Terms of Service
Version 1.4
In this document you will find information related to your relationship to Fido as a customer and some information related to our pricing.
1. What is this agreement?
This agreement (or “Terms of Service”) defines the relationship between Plainview Labs Inc. (Fido, “we” or “us”) and you, the person accessing the Fido website and, or downloading our mobile application and, or registering for the Services (defined below). You should read this document along with our Privacy Policy.
2. Is this agreement legally binding?
These Terms of Service are a legally binding contract between you and Fido. Please read them carefully as they may have changed since your last visit. By using our Services, you acknowledge that you have read, understood, and accept this agreement.
3. How often does this change?
As Fido grows and changes, these Terms of Service may change with it. If we make changes, we'll notify you by sending an email, or by posting a prominent notice on our website and, or mobile app. We'll also update the version number above. Any minor, non-material changes or clarifications go into effect immediately. Any material changes go into effect 30 days after we provide notice.
4. Who can use Fido?
You can only use our Services if you are age 18 or older and not barred from using banking or investment services under the laws of the US or other applicable jurisdiction. You cannot accept these Terms of Service on behalf of a company, organization, government, or other legal entity.
5. Where can I use Fido?
Our services are available in forty-eight states in the U.S. and the District of Columbia; they are not currently available in New York and Alaska. By accessing or using a particular service, you affirm that you are a resident in the jurisdiction where the service is provided and using the service in a permissible jurisdiction.
Only U.S. residents may verify their identity (KYC) and make deposits and withdrawals in USD through their bank. Non U.S. residents are limited to onchain deposits and withdrawals via stablecoin (currently only USDC).
6. How to contact us
You can contact us by email at [email protected].
7. How we'll contact you
We'll contact you through our mobile app. We may also contact you on your registered email address or phone number, so let us know if these change. By using our Services, you consent to receiving communications from us electronically and confirm that you do not need any other communications in writing. We may also send you notifications via the above when you deposit or withdraw from your account.
8. What is Fido?
Fido is a mobile app and website that helps you earn a high yield through decentralized finance (the “Services”). You are only allowed one Fido account, and you may not create additional accounts on behalf of anyone else.
Fido has three different saving mechanisms:
- Add Funds an ordinary deposit via bank transfer
- Recurring a recurring deposit for a fixed dollar amount, at a fixed date every day, week or month
- Round-up a calculation of the rounded up difference between a card purchase amount and the next whole dollar, with a debit processed once a $10 threshold has been reached
9. How does Fido work?
Fido allows you to earn interest by supplying cryptocurrencies as collateral for the purpose of receiving interest. We only support USDC.
USDC represents digital currencies that you may elect to supply directly and indirectly to a lending protocol such as Aave, Compound or Morpho. Fido reserves the right to utilize any lending protocol or lender. If you elect to use the Service, Fido will credit the amount of cryptocurrency earned to your account in USD. The interest rate quoted is annualized and may accrue at short intervals, for example every 15 seconds. The interest rates reflected are as of the current date and time, and may change at any time, before or after the account is opened on Fido.
Fido may amend the list of accepted collateral from time to time by revising this Agreement. Should any digital token be removed from the list of permitted collateral, deposits already made with such digital token shall remain in force, unless Fido informs you otherwise.
USDC is not legal tender, is not backed by any government, and value balances on Fido are not subject to FDIC or Securities Investor Protection Corporation protections. Any change in the value of USDC may result in a loss in your balance. Further, Fido is not a bank and does not offer checking accounts, savings accounts, or any fiduciary services.
10. How does Round-up work?
Round-up purchases are based on each eligible transaction you make with your credit card or debit card that is linked to the Fido service. We will calculate an amount that is the difference between the amount of the purchase and the next whole dollar (“Round-up Credit”).
For example, for a 3.75 transaction, we round up to 4.00, and there is a 0.25 Round-up Credit. Once your total Round-up Credit reaches at least 10, we process a 10 charge against your linked bank account, debit card, or credit card and exchange the 10 for cryptocurrency per your pre-set instructions.
