Terms & Conditions

1. Introduction & scope

Welcome to Velovance. These Terms & Conditions ("Terms") govern your access to and use of the Velovance website, mobile application, and related services (collectively, the "Service"). By creating an account or using our Service, you agree to be bound by these Terms.

Velovance Inc. ("Velovance," "we," "us," or "our") is a financial technology company providing digital banking, savings, lending, and crypto deposit services. We are a fully licensed and regulated financial institution. See our Regulatory Disclosures for complete licensing information.

2. Account registration & eligibility

To open a Velovance account, you must:

• Be at least 18 years of age
• Be a legal resident of the United States, United Kingdom, or European Union member state
• Provide accurate, complete, and current personal information
• Complete identity verification (KYC) as required by law
• Not be listed on any sanctions or prohibited persons lists (OFAC, EU, UN, etc.)

You are responsible for maintaining the confidentiality of your account credentials. You agree to notify us immediately of any unauthorized access or use of your account. Velovance reserves the right to refuse service, close accounts, or change eligibility criteria at any time.

3. Account types & services

Velovance offers the following account types and services:

3.1 Checking account

A transactional account for everyday spending, bill payments, and transfers. Features include real-time balance updates, instant internal transfers, and ACH/wire capabilities.

3.2 Savings plans

Interest-bearing accounts with flexible or fixed terms. APYs are variable and subject to change. Interest is calculated daily and credited monthly. Early withdrawal penalties apply to fixed-term CDs.

3.3 Personal loans

Unsecured installment loans from $1,000 to $50,000 with terms of 12-60 months. All loans subject to credit approval. Rates range from 5.99% APR to 17.99% APR based on creditworthiness.

3.4 Crypto deposit services

Deposit Bitcoin, Ethereum, and USDC for automatic conversion to USD. Crypto deposits are not FDIC-insured. Market values may fluctuate significantly.

4. Fees & pricing

Velovance believes in transparent, simple pricing. Our fee schedule includes:

All fees are subject to change with 30 days' notice. See our Fee Schedule for complete details.

5. Transfers & payments

Velovance facilitates various types of transfers subject to the following conditions:

• Internal transfers: Instant transfers between Velovance accounts with no fees. Available 24/7/365.
• ACH transfers: External transfers to US bank accounts typically complete within 1-2 business days.
• Wire transfers: Domestic and international wires processed same-day when initiated before 2PM ET.
• Transfer limits: Daily ACH limit of $10,000; daily wire limit of $50,000 (may be increased with additional verification).
• Pending holds: We may place holds on transfers for security or compliance review. You will be notified of any holds.

Once initiated, transfers cannot be canceled. Ensure accuracy of recipient information before submitting.

6. FDIC insurance & deposit protection

Velovance is a member of the Federal Deposit Insurance Corporation (FDIC). Eligible deposits in your Velovance checking and savings accounts are insured up to $250,000 per depositor, per ownership category. Funds are held in FDIC-insured partner banks. Certificates: FDIC #2214635, NMLS #2321567. Crypto assets and investments are not FDIC-insured.

7. Loan terms & conditions

All personal loans offered by Velovance are subject to credit approval. Important terms include:

• APR range: 5.99% to 17.99% based on creditworthiness, loan amount, and term
• Loan amounts: $1,000 to $50,000
• Terms: 12 to 60 months
• Origination fee: $0
• Prepayment penalty: $0 — you may pay off your loan early at any time without penalty
• Late payment fee: $15 or 5% of the past due amount (whichever is greater)
• Returned payment fee: $25

Loan approval requires a hard credit inquiry which may affect your credit score. Velovance reports loan performance to major credit bureaus (Equifax, Experian, TransUnion).

8. Crypto services & digital assets

Velovance provides crypto deposit services through regulated custodial partners. By using these services, you acknowledge:

• Cryptocurrency values are highly volatile and may fluctuate significantly
• Crypto assets are not legal tender and are not FDIC-insured
• Velovance does not provide custody of crypto assets; all assets are held with regulated third-party custodians
• Deposits are irrevocable once confirmed on the blockchain
• You are responsible for verifying deposit addresses and networks before sending
• Sending unsupported assets or using incorrect networks may result in permanent loss

Velovance is a FinCEN-registered Money Services Business (MSB) and complies with all applicable crypto-asset regulations. See our Crypto Disclosures for complete risk factors.

9. Security & fraud prevention

You agree to:

• Use strong, unique passwords and enable two-factor authentication
• Never share your account credentials, 2FA codes, or personal verification details with anyone
• Monitor your account regularly for unauthorized activity
• Report any suspicious activity to us immediately at security@velovance.com

You are responsible for all transactions conducted through your account using your credentials. If you believe your account has been compromised, you must notify us within 2 business days. Failure to do so may limit your liability protection under applicable law.

10. Data privacy & protection

Velovance collects, processes, and stores personal information in accordance with our Privacy Policy and applicable laws including GDPR and CCPA.

• We use bank-grade AES-256 encryption for all sensitive data
• We never sell your personal information to third parties
• You have the right to access, correct, export, and delete your data
• We retain data for minimum 5 years as required by financial regulations

For privacy inquiries, contact our Data Protection Officer at dpo@velovance.com.

11. Prohibited activities

You may not use the Service for any unlawful or prohibited purpose, including but not limited to:

Violations may result in immediate account termination and referral to law enforcement.

12. Account suspension & termination

Velovance may suspend or terminate your account at any time for any lawful reason, including but not limited to:

• Violation of these Terms or our policies
• Suspected fraudulent or illegal activity
• Failure to complete KYC verification
• Extended account inactivity (24+ months)
• At your request (account closure)

Upon termination, any remaining balance will be transferred to a linked external account or mailed as a check after applicable holds and verification.

13. Limitation of liability

To the maximum extent permitted by law, Velovance and its affiliates, officers, directors, employees, and agents shall not be liable for any indirect, incidental, special, consequential, or punitive damages, including but not limited to loss of profits, data, or goodwill, arising from or relating to your use of the Service.

Our total liability to you shall not exceed the amount of fees paid by you to Velovance in the 12 months preceding the event giving rise to liability.

Some jurisdictions do not allow the exclusion of certain warranties or limitations of liability, so the above limitations may not apply to you.

14. Governing law & dispute resolution

These Terms shall be governed by and construed in accordance with the laws of the State of New York, without regard to its conflict of laws principles.

Arbitration agreement: Any dispute arising from or relating to these Terms or your use of the Service shall be resolved through binding arbitration administered by the American Arbitration Association (AAA) under its Consumer Arbitration Rules. You agree to waive the right to a jury trial or to participate in a class action.

You may opt out of this arbitration agreement within 30 days of account opening by emailing legal@velovance.com with your name and account information.

15. Modifications to Terms

Velovance reserves the right to modify these Terms at any time. We will notify you of material changes via email or through the Service at least 30 days before they take effect. Continued use of the Service after the effective date constitutes acceptance of the modified Terms. If you do not agree, you may close your account before the changes take effect.

16. Contact information

For questions, concerns, or legal notices, please contact us at: