Please read this Onyx Deposit Account Agreement (the “Agreement”) carefully and retain it for your future reference. This Agreement contains the general terms, conditions and disclosures related to the interest-bearing demand deposit account (the “Account”) made available to eligible consumers by Onyx Card, LLC (“Program Partner”), the program partner responsible for managing the Account program, in partnership with Piermont Bank, a bank chartered under the laws of the State of New York (the “Bank”).
When you see the words “we,” “us,” or “our” in this Agreement, it refers to the Bank, the Program Partner acting as agent for the Bank, and any of the Bank’s affiliates, successors, assignees, agents, or service providers. When you see the words “you” or “your,” it refers to you, the individual who opens an Account (as defined below) and in whose name an Account is maintained on our records, and any joint owner of such Account. "Account" means your Onyx demand deposit account with us.
By opening and continuing to hold an account with us, you agree to be bound by this Agreement as well as all other agreements and documents we may provide to you from time to time in connection with the Account.
IMPORTANT NOTE: THIS AGREEMENT IS SUBJECT TO BINDING ARBITRATION AND A WAIVER OF CLASS ACTIONS AND YOUR RIGHT TO A JURY. THE TERMS OF ARBITRATION AND THE WAIVER APPEAR IN SECTION 8 OF THIS AGREEMENT.
You may contact us with any questions or concerns regarding your Account. All communication between you and us will be handled by the Program Partner. The best way to contact us is through the Onyx Card application (the “App”) chat between the hours of 8 am and 8 pm EST (concierge service is 24/7), 7 days a week. You may also contact us by:
●Phone at (855) 435-4595 between the hours of 8 am and 8 pm EST, 7 days a week
●Email at email@example.com
The Account is an interest-bearing demand deposit account used to hold your deposits and make certain types of payments and transfers. When we receive the funds that you deposit to your Account, the funds will be held and accounted for so as to be insured by the Federal Deposit Insurance Corporation (“FDIC”), subject to applicable limitations and restrictions of such insurance. To open an Account, you must be a United States citizen or lawful permanent resident, or a pre-approved non-resident alien, have a physical address within the fifty (50) United States, the District of Columbia, or a U.S. territory or a military address (APO or FPO), be at least 18 years of age, and have a valid Social Security Number or Tax Identification Number. Other eligibility requirements may apply and non-resident aliens will be subject to enhanced due diligence requirements and Know Your Client deliverable obligations. This Account is only available to individuals for personal, family or household purposes and may not be opened by a business in any form or used for business purposes.
We may decline to open an Account for any reason at the sole discretion of the Bank or Program Partner. We are not liable for any Losses (as defined in Section 3.11) resulting from refusal of an Account relationship. We may also limit the number of Accounts that you have in our sole discretion. Your Account is subject to security and fraud prevention restrictions at any time, with or without notice.
We offer three (3) types of Accounts Membership Plans: Onyx Premium Plan, Onyx Plus Plan, and Onyx Basic Plan.
The Program Partner provides priority support and services to Onyx Premium Plan users. Please visit https://www.onyxprivate.com/onyx-membership for more information on the Program Partner’s Account Membership Plans.
To become eligible for the Onyx Premium Plan, the first deposit to your Account must be at least five hundred dollars ($500), and you must pay the Premium Plan membership fee provided in Section 3.15. You also must maintain a minimum balance of one hundred dollars ($100) in the Account.
To become eligible for the Onyx Plus Plan, the first deposit to your Account must be at least one hundred dollars ($100), and you must pay the Plus Plan membership fee provided in Section 3.15. You also must maintain a minimum balance of one hundred dollars ($100) in the Account.
To become eligible for the Onyx Basic Plan, the first deposit to your Account must be of one hundred dollars ($100).
Unless otherwise stated in this Agreement, all terms contained in this Agreement apply equally to all Account Membership Plans.
When you open an Account, you will also be enrolled in an online banking service or mobile application (collectively, “Online Banking Services”) offered by the Program Partner that you can use to access your Account, view information about your Account and conduct certain transactions. You may also be given access to various features through the Online Banking Services separate from your Account. If you cancel your enrollment in the Online Banking Services at any time, we may close your Account (see Section 3.13 below).
To open an Account, you must agree to go "paperless." This means that you must (a) provide us with and continue to maintain a valid email address and (b) accept electronic delivery of all communications that we need or decide to send you in connection with your Account by agreeing to our https://onyxprivate.com/terms-of-service.
Joint Accounts are owned by two people and all deposits made into the accounts are owned by both people. Such joint Accounts are not community property and are not held as tenants in common. Funds in joint Accounts are payable to or at the direction of any accountholder (regardless of who contributed the funds and the amount of contributions). For all Accounts, except for certain retirement benefits like Social Security, if one person dies, the money in the Account then belongs only to the survivor and not to the estate of the deceased person. The owners of the Account are considered "joint tenants" with right of survivorship. Any owner of the Account may: (a) tell us to pay a person or company; (b) withdraw, transfer funds or close the Account without the other owner's consent; (c) pledge the Account to us as collateral for a debt owed to us; or (d) deposit checks payable to any joint owner. Each of you can enter a stop payment order on any payments or other orders of withdrawal authorized by either of you. Your liability as an owner of a joint Account is joint and several. This means that we can enforce this Agreement against, as well as seek repayment of any amount owed from, any one of you, some of you, or all of you.
If one joint owner requests that we not pay items authorized by a different joint owner, we may restrict the Account and refuse to pay all items (including items authorized by the owner making the request), but we are not required to do so. If we restrict the Account, we may not release the restriction unless all joint owners agree in writing to remove it. No request to restrict the Account will affect items that we paid before the request. If we decide not to restrict the Account, all joint owners remain responsible for items subtracted from the Account. We may also pay all or any part of the funds in the Account to a court or government agency if we receive a garnishment, levy or similar legal process that identifies any of the joint owners.
You may be given the ability to designate individuals ("Authorized Users") who you authorize to access your Account and/or conduct transactions through your Account, and such designation right includes the responsibility to determine the scope of rights and capabilities that the individual will have with respect to your Account. When you have consented to adding an Authorized User, you understand that any transaction authorization, instruction or any other action concerning your Account that your Authorized User engages in will be deemed authorized by you and valid and we are under no obligation to investigate the authorization, instruction or activity. You also agree that you will not hold us liable for acting upon any such authorization, instruction or activity. We reserve the right to terminate your Authorized User's access to the Account for any reason and without advance notice.
We will continue to treat all actions taken by your Authorized User as authorized by you until you revoke the Authorized User's access to your Account by notifying us by email at firstname.lastname@example.org or through the App. Until we have been properly notified at least 10 days in writing of any change in such authorization and we have had a reasonable period of time to act upon such notice, we may pay, apply, or otherwise honor and charge your Account, without inquiry, without limit as to amount, and without regard to the application of the proceeds thereof all orders for payment or transfer of money for whatever purpose. You must notify us immediately by email at email@example.com of any change in the status of any Authorized User. We may ask you to give us additional documentation. No action taken by us before we receive proper notification in writing of any such change and have had a reasonable period of time to act upon such notice will be affected by any such notice.
You may open an Account by downloading the App from the Apple App Store or Google Play Store and following the instructions within the App.
You may also open an Account by visiting the Program Partner's website at https://onyxprivate.com/ and following the instructions there.
Each person completing the Account opening process or otherwise completing any Account opening requirements represents and warrants that he, she or they:
We may refuse to recognize any document affecting the Account that appears to us to be incomplete, improperly executed, or fraudulent.
Important information about procedures for opening a new Account: To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify and record information identifying each person who opens an Account, including any Authorized Users who may access an Account. This means that when you open an Account, we will ask for information that allows us to identify you, including your name, legal address, Social Security Number or Tax Identification Number, date of birth and other information that will allow us to identify you. We also may ask for a driver's license or other identifying documents for Authorized Users, account owners, and others.
For the Onyx Premium Plan users, the first deposit to your Account must be at leastfive hundred dollars ($500), while for the Onyx Basic Plan users, the first deposit to your Account must be one hundred dollars ($100). You must maintain a minimum balance of one hundred dollars ($100) in your Account to remain an Onyx PremiumPlan user. If you fail to meet this threshold, your Account may be downgraded to an Onyx Basic Plan as set forth above.
The interest rate on your account is variable and will initially be equal to 1.46%with an annual percentage yield (APY) of 1.47%. This rate may change from timeto time as determined by three-tenths (3/10) of the midpoint of the federalfunds rate target range as established by the Federal Open Market Committee ofthe Federal Reserve.
Interest on your account will be compounded and credited on a monthly basis. If you close your Account, you will receive any interest that has accrued as of the date your Account is closed.
We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate equal to 1/365 of the interest rate to the collected balance in the account each day. Interest will begin to accrue no later than the next business day following the banking day on which the funds were deposited.
You agree that we may honor and rely upon the instructions or the execution, delivery and/or negotiation of any check, substitute check, draft, withdrawal order, instruction or similar instrument (collectively, "items") or document by any of your authorized agents regardless of the necessity or reasonableness of such action, the circumstances of any transactions affected by such action, the amount of the transaction, the source or disposition of any proceeds and regardless of whether the relevant items or documents result in payment to the authorized agent or an individual obligation of the authorized agent or anyone else. "Authorized agents" include Authorized Users and any person who has signed a signature card, who is authorized by this Agreement, any resolution or otherwise to access or use the Account. It also includes any person who has been permitted by you or another authorized agent to act on your behalf in dealing with us.
You will not deny the authenticity, validity, binding effect, and authorization of any action we take in reliance upon the instructions, items or documents provided by an authorized agent unless you have previously revoked such person's authority to access or use your Account by emailing us at firstname.lastname@example.org and we have confirmed our acceptance of your notice.
We may allow you to give another person (known as an "attorney-in-fact") power of attorney to act on your behalf for your Account. You must obtain written approval from us before we will honor any power of attorney. Email us at email@example.com for approval if you plan to create a power of attorney. Please be aware that it may take up to two (2) weeks for us to review your request. If approved, we will honor orders and instructions from your attorney-in-fact until (a) we receive a written revocation from you; (b) we are notified that you or your attorney-in-fact have died or become incapacitated; or (c) we terminate our acceptance of the power of attorney. We may terminate our acceptance at any time, for any reason and without notice to you, and you will not hold us liable for any Losses (as defined below) that may result from such action.
You agree that if we receive notification or if we have reason to believe that you have died or become legally incapacitated, we may place a hold on your Account and refuse all transactions until we know and have verified the identity of your heir, devisee or successor. Until we receive notice and any required proof of death or incapacitation, we may continue to accept deposits and process transactions to your Account. Your estate will be responsible for repaying us for any tax liability resulting from payment of your account balance to your estate. You will hold us harmless for any actions we take based on our belief that you have died or become incapacitated. If certain payments originating from government entities are deposited into your Account after your death, we may be required to return those payments to the originator upon notice.
By opening an Account, we are establishing an Account relationship with you and committing to act in good faith and to the exercise of ordinary care in our dealings with you as defined by the Uniform Commercial Code as adopted by the State of New York. This Agreement and the Account relationship do not create a fiduciary relationship or any other special relationship between you and us.
We work with one or more third-party service providers, including Unit Finance Inc. ("Unit"), in connection with your Account. Specifically, Unit assists us by performing functions that you have otherwise authorized us to perform, such as processing transactions, handing account operations including account set-up, transaction monitoring, and customer support, and providing technological connection to the Program Partner and the Bank. We may also share your information with other service providers that we believe need the information to perform a technology, business, or other professional function for us such as IT services, maintenance and hosting of our services, marketing partners, accounting, auditing, and tax services, and other professional services.
Program Partner may contact you via phone, including by sending you text messages, about any current or future accounts or applications or its products and services generally. To exercise any rights you may have to opt-out or withdraw consent from receiving certain of these communications, please contact Program Partner.
Our business days are Monday through Friday, excluding federal holidays and New York State banking holidays
We strive to keep your Account secure and provide you with tools and services to help you manage your Account. However, there are certain things you should do to protect your Account and your funds.
You must notify us immediately if there is a change to your name, the names of any individual or Authorized User with access to your Account, telephone number, legal address, email address or any other information you have provided us so that we can continue to provide you with statements and important notices concerning your Account.
It is important that you keep track of your transactions and the funds in your Account that are available for you to use ("Available Balance") by reviewing your transaction history. It is also important to understand that your Available Balance may not reflect transactions you have authorized that have not yet been presented to us for payment.
You are also responsible for reviewing your Account statements as they are made available to you for errors or unauthorized activity. If you identify an error or unauthorized activity, you must notify us promptly to avoid losing your money. Please refer to Section 4.7 for information concerning errors and unauthorized activity.
It is important that you protect your Account information to prevent unauthorized transactions and fraud. Keep your Account number, debit card, and statements secure at all times, and be careful about who you share this information with. If the Program Partner provides you with access to Online Banking Services, make sure to also keep your computer or mobile device secure at all times and avoid accessing the Online Banking Services when others can see your screen.
If your Account number, debit card, mobile device or Online Banking Services login credentials are lost or stolen, notify us immediately to keep your losses to a minimum. Please refer to Section 4.6 for information and applicable deadlines for notifying us of losses or theft
You understand that any payment instruction or activity performed using any Online Banking Services provided to you by the Program Partner will be deemed authorized by you and valid and we are under no obligation to investigate the instruction or activity.
You may make deposits into your Account using any of these methods described below. We do not charge you any fees for making deposits.
|Deposit Method||Limitations for Your Account|
|Direct Deposits*||No limits|
|Internal transfers between eligible accounts managed by the Program Partner||No limits|
|ACH transfers to your Account from a connected bank account with another institution**||$60,000/day
|Domestic inbound wires||No limits|
|Cash deposit at in-network ATM||$1,000/transaction
You can use your debit card to make deposits at in- network ATMs.
You can identify an in-network ATM by looking for the Allpoint logo on or near the ATM. You cannot make cash deposits at out-of-network ATMs.
|Checks (via the Check Deposit Services) (see Section 6.2*)||$20,000/day
|* The recipient’s name on any direct deposit or ACH transfer must match the name on the Account or the deposit may be returned to the originator.
** You may transfer funds between your Account and another bank account. The connected bank account must be located in the United States with a U.S. routing number.
We do not accept cash deposits by mail, or paper check or foreign currency deposits: We are not liable for deposits of any kind that you mail to us, including if it is lost in transit, lost in the mail, or otherwise not received by us.
We will send all items back to the last known physical address we have on file for you and we are not liable if you do not receive the items. You may only deposit with us funds that are immediately available, which under applicable law are irreversible and are not subject to any lien, claim or encumbrance. For more information about deposits and when funds from a deposit will be made available to you, please refer to Section 3.2.
It is our policy to make deposits made to your Account each business day available for withdrawal according to the table below. The end of the business day is referred to as the "deposit cut-off time". If you make a deposit before our cut-off time on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after our cut-off time or on a day we are not open, we will consider the deposit to be made on the next business day that we are open.
|If you make a deposit via...||The cut-off time is...||And those funds are available...|
|Internal transfer between two Accounts you have with us||N/A||Immediately|
|Direct deposit||3:00 PM ET||Same business day|
|Domestic Wire||1:00 PM ET||Same business day|
|Cash deposit at in-network ATM||3:00 PM ET||Next business day|
|Checks (via the Check Deposit Services)||3:00 PM ET||Within five (5) business days|
The availability of funds transferred to your Account from a connected bank account held by another financial institution follow different rules. Please refer to Section 3.6 for more information.
If a deposit or transfer to your Account is returned or rejected by the paying financial institution for any reason, or if there is an error or mistake involving a deposit or transfer, we may deduct the amount of the deposit, transfer, or error without prior notice to you. If there are insufficient funds in your Account at the time, your Account may become overdrawn. Please refer to Section 3.12 concerning overdrafts for more information.
You may transfer funds from one Account in your name to another account in your name held by us that is managed by the Program Partner (an "internal transfer"). There are no limits on the number of internal transfers you may make, and internal transfers are immediately available.
You may withdraw funds using your Card or another permitted method to access funds in your Account up to the amount of your Available Balance less applicable fees in your Account using any of the following methods and subject to the following limits:
|Withdrawal Method||Limitations for Your account|
|Internal transfers between eligible accounts managed by the Program Partner||No limits|
|ACH transfers from your Account to a connected bank account at another institution*
ACH transfer to another consumer account (P2P Transfer)
|ACH transfer to a merchant or other third party you authorize to withdraw from your Account using your routing number and account number||No limits|
|Domestic outbound wire||$100 minimum per wire transfer|
|POS transactions and other transactions at merchants using your debit card||$15,000/day|
|* You may transfer funds between your Account and another bank account. The connected bank account must be located in the United States with a U.S. routing number.|
You cannot withdraw funds by check, and we do not permit you to create checks drawn on your Account.
Before permitting a withdrawal or other transaction, we may request that you provide us with additional information or documentation that we deem necessary to confirm your identity or to prevent illegal activity. We may refuse the transaction if you do not comply with our request.
