Outgoing Online Funds Transfers Agreement

Effective Date: December 2023

1. Introduction

This agreement for online funds transfers (“Agreement”) provides the terms and conditions under which a Wealthfront client may from time to time request a funds transfer (ACH transfer or, if enabled, wire transfer) online from a Wealthfront account to another account at another financial institution (the “Service”) using a personal computer or compatible mobile device.

By selecting “Agree and continue” to the terms of the Agreement for online funds transfer below, Client consents to receive, in electronic form, the Agreement and related transaction disclosures and agrees to the terms and conditions of this Agreement and Service.

To the extent applicable, this Agreement is subject to Article 4A of the Uniform Commercial Code – Fund Transfers as adopted by the State of California. If Client originates a wire transfer, Client agrees that the Fedwire Funds Service may be used. Federal Reserve Board Regulation J is the law that covers transactions made over Fedwire Funds Service.

The word Business Day means any day that is not a Saturday, Sunday, or U.S. bank or financial market holiday. The word Client refers to the Wealthfront client who agrees below to the terms and conditions of this Agreement. The word Wealthfront means Wealthfront Brokerage LLC. All other capitalized terms not defined herein shall be given the respective meanings set forth in the Customer Brokerage and Custody Agreement governing Client’s account(s).

2. Wire Transfers

Client will be permitted to transfer funds via a wire to an account outside of Wealthfront only if Wealthfront, in its sole discretion, determines that the wire transfer should proceed.

3. Authority to Transfer Fund

Client authorizes Wealthfront to execute and charge Client’s account(s) for any requests for the transfer of funds, subject to any applicable limit as to amount, beneficiary bank or identified beneficiary, when such requests are given by Client and are executed in accordance with the procedures established by Wealthfront. Client further acknowledges that the acceptance and processing of a funds transfer request is subject to the terms and conditions stated in this Agreement.

4. Reliance by Wealthfront

Wealthfront will rely on the information Client provides in making a funds transfer on Client’s behalf. Client understands that it is Client’s responsibility to provide Wealthfront with accurate information regarding that transfer, including the identity of the beneficiary bank, account number of the beneficiary of the funds transfer and, where applicable, the number identifying the beneficiary institution, because payment will be processed based on the information provided by Client. Should Client provide an incorrect account number, amount and/or beneficiary bank or beneficiary identifier, Client understands and agrees that any and all resulting losses will be Client’s responsibility.

5. Security Procedures

Client agrees that Wealthfront will initiate a funds transfer request for Client after (i) Client supplies information and/or documentation to verify their identity, the identity of their beneficiary and the beneficiary bank, and provides any other information, or takes any other steps, that Wealthfront deems, in its sole discretion, necessary in connection with the funds transfer and (ii) Wealthfront follows its internal policies and procedures (the “Security Procedures”) in order to initiate a funds transfer request or to complete or confirm Client’s instructions for a funds transfer request. Wealthfront shall not be liable for any delay in processing Client’s funds transfer request if Client fails timely to provide this information.

The purpose of the Security Procedures is to verify the authenticity of a transfer request delivered to Wealthfront in Client’s name. The purpose is not to detect errors in the transmission or content of a transfer request. Client agrees the Security Procedures are commercially reasonable and, in view of Wealthfront’s requirements, is a satisfactory method of verifying the authenticity of Client’s transfer requests. Client agrees Client is bound by any transfer request, whether or not authorized, that is issued in Client’s name and accepted by Wealthfront in compliance with the Security Procedures.

6. Execution of a Funds Transfer Request

If Client’s funds transfer request is received by Wealthfront on a day that is not a Business Day or on a Business Day after 4:30 PM eastern time, it will not be processed until the next Business Day. Wealthfront may also need to confirm Client instructions prior to processing Client’s request, which may result in transfers not receiving same-day service.

Client understands that Wealthfront uses a variety of banking channels and facilities to make funds transfers, but will ordinarily use electronic means. Wealthfront may choose any conventional means that it considers suitable to transfer funds to Client’s beneficiary. Wealthfront may send transfer request by wire, telegraph, telephone, cable, or whatever other transmission method Wealthfront considers to be reasonable. Wealthfront may transmit a transfer request directly to the beneficiary’s bank, or indirectly to the beneficiary’s bank through another bank, government agency, or other third party that Wealthfront considers to be reasonable. Wealthfront may utilize any reasonably selected funds transfer system or intermediary bank. After Wealthfront executes Client’s request through an intermediary bank, that bank is responsible to complete Client’s request.

Client acknowledges and agrees that Client’s transfer request will also be governed by the applicable operating rules and other governing documents for the applicable funds transfer system. If there is a conflict between those operating rules and this Agreement, this Agreement will govern.

7. Erroneous Funds Transfer Request

If Client identifies any errors in transfer request, or unauthorized activity on Client’s funding account, Client must contact Wealthfront immediately at support@wealthfront.com and (844) 995-8437. Wealthfront will not be responsible for any delays in payment or additional fees caused by Client’s failure to promptly notify Wealthfront. Client agrees that Client must contact Wealthfront within thirty (30) days after Client receives notification that Client’s funds transfer request has been executed to report any suspected errors or unauthorized activity.

