1. What is this agreement? 🤔
2. Is this agreement legally binding? 🤔
By using our Services, you acknowledge that you have read, understood, and accept this agreement.
3. How often does this change? 🖐
Any minor, non-material changes or clarifications go into effect immediately. Any material changes go into effect 30 days after we provide notice.
4. Who can use Donut? 😄
You may use our Services only if you are age 18 or older and not barred from using banking or investment services under the laws of the US or other applicable jurisdiction.
5. Where can I use Donut? 🌍
Our services are available in forty-eight states in the U.S. and the District of Columbia; they are not available in Pennsylvania and New York. By accessing or using a particular service, you affirm that you are a resident in the jurisdiction where the service is provided and using the service in a permissible jurisdiction.
We currently do not service non-U.S. residents.
6. How to contact us 💬
You can contact us by email at [email protected].
7. How we'll contact you 👋
We'll contact you in English 🇺🇸 and Emoji 😃 via our mobile app, or through your email or phone. Please let us know if any of these change!
By using our Services, you consent to receiving communications from us electronically and that you do not need any other communications in writing.
We may also send you notifications via the above when you add some investments to your portfolio.
8. What is Donut? 😄
Donut is a mobile app and website facilitating saving and investment into cryptocurrencies (the ‘Services’). Each person is allowed only one Donut account, and you may not create additional accounts on behalf of anyone else.
Donut has four different purchase mechanisms:
- Quick Invest ⚡️: an ordinary of cryptocurrencies at a given point in time
- Schedule 📆: a recurring purchase for a fixed dollar amount of cryptocurrencies, at a fixed date every day, week or month
- Round-Ups ☕️: a calculation of the difference between an actual purchase amount and the next whole dollar (see ‘How do Round Ups work’), with Round-Ups taken once a certain dollar threshold has been reached
- Lifestyle 🏃♂️: a purchase for a fixed amount based on a rule defined by you for achieving or not achieving a lifestyle goal (for example: add $5 for reaching 3,000 steps in a day)
9. How do Round-Ups work? ☕️
Round Up purchases are based on each eligible transaction you make with your credit card or debit card that is linked to the Donut service. We will calculate an amount that is the difference between the amount of the purchase and the next whole dollar (‘Transaction Credit’).
For example, for a $3.75 transaction, we round up to $4.00, and there is a 25 cents Transaction Credit. Once the total Transaction Credit accumulated for you reaches at least $10, we process a $10 charge against your linked bank account, debit card, or credit card and exchange the $10 for cryptocurrency per your pre-set instructions.
10. How do I link my bank account or a payment method? 🏦
ou can link or unlink a U.S. bank account and/or a credit or debit card you hold with a third-party financial institution (each a ‘Third-Party Financial Institution’) to your account as a payment method.
As part of linking or unlinking, you authorize us to collect data about you from Third-Party Financial Institutions and to initiate ACH transactions on your behalf to our banking service providers (more detail below).
Please note: By using our Services, you hereby authorize us to act as your agent for the purposes of initiating and settling financial transactions with your linked bank account you hold with a Third Party Financial Institution.
You agree to keep your payment method information current. If this information changes, we may update it as directed by your bank without any action on your part.
11. Custody and control of your account 🔑
We do not have or retain direct custody or control over funds or virtual currency in your Donut account, nor do we directly transmit funds or virtual currency to or from your Donut account.
Banking services are provided by Evolve Bank & Trust (‘Bank’), Member FDIC, through our agreement with Synapse Financial Technologies, Inc. (‘Synapse FI’). Synapse FI acts as an agent for Bank.
All services provided by Bank and Synapse FI are subject to the applicable account agreement, the Synapse Terms of Service, privacy policies, and other applicable agreements and disclosures, all available at https://synapsefi.com/legal.
By using the Donut service, you agree to such agreements, policies, disclosures, and terms of service. Funds in the deposit account are FDIC insured for at least a balance of $250,000. To report complaints regarding Bank or with the services provided by Synapse FI, email [email protected].
12. Access to financial information 📊
We use Plaid Inc. (“Plaid”) to gather your data from Third-Party Financial Institutions. By using our Services, you grant us and Plaid the right, power, and authority to act on your behalf to access and transmit your personal and financial information from the relevant financial institution.
