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Challenger Terms of Service

Last Updated: Dev 17, 2021

 This agreement applies to (i) our Websites (“getchallenger.com”, “challengercash.com”,  “challengerapi.com”, etc.) (ii) the Challenger mobile and web applications (the “App”), the website (the “Site”) and (iii) related services ((i), (ii), and (iii), collectively the “Services”)).

The following Terms of Service (“Terms”) contain important information about Challenger’s Services and everything we must tell you by law regarding the use of our Services. These Terms are a binding contract between you and Challenger Finance Inc. Please read them carefully. Your use of Challenger’s Services in any way means you agree to these Terms and acknowledge that you have read them. The Terms are effective as long as you use the Services or until your Service is terminated.

 

We use the following definitions:

  • “Account” means your user account and account serviced by Challenger and/or our partners.
  • “Challenger”, “us”, “we”, or “our” means Challenger Finance Inc.
  • “Piermont Bank” means Piermont Bank, Member FDIC.
  • “LendingClub Bank” means LendingClub Bank, N.A., Member FDIC.
  • “You” and “your” mean the individual accessing Challenger’s Services or opening an Account or someone acting on that person’s behalf.
  • “Employer” means the company sponsoring or distributing Challenger to You, an Account holder.

 

You may be subject to additional policies, rules, and/or conditions (“Additional Terms”) by your participation in certain Services such as the Cardholder and Deposit Agreement or other agreements used by our partners. By using or participating in our Services, you acknowledge and agree to comply with these Additional Terms.

1. Overview of our Services

Challenger offers a mobile App, Site, and Debit Card that lets you easily receive compensation, send and receive funds, and pay for goods and services in partnership with our partner bank. The Service helps you track your transactions and save. Challenger partners with Employers to distribute our Services to their workforce.

1.1. Account Opening and Overview

In order to use our Service, you will need to open an Account with Challenger. You agree to share accurate and up to date information about yourself to us, as well as update your information as necessary as you continue using our Service. Your Account is for your use only and you agree to not share your Account credentials with anyone. You agree that you are solely responsible for the activities of your Account.

 

Challenger and/or our partners are required by Law to collect specific information about you to access our Services including your name, address, date of birth, tax-identification or Social Security number. We may collect additional information including email, phone number, and a copy of a government issued ID to contact you and verify your identity. By providing your information and accessing our Services, you authorize Challenger and any third parties to use your information to verify your identity before opening your account and for any other regulatory compliance or due diligence purposes from time to time.

1.2. Restriction on Account Activity and Usage

By using our Service, you agree to the following:

  • You agree to not use our Service in violation of any federal or state law or regulation.
  • You agree to not attempt fraudulent, unlawful, dangerous, harmful, or inappropriate actions of any kind while using our Service.
  • You agree to not attempt to access any other user’s Account.
  • You agree to not attempt to launder money or transfer funds unlawfully or for an unlawful purpose. 
  • You agree to not act in a way that is defamatory or harassing to Challenger, our partners, or our Service.
  • You agree to not tamper with or facilitate damage to our systems, data, or infrastructure.
  • You agree to not bypass, damage, or defraud our security or identity verification systems.
  • You agree to not control, access, or authorize a transfer from an account at a financial institution that directly or indirectly engaged in any restricted or unlawful activities.
  • You agree to not set up automatic or manual processes to track content on our website or Services.
  • You agree to not infringe on our copyright, trademark, or other intellectual property.
  • You agree to not use the account for professional purposes as a business or other entity. Challenger is only meant for individual use.
  • You agree to safeguard your Account credentials. You acknowledge that any unauthorized activity and loss therein is your responsibility within legal limits.
  • You agree to contact the merchant to cancel point-of-sale transactions, which cannot be refunded or reversed by Challenger.
  • In the case any Account transaction is allowed or occurs which results in your Account balance becoming negative, you agree to immediately cure any such negative Account balance by promptly adding additional funds to your Account. 

1.3. Banking Services Provided by Piermont Bank or LendingClub Bank

All banking and financial services available through Challenger are offered by one of our partner banks Piermont Bank, Member FDIC, or LendingClub Bank, N.A., Member FDIC.

