User Agreement

Terms and Conditions

Last updated: July 09, 2020

Please read this User Agreement carefully before using Our Service. You must accept this User Agreement when signing up to the Service.

Accessing the Rumple Online Platform

You may access the Rumple Online Platform from a web browser.

The online experience is optimized for use on a mobile browser such as a smartphone, however is accessible from smartphone, tablet and desktop browsers. We do not guarantee that the online service is compatible with all possible device and browser version combinations.

Current Features

You acknowledge that the Rumple online platform is a newly released platform and will be subject to ongoing upgrades and feature releases. Specifically, you acknowledge that the following major features are not yet available:

  • Online shipping requests (telephone requests only at this time)
  • Payment methods other than remotely created checks from your linked bank account
  • Downloadable statements
  • Trading of pool metal in dollar amounts

Each of these major features will be prominently announced when available. Each of these (and other subsequent) feature releases may result in an update to this User Agreement.

Opening An Account

You may open an account with Rumple if you meet the following criteria:

  • You are 18 years or older, and
  • You have a US bank account that checks may be drawn from, and
  • You have a US mailing address.

Accounts may only be opened in the name of an individual. Joint accounts, partnerships, trusts, corporations or other entities are not able to open a Rumple account at this time.

By opening an account, you agree to linking a bank account to your Rumple account using Plaid.

Rumple has three levels of account membership:

  • Bronze – an account that is in the process of being opened, with no trading privileges.
  • Silver – an open account that has a completed profile and a linked bank account, with limited trading privileges.
  • Gold – an open account where the account holder's identity has been verified, with full trading privileges.

You must complete your Profile. This includes your full legal name as it would appear on an identification document such as a driver's license or passport, and your date of birth. You may also provide a preferred name for correspondence purposes. You must also provide a telephone number, preferably one capable of receiving text messages.

You must complete your Address. This must be an address within the United States, and will be used for correspondence and shipping. In a future release, you will be able to enter multiple addresses.

You must link a Bank Account using the integrated Plaid interface.

After completing these three steps, your account will be upgraded from Bronze to Silver, and trading will be enabled.

Account Verification

In order to upgrade your account from Silver to Gold, and access the higher privileges of this account level, you must verify your identity to our satisfaction.

To verify your identity, you must upload an image of a genuine photo identity document through the Rumple online platform (under Verification in the Account section). The document must be color, clearly legible, and unaltered, with no blocking or censoring of any part of the image. The document must contain your photograph.

Acceptable documents include government issued photo identity such as drivers licenses, or passports. It is at the discretion of Rumple whether to accept an uploaded document as sufficient proof of identity, and additional uploads may be requested.

You agree that Rumple may pursue fair efforts to validate the authenticity of the uploaded document and verify that both the document and the identity are genuine. Such efforts may include but not be limited to the use of third party identity verification services, internet searches, or comparison to linked bank account identity details.

Should Rumple decline to accept your identity as verified, Rumple may decline to maintain an ongoing relationship with you. Your account may be closed, and any held funds returned to you. Any metal held in your account will be either purchased back or shipped to you at your cost.

Should Rumple identify that you are a politically exposed person, an individual subject to sanctions, or a resident of a country subject to sanctions or embargos, we may be obliged to report on your activities to the relevant government or law enforcement authority.

Account Security

It is your responsibility to maintain control of your account credentials used to access Rumple, such as email accounts, password, PINs or multi-factor authentication methods.

Use a unique, strong password for your Rumple account. Use a password manager to secure your password. DO NOT use an email account or a password that has previously been exposed in a data breach. You may check to see if your email address or current passwords used elsewhere have been compromised in data breaches through reputable services such as https://haveibeenpwned.com/

You agree to keep all profile information such as your contact details, addresses and phone numbers up to date in order to allow Rumple to contact you in a timely manner.

Email phishing and SIM hijacking are two very serious security issues to be aware of. Always check that any email purporting to be from Rumple is from an email address that ends with @rumple.io. Be aware of the risks associated with SIM hijacking, and take steps to lock your SIM from being ported without your authority by contacting your cell provider.

Funding Your Account

In order to fund your account, you must link a bank account to your Rumple account using Plaid, an industry leader in bank account integration services to the fintech sector.

