EFFECTIVE DATE: March 10th, 2020
LAST UPDATED: March 10th, 2020
Acceptance of Terms
Boxsite provides an online platform, process and service (the “Service”) that allows members to connect directly with each other to share money amongst themselves via a Box (Group Savings).
How To Join The Service
The Service consists of an online platform, EFT processing and support service (the “Service”) that allows members to connect directly with each other to share money amongst themselves via a Box. To become a Member and access the Service, you must: (a) successfully complete our online registration process including the provision of personal identification information, and (b) connect your personal bank or other financial account (Credit Union) to the Service.
Once completed, there is a verification process that can last from one (1) to two (2) business days for your Member Account approval.
To help the government fight the funding of terrorism and money laundering activities, Boxsite is required to obtain, verify, and record information that identifies each person who uses the Service. We are required to collect information such as the following from you:
If your identity cannot be verified, we will not be able to provide the Service to you.
“Member” means a person who successfully completes Boxsite’s registration and approval process.
“Box” means two or more Members coming together to save a specific amount, by committing to pool their monies equally together at different predetermined intervals and alternate receiving the pooled amount at such same intervals.
“Throw” means the amount of money each Member has to contribute to the Box at each interval.
“Hand” means the total amount of money the Members Throw together at each interval to be received by the designated Member.
“Key Characteristics” mean the details of a Box; like the number of participants, Throw and Hand amounts, frequency, etc.
“Join” means to accept the key characteristics of a Box and click the Join button to become a part of that Box.
“Public” means a Box is open for all eligible Members of the site to Join.
“Private” means a Box was created for a specific group of Members and can only be joined by those specific Members with whom the Box is shared.
“Handling Fee” means the 2% of your Hand that goes to Boxsite for providing the platform and services.
How The Service Works
After registration approval, Members are free to use the site and services. Boxes will already be made available for all members to choose from with a variety of key characteristics in our Planned Boxes section. You may view the key characteristics of a Box by clicking on the Details option. When you find the Box(es) that suits you best, you may participate in the Box by clicking Join and selecting the appropriate available date to receive your Hand.
Money is shared by and between all Members who have joined a Box. Within a Box, every member contributes the same amount in instalments (Throw) over the life-time of the Box, and every member of a Box receives the same amount (Hand) but at different times. All Throw payments are collected from the Members’ bank accounts. One Member of the Box will then receive their Hand, less Boxsite’s Handling Fee, directly into their bank account.
Boxes may be created by Boxsite or by any Member of the site if the available Boxes do not suit them. A Member creating a Box determines the five (5) key characteristics of that Box: (1) the Throw amount to be contributed by each Member who joins the Box; (2) how long the Box will go on (it’s life-time) based on how many Members and Hands there are in the Box (one Hand per Member); (3) the frequency of payments into the Box and payments out of the Box; (4) whether the Box is Public or Private; and (5) the date when the Box will start. However, if the required number of Members do not join the Box by the selected date, Boxsite may reschedule that Box for another appropriate start date. When selecting a Start Date of a Box, please consider selecting a date that will allow all participating members enough preparation time for the first frequency interval of the Box. While creating a Public Box and the key characteristics match an already existing Public Box, you will be notified and prompted to join that Box to prevent duplicates and ensure that all Boxes meet their Member requirement number to start at their selected date.
When creating a Box, the Member will need to Name that Box. Please refrain from using any names that may be deemed offensive to Boxsite or any other member of the site. Failure to respect the site and our members may lead to suspension or dismissal from the site and service. You also have the option of adding a Note when creating a Box. This is to make the site somewhat interactive and fun. Please refrain from using any language that may be deemed offensive to Boxsite or any other member of the site. Failure to respect the site and our members may lead to suspension or dismissal from the site and service.
Hand Processing and Time Frames
All Boxes on the site will operate on a calendar month or a calendar week frequency, depending on the key characteristics of the Box.
All Boxes with a monthly frequency require that all participating members have their Throw amount available on their linked bank account by the 3rd day of every month, unless the proposed date falls on a public holiday or a weekend. In the aforementioned scenario, the funds should be available by the following business day. All Boxes with a monthly frequency will have their Hands payed out on the 5th of every month, unless the proposed date falls on a public holiday or a weekend. In the aforementioned scenario, the Hand will be paid out on the following business day.