Banking services associated with our services are provided by Piermont Bank, Member FDIC. Your transactions will be processed through an FBO account we hold at Piermont Bank for the benefit of our customers or users. We will provide you a monthly summary statement that describes your transactions. Your deposit balances held at Piermont Bank are insured by the Federal Deposit Insurance Corporation (FDIC) for up to the legal limit (currently $250,000 for each category of legal ownership).

Banking services may be offered by our partner Piermont Bank, Member FDIC or Lending Club Bank, Member FDIC. By opening an Account, you agree to the Cardholder and Deposit Agreement and may be governed by the Piermont Bank and Lending Club Bank Terms and Conditions and Privacy Policy. Your deposit balances held at Piermont and LendingClub Bank are insured by the Federal Deposit Insurance Corporation (FDIC) for up to the legal limit (currently $250,000 for each category of legal ownership).

1.4. Identity Verification

You authorize Challenger to validate the information you provide us to confirm your identity, either directly or through third parties. We may require a confirmation or additional identifying or financial information through email, SMS, or phone communication to continue offering our Services. You agree to provide any additional documentation or verification as we or our partners may require from time to time. 

1.5. Updates to the Services

Challenger works to provide great Services to you that may change over time. We may periodically update the mobile and web applications and website with new features, patches, and bug fixes. We may add new features, discontinue any part of our Services, or limit access to some or all parts of the Services for any reason at our sole discretion. You agree to allow Challenger to at any time update our Services automatically or require you to update the Services manually if deemed necessary by Challenger.

1.6. Consent to Receive Electronic Disclosures

By agreeing to these Terms, you agree to receive the following communications electronically: periodic statements, Privacy Policy, disclosures, notices, agreements, changes to terms and conditions, fee schedules, records, documents, tax statements, and any other information we provide to you. We may provide these communications to you through the Challenger App, by electronic mail (“Email”), SMS, or by using other electronic methods allowed pursuant to applicable laws and regulations. You further agree that we will not provide paper copies of any disclosures in the future.

You agree to receive disclosures and other communications electronically until you give us notice that you withdraw your consent. Challenger may not be able to provide you paper copies of required disclosures and may terminate the Services.

To withdraw your consent to receive disclosures and other communications electronically , you may contact us at support@getchallenger.com or through the Challenger App.

It is your responsibility to provide and update an up-to-date email address and phone number with us. Challenger may require a reasonable amount of time to process your request and terminate access to the Services.

2. Changes to the Terms

Our services may change over time, and as a result, we may need to update these Terms. We may not provide notice to you before we change these Terms, but will do so when required by law. If these Terms are no longer agreeable, you can close your Account by contacting support@getchallenger.com. Failure to close your Account and cease using the Services shall serve as your consent that you agree to our updated Terms.

3. Who is Eligible to Use the Services

Challenger’s Services are only available to individuals 18 years or older who can form a legally binding contract subject to these Terms. We do not knowingly solicit or collect information from individuals under the age of 18. If you believe someone under the age of 18 has provided us with personal information, please reach out to support@getchallenger.com and we will take action to delete that information and provide an appropriate resolution.

 

Our services are intended for US-based individuals. If your primary residence is outside the United States, you should contact support@getchallenger.com and cease using the Services.

 

We reserve the right to impose other restrictions as well. If you are found to be on a government sanctions list, are a politically exposed person, would face regulatory scrutiny, or pose a risk to Challenger or our partners, we reserve the right to, in our sole discretion, limit, terminate, or not allow access to our Services.

4. Communications and Messaging

By accessing our Services and providing personal contact information, you agree to receive notifications from Challenger. To sign up for an Account, we may require you share and verify your phone number and email. As part of our Services, Challenger may send you messages over email, SMS, phone, push notification, etc. which may require your response for continued access to the Services. 

 

Standard message and data rates may apply to both non-marketing and marketing-related messages. For more information regarding this why and how we communicate with you, please refer to our Privacy Policy.

5. Fees

We aim for the Employer to cover all Account Fees. However, depending on how you access and use the Services, the Services may be free or we may charge fees. Our fee schedule is available in our Cardholder and Deposit Agreement. If you access our Services through a mobile network or other data service provider, network fees may be applicable.

6. Account Limitations and Termination

If we have reason to believe that there may be suspicious or unlawful activity associated with your Account, we reserve the right to, in our sole discretion, stop any of your transactions or return funds to the sender to the extent that we are not prohibited by law. 