13. You agree to us using your information 🤝
14. Adding or withdrawing funds 💰
You may transfer money to your Donut account by requesting an electronic funds transfer from your linked bank account and/or by using your credit or debit card.
If you have a money balance in your Donut account, you may withdraw it by transferring it to a bank account linked to your account.
We may delay a withdrawal in certain situations, including if we need to confirm that the withdrawal has been authorized by you or if other payments to your account have been reversed.
15. Keeping your account secure 🔒
You are responsible for maintaining adequate security and control of any and all username, IDs, passwords, or any other codes that you use to access your account.
You are solely responsible for the activities of anyone accessing the Donut service using your password, even if you did not authorize the activities. You must notify us at [email protected] immediately of any unauthorized use or suspected unauthorized use of your password.
If you know or suspect your password has been compromised, you must promptly change your password. Even if you give us notice, you could be held liable for losses incurred by us or another party due to someone else using your account or password.
16. If something goes wrong 😱
To protect yourself from unauthorized activity in your account, you should regularly log into your account and review your account statement.
In case of Errors, contact us at [email protected]. An Error means the following:
- When money or cryptocurrency is either incorrectly taken from your account or incorrectly placed into your account.
- You initiate a purchase and the incorrect amount is debited from your account.
- You withdraw cryptocurrency from your account and the transaction is incorrectly documented in your account.
- An incorrect amount is credited to your account.
- A transaction is missing from or not properly identified in your account statement.
- There is a computational or mathematical error related to your account.
17. Rectifying errors 🤔
We will rectify any processing error that we discover. If the error results in:
- You receiving less than the correct amount to which you were entitled, then we will credit your account for the difference between what you should have received and what you actually received.
- You receiving more than the correct amount to which you were entitled, then we will debit your account for the difference between what you actually received and what you should have received.
We will not rectify errors if:
- Through no fault of ours, you did not have enough available funds or cryptocurrency to complete the transaction;
- Our system was not working properly, and you knew about the breakdown when you started the transaction; or
- The error was due to extraordinary circumstances outside our control (such as fire, flood or loss of Internet connection), despite our reasonable precautions.
You agree to contacting us within 180 days of the Error occurring. We are not liable for any losses associated with Errors for which you do not contact us within 180 days.
18. Fees 🤔
Our fees are split into two parts:
- Donut Fee: 1.0% on any deposits into the account
- Exchange Fee: 1.5% for the purchase or sale of any virtual currency
Donut may charge additional fees on deposits via credit or debit card. We will provide reasonable notice of any fees and will give you the opportunity to terminate your deposits before such fees become effective.
Any fees changes will be communicated to you via notifying you using one of our usual channels (see ‘How we’ll contact you’ above).
Your continued use of Donut after any fee change(s) comes into effect constitutes your agreement to pay the fees. Except as required by law, fees are non-refundable.
19. How does the referral program work? 👨👩👧👦
Donut offers a referral program for every friend you invite. Details of the referral scheme are listed on donut.io/earn.
By inviting your friend(s), Donut will share the full Platform Fee with you for a period of 12 months as a reward (‘Earn’). You can Earn multiple times, just invite more friends.
To count towards your Earn, each friend who signs up using your invitation has to complete a single transfer involving conversion for at least 10 USD to be considered as a qualified referral.
We reserve the right to remove access to the referral program or to refuse a reward if we suspect violation of terms or any activity we determine as abusive (for example, by inviting yourself, fictitious people, or already existing users).
We reserve the right to modify the referral offer at any time. By continuing to invite friends after an update to the terms, you indicate you are accepting them.
20. Cryptocurrency risks 💸
Cryptocurrencies are not insured by the Federal Deposit Insurance Corporation (FDIC), or by any other agency, and the use of cryptocurrencies may carry financial risk.
Any decision to purchase or sell digital currency is solely your decision and we shall not be liable for any loss suffered or be responsible for any damages, claims, losses, accidents, costs or other expenses (including, without limitation, attorneys’ fees or the costs of any claim or suit), nor for any incidental, general, or consequential damages.
21. Asset storage ⛑
Virtual currency will be held in digital wallets in the custody of Bank, on your behalf. Bank may contract with third parties to provide wallet services. Please review their terms and policies for more information (detailed above).
In order to keep funds within a digital wallet secure, a portion of the funds will be stored offline. Because of this, unusually large transactions may be delayed.
