The P2P service is provided to you by Bloom and applies to your use of the person-to-person funds transfer products and services. Bloom provides a P2P service to account holders to enable convenient transfers of money between your Bloom account using email addresses or mobile phone numbers to and from another Bloom account holder, or to a third party who does not have a Bloom account.
The P2P Service is currently available only to Senders and Recipients who are U.S. residents and who otherwise meet the requirements of these Terms of Service. The P2P Service may not be used for business transactions, other than business transactions between individuals. All users of the P2P Service agree to the restrictions contained in policy. Any use of the P2P Service which violates the requirements of the Content Policy may result in a user being suspended from the P2P Service and/or other Services. The P2P Service may also not be used for charitable transactions.
Your Authorization for a P2P Payment
Processing of P2P Payments
Transaction Records, Customer Service and Error Resolution Policy
Records of your P2P Payments through the P2P Service and your other Bloom account transactions will be reflected in your transaction history in your Bloom Account. In addition, you will be provided with a monthly statement of your Bloom Balance Transactions, which can be accessed by logging into your account at www.mybloom.us or in the Bloom mobile application. You are responsible for reviewing your statement and transaction activity to determine if there are any errors or unauthorized transactions, and for alerting Bloom.
Bloom may charge fees in accordance with the then-current fee schedule, as stated herein. Bloom does not assess a fee for any P2P Payment.
Sending Money Limits
We may, at our discretion, impose limits on the amount of money you can send or receive through the Bloom Services. These limits may change from time to time in Bloom's sole discretion. You may not send money to your own account. Receiving banks may impose limitations on transfers between their customers and you. Such limitations remain subject to the terms and conditions of the respective service agreements of the Recipient's Bank with their customers. We will limit the amounts you can send to a Bloom account using the P2P Services based on account longevity and history:
Such limits remain subject to change in the discretion of Bloom. In the event that your transfer exceeds a limit, you will be informed of the allowable amount you can transfer at that time.
Refused and Refunded Transactions
When you send money, the recipient is not required to accept it. You agree that you will not hold Bloom liable for any damages resulting from a recipient's decision not to accept a payment made through the Bloom Services.
If a recipient of funds is not a Bloom user and does not register for the Bloom P2P Services, including acceptance of this agreement, Company will return your funds in ten (10) days. If the recipient does not register, set up an email address or mobile number and accept the transfer within ten (10) days, the transaction will be cancelled. During this period, a hold will be placed on your account for the amount of the transfer and the applicable fee, if any. Once the recipient has successfully registered, transfers will automatically be debited from your account and credited in the recipient's account. We will return any unclaimed, refunded or denied payment within 10 (ten) days of the date you initiate payment. If a payment is unclaimed, denied or refunded for any reason, we will return the money to your Bloom balance.
Payment investigation is a process by which Bloom reviews certain potentially high-risk transactions. If a payment is subject to payment investigation, Bloom will place a hold on the payment and may provide notice to the recipient. Bloom will conduct a review and either clear or cancel the payment. If the payment is cleared, Bloom will provide notice to the recipient. Otherwise, Bloom will cancel the payment and the funds will be returned. Bloom will provide notice to you by email and/or in the account history tab of your Bloom account if the payment is canceled.
Risk of Reversals, Chargebacks and Claims
When you receive a payment, you are liable to Bloom for the full amount of the payment plus any fees if the payment is later invalidated for any reason. This means that, in addition to any other liability, you will be responsible for the amount of the payment, plus applicable fees if you lose a claim or a chargeback, or if there is a reversal of the payment. If a sender of a payment later disputes the payment or files a claim for a chargeback, the debit or credit card issuer or the originating bank, not Bloom, will determine whether the dispute is valid and to whom payment is due. You agree to allow Bloom to recover any amounts due to Bloom by debiting your balance. If there are insufficient funds in your balance to cover your liability, you agree to reimburse Bloom through other means. For Bloom account holders, if Bloom is unable to recover the funds from your primary funding source, Bloom may attempt to contact you, Bloom may recover the funds from your alternate funding sources, or may take other legal actions to collect the amount due, to the extent allowed by applicable law.
Right to Terminate Access
Subject to applicable law, Bloom may terminate or suspend this Service Agreement and your use of our Site and our Services, in whole or in part, at any time for any reason without cause and without prior notice. Any obligations or liabilities incurred by you prior to the date of termination shall survive the termination of this Service Agreement.