The terms, in plain language.

Echelon Terminal is an educational product. The lessons, worked examples, graders, feedback, figures, and every other part of this site exist to teach you a method of financial analysis. Nothing on this site is investment advice, and nothing on this site is a recommendation to buy, sell, hold, or short any security.

Echelon never tells you whether a security is undervalued or overvalued. Echelon does not publish price targets, trading signals, or trade setups. No page on this site promises that you will beat the market, and no page promises any investment outcome of any kind.

Our lessons use real companies and real numbers taken from public filings, because a method you practise on invented numbers is a method you have not practised. Naming a company is not an opinion about that company. When a grader marks your work, it is marking your method — whether you found the right line item, used the right denominator, and drew a conclusion your own evidence supports. It is not marking whether your view of the company is correct, and it holds no view of its own.

Echelon Terminal is not registered as an investment adviser with the U.S. Securities and Exchange Commission or with any state securities regulator. Echelon Terminal is not registered as a broker, a dealer, or a municipal advisor, and is not a member of FINRA or SIPC. Echelon Terminal is not a bank, and it is not a custodian of assets.

Echelon does not hold itself out as being in the business of advising others as to the value of securities or as to the advisability of investing in, purchasing, or selling securities. Everything published on this site is impersonal. It is written once, for every learner, and it is identical for every learner. It is not tailored to your financial situation, your holdings, your income, your tax position, your risk tolerance, or your objectives — and Echelon does not ask you for any of those things.

Using Echelon creates no fiduciary relationship, no advisory relationship, and no relationship of trust or confidence between you and Echelon.

No communication from Echelon — automated or human, in a lesson, in an email, or in a graded response — should be understood as forming one.

Echelon does not provide tax advice. Nothing on this site is a tax opinion, a tax return position, or guidance on the tax treatment of any transaction, security, account, or entity. Tax lessons on this site teach how a line item on a filed financial statement is constructed and read. That is a different exercise from determining what you owe. Consult a qualified tax professional about your own circumstances before you act on anything you learn here.

Echelon does not provide legal advice.

Echelon is not a law firm, no part of this site is a substitute for the advice of a licensed attorney, and no attorney-client relationship is created by your use of this site. Lessons that discuss securities regulation, filing obligations, disclosure standards, or accounting rules describe how those rules shape the documents you are learning to read. They do not tell you what the law requires of you. If you need to know that, speak to a lawyer licensed in your jurisdiction.

Do not use this site, its figures, its worked examples, or anything derived from them as the basis for a securities transaction, a trade, an investment decision, or any other financial decision. That is not what this site is for and it is not built to that standard.

Echelon does not execute, route, place, facilitate, or receive compensation on any securities transaction, and it holds no customer funds or securities. If you choose to act on anything you read here, you do so entirely on your own judgment and at your own risk, and you accept sole responsibility for the outcome. Past results of any company, security, index, or strategy discussed on this site do not indicate future results.

You may use Echelon for your own learning, and for teaching if you hold a licence that permits it. You may not:

• scrape, crawl, bulk-download, or systematically extract the lessons, graders, item banks, answer keys, or figures;
• resell, sublicense, or redistribute any part of the service;
• share your account credentials, or use one account for more than one person;
• use the service to build or train a competing product or a machine-learning model;
• circumvent rate limits, entitlement checks, or access controls;
• submit another person's work as your own where a credential is at stake; or
• upload content that is unlawful, infringing, malicious, or that attempts to manipulate an automated grader or an AI feature.

We may suspend or terminate an account that does any of these, and where a credential was obtained through conduct in this section, we may revoke it.

Echelon is for adults.

You must be 18 or older to join the waitlist or to create an account. When you give us your email, you confirm that you are 18 or older. We record that confirmation and its date. We do not ask for your date of birth and we do not store your age. Echelon is not directed to anyone under 18. If we learn that a user is under 18, we close the account and delete the data.

One person per account. You are responsible for what happens under your credentials. Give us accurate information and keep it current, and tell us promptly if you believe your account has been used without your permission.

If you sign up with a verified .edu or equivalent academic address, we may apply academic pricing to your account. An academic address is not required to use Echelon, and we may ask you to re-confirm it. If it stops verifying, academic pricing ends and the account moves to standard pricing at the next renewal.

Institutional accounts provisioned under a campus licence are governed by that licence where it conflicts with these terms.

The trial converts.

New accounts may begin with a 21-day free trial. We collect a payment method before the trial starts. Unless you cancel before the trial ends, your subscription begins automatically at the end of the trial and your payment method is charged. At signup we show you, and email you, two dates: the last day you can cancel without being charged, and the date of your first charge. Those two dates are also shown in your account settings for the whole of the trial.

Automatic renewal.

Subscriptions renew automatically for successive terms of the same length — monthly plans monthly, annual plans annually — at the price then in effect, until you cancel. You are consenting to that renewal when you check the renewal box at checkout.

Cancelling.

You can cancel at any time, online, in your account settings, in the same place you subscribed and without speaking to anyone. Cancellation takes effect at the end of the current term; you keep access until then. If you cancel during the trial, you are not charged.

Refunds.

Because the trial exists so that you can evaluate Echelon before paying, fees already charged are non-refundable except where the law of your jurisdiction requires otherwise, or where we have charged you in error. Cancelling stops the next charge; it does not refund the current term.

Price changes.

If we change the price of your plan, we will tell you by email before the change takes effect and in time for you to cancel first. The new price applies only from your next renewal.

What you keep if you stop paying.

Your attempt history, your record, and any credential you have earned remain yours and remain in your account. Access to lessons and graders ends when your paid term ends.

Taxes.

Prices are exclusive of any sales, use, VAT, or similar taxes, which we add where we are required to collect them.

Echelon owns the curriculum, the lesson text, the item banks, the graders, the rubrics, the answer keys, the software, the design, and the marks. You get a personal, non-exclusive, non-transferable, revocable licence to use them for learning while your account is in good standing. Nothing else transfers.

The underlying public filings and the figures within them are not ours and we claim no ownership of them. Our selection, arrangement, mapping, and presentation of those figures are ours.

Work you submit stays yours. You grant us the licence we need to store it, grade it, show it back to you, and — in aggregated and de-identified form — to improve the graders and report on how learners as a group perform. We do not publish your individual work.

Echelon is an independent product and is not affiliated with, endorsed by, or a source of any professional terminal or data provider.

If you believe material on this site infringes your copyright, write to the contact address in section 14 with the information required by 17 U.S.C. §512(c)(3).

Governing law, venue, and the procedure for resolving a dispute are being settled with counsel and will be stated here in full before accounts or paid plans open. We will post the updated section with a new effective date, and where we hold your email address we will tell you before it takes effect. Until then, no term on this page asks you to give up a right you would otherwise have to bring a claim.

Nothing in these terms deprives a consumer of the protection of the mandatory law of the country or state in which they reside.

We may change, suspend, or discontinue any part of the service. If we make a material change to these terms, we will post the updated terms with a new effective date and, where we hold your email address, tell you before the change takes effect. For material changes affecting a paid subscription, the change applies from your next renewal, and your continued use after the effective date is your acceptance. If you do not accept a change, cancel before it takes effect.

If any provision of these terms is held unenforceable, the rest remains in force. These terms, together with the Privacy Policy, the Risk Disclosure, and any campus licence that applies to your account, are the entire agreement between you and Echelon.

Echelon Terminal — hello@echelonterminal.com. Notices under section 10, requests under the Privacy Policy, and questions about these terms all reach us there.

Our registered entity name and postal address are listed here before any paid plan opens, and appear on every billing email we send.