Terms of Service

Last edited: 24 August, 2022

In this document, you will find information related to your relationship with Coinchip as a customer.

Electronic Fund Transfers (EFTs) and Account Balances

Coinchip partners with financial services software company Sila Inc. (Sila) and banking services provider Evolve Bank & Trust (Evolve), member FDIC, to offer you electronic fund transfers (EFTs). By creating a Coinchip account and initiating bank deposits or withdrawals, you agree to Sila’s terms of service, https://silamoney.com/terms-of-service/, Sila’s acceptable use policy, https://silamoney.com/acceptable-use-policy/, and Evolve’s demand deposit account agreement, https://silamoney.com/evolve-bank-deposit-agreement/, (together, the “Partner Terms”). You must comply with the Partner Terms when creating or using your Coinchip Account. The Partner Terms may be modified from time to time, and the governing versions are incorporated by reference into these Coinchip’s Terms of Service. Any term not defined in this section but defined in the Partner Terms assumes the meaning as defined in the Partner Terms. IT IS YOUR RESPONSIBILITY TO READ AND UNDERSTAND THE PARTNER TERMS BECAUSE THEY CONTAIN TERMS AND CONDITIONS CONCERNING YOUR COINCHIP ACCOUNT, INCLUDING BUT NOT LIMITED TO LIMITATIONS, REVERSALS, ARBITRATION PROVISIONS, AND YOUR RELEVANT RIGHTS AND LIABILITIES.

What is this agreement?

This agreement (or 'Terms of Use') defines the relationship between Risecoin LLC. (d.b.a 'Coinchip', 'we',or 'us') and you, the person accessing the Coinchip website and/or downloading our mobile application and/or registering for the Services (defined below).

You should read this document along with our Privacy Policy.

Is this agreement legally binding?

These Terms of Use are a legally binding contract between you and Coinchip. Please read them carefully as they may have changed since your last visit.

By using our Services, you acknowledge that you have read, understood, and accept this agreement.

How often does this change?

As Coinchip grows and changes, these Terms of Use may change with it. If we make changes, we'll notify you by sending an email, or by posting a prominent notice on our website and/or mobile app. We'll also update the date and version number above.

Any minor, non-material changes or clarifications go into effect immediately. Any material changes go into effect 30 days after we provide notice.

Who can use Coinchip?

You can only use our Services if you’re age 18 or older and not barred from using banking or investment services under the laws of the US or other applicable jurisdictions. You can’t accept these Terms of Use on behalf of a company, organization, government, or other legal entity.

How to contact Coinchip?

You can contact us by email at help@risecoin.xyz.

We will be available during normal working hours 09.00-18.00 Pacific Time during weekdays and do our best to respond as soon as possible outside of these hours.

How will Coinchip contact you?

We'll contact you through our mobile app. We may also contact you at your registered email address or phone number, so let us know if these change.

By using our Services, you consent to receive communications from us electronically and confirm that you don’t need any other communications in writing. We may also send you notifications via the above when you deposit or withdraw from your account.

What is Coinchip?

Coinchip is a mobile app and website that helps you invest in cryptocurrencies with automatic recurring deposits and spare change roundups (the ‘Services’). You’re only allowed one Coinchip account, and you may not create additional accounts on behalf of anyone else.

How does Coinchip work?

Coinchip allows you to buy cryptocurrencies for a plan by using automatic recurring deposits or the spare change from your bank account. We currently support a limited number of crypto assets.

Cryptocurrencies are not legal tender, are not backed by any government, and value balances on Coinchip are not subject to FDIC or Securities Investor Protection Corporation (SIPC) protections. Further, Coinchip is not a bank and does not offer checkings accounts, savings accounts, or any fiduciary services.

How do spare change roundups work?

Roundup purchases are based on each eligible transaction you make with your credit card or debit card that is linked to the Coinchip service. We will calculate an amount that is the difference between the amount of the purchase and the next whole dollar (‘Roundup’).

For example, for a $4.75 transaction, we round up to $5.00, and there is a 25 cents Roundup. Once the total roundup accumulated for you reaches your minimum threshold (for example $3), we process a $3 charge against your linked bank account, debit card, or credit card and exchange the $3 for cryptocurrency per your pre-set instructions.

How do I link my bank account?

You can link or unlink a U.S. bank account and/or a credit or debit card you hold with a third-party financial institution (each a ‘Third-Party Financial Institution’) to your account as a payment method.

As part of linking or unlinking, you authorize us to collect data about you from Third-Party Financial Institutions and to initiate ACH transactions on your behalf to our banking service providers (more detail below).

Please note: By using our Services, you hereby authorize us to act as your agent to initiate and settle financial transactions with your linked bank account you hold with a Third Party Financial Institution.

You agree to keep your payment method information current. If this information changes, we may update it as directed by your bank without any action on your part.

Access to financial information

We use Plaid Inc. (“Plaid”) to gather your data from Third-Party Financial Institutions. By using our Services, you grant us and Plaid the right, power, and authority to act on your behalf to access and transmit your personal and financial information from the relevant financial institution.

You agree to your personal and financial information being transferred, stored, and processed by Plaid in accordance with the Plaid Privacy Policy at https://plaid.com/legal

You agree to us using your information

By accepting this agreement, you agree to us using your information to provide you with our services. If you’re no longer happy for us to use your information, we’ll have to close your account. But we may keep your personal data and use it where we have lawful grounds to do so. For example, we need to keep any records for regulatory reasons (see our Privacy Policy).

Adding or withdrawing funds

You may transfer money to your Coinchip USD Wallet by requesting an ACH transfer through your linked bank account.

If you have a balance in your Coinchip USD Wallet, you may withdraw it by transferring it to a bank account linked to your account.

We may delay a withdrawal in certain situations, including if we need to confirm that the withdrawal has been authorized by you or if other payments to your account have been reversed.

Keeping your account secure

You are responsible for maintaining adequate security and control of any and all emails, IDs, passwords, or any other codes you use to access your account.

You are solely responsible for the activities of anyone accessing the Coinchip service using your password, even if you did not authorize the activities. You must notify us at help@risecoin.xyz immediately of any unauthorized use or suspected unauthorized use of your password.

If you know or suspect your password has been compromised, you must promptly change your password. Even if you give us notice, you could be held liable for losses incurred by another party due to someone else using your account or password or us.

If something goes wrong

To protect yourself from unauthorized activity in your account, you should regularly log into your account and review your account statement.

In case of errors, contact us at help@risecoin.xyz. An error means the following:

  • When money or cryptocurrency is either incorrectly taken from your account or incorrectly placed into your account.

  • You initiate a purchase and the incorrect amount is debited from your account.

  • You withdraw cryptocurrency from your account and the transaction is incorrectly documented in your account.

  • An incorrect amount is credited to your account.

  • A transaction is missing from or not properly identified in your account statement.

  • There is a computational or mathematical error related to your account.

  • We will determine if an error has occurred within 10 days after being notified. If we need more than 10 days to determine if an error occurred, we will provisionally credit your account.

Rectifying errors

Please email us at help@risecoin.xyz.

We will rectify any processing error that we discover. If the error results:

  • If you receiving less than the correct amount to which you were entitled, then we will credit your account for the difference between what you should have received and what you actually received.

  • If you receiving more than the correct amount to which you were entitled, then we will debit your account for the difference between what you actually received and what you should have received.

We will not rectify errors if:

  • Through no fault of ours, you did not have enough available funds or cryptocurrency to complete the transaction;

  • Our system was not working properly, and you knew about the breakdown when you started the transaction; or

  • The error was due to extraordinary circumstances outside our control (such as fire, flood, or loss of Internet connection), despite our reasonable precautions.

We will determine if an error has occurred within 10 days after being notified. If we need more than 10 days to determine if an error occurred, we will provisionally credit your account.

You agree to contact us within 180 days of the error occurring. We are not liable for any losses associated with errors for which you do not contact us within 180 days.