Terms of Use for Veem Services

The payment, wallet, virtual account, and related services described in these Terms (the “Services”) are provided by Veem Inc. and Veem Payments Inc. (collectively, “Veem,” “we,” “our,” or “us”). These Terms of Use (“Terms”), together with Veem’s Privacy Policy and Acceptable Use Policy, govern your access to and use of the Services. By accessing or using the Services, you agree to them.

You are accessing the Services through a partner or referral program (“Partner”). Your use of the Services is also subject to any terms your Partner has provided to you. Veem’s relationship is with you directly, and these Terms apply to you regardless of how you accessed the Services.

Veem Inc. and Veem Payments Inc. are headquartered at 1160 Battery Street, Suite 100, San Francisco, CA 94111. Veem Payments Inc. is a licensed money transmitter in applicable U.S. jurisdictions.

IMPORTANT: THESE TERMS CONTAIN AN ARBITRATION PROVISION. ALL DISPUTES WILL BE RESOLVED BY BINDING ARBITRATION AND YOU WAIVE THE RIGHT TO A JURY TRIAL OR TO PARTICIPATE IN A CLASS ACTION. SEE SECTION 10.4.

 

1. Services Overview

1.1 Payment Services. Veem acts as an “agent of payee,” providing accounts receivable services to collect and transfer funds on behalf of receivers, and accounts payable services on behalf of senders. Veem Payments Inc. is a licensed money transmitter in applicable U.S. states. Except for our limited role in processing payments you authorize or initiate, Veem is not involved in the underlying transaction. Veem is not a bank and does not provide traditional banking services.

1.2 Wallet Services. The Veem Wallet permits you to hold a balance of funds that may be used to send payments, transferred to your linked bank account or debit card, or used for other authorized transactions.

• Custody: Wallet funds are held in custodial accounts owned by Veem for the benefit of users, and may be commingled. You are the beneficial owner of your wallet funds.
• FDIC Eligibility: Veem is not an FDIC-insured depository institution. Wallet funds are held with Citibank, N.A., and may be eligible for FDIC pass-through insurance subject to applicable rules and limits.
• No Interest: You will not receive interest on wallet balances.

1.3 Virtual Bank Account (VBA) Services. Veem may issue you a U.S. bank account number (“Virtual Bank Account” or “VBA”) that enables you to receive deposits and to use the balance for payments made through Veem.

• Purpose: VBAs allow you to receive payments from third parties and to use the deposited funds as a source of payment for transactions initiated through Veem. You may not use a VBA as a general checking account; all withdrawals, transfers, or bill payments must be executed through Veem’s Services.
• Custody: Funds received into a VBA are credited to your Wallet under Section 1.2 and treated as wallet funds.
• Administration: Depending on the jurisdiction or banking partner, a VBA may be administered either (i) as a sub-account of Veem’s custodial accounts or (ii) as a separately administered account in your name with a partner bank. In either case, your rights and obligations under these Terms are the same, and all funds received into a VBA are functionally treated as Wallet funds.
• Use Restrictions: VBAs may only be used for lawful business purposes. You may not use a VBA for transactions with unknown or untrusted counterparties.
• Monitoring: All deposits are subject to compliance review. Veem may reject, delay, or reverse deposits that fail AML, sanctions, or fraud checks.
• Currency Conversion: Deposits may be held in USD or converted into other supported currencies in your Wallet per your instructions, subject to FX fees.
• Statements and Transaction History: You may access a complete transaction history for your VBA and Wallet at any time by logging into your Veem account. Transaction records include the amount, date, type, and counterparty information for each transaction. Veem will provide periodic account statements electronically in accordance with Section 4 (Consent to Electronic Communications).
• Error Reporting: You must promptly review all transaction activity and report errors or unauthorized transactions as provided in Section 5 (Electronic Funds Transfer Agreement), if applicable, or Section 3.6 of these Terms. Failure to report promptly may affect your ability to recover funds.
• Termination: Veem may revoke or reassign VBAs at any time upon reasonable notice. Upon account closure, your VBA will be deactivated and any remaining balance will be returned to you in accordance with Section 2.10.

 

2. User Accounts

• Eligibility: You must be at least 18 years old (or the age of majority in your jurisdiction) and a legal resident of a country where Veem operates. Businesses must be duly organized and authorized to conduct business.
• Registration: You must provide accurate and verifiable information, including identity and business details. Federal law requires verification of certain information before your account is fully active.
• Identity Authentication: You authorize Veem, directly or through third parties, to verify your identity and business information. This may include requesting documentation, credit reports, or database checks.
• Continuing Validation: Veem may request updated information at any time, including details on beneficial owners, principals, or business activities. Failure to comply may result in suspension or termination.
• Business Representatives: If you register on behalf of a business, you represent that you have authority to bind the business. Veem may request documentation of such authority.
• Account Responsibility: You are responsible for all activity under your account, including by representatives or authorized users.
• Security: You must safeguard your login credentials. Notify us immediately of unauthorized access.

 

3. Using the Services

• Funding: You may fund transactions through bank transfers, debit/credit cards, wallet balance, or VBA deposits.
• ACH Authorization: You authorize Veem to initiate electronic debits and credits to and from your designated bank account(s) via the Automated Clearing House (“ACH”) network in accordance with your instructions. This includes resubmission of ACH debits returned for insufficient or uncollected funds, and debits necessary to recover fees, reversals, or other amounts you owe. You agree to maintain sufficient funds to satisfy your obligations and to reimburse Veem for costs incurred as a result of returned debits. Your authorization remains in effect while you maintain a Veem account. You agree to be bound by the rules of the National Automated Clearing House Association (NACHA).
• Sending & Receiving: You may use the Services to pay for or receive payments related to legal goods and services, as well as for documented intercompany transfers between affiliated entities.
• Payment Reviews: Veem may place a hold, delay, or cancel a payment pending review for fraud, money laundering, sanctions, or other compliance reasons.
• Refused & Refunded Transactions: A receiver is not required to accept a payment. Unclaimed or refused payments will be returned to your account within 30 days of initiation. To request a refund, submit a written request to [email protected]. Veem will refund all moneys received for transmittal within ten days of receipt of a written refund request, to the extent required by applicable law.
• Errors & Unauthorized Transactions: You must review your account activity and notify Veem of errors or unauthorized transactions promptly. Veem will investigate and correct processing errors. If you are an individual using the Services for personal, family, or household purposes, the error resolution procedures and liability limits in Section 5 (Electronic Funds Transfer Agreement) apply. For all other users, notify Veem at once of suspected errors; Veem will investigate and, if an error is confirmed, correct it within a reasonable time.
• Funds in Settlement Process: Veem may hold funds in settlement in custodial accounts for the benefit of users. These funds are not corporate assets and are not available to Veem’s creditors.
• Refunds & Reversals: Payments may be reversed for insufficient funds, fraud, disputes, or errors. Refunds will be returned to the original source or Wallet.
• Instant Deposit: If available, settlement speed depends on your bank and card issuer. Fees apply and are non-refundable regardless of settlement timing. Veem reserves the right to restrict access to this feature at any time.
• Credit and Debit Card Payments: You may fund transactions using an eligible credit or debit card. Veem may charge a fee for card-funded payments, which will be disclosed at the time of transaction. By adding a card to your account, you represent that you are authorized to use it and authorize Veem to initiate charges in accordance with your instructions, including adjustments for errors. Veem may place temporary authorization holds to confirm card validity. By submitting a card-funded payment, you confirm that the underlying goods or services have been received to your satisfaction and waive any future disputes with Veem relating to the quality or timeliness of those goods or services. Card-funded payments are subject to limitations imposed by card networks and issuers. Certain industries or recipient categories may not be permitted. Your issuer may treat a payment as a cash advance, which could result in additional fees, changes to interest rates, or reduced rewards. You remain responsible for any reversals, chargebacks, or costs associated with your use of a card as a funding source. Veem is not responsible for the classification of transactions by your issuer or for any related fees or impacts on your card program.

 

4. Consent to Electronic Communications

This Section describes your consent to receive communications from Veem electronically (“E-Sign Consent”). By enrolling in or using the Services, you agree that Veem may, in its sole discretion, send you communications electronically by email, text, or by making them accessible via Veem’s website or applications.

Communications covered by this consent include, but are not limited to:

• Agreements, disclosures, policies, and notices related to your Veem account or your use of the Services (including these Terms, Veem’s Privacy Policy, and Acceptable Use Policy)
• Payment and transaction records
• Account statements and history
• Any disclosure or notice required under applicable federal, state, or local law to be provided in writing

All communications provided to you electronically under this consent will be considered to have been provided in writing. Veem also may use electronic signatures and obtain them from you.

4.1 System Requirements. To receive electronic communications, you must have: an internet-ready device; a reliable internet connection; a recent browser with 256-bit encryption; a valid email address; and software that allows you to print, download, or store electronic communications. It is your responsibility to keep your email address and other contact information current. If we send a communication and you do not receive it because your address is incorrect, Veem will have met its obligation to provide that communication.

4.2 Withdrawal of Consent (Consumers Only) If you are an individual using the Services for personal, family, or household purposes, you may withdraw this consent at any time by contacting Veem Customer Support. Your withdrawal will be effective after Veem has had a reasonable opportunity to process it and upon confirmation of a current mailing address for paper delivery. Please be aware that withdrawing consent may result in restriction or termination of your access to the Services.

4.3 Paper Copies. You may request a paper copy of any electronic communication by contacting Veem Customer Support. Veem may charge a fee for paper copies.

 

5. Electronic Funds Transfer Agreement and Disclosures

Applicability: This Section 5 applies to you only if you are, or are acting on behalf of, an individual using the Services for personal, family, or household purposes. It does not apply to electronic transfers initiated through the Services to or from a business bank account, or for a commercial purpose. If this Section applies to you, by continuing to use the Services after receiving these disclosures, you consent to and accept the terms of this Section.

5.1 Your Liability for Unauthorized Transfers. An “unauthorized transfer” occurs when an electronic funds transfer is made through your Veem account and you neither authorized that transfer nor benefited from it.

• If you notify Veem within 2 business days after learning that your login credentials have been lost or stolen or your account has been compromised, your maximum liability is $50.
• If you do not notify Veem within 2 business days and Veem can prove it could have stopped the unauthorized use, you could lose as much as $500.
• If unauthorized transfers appear on your transaction history and you do not notify Veem within 60 days after the transfer posted, you may not recover amounts lost after that 60-day period if Veem could have stopped the loss with timely notice.
• Veem may extend these time periods if a valid reason (such as hospitalization or travel) prevented timely notice.

You must notify Veem immediately if you believe your credentials have been lost, stolen, or compromised. Contact us through our customer support portal.

5.2 Contact for Unauthorized Transfers. If you believe an unauthorized transfer has occurred, contact Veem Customer Support immediately through the support portal at veem.com or call (877) 279-2629.

5.3 Business Days. For purposes of this Section, Veem’s business days are Monday through Friday, excluding holidays.

5.4 Transaction History. You may access a full transaction history at any time by logging into your Veem account. Transaction records include the amount, date, type, and counterparty information for each transaction.

5.5 Types and Limitations of Transfers. You may initiate electronic payment transactions to and from your linked accounts through the Veem Service. Veem may limit the frequency, availability, and dollar amount (on a per-transaction or cumulative basis) of transfers as provided in these Terms.

5.6 Fees. Transaction and subscription fees applicable to electronic funds transfers are available at veem.com/pricing.

5.7 Confidentiality. Veem will disclose information about your account or your transfers to third parties only: (i) as necessary to complete a transfer; (ii) to verify the existence and condition of your account; (iii) to comply with a government order or court process; (iv) as provided in Veem’s Privacy Policy; or (v) with your written permission.

