ExactSplit Wallet disclosures
ExactSplit Wallet is an optional product. ExactSplit is not a bank. Wallet, card and payout services are provided by Whop, Inc., a technology platform and not a financial institution, through its financial institution partners, who hold the funds. Balances may be eligible for pass-through FDIC insurance, subject to the requirements and limits set by law and those partners; pass-through coverage applies only if a partner bank fails. Crypto balances are not insured and can lose value.
What the wallet is
ExactSplit is software that reads your bank accounts, computes what you owe, and tells you what to set aside. ExactSplit Wallet is an optional feature, opened from inside the ExactSplit dashboard, if you want a place to keep your tax reserve apart from your everyday account. The money in it is held by Whop's partner banks, never by ExactSplit. You do not need it to use ExactSplit, and ExactSplit works the same with a savings account at your own bank.
Who provides the wallet
The wallet runs on services provided by Whop, Inc. Whop describes itself as a technology platform, not a financial institution. Under Whop's terms, funds are held by its financial institution partners, not by Whop and not by ExactSplit. Opening a wallet means agreeing to Whop's terms, including its payout terms and terms of service.
Identity verification
Whop verifies your identity before the wallet can hold or send money. That verification is run by Whop; ExactSplit does not receive your identity documents.
What the wallet can do
Besides deposits and withdrawals to your own bank, the wallet can send money to other people, convert balances to and from crypto, issue debit cards (once Whop approves the account for cards), and accept payments through payment links and invoices. Each of these is provided by Whop under its terms. Payments you receive and cards you issue may carry Whop fees. [Confirm the list and the fees with counsel before launch.]
Auto-split
Auto-split is off until you switch it on. When it is on, each time a payment lands in one of your wallets, ExactSplit instructs Whop to move the tax share of that payment, at the set-aside rate shown in your wallet, to the tax wallet you chose. Money only ever moves between your own wallets. A payment can take a few days to settle before its share can move; refunds received before then reduce the share. You can switch auto-split off at any time, and that stops any share not yet moved. [Confirm with counsel before launch.]
Payouts from a partner
If you joined ExactSplit through a partner, such as a brokerage or platform that pays you, you can allow that partner to pay your earnings straight into a wallet. ExactSplit then gives the partner that wallet's bank deposit details (bank name, routing and account number, and reference) and nothing else. You can withdraw that permission at any time from the wallet. [Confirm with counsel before launch.]
Insurance
Balances held with a partner bank may be eligible for pass-through FDIC insurance, subject to the requirements and limits set by law and by the partner. Pass-through insurance protects against the failure of the partner bank. It does not protect against the failure of Whop or of ExactSplit, and it does not cover crypto balances, which can lose value.
Fees
[To be completed before launch: every fee a wallet holder can be charged, including any markup ExactSplit adds on deposits, withdrawals, transfers or conversions.]
Holds and freezes
Whop's terms allow it and its partners to place holds on funds for compliance, risk or regulatory reasons. ExactSplit cannot release a hold placed by Whop or a partner bank.
Your data between the two
When you open a wallet, ExactSplit sends Whop your email address and an internal identifier so Whop can create your account. ExactSplit stores the Whop account identifier and nothing else about the wallet. Balances and activity are shown to you by Whop's components directly. To show some screens, ExactSplit's servers ask Whop, on your behalf, for your account's verification and card status and your list of payment links, and they create payment links and invoices when you ask; none of that is stored by ExactSplit. [Confirm with counsel before launch.]
Support and complaints
For anything about the ExactSplit app, email hello@exactsplit.com. For a problem with funds held in the wallet, contact Whop support; we will help you reach them.