11. How do I link my bank account or a payment method?
You can link or unlink a U.S. bank account and, or a credit or debit card you hold with a third-party financial institution to your account as a payment method. As part of linking or unlinking, you authorize us to collect data about you from third-party financial institutions and to initiate ACH transactions on your behalf to our banking service providers.
By using our Services, you authorize us to act as your agent for the purposes of initiating and settling financial transactions with your linked bank account. You agree to keep your payment method information current. If this information changes, we may update it as directed by your bank without any action on your part.
12. Custody and control of your account
Non-Custodial Fiat and Stablecoin Transfers
Fido is a non-custodial service. We never hold or control your funds. When you deposit USD from your bank account, those funds are converted into USDC and delivered directly to your connected digital wallet. Fido facilitates this process by working with regulated banking and on-ramp partners, but at no point does Fido have custody of your money.
Fiat Transfer Services (Astra)
Fiat transfer services, including ACH debits and credits and card-based transfers, are provided by Astra, Inc. and Astra’s sponsor financial institutions and payment networks. By initiating a fiat transfer in the App, you authorize Astra and its partners to debit and, or credit your linked account and you agree to Astra’s Terms and policies, which are incorporated by reference. Astra does not hold money-transmitter licenses. It orchestrates fiat transfers through its regulated bank partners. Fido is non-custodial and does not originate ACH, hold consumer funds, or act as a money transmitter for fiat transfers.
Stablecoin On-Ramp, Off-Ramp Services (Bridge)
Conversion of fiat USD into supported stablecoins and related distribution is provided by Bridge Building Inc., a licensed money-transmitter in multiple U.S. states. Bridge and its regulated partners are responsible for money transmission, KYC and AML compliance, and regulatory obligations associated with converting fiat into USDC and delivering it to your wallet. By using this feature, you agree to Bridge’s Terms of Service and compliance policies, which govern these transactions. Fido is non-custodial, does not itself transmit fiat or stablecoins, and disclaims liability for the performance, delays, or compliance actions of Bridge.
13. Access to financial information
We use Plaid Inc. to gather your data from third-party financial institutions. By using our Services, you grant us and Plaid the right, power, and authority to act on your behalf to access and transmit your personal and financial information from the relevant financial institution. You agree to your information being processed by Plaid in accordance with the Plaid Privacy Policy at https://plaid.com/legal/.
14. You agree to us using your information
By accepting this agreement, you agree to us using your information to provide our services. If you are no longer happy for us to use your information, we will have to close your account. We may keep and use personal data where we have lawful grounds to do so, for example records we need to keep for regulatory reasons. See our Privacy Policy.
15. Adding or withdrawing funds
You may transfer money to your Fido account by requesting an electronic funds transfer from your linked bank account. If you have a balance in your Fido account, you may withdraw it by transferring it to a linked bank account. We may delay a withdrawal in certain situations, including if we need to confirm that it has been authorized by you or if other payments to your account have been reversed. The minimum deposit is 1, with a maximum deposit of 50,000 per day.
16. Keeping your account secure
You are responsible for maintaining adequate security and control of any and all username, IDs, passwords, or other codes used to access your account. You are responsible for the activities of anyone accessing Fido using your password, even if you did not authorize the activities. Notify us at [email protected] immediately of any unauthorized use or suspected unauthorized use. Change your password promptly if you know or suspect it has been compromised.
17. If something goes wrong
Regularly log in and review your account statement. In case of Errors, contact us at [email protected]. An Error means, for example, incorrect debits or credits, missing transactions, or computational mistakes. We will determine if an error occurred within 10 days after being notified. If we need more than 10 days, we will provisionally credit your account.
18. Rectifying errors
Email us if you discover an error or need more information about a transaction. If you received less than the correct amount, we will credit the difference. If you received more, we will debit the difference. We will not rectify errors if you lacked sufficient funds, our system was known to be down when you initiated a transaction, or due to extraordinary circumstances outside our control despite reasonable precautions. Contact us within 180 days of the Error. We are not liable for losses if you contact us after 180 days.
