Privacy Policy

Last Updated: February 26, 2020.

Applicability

This privacy policy applies to all information we collect through our Services from current and former Banqdrop users, including you. “Services” means any products, services, content, features, technologies, or functions, and all related websites, applications and services offered to you by Banqdrop LLC. When you are no longer our customer, we continue to share your information as described in this policy.

Throughout this policy, we use the term "personal information" to describe information that can be associated with a specific person and can be used to identify that person. We do not consider personal information to include information that has been aggregated and/or anonymized so that it does not identify a specific user.

Data Collection

If you open a Banqdrop account, we collect the following information from you:

  • Account Information: Text-enabled cellular/wireless telephone number, machine or mobile device ID and other similar information.
  • Identification Information: Your name, street address, email address, date of birth, and SSN (or other governmental issued verification numbers).
  • Device Information: Information about you: (a) from your mobile device or computer such as your device type, machine or mobile device identification number, and (b) from third parties identity verification, fraud detection or prevention and other similar information.
  • Financial Information: bank account online login information, bank account and routing numbers linked to your Banqdrop account.

Before permitting you to use the Services, we may require additional information from you we can use to verify your identity, address or other information or to manage risk and compliance throughout our relationship. We may also obtain information about you from third parties such as identity verification, fraud prevention and similar services.

Finally, we may collect additional information from or about you in other ways not specifically described here. For example, we may collect information related to your contact with our support team.

Child Data

Our services are not intended for children. If we obtain actual knowledge that we have collected personal information from a child under the age of 13, we will delete it, unless we are legally obligated to retain such data. Contact support@banqdrop.com if you believe that we have mistakenly or unintentionally collected information from a child under the age of 13.

Data Protection and Storage

We store and process your personal information using third party servers located in data centers in the United States. This information is protected by physical, electronic and procedural safeguards. We also use computer safeguards, enforce physical access controls to our office and files, and we authorize access to personal information only to employees who require it to fulfill their job responsibilities.

Despite our efforts, we cannot guarantee that personal information may not be accessed, disclosed, altered or destroyed by breach of our administrative, managerial and technical safeguards. Therefore, we urge you to take adequate precautions to protect your personal data as well, including never sharing your Banqdrop password with anyone.

If we learn of a systems security breach, we may attempt to notify you electronically so that you can take appropriate protective steps. Banqdrop may post a notice on the website or mobile application if a security breach occurs. We may also send an email to you at the email address you have provided to us.

Data Use

Our primary purpose in collecting personal information is to provide you with a safe, smooth, efficient, fun and customized experience. We may use your personal information to:

  • provide the services and customer support you request;
  • resolve disputes, collect fees, and troubleshoot problems;
  • prevent potentially fraudulent, prohibited or illegal activities, and enforce our Terms of Service through the use of our risk and fraud tools which may include use of Account Information, Identification Information, Financial Information, Device Information;
  • create an account connection between your Banqdrop account and a third-party account or platform;
  • customize, personalize, measure, and improve our services and the content and layout of our website;
  • compare information for accuracy and verify it with third parties;
  • perform other duties as required by law; and

Data Sharing

Sharing on Banqdrop's Application

We need to share some of your personal information with other users that are involved in a transfer or bucket with. This information includes your contact information, actions you’ve taken on our platform including but not limited to initiating Transfers, reviewing Transfers, creating Buckets, or adding or removing Bucket Members.

We will not disclose your bank account number to other banqdrop users, except with your express permission or if we are required to do so to comply with a subpoena or other legal process.

Linked Bank Buckets

You cannot add other Banqdrop users as Members of a Linked Bank Bucket. The Bucket Balance and Ledger is therefore only visible to the user Bucket Admin, which is the user who linked the bank account, and is the owner of the funds held in the bank account. This Bucket’s Name will only be visible across the Banqdrop Application to the Bucket Admin. Where this Bucket is referenced by other Bucket Ledgers, for the sake of proper record keeping, and is visible to other Banqdrop users who the username of the Bucket Admin will be substituted.

Personal Buckets

You cannot add other Banqdrop users as Members of a Personal Bucket. The Bucket Balance and Ledger is therefore only visible to the user Bucket Admin. Where this Bucket is referenced by other Bucket Ledgers, for the sake of proper record keeping, and is visible to other Banqdrop users who the username of the Bucket Admin will be substituted.

Shareable Buckets

Sharing visibility to the Bucket Name, Balance, Transfers, and Ledger can be controlled by selecting adding or removing Members of a Sharable Bucket. Members of a Shareable Bucket have visibility to the Bucket Name, Balance, Transfers, and Ledger. The Admin of a Bucket is responsible for managing the membership of the bucket as well as reviewing all transfers out of the Bucket initiated by other members. Bucket Admins can choose to either approve or reject a Transfer initiated by another member.

Sharing with Other Parties

Banqdrop does not share your personal information with third parties for their promotional or marketing purposes.

Some personal information is public information (including your Banqdrop username, Banqdrop profile first and last name), and may be seen by anyone on the internet, whether or not they have a Banqdrop account.

We may share your personal information with:

  • Law enforcement, government officials, or other third parties if Banqdrop is compelled to do so by a subpoena, court order or similar legal procedure, when it is necessary to do so to comply with law, or where the disclosure of personal information is reasonably necessary to prevent physical harm or financial loss, to report suspected illegal activity, or to investigate violations of the Banqdrop Terms of Service, or as otherwise required by law.
  • Third party service providers who assist us in providing services to you or who provide fraud detection or similar services on our or any vendor’s behalf.
  • Other Banqdrop users that participate in a transfer or are associated by bucket membership of bucket associated with the transfer depending on the privacy setting of each bucket, through the Bucket ledger on our mobile application.
  • Service providers under contract who help with parts of our business operations (for example, fraud prevention, payment processing, or technology services).

Dwolla

You consent to Banqdrop using your data for the purposes of providing you with Dwolla-Enabled Services.

You authorize Banqdrop to share your data with Dwolla for the purposes of opening and supporting your Dwolla Account and other purposes in accordance with Dwolla’s Privacy Policy. You acknowledge that you’re responsible for providing accurate and complete information for these purposes;

We do not sell, transfer, sublicense, and/or assigning any interest in any data that we access via the Dwolla APIs, unless with Dwolla’s advance written consent to do so in accordance with Dwolla Rules, the Dwolla Terms, and Applicable Law.

Notifications of Customer Account activity will be sent by Banqdrop, not Dwolla; and Banqdrop will provide customer support for all Dwolla Client Services and Dwolla Account activity, and can be contacted at support@banqdrop.com

Plaid

You consent to Banqdrop using your data for the purposes of providing the Plaid Services.

Updating Your Personal Information

If you’d like to update or change personal information related to your banqdrop account contact support@banqdrop.com

Links to Other Sites

The Services may contain links to (or allow you to link to) other third-party services or websites. Banqdrop does not control the information collection of third-party services or websites that can be reached through such links. We encourage our users to be aware when they are linking to a third-party service or website and to read the privacy statements of any third-party service or website that collects personally identifiable information.

Updates

We may update this privacy policy. If we modify this privacy policy, we will post the revised privacy policy to the website, and we will also revise the "last updated date" stated above. If we make material changes in the way we use personal information, we will notify you by posting an announcement on our mobile application or website or by sending you an email. It is your responsibility to periodically review this privacy policy; users are bound by any changes to the privacy policy by using the Services after such changes have been first posted.

Contact Us

If you have questions or concerns regarding this privacy policy, or any feedback pertaining to your privacy and the Services that you would like us to consider, please email us at support@banqdrop.com

Edit this page