You may be provided with the ability to link another bank account you have with another financial institution ("connected bank account") to your Account with us to make inbound and outbound ACH transfers between the connected bank account and your Account through the Online Banking Services. An "inbound transfer" moves funds into your Account from a connected bank account. An "outbound transfer" moves funds from your Account to a connected bank account.
For inbound transfers, we will debit your connected bank account and credit your Account with us on the next business day after you initiate the transfer. The funds you transfer to your Account will be made available to you by the fifth (5th) business day after the funds have been credited to your Account.
For outbound transfers, we will debit your Account with us and credit your connected bank account on the next business day after you initiate the transfer. The financial institution that holds your connected bank account determines when those funds will be made available to you in your connected bank account.
The cut-off time for both inbound and outbound transfers is 3:00 PM ET. Transfer requests that you make on a business day before the cut-off time will be considered initiated on that day. Transfer requests that you make after the cut-off time, or on a day that is not a business day, will be considered initiated the following business day that we are open.
There are limits to the dollar amount of both inbound and outbound transfers you can make.
You agree that you will only attempt to connect a bank account for which you have the authority to transfer funds. You may only link a bank account that is a deposit account, such as a checking, savings or money market account.
Refuse Transactions You must not use your Account for any illegal purposes or, regardless of whether it is legal or illegal, for online gambling of any sort, including any betting transaction, purchase of lottery tickets, casino chips, or off-track betting and wagering. We may deny any transaction or refuse to accept any deposit that we believe is related to illegal activity, online gambling or for any other reason at our discretion. However, in the event that a charge or transaction described in this section is approved and processed, you will still be liable for the charges.
Funds transfers to or from your Account will be governed by the rules of the funds transfer system(s) through which the transfers are made ("system rules"), including Fedwire, the National Automated Clearing House Association ("NACHA"), the Clearing House Interbank Payments System ("CHIPS"), and the Society for Worldwide Interbank Financial Telecommunication ("SWIFT"). We are under no obligation to honor, in whole or in part, any payment order or other instruction that could result in our contravention of applicable law, including requirements of the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") and the Financial Crimes Enforcement Network ("FinCEN"). For additional information on electronic fund transfers generally, see Section 4 below. If your Account receives incoming ACH transactions (either credits or debits) or wire transfers initiated from within or outside of the United States, both you and we are subject to the Operating Rules and Guidelines of NACHA, or the rules of any wire transfer system involved, and the laws enforced by OFAC. Under such rules and laws, we may temporarily suspend processing of a transaction for greater scrutiny or verification against the OFAC list of blocked parties, which may result in delayed settlement, posting and/or availability of funds. We reserve the right to temporarily suspend, block or reject the processing of any transaction, to freeze or block certain funds or the full balance of any Account, account owner, account beneficiary, or Authorized User (each, a "Restricted Person"), in each case to the extent we deem reasonably necessary to comply with any notice, order, regulation, rule, requirement or restriction issued or promulgated by OFAC (collectively, the "OFAC Rules"). To comply with OFAC Rules, we may temporarily suspend processing of a transaction or the availability of a balance for greater scrutiny or verification against the OFAC list of blocked parties, which may result in delayed settlement, posting and/or availability of funds. If we determine there is a violation or potential violation of the OFAC Rules, or if we cannot satisfactorily resolve a suspected or potential violation, we may reject such transaction or freeze or block the subject funds or full balance of any Account or Restricted Person. If we block the subject funds and you believe you have adequate grounds to seek the return of any blocked funds, it is your sole responsibility to pursue the matter with the appropriate governmental authorities. Please see the OFAC website for procedures and form required to seek a release of blocked funds. You also will observe all anti-money laundering and exchange control laws and regulations, including economic and trade sanctions promulgated by OFAC, in relation to any funds transfer, and you will use all reasonable efforts to assist us to do likewise. You warrant that the information given to us by you is accurate. We may disclose any information given to us that we in our sole discretion think necessary or desirable to disclose; except we will only disclose confidential information if required by law, a court, or legal, regulatory, or governmental authority, or as permitted by law to combat, prevent, or investigate issues arising under anti-money laundering laws, economic sanctions, or criminal law. Sometimes legal, regulatory, or governmental authorities require additional information, either in respect of individuals, entities, or particular transactions. You warrant that you will promptly supply all such information, which any such authority may require, and/or which we may be required to supply, in relation to the individual, entity, or particular transaction. If you, or your Authorized User, breach any such laws or regulations, you irrevocably agree that we may retain any monies or funds transmitted to us pursuant to this Agreement and/or not fulfill any funds transfer request if we are required to take or refrain from such action by any legal, regulatory, or governmental authority or if we reasonably believe that such action may violate any laws or regulations described herein, and such monies will not bear interest against us. You further agree that we may pay such monies to the appropriate legal, regulatory, or governmental authority, when required by law or regulation.
To understand how we post transactions to your Account, it is important to first understand the difference between your Available Balance and your ledger balance. Your Available Balance is the amount of money you have in your Account at any given time that is available for you to use. Your ledger balance is the balance in your Account at the beginning of the day after we have posted all transactions to your Account from the day before. We use your Available Balance to authorize your transactions throughout the day and determine whether you have sufficient funds to pay your transactions. Here are some additional terms that are helpful to understand:
We receive transactions throughout the day and post them to your Account as they are received and in the order that they are received. Note that for debit card transactions, we consider the transaction received when the merchant requests settlement, which may occur several days after you authorize the transaction. See Section 3.9.4 for additional information concerning how debit card transactions are processed.
We may change the order in which we post transactions to your Account at our discretion and without notice to you. It is therefore important for you to keep track of the deposits you make and the transactions you authorize to make sure there are sufficient funds in your Account to cover all transactions and any applicable fees.
To determine your Available Balance, we start with your ledger balance at the beginning of the business day, add any pending credits or deposits that we make available to you, and subtract any card authorizations and pending debits. All transactions are debited or credited from your Available Balance in the order received.
Mobile App. Keep in mind that your Available Balance may not reflect every transaction you have initiated or previously authorized. For example, your Available Balance may not include transactions you have authorized that we have not received.
If you are issued a debit card with your Account, you will be able to use your card to pay for goods or services or conduct other transactions with a merchant. When you engage in a transaction with a merchant using your debit card, the merchant will request preauthorization ("card authorization") for the transaction. If there are sufficient available funds in your Account, we will approve the request and reduce your Available Balance for as long as the card authorization remains on your Account.
Your Available Balance will generally be reduced by the amount of the card authorization. If you use your card at a restaurant, your Available Balance may be reduced by the amount of the card authorization plus up to an additional twenty percent (20%) of that amount, to account for potential tipping. The card authorization will remain on your Account until the merchant sends us the final amount of the transaction and requests payment ("settlement"). In most cases, If the merchant does not request settlement, or the merchant is delayed in requesting settlement, the card authorization will automatically be removed after three (3) days. However, for certain merchants such as hotels and rental car companies, it may take up to thirty (30) days for the card authorization to be removed.
It is important to understand that the merchant controls the timing of card authorizations or settlement. A merchant may request settlement after the card authorization has been removed from your Account. This means that if you use the funds in your Account after the card authorization has been removed and the merchant later requests settlement, your Account may become overdrawn. A merchant may also request settlement for an amount that is different than the card authorization. Therefore, it is important that you keep track of your transactions and your balance. Once we have approved a card authorization, we cannot stop the transaction and you will be responsible for repaying any negative balance that may occur.
Statements will periodically be provided to you through the App as long as your Account is not inactive. You will receive a statement monthly as long as you have transactions on your Account during the statement period. If there are no transactions on your Account, we may provide you with statements on a less frequent basis. You will not receive paper statements.
You will carefully review your statements for your Account and will promptly report to us any errors or unauthorized activity by email at firstname.lastname@example.org within thirty (30) days after we make the statement available to you. Unless otherwise specified in this Agreement or required by law, if you do not provide us with timely notice of an error or unauthorized activity, we will deem our records concerning your Account and all cards to be correct and we will not be liable to you for any Loss you suffer relating to the error or unauthorized activity. You further agree that we may debit or credit your Account at any time and without notice to you to correct an error or address unauthorized activity.
Please refer to Section 4 for additional information concerning errors and unauthorized transactions involving electronic fund transfers and related limitations of liability.
We do not permit you to overdraw your Account. If the Available Balance in your Account is not sufficient to cover any transaction you have authorized, we may return the transaction or refuse to process the transaction. However, there may be instances where your Account can still go into the negative, such as if a deposit you make is returned. You must make a deposit immediately to cover any negative balance. If your Account has a negative balance for sixty (60) calendar days or more, we may close your Account.
