Lockbox Local Terms and Conditions of Use
You as a Registered User (USER) of Lockbox Local agree to the following Terms and Conditions (T&C):
As a USER you can be a BUYER and/or a SELLER.
The LOCKBOX LOCAL app uses Plaid to authenticate banking info and authorize transfers from your account, and Stripe to process the transactions.
LOCKBOX LOCAL uses ACH (Automated Clearing House) to transfer money, it may take 2 to 4 business days to receive funds.
FIRST TRANSACTION: The first time a BUYER sends money with LOCKBOX LOCAL the transfer to the SELLER will take 7 business days. Subsequent transactions will take 2-4 days to complete.
LOCKBOX LOCAL, LLC establishes a revocable trust between the BUYER who is the grantor, the SELLER who is the beneficiary, and LOCKBOX LOCAL, LLC who is the trustee.
The use of LOCKBOX LOCAL by the BUYER is a declaration to allocate money to the trust, the SELLER is the beneficiary.
LOCKBOX LOCAL, LLC obligation as the trustee is to administer the trust.
BUYER agrees LOCKBOX LOCAL, LLC will administer the trust according to the following rules
- The money will be distributed to the SELLER with the agreement of both the BUYER and SELLER, indicated by both parties clicking "approve"
- If the BUYER and SELLER are not in agreement in the time limit allowed, the money will be returned to the BUYER
- Time limit expiration: The BUYER allocates money to the trust at 2:00 PM with a time limit of 2 hours; the trust will expire at 4:00 PM and the money returned to the BUYER
LOCKBOX LOCAL, LLC charges a service fee of 3.30% of the amount allocated. The BUYER will pay 1.65% to allocate money to the trust, the SELLER will pay 1.65% to receive money from the trust.
- The cost of the product is $60; the BUYER will allocate $60.99 ($60 for the product + 1.65% = .99
- The SELLER will receive $59.01 (the cost of the product less 1.65% = .99
The BUYER’S obligations as the grantor are to
- Only allocate money to the trust for a product you are genuinely serious about buying
- Make best effort to arrive at the location of the product within the transaction expiration time limit
The SELLER’S obligations as the beneficiary are to
- Accurately represent your product in written description, pictures, and/or videos, you use to advertise, promote, or otherwise market the product
- Hold the product for the BUYER until the transaction expiration time limit
- Have the product available to the BUYER for inspection and receipt
Either BUYER or SELLER may use a designated proxy provided the BUYER or SELLER are in contact with their respective proxy and can complete the transaction in app.
The trust is terminated when either 1) the money is transferred to the SELLER, or 2) the money is transferred back to the BUYER.
If the transaction is not completed in the time limit allowed and the money is transferred back to the BUYER neither the BUYER nor SELLER is charged a fee.
LOCKBOX LOCAL, LLC reserves the right to terminate the account of any USER that it deems a habitual violator of the T&C.
USERS agree to not commit fraud, theft, deception, or any other crime with or the use of Lockbox Local and hold Lockbox Local harmless for any crime committed with the use of Lockbox Local.
USERS agree that Lockbox Local, LLC is not responsible or liable for the actions and/or inactions of other USERS.
DATA COLLECTION: LOCKBOX LOCAL, LLC collects 1) data required for legal and compliance obligations, 2) USER registration and profile information for the purpose of communicating with the USERS community, 3) anonymous usage data on transactions for the purpose of creating statistics to understand the USER community to make improvements to the Lockbox Local. The including but not limited to requested transaction amount, time initiated, expiration time, completed transactions, failed transactions.
LOCKBOX LOCAL, LLC may update and change these terms and conditions from time to time without notice, as a USER you agree to the most current version of the published T&C.
LOCKBOX LOCAL, LLC is not a "money transmitter" or "Money Service Business" (MSB) and is not covered under The Bank Security Act. FIN-2014-R004 issued April 29, 2014:
- LOCKBOX LOCAL, LLC is a clearance and settlement system by agreement with a seller for purchase of a good or service by a buyer
- LOCKBOX LOCAL, LLC accepts and transmits funds only integral to the sale of goods or the provision of services