Wealify Virtual Account - Terms of Service
Latest Update: 01/08/2024
Please read these Terms of Service carefully before accessing or using Wealfiy's Virtual Account service. By opening a Virtual Account or accessing or using any part of the Virtual Account service, the Customer ("You'', "Your", or "Any Authorized User") accepts and agrees to be bound by the Terms and Conditions of this policy. The agreement becomes effective and legally binding from the date the Customer is provided the Virtual Account, affirming acceptance of the Agreement in writing or electronically or using the Virtual Account Service ("Effective Date"). The Agreement will then continue until terminated. The Customer's acceptance of this Agreement confirms that the Customer fully understands and accepts these terms and conditions. If the Customer does not understand any of the terms and conditions, please contact Wealify for more information.
1.1. Subjects of Applicability
This Policy applies to Customers who open a Virtual Account or access and use any part of the Virtual Account service, as well as to partner service providers and/or other related parties. Wealify reserves the right to modify these Virtual Account Terms of Service at any time.
1.2. Scope of Applicability
These Virtual Account Terms of Service govern the rights and obligations of the Customer with respect to the Virtual Account service, as well as the rights and obligations of Wealify, partner service providers, and/or other related parties in the process of using the Virtual Account service.
2.1. Using the Virtual Account Service
To use the Virtual Account service, the Customers must have a Wealify account and agree to comply with the Virtual Account Service Policy. After the Customer agrees to use the service, Wealify will proceed to create a Virtual Account and provide the account information to the Customer through the system interface and via email.
2.2. Suspension of Virtual Account Service
a. Wealify has the right to temporarily or permanently block the Customer's Virtual Account if the Customer violates the terms of this Virtual Account Service Policy.
b. Wealify will notify the Customer through the system interface and via email at least 3 days before the temporary or permanent locking of the Virtual Account. The Customer must handle any matters related to the Virtual Account before the specified time. Wealify will not be responsible for any issues related to the Virtual Account during the time it is locked.
c. From the time the Virtual Account is locked, Wealify will not be responsible for any issues or transactions related to the Virtual Account provided to the Customer, including but not limited to:
Transactions are carried out after the Virtual Account is locked.
Transactions due to the Customer's errors, including providing incorrect or incomplete information, or violating the Terms of Service.
Any damage caused by a third party.
The Customer agrees to be fully responsible for any damages arising in such cases and to release Wealify from all joint liability.
3.1. All information that the Customer provides to Wealify during the use of the service, including but not limited to information about the Customer, information about the business, products or services of the Customer, etc. must be accurate and complete as required by Wealify and by the provisions of the law.
3.2. The Customer has read, understood, and agreed to these Terms of Service and other related legal documents issued by Wealify.
3.3. The Customer agrees and commits that all funds transferred to the Customer's Virtual Account are legal according to the law and will only receive transfers from the approved fund sources specified in Appendix 1.
3.4. The Customer will not use the Service, directly or indirectly, for any fraudulent or illegal commitments or in any way that interferes with the normal operation of the Service.
3.5. The Customer confirms and takes full responsibility for resolving issues when using the Virtual Account provided by Wealify, including but not limited to transactions, the origin, and legality of the funds transferred to the Virtual Account. At the same time, the Customer releases Wealify from any liability related to the above issues.
4.1. Wealify may suspend or terminate the Customer's Account or refuse to provide any Wealify Services to the Customer in the future if Wealify finds that the Customer has violated the Wealify Virtual Account Terms of Service.
4.2. Wealify has the right to refuse to deal with third parties related to transactions into the Customer's Virtual Account and refuse to bear any responsibility for the legality of the funds transferred into the Customer's Virtual Account.
4.3. Wealify has the right to update the list of approved fund sources in Appendix 1, and the latest update will replace all corresponding prior agreements between the Customer and Wealify. For fund sources not listed in Appendix 1, the Customer should not conduct transactions through the Virtual Account.