You can close your Account at any time and for any reason by email at email@example.com. We reserve the right to refuse your request if you have a negative balance on your Account. We recommend that you transfer or withdraw any funds you may have in the Account prior to submitting a request to close the Account to avoid delays in receiving your funds. We may also suspend or close your Account, or suspend, or disable any service or feature of your Account, at our discretion with or without notice. This includes if we believe you are using your Account for fraudulent or illegal purposes or in violation of law or regulation, this Agreement, any other agreement you may have with us or Unit, if multiple transactions are returned on your Account, or if you otherwise present undue risk to us or Unit. Accounts with a zero balance will continue to be charged applicable fees until you request to close your Account. We may close an Account with a zero balance on the fee period ending date or at month end without prior notification to you. Once an Account is closed (either by you or us), no fees will be assessed on the Account. We may also close your Account if you have not made any deposits or withdrawals from your Account in over twelve (12) months. In addition, cancelling your enrollment in the Online Banking Services with the Program Partner will result in our closure of the Account and our return of your funds. If your Account is closed with a balance greater than $1.00, we will return any funds you may have in the Account to you by ACH transfer to another bank account. We reserve the right not to return the funds to you if the balance in your Account is $1.00 or less. We are not responsible to you for any damages you may suffer as a result of the closure or suspension of your Account. The closure of your Account or termination of this Agreement does not impact any right or obligation that arose prior to closure or termination, or any right or obligation that, by its nature, should survive termination (including all indemnifications obligation by you, our limitations of liability, and all terms governing arbitration).
State law and our policy govern when your Account is considered dormant. Your Account is usually considered dormant if you have not accessed your Account, communicated to us about your Account or otherwise shown an interest in your Account within the period of time specified under applicable law. Each state has varying laws as to when an account becomes dormant, and we may be required to send the balance in your Account if it becomes dormant to the state of your last known address. We will make reasonable efforts to contact you if required by applicable law before transferring the remaining balance of your Account to the applicable state. After we surrender the funds to the state, you must apply to the appropriate state agency to reclaim your funds. You can avoid the surrender of your funds by simply conducting transactions, contacting us about your Account or replying to any abandoned property notices we may provide to you. We may also place your Account in an inactive status if you have not had any transaction for at least six (6) months. If your Account becomes inactive, you may not receive statements or be able to conduct certain transactions. Inactive Accounts must be reactivated. Contact us by email at firstname.lastname@example.org to reactivate your Account.
You will pay all fees and charges applicable to your Account. All fee amounts will be withdrawn from your Account and will be assessed regardless of whether you have sufficient funds in your Account, except where prohibited by law. Fees are subject to change at any time. We will provide you advance notice of any changes where required by law.
|Fee Description||Fee Amount and Frequency||Additional Details|
$480 annually; or$50/month with an annual commitment
$90 annually; or $10/month with an annual commitment
No Membership Fee
|Fee required to maintain priority support and services. The Membership Fee is withdrawn from your Account at Account opening and either (i) annually on the date of account opening; or (ii) monthly on the date disclosed to you in a payment schedule made available by the Program Partner, depending on whether you have opted for an annual or monthly membership|
|International transaction fee||One percent (1%) of the transaction||You may be charged this fee for any ATM or POS transactions conducted outside the United States.|
|Returned deposit fee||$5|
|Wire transfer fee||$10||Basic Plan only|
|Metal Card Fee||$70/card||Fee charged for new or replacement plastic card|
|Plastic Card Fee||$10/card||Fee charged for new or replacement plastic card|
|Non-Sufficient Funds (NSF)||$10|
|Out-of-network ATM transaction fee||You may be charged a fee, including for balance inquiries, by the operator of an out-of-network ATM. You can avoid fees by using an in- network ATM. You can identify an in- network ATM by looking for the Allpoint logo on or near the ATM.|
Your Account allows you to withdraw funds up to the Available Balance or make deposits through electronic fund transfers ("EFTs"). EFTs are transactions that are processed by electronic means and include, among others, ACH transfers, debit card transactions and direct deposits. This Section provides you with information and important disclosures and terms about the EFTs that are permitted on your Account. You may also receive additional services through Online Banking Services provided by the Program Partner, that allow you to initiate EFTs to and from your Account that are not described in this Agreement. In the event the Program Partner provides such additional services, you will be provided separate agreements and disclosures applicable to those services by the Program Partner.
Your Account allows the following types of EFTs:
There are limitations on the frequency and amount of transactions you can make to or from your Account. These limits are different for each type of transaction. For limits that apply to transactions that credit or deposit funds into your Account, please refer to Section 3.1 concerning deposits. For limits that apply to transactions that debit or withdraw from your Account, please refer to the Section concerning withdrawals. For limits that apply to transfers to or from your Account from a connected bank account, please refer to the relevant section. These security-related limits may change from time to time.
If you have been issued a debit card for your Account, there may also be transaction limitations that apply to your use of the card. Please refer to the applicable cardholder agreement provided to you with your card for information on any limitations and other terms.
You will receive information and documentation concerning any EFTs that debit or credit your Account in the following ways:
If you authorize us or another company or person to withdraw from your Account on a regular basis (such as when you sign up for "autopay" to pay a recurring bill or invoice), it is called a "Preauthorized Transfer." You may request that we place a stop payment on Preauthorized Transfers, as well as get notification when the amount of a particular withdrawal will be different from the amount of the last withdrawal. We may charge a fee to stop payment on Preauthorized Transfers (see Section 3.15 for any fees that may apply).
If you authorize a third party to take payments from your Account on a regular basis through a Preauthorized Transfer, you can place a stop payment on those payments by contacting us by email at email@example.com at least three (3) business days before the next payment is scheduled to be made. To be effective, a stop payment request must be received within this time specified, and with all of the information required below, so as to give the Bank a reasonable opportunity to act on it.
You must provide us with (a) your name, (b) your Account number, (c) the company or person taking the payments, and (d) the date and amount of the Preauthorized Transfer you wish to stop. If you want all future payments from that company or person stopped, be sure to tell us that as well. If you do not provide us with the correct information, such as the correct payee or the correct amount of the payment you wish to stop, we may not be able to stop the payment.
If you order us to stop one of these payments three (3) business days or more before the payment is scheduled and provide us with all information requested, and we do not do so, we will be liable for your losses or damages proximately caused by the failure. However, we will not be liable if the company or person initiating the payments changes the dollar amount of the payment or makes other changes that cause us not to recognize it as the payment you requested be stopped.
It is your responsibility to ensure that all of the information supplied in your notice is correct and to promptly inform us of any inaccuracies. We are not liable for failing to stop payment if you have not given us sufficient information or if your stop payment request comes too late for us to act on it. If we stop payment, you will indemnify, defend and hold us and our officers, directors, shareholders, employees, successors, predecessors, representatives, principals, agents, assigns, parents, subsidiaries and/or insurers (collectively, "Indemnified Parties") harmless from any and all losses, liabilities, costs, and expenses (including reasonable fees and expenses for attorneys, experts and consultants, reasonable out-of-pocket costs, interest and penalties), settlements, fines, fees, penalties, equitable relief, judgments, and damages ("Losses") imposed on or sustained, incurred or suffered by any of the Indemnified Parties, whether actual or threatened or proven or not, in respect of any and all actions, audits, arbitrations, assertions, suits, mediations, litigations, proceedings, examinations, hearings, inquiries, investigations, charges, complaints, claims (including counter or cross-claims), or demands by whosoever asserted ("Claims"), without regard to the merit or lack thereof, arising from or related in any way to our refusal to pay the transaction on which you stopped payment. The foregoing indemnity will not apply if and to the extent expressly prohibited or restricted by the laws or regulations governing you or your Account. The foregoing indemnity will not apply if and to the extent expressly prohibited or restricted by the laws governing you or your Account.
If these regular payments vary in amount, the person or company you are paying should tell you ten (10) days before each payment when it will be made and how much it will be. You may be given the option to only get this notice when the payment will differ by more than a certain amount from the previous payment, or when the amount will fall outside certain limits that you set.
If we fail to complete a transaction on time or in the correct amount when properly instructed by you in accordance with this Agreement, we will be liable for damages proximately caused by the failure or error. However, there are some exceptions. We are not liable, for instance:
Contact us immediately if you believe that an unauthorized EFT has occurred or may occur concerning your Account, or if your debit card or Online Banking Services login credentials have been lost, stolen or compromised. Calling us at (855) 435-4595 is the best way of keeping your losses to a minimum.
You could lose all the money in your Account (and any bank accounts with other institutions you have connected to your Account) if you take no action to notify us of the unauthorized EFT or the loss or theft of your debit card, or Online Banking Services login credentials.
For unauthorized EFTs, your liability will be as follows if you notify us of the loss:
We can extend these time periods if extenuating circumstances (such as a long trip or hospital stay) kept you from notifying us.
Contact us as soon as you can if you think your statement or receipt is wrong or if you need more information about a transfer listed on a statement or receipt. For card related transactions, contact us at 1-833-333-1098; for all other transactions call us at (855) 435-4595 or email us at firstname.lastname@example.org. We must hear from you no later than sixty (60) days after we send the FIRST statement on which the problem or error appears. You must provide us with the following information:
We will determine whether an error occurred within ten (10) business days after we hear from you and will provide you the results and correct any error promptly. If we need more time, we may take up to forty-five (45) days—or ninety (90) days for Accounts open less than thirty (30) days or foreign-initiated transactions — to investigate your complaint or question. If we decide to do this, we will credit your Account within ten (10) business days for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within ten (10) business days, we may not credit your account. For Accounts open less than thirty (30) days, we may take up to twenty (20) business days to credit your Account for the amount you think is in error.
We will provide you the results within three (3) business days after completing our investigation. If we decide that there was no error, we will send you a written explanation by email. You may ask for copies of the documents that we used in our investigation.
The P2P Transfer Service allows you to send funds from your Account to another person's bank account through the Online Banking Services. You will need to know the routing number and account number for the other person's bank account to initiate a transfer. The P2P Transfer Service only permits you to send funds. You may not use it to receive or request funds. All transfers made through the P2P Transfer Service will be executed as automated clearing house ("ACH") transfers in accordance with the rules promulgated by the National Automated Clearing House Association ("NACHA"). Your use of and access to the P2P Transfer Service is separate and apart from your ability to facilitate transfers via ACH to a connected bank account (see Section 3.6).
Our cut-off time for P2P transfer requests is 3:00 PM ET on business days. Requests received before our cut-off time will be processed that day. Requests received after our cut-off or on a non-business day will be processed the next business day. For purposes of P2P transfers, a "business day" is a day in which the Federal Reserve Bank is opened to the public for carrying on substantially all of its business, other than a Saturday, Sunday, or legal holiday.
There are limitations on the frequency and amount of P2P transfers you can make from your Account using the P2P Transfer Service. These limits are described in Section 3.8 of this Agreement. These security-related limits may change from time to time.
You acknowledge that any credit given to the account of the person you are transferring funds to through the P2P Transfer Service will be provisional until the financial institution crediting that account receives final settlement of your funds. This means that the person you transfer funds to will not be considered to be paid by you until final settlement occurs, and any provisional credit given to that person by their financial institution before settlement may be taken back if settlement does not occur.
Once you authorize a P2P transfer through the P2P Transfer Service, you will not be able to cancel or modify the transfer.
You agree that you will not use the P2P Transfer Service to initiate transfers related in any way to online gambling, or that would violate any law or regulation. You further agree that you will only use the P2P Transfer Service to initiate transfers to consumer bank accounts. You may not use the P2P Transfer Service to transfer funds for any business purpose or to a business-purpose bank account. We may block a transfer and/or take any other action we deem reasonable if we suspect that a transaction is unlawful, suspicious, related to online gambling, for a business purpose, or poses undue risk to us or any of our service providers. We will not be liable for any damages that arise if we block a transfer or take any other action pursuant to this paragraph.
We will notify you by email or via the Online Banking Services of a transfer you have requested is returned to us no later than one (1) business day after the business day we receive notice of the return. We will not reattempt any transfer that is returned.
We reserve the right to suspend or terminate your access to the P2P Transfer Service if an excessive number of P2P transfers are returned.
You agree to pay us for P2P Transfer Service provided under the Agreement in accordance with the current schedule of fees in Section 3.15 above. We may change our fees from time to time upon written notice.
WE SHALL BE RESPONSIBLE ONLY FOR PERFORMING THE P2P TRANSFER SERVICE EXPRESSLY PROVIDED FOR IN THIS AGREEMENT AND SHALL BE LIABLE ONLY FOR OUR GROSS NEGLIGENCE IN PERFORMING THIS SERVICE. WE SHALL NOT BE RESPONSIBLE FOR YOUR ACTS OR OMISSIONS (INCLUDING THE AMOUNT, ACCURACY, TIMELINESS OF TRANSMITTAL OR AUTHORIZATION OF ANY P2P TRANSFER REQUEST FROM YOU) OR THOSE OF ANY OTHER PERSON. WE ARE AUTHORIZED BY YOU TO PROCESS P2P TRANSFERS IN ACCORDANCE WITH THE INFORMATION THAT WE RECEIVE FROM YOU. YOU SHALL BE SOLELY RESPONSIBLE FOR THE INFORMATION YOU PROVIDE TO US, AND WE SHALL HAVE NO RESPONSIBILITY FOR ERRONEOUS DATA PROVIDED BY YOU. YOU WILL INDEMNIFY AND HOLD US HARMLESS FROM AND AGAINST ANY LOSS, CHARGE, LIABILITY, COST, FEE OR EXPENSE (INCLUDING ATTORNEYS' FEES AND EXPENSES) WE SUFFER OR INCUR RESULTING FROM ANY THIRD-PARTY LAWSUIT, CLAIM, ARBITRATION OR OTHER ACTION, ACTUAL OR THREATENED, ARISING UNDER OR IN CONNECTION WITH THIS AGREEMENT.
IN NO EVENT SHALL WE BE LIABLE FOR ANY CONSEQUENTIAL, SPECIAL, PUNITIVE, OR INDIRECT LOSS OR DAMAGE THAT YOU MAY INCUR OR SUFFER IN CONNECTION WITH THIS AGREEMENT, INCLUDING LOSSES OR DAMAGES FROM SUBSEQUENT WRONGFUL DISHONOR RESULTING FROM OUR ACTS OR OMISSIONS PURSUANT TO THIS AGREEMENT.
WITHOUT LIMITING THE GENERALITY OF THE FOREGOING PROVISIONS, WE SHALL BE EXCUSED FROM FAILING TO ACT OR DELAY IN ACTING IF SUCH FAILURE OR DELAY IS CAUSED BY LEGAL CONSTRAINT, INTERRUPTION OF TRANSMISSION OR COMMUNICATION FACILITIES, EQUIPMENT FAILURE, WAR, NATURAL DISASTER, EMERGENCY CONDITIONS, OR OTHER CIRCUMSTANCES BEYOND OUR CONTROL. NOTWITHSTANDING THE ABOVE, WE WILL REIMBURSE YOU FOR EXPENSES INCURRED IN THE EVENT OF OUR FAILURE OR DELAY IN TRANSFERRING FUNDS SOLELY CAUSED US.
IN ADDITION, WE SHALL BE EXCUSED FROM FAILING TO TRANSMIT OR DELAY IN TRANSMITTING A P2P TRANSFER IF SUCH TRANSMITTAL WOULD RESULT IN OUR HAVING EXCEEDED ANY LIMITATION UPON ITS INTRA-DAY NET FUNDS POSITION ESTABLISHED PURSUANT TO PRESENT OR FUTURE FEDERAL RESERVE GUIDELINES OR IN OUR REASONABLE JUDGMENT OTHERWISE VIOLATE ANY PROVISION OF ANY PRESENT OR FUTURE RISK CONTROL PROGRAM OF THE FEDERAL RESERVE, OR ANY RULE OR REGULATION OF ANY OTHER U.S. GOVERNMENTAL REGULATORY AUTHORITY. SUBJECT TO THE FOREGOING LIMITATIONS, OUR LIABILITY FOR LOSS OF INTEREST RESULTING FROM ITS ERROR OR DELAY SHALL BE CALCULATED BY USING A RATE EQUAL TO THE AVERAGE FEDERAL FUNDS RATE SET BY THE FEDERAL RESERVE BANK FOR THE PERIOD INVOLVED. AT OUR OPTION, PAYMENT OF SUCH INTEREST MAY BE MADE BY CREDITING THE ACCOUNT RESULTING FROM OR ARISING OUT OF ANY CLAIM OF ANY PERSON WE ARE RESPONSIBLE FOR, ANY ACT OR OMISSION OF YOU OR ANY OTHER PERSON.
You acknowledge that, if the name you provide to us of the person to whom you wish to transfer funds does not match the name on the bank account you enter through the P2P Transfer Service, the transfer may still be made based only on the account number. You are solely responsible for providing correct information for all P2P Transfer Service requests through the Online Banking Services.
We reserve the right to terminate, suspend, or modify the P2P Transfer Service, or your access to the P2P Transfer Service, at any time and for any reason.