Client will exercise ordinary care to determine whether a transfer request accepted by Wealthfront was either erroneous or not authorized. If Client’s funds transfer request (including a request to recall or amend a request) is erroneous in any way, Client agrees to pay the amount of such funds transfer and all related fees, whether or not the error could have been detected by any security procedure, unless such payment is prohibited by applicable laws.

If Client’s transfer request describes the person to receive the funds transfer, i.e. the beneficiary, inconsistently by name and account number, the transfer may be made on the basis of the account number even if the account number identifies a person different from the beneficiary. If a transfer request describes a financial institution inconsistently by name and identification number, the identification number may be relied upon as the proper identification of the financial institution. Client acknowledges that Client is responsible for providing Wealthfront with all information required by the beneficiary’s bank, including the reason for payment, if required. Sending funds transfers without the required information can cause the transfer to be delayed, returned, or assessed additional fees. Client further acknowledges the beneficiary account number and beneficiary’s bank identification number Client provides in connection with Client’s transfer request will be complete and accurate, and Client understands Client could lose the transfer amount if the information is incorrect.

Any action Wealthfront takes to detect an erroneous transfer request, or any actions Wealthfront takes beyond those described above in an attempt to detect an unauthorized transfer request, will be taken at Wealthfront’s sole discretion. No matter how many times Wealthfront takes this action, it will not become part of Wealthfront’s standard procedures for attempting to detect such erroneous or unauthorized transfer requests, and Wealthfront will not in any situation be liable for failing to take or to correctly perform the action.

8. Cancellation or Amendment of Funds Transfer Request

Client may cancel or amend a funds transfer request only if Wealthfront receives such a cancellation or amendment request prior to the execution of the funds transfer request and at a time that provides Wealthfront with a reasonable opportunity to act upon that request.

If Client’s funds transfer request has been executed by Wealthfront, Client understands and agrees that the request to cancel or amend the funds transfer will be effective only with the voluntary consent of Wealthfront and the beneficiary bank. If Client decides to cancel or amend a funds transfer and Client’s request has already been executed, Wealthfront will first have to check with the beneficiary bank to determine whether or not the beneficiary bank will return Client’s funds. If the beneficiary bank confirms that the funds are returnable and agrees to do so, once the funds are returned to Wealthfront by the beneficiary bank, Wealthfront will return the funds to Client.

Any charges assessed by the beneficiary bank or intermediary bank related to the return will be deducted from any refund. An amount that is returned to Client may be less than Client originally transferred because of service charges of the beneficiary bank, intermediary bank and/or Wealthfront. Any returned funds will be in U.S. dollars. Wealthfront shall not be liable to Client for any loss resulting from the failure of the beneficiary bank and/or intermediary bank to accept a cancellation or amendment of Client’s funds transfer request.

9. Daily Transfer Limit

Client acknowledges that Wealthfront’s limits on transfers are available on the App and on the Site. Client has had an opportunity to review the applicable limits and to ask any related questions. Limits may change at any time without notice.

10. Rejection of Funds Transfer Request

Wealthfront reserves the right to reject any funds transfer request without cause, for no reason or for any reason, and without providing prior notice to Client or any other person. Wealthfront may reject a Client request if:

If Wealthfront rejects a request for a funds transfer, Client will be notified of the rejection during Client’s online session or soon thereafter by either a message to Client’s email address on record with Wealthfront or by notification through other means.

Client understands and agrees that if Wealthfront rejects a request for a transfer for any of the reasons set forth above, Client’s funds transfer request will be canceled and that Wealthfront will have no liability or further obligation to execute with respect to the original transfer request.

11. Transfer to Beneficiary Bank

When Client requests that Wealthfront make a funds transfer, Client must select a financial institution as the beneficiary bank (i.e., recipient bank) for the transfer and provide all required information set forth in Section 5 of this Agreement and any other information Wealthfront deems, in its sole discretion, necessary to effectuate the funds transfer including, but not limited to, the account and routing numbers of the beneficiary bank. The beneficiary bank must be a member of the Federal Reserve System or a correspondent bank of such a member, or a Clearing House Interbank Payment System (CHIPS) member.

Client may request that the funds be deposited into a particular account at the beneficiary bank. The beneficiary bank is responsible for following Client’s instructions and for notifying Client and the designated beneficiary that funds are available. After the funds are transferred to the beneficiary bank, they become the property of the beneficiary bank. The beneficiary bank is responsible for locating, identifying, and making payment to Client or the designated beneficiary. If Client identifies a beneficiary by name and account number, the beneficiary's bank may pay the funds to the person identified by the account number, and Client’s payment may be final even if the account number provided does not correspond to Client’s beneficiary. If the beneficiary bank is unable to locate an account, the funds may be returned.