All Boxes with a weekly frequency require that all participating members have their Throw amount available on their linked bank account by the Friday of every week, unless the proposed day falls on a public holiday. In the aforementioned scenario, the Hand will be paid out on the following business day. All Boxes with a weekly frequency will have their Hands payed out on the Tuesday of every week, unless the proposed day falls on a public holiday. In the aforementioned scenario, the Hand will be paid out on the following business day.
It is important to note that the term “public holiday” refers to public/bank holidays affecting the site’s host country, Antigua and Barbuda.
Failure to have funds available on your account for a Box at the time and in the amounts that a Member agreed to Throw, will subject the Member to limited or restricted access to the Service, including preclusion of joining more Boxes or receiving Hand(s) from any Box that Member has previously joined. A Member’s failure to meet his or her Box contribution commitments for more than two (2) business days past the original due date will result in a penalty fee of an additional 3% of the Member’s Hand from that Box, bringing the total Handling Fee deducted to 5%.
Member Statuses and Eligibility
There are four (4)
different statuses for members to be ranked based on their conduct and
longevity with the site:
Freshman – A freshly approved member to the site. This member can enter a Box with the Hand being $10,000.00 or less and is not yet eligible to receive the first and second place Hands only.
Sophomore – A member who has completed the life-time of a Box lasting six (6) months or more. This member can enter a Box with the Hand being $15,000.00 or less and is not yet eligible to receive the first place Hand only.
Junior – A member who has completed the life-time of two (2) Boxes lasting six (6) months or more, but not concurrently. This member can enter a Box with the Hand being $20,000.00 or less and can choose any Hand they require that is available. A Junior can request an early-partial Hand of up to 50% of the Hand, in a Box.
Senior – A member who has completed the life-time of three (3) Boxes lasting six (6) months or more, but not concurrently. This member has no Hand limits and can choose any Hand they require that is available. A Senior can request an early-partial Hand or an early Hand in a Box.
*It is important to note that there can only be up to two (2) early requests per member per year, regardless of Status; and approval is solely at the discretion of Boxsite. Also, in spite of these Statuses, Members will not be able to Throw any amount that will exceed 50% of their salary, whether in a single Box or multiple Boxes at the same time.
The purpose of these Terms is for you to secure access to the Service. All fees set forth within and paid by you under the Terms shall be considered solely in furtherance of this purpose.
You agree to pay all fees and billings relating to your Boxsite account in accordance with the fees and billing terms in effect at the time a fee or charge is due and payable. You agree to immediately notify Boxsite of any changes in your bank account used for payments hereunder. Boxsite reserves the right at any time to change its prices and billing methods, either immediately upon posting on Boxsite or by email delivery to you.
The Handling Fee for any Box is 2% of the Hand of each Member in the Box at each interval of that Box over its life-time. Example 1: if there are three (3) members in a Box and they each throw $500.00 monthly, the Hand amount will be $1,500.00 each month, minus a fee of $30.00 over three (3) months. Example 2: if there are ten (10) members in a Box, and they each throw $100.00 weekly, the Hand amount will be $1,000.00 each week, minus a fee of $20.00 over ten (10) weeks.
In a situation where an eligible Member requests an early-partial Hand or an early Hand, the Handling Fee will then be 5% instead of the usual 2%. For example 1 above: the eligible Member who made the request will receive a Hand of $1,500.00 minus a fee of $75.00 the month of the request. For example 2 above: the eligible Member who made the request will receive a Hand of $1,000.00 minus a fee of $50.00 the week of the request.
Members will also pay an annual membership fee of $50.00, which will be automatically deducted from the Members’ bank account after their Boxsite Member Account approval. Membership fee is not refundable, but from time to time, Boxsite as part of a promotional campaign strategy may waive this fee.
Financial Terms Information
By entering into these Terms, you also agree to the terms and conditions of Caribbean Union Bank (CUB), our issuing bank and payment-processing provider, which requires an original signed document called a Consent Agreement. This agreement will be provided to you upon completion of our registration and approval process.
By entering these Terms, you are authorizing CUB on behalf of Boxsite to apply credits and debits for your Hands and Throw amounts in accordance with the key characteristics of your active Box(es) to your linked bank account. You also authorize CUB on behalf of Boxsite to apply a debit for your annual membership fee.
All transactions are done electronically by CUB. In order to become a Member and participate in Boxes, you understand and agree that Boxsite reserves the right, in its sole discretion, to obtain a pre-authorization of your banking account in order to verify your account. Please note that Boxsite cannot control any fees that may be charged to a Member by his or her bank related to the transactions, and Boxsite disclaims all liability in this regard. Currently, neither Boxsite nor CUB charges Members for any transactions.