You will remain responsible for all transactions that occur prior to termination and for any fees and charges incurred prior to the date of cancellation. Any unprocessed transactions including future dated transactions, will be cancelled as a result of termination or suspension of your P2P Transfer Service.
6. CheckDeposits and Mobile Deposit Services
As defined in the Check Clearing for the 21st Century Act (“Check 21”), a “check” is a draft, payable on demand and drawn on or payablethrough or at an office of a bank, whether or not negotiable, that is handledfor forward collection or return, including substitute checks (see Section6.1.1) and travelers checks.
You can only deposit checks intothe Account using the mobile check deposit services (the “Check DepositServices,” as further described herein) and in accordance with the terms ofthis Agreement.
6.1 Substitute Checks and Your Rights
Federal rules for Check 21 allow banks to replace originalchecks with “substitute checks,” as defined in Check 21. Below are thedetails and your rights related to substitute checks.
6.1.1 Substitute Checks
To make check processing faster, federal law permits banksto replace original checks with “substitute checks.” These checks are similarin size to original checks with a slightly reduced image of the front and backof the original check. The front of a substitute check states: “This is a legalcopy of your check. You can use it the same way you would use the originalcheck.” You may use a substitute check as proof of payment just like theoriginal check.
Some or all the checks that you receive back from us maybe substitute checks. This notice describes rights you have when you receivesubstitute checks from us. The rights in this notice do not apply to originalchecks or to electronic debits to your account. However, you have rights underother law with respect to those transactions.
6.1.2 Your Rights Regarding Substitute Checks
Incertain cases, federal law provides a special procedure that allows you torequest a refund for losses you suffer if a substitute check is posted to youraccount (for example, if you think that we withdrew the wrong amount from youraccount or that we withdrew money from your account more than once for the same check). The losses you may attempt to recover under this procedure may includethe amount that was withdrawn from your account and fees that were charged as aresult of the withdrawal (for example, bounced check fees).
The amount of your refund under this procedure is limited to the amount of yourloss or the amount of the substitute check, whichever is less. You also areentitled to interest on the amount of your refund if your account is aninterest-bearing account. If your loss exceeds the amount of the substitutecheck, you may be able to recover additional amounts under other law. If youuse this procedure, you may receive up to $2,500 of your refund (plus interestif your account earns interest) within ten (10) business days after we receivedyour claim and the remainder of your refund (plus interest if your accountearns interest) not later than forty-five (45) days after we received yourclaim.
We may reverse the refund (including any interest on the refund) if we later areable to demonstrate that the substitute check was correctly posted to youraccount.
6.1.3 Claim for a Refund
If you believe that you have suffered a loss relating to a substitute check thatyou received and that was posted to your account, please contact us email@example.com. You must contact us within forty (40) days of the datethat we mailed (or otherwise delivered by a means to which you agreed) thesubstitute check in question or the account statement showing that thesubstitute check was posted to your account, whichever is later. We will extendthis time period if you were not able to make a timely claim because ofextraordinary circumstances.
Your claim must include:
● A description of why you havesuffered a loss (for example, you think the amount withdrawn was incorrect);
● An estimate of the amount of yourloss;
● An explanation of why the substitutecheck you received is insufficient to confirm that you suffered a loss; and
● A copy of the substitute checkand/or the following information to help us identify the substitute check: theaccount number, the check number, the name of the person to whom you wrote thecheck, the date paid, and the amount of the check.
Substitute checks should only be generated by banks during the check collection process.If you deposit a substitute check that was not generated or previously handledby us, you agree to provide the substitute check warranties as required byCheck 21, and represent that the substitute check:
● is properly generated andaccurately, clearly and completely represents all the information on the frontand back of the original check as of the time the original check was truncated
● bears a magnetic ink characterrecognition (MICR) encoded line that is suitable for automated processing inthe same manner as the original check
● has not previously been paid bythe drawee bank, and
● is not fraudulent
A breach of any Check 21 warranty may result in the substitute check beingcharged back against your account.
6.2 Mobile Check Deposit Services
The Check Deposit Services allow you to make deposits toyour Account from a compatible mobile device by scanning or photographingchecks and delivering the images and associated deposit information to us orour designated processor. By using the Check Deposit Services, you agree tocomply with all applicable laws and regulations and NACHA rules that apply toremote deposit check capture processing and ACH transaction processing.
6.2.1 Eligibility to Use the Check DepositServices
Accountholders adhering to all requirements described herein may be eligible to use the CheckDeposit Services. Not all Accounts are eligible for the Check Deposit Services. We may terminate your use of the Check Deposit Services at any time at our solediscretion. You may also stop using the Check Deposit Services at any time.However, any images or information transmitted through your use of the CheckDeposit Services will continue to be subject to this Agreement aftertermination. We may change our eligibility criteria at any time with or withoutnotice to you.
To use the Check Deposit Services, you must have an internet-enabled iOS orAndroid device with a camera, be enrolled in the Online Banking Service, andhave downloaded our latest version of the Program Partner’s mobile application containing the Check Deposit Services functionality.
6.2.2 Eligible Items
You agree that theonly images you will scan or capture and deposit (“transmit”) to your Accountthrough use of the Check Deposit Services will be Eligible Items. “EligibleItems” include paper items that are defined as “checks” or “certified checks”under Federal Reserve Regulation CC and other paper items not otherwiseprohibited by this Agreement. You agree that images deemed to be IneligibleItems (see Section 6.2.3) may not be transmitted to your Account and will be rejected by us. Youfurther agree that the image of the Eligible Item transmitted to us will bedeemed an “item” within the meaning adopted in the Uniform Commercial Code of theState of New York.
6.2.3 Ineligible Items
You agree you will not use the Check Deposit Services to scan or deposit images of items that:
● are not payable in United States currency;
● are not drawn on a financial institution located in the UnitedStates;
● are payable to someone other than you;
● are money orders, savings bonds, or traveler’s checks;
● are checks authorized over the telephone and created remotely;
● are images of a check that never existed in paper form;
● must be authorized or activated by us prior to being deposited;
● have already been deposited by or returned to you;
● are not legible or do not conform to our standards, as determined in oursole discretion;
● are fraudulent, not authorized, suspicious or not likely to behonored;
● are not dated, are post-dated, or are more than six (6) months old whentransmitted;
● do not comply with the requirements established from time to time by anyapplicable statute, regulation, regulatory agency, clearing house orassociation;
● we deem to be Ineligible Items herein or at any other time, with orwithout prior notice to you;
● do not comply with the requirements of the Agreement; or
● do not meet the Technical Requirements described in Section 6.2.4).
These items, collectively, are“Ineligible Items” under this Agreement, and they are not eligible for depositinto your Account via the Check Deposit Services.
6.2.4 Image Capture, Transmission, Processing and Payment
All images you transmit to us using the Check Deposit Services must comply with thetechnical requirements we may specify from time to time (the “TechnicalRequirements”). You are responsible for all expenses you incur to meet theTechnical Requirements. We reserve the right to change the TechnicalRequirements at any time without prior notice.
You are responsible for reviewing and validating the accuracy and completeness of any information you transmit to us, including the amount indicated on the itemand the legibility of the image transmitted. You will only submit check imagesthat meet our quality standards. You will not transmit an image or images ofthe same check to us more than once and will not deposit or negotiate, or seekto deposit or negotiate, such check or item with us or any other party.
You will be solely responsible for ensuring the quality, accuracy and completenessof the images you transmit using the Check Deposit Services. You will be solely responsible for the selection, use and operation of the mobile device you useto transmit images.
We can attempt to process, collect, present for payment, return or re-presentimages you attempt to transmit in any way we choose that is allowed by law.
We can also reject any transmission for any reason at our option and without liability. An image will be deemed received when you receive a confirmationfrom us that we have received the image. Receipt of such confirmation does notmean that the transmission was an Eligible Item or accepted.
If an image does not meet our requirements, we can also at our option:
● process the image as received forpayment;
● correct the image or itsaccompanying data and process the corrected image for payment;
● process the deposit for payment inanother format as allowed; or
● debit (chargeback) your Accountfor the amount indicated in the image.
Successfully transmitting an image to us does not mean that your transmission and depositare complete. All of your images are subject to our further verification priorto being accepted for deposit and payment. Do not destroy the item transmittedas an image until you see the full deposit amount posted when you view yourtransaction history via the Online Banking Services.
6.2.5 Limits for the Check Deposit Services
There may be limitations on the frequency and amount of transactions you can makeusing the Check Deposit Services. Please refer to Section 3.1 concerningdeposit limitations for information on transaction limitations that will applyto your use of the Check Deposit Services.
