Terms

Koajo is a digital platform modernizing the traditional rotating savings system, allowing users to participate in structured savings pools. These Terms of Use govern your use of Koajo, outlining your rights and responsibilities as a user.

When you join a Koajo savings pool:

• You authorize Koajo to debit your linked bank account on a weekly basis for the amount you have agreed to save.
• These contributions are held temporarily in Koajo's Stripe-connected account and are in transit to another member's payout.
• When eligible, you will receive your payment (payout) equal to your pool amount multiplied by the number of members in a 2-3 business day window, which is managed by Koajo for fair distribution and platform maintenance.

To participate in any savings pool, users must:

• Successfully complete Know Your Customer (KYC) verification through Stripe Identity.
• Securely connect their US bank account via Stripe Financial Connections.

• Koajo only accepts and transfers US funds.
• Contributions and disbursed payouts are processed via ACH transfers.
• Funds are temporarily stored in a Stripe-managed escrow account in accordance with their regulatory and security policies.
• Koajo is not a bank, and not insured or protected by Koajo beyond the Stripe platform's safeguards.
• By using Koajo, you agree to the terms of use described in this section.

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW USER ACCOUNT

To help the government fight the funding of terrorism and money laundering activities, the USA PATRIOT Act requires all financial institutions and businesses or digital platforms that involve money, including Koajo, to obtain, verify, and record information that identifies each person or entity who opens an account.

When you open an account with Koajo, we will ask for your name, address, date of birth, and other identifying information that will allow us to verify your identity. We may also ask to see your government-issued identification such as your driver's license or passport or other identifying documents.

In accordance with federal law and in compliance with AML policies, this information is collected to prevent identity theft, fraud, money laundering, and other financial crimes. Koajo is committed to protecting the integrity of the platform and ensuring compliance with all applicable regulations.

Koajo takes your privacy seriously. The information collected as part of the identity verification process is securely stored and protected in compliance with applicable privacy laws and regulations.

• You must be at least 18 years old and a US citizen or other U.S. person to use Koajo.
• Koajo is not available to residents of New York, Maryland, or other locations where local regulations prohibit its use.
• You must provide accurate and complete information during registration.
• You must have a valid US bank account.
• You must have successfully completed identity verification through our 3rd-party verification partners (KYC/AML completed).
• By creating an account, you agree to receive disclosures and to obtain information.

• Users join or create savings pools, contributing a fixed amount at pre-determined intervals for a pre-determined period.
• The payout to each member happens in a pre-determined sequence, typically in advance after 1 or more contributions have been made. Koajo is not a loan; it is more like borrowing money from your future, only without interest.
• Users are responsible for maintaining their active contributions and are liable to contribute all contributions in their savings pool, especially after receiving their payout.

• There are no interest charges.
• Koajo applies a small processing 2.5% fee when users receive a payout in exchange for using Koajo. These fees are deducted from funds at the time they are transferred to the user.
• Koajo can change its fees at any time.
• Koajo reserves the right to, from time to time, waive or reduce fees as part of a promotional strategy or in the best interest of its users.
• Koajo reserves the right at any time to change its fees and pricing methods with immediate effect after a notice delivery to its users via app or email notifications to you.

• Users must contribute to their savings pools on time as per the set schedule.
• Koajo will automatically withdraw your agreed upon contributions from your account if there are sufficient funds available in your account.
• For payment reversal, a 2-day grace period is granted. Users who have not received a payout and have a payment in the Koajo, are removed from the pool. Users who have received a payout and fail to pay within 30 days may be reported to credit bureaus.
• Users experiencing issues with contributions, payouts, or transactions should first contact Koajo's customer support to seek resolution.
• If a formal resolution cannot be reached, users may initiate a dispute by submitting a formal complaint through Koajo's dispute resolution process at support@koajo.com.
• Koajo may engage 3rd party mediation services to help resolve disputes if they are not efficiently.
• If a user has received a payout and fails to fulfill their financial obligations, Koajo reserves the right to take legal action to recover the amount owed.
• By using Koajo, you explicitly agree to cooperate fully with Koajo in any efforts to recover outstanding amounts, including providing necessary information and responding to communications from Koajo or its authorized agents.
• Koajo is not responsible for any fees or charges incurred by you from your bank or other financial institutions due to insufficient funds or other issues related to your contributions.
• Consistent contributions are essential to maintaining the integrity of the pool.
• Users who initiate a chargeback without first seeking resolution through Koajo may be subject to account suspension or termination.
• Koajo reserves the right to dispute any fraudulent chargebacks and provide evidence to the financial institutions regarding transaction history.
• By using Koajo, you are authorizing our payment or merchant partner to make deposits or withdrawals from any bank account you link from your internet bank account in accordance with our billing methods, third-party online payment processors.

• Koajo follows U.S. regulatory standards to ensure compliance and security.
• User accounts undergo daily analysis to prevent fraud.
• All transactions are encrypted and securely processed.

• Koajo is committed to preventing money laundering and terrorist financing in compliance with US regulations.
• All users must undergo Know Your Customer (KYC) verification before participating in savings pools.
• Suspicious transactions may be flagged and reported to the relevant financial authorities.
• Users must not engage in any activity intended to disguise the source of funds or circumvent AML regulations.
• Koajo reserves the right to freeze accounts suspected of AML activities and report them to law enforcement authorities.

