Your invesment balance will be applied to your loan balance
You’ve successfully opted in to have your MoneyLion investment account liquidated and applied to pay off your MoneyLion loan balance. The process will begin automatically.
After your loan is paid off, the remaining balance from the liquidation of your MoneyLion Investment account will be deposited into your external bank account on file in 2-3 weeks.
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Investment advisory services provided by ML Wealth, LLC. Investment Accounts Are Not FDIC Insured • No Bank Guarantee • Investments May Lose Value. For important information and disclaimers relating to the MoneyLion Investment Account, see Investment Account FAQs and FORM ADV. Broker-Dealer may charge a $0.25 withdrawal fee, among other fees.
By opting in, you authorized MLW to direct the qualified custodian of your investment account, DriveWealth, LLC (“DriveWealth”), to liquidate your Investment Account balance into an account held by one of MoneyLion’s affiliates or by MLW on behalf of one of MoneyLion’s affiliates, in order to satisfy your outstanding Loan Balance. You understand you will receive an ACH transfer into the bank account on file for your MoneyLion Plus membership, in an amount equal to the difference between your Investment Account balance and outstanding Loan Balance, minus DriveWealth, LLC’s $0.25 withdrawal fee. You understand and acknowledge that your Investment Account balance may fluctuate in value between the time of this Authorization and the time the liquidation is effectuated, and that neither MLW, DriveWealth, nor any of their affiliates have any control over market conditions.
You understand that by authorizing this transaction, you are waiving your right to any further notice under any federal, state, or other statute, rule, or regulation.
You hereby jointly and severally indemnify DriveWealth, MLW, MoneyLion Inc., and any of their affiliates, officers, directors, employees and agents, against all claims, liabilities and expenses which any such indemnified parties may incur arising out of this Authorization (including reasonable attorneys fees and disbursements), except to the extent the claims, liabilities or expenses are caused by the gross negligence, willful misconduct or bad faith of any indemnified party.