 

Challenger reserves the right to suspend, limit, or terminate these Terms without advance notice. If we have reason to believe that there may be suspicious or unlawful activity associated with your Account, we will comply with state, federal, or local regulators and will report incidents as required by law. We also reserve the right to otherwise report incidents which we believe are suspicious or unlawful but which we are not required by law to report. To protect the financial system, our Services, and our other users, if we suspect suspicious, fraudulent, or unlawful activity, Challenger reserves the right to freeze, limit access, or close your account. We may also terminate the Terms in order to discontinue or “sunset” parts or all of our Service. 

7. Intellectual Property

Challenger Finance Inc. owns all right, title, and interest to the Services including the technology and software therein to the extent such technology or software is not the intellectual property of our partners. You agree not to use our intellectual property or our partner’s intellectual property for any purposes other than accessing and using our Services as intended. All the contents of our Services including but not limited to materials, UI, text, graphics, articles, images, and illustrations on our website are our intellectual property or the intellectual property of our partners.

8. Responsibility for Contributions

You are solely responsible for any information you share or transmit through the Services and represent and warrant you have the necessary rights to do so. We aren’t liable for any errors or omissions in that information or for any related losses or damages. We cannot guarantee the identity of any individual or business account at any financial institution and we are not responsible for any actions performed through our Service.

 

Our Service may contain links, software, infrastructure, or third party connections that are not owned or controlled by Challenger. When you access third party services or websites, you acknowledge that Challenger is not responsible for the inherent risks in doing so. Challenger cannot verify, monitor, or edit the content of any third party and assumes no responsibility for the content, privacy policies, terms, practices, or accuracy of any third party services you interact through our Services. By accessing or using our Services, you agree to release and hold us harmless from any and all liability arising from the use of a third party service.

 

You agree and acknowledge that any suggestions or comments you make to us regarding improvements or changes to the Services that you make to us may be implemented by us but you will not receive any compensation for such comments or suggestions.

9. Limitation of Liability

 

CHALLENGER FINANCE INC. AND ALL OF ITS EMPLOYEES, CONTRACTORS, DIRECTORS, INVESTORS, SHAREHOLDERS, LICENSORS, PARTNERS, AND AGENTS  (COLLECTIVELY, THE “THE RELATED PARTIES”) SHALL NOT BE LIABLE TO YOU OR ANY OTHER THIRD PARTY FOR ANY SPECIAL, INDIRECT, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES (SUCH AS LOSS OF PROFITS, LOSS OF OPPORTUNITIES, LOSS OF GOODWILL, LOSS OF USE, LOSS OF DATA, BUSINESS INTERRUPTION, OR OTHER INTANGIBLE LOSSES) ARISING OUT OF OR RELATING IN ANY WAY WHATSOEVER TO THE SITE, OUR SERVICES, OUR CONTENT, OR THE THIRD-PARTY MATERIALS.  

 

EXCEPT AS EXPRESSLY PROHIBITED BY APPLICABLE LAW, IN NO EVENT WILL THE TOTAL LIABILITY OF THE RELATED PARTIES TO YOU FOR ALL CLAIMS ARISING OUT OF OR RELATING TO THE USE OF, OR ANY INABILITY TO USE ANY PORTION OF, THE SITE, OUR SERVICES, OUR CONTENT, OR THE THIRD-PARTY MATERIALS, WHETHER IN CONTRACT, TORT, OR OTHERWISE, EXCEED IN THE AGGREGATE SUM OF ONE HUNDRED UNITED STATES DOLLARS ($100.00). 

 

SHOULD A COURT OF COMPETENT JURISDICTION FIND THAT ANY OF THE FOREGOING LIMITATIONS ARE INVALID, THE RELATED PARTIES’ TOTAL LIABILITY TO YOU FOR ALL DAMAGES, LOSSES, OR CAUSES OF ACTION OF ANY KIND OR NATURE WHATSOEVER SHALL BE LIMITED TO THE GREATEST EXTENT PERMITTED BY ALL APPLICABLE LAWS.

