Preauthorized EFTs for Deposits (Ongoing Payments via Rent Cover)
i. In General. When you use Rent Cover on a month-to-month basis, you need to use the Rain App to specify the date on which you are instructing our Service Provider to pay your Monthly Rent to your Landlord. Each month, you would use this Rent Cover Deposit Account to receive both (i) your own deposit of funds from your Linked Account and (ii) the proceeds of an Advance that you obtain under your Rent Cover Credit Account (described more fully in Section III(B) of your Rain Rent Cover Deposit Agreement).
ii. Option to Use Rent Cover on an Ongoing Basis. You may choose to use Rent Cover on an ongoing basis so that you can make recurring payments of your Monthly Rent to your Landlord. To use Rent Cover on an ongoing basis, you must use the Rain App so that you (A) select the date in the calendar month on which you are instructing our Service Provider to pay your Monthly Rent to your Landlord, and (B) use this Rent Cover Deposit Account to receive both (x) your own deposit of funds from your Linked Account and (y) the proceeds of an Advance that you obtain under your Rent Cover Credit Account. You are not required to use Rent Cover on an ongoing basis.
iii. No Charge to Use Rent Cover on an Ongoing Basis. If you choose to use Rent Cover on an ongoing basis, you will not be subject to a fee.
iv. Range of Preauthorized EFTs. If you agree use Rent Cover on an ongoing basis, you must authorize us to use Preauthorized EFTs to make transfers from your Linked Bank Account to your Rent Cover Deposit Account. In most cases, the amount of the transfer for each payment you make from your Linked Bank Account will be consistent and will be based on 50% of the overall amount of the Monthly Rent that you pay to your Landlord. However, the amount of the Preauthorized EFT from your Linked Bank Account may vary for each Statement Cycle, such that the payment made via Preauthorized EFT usually will be in the range of between $400.00 to $2,000.00. You have the right to receive notice of varying amounts of Preauthorized EFTs. Unless you tell us otherwise, you agree we will provide prior notice of the amount of the Preauthorized EFT only if the amount of that payment is outside of the range of between $400.00 to $2,000.00.
v. Scheduled Date. If you agree to the use of Preauthorized EFTs to make transfers from your Linked Bank Account to your Rent Cover Deposit Account on an ongoing basis, either you or we will set the scheduled date for your Preauthorized EFTs.
vi. Your Authorization for Preauthorized EFTs. When you use the Rain App to agree use Rent Cover on an ongoing basis, you authorize us to process Preauthorized EFTs, in accordance with this subsection (J), to make transfers from your Linked Bank Account to your Rent Cover Deposit Account. More specifically, on the scheduled date, we (or our Service Provider) will make a Preauthorized EFT to debit funds from your Linked Account and deposit the funds in your Rent Cover Deposit Account. If you use your Rent Cover Credit Account to pay any portion of your Monthly Rent, the amount of the funds transferred vis the Preauthorized EFT must the amount of the Processing Fee (as described in Section III(D) of your Rain Rent Cover Deposit Agreement).
vii. Your Rights of Revocation. At any time, and without any charge, you may revoke your authorization to make Preauthorized EFTs to debit funds from your Linked Account and deposit the funds in your Rent Cover Deposit Account. If you revoke your authorization for Preauthorized EFTs, you must use Rent Cover on a month-to-month basis.
viii. Advance Notice of Revocation. To revoke your authorization to make Preauthorized EFTs and stop using Rent Cover on a recurring basis, you must contact us at least three (3) business days before the date of the next upcoming Preauthorized EFT. Unless you timely inform us in advance of the next Preauthorized EFT, we will initiate that EFT on the scheduled date so that funds held in your Linked Bank Account will be debited to correspond to the amount that you specify for the amount that you owe for the Monthly Rent to your Landlord, plus the applicable Processing Fee.
ix. Our Liability for Failing to Stop Preauthorized EFT. If you order us to stop a Preauthorized EFT at least three (3) business days prior to the next scheduled date, and we do not do so, we will be liable for your losses or damages. To the extent permitted by law, our liability for losses or damages will be limited to the amount that you sustain if the failure to stop payment was due to a bona fide error.
x. How to Resolve Errors. If you believe that there is an error in a debit or credit to your Rent Cover Deposit Account, please immediately contact our Service Provider. To resolve the error(s) in a payment to or from your Rent Cover Deposit Account, you need to follow the instructions contained in Section VIII(I) (“Error Resolution”) of your Rain Rent Cover Deposit Agreement.
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