5.8 Preauthorized Payments. If you have authorized regular payments from your account, you may stop any such payment by contacting Veem Customer Support at least 3 business days before the payment is scheduled. Veem may require written confirmation within 14 days of an oral stop-payment request. If Veem fails to stop a payment after receiving a timely request, Veem will be liable for resulting losses or damages. If regular payments vary in amount, Veem will notify you at least 10 days before each payment of the date and amount.

5.9 Veem’s Liability for Incomplete Transfers. If Veem does not complete a transfer to or from your account on time or in the correct amount, Veem will be liable for your losses or damages. Exceptions include:

• You do not have sufficient funds in your linked account through no fault of Veem.
• The Veem system was not working properly and you knew about the problem when you initiated the transfer.
• Circumstances beyond Veem’s control (such as fire, flood, or telecommunications failure) prevented the transfer despite reasonable precautions.
• Other exceptions as stated in these Terms.

5.10 Error Resolution. An “error” includes: an unauthorized transfer; an incorrect debit or credit amount; a transfer that does not appear in your transaction history; a transfer that appears incorrectly; a request for information needed to determine whether an error occurred; a status inquiry on a pending transfer; or a request for transaction documentation (other than a duplicate copy request or a request for tax or recordkeeping purposes).

If you believe there is an error on your account:

• Contact Veem as soon as possible, but no later than 60 days after the transfer or error posted to your transaction history.
• Provide your name, a description of the error, and the dollar amount of the suspected error.
• Veem may require your complaint in writing within 10 business days of an oral report.

Veem will investigate and determine whether an error occurred within 10 business days and will correct any error promptly. If Veem needs more time, it may take up to 45 days; in that case, Veem will provisionally credit your account within 10 business days for the amount in dispute. For new accounts, Veem may take up to 20 business days to credit and up to 90 days to investigate. Veem will notify you of the results within 3 business days of completing its investigation.

 

6. Fees

All fees, including transaction fees, wallet withdrawal fees, VBA deposit and FX fees, and other applicable charges, will be disclosed at the time of transaction or published on the applicable pricing page through which the Services are offered.

 

7. Prohibited Use

Your use of the Services must comply with these Terms, Veem’s Acceptable Use Policy, and all applicable laws and regulations. Without limiting the foregoing, you may not:

• Use the Services to operate as a money services business, money transmitter, payment processor, or other financial intermediary for third parties without Veem’s prior written approval.
• Use a VBA as a substitute for a general checking account or to access overdraft or credit features.
• Attempt to circumvent Veem’s monitoring, transaction limits, or security controls.
• Use the Services in or for the benefit of any country, entity, or person embargoed or blocked by any government, including persons on OFAC sanctions lists.

 

8. Veem’s Rights

• Suspension and Termination: Veem may suspend or terminate accounts or VBAs for compliance or security reasons. Except in urgent cases involving suspected fraud, money laundering, sanctions violations, or other legal obligations, Veem will, when possible, provide at least five (5) business days’ prior written notice to the affected user before suspension or termination.
• Security Interest and Setoff: Veem may offset amounts owed from your Wallet or incoming funds, and you grant Veem a security interest in Wallet funds.
• Collection: You remain liable for negative balances, reversals, and fees.
• Changes to Services: Veem may change, suspend, or discontinue any part of the Services at any time. For changes that are material to your use of the Services, Veem will provide reasonable prior notice.

 

9. Intellectual Property

All rights, title, and interest in and to Veem’s software, website, technology, and related materials remain with Veem or its licensors. Except for the limited right to access and use the Services in accordance with these Terms, no license or other rights are granted to you.

 

10. General Provisions

10.1 Indemnification. You agree to defend, indemnify, and hold harmless Veem, its affiliates, officers, directors, employees, agents, and service providers (“Veem Parties”) from and against any claim, demand, loss, liability, damage, cost, or expense (including reasonable attorneys’ fees) arising out of or related to:

• your breach of these Terms or violation of applicable law;
• your use of the Services, including any transactions you submit;
• your obligation to pay fees or other amounts owed to Veem or third parties;
• negligence, fraud, or willful misconduct by you, your employees, contractors, agents, or representatives;
• any third-party claim relating to goods or services you offer, sell, or purchase using the Services, or to data or content you provide.