10. Indemnification

 

In exchange for and in consideration of us offering the Site and the Services to you, you agree to defend us and any Related Parties, indemnify us and any Related Parties, and hold us and any Related Parties harmless from and against any and all suits, claims, losses, damages, expenses, demands, or liabilities, including attorneys' fees and costs, incurred by us or any Related Party in connection with any suit, regulatory action, or claim made by a third party arising out of or in any way related to: (1) your use of our Site, Services, content, or any third party materials; (2) your violation or alleged violation of these Terms or your violation or alleged violation of any applicable law or regulation; (3) your infringement or alleged infringement of any intellectual property or other right of any other person or entity; or (4) any dispute between you and a third party, including any provider of third party materials. You must not settle any such claim or matter without our prior written consent and we and the Related Parties reserve the right, at their own expense, to assume the exclusive defense and control of any matter subject to indemnification by you, and you further agree that you will cooperate fully in the defense of any such claims.

11. Arbitration

By using the Site or Services, you, your heirs and successors, and any business you represent hereby agree and consent to resolving any and all disputes arising in any way whatsoever out of your or your business’s use of the Site, the Services, content, or third party materials by binding arbitration. The Federal Arbitration Act (“FAA”) shall govern the interpretation and enforcement of this provision. To be clear, this agreement to arbitrate includes any and all claims arising out of or relating to any aspect whatsoever of these Terms, the Site, the Services, content, any third party materials, our Privacy Policy, the Additional Terms, and any applicable Cardholder and Deposit Agreement, regardless of whether such claims are based in contract, tort, statute, fraud, misrepresentation, or any other legal theory, and regardless of when such a claim or claims arise, including any claims that may arise after you or your business cease using the Site, the Services, content, or any third party materials. The arbitrator shall have exclusive authority to resolve any dispute relating to the interpretation, applicability, or enforceability of this binding arbitration agreement and provision. Notwithstanding the forgoing, this arbitration provision shall not be enforceable if otherwise not allowed by law. 

 

BY USING THE SITE OR THE SERVICES YOU ARE AFFIRMING THAT YOU UNDERSTAND AND AGREE THAT BY USING THE SITE OR THE SERVICES, YOU AND CHALLENGER FINANCE INC. ARE EACH WAIVING THE RIGHT TO A TRIAL BY JURY OR TO PARTICIPATE IN A CLASS ACTION.

 

Arbitrations pursuant to the provisions contained in these Terms shall be governed by the FAA’s rules and procedures to the maximum extent they can be. If you wish to pursue arbitration against us, you must send us written notice of the dispute to the other by certified mail ("Notice") to [[address]]. To constitute valid notice, your Notice must (a) describe the legal nature and basis of any and all of your claims and disputes; and (b) set forth the specific relief which you seek. Following our receipt of your Notice, you agree to, for at least thirty (30) days work with us to find a good faith resolution. Any settlement negotiations that occur during this period shall not be disclosed to the arbitrator for the matter should we fail to reach a good faith resolution. The arbitration proceeding, the results of the arbitration, and any information, documents, or other discovery exchanged during the arbitration shall be confidential and you shall not disclose any of this to any third party without the prior written consent of Challenger. Any arbitration shall occur in Denver, Colorado at a mutually agreed upon location. The arbitrator shall have the authority to make rulings and resolve disputes as to the payment and reimbursement of legal and arbitration fees or expenses at any time during the proceeding and upon request from either party.

 

12. Class Actions Waiver

YOU AND CHALLENGER FINANCE INC. AGREE THAT EACH MAY BRING CLAIMS AGAINST THE OTHER ONLY IN YOUR OR ITS INDIVIDUAL CAPACITY AND NOT AS A PLAINTIFF OR A CLASS MEMBER IN ANY PURPORTED CLASS OR REPRESENTATIVE PROCEEDING.

 

Additionally, should an arbitration be initiated as set forth above, unless both you and Challenger agree to waive this provision, no arbitrator may consolidate more than one person's claims or otherwise preside over any form of a representative or class proceeding through such arbitration.

 

13. Modifications or Amendments to Arbitration or Class Actions Provisions

We will promptly notify you of any changes to these arbitration or class actions provisions (other than clerical errors or a change of address). You may reject any such changes by sending us written notice of such rejection within 30 days of us providing you with such notice.  Upon receipt of your rejection we will terminate your Account and/or any existing Account application, but this arbitration provision and class actions waiver, as in effect immediately prior to the amendments you reject, will survive.