6.2.6 Required Endorsements on Items You Depositand Managing the Original Item
When you transmit an image to us, you will still have possession of the originalitem. To prevent an additional submission of the item for payment, you arerequired take the following steps:
● Before you transmit an image tous, you must endorse the original item being captured for transmission bysigning the back of the original item and writing the words “For deposit onlyat Piermont Bank” either above or below your signature.
● After you transmit the image tous, you should write the date and the words “Deposited by Check DepositServices” on the front of the item and keep the original item in a safe place.
You should not deposit or attempt to cash the item after transmitting the image to us.
6.2.7 Availability of Your Deposits Using the Check Deposit Services
You acknowledge that items transmitted using the CheckDeposit Services are not subject to the funds availability rules contained inRegulation CC. Funds deposited using the Check Deposit Services will ordinarilybe made available to you for withdrawal within five (5) business days after theday you make your deposit. See Section 6.2.8 for information concerning how wedetermine the day your deposit is made. We may make such funds available sooneror later based on the length and extent of your relationship with us,transaction and experience information, and other security and risk-relatedfactors as we, in our sole discretion, deem relevant.
6.2.8 Cutoff Times for Deposits Using the Check Deposit Services
If you successfully transmit an image to us before thecutoff time of 3:00pm ET for the Account on a business day that we are open, wewill consider that day to be the day of your deposit. After that time or on aday we are not open, we will consider the deposit to be made on the nextbusiness day that we are open.
You agree to notify us of any suspected errors regarding items transmitted throughthe Check Deposit Services right away, and in no event later than sixty (60)days after the first Account statement on which the error appears is madeavailable to you. Unless you notify us of an error within sixty (60) days afterthe applicable Account statement is made available to you, all deposits madethrough the Check Deposit Services that appear on that statement will be deemedcorrect and we will have no obligation to investigate any claim of error youmake.
We can chargeback your Account or any other deposit account you have with us forthe amount of any item, its image or any other representation of an item thatis:
● returned to us; or
● is rejected by us for any reason,including when we believe it has been previously submitted or deposited with usor with anyone else.
This is true even if you have made withdrawals against any amount we have creditedto your Account for the deposited item that was returned or rejected.
We can also charge fees connected to the chargeback as described in your AccountAgreement and any other agreements you have with us.
There may be fees associated with your use of the Check Deposit Services. Please refer to Section 3.15 for all fee information.
You are responsible for protecting your mobile device against unauthorized use aswell as any Losses from unauthorized access. You will protect your mobiledevice, set up strong passwords and take other reasonable security precautionsto protect your mobile device from unauthorized use. Always keep your passwordssecret and remember that neither we nor any of our employees or agents willever ask for your password. If you receive a communication from anyonerequesting that you provide your password, do not respond. We are notresponsible or obligated for any of these security precautions. If anotherperson uses the Check Deposit Services with your mobile device, you will beresponsible for their actions on the Account as well as anyone else they allowto use your mobile device. This will be true even if you did not want, or agreeto, their use.
If your mobile device is lost or stolen, or if you believethere has been unauthorized activity involving the Check Deposit Services, tellus immediately by emailing firstname.lastname@example.org and promptly change your password.
6.2.13 Check Deposit Services Disruption
The Check Deposit Services might not be available fromtime to time due to maintenance, technical problems or other reasons. We arenot responsible if the Check Deposit Services are not available. We cannotassume responsibility for any technical or other difficulties or any resultingdamages that you may incur. We reserve the right to change, suspend,discontinue, or limit your use of the Check Deposit Services, in whole or inpart, immediately and at any time without prior notice to you.
6.2.14 Ownership and License
You agree that we and our service providers, as applicable, retain all ownershipand proprietary rights in the Check Deposit Services, associated content,technology, and website(s). Your use of the Check Deposit Services is subjectto and conditioned upon your complete compliance with this Agreement. Withoutlimiting the effect of the foregoing, any breach of this Agreement immediatelyterminates your right to use the Check Deposit Services. Without limiting therestriction of the foregoing, you may not use the Check Deposit Services:
● in any anti-competitivemanner;
● for any purpose which would becontrary to our business interests (as deemed by us in our sole discretion);or
● to our actual or potentialeconomic disadvantage in any aspect.
You may not copy, reproduce, distribute or create derivative works from the contentand agree not to reverse engineer or reverse compile any of the technology usedto provide the Check Deposit Services.
6.2.15 Indemnification and Limitation of Liability
You will indemnify, defend, and hold the Indemnified Parties, and any of ourservices providers responsible for administering the Check Deposit Services,harmless from any and all Losses imposed on or sustained, incurred or sufferedby any of the Indemnified Parties or any of our services providers responsiblefor administering the Check Deposit Services, whether actual or threatened or proven or not, in respect of any and all Claims, without regard to the merit orlack thereof, arising from or related in any way to (a) your breach of theAgreement, (b) a return of a check deposit made using the Check DepositServices due to incomplete or incorrect information provided, a closed account,or insufficient funds, and (c) fraudulent activity.
YOU AGREE YOUR USE OF THE CHECK DEPOSIT SERVICES AND ALL INFORMATION AND CONTENT(INCLUDING THAT OF THIRD PARTIES, INCLUDING OUR SERVICE PROVIDERS) IS AT YOURRISK AND IS PROVIDED ON AN “AS IS”, "WHERE IS", AND “AS AVAILABLE”BASIS. WE DISCLAIM ALL WARRANTIES OF ANY KIND AS TO THE USE OF THE SERVICE,WHETHER EXPRESS OR IMPLIED, INCLUDING THE IMPLIED WARRANTIES OFMERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. WE MAKENO WARRANTY THAT THE SERVICE WILL (i) MEET YOUR REQUIREMENTS, (ii) BEUNINTERRUPTED, TIMELY, SECURE, OR ERROR-FREE, OR (iii) PROVIDE ACCURATE ORRELIABLE RESULTS.
You agree that neither we nor any service provider we use to facilitate the CheckDeposit Services will be liable for any direct, indirect, incidental, special,consequential, exemplary or punitive damages, including damages for loss ofprofits, goodwill, use, data or other Losses resulting from the use or theinability to use the Check Deposit Services incurred by you or any third partyarising from or related to the use of, inability to use, or the termination ofthe use of the Check Deposit Services, regardless of the form of action orclaim (whether contract, tort, strict liability or otherwise), even if we havebeen informed of the possibility thereof.
We may terminate your access to the Check Deposit Servicesfor any or not reason, including due to your material breach of this Agreement,your fraudulent actions or omissions with respect to your use of the CheckDeposit Services, if you become insolvent or file for bankruptcy, or if thereis a change in the Rules that govern your use of the Check Deposit Services.
6.2.17 Third-Party Beneficiary
You acknowledge and agree that any third-party serviceprovider that facilitates your use of the Check Deposit Services is athird-party beneficiary of this Agreement and that the third-party serviceprovider has the right to directly enforce your obligations of this Agreementagainst you.
The Account may permit domestic wire transfers through Online Banking Services provided to you by the Program Partner.
Your Account may support receiving and/or initiating domestic wire transfers. Refer to Sections 3.1 and to determine whether you will be able to receive wires, initiate wires, or both. We may make use of correspondents, agents, subagents, and funds transfer and communication systems. We may select any means for the transmission of funds that we consider suitable. We may make use of correspondents, agents, subagents, and funds transfer and communication systems. Such third parties will be deemed your agents, and we will not be liable for any errors, delay, mis delivery, or failure of delivery by any of them except as required by applicable law.
There are limitations on the frequency and amount of transactions you can make to or from your Account. These limits are different for each type of transaction. For limits that apply to transactions that credit or deposit funds into your Account, please refer to Section 3.1 concerning deposits. For limits that apply to transactions that debit or withdraw from your Account, please refer to the Section concerning withdrawals. There may be limits on the beneficiaries who can receive a wire transfer you initiate from your Account. These security-related limits may change from time to time.
We have cut-off hours for processing wire transfers. If a wire request is received by 1:00 PM ET on a business day and verified through our security procedures outlined in the section below titled "Security Procedures," funds will be processed the same business day. If it is received after 1:00 PM ET or on a non-business day and verified through our security procedures, funds may be processed the next business day. We may treat any wire transfer request received at or after our cut-off time as if it was received that business day, or we may treat it as if it were received at the opening of the next business day.
