BPS Account

Terms and Conditions

Terms and Conditions of Members and Clients Broker Processing Service, Inc. (bps) provides a financial transaction system that facilitates “Clients” (investors) and “Members” (brokerage firms) money transfers for registered clients of bps.
1. Broker Processing Service, Inc. will transfer payments from Clients’ bank accounts to their Member accounts upon notification from the client.
2. Members will be able to authorize a transaction on their own rule of thumb on a pending money transfer via bps. Broker Processing Service, Inc. does not and will not accept any responsibility for a default on a money transfer from the client.
3. Broker Processing Service, Inc. provides a real time electronic notification of money transfers through the View Transaction Window (VTW). All items in the System will be considered settled funds after 48 hours from the initial bps transaction. Broker Processing Service, Inc. will not be responsible for fraudulent activity or losses resulting from the activity.
4. There will be no physical checks issued by Broker Processing Service, Inc. to clients; all money transfers will be electronic.
5. A transaction cost for the client may be charged to the client by the member. “Same Day” transactions will have a transaction cost charged to the client by bps. Prices are subject to change without notice, (please see website for current pricing).
Responsibility of Broker Processing Service, Inc.
1. Broker Processing Service, Inc. has the right to verify all information provided by you.
2. Broker Processing Service, Inc. will provide a best effort basis to ensure that all transfers are done in a timely and efficient manner. However, some external environmental risk outside of our control may delay when funds are received. Broker Processing Service, Inc. will make no Guarantees as to the timing of transaction settlement. Broker Processing Service, Inc. will not be responsible for any loss or damages as the result of any claim.
3. Broker Processing Service, Inc. will not be responsible for money sent to incorrect receivers do to improper input of information by the sender. Broker Processing Service, Inc. is not responsible for verifying the sender’s transfer information.
4. Broker Processing Service, Inc. will not be responsible for business practices of third party referrals or links.
5. Broker Processing Service, Inc. shall not be liable for any damages arising out of or in connection with this account agreement, bps website, bps system and/or any bps members.
6. Broker Processing Service, Inc. holds the right to reserve funds beyond normal course of business for suspicious accounts or transactions.
7. Broker Processing Service, Inc. has the right to terminate access to the website and/or service at our discretion.
8. Broker Processing Service, Inc. retains all rights, titles and interest to trademarks related to bps. Users may only use bps trademarks with consent of bps. Users may not be able to use the bps trademarks that is disparaging to bps. Under no circumstances may the bps trademarks be altered.
9. Broker Processing Service, Inc. has the right to restrict or terminate an account for any reason including but not limited to:
  1. Potential fraudulent funds
  2. Account has been used for fraudulent activity
  3. As ordered by Home Land Security or other governmental entities for suspicious activities.
10. Broker Processing Service, Inc. is responsible for keeping your records and personal information secure and confidential. Broker Processing Service, Inc. will protect your information from error, loss, and unauthorized access. Our employees are exposed to your personal information and are required to sign confidentiality agreements with bps.
Responsibilities of clients when using their bps account.
1. You must provide bps with valid and accurate information, you must be a least 18 years of age, and you will not open more then one account with bps. Broker Processing Service, Inc. holds the right to cancel and/or reject clients who provide untruthful information or duplicate accounts.
2. You will provide a transfer authorization for each transaction in the bps system per our instructions. If the transfer is returned by the bank you will pay a return fee of $25 US. You will also be responsible for all legal fees and collection fees in conjunction with that return.
3. You agree not to engage in activities that could be reasonably construed as fraudulent, or unethical.
4. You agree not to use mass messaging, spam, message boards or any other means of medium to promote bps, and gain referral credits. You may be subject to legal consequences under applicable law if you send unsolicited email.
5. You are responsible for identifying and validating the receiving member party in the payment transaction process.
6. You consent to have your name and email address made available as identification to anyone whom you have paid or who has paid you through bps.
7. If you are a recipient of a bps money transfer, you assume all risks in accepting from Members. As Members may be rejected if the Member’s account cannot meet the amount of the payable to you.
8. You are fully responsible to any Member for payment when using the bps system. You agree that any payment received or paid is final and non-reversible. Any disputes arising from payments are not the responsibility of bps.
9. If you initiate a reversible transaction, bps has the right to terminate your account.
10. You will provide bps authorization to access your bank account in accordance to your or bps instructions.
11. You acknowledge that bps is not a bank, but a service for the investment community. Broker Processing Service, Inc. is not subject to banking regulations. Any money made by bps to do with interest earned on deposits is income of bps.
12. Broker Processing Service, Inc. accepts no responsibility on investments made with money moved through the bps system.
13. If you do not access your bps account within 2 years your account will be terminated.
14. Broker Processing Service, Inc. accepts no responsibility or losses do to you sharing or misusing passwords with/of a third party.
15. You understand that bps only offers its services to individuals that have registered United States bank accounts. These restrictions may change with out notice.
16. If you use bps for anything other than its intended purposes and/or if you engage in any activities that are potentially damaging to bps, bps, clients, members, affiliates, directors, officers, employees, customers, partners or related parties including but not limited to tampering, hacking, modifying or otherwise corrupting or impairing in any way the security, functionality, or reputation of bps. Your bps account will be terminated and you will be subject to damages, penalties and criminal prosecution where available.
17. You agree to indemnify bps, its affiliates, officers, directors and employees, partners, customers, clients and members harmless from any claim or demand relating to or arising out of bps’ services.
18. You acknowledge your conversations with a client representative may be recorded and/or monitored for quality and security.
19. You acknowledge that for fraud and security purposes your records are kept by bps even after your account is closed. These records are stored securely and kept confidential.
20. You are recommended to print out all transaction data, the terms and conditions, and privacy polices to avoid misinterpretations.
Consumer Liability
1. If you notice a transaction or group of transactions that you do not recognize, you will have 60 days to notify bps. After 60 days you may not be eligible to receive a refund of credit for any error.