 

Should a court of competent jurisdiction or an arbitrator presiding over an arbitration pursuant to the arbitrations provisions set forth herein find any of these arbitration provisions or the class action waiver unlawful, void, or otherwise unenforceable for any reason, then you agree that such provision or provisions shall be given effect to the greatest extent possible, including, without limitation, interpreting such provisions to require you submit to individual arbitration and waive any purported right to participate as a plaintiff or member in a call or representative proceeding, and the remaining provisions will remain in full force and effect.

14. Termination and Survival

These Terms, as may be amended from time to time, shall be effective from the time you first visit the Site until the time that you provide us with a written formal termination notice to the contact address listed herein and cease all use of the Site and Services. However, any section or portion of these Terms that is intended to survive such termination shall survive such termination and continue to be valid and enforceable.

15. Governing Law and Venue

These Terms shall be governed by the laws of the State of Colorado, excluding conflicts of law provisions. Further, if, and only if, the arbitration provisions contained herein be found unenforceable or, for whatever reason, you be allowed to pursue legal action outside of arbitration, you and Challenger hereby agree and consent to the exclusive personal jurisdiction of the state and federal courts situated within the County of Denver, State of Colorado for purposes of enforcing these Terms or litigating any other claim or cause of action you may wish to pursue against us and you hereby waive any objection that you might have to personal jurisdiction or venue in those courts.

16. Entire Agreement

Other than as set forth in Section 22 herein, these Terms (which shall include the Privacy Policy, Cardholder and Deposit Agreement, and any other contract entered into by or between you with us) constitute the entire and exclusive agreement between you and Challenger in connection with your use of our Site, our Service, and content.

 

17. Amendments or Modifications

In addition to the amendment provisions set forth in Section 13 above, we  reserve the right to amend or in any way modify these Terms, the Additional Terms, the Privacy Policy, or the Cardholder and Deposit Agreement any time and in our sole discretion. For the most part, such changes will be accomplished by posting updated Terms, Additional Terms, Privacy Policy, or Cardholder and Deposit Agreement. While such changes will generally be effective as of the day they are posted, if any of our amendments or modifications materially modify your rights or obligations, we may request that you accept such new terms to continue to use the Site and our Services. If we request your acceptance to any new terms, they will become effective as of the receipt of your acceptance of such amendments or modifications. Your continued use of the Site and Services shall affirm your acceptance of the new terms unless your acceptance is otherwise specifically requested. 

 

Our delay, failure, or decision to enforce our rights set forth herein or pursue you for a breach of our Terms, the Additional Terms, Privacy Policy, or Cardholder and Deposit Agreement shall not constitute a waiver of any of our rights or our consent to such breach or any subsequent breaches and shall not affect our ability to pursue any remedies available to us at a later date. No waiver of any provision herein or in the Additional Terms, Privacy Policy, or Cardholder and Deposit Agreement shall be of any force or effect unless such waiver is made in writing and signed by the then-CEO of Challenger Finance, Inc.

18. Assignment

We may assign our rights under these Terms, the Additional Terms, the Privacy Policy, or Cardholder and Deposit Agreement to any party at any time without notice to you. However, you may not assign your rights hereunder, by operation of law or otherwise, without our express written consent.

 

19. Severability

Should a court of competent jurisdiction find any provision of these Terms, the Additional Terms, the Privacy Policy, or the Cardholder and Deposit Agreement unlawful, void, or otherwise unenforceable for any reason, then you agree that such a provision shall be given effect to the greatest extent possible and the remaining provisions contained within the Terms, the Additional Terms, the Privacy Policy, or the Cardholder and Deposit Agreement shall remain in full force and effect.

 

20. Reservation of Rights

We reserve all rights not explicitly granted to you.

 

21. Interpretation

Section and other headings in these Terms, the Additional Terms, the Privacy Policy, and the Cardholder and Deposit Agreement are for convenience of reference only and shall not affect, expressly or by implication, the meaning or interpretation of any of the provisions hereof. Further, you agree that neither these Terms, the Additional Terms, the Privacy Policy, and the Cardholder and Deposit Agreement shall be construed more favorably toward you than us as a result of us primarily drafting the Agreement.

 

22. Employers

In addition to these Terms, these Terms, the Additional Terms, the Privacy Policy, and the Cardholder and Deposit Agreement, the Use of the Site, Service, and our content by our business partners and/or employers making the Site, Service, and our content available to their employees shall be governed by additional terms as more definitively set forth in separate agreements between such business partners or employers and Challenger.