• By using Koajo, you consent to receive electronic communications from us, including but not limited to account notifications, legal disclosures, promotional messages, and customer support communications.
• These communications may be delivered via email, in-app notifications, or SMS, depending on your account settings.
• You acknowledge that electronic communications satisfy any legal requirement that such communications be in writing.
• You may opt out of promotional emails at any time; however, essential account-related communications cannot be opted out of.

• Users cannot withdraw funds arbitrarily from a pool once a round has begun (the pool's payout period is).
• All contributions made to pools are final and non-refundable once processed, as funds are distributed among members according to the agreed-upon schedule.
• In case of accidental or duplicate transactions or errors that incur charges, users may submit a refund request within 3 business days of the transaction for review.
• Refunds, if approved for extenuating circumstances, will be processed within 5-7 business days and returned to the original payment method, where Koajo's 2.5% fee is applicable.
• If a user wishes to leave a pool before completing the cycle, they must contact support at support@koajo.com for further assistance.

• If a contribution or payout fails due to incorrect bank details, insufficient funds, or system errors, Koajo will automatically notify the user and re-initiate the transaction. Users are responsible for ensuring their bank account information is accurate and up-to-date.
• If you believe there has been an error with your pool contribution or payout, please contact us at support@koajo.com within 14 days of the transaction for review.
• Koajo is not responsible for delays or failures caused by third-party payment processors or your financial institutions.

• Koajo reserves the right to suspend or terminate accounts found in violation of these Terms of Use, including but not limited to fraudulent activity, failure to meet payment obligations, or violation of AML policies.
• If a user does not join a new savings pool for 90 consecutive days, their account may be deemed inactive and is subject to suspension or closure.
• Koajo will notify users of impending account inactivity or suspension and provide the opportunity to reactivate their account or join a new pool.

• All content, trademarks, logos, and intellectual property associated with Koajo are the exclusive property of Koajo, LLC.
• Users are granted a limited, non-exclusive, non-transferable license to access and use Koajo for personal, non-commercial purposes only.
• Unauthorized reproduction, modification, distribution, or exploitation of Koajo's proprietary materials is strictly prohibited.
• Koajo's services and content are protected by copyright, trademark, and other laws of the United States.
• Any misuse or infringement of Koajo's intellectual property may result in legal action.

• By creating an account and using Koajo, you authorize us to initiate, from your deposit bank and withdrawal (ACH) to and concurrently debit your electronically linked bank account via the Automated Clearing House (ACH) network for contributions to your savings pools and payouts.
• You acknowledge that ACH transactions may take several business days to process.
• You agree to ensure sufficient funds are available in your designated bank account for all scheduled contributions.
• If an ACH transaction fails due to insufficient funds, Koajo reserves the right to attempt the transaction again or charge a returned payment fee.
• You may revoke this authorization by contacting support at support@koajo.com; however, doing so may affect your ability to participate in savings pools.
• Koajo will provide you with all transaction notifications and account balances in addition to providing customer support relating to your user account.

• Users must not engage in fraudulent activities, money laundering, or any other illegal or unauthorized use.
• Users agree not to manipulate a Koajo with, or a planned to exceed the round schedule.
• Any such activity may result in account suspension or legal action.
• Koajo and its platform are intended for, and directed to, residents or persons of the United States and its services, content, or advertisement are not contained of its platform, content, or applications only in the United States.
• Koajo makes no claim that our services are appropriate or may be accessed or used outside the United States.

• Koajo will not be responsible or liable to you or any third party, whether in contract, warranty, including negligence or otherwise, for any indirect, special, incidental, consequential, exemplary, or additional or punitive damages, including but not limited to loss of profit, revenue, or business or revenue, or other financial losses, or sales or data.
• Koajo is not responsible for losses incurred due to user non-compliance, errors, or failure to adhere to payment schedules.
• You acknowledge and agree that to the maximum extent permitted by law, you bear the entire risk arising out of your access and use of our service, content, or platform, or any other services.
• While we ensure the security of all transactions, we do not guarantee financial outcomes.

• Koajo reserves the right to modify these Terms of Use at any time. Users will be notified of significant changes via email or platform notifications.
• Continued use of the platform after changes are posted will constitute acceptance of the new terms.

The information provided by Koajo, including but not limited to our website, mobile application, communications, and services, is for informational purposes only and should not be construed as legal, tax, or financial advice.

Koajo does not provide legal, tax, or financial advice. Any content, tools, or resources made available through our platform are for general informational and educational purposes only and should not be relied upon as a substitute for professional advice from a qualified attorney, tax advisor, or financial professional.

Your relationship with Koajo does not create a fiduciary or professional client relationship between you and Koajo. We strongly encourage you to consult with licensed professionals before making any financial, legal, or tax-related decisions.

Koajo is not responsible for any decisions or actions taken based on the information provided through our platform. Users assume full responsibility for evaluating the accuracy, suitability, and reliability of any information or advice before making financial or legal commitments.

Koajo may provide links to third-party websites or resources for informational purposes. We do not endorse or guarantee the accuracy of any third-party content and are not responsible for any consequences resulting from reliance on such resources.

By using Koajo, you acknowledge and agree that you are solely responsible for your own financial and legal decisions. If you require specialized guidance, please consult a qualified professional. You acknowledge that you have read, understood, and agree to abide by these Terms of Use.

For questions or concerns regarding these Terms of Use, please contact us at support@koajo.com.