22. Donut is not an advisor 👉
Donut is not an investment advisor. Donut does not provide investment advice. No content published on the website constitutes a recommendation that any particular cryptocurrency or digital assets are suitable for any specific person.
Donut is not acting and cannot act as an advisor, including as to any financial, legal, investment, insurance and/or tax matters. Any information provided by Donut is for general information only.
23. Your tax obligations 👮
The value of any capital gains related to buying and selling cryptocurrency may constitute taxable income.
Our Banking Partner will issue an Internal Revenue Service Form 1040 Schedule D (or other appropriate form) to you that reflects the value of the gain, if necessary. Please consult your tax advisor as we or our Banking Partner do not provide tax advice.
24. Cryptocurrency prices 💱
Cryptocurrency and digital assets are highly experimental and risky. Our Services (which include but are not limited to purchasing cryptocurrencies on users’ behalf,) attempt to provide accurate price and exchange rate information, but this information is highly volatile, it is determined by third parties and can change quickly without users necessarily being aware of these changes.
Exchange rates you as a consumer or merchant receive when remitting payments to merchants or to other consumers are calculated at the time your transaction is accepted.
We do not guarantee any outcome and any projections are hypothetical in nature. Past performance is not a guarantee of future results. You are solely responsible for evaluating the risk associated with use of the Donut service.
25. What if regulations change? 👩⚖️
The US regulations on cryptocurrencies are subject to significant uncertainty and are evolving rapidly.
While we are making every effort to comply with applicable rules and regulations in the U.S. and internationally with respect to our operations, we cannot predict nor guarantee that your use, transfer or exchange of cryptocurrencies on our system will not be subject of any such regulations. Any change of cryptocurrency regulations may have a material negative impact on your ability to use and transfer such cryptocurrencies and may cause you to lose all or a portion of the value of such cryptocurrencies.
The use, transfer and exchange of cryptocurrencies may be subject to applicable federal and state laws, including rules and regulations promulgated by various regulatory agencies, such as the Securities Exchange Commission, Financial Crimes Enforcement Network (FinCEN), Commodity Futures Trading Commission, Office of the Comptroller of the Currency, Internal Revenue Services and state money transmission or virtual currency business licensing agencies.
26. How are disputes resolved? 😔
If you have a complaint, please contact us at [email protected] and we'll do our best to fix the problem.
We’re always here to help, but in the unlikely event that Donut has not been able to resolve a dispute after 60 days, you agree to follow the procedure outlined in the ‘Arbitration’ section below.
27. Arbitration 🗣
For any dispute with Donut, you agree to first contact us at [email protected] and attempt to resolve the dispute with us informally.
In the unlikely event that Donut has not been able to resolve a dispute after 60 days, Donut and you agree to resolve any claim or dispute arising in connection with this agreement by binding arbitration by Judicial Arbitration and Mediation Services (‘JAMS’).
The arbitration will be conducted in Los Angeles County, California, unless agreed otherwise. JAMS may require you to pay unless you successfully obtain a fee waiver from JAMS or the arbitrator includes your costs of arbitration.
Nothing shall prevent Donut from seeking injunctive or other equitable relief from the courts as necessary to prevent the actual or threatened infringement, misappropriation, or violation of our data security, intellectual property rights or other proprietary rights.
28. General terms 📝
This agreement will always be available in our mobile app and on our website.
We can make changes to it for any reason (see ‘How often does this change?’) and/or may terminate this agreement at any time by suspending or terminating access to the website, our mobile app or services by notifying you using one of our usual channels (see ‘How we’ll contact you’ above).
29. Are there any other agreements? 📚
30. The boring legal bit 😴
We hope to make our Services available at all times, but at times we may need to temporarily or permanently disable the mobile app or website. The Services may be modified, suspended or discontinued at any time without notice or liability.
Donut will not be liable if all or part of the services is unavailable at any time.
Our Services are provided on an ‘as in’ and ‘as available’ basis. Donut hereby disclaims all warranties of any kind, either express or implied, statutory or otherwise, including any warranties of merchantability, non-infringement, and fitness for particular purpose.
In the event of a dispute, our liability and yours will be limited to the maximum extent permitted by law. In no event shall either party be liable for any indirect, incidental, special, exemplary or consequential damages arising out of or in connection with the services.