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Updated November 1st, 2024
AngelList is a financial technology company and is not a bank.
This section is applicable for companies and users utilizing online ACH payment functionality on AngelList Stack services.
The ACH Network allows you to collect funds through debit or credit Transactions from US bank account holders. Terms specifically applicable to initiation of ACH Network Transactions are stated below. As with all Payment Methods, your use of AngelList products that provide access to the ACH Network via submission of ACH Debit and ACH Credit entries, bind you to these ACH Payment Terms (these “Terms”) as part of the AngelList Services Agreement. You accept and agree to comply with all of these terms.
Nacha Rules: When submitting Transactions over the ACH Network, you must comply with the Nacha Operating Rules.
ACH Entry Authorizations: When you send or collect funds with ACH credit and debit entries via the AngelList Services, AngelList is operating as a Third Party Sender and you understand and accept your role as the Originator (as defined in the Nacha Operating Rules), including to authorize the banks that AngelList's ACH Service Provider uses to enable the submission of Transactions over the ACH Network (“ODFI Banks”) on your behalf to and from your Customer's bank accounts. When you use AngelList to initiate ACH Network Transactions with your Customers, you represent and warrant that: (a) you have all necessary authorizations and approvals from your Customers for AngelList to transmit an ACH Network debit or credit Transaction to the Customer's bank account and (b) the information you provide AngelList about each ACH Network Transaction is accurate, timely and complete. AngelList is not liable for any return, reversal or other failure (or any related costs) arising from your acts and omissions, including failure to obtain your Customer's authorization for an ACH Network Transaction.
Timing of Funds, Limits and Charges : AngelList and its ACH Service Provider will make funds available as per settlement timings agreed to in relation to the type of ACH transfer selected. AngelList may require separate or pass through origination limits as set up by the ACH Service Provider. Charges for your origination of ACH, returns and other ACH related services will be billed to you by the AngelList.
Termination and Suspension: Without limiting AngelList's rights to terminate or suspend your access to the Services under the AngelList Services Agreement, AngelList may also terminate or suspend your access to the ACH Network for your violation of the Nacha Operating Rules, including if an ODFI Bank requires your suspension or termination, or if you exceed acceptable limits on returns.
Requests for Compliance Information: By collecting funds via ACH debit Transactions and as required by the Nacha Operating Rules, you will provide information and documentation requested by AngelList, AngelList's ACH Service Provider, or ODFI Banks for the purpose of ensuring your compliance with these Terms and the Nacha Operating Rules upon reasonable notice. You agree to cooperate with any request for information necessary to complete ACH risk assessments and audits in a timely manner. AngelList may suspend or terminate your access to the ACH Network immediately if you fail to provide information or documentation requested.
Warranty: You warrant to AngelList, as an Originator of Transactions made under the Nacha Operating Rules, that no Transaction delivered to AngelList, will cause AngelList, its ACH Service Providers, or ODFI Banks to be in violation of any regulation or sanction administered by a Governmental Authority or otherwise cause AngelList, its ACH Service Providers, or ODFI Banks to be in violation of an laws of the United States.
Nested Third Party Senders: You must not submit ACH Network Transactions as a Nested Third Party Sender (as defined in the Nacha Operating Rules) through the AngelList Payments Services.
AngelList Banking for Startups is no longer offered.