19. Fees
Fido targets a 2 percent annual fee. The fee is built into each high yield product. No monthly or per-transaction fees. We will provide reasonable notice of any fee changes and may give you the opportunity to terminate deposits before changes become effective. Continued use after a change constitutes agreement to the new fees. Except as required by law, fees are non-refundable.
20. How does the referral program work?
Invite friends via your link to earn a time-limited interest rate incentive when they sign up, connect a bank, and complete a transfer. They receive a boost after their first transaction. We may modify or restrict the program or refuse a reward for abuse or violations.
21. Cryptocurrency risks
Digital currencies are not insured by the FDIC or any other agency and may carry financial risk. Using the Service involves substantial risk, including loss of funds. Fido is not liable for losses, damages, or expenses arising from your decisions. Any decision to deposit or withdraw is solely yours.
22. Asset storage
Digital assets are held in your connected wallet, secured by the private keys you control. Fido does not have access to or custody of your funds. Onchain settlement can be affected by congestion, gas fees, or protocol delays. Large or unusual transactions may take longer to confirm onchain.
23. Fido is not an advisor
Fido is not an investment advisor and does not provide investment advice. No content on the website is a recommendation. Information provided is for general purposes only.
24. Your tax obligations
Gains related to digital currencies may be taxable. We may issue an in-app tax summary if necessary. Consult your tax advisor. We do not provide tax advice.
25. What if regulations change?
U.S. regulations on digital currencies are evolving. We aim to comply with applicable rules and regulations, but cannot guarantee that your use will not be affected by future changes. Changes may negatively impact your ability to use or transfer digital currencies. Use may be subject to federal and state laws and rules of agencies such as the SEC, FinCEN, CFTC, OCC, IRS, and state licensing agencies.
26. Disclaimer of Warranties, No Guarantee, Limitation of Liability
Services may be modified, suspended, or discontinued at any time without notice or liability. Services are provided on an “as is” and “as available” basis. Fido disclaims all warranties, including merchantability, non-infringement, and fitness for a particular purpose. In any dispute, liability for both parties is limited to the maximum extent permitted by law. Neither party is liable for indirect, incidental, special, exemplary, or consequential damages.
27. How are disputes resolved?
Contact [email protected] first. If unresolved after 60 days, follow the Arbitration section below.
28. Arbitration
After informal resolution attempts for 60 days, disputes are resolved by binding arbitration by JAMS in Los Angeles County, California, unless agreed otherwise. JAMS may require a filing fee unless you receive a waiver. Awards may include costs and reasonable attorney fees. You may sue in small claims court, but still must attempt informal resolution. Fido may seek injunctive relief to prevent infringement or violations of rights. Claims must be brought on an individual basis, not as a class or representative action.
29. Electronic fund transfers
ACH payments are electronic payments you authorize to debit your account. Disclosures apply to electronic payments, deposits, and transfers. You are liable for authorized transfers. Report loss or theft of access information within 2 business days to limit losses. If your statement shows unauthorized transfers and you do not tell us within 60 days, you may not recover funds lost after that period.
Single Transaction Authorization: “I authorize Fido to debit the account indicated for the amount noted on today’s date. I will not dispute Fido debiting my account, so long as the transaction corresponds to the terms in this online form and my agreement with Fido.”
Recurring Transaction Authorization: “I authorize Fido to debit the account indicated for the recurring transactions according to the online form and my agreement with Fido. I will not dispute so long as the transactions correspond to such terms. This payment authorization is valid and will remain effective unless I cancel this authorization by emailing [email protected] at least 3 business days in advance.”
30. General terms
This agreement will always be available in our mobile app and on our website. We can make changes for any reason and, or may terminate this agreement at any time by suspending or terminating access and notifying you using one of our usual channels. If you do not agree, tell us and we will close your account and transfer any money to another account of yours. The Updated legend above shows when these Terms were last revised.
31. Are there any other agreements?
These Terms of Service are the sole entire agreement between you and Fido for the Services. Prior understandings are superseded. You cannot assign rights or obligations without our prior written consent. Our failure to enforce a right is not a waiver. If a provision is held invalid, it will be modified to reflect the parties’ intent and the remainder will continue in full force.