Terms of Service
Please read these terms carefully before using LockN. They describe how savings pots, fees, and withdrawals work, and what you agree to when you use the app.
Acceptance of Terms
Agreement
By creating an account or using LockN, you agree to these Terms of Service and to all applicable laws and regulations. If you do not agree with these terms, do not use the app.
Eligibility
You must be at least 18 years old and able to form a binding contract. LockN is currently available to residents of the United States with a US bank account. Before you can add money, you must complete identity verification, which is carried out by our payment processor, Stripe.
Account Responsibility
You are responsible for keeping your login details confidential and for all activity under your account. Tell us immediately at info@locknapp.com if you believe your account has been accessed without your permission.
The LockN Service
What LockN Is
LockN is a social accountability savings platform. You add money to a LockN wallet, create savings pots with a target and a lock rule, and contribute from your wallet to your pots, alone or with other members. When a pot’s lock rule is satisfied, its balance is released to members automatically.
Lock Rules
Each pot has one lock rule. A time-based pot is locked until the unlock date you choose and then releases automatically. An approval-based group pot is locked until a majority of its current members vote to release it. A flexible pot is never locked and can be withdrawn from at any time without a fee.
Group Pots and Votes
In a group pot, releasing an approval-based pot and any early withdrawal from a locked pot are decided by a majority vote of the pot’s members, not by LockN. Any member can open a request, and the requester’s own vote counts in favour. A request that is not resolved within 7 days expires and can be opened again. When a pot releases, each member receives their own contributions back unless the creator set custom payout amounts and every member met their contribution target.
LockN Is Not a Bank
LockN is a savings tool, not a bank. Balances in LockN do not earn interest. Payment processing, bank transfers, and identity verification are provided by Stripe; LockN is not itself a payment processor.
Adding Money and Fees
Adding Money
You can add money to your wallet by card or by linking a US bank account. Card payments are usually available in your wallet right away. Bank transfers typically take 2 to 5 business days to settle and are shown as pending until then; pending money cannot be contributed or withdrawn until it clears.
Funding Fee
A funding fee applies when you add money. It depends on whether you fund by card or by bank account, and the exact amount is shown in the app before you confirm.
Early-Withdrawal Fee
An early-withdrawal fee applies when you withdraw from a pot while it is locked. The exact amount is shown in the app before you confirm. No early-withdrawal fee applies to flexible pots or to pots that have already released.
Everything Else
Contributing to a pot, pot releases, and withdrawals from your wallet to your bank account carry no LockN fee. Every fee that is charged appears as its own line in your activity feed.
Withdrawals
Your Money Is Never Locked Away
You can always withdraw your own contributions from a pot. From a flexible pot or a pot that has released, there is no fee. From a locked pot, this is an early withdrawal and the early-withdrawal fee applies.
Early Withdrawal from a Group Pot
An early withdrawal from a locked group pot takes effect only after a majority of the pot’s members approve it. You can withdraw only what you yourself contributed. No member can withdraw another member’s money.
To Your Bank
Money in your wallet can be sent to your linked bank account once identity verification is complete. Bank payouts are processed by Stripe. LockN does not control how long your bank takes to make the funds available.
Prohibited Activities
Unlawful Use
You may not use LockN for any unlawful purpose, including money laundering or fraud. We may report suspicious activity to the relevant authorities.
Platform Abuse
You may not attempt to manipulate, exploit, or abuse the platform, including by creating multiple accounts, using bots or scripts, or circumventing security or verification measures.
Harassment
Harassment, abuse, or threatening behaviour toward other users or LockN staff is prohibited and will result in account termination.
Changes and Account Closure
Deleting a Pot
A pot can be deleted by its creator only once its balance is zero.
Closing Your Account
You can delete your account from within the app. Deletion is not possible while you have active or locked pots; release or withdraw from them first. We retain transaction records after deletion where the law requires it.
Changes to These Terms
We may update these terms. We will notify you through the app or by email before material changes take effect. Continuing to use LockN after that date means you accept the updated terms.
Suspension
We may suspend or terminate accounts that violate these terms. Outstanding obligations survive termination.
Limitation of Liability
Service Availability
LockN is provided “as is” and “as available” without warranties of any kind. We do not guarantee uninterrupted or error-free operation of the service.
Damages
LockN shall not be liable for any indirect, incidental, special, consequential, or punitive damages arising from your use of the service, even if we have been advised of the possibility of such damages.
Maximum Liability
Our total liability to you for any claims arising from your use of the service shall not exceed the amount of fees you have paid to LockN in the twelve months preceding the claim.
Governing Law
Jurisdiction
These terms shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to its conflict of law provisions.
Arbitration
Any disputes arising from these terms or your use of LockN shall be resolved through binding arbitration in accordance with the rules of the American Arbitration Association.
Class Action Waiver
You agree to resolve any disputes on an individual basis and waive any right to participate in class action lawsuits or class-wide arbitration.
Agreement to Terms
By creating an account or using LockN, you acknowledge that you have read, understood, and agree to be bound by these Terms of Service.
Questions about these terms? Contact us