To link your bank account, you must provide your online banking credentials to Plaid. Rumple does not have access to your account credentials, ever. Plaid will provide Rumple with a unique security token that will authorize Rumple to do the following:

  • Retrieve your bank account number and routing number
  • Retrieve account ownership details confirming your identity
  • Retrieve live account balances as reported by Plaid

Rumple will retrieve and store account identifying information, as well as your bank account number and routing number.

Whilst linking your bank account to Rumple gives Rumple the technical capability to access your account balance, this will only ever be done for authorization purposes when funding your account to mitigate the chance of attempting to draw more funds from your account that are available. We commit to never recording your balance information, or otherwise acting upon this information for any other purpose, such as customer segmenting or marketing.

To fund your account, you must request a deposit transfer through the Rumple online platform. The amount of funds you may transfer is limited by your account level.

  • Bronze – deposits not available
  • Silver – $3,000 per day
  • Gold – $100,000 per day

These limits may vary beyond our control, such as due to your bank's policies.

Rumple will check with Plaid that the requested deposit transfer is less than your reported bank account balance. Rumple will then initiate a remotely created check drawn from your account, payable to Rumple. The funds will be available for you to trade once the check has cleared into Rumple's trading account.

Should you attempt to transfer more funds than are available in your account, and Plaid incorrectly reports that you had sufficient funds to allow the transfer, the remotely created check may be dishonored. In this case, you will be responsible for the payment of a dishonored check processing fee to Rumple, in the amount detailed on our Fees page of our website. You may also be responsible for additional fees payable to your own bank.

Transfers may only be canceled by calling Rumple via telephone on the same business day, and only if the remotely created check has not already been initiated. A remotely created check cannot be canceled after it is initiated by Rumple.

Transferred funds will appear in your portfolio in the Rumple online platform as available funds once they are cleared into the Rumple bank account. Your funds are held in our trading bank account at Wells Fargo Bank, comingled with other customer funds. Your account with Rumple is not FDIC insured, however the underlying bank account Rumple holds at Wells Fargo Bank is.

Withdrawing Funds From Your Account

In order to withdraw funds from your Rumple account to your bank account, you must have a bank account linked using Plaid.

To withdraw funds from your account, you must request a withdrawal transfer through the Rumple online platform. The amount of funds you may transfer is limited by your account level.

  • Bronze – withdrawals not available
  • Silver – $3,000 per day
  • Gold – $100,000 per day

These limits may vary beyond our control, such as due to your bank's policies.

Rumple will check with Plaid that the requested withdrawal transfer is within your available funds balance. Rumple will then initiate an ACH payment to your bank account within 2 business days.

Rumple will not process a withdrawal transfer request to a bank account that has not already had a successful deposit transfer made to Rumple. This is to protect you from fraudulent transfer requests, and to mitigate exploitation of the Rumple online platform for money laundering purposes.

Rumple will not knowingly process a withdrawal transfer request payable to a bank account held in the name of someone other than the Rumple account holder.

If you have a zero metal balance, and you initiate a withdrawal transfer, an amount equal to any unpaid storage fees or other charges may be withheld as unavailable funds, in order to ensure that all outstanding fees are paid.

Trading Pool Metal

In order to trade Pool Metal, you must have an account level of at least Silver.

In order to purchase Pool Metal, you must have funds on deposit equal to or greater than the value of the pool metal you wish to buy.

In order to sell back Pool Metal, you must have a balance of Pool Metal available in your portfolio to sell. You cannot short sell metal you do not own through Rumple.

Trade requests must be made through the Rumple online platform. Rumple will quote an offer price for the purchase or sell back of Pool Metal. This price is based on the current bid or ask spot price for the metal as provided to use from our spot price feed. The price will update several times a minute automatically while the trading view is open on the Rumple online platform.

You may enter Pool Metal purchase requests in either whole units by weight (e.g. 1 oz), or in a forthcoming upgrade, by dollar value (e.g. $500).

You may enter Pool Metal sell back requests in either whole units by weight (e.g. 1 oz), or in a forthcoming upgrade, in a decimal amount by weight (e.g. 0.5 oz).

Pool Metal trades will be immediately credited to or debited from your portfolio.