Electronic Funds Transfers (“EFTs”)
When you register a Boxsite Member Account, you will link a checking or savings account to perform EFTs. EFTs are electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems.
All EFT transactions are performed by our issuing bank Caribbean Union Bank (CUB). Boxsite will provide you with all of your transactions in your Member Account Dashboard in addition to providing customer support relating to your Member Account. No Communication should be made or attempt to be made to CUB regarding your Member Account.
Customer Permission for
Text Messaging/Alerts, Push Notifications and E-Mail
You grant Boxsite express consent to receiving text messages or push notification alerts from Boxsite, or any third-party service providers acting on Boxsite’s behalf, at any mobile telephone number you provide to us. Your express permission applies to messages and alerts regarding Boxsite Service.
By providing your email address to us, you agree that Boxsite may e-mail information with regard to our Service, collections, or any other action related to providing the Service to you.
Accessibility; Account Information
The Service is intended solely for persons who are 18 or older and who are legally able to enter into a contract. By accessing or using the Service you represent and warrant that (i) you agree to be bound by these Terms and (ii) that you are not legally prohibited from receiving or using the Service under the laws of the country in which you access or use the Service.
You agree to provide accurate, current and complete information during the registration process and to update such information to keep it accurate, current and complete. Boxsite reserves the right to deny or terminate your account and your access to the Service if any information provided during the registration process or thereafter proves to be inaccurate, not current, or incomplete. You are responsible for safeguarding your password. You agree that you will not disclose your password to any third party. You will immediately notify Boxsite of any unauthorized use of your Member Account. Boxsite assumes no responsibility for your Member account information.
The Service may contain links to third-party websites or resources. When you click on a link to a third party website or resource, you must be aware that you have left Boxsite and are subject to the terms and conditions (including privacy policies) of another website or destination. Such third party websites and resources are not under the control of Boxsite. Boxsite will provide these third party websites and resources only as a convenience. You use the links in third party websites or resources at your own risk. When you leave our Site, our Terms and policies no longer govern. You should review applicable terms and policies, including privacy and data gathering practices, of any third party websites and resources, and should make whatever investigation you feel necessary or appropriate before proceeding with any transaction with any third party.
Specific Consents Granted upon Submission of Your Registration Form
At the time that you submit your registration form to us to register for the Service and related analysis of information in connection therewith, you agree that you are providing to us the following specific consents (in addition to being subject to these Terms and Conditions):
I understand that by submitting this registration form I am authorizing Boxsite, once it has obtained my personal information in its records along with the other information I am submitting through this registration form (collectively, the “Registration Profile”), to use that Registration Profile to match me with product and services offers from time to time from its marketing department, which offers it will send to me either by e-mail or through the display of advertisements and to further use that Registration Profile to provide statistical analysis, reports and summaries of my Registration Profile in comparison to other Members’ Registration Profiles. I understand that it is completely up to me to decide whether I would like to accept any of the offers I receive.
Third Party Offers
Boxsite may match offers from third parties against your Registration Profile, in order to ensure that you receive offers that are tailored to you. Boxsite believes that customers who have demonstrated positive behaviour through consistency should be able to reap the rewards of those efforts, including by receiving discounted and favourable pricing and rates on financial products and services. Boxsite does not guarantee, however, that you will receive offers for any particular types of products or services.
Advertisement Banners, Pop-ups, Etc.
Boxsite may include advertisements on its own behalf or paid advertisements on behalf of interested companies and/or individuals on the Service. By clicking on the advertisements, the Member may be transferred to a website of the advertiser or receive other messages, information, or offers from the advertiser. Members acknowledge and agree that Boxsite is not liable for the privacy practices of advertisers or the content of their websites, information, messages or offers. Members are wholly liable for all communications with advertisers and for all transactions subsequently executed.
When you click on an advertisement, we will not warn you that you have left Boxsite and are subject to the terms and conditions (including privacy policies) of another website or destination. Such advertisements and associated websites are not under the control of Boxsite. Boxsite provides these links only as a convenience and does not review, approve, monitor, endorse, warrant, or make any representations with respect to the advertisements, or their products or services. You use all advertisement links at your own risk. When you leave our Site our Terms and policies no longer govern.