4.4. When Wealify detects that the funds transferred into the Customer's Virtual Account did not originate from the fund sources specified in Appendix 1, Wealify will take the following actions:
Notify the Customer about the invalid funds.
The funds will be frozen and Wealify will not perform any transactions related to these funds.
Wealify will not be responsible for resolving any disputes related to these funds.
If the Customer has any questions, please contact the Wealify Customer Support team to have the matter resolved as soon as possible.
4.5. If Wealify suspects or knows that the Customer is using the Service for illegal, fraudulent, or unlawful purposes, Wealify may share any information related to that activity with financial institutions, regulatory authorities, or competent government agencies. This information may include details about the Customer, the Customer's Account, and transactions made through the Customer's use of the Service.
4.6. All parts of this Terms of Service apply to the maximum extent permitted by the relevant laws. If a court deems that Wealify cannot enforce a part of this Policy, Wealify may replace those terms with similar enforceable ones, while the rest of the Policy remains unchanged. The section titles in these Terms of Service are for reference only and have no legal effect.
The Customer must protect the Virtual Account information from any risks that may cause loss, theft, misappropriation, or unauthorized use of the Customer's Virtual Account by all possible means. Please contact the Wealify Customer Support team immediately if the Customer encounters any issues that result in loss, theft, misappropriation, or unauthorized use of the Customer's Virtual Account.
6.1. Any disputes or disagreements arising from and/or related to the Virtual Account Service, the Parties shall discuss and resolve together based on negotiation to ensure mutual benefit. If the dispute cannot be resolved through negotiation, the Parties agree that the dispute or disagreement will be resolved in the competent court. The court's decision shall be binding on the Parties. During the time the court has not issued a judgment, the Parties must continue to perform their respective obligations and responsibilities as stipulated in the Agreement. The costs related to the dispute resolution shall be borne by the losing party by the court's judgment.
6.2. Notice of Dispute
a. For any Dispute that the Customer encounters with Wealify, the Customer first agrees to contact Wealify and tries to resolve the complaint informally by sending a written notice of the Customer's complaint ("Notice") to Wealify by emailing Wealify at Support@wealify.com. The Notice must: (i) include the Customer's name, mailing address, email address, and phone number; (ii) describe the nature and basis of the Dispute; and (iii) set forth the specific relief requested.
b. Any notice from Wealify to the Customer will be in a similar form as described above. If the Customer and Wealify cannot reach a settlement agreement to resolve the Dispute within sixty (60) days after receipt of such Notice, then either party may submit the Dispute to the Court as provided herein.
6.3. Choice of Court and Language Any dispute arising from or related to these Terms of Service shall be referred to and resolved in the courts of Vietnam. The language used in the courts shall be Vietnamese.
6.4. Confidentiality Wealify and the Customer shall maintain the confidentiality of information when carrying out the litigation procedure and the Court's Judgment, including information collected, prepared, and presented in the Court or related to the Dispute. The parties have the right to request the Court to take measures to maintain the confidentiality of this information unless otherwise provided by law. The obligation of confidentiality does not apply to the extent that disclosure is necessary for the preparation or conduct of the trial or is disclosed under a court order.
7.1. These Terms of Service are drafted in Vietnamese and may be translated into various other languages. In the event of any discrepancy between the Vietnamese version and any translation, to the maximum extent permitted by applicable law, the Vietnamese version shall prevail, unless the applied translation version expressly provides otherwise.
7.2. These Terms of Service shall be interpreted and amended by the laws of Vietnam.
Wealify may update these Terms of Service at any time at its sole discretion. Wealify will indicate the last date the Terms of Service were amended at the beginning of the Policy. The most recent update will take effect immediately upon issuance and will supersede all prior corresponding agreements between the Customer and Wealify.
For any detailed information and any inquiries related to these Terms of Service, please contact Wealify's Customer Service Department using the following information:
Email: Support@wealify.com
Appendix 1
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