The backing for your Pool Metal holdings will be in a form that Rumple chooses. Typically this will be in the form of bulk sized bars, however may be in any retail form, such as excess coin or bar inventory. You do not own a specific product used to back your holding, however you do own the metal content of bullion items that are specifically identified in our inventory as backing for Pool Metal holdings.

In a future release, you will be able to redeem your Pool Metal holdings for specific items that will be either moved to Allocated storage, or shipped to you.

Storage fees are incurred on all Pool Metal holdings from the date of purchase until disposal, either the date of sell back or the date of requesting redemption.

Pool Metal trades cannot be canceled – if you wish to reverse a trade, it must be done by entering a corresponding transaction in the opposite direction through the Rumple online platform at the offered price.

Trading Coins and Bars

In order to trade Coins and Bars, you must have an account level of at least Silver.

In order to purchase Coins or Bars, you must have funds on deposit equal to or greater than the value of the Coins or Bars you wish to buy.

In order to sell back Coins or Bars, you must have a balance of Coins or Bars available in your portfolio to sell.

Trade requests must be made through the Rumple online platform. Rumple will quote an offer price for the purchase or sell back of Coins or Bars. This price is based on the current bid or ask spot price for the metal as provided to use from our spot price feed. The price will update several times a minute automatically while the trading view is open on the Rumple online platform.

You may enter Coins or Bars purchase requests only in whole units (e.g. 1 coin).

You may enter Coins or Bars sell back requests only in whole units (e.g. 1 coin).

Coin or Bar trades will be immediately credited to or debited from your portfolio. All Coin and Bar purchase are placed into Allocated storage.

Storage fees are incurred on all Coin and Bar holdings from the date of purchase until disposal, either the date of sell back or the date of requesting delivery.

Coin and Bar trades cannot be canceled – if you wish to reverse a trade, it must be done by entering a corresponding transaction in the opposite direction through the Rumple online platform at the offered price.

Physical inventory availability can fluctuate based on minting schedules and market conditions. At times, Rumple may elect to suspend the sale of certain Coins or Bars based on inventory availability from suppliers. Rumple may at times limit sales to available Coin and Bar inventory with no provisions for accepting backorders. Rumple will always stand in the market to purchase Coins or Bars from customer portfolios.

Your Portfolio

Your Portfolio is always available for viewing in the Rumple online platform.

Your Portfolio has a value determined by the sum of cleared funds on deposit available for spending or withdrawal, and the value of your metal holdings. Your metal holdings are valued at the current sell back prices Rumple offers. We do not use arbitrary, average or spot values to value your Portfolio. This means that your Portfolio value reflects the true value you would receive if you were to sell all of your metal holdings at that moment in time.

Unprocessed deposit transfers will not be reflected in your Portfolio's currency balance. Deposit transfers are only reflected in your currency balance upon clearance.

Unprocessed withdrawal transfers will be reflected in your Portfolio's currency balance. Withdrawal transfer requests immediately reduce your currency balance.

Metal trades are immediately reflected in your Portfolio holdings. As there is a spread between purchase and sell back prices for metal, and your Portfolio is valued on the sell back prices of your holdings, you will see an immediate reduction in Portfolio value after purchasing new holdings that will be equivalent to the spread of the new purchase. E.g. if the spread on an ounce of Pool Gold is $20, and you purchase an ounce of Pool Gold, your Portfolio value will drop by $20, as the value is based on the sell back price.

Your Statements

Statements are available for viewing in the Rumple online platform for the following:

  • Transfers (deposits and withdrawals)
  • Trades (purchases and sell backs)
  • Storage (monthly invoices and month-to-date)
  • Transactions (all transfers, trades and invoices that impact your currency balance)

In a future release these statements will be provided in a downloadable format.

Storage

You agree that all purchases made through the Rumple online platform are automatically placed into storage.

Rumple Inc is a customer of CNT Depository in Massachusetts. All customer holdings managed by Rumple are stored in CNT Depository's highly secure vault facility. As a Rumple customer you do not have a relationship with CNT Depository.

CNT Depository maintain an allocated/segregated storage model. All holdings managed on behalf of Rumple at CNT Depository are segregated from any other customer of CNT Depository. Stock storage status reports are provided by CNT Depository to Rumple, and these are used to verify that the physical coins and bars allocated to Rumple by CNT Depository meet or exceed customer holdings. Rumple will engage external auditors on an annual basis to certify that Rumple are meeting or exceeding the required quantities of physical coins and bars to match customer holdings.

CNT Depository is not privy to ownership details of individual coins or bars allocated to Rumple. The allocation of ownership of inventory held at CNT Depository for the customers of Rumple is a process managed by Rumple.

Storage charges for your portfolio are calculated on a daily basis using published rates, and are invoiced monthly. Storage charges can be viewed at https://www.rumple.io/fees.

Should you have sufficient currency balance for the immediate payment of your storage invoice, it will be automatically debited from your currency balance.

Should you have an insufficient currency balance for the immediate payment of your storage invoice, it will be carried over as unpaid. Any subsequent deposit transfers you make to your Rumple account will be immediately applied to unpaid storage invoices. Should you accrue more than three unpaid storage invoices, or accrue an unpaid balance of $50 USD or more, you authorize Rumple to debit the amount of the unpaid invoices, plus any other unpaid fees, from your linked bank account.

Should your linked bank account have insufficient funds to cover your unpaid invoices or other fees, you authorize Rumple at our discretion to dispose of some of your metal holdings to cover the unpaid amount. Rumple will make a "best efforts" attempt to contact you for resolution prior to this occurring.

Shipping

You agree and understand that at this time Rumple is still developing a shipping mechanism for taking delivery of metal from your holdings.

Shipping requests may currently only be lodged via telephone, or via the Contact Us form on our website.

Initiating an online shipping request will be available in a forthcoming release of the Rumple online platform, and will be an entirely online process, including the specification of a shipping address and the payment of shipping costs.

You agree that Rumple may decline to ship to you the entirety of your metal holdings should you have unpaid storage fees or other charges, and an insufficient currency balance to pay them, until such time as these unpaid amounts are paid.

Availability of Service

Despite the best efforts of Rumple in developing a highly available, robust online platform, we do not certify any guaranteed uptime or availability of the service. Service interruptions may result from but not be limited to hardware or software failures at our hosting provider, denial of service incidents from malicious parties, the loss of spot price feeds from our data providers, scheduled or emergency maintenance of our software platform, government executive orders impacting the ability to conduct business, national emergencies, or other force majeure events.

You agree that Rumple is not liable for any losses incurred by you as a result of an interruption to the availability of the Rumple online platform.

Errors

Rumple relies heavily on software and external data in order to provide the Service.

At times this software or external data may contain bugs or errors that result in incorrect functionality through the Service, incorrect holdings reporting, or incorrect pricing of metal.

Rumple reserves the right to cancel any transaction or trade that was impacted by such an error, including but not limited to incorrect pricing data. In the event of the reversal of such a transaction, you will not benefit from any change in market value should one exist.

Fees

Rumple has a short schedule of fees as outlined on our website at https://www.rumple.io/fees.

Rumple will provide 30 calendar days notice before any change to these fees.

Storage fees are based on metal and storage type, and are described on our website.

Withdrawals under $1000 incur a $3 processing fee.

Dishonored deposit transfers incur a $20 processing fee.

Fees will be listed under your Transactions statement. Should you have insufficient currency balance to pay your fees, any subsequent deposit transfers you make to your Rumple account will be immediately applied to unpaid fees. You authorize Rumple to debit the amount of the unpaid fees from your linked bank account regardless of value.

Should your linked bank account have insufficient funds to cover your unpaid fees, you authorize Rumple at our discretion to dispose of some of your metal holdings to cover the unpaid amount. Rumple will make a "best efforts" attempt to contact you for resolution prior to this occurring.

Closing Your Account

Should you wish to close your account, at this time you must contact us either by email or in writing.

You must elect whether to take delivery of any metal holdings, or sell them back to us. Any shipping costs are at your expense.

You will be able to withdraw all of your currency holdings to your linked bank account. If you have a zero metal balance, and you initiate a withdrawal transfer, an amount equal to any unpaid storage fees or other charges may be withheld as unavailable funds, in order to ensure that all outstanding fees are paid.

You authorize Rumple to initiate a withdrawal from your bank account for any outstanding storage fees or other charges that cannot be covered by your available currency balance.

Rumple may elect to decline to continue a relationship with you, and close your account at any time. Any held funds will returned to you after payment of any unpaid invoices or fees. Any metal held in your account will be either purchased back or shipped to you at your cost.




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