Termination And Member
The Terms commence on the date when you accept them (as described in the preamble above) and remain in full force and effect while you use Boxsite, unless terminated earlier in accordance with the Terms.
We may, in our discretion and without liability to you, with or without cause, with or without prior notice, and at any time: (a) terminate these Terms or your access to our Service, and (b) deactivate or cancel your Member account. Upon termination, we will promptly pay you any amounts outstanding to you. In the event Boxsite terminates these Terms or your access to our Service, or deactivates or cancels your Member account, you will remain liable for all amounts due hereunder.
You may cancel your Member account at any time by contacting Boxsite (email@example.com) and closing your account. Please note that if your Member Account is cancelled, we do not have an obligation to delete any reviews or feedback you have posted to the Service.
You may not assign or transfer these Terms, by operation of law or otherwise, without Boxsite’s prior written consent. Any attempt by you to assign or transfer these Terms, without such consent, will be null and of no effect. Boxsite may assign or transfer these Terms, at its sole discretion, without restriction. Subject to the foregoing, these Terms will bind and inure to the benefit of the parties, their successors and permitted assigns.
Unless otherwise specified herein, any notices or other communications permitted or required hereunder, including those regarding modifications to these Terms, will be in writing and given by Boxsite (i) via email (in each case to the email address that you provide) or (ii) by posting to the Site. For notices made by email, the date of receipt will be deemed the date on which such notice is transmitted.
Controlling Law And Jurisdiction
You agree that (i) the Service shall be deemed solely based in Antigua and Barbuda, and (ii) the Service shall be in the jurisdictions of Antigua and Barbuda. These Terms shall be governed by the internal substantive laws of the country of Antigua and Barbuda, without respect to its conflict of laws principles. You and we agree to submit to the personal jurisdiction of a court located in Antigua and Barbuda for any actions for which the parties retain the right to seek injunctive or other equitable relief in a court of competent jurisdiction.
YOU AND BOXSITE AGREE THAT ANY CAUSE OF ACTION ARISING OUT OF OR RELATED TO THE SERVICE OR COLLECTIVE CONTENT MUST COMMENCE WITHIN SIX (6) MONTHS AFTER THE CAUSE OF ACTION ACCRUES. OTHERWISE, SUCH CAUSE OF ACTION IS PERMANENTLY BARRED AND WAIVED.
These Terms are intended to govern the agreement between Boxsite and you to the extent permitted by all applicable laws, ordinances, rules, and regulations. If any provision of these Terms or the application thereof to any person or circumstances shall, for any reason or to any extent, be invalid or unenforceable, the remainder of these Terms and the application of such provision to other persons or circumstances shall not be affected thereby, but rather shall be enforced to the greatest extent permitted by law.
The failure of Boxsite to enforce any right or provision of these Terms will not constitute a waiver of future enforcement of that right or provision. The waiver of any such right or provision will be effective only if in writing and signed by a duly authorized representative of Boxsite. Except as expressly set forth in these Terms, the exercise by either party of any of its remedies under these Terms will be without prejudice to its other remedies under these Terms or otherwise. If for any reason an arbitrator or a court of competent jurisdiction finds any provision of these Terms invalid or unenforceable, that provision will be enforced to the maximum extent permissible and the other provisions of these Terms will remain in full force and effect.
Any additional parts to the Service may have different or additional terms and conditions posted or may require you to agree with and accept additional terms and conditions. If there is a conflict between these Terms and the terms and conditions posted for a specific part of the Service, the latter terms and conditions will take precedence.
Boxsite reserves the right, at its sole discretion, to modify or discontinue, temporarily or permanently, the Service or to modify these Terms, including any Service Fees, at any time and without prior notice. If we modify these Terms, we will post the modification on the Site; however, we reserve the right to make any such changes effective immediately to maintain the security of our Service or to comply with any laws or regulations. We will update the “Last Updated” date at the top of these Terms.
Modifications to these Terms shall automatically be effective upon posting; provided, however, that material changes to the Terms will be effective as to an existing Member thirty (30) days after notice to the Member is provided on Boxsite’s website. You agree to keep your email address on file with Boxsite up-to-date. By continuing to access or use the Service after we have posted a modification or have provided you with notice of a modification, you are indicating that you agree to be bound by the modified Terms. If the modified Terms are not acceptable to you, your only recourse is to cease using the Service.
The original, legally binding version of this document is written in English. If this document is translated into other languages, there may be discrepancies between the English version and a translated version. If so, the English version supersedes the translated version.