You agree and consent to the use of certain security procedures by us to confirm the validity of the wire transfer request made pursuant to this Agreement. You understand the security procedures are not designed to detect errors in the content of the wire transfer request or to prevent duplicate transfers. Some elements of the procedures will vary, depending upon the method used to initiate a wire transfer. You hereby agree that your utilization of any security procedure established hereunder will constitute your agreement to its use and affirmative acknowledgment of its commercial reasonableness. You further agree that any wire transfer request that is acted upon in good faith by us in compliance with these security procedures, whether in fact authorized by you, will constitute an authorized wire transfer.
You are responsible for providing us with the accurate name and account number for wire transfers, and we are responsible for transmitting money to the account number you provided.
When you provide us with a name and account number for us to process a wire transfer, we may make payment solely on the basis of the account number, even if the account number identifies a person different from the beneficiary so named. We or an intermediary bank may send a wire transfer to an intermediary bank or beneficiary's/designated recipient's bank based solely on the bank identifying number, even if the payment order indicates a different name. You should be very careful when providing the account number for a wire transfer.
If you have provided us with the wrong account number, there may be no way to correct the error or retrieve the funds. You agree that you will pay the amount of a wire transfer even in such circumstances. You are responsible for all Losses resulting from an incorrect account number or your misidentification of the beneficiary/designated recipient.
If you think a wire transfer is wrong or if you need more information about a wire transfer, you must contact us by email at email@example.com as soon as possible and no later than fourteen (14) days after you receive your monthly statement. If you do not tell us about an error, we will not have any obligation to pay interest on the amount of an unauthorized or erroneous wire transfer for which we are liable, and you will also be liable to us for all Losses we may incur.
You must pay us, the amount of the wire transfer, plus any applicable fees, before we will execute the wire transfer request. Please see Section 3.15 of this Agreement for fees applicable to wire transfers.
A wire transfer request is considered accepted by us when we execute it. Please refer to Section 6.3 concerning cut-off times for more details. You can verify whether your wire transfer request has been executed by Mobile App.
We have no responsibility to accept any incoming wire transfer(s) for your benefit. Likewise, we have a right to reject any wire transfer request(s) for an outgoing wire transfer for reasons including insufficient or uncollected funds in the account specified in the wire transfer request, a request that fails any required security procedures, our inability to execute the wire transfer for the reasons set out in the section of this agreement entitled method used to make the wire transfer above, or if we are unable to verify the authenticity of the wire transfer request. If we stop a domestic outgoing wire transfer, we will refund the fee.
If we determine, in our sole discretion, not to honor, execute, or accept a wire transfer request, we will make reasonable efforts to notify you. We will also make reasonable efforts to notify you promptly if a wire transfer is returned to us after its execution. In either case, we will have no liability by reason of our delay or failure to provide you with notice, and we will have no obligation to resend a wire transfer if we complied with the original wire transfer request and such wire transfer was returned to us.
Once we receive a wire transfer request, it may not be able to be canceled or amended. However, at our discretion, we may use reasonable efforts to act on any request for cancellation or amendment, provided that the method by which we are notified of a request for cancellation or amendment complies with our security procedures. However, we will have no liability if such cancellation or amendment is not affected. Any cancellation or amendment of a wire transfer by us will relieve us of any obligation to act on the original wire transfer request.
In addition to the limitation of liability in this Agreement, except as otherwise provided by applicable law, the maximum period for which we will be liable for interest on any amount to be refunded or paid to you with respect to an unauthorized, erroneous, or other wire transfer request is thirty (30) days.
Except as otherwise provided by law, you will be liable for all Losses to which your negligence contributed or which resulted in unauthorized, fraudulent, or dishonest acts by your current and/or former authorized representatives. Such liability includes instances when a current or former authorized representative effects one or more wire transfers or improper use of telephone security procedures to effect a wire transfer to your detriment.
You may not assign, transfer, or otherwise delegate, whether by operation of law or otherwise, your Account or your rights or obligations, in whole or in part, under this Agreement. Any assignment, transfer or delegation or attempted assignment, transfer or delegation in violation of the foregoing shall be void. Notwithstanding, the Bank may assign, transfer or otherwise delegate its rights or obligations, in whole or in part, under this Agreement in our sole discretion.
If we receive a levy, attachment, or other legal process against you (collectively, "Legal Process"), we may refuse to permit withdrawals or transfers from your Account until the Legal Process is dismissed or satisfied. Any Legal Process will be subject to our right of set-off and security interest. You are responsible for all Losses we incur as a result of any dispute or legal proceeding involving your Account. If we receive a claim against the funds in your Account, or if we know of or believe that there is a dispute as to the ownership or control of funds in your Account, we may, in our discretion: (a) place a hold on your Account and refuse to pay out any funds until we are satisfied that the dispute is settled; (b) close your Account and send the balance to the named account holder; (c) require a court order to act; or (d) take any other action we feel is necessary to protect us. We will not be liable to you for taking any such action.
EXCEPT AS REQUIRED BY LAW, TO THE EXTENT WE ARE FOUND LIABLE, OUR LIABILITY TO YOU FOR A CLAIM WILL NEVER EXCEED THE AMOUNT OF ACTUAL DAMAGES PROVEN BY YOU AND IS LIMITED TO THE FACE VALUE OF THE ITEM OR TRANSACTION, OR THE ACTUAL VALUE OF ANY FUNDS NOT PROPERLY CREDITED OR DEBITED. EXCEPT AS REQUIRED BY LAW AND NOTWITHSTANDING ANYTHING TO THE CONTRARY, WE SHALL ONLY BE RESPONSIBLE AND LIABLE FOR OUR OWN GROSS NEGLIGENCE OR WILLFUL MISCONDUCT IN PERFORMING OUR OBLIGATIONS UNDER THIS AGREEMENT. OUR LIABILITY MAY ALSO BE FURTHER REDUCED BY THE AMOUNT OF THE LOSS THAT IS CAUSED BY YOUR OWN NEGLIGENCE OR LACK OF CARE, AS WELL AS ANY RECOVERY OF THE LOSS YOU OBTAIN FROM THIRD PARTIES.
IN NO EVENT WILL YOU BE ABLE TO RECOVER FROM US ANY CONSEQUENTIAL, INCIDENTAL, SPECIAL, INDIRECT, OR EXEMPLARY DAMAGES, LOSSES OR EXPENSES (INCLUDING COUNSEL AND THIRD PARTY FEES OR FINES) OR LOST PROFITS, LOST REVENUE, LOST PROFITS, REPLACEMENT GOODS, LOSS OF TECHNOLOGY, RIGHTS OR SERVICES, LOSS OF DATA, OR INTERRUPTION OR LOSS OF USE OF SERVICE OR EQUIPMENT, (a) EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, LOSSES OR EXPENSES; (b) EVEN IF SUCH DAMAGES, LOSSES OR EXPENSES WERE FORESEEABLE, (c) WHETHER ARISING UNDER THEORY OF CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY OR OTHERWISE, AND (d) EVEN IF YOUR REMEDIES FAIL OF THEIR ESSENTIAL PURPOSE. IF APPLICABLE LAW LIMITS THE APPLICATION OF THE PROVISIONS OF THIS SECTION, OUR LIABILITY WILL BE LIMITED TO THE MAXIMUM EXTENT PERMISSIBLE.
NOTWITHSTANDING ANYTHING TO THE CONTRARY, WE WILL NOT BE LIABLE FOR ANY ERROR, FAILURE OR DELAY IN OUR ABILITY TO PERFORM OUR OBLIGATIONS UNDER THIS AGREEMENT, INCLUDING ANY ERROR, FAILURE OR DELAY IN THE PROCESSING OF ANY TRANSFER, ARISING FROM OR RELATING TO CAUSES BEYOND OUR REASONABLE CONTROL, INCLUDING ANY ACT OF GOD, WAR (DECLARED OR UNDECLARED), SABOTAGE, BLOCKADE, REVOLUTION, INSURRECTION, TERRORISM, CIVIL STRIFE, EXPROPRIATION, NATIONALIZATION, CHANGE IN LAW, GOVERNMENT ACTION, EMBARGO, SANCTION, ACCIDENT, FIRE, NATURAL DISASTERS, ELEMENTS OF NATURE, PANDEMIC, EQUIPMENT FAILURE, SYSTEM FAILURE, TECHNICAL FAILURE, LABOR DISPUTE, UNUSUAL TRANSACTION VOLUME, SUSPENSION OF PAYMENTS BY ANOTHER FINANCIAL INSTITUTION, OR THE FAILURE OF ANY THIRD PARTY TO PROVIDE ANY ELECTRONIC, DIGITAL OR TELECOMMUNICATIONS SERVICE.
NOTWITHSTANDING ANYTHING TO THE CONTRARY, WE SHALL NOT BE LIABLE TO ANY THIRD PARTY OR FOR ANY ACