Last Updated on October 27, 2021
Terms and Conditions for ACH Transfers
These Terms and Conditions (“ACH Transfer Terms”) apply to your use of a designated bank account for any transfers you may make to BlockFi Trading, LLC (“BlockFi Trading”), including for the purchase, on a one-time or a recurring basis, using U.S. dollars, of Gemini Dollar (GUSD), a stablecoin pegged to and backed by U.S. dollars held in reserve at State Street Bank and Trust Company, through BlockFi Trading, which will be settled and delivered (which may be done by book-entry) to your Crypto Interest Account at BlockFi Lending, LLC (“BlockFi Lending”). These ACH Transfer Terms also apply to any transfers you may request from BlockFi Trading’s designated bank account, including those related to the return of U.S. Dollars that result from the sale of your assets. Please read and keep these ACH Transfer Terms. If you need a physical copy of these ACH Transfer Terms or if you have any questions, you can submit a support ticket here or visit blockfi.com. These ACH Transfer Terms incorporate by reference the latest BlockFi terms and conditions found here: https://blockfi.com/terms/
If you choose to use a bank account as your transfer method, you accept and agree to these ACH Transfer Terms on the date of each transfer.
1. Bank Account Transfers
By choosing to use a bank account as your transfer method, you will be able to fund the purchase of GUSD using any valid automated clearing house (“ACH”)-enabled bank account at a United States-based financial institution. If you send U.S. dollars to BlockFi Trading via an ACH network, you are instructing BlockFi Trading to purchase an equal amount of GUSD and to settle and deliver such GUSD (which may be done by book-entry) you purchased into your Crypto Interest Account. You agree that any purchase of GUSD via ACH transfer is made pursuant to and in accordance with BlockFi’s Trading Terms, which are incorporated by reference. You will also be able to request that BlockFi return U.S. Dollar proceeds from the sale of your assets and initiate an ACH transfer of such proceeds to your eligible bank account. Whenever you choose to pay or transfer by ACH, you are authorizing BlockFi Trading (or its agent) to debit your bank account for the total amount of the transfer being made or to credit your bank account with the U.S. dollar proceeds, as applicable. To complete your payment transaction, BlockFi Trading (or its agent) will create an electronic funds transfer or bank draft, which will be presented to your bank or financial institution for transfer from your bank account. BlockFi, in its sole discretion, may require that any or all GUSD purchased via an ACH transfer be held in your Crypto Interest Account for a period of up to 60 days. If you choose to provide your bank account credentials to us (or our agent), you authorize us (or our agent) to use this information to facilitate debiting or crediting your bank account, as applicable. Your transaction must be payable in U.S. dollars. BlockFi, in its sole discretion, may refuse this transfer option service to anyone or any user without notice for any reason at any time. Transactions that we process using your bank account will be identified as “BlockFi Trading LLC” (or similar identifier) on the statement issued by your bank or other financial institution holding your account. All questions relating to any transactions made using your bank account by us should be initially directed to us, but may also require involvement of your bank.
2. Recurring Transfers
In addition to authorizing one-time transfers, you can request that BlockFi make recurring periodic transfers from your designated bank account on a daily, weekly or monthly basis. If you have established a weekly recurring transfer, then your transfer will be scheduled to occur on the same day of each week as the initial transfer in such recurring transfer (for example, every Wednesday). If you have established a monthly recurring transfer, then your transfer will be scheduled to occur on either the first or the fifteenth day of each month, based on your election when you initiate the recurring transfer. Each recurring transfer will be deemed to constitute a valid instruction from you to BlockFi, on the date of such transfer, to purchase GUSD and convert such GUSD into the requested assets. Your initial recurring transfer will not occur until you have submitted your recurring ACH transfer request and BlockFi has had a reasonable amount of time to act upon it.
Any termination or cancellation of your recurring ACH transfer instructions will be effective as soon as BlockFi has received your request and had a reasonable amount of time to act upon it.
BlockFi can terminate any future recurring transfer without notice at any time for any reason.
3. Electronic Signature and ACH Authorization
By choosing your bank account as your transfer method, you agree that: (a) you have read, understand and agree to these ACH Transfer Terms, and that this agreement constitutes a “writing signed by you” under any applicable law or regulation, (b) you consent to the electronic delivery of the disclosures contained in these ACH Transfer Terms, (c) you authorize BlockFi Trading (or its agent) to make any inquiries we consider necessary to validate any dispute involving your transfer, which may include ordering a credit report and performing other credit checks or verifying the information you provide against third party databases, (d) you authorize BlockFi Trading (or its agent) to initiate one or more ACH debit entries (withdrawals) for specified amount(s) from your bank account, and you authorize the financial institution that holds your bank account to deduct such transferred amounts (including any transfers to be made on a recurring basis, as applicable), (e) you authorize BlockFi Trading (or its agent) to initiate one or more ACH credit entries (direct deposits) for specified amount(s) of the proceeds of sales of assets to your bank account, and you authorize the financial institution that holds your bank account to credit such transferred amounts, (f) once a sale is complete and an ACH transfer is initiated, the transaction cannot be cancelled; and (g) funds sent to you via ACH typically take two to three business days to reach your financial institution, and BlockFi is not responsible for any delays in the availability of funds, which may vary based on your financial institution’s ACH processing procedures and settlement.
4. Transaction Errors
If you believe that any transfer transaction initiated by BlockFi Trading (or its agent) with respect to your bank account is erroneous, or if you need more information about any such transaction, you should submit a support ticket here as soon as possible. Notify us at once if you believe the password associated with your account has been lost or stolen, or if someone has attempted (or may attempt) to make a transfer from your bank account without your permission. We reserve the right to cancel the ability to pay or transfer by bank account for any reason at any time.
5. Your Liability for Unauthorized Transactions
Federal law limits your liability for any fraudulent, erroneous unauthorized transaction from your bank account based on how quickly you report it to your financial institution. As general rule, you should report any fraudulent, erroneous or unauthorized transactions to your bank within 60 days after the questionable transaction FIRST appeared on your bank account statement. You should contact your bank for more information about the policies and procedures that apply to your account and any unauthorized transactions, including any limits on your liability.
This authorization to initiate ACH debit transactions will remain in full force and effect until BlockFi has received written notice from you, by your submitting a support ticket here, to cancel such authorization in such time to afford BlockFi and your bank a reasonable opportunity to act on such cancellation. Because these are electronic transactions, these funds may be withdrawn from your designated bank account immediately. In the case of an ACH debit transaction that is rejected for insufficient funds, you understand that BlockFi may at its discretion attempt to process the debit in the amount of the applicable requested transfer again within 30 days and BlockFi may separately impose a fee of $25 for each transaction returned for insufficient funds, as permitted by applicable law. You certify that you are an authorized user of your bank account and you will not dispute these scheduled transactions with such bank so long as the transactions correspond to these ACH Transfer Terms and any other applicable agreement related to your accounts with BlockFi and its affiliates or such transfer.
You must notify BlockFi in writing if you dispute any portion of any fees paid or payable by you under these ACH Transfer Terms or any related agreement. You must provide that written notice to BlockFi within 60 days of the applicable charge, and BlockFi will work with you to resolve the applicable dispute promptly. If you do not provide BlockFi with this written notice of your fee dispute within this 60-day period, you will not be entitled to dispute any fees paid or payable by you.
All amounts and fees stated or referred to in these ACH Transfer Terms are exclusive of taxes, duties, levies, tariffs, and other governmental charges (collectively, “Taxes”). You shall be responsible for payment of all Taxes and any related interest and/or penalties resulting from any transfers made hereunder, other than any taxes based on BlockFi’s net income.
7. Returned Transactions
You understand and agree that if any previously-initiated debit entry hereunder is returned for any reason (including because of insufficient funds), BlockFi will be entitled to exercise remedies in accordance with the Trading Terms referred to herein, including freezing your Crypto Interest Account and all assets held in such account and reversing any stablecoin purchases made and delivered to such account.
8. Electronic Delivery of Future Disclosures
You agree to accept all disclosures and other communications between you and us on this website or at the primary e-mail address associated with your BlockFi Account. You should print and retain a copy of all such disclosures and communications.
9. Our Liability
If we fail to debit or credit your bank account in accordance with these ACH Transfer Terms, in the correct amount, we may be liable for certain losses directly caused by our failure as the law may impose in such cases. However, there are some exceptions. For instance, we will not be liable where: (1) you do not have enough money in your bank account; (2) your bank account is closed or deposits or withdrawals restricted; (3) any terminal or system was not working properly and you were advised of that before you initiated the transfer; (4) the failure was related to circumstances beyond our control (such as flood, fire, power outages, mechanical or system failures); (5) your financial institution refuses to honor an ACH debit or credit; (6) your instructions are lost or delayed in transmission to us; (7) a reasonable security concern, such as unauthorized use, causes us not to honor your instructions; (8) this transfer option has been discontinued or suspended; (9) we advise you that your request will not be processed; (10) you submit a cancellation request with respect to recurring ACH transfer instructions and BlockFi is unable to process it prior to your next scheduled transfer and (11) other exceptions are allowed by law. If our error was unintentional and resulted from a bona fide error, our liability is limited to actual damages.
10. Exchange Rates
We may determine an exchange rate and assign it to your transaction without notice to you. Exchange rates fluctuate, at times significantly, and you acknowledge and accept all risks that may result from such fluctuations. If we assign an exchange rate to your transaction, that exchange rate will be determined by us in our sole discretion based upon such factors as we determine relevant, including without limitation, market conditions, exchange rates charged by other parties, our desired rate of return, market risk, credit risk and other market, economic and business factors, and is subject to change at any time without notice. You acknowledge that exchange rates for retail and commercial transactions, and for transactions effected after regular business hours and on weekends, are different from the exchange rates for large transactions effected during the business day, as may be reported by major cryptocurrency trading platforms or elsewhere. Exchange rates offered by other platforms or shown at other sources by us or other platforms (including online sources) may be different from our exchange rates. The exchange rate you are offered may be different from, and likely inferior to, the rate paid by us to acquire the underlying cryptocurrency. We reserve the right to refuse to process any request for an exchange transaction. We provide all-in pricing for exchange rates. The price provided may include profit, fees, costs, charges or other mark ups as determined by us in our sole discretion. The level of the fee or markup may differ for each customer and may differ for the same customer depending on the method or venue used for transaction execution.
We do not accept any liability for our exchange rates. Any and all liability for our exchange rates is disclaimed, including without limitation direct, indirect or consequential loss, and any liability if our exchange rates are different from rates offered or reported by third parties, or offered by us at a different time, at a different location, for a different transaction amount, or involving a different transfer or payment media (including but not limited to bank-notes, checks, wire transfers, etc.).
11. Agreement Changes
We may in our discretion change these ACH Transfer Terms or the BlockFi terms and conditions and Trading Terms referred to in these ACH Transfer Terms at any time without notice to you. If any change is found to be invalid, void, or for any reason unenforceable, that change is severable and does not affect the validity and enforceability of any other changes or the remainder of these ACH Transfer Terms. We reserve the right to subcontract any of our rights or obligations under these ACH Transfer Terms.
YOUR CONTINUED USE OF YOUR BANK ACCOUNT AS A METHOD OF MAKING ANY TRANSFER TO OR RECEIVING ANY TRANSFER FROM BLOCKFI (INCLUDING ANY RECURRING TRANSFER) AFTER WE CHANGE THESE ACH TRANSFER TERMS OR ANY OF THE OTHER TERMS INCORPORATED IN THESE ACH TRANSFER TERMS CONSTITUTES YOUR ACCEPTANCE OF THESE CHANGES.