10.2 Limitation of Liability. To the maximum extent permitted by law, Veem Parties are not liable for any indirect, punitive, incidental, special, consequential, or exemplary damages, including without limitation lost profits, lost revenue, lost business opportunity, loss of data, or damages arising from hacking, tampering, unauthorized access, system interruptions, delays, transmission failures, software bugs, viruses, or the actions or omissions of third parties.

Veem’s total cumulative liability to you is limited to the greater of: (a) the total fees actually paid to Veem by you in the three (3) months preceding the event giving rise to the claim; or (b) five hundred dollars ($500), in addition to refunding the affected transfer amount and any Veem fees directly charged on that transaction.

These limitations apply regardless of the legal theory of liability and even if Veem has been advised of the possibility of such damages. However, Veem’s liability for loss or misappropriation of user funds is not limited, and Veem will be fully liable for the return of all affected transaction amounts and related fees.

10.3 Disclaimer of Warranties. THE SERVICES ARE PROVIDED “AS IS” WITHOUT WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT.

10.4 Dispute Resolution and Arbitration. Agreement to Arbitrate. Any dispute, claim, or controversy arising out of or relating to these Terms or your use of the Services will be resolved by binding arbitration under the Federal Arbitration Act, administered by the American Arbitration Association (“AAA”) under its Commercial Arbitration Rules or, where the claim is by or against a natural person using the Services for personal or household use, the AAA Consumer Arbitration Rules, as modified by these Terms.

Waiver of Jury Trial and Class Actions. YOU AND VEEM WAIVE THE RIGHT TO A JURY TRIAL OR TO PARTICIPATE IN A CLASS ACTION. Claims must be brought individually.

Procedures and Location. Arbitration will take place in San Francisco County, California, unless otherwise agreed. If your claim is $25,000 or less, you may elect document-only, telephonic, or in-person hearings.

Fees. If your claim is less than $10,000, Veem will reimburse your AAA filing fee unless the arbitrator determines the claim was frivolous.

Notice Requirement. Before commencing arbitration, you must send written notice of your claim to Veem by certified mail at 1160 Battery Street, Suite 100, San Francisco, CA 94111, Attention: Legal. You and Veem agree to make good-faith efforts to resolve the dispute within 30 days of the notice before commencing arbitration.

Exceptions. Either party may bring an individual small claims action, seek injunctive relief, or pursue intellectual property claims in court.

Judicial Forum. If this arbitration agreement is found unenforceable, disputes must be brought exclusively in state or federal courts in San Francisco County, California.

10.5 Governing Law. These Terms are governed by the laws of the State of California, without regard to conflict of laws principles, except to the extent inconsistent with or preempted by federal law.

10.6 Miscellaneous.

• Force Majeure: Veem is not liable for delays or failures caused by events beyond its control, including natural disasters, labor disputes, telecommunications failures, or governmental acts. This does not affect your obligation to pay fees, reversals, or returns under these Terms.
• Taxes: You are responsible for determining and remitting all applicable taxes. Veem does not calculate, collect, or remit taxes on your behalf.
• Assignment: You may not assign these Terms without Veem’s prior written consent. Veem may assign these Terms at any time.
• Entire Agreement: These Terms, together with Veem’s Privacy Policy and Acceptable Use Policy, constitute the entire agreement between you and Veem with respect to the Services.
• Severability: If any provision of these Terms is held invalid or unenforceable, the remaining provisions will continue in full force and effect.
• Modifications: Veem may amend these Terms at any time by posting a revised version. For material changes, Veem will provide at least 30 days’ prior notice. Your continued use of the Services after the effective date of any amendment constitutes acceptance of the revised Terms.

 

11. Notices

To You: Veem may provide notices by email, electronic posting, or mail in accordance with Section 4 (Consent to Electronic Communications).
To Veem: Legal notices must be sent to: Veem Inc. and Veem Payments Inc., Attention: Legal Department, 1160 Battery Street, Suite 100, San Francisco, CA 94111.

Effective Date: June 25, 2026