12. Funds Transfer System Laws and Rules

Except as otherwise provided in this Agreement, Client agrees to be bound by all funds transfer system rules that apply to a funds transfer. Client agrees not to violate the laws or regulations of the United States, including without limitation, the economic sanctions administered by the U.S. Treasury Office of Foreign Asset Control (OFAC). If any transfer request is to an entity listed on OFAC’s list of Speciality Designated Nationals and Blocked Persons, by law Wealthfront shall not complete the transfer and shall “block” the funds until such time OFAC issues a written release to Wealthfront.

13. Currency and Territory of Funds Transfer

Funds transfers are made only in U.S. dollars. Wealthfront does not process any transfers sent from or to financial institutions located outside the territorial jurisdiction of the U.S., even if the currency is in U.S. dollars.

14. Delays, Non-Execution of Funds Transfer Request

Wealthfront is only responsible for making a good faith effort to execute Client’s transfer requests and will only be responsible for performing the Services specified in this Agreement with ordinary care. Client agrees that Wealthfront will not be responsible for any delay or failure to execute Client’s funds transfer request, or delay in making the funds available to the beneficiary due to circumstances beyond the control of Wealthfront or any intermediary or beneficiary bank handling the transfer, including, without limitation, any inaccuracy, interruption, delay in transmission, or failure in the means of transmission of Client’s funds transfer request to the intermediary or beneficiary bank or execution of such request by the intermediary or beneficiary bank, whether caused by strikes, power failures, equipment malfunctions, or delays caused by one or more institution’s fraud screening procedures or compliance procedures for anti-money laundering, economic sanctions or similar laws. Client further agrees that Wealthfront may refuse to process or delay processing any request if it would violate any guideline, rule, policy or regulation of any government authority or funds transfer system.

15. Indemnity

In consideration of the Agreement by Wealthfront to act upon funds transfer instructions in the manner provided in this Agreement, including where Wealthfront may attempt to amend or recall a funds transfer at Client’s request, Client agrees to the fullest extent permitted by applicable law to indemnify and hold Wealthfront harmless from and against any and all claims, suits, judgments, executions, liabilities, losses, damages, costs, and expenses - including reasonable attorneys’ fees - in connection with or arising out of Wealthfront acting upon Client’s funds transfer instructions pursuant to this Agreement. This indemnity shall not be effective to relieve and indemnify Wealthfront against its gross negligence, bad faith, or willful misconduct.

16. Claims; Limitation of Liability

If Client’s funds transfer request was delayed or erroneously executed as a result of erroneous or incomplete information provided by Client, Client understands that Client will be responsible for the amount of that transfer and any associated fees. If Client’s funds transfer request was delayed or erroneously executed as a result of Wealthfront’s error, Wealthfront’s sole obligation to Client is to pay or refund such amounts as may be required under applicable law. Any claim for interest payable by Wealthfront shall be at Wealthfront's published cash account interest rate in effect at the time of the transfer.

In any event, an action or proceeding by Client to enforce any obligation, duty or right arising under this Agreement must be commenced within one (1) year from the date that such cause of action accrues.

Client understands and agrees that in no event shall Wealthfront be responsible for any incidental or consequential damages or expenses arising in connection with Client’s funds transfer request.

17. Arbitration of Disputes

Client understands and agrees that, as more fully explained in the section of the Customer Brokerage and Custody Agreement governing Client’s account(s), either party may require any dispute arising from an online funds transfer request to be resolved by binding arbitration before FINRA.

18. Amendments

Client agrees that Wealthfront reserves the right to change (amend, add to, or delete) the terms and conditions of this Agreement. Unless otherwise required by law, Wealthfront may amend this Agreement without prior notice to Client. If Wealthfront chooses or is required to notify Client of an amendment, Wealthfront may do so electronically, or by mail or delivery of a separate notice, statement message or electronic message to Client at the last physical and/or email address Wealthfront has on file for Client.

19. Service Fees and Charges

Client authorizes Wealthfront to charge Client’s account(s) for the applicable service fees and charges for funds transfers in accordance with Wealthfront’s fee schedule in effect at the time Client makes a funds transfer request. The fee schedule is posted on Client’s Account page on the Site and the App, and Client agrees that Client has located and had an opportunity to consider the fees and ask any questions. Client also agrees to pay taxes that are applicable to the Service, as well as any other additional fees that may apply. Additional fees can be charged to the funding account or deducted from the transfer amount, as applicable, and may include, but are not limited to: an additional fee for bank initiated transactions, statement fees, and fees assessed by beneficiary and intermediary banks.

20. Electronic Consent and Acceptance of Terms and Conditions

In order to use the Service, Client consents to receive and accept the terms and conditions of the Agreement, and any amendments to it, and any transaction disclosures electronically. Client agrees that Wealthfront reserves the right to provide information, notices and disclosures about the Service to Client by non-electronic means. Client may withdraw Client’s consent to having records of transfers provided electronically by contacting Wealthfront at support@wealthfront.com, however, by doing so Client understands that Client will terminate Client’s right to use the Service.