ACH Transactions

Last Updated: March 19, 2020

Welcome to the terms and conditions (the “Terms and Conditions”) for use of a bank account registered with NuMoola LLC. (“NuMoola”) as a method to fund your account within the NuMoola mobile application. Please note that your use of the NuMoola app is also governed by our Terms of Use and Privacy Policy, which may be amended from time to time and are incorporated into these Terms and Conditions. If you choose to use a bank account as your funding source, you accept and agree to these Terms and Conditions.

1. Bank Account Transfers

You agree to be bound by the National Automated Clearing House Association operating rules and any applicable local ACH operating rules.

By agreeing to these Terms, you authorize “Company” to electronically debit and credit your designated deposit account at your designated depository financial institution (your “Bank Account”) via ACH and, if ever applicable, to correct erroneous debits and credits.

You also acknowledge that the amount and frequency of the foregoing debits and credits may vary and that you waive your right to receive prior notice of the amount and date of each debit and credit.

You acknowledge that the electronic authorization contained in this Section represents your written authorization for ACH transactions as provided herein and will remain in full force and effect until you notify “Company” that you wish to revoke this authorization by emailing

2. ACH Authorization

By choosing your bank account as your funding source method, you agree that: (a) you have read, understand and agree to these Terms and Conditions, 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 Terms and Conditions, (c) you authorize NuMoola (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, and (d) you authorize NuMoola (or its agent) to initiate one or more ACH debit entries (withdrawals), and you authorize the financial institution that holds your bank account to deduct such funds, in the amounts and frequency designated in you in the NuMoola app.

3. Transaction Errors

If you believe that any transaction initiated by NuMoola (or its agent) with respect to your bank account is erroneous, or if you need more information about any such transaction, you should contact us as soon as possible as at 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 transfer by bank account for any reason at any time.

4. 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 a 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.

5. Electronic Delivery of Future Disclosures

You agree to accept all disclosures and other communications between you and us on the mobile app or at the primary e-mail address associated with your NuMoola account. You should print and retain a copy of all such disclosures and communications.

6. Deposit Network Service Acknowledgement

By utilizing the services, your beneficial funds may be held at nbkc bank in an omnibus custodial account (“Omnibus Account”). In its ordinary course of business, nbkc bank may utilize a “Deposit Network Service” to deposit funds from the Omnibus Account into other FDIC insured banks (“Network Banks”). In the event funds from the Omnibus Account are deposited into Network Banks via the Deposit Network Service, nbkc bank will deliver funds to a custody bank (“Custodian Bank”) participating in the Deposit Network Service. In the event any of your beneficial funds from the Omnibus Account arrive at a Network Bank through a Deposit Network Service, they may be eligible for FDIC insurance, however, in the event you or nbkc bank have funds, either directly or indirectly, at any of the Network Banks, such deposit insurance coverage may be adversely affected, and the principal and any accrued interest may not benefit from FDIC insurance, even if the total amount deposited in that Network Bank through the Deposit Network Service is less than the Standard Maximum Deposit Insurance Amount, as then provided by the FDIC. In addition, in the event of a failure of a Network Bank, you may be requested to provide certain personal information for the purposes of processing a claim to seek the associated FDIC insurance. In the event you do not provide such information on a timely basis, it is possible the beneficial funds will not benefit from FDIC insurance. By utilizing the services, you authorize nbkc bank to utilize a Deposit Network Service as described and acknowledge that any associated beneficial principal balance and any accrued interest may or may not benefit from FDIC insurance.

Any balances you hold with nbkc bank, including but not limited to those balances held in NuMoola accounts are added together and are insured up to $250,000 per depositor through nbkc bank, Member FDIC. If you have funds jointly owned, these funds would be separately insured for up to $250,000 for each joint account owner. nbkc bank utilizes a deposit network service, which means that at any given time, all, none, or a portion of the funds in your NuMoola accounts may be placed into and held beneficially in your name at other depository institutions which are insured by the Federal Deposit Insurance Corporation (FDIC). For a complete list of other depository institutions where funds may be placed, please visit Balances moved to network banks are eligible for FDIC insurance once the funds arrive at a network bank. To learn more about pass-through deposit insurance applicable to your account, please see the Account Documentation. Additional information on FDIC insurance can be found at

7. Agreement Changes

We may in our discretion change these Terms and Conditions 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 Terms and Conditions. We reserve the right to subcontract any of our rights or obligations under these Terms and Conditions. YOUR CONTINUED USE OF YOUR BANK ACCOUNT AS A FUNDING SOURCE METHOD ON THE NUMOOLA PLATFORM AFTER WE CHANGE THESE TERMS AND CONDITIONS CONSTITUTES YOUR ACCEPTANCE OF THESE CHANGES.

Are you NuMoola'ing with your family?

Parents and guardians can have peace of mind that their kids and students are watching their money grow in a safe, secure app. Go to the Apple App Store and download NuMoola today!