Terms of Use

Effective date · Last updated date

1. About these terms

These terms are an agreement between you and ModeSwift Financial Inc., which operates Jaara (“we”, “us”). By creating an account you accept them, along with our Privacy Policy. We’re registered with FINTRAC as a money services business, registration number pending.

2. Who can use Jaara

• You must be at least the age of majority in your province and live in Canada.
• You must use Jaara for yourself only, with your own money, and not on behalf of anyone else.
• You can have one account.
• Confirm with counsel whether residents of Quebec can be served at launch; Quebec requires its own money services licence.

3. Your account and security

• Keep your sign-in, phone and transfer PIN secure. Don’t share them, and tell us right away if you think someone else has used your account. We will never ask for your password, PIN or a code we text you.
• Every transfer needs your PIN. A new phone can’t send money until you confirm it with a code texted to your number (or wait 24 hours).
• To protect you, sending waits 24 hours after your PIN is reset or your email or phone number changes. If a security notice wasn’t you, freeze your account in the app (or contact us). Only we can unfreeze it, once we’ve checked it’s you.
• You’re responsible for transfers made from your account, unless they happened after you told us it was compromised or because of our error.
• Keep your details up to date: you can change your email, phone number, address and occupation in the app. We’ll ask you to confirm your address and occupation from time to time.

4. Verifying your identity

Before you can add or send money, you must verify your identity with a government-issued photo ID and a selfie, and tell us your address, occupation and how you’ll use the service. We may ask for more information at any time, and we may refuse or end the service if we can’t verify you.

5. Adding money

• You add money by sending an Interac e-Transfer to the deposit address shown in the app, from an email you’ve linked to your account.
• The bank account it comes from must be in your own name. The first deposit from each linked email confirms this.
• We return deposits we can’t accept to the sender: from an email that isn’t linked to your account, from someone else’s bank account, or when the law prevents us from accepting them. This can take a few business days.
• Your bank may limit how much you can send by Interac e-Transfer. Interac e-Transfer is a trademark of Interac Corp.

6. Your balance

• Your balance is money we hold for you to send. It isn’t a bank account or a deposit, doesn’t earn interest, and isn’t insured by the Canada Deposit Insurance Corporation.
• We hold customers’ money separately from our own, as the law requires. Describe the safeguarding arrangement, e.g. under the Retail Payment Activities Act.
• To get your balance back without sending it, contact us. We return it by Interac e-Transfer to an email linked to your account, after any checks the law requires.
• Invite rewards: when a friend signs up with your invite code, verifies their identity and sends $100 or more in total within 30 days, you each get $10 in your balance. Rewards can be sent like any other money in your balance. We may cancel rewards gained by breaking these terms, for example with fake or duplicate accounts, and we may change or end the programme with notice.

7. Sending money

• Recipients: when you add a recipient, we ask their bank for the name on the account and show it to you. Check it’s the person you mean to pay. If you send to the wrong account, we’ll try to help recover the money, but we can’t promise to.
• The rate: on the review screen we show the exchange rate, any fee and exactly what your recipient will get. That quote is held for about a minute. If it runs out before you send, we show you the new one first.
• Our margin: our exchange rate is the rate our payment partner gives us less our margin, which is how we earn money. Transfers currently have no separate fee. If that changes, we’ll show any fee before you send.
• Sending: the total is taken from your balance when you press Send. You can’t cancel a transfer after that.
• Delivery: most transfers arrive within minutes, but some take longer, for example when the recipient’s bank is slow or when we need to review a transfer.
• If a transfer fails or we can’t complete it, we put the full amount back in your balance.
• Receipts and statements: you can download a receipt for each transfer, and email yourself monthly statements of your balance from the app.

8. Limits, reviews and refusals

• We set limits on how much you can send in a day and in a month, lower for new customers. You can see them, and how much you have left, under Account → Sending limits. The app tells you if a transfer would go over them.
• We may hold a transfer to review it, ask you for more information, delay it, or refuse it, including to meet our legal obligations. If we refuse it, we put the money back in your balance. The law may prevent us from telling you why.
• We report certain transactions to FINTRAC as the law requires.

9. What you agree not to do

• Use Jaara for anything illegal, including fraud, money laundering, terrorist financing, or sending money to anyone under sanctions.
• Send money for someone else, or receive money into your balance from bank accounts that aren’t yours.
• Give us false information, or try to get around our limits or checks, for example by splitting transfers.
• Interfere with the app or try to access anyone else’s account.

10. Suspending or closing your account

• You can close your account at any time in the app, once no transfer is on its way. If money is left in your balance, we return it by Interac e-Transfer to an email you’ve linked and verified, after any checks the law requires.
• We may suspend or close your account if you break these terms, if we need to for legal or security reasons, or with 30 days’ notice for any other reason. If we close it, we’ll return any balance to you unless the law prevents us.
• We keep some records after your account closes, as our Privacy Policy explains.

11. Our responsibility to you

We’ll provide the service with reasonable care and skill. We’re responsible for amounts lost because of our own mistakes, such as sending a transfer for the wrong amount. To the extent the law allows, we’re not responsible for:

• delays or failures caused by banks, payment networks or events outside our control;
• money sent to the account details you confirmed, if they weren’t the account you meant;
• indirect losses, such as lost profits or opportunities.

Nothing in these terms limits rights you have under consumer protection law that can’t be limited.

12. Messages from us

You agree that we can send notices, receipts and other information in the app, by push notification and by email, and that these count as being given in writing.

13. Complaints

If something goes wrong, contact us at [email protected]. We aim to resolve complaints within 15 business days and will tell you what we decided and why. Add the external complaints body, if one applies.

14. Changes to these terms

We’ll tell you about important changes in the app or by email at least 30 days before they take effect, unless a change is required by law sooner. If you don’t agree, you can close your account before the change takes effect.

15. Governing law

These terms are governed by the laws of province and the federal laws of Canada that apply there.

16. Contact

ModeSwift Financial Inc. · business address · [email protected]