The agreement caps Acorns' total liability to any user at the amount the user paid in subscription fees during the 12 months before the claim arose, with a minimum floor of $25 for users who paid nothing. This cap applies to all claims arising from the terms or services.
This analysis describes what Acorns's agreement states, permits, or reserves. It does not constitute a legal determination about enforceability. Regulatory applicability and practical outcomes may vary by jurisdiction, enforcement context, and individual circumstances. Read our methodology
This provision establishes that the maximum financial recovery available to a user for any claim against Acorns is limited to 12 months of subscription fees paid, which at Acorns' current pricing tiers represents a low absolute dollar amount relative to potential investment losses or banking service failures. Applicable law, including potential fiduciary duty obligations under securities regulations, may constrain the enforceability of this cap in certain claim contexts.
Interpretive note: The enforceability of the liability cap for investment advisory and broker-dealer claims may be constrained by the Investment Advisers Act's anti-waiver provisions and applicable FINRA rules; enforceability depends on jurisdiction and claim type.
New high-severity cap on Acorns' liability exposure limits user recovery to payments made or a nominal $25, significantly restricting remedies for service failures.
View full change record →Removed detailed limitation of liability language including the 12-month fee cap, replacing it with generic acknowledgment language that obscures the actual liability limitations.
View full change record →Under this clause, a user's maximum monetary recovery from Acorns for any claim, including investment account management failures or banking service disruptions, is capped at the subscription fees paid in the preceding 12 months. At Acorns' subscription pricing tiers, this cap represents a materially low recovery ceiling relative to potential investment account balances.
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You will remain responsible for any amounts you fail to pay in connection with your subscription, including collection costs, bank overdraft fees, collection agency fees, reasonable attorneys' fees, and arbitration or court costs.
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"IN NO EVENT WILL ACORNS' AGGREGATE LIABILITY ARISING OUT OF OR IN CONNECTION WITH THESE TERMS OR THE SERVICES EXCEED THE AMOUNTS YOU HAVE PAID TO ACORNS FOR THE SERVICES IN THE TWELVE (12) MONTH PERIOD IMMEDIATELY PRECEDING THE EVENT GIVING RISE TO THE CLAIM, OR, IF YOU HAVE NOT PAID ACORNS FOR USE OF ANY SERVICES, THE AMOUNT OF TWENTY-FIVE DOLLARS ($25).— Excerpt from Acorns's Acorns Terms of Service
(1) REGULATORY LANDSCAPE: The limitation of liability provision may engage SEC and FINRA rules governing the enforceability of liability caps in investment adviser and broker-dealer agreements, where applicable suitability and fiduciary obligations may limit the extent to which contractual damages caps can override regulatory duties. The Investment Advisers Act's anti-waiver provisions prohibit investment advisers from contractually limiting liability for their own negligence in certain circumstances. State securities laws may impose additional constraints. (2) GOVERNANCE EXPOSURE: High. The 12-month fee cap creates a significant disparity between the potential magnitude of user losses on investment accounts and the maximum contractual recovery, which may interact with applicable regulatory standards for investment advisers and broker-dealers. The enforceability of this cap for claims arising from investment management services specifically warrants legal assessment under the Investment Advisers Act's anti-waiver provisions. (3) JURISDICTION FLAGS: California, New York, and other states with consumer financial protection statutes may limit the enforceability of liability caps in investment adviser agreements. The $25 floor for non-paying users may be subject to challenge as unconscionable in jurisdictions with robust consumer protection frameworks. (4) CONTRACT AND VENDOR IMPLICATIONS: The cap does not appear to distinguish between general consumer claims and claims arising from investment management or broker-dealer services, which may create inconsistency with regulatory obligations that cannot be contractually limited. Procurement and legal teams reviewing this agreement in a B2B context should note that the cap applies to the defined 'Services' broadly. (5) COMPLIANCE CONSIDERATIONS: Legal teams should assess whether the liability cap is enforceable as applied to investment advisory claims under the Investment Advisers Act's anti-waiver provisions, particularly for claims arising from alleged breaches of fiduciary duty. Compliance teams should also evaluate whether the cap interacts with FINRA's customer protection rules in ways that affect its enforceability for securities-related claims.
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This provision establishes that the maximum financial recovery available to a user for any claim against Acorns is limited to 12 months of subscription fees paid, which at Acorns' current pricing tiers represents a low absolute dollar amount relative to potential investment losses or banking service failures. Applicable law, including potential fiduciary duty obligations under securities regulations, may constrain the …
Under this clause, a user's maximum monetary recovery from Acorns for any claim, including investment account management failures or banking service disruptions, is capped at the subscription fees paid in the preceding 12 months. At Acorns' subscription pricing tiers, this cap represents a materially low recovery ceiling relative to potential investment account balances.
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