Banking Partner. You acknowledge that you have reviewed and hereby agree to each of the Banking Partner Agreements (defined below) with the Banking Partner, each being provided below.
OMB Bank (“OMB”) is our current Banking Partner and OMB, and any future Banking Partner, is a third-party beneficiary to these Terms for purposes of enforcing their respective account, service and program terms listed below.
OMB Banking Partner Agreements
When you open a New Bank Deposit Account, it will be with OMB, which either holds or sweeps the funds to a network of FDIC insured banks. Please review below the agreements for OMB (each a “Banking Agreement”)
If there is inconsistency between these Terms and a Banking Agreement, the Banking Agreement shall be controlling to the extent of such inconsistency.
7.2 FDIC Insurance² with Banking Partner/Sweep Program
You understand and acknowledge that any funds you deposit (i.e. deposited in your New Bank Deposit Account(s)) are not held by Robora but are deposited directly to our Banking Partner, which are held by the Banking Partner or swept to a network of FDIC chartered banks (as described in (b) below). Given the funds may be held at OMB or swept to a network of chartered banks, you acknowledge that you have read and understand the following:
FDIC Insurance²: The maximum amount of FDIC insurance² coverage for funds on deposit in your account at a Banking Partner is up to the FDIC’s standard maximum deposit insurance amount, which is currently $250,000, per legal category of account ownership at the applicable bank (“SMDIA”). Your balances at a Banking Partner may exceed the SMDIA. You are solely responsible for making any necessary arrangements to protect your excess balances consistent with applicable law. If you hold any funds at a Banking Partner outside of the Services (including any other balances you may hold at that Banking Partner directly or indirectly through other intermediaries, including broker-dealers), when combined with your deposits held at that Banking Partner through the Services, the total amount of your deposits at that Bank could exceed the SMDIA for an ownership capacity or category, and those excess funds will not be FDIC insured². For additional information regarding FDIC deposit insurance, please visit https://www.fdic.gov/resources/deposit-insurance/.
Your funds may be placed under OMB’s ICS Deposit Placement Agreement (“OMB ICS Deposit Placement Program”) if they are below, at, or above the SMDIA. However, if your funds exceed the standard SMDIA, your funds will be swept into the OMB ICS Deposit Placement Program. Under the OMB ICS Deposit Placement Program, your funds are transferred from your deposit account at OMB to accounts at one or more other FDIC-insured or National Credit Union Share Insurance Fund (“NCUSIF”) insured credit unions, in order to provide expanded levels of FDIC or NCUSIF insurance coverage on your funds. Your funds are protected in excess of the SMDIA limit in aggregate through the sweep network of OMB, such amount subject to change at any time. You are also acknowledging that you have reviewed and hereby agree to the separate account and OMB ICS Deposit Placement Agreement as set forth in section 7.1 above. Please review the OMB ICS Deposit Placement Program Terms carefully as these contain material legal and risk disclosures and additional terms and conditions regarding your participation in the OMB ICS Deposit Placement Program.
The OMB ICS Deposit Placement Program is offered to you by Robora and OMB and is administered by a third party service provider (“Administrator”). OMB is a participating institution in the OMB ICS Deposit Placement Program. The Administrator provides administrative and record keeping services to Robora and OMB with respect to the OMB ICS Deposit Placement Program, and acts as OMB’s agent with respect to the OMB ICS Deposit Placement Program. The Administrator’s services are provided to Robora and OMB under, and subject to, written agreements entered into with Robora and OMB, and no representations or warranties, express or implied, are provided by the Administrator or any of its affiliates, except as expressly set forth in those written agreements. Limits apply and customer eligibility criteria may apply.
By participating in the OMB ICS Deposit Placement Program, you appoint OMB as your agent for purposes of the OMB ICS Deposit Placement Program, including to establish and maintain accounts at OMB ICS Deposit Placement Program Receiving Institutions (as defined below) and to transfer all or any of the funds in your account at OMB to deposits account at one or more insured depository institutions at which deposits are insured by the FDIC up to the SMDIA limit (a “Bank Receiving Institution”), or a share account at a credit union at which share accounts are insured by the NCUSIF (administered by the National Credit Union Administration (“NCUA”)) up to the NCUSIF insurance limit of, currently, $250,000 (a “Credit Union Receiving Institution”; together with a Bank Receiving Institution, a “OMB ICS Deposit Placement Program Receiving Institution”). A share account, which is offered by credit unions, is similar to a deposit account, which is offered by insured depository institutions; however, there are important differences between share accounts and deposit accounts. Please refer to the separate OMB ICS Deposit Placement Program Terms linked above for more information about these differences.
If you are otherwise subject to restrictions or requirements on placement of your funds, you are solely responsible for determining whether your use of the OMB ICS Deposit Placement Program satisfies those restrictions or requirements. You may opt-out of placing funds at a particular bank or credit union by selecting the “Opt Out” option within the online Robora dashboard. Click here for a list of the banks and savings associations with which Robora and OMB Bank has a direct or indirect business relationship for the placement of deposits under the OMB ICS Deposit Placement Program, and into which you may place deposits (subject to these Terms and the OMB ICS Deposit Placement Program’s Terms and any opt-outs by you).
7.3 Change of Banking Partner
Robora reserves the right, at any time in our sole discretion, to add, change, or remove a Banking Partner. If you have a New Bank Deposit Account with a Banking Partner that is removed, you will be notified and the funds in the New Bank Deposit Account shall be returned to your linked Prior Bank Account. However, you hereby authorize Robora to link the Prior Bank Account to a new Banking Partner, with notice thereafter to you.
You understand and acknowledge that when you open your New Bank Deposit Account (a) a deposit account will be opened at a Banking Partner used by Robora from time to time, and (b) any funds you deposit or transfer are to a deposit account at the Banking Partner under the Services, and will be executed by methods allowed by the Banking Partner. You acknowledge and agree that any funds you deposit are not held by Robora and that Robora is not a bank. You further acknowledge that Robora may be compensated by a Banking Partner for deposits in your New Bank Deposit Account, either in fees or percentage of rate, in excess of what you earn. These potential fees or rates can have an impact on the rate you receive and are mutually set by Robora and Banking Partner.
7.1 Banking Partner and Agreements
When you open an account with Robora and/or your New Bank Deposit Account, you are also agreeing to separate agreements and terms and conditions of the Banking Partner. You acknowledge that you have reviewed and hereby agree to each of the Banking Partner Agreements (defined below) with the Banking Partner, each being provided below.
OMB Bank (“OMB”) is our current Banking Partner and OMB, and any future Banking Partner, is a third-party beneficiary to these Terms for purposes of enforcing their respective account, service and program terms listed below.
OMB Banking Partner Agreements
When you open a New Bank Deposit Account, it will be with OMB, which either holds or sweeps the funds to a network of FDIC insured banks. Please review below the agreements for OMB (each a “Banking Agreement”)
If there is inconsistency between these Terms and a Banking Agreement, the Banking Agreement shall be controlling to the extent of such inconsistency.
7.2 FDIC Insurance² with Banking Partner/Sweep Program
You understand and acknowledge that any funds you deposit (i.e. deposited in your New Bank Deposit Account(s)) are not held by Robora but are deposited directly to our Banking Partner, which are held by the Banking Partner or swept to a network of FDIC chartered banks (as described in (b) below). Given the funds may be held at TCB or swept to a network of chartered banks, you acknowledge that you have read and understand the following:
FDIC Insurance²: The maximum amount of FDIC insurance² coverage for funds on deposit in your account at a Banking Partner is up to the FDIC’s standard maximum deposit insurance amount, which is currently $250,000, per legal category of account ownership at the applicable bank (“SMDIA”). Your balances at a Banking Partner may exceed the SMDIA. You are solely responsible for making any necessary arrangements to protect your excess balances consistent with applicable law. If you hold any funds at a Banking Partner outside of the Services (including any other balances you may hold at that Banking Partner directly or indirectly through other intermediaries, including broker-dealers), when combined with your deposits held at that Banking Partner through the Services, the total amount of your deposits at that Bank could exceed the SMDIA for an ownership capacity or category, and those excess funds will not be FDIC insured². For additional information regarding FDIC deposit insurance, please visit https://www.fdic.gov/resources/deposit-insurance/
Your funds may be placed under OMB’s ICS Deposit Placement Agreement (“OMB ICS Deposit Placement Program”) if they are below, at, or above the SMDIA. However, if your funds exceed the standard SMDIA, your funds will be swept into the OMB ICS Deposit Placement Program. Under the OMB ICS Deposit Placement Program, your funds are transferred from your deposit account at OMB to accounts at one or more other FDIC-insured or National Credit Union Share Insurance Fund (“NCUSIF”) insured credit unions, in order to provide expanded levels of FDIC or NCUSIF insurance coverage on your funds. Your funds are protected in excess of the SMDIA limit in aggregate through the sweep network of OMB, such amount subject to change at any time. You are also acknowledging that you have reviewed and hereby agree to the separate account and OMB ICS Deposit Placement Agreement as set forth in section 7.1 above. Please review the OMB ICS Deposit Placement Program Terms carefully as these contain material legal and risk disclosures and additional terms and conditions regarding your participation in the OMB ICS Deposit Placement Program.
The OMB ICS Deposit Placement Program is offered to you by Robora and OMB and is administered by a third party service provider (“Administrator”). OMB is a participating institution in the OMB ICS Deposit Placement Program. The Administrator provides administrative and record keeping services to Robora and OMB with respect to the OMB ICS Deposit Placement Program, and acts as OMB’s agent with respect to the OMB ICS Deposit Placement Program. The Administrator’s services are provided to Robora and OMB under, and subject to, written agreements entered into with Robora and OMB, and no representations or warranties, express or implied, are provided by the Administrator or any of its affiliates, except as expressly set forth in those written agreements. Limits apply and customer eligibility criteria may apply.
By participating in the OMB ICS Deposit Placement Program, you appoint OMB as your agent for purposes of the OMB ICS Deposit Placement Program, including to establish and maintain accounts at OMB ICS Deposit Placement Program Receiving Institutions (as defined below) and to transfer all or any of the funds in your account at OMB to deposits account at one or more insured depository institutions at which deposits are insured by the FDIC up to the SMDIA limit (a “Bank Receiving Institution”), or a share account at a credit union at which share accounts are insured by the NCUSIF (administered by the National Credit Union Administration (“NCUA”)) up to the NCUSIF insurance limit of, currently, $250,000 (a “Credit Union Receiving Institution”; together with a Bank Receiving Institution, a “OMB ICS Deposit Placement Program Receiving Institution”). A share account, which is offered by credit unions, is similar to a deposit account, which is offered by insured depository institutions; however, there are important differences between share accounts and deposit accounts. Please refer to the separate OMB ICS Deposit Placement Program Terms linked above for more information about these differences.
If you are otherwise subject to restrictions or requirements on placement of your funds, you are solely responsible for determining whether your use of the OMB ICS Deposit Placement Program satisfies those restrictions or requirements. You may opt-out of placing funds at a particular bank or credit union by selecting the “Opt Out” option within the online Robora dashboard. Click here for a list of the banks and savings associations with which Robora and OMB Bank has a direct or indirect business relationship for the placement of deposits under the OMB ICS Deposit Placement Program, and into which you may place deposits (subject to these Terms and the OMB ICS Deposit Placement Program’s Terms and any opt-outs by you).
7.3 Change of Banking Partner
Robora reserves the right, at any time in our sole discretion, to add, change, or remove a Banking Partner. If you have a New Bank Deposit Account with a Banking Partner that is removed, you will be notified and the funds in the New Bank Deposit Account shall be returned to your linked Prior Bank Account. However, you hereby authorize Robora to link the Prior Bank Account to a new Banking Partner, with notice thereafter to you.
8. Communications
8.1 Phone, Texting and other Messaging
You agree that Robora and any third party operating for Robora may call or send you text (SMS) messages at the phone number you provided, and message you through other applications which you may separately consent to for the Services. Calls and text messages may be for Services related or other purposes, and may be sent using an automatic telephone dialing system.
IF YOU WISH TO OPT OUT OF TEXT MESSAGES FROM ROBORA, YOU CAN EMAIL support@roborafinancial.com OR TEXT THE WORD “STOP” TO THE NUMBER FROM WHICH YOU ARE RECEIVING THE MESSAGES. You may continue to receive calls and text messages for a short period while we process your request, including a message confirming the receipt of your opt-out request. Your agreement to receive marketing calls and texts is not a condition of any purchase on or use of the Services.
8.2 Email
We may send you emails concerning our products and services, as well as those of third parties. You may opt out of promotional emails by following the unsubscribe instructions in the promotional email itself.
8.1 Phone, Texting and other Messaging
You agree that Robora and any third party operating for Robora may call or send you text (SMS) messages at the phone number you provided, and message you through other applications which you may separately consent to for the Services. Calls and text messages may be for Services related or other purposes, and may be sent using an automatic telephone dialing system.
IF YOU WISH TO OPT OUT OF TEXT MESSAGES FROM ROBORA, YOU CAN EMAIL support@roborafinancial.com OR TEXT THE WORD “STOP” TO THE NUMBER FROM WHICH YOU ARE RECEIVING THE MESSAGES. You may continue to receive calls and text messages for a short period while we process your request, including a message confirming the receipt of your opt-out request. Your agreement to receive marketing calls and texts is not a condition of any purchase on or use of the Services.
8.2 Email
We may send you emails concerning our products and services, as well as those of third parties. You may opt out of promotional emails by following the unsubscribe instructions in the promotional email itself.
9. Prohibited Content
YOU SHALL NOT AND SHALL NOT PERMIT ANY THIRD PARTY TO USE THE SERVICES EXCEPT AS PERMITTED TO, AND SPECIFICALLY YOU SHALL NOT AND SHALL NOT PERMIT ANY THIRD PARTY TO:
Use the Services illegally or in violation of any local, state, national, or international law;
Permit any party to access or use the Services other than your personnel authorized under these Terms;
Commit fraudulent activity (including using a false identity or misrepresenting your identify or using another affiliation or identity), falsifying your information, age or date of birth, or accessing the Services improperly;
Violate any right of a third party, including by infringing or misappropriating any third-party intellectual property right;
Use of any engine, software, tool, agent, device, or mechanism (including spiders, robots, crawlers, and data mining tools) other than the software or search agents to access any Services or information provided by Robora;
Except as expressly permitted by law, interfere with security features of the Services, including: (i) disabling or circumventing features that prevent or limit use, printing or copying of any content; or (ii) reverse engineering or otherwise attempting to discover the source code of any portion of the Services;
Interfere with the function or operation of the Services or any user’s enjoyment of the Services, including by: (i) uploading or otherwise disseminating any virus, adware, spyware, worm, or other malicious code; (ii) collecting personal information about another user or third party without consent; or (iii) interfering with or disrupting any network, equipment, or server connected to or used to provide the Services; or
Attempt to do any of the acts described in this Section 9 or assist or permit or instruct any person in engaging in any of the acts described in this Section 9.
YOU SHALL NOT AND SHALL NOT PERMIT ANY THIRD PARTY TO USE THE SERVICES EXCEPT AS PERMITTED TO, AND SPECIFICALLY YOU SHALL NOT AND SHALL NOT PERMIT ANY THIRD PARTY TO:
Use the Services illegally or in violation of any local, state, national, or international law;
Permit any party to access or use the Services other than your personnel authorized under these Terms;
Commit fraudulent activity (including using a false identity or misrepresenting your identify or using another affiliation or identity), falsifying your information, age or date of birth, or accessing the Services improperly;
Violate any right of a third party, including by infringing or misappropriating any third-party intellectual property right;
Use of any engine, software, tool, agent, device, or mechanism (including spiders, robots, crawlers, and data mining tools) other than the software or search agents to access any Services or information provided by Robora;
Except as expressly permitted by law, interfere with security features of the Services, including: (i) disabling or circumventing features that prevent or limit use, printing or copying of any content; or (ii) reverse engineering or otherwise attempting to discover the source code of any portion of the Services;
Interfere with the function or operation of the Services or any user’s enjoyment of the Services, including by: (i) uploading or otherwise disseminating any virus, adware, spyware, worm, or other malicious code; (ii) collecting personal information about another user or third party without consent; or (iii) interfering with or disrupting any network, equipment, or server connected to or used to provide the Services; or
Attempt to do any of the acts described in this Section 9 or assist or permit or instruct any person in engaging in any of the acts described in this Section 9.
10. Changes or Modifications to Terms
These Terms may, from time to time, change. It is your responsibility to check these Terms periodically for changes. Revisions will be effective immediately except that, for existing users, material revisions (such as a material increase in fees, a material increase of liability for users, material changes to the types of electronic fund transfers available on the Services, or materially stricter limitations on the frequency or dollar amount of transfers), will be effective after prior notice to you or 30 days after posting of the revisions unless otherwise stated. We may require that you accept modified Terms in order to continue to use the Services. If you do not agree to the modified Terms, then you should discontinue your use of the Services. Except as expressly permitted in this Section 10, these Terms may be amended only by a written agreement signed by authorized representatives of the parties to these Terms.
11. Term and Termination
11.1 Term
These Terms are effective beginning when you accept the Terms or first download, install, access, or use the Services, and ending when terminated as described in this Section.
11.2 Termination. These Services may terminated as follows:
Upon notice to support@roborafinancial.com by you that you wish to terminate;
Robora may, at its sole discretion, terminate the Services or your account on the Services, or suspend or terminate your access to the Services, at any time in our sole discretion, with or without notice, and without any liability to you arising from such termination; or
If you violate any provision of these Terms or terms of our Banking Partners, then your authorization to access the Services and these Terms automatically terminate.
Please note that currently there is a minimum monthly balance of $10,000 required for a New Bank Deposit Account, and falling below such limit may lead to account termination.
11.3 Effect of Termination
Once terminated, your license and access to your account or the Services ceases. You must pay Robora any unpaid amount that was due prior to termination and any funds remaining in your New Bank Deposit Account will be handled in accordance with applicable federal and state laws or in accordance with our Banking Partner and other third-party partner and service provider terms which have been provided to you. Any obligations and limitations under Sections 6, 7, this 11.3, 12, 13, 14, 15, and 16 shall survive termination. Since upon termination of your account, you may lose access rights to any information you provided to the Services, you are responsible for retaining copies of any information you provide to the Services.
11.1 Term
These Terms are effective beginning when you accept the Terms or first download, install, access, or use the Services, and ending when terminated as described in this Section.
11.2 Termination. These Services may terminated as follows:
Upon notice to support@roborafinancial.com by you that you wish to terminate;
Robora may, at its sole discretion, terminate the Services or your account on the Services, or suspend or terminate your access to the Services, at any time in our sole discretion, with or without notice, and without any liability to you arising from such termination; or
If you violate any provision of these Terms or terms of our Banking Partners, then your authorization to access the Services and these Terms automatically terminate.
Please note that currently there is a minimum monthly balance of $10,000 required for a New Bank Deposit Account, and falling below such limit may lead to account termination.
11.3 Effect of Termination
Once terminated, your license and access to your account or the Services ceases. You must pay Robora any unpaid amount that was due prior to termination and any funds remaining in your New Bank Deposit Account will be handled in accordance with applicable federal and state laws or in accordance with our Banking Partner and other third-party partner and service provider terms which have been provided to you. Any obligations and limitations under Sections 6, 7, this 11.3, 12, 13, 14, 15, and 16 shall survive termination. Since upon termination of your account, you may lose access rights to any information you provided to the Services, you are responsible for retaining copies of any information you provide to the Services.
12. Indemnity
YOU AGREE TO DEFEND, INDEMNIFY AND HOLD HARMLESS THE SERVICES-RELATED-PARTIES, THEIR AFFILIATES AND THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, CONTRACTORS, AGENTS, LICENSORS, SUPPLIERS, SUCCESSORS AND ASSIGNS FROM AND AGAINST ANY CLAIMS, LIABILITIES, DAMAGES, JUDGMENTS, AWARDS, LOSSES, COSTS, EXPENSES OR FEES (INCLUDING REASONABLE ATTORNEYS’ FEES) ARISING OUT OF OR RELATING TO YOUR VIOLATION OF THESE TERMS OR YOUR USE OF THE SERVICES, INCLUDING, BUT NOT LIMITED TO, ANY USE OF THE CONTENT, SERVICES AND PRODUCTS OTHER THAN AS EXPRESSLY AUTHORIZED IN THESE TERMS OR YOUR USE OF ANY INFORMATION OBTAINED FROM THE WEBSITE.
ADDITIONAL PROVISIONS REGARDING INDEMNIFICATION REGARDING OUR BANKING PARTNERS AND OTHER THIRD-PARTY PARTNERS AND SERVICE PROVIDERS ARE SET FORTH IN THE THIRD-PARTY TERMS, INCLUDING THE BANKING AGREEMENTS, WHICH HAVE BEEN PROVIDED TO YOU.
13. Disclaimers; No Warranties by Robora
ALL CONTENT PROVIDED THROUGH THE SERVICES IS PROVIDED TO YOU ON AN “AS IS”, “AS AVAILABLE” BASIS. ROBORA, ALL THIRD PARTIES, IF ANY, PROVIDING CONTENT, AND ALL THIRD PARTIES PROVIDING SUPPORT OR INFORMATION FOR THE SERVICES, INCLUDING, FOR THE AVOIDANCE OF DOUBT, THE APPLICABLE BANKING PARTNERS (COLLECTIVELY, “SERVICES-RELATED PARTIES”) HEREBY DISCLAIM ALL WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, STATUTORY OR OTHERWISE INCLUDING BUT NOT LIMITED TO THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. THE SERVICES-RELATED-PARTIES MAKE NO WARRANTY AS TO THE ACCURACY, COMPLETENESS, TIMELINESS, CORRECTNESS, OR RELIABILITY OF ANY CONTENT AVAILABLE THROUGH THE SERVICES. WITHOUT LIMITING THE FOREGOING, THE SERVICES-RELATED PARTIES SPECIFICALLY DO NOT REPRESENT OR WARRANT THAT ANY INFORMATION REGARDING PARTICULAR PLAN BENEFITS OR SCOPE OF COVERAGE IS ACCURATE OR COMPLETE. THE SERVICES-RELATED PARTIES MAKE NO REPRESENTATIONS OR WARRANTIES THAT USE OF THE SERVICES WILL BE UNINTERRUPTED OR ERROR-FREE, THAT DEFECTS WILL BE CORRECTED, OR THAT THE SERVICES OR THE TECHNOLOGY THAT MAKES IT AVAILABLE ARE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS. YOU ARE RESPONSIBLE FOR TAKING ALL PRECAUTIONS NECESSARY TO ENSURE THAT ANY CONTENT YOU MAY OBTAIN FROM THE SERVICES IS FREE OF VIRUSES AND ANY OTHER POTENTIALLY DESTRUCTIVE COMPUTER CODE.
YOU UNDERSTAND AND ACKNOWLEDGE THAT IN NO EVENT WILL ROBORA OR BANKING PARTNER BE OBLIGATED TO EFFECT ANY TRANSACTION IT BELIEVES WOULD VIOLATE ANY APPLICABLE LAW OR THAT IT OR A BANKING PARTNER BELIEVES TO BE FRAUDULENT OR UNAUTHORIZED.
APPLICABLE LIMITATIONS, EXCLUSIONS AND DISCLAIMERS REGARDING OUR BANKING PARTNERS AND OTHER THIRD-PARTY PARTNERS AND SERVICE PROVIDERS ARE SET FORTH IN THE THIRD-PARTY TERMS, INCLUDING THE BANKING AGREEMENTS, WHICH HAVE BEEN PROVIDED TO YOU.
Some states do not allow limitations on implied warranties, so one or more of the above limitations may not apply to you. Check your local laws for any restrictions or limitations regarding the exclusion of implied warranties.
14. Limitation of Liability
IN NO EVENT WILL THE ROBORA, ITS AFFILIATES, OFFICERS OR OTHER RELATED ENTITIES BE LIABLE TO YOU FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES (INCLUDING DAMAGES FOR INVESTMENT LOSSES, LOSS OF PROFITS, GOODWILL, OR ANY OTHER INTANGIBLE LOSS) ARISING OUT OF OR RELATING TO YOUR ACCESS TO OR USE OF, OR YOUR INABILITY TO ACCESS OR USE, THE SERVICES OR ANY MATERIALS OR CONTENT ON THE SERVICES, WHETHER BASED ON WARRANTY, CONTRACT, TORT (INCLUDING NEGLIGENCE), STATUTE, OR ANY OTHER LEGAL THEORY, AND WHETHER OR NOT ANY ROBORA ENTITY HAS BEEN INFORMED OF THE POSSIBILITY OF DAMAGE.
THE AGGREGATE LIABILITY OF THE ROBORA ENTITIES TO YOU FOR ALL CLAIMS ARISING OUT OF OR RELATING TO THE USE OF OR ANY INABILITY TO USE ANY PORTION OF THE SERVICES OR OTHERWISE UNDER THESE TERMS, WHETHER IN CONTRACT, TORT, OR OTHERWISE, IS LIMITED TO $100.
EACH PROVISION OF THESE TERMS THAT PROVIDES FOR A LIMITATION OF LIABILITY, DISCLAIMER OF WARRANTIES, OR EXCLUSION OF DAMAGES IS INTENDED TO AND DOES ALLOCATE THE RISKS BETWEEN THE PARTIES UNDER THESE TERMS. THIS ALLOCATION IS AN ESSENTIAL ELEMENT OF THE BASIS OF THE BARGAIN BETWEEN THE PARTIES. EACH OF THESE PROVISIONS IS SEVERABLE AND INDEPENDENT OF ALL OTHER PROVISIONS OF THESE TERMS. THE LIMITATIONS IN THIS SECTION WILL APPLY EVEN IF ANY LIMITED REMEDY FAILS OF ITS ESSENTIAL PURPOSE.
PROVISIONS REGARDING LIMITATIONS OF LIABILITY REGARDING OUR BANKING PARTNERS AND OTHER THIRD-PARTY PARTNERS AND SERVICE PROVIDERS ARE SET FORTH IN THE THIRD-PARTY TERMS WHICH HAVE BEEN PROVIDED TO YOU.
15. Dispute Resolution and Arbitration
YOU AND ROBORA ARE AGREEING TO GIVE UP ANY RIGHTS TO LITIGATE CLAIMS IN A COURT OR BEFORE A JURY, OR TO PARTICIPATE IN A CLASS ACTION OR REPRESENTATIVE ACTION WITH RESPECT TO A CLAIM. OTHER RIGHTS THAT YOU WOULD HAVE IF YOU WENT TO COURT MAY ALSO BE UNAVAILABLE OR MAY BE LIMITED IN ARBITRATION.
ANY CLAIM, DISPUTE OR CONTROVERSY (WHETHER IN CONTRACT, TORT OR OTHERWISE, WHETHER PRE-EXISTING, PRESENT OR FUTURE, AND INCLUDING STATUTORY, CONSUMER PROTECTION, COMMON LAW, INTENTIONAL TORT, INJUNCTIVE AND EQUITABLE CLAIMS) BETWEEN YOU AND US ARISING FROM OR RELATING IN ANY WAY TO THESE TERMS OR TO YOUR PURCHASE OF PRODUCTS OR SERVICES THROUGH THE WEBSITE (EACH A “CLAIM”), WILL BE RESOLVED EXCLUSIVELY AND FINALLY BY BINDING ARBITRATION.
The arbitration will be administered by the American Arbitration Association (“AAA”) in accordance with the Consumer Arbitration Rules (the “AAA Rules”) then in effect, except as modified by this Section. (The AAA Rules are available at www.adr.org/arb_med or by calling the AAA at 1-800-778-7879.) The Federal Arbitration Act will govern the interpretation and enforcement of this section.
The arbitrator’s decision in any such arbitration will be final and binding upon the parties and may be enforced in any court of competent jurisdiction. The parties agree that the arbitration will be kept confidential and that the existence of the proceeding and any element of it (including, without limitation, any pleadings, briefs or other documents submitted or exchanged and any testimony or other oral submissions and awards) will not be disclosed beyond the arbitration proceedings, except as may lawfully be required in judicial proceedings relating to the arbitration or by applicable disclosure rules and regulations of securities regulatory authorities or other governmental agencies.
If you demonstrate that the costs of arbitration will be prohibitive as compared to the costs of litigation, we will pay as much of the administrative costs and arbitrator’s fees required for the arbitration as the arbitrator deems necessary to prevent the cost of the arbitration from being prohibitive. In the final award, the arbitrator may apportion the costs of arbitration and the compensation of the arbitrator among the parties in such amounts as the arbitrator deems appropriate.
This arbitration agreement does not preclude you or us from seeking action by federal, state, or local government agencies. You and we also have the right to bring qualifying claims in small claims court. In addition, you and we retain the right to apply to any court of competent jurisdiction for provisional relief, including pre-arbitral attachments or preliminary injunctions, and any such request shall not be deemed incompatible with these Terms, nor a waiver of the right to have disputes submitted to arbitration as provided in these Terms.
Neither you nor we may act as a class representative or private attorney general, nor participate as a member of a class of claimants, with respect to any Claim. Claims may not be arbitrated on a class or representative basis. The arbitrator can decide only your and/or our individual Claims. The arbitrator may not consolidate or join the claims of other persons or parties who may be similarly situated.
If any provision of this Section is found to be invalid or unenforceable, then that specific provision shall be of no force and effect and shall be severed, but the remainder of this Section shall continue in full force and effect. No waiver of any provision of this Section of the Terms will be effective or enforceable unless recorded in a writing signed by the party waiving such a right or requirement. Such a waiver shall not waive or affect any other portion of these Terms. This Section of the Terms will survive the termination of your relationship with us.
THIS SECTION LIMITS CERTAIN RIGHTS, INCLUDING THE RIGHT TO MAINTAIN A COURT ACTION, THE RIGHT TO A JURY TRIAL, THE RIGHT TO PARTICIPATE IN ANY FORM OF CLASS OR REPRESENTATIVE CLAIM, THE RIGHT TO ENGAGE IN DISCOVERY EXCEPT AS PROVIDED IN AAA RULES, AND THE RIGHT TO CERTAIN REMEDIES AND FORMS OF RELIEF. OTHER RIGHTS THAT YOU OR WE WOULD HAVE IN COURT ALSO MAY NOT BE AVAILABLE IN ARBITRATION.
16. Miscellaneous
These Terms and all other agreements expressly incorporated by reference into these Terms, are the complete and sole agreement between you and Robora. You may not assign or transfer these Terms or your rights under these Terms, in whole or in part, by operation of law or otherwise, without our prior written consent. We may assign these Terms and all rights granted under these Terms, including with respect to your information, at any time without notice or consent. Use of Section headers in these Terms is for convenience only and will not have any impact on the interpretation of any provision. If any part of these Terms is held to be invalid or unenforceable, then the unenforceable part will be given effect to the greatest extent possible, and the remaining parts will remain in full force and effect.
16.1 Governing Law
These Terms are governed by the laws of the State of Delaware without regard to conflict of law principles. You and Robora submit to the personal and exclusive jurisdiction of the state courts and federal courts located within Delaware for resolution of any lawsuit or court proceeding permitted under these Terms.
16.2 Privacy Policy
Please read the Robora Privacy Policy at link (the “Privacy Policy”) carefully for information relating to our collection, use, storage, and disclosure of your personal information. The Robora Privacy Policy is incorporated by this reference into, and made a part of, these Terms.
16.3 Additional Terms
Your use of the Services is subject to all additional terms, policies, rules, or guidelines applicable to the Services or certain features of the Services that we may post on or link to from the Service, which are incorporated by this reference into, and made a part of, these Terms.
16.4 Contact Information.
The Services are offered by Robora Financial, LLC located at 1515 Mockingbird Ln., Suite 700, Charlotte, NC 28209. You may contact us by sending correspondence to that address or by emailing us at support@roborafinancial.com.
16.5 Notice to California Residents
If you are a California resident, then under California Civil Code Section 1789.3, you may contact the Complaint Assistance Unit of the Division of Consumer Services of the California Department of Consumer Affairs in writing at 1625 N. Market Blvd., Suite S-202, Sacramento, California 95834, or by telephone at +1-800-952-5210 in order to resolve a complaint regarding the Services or to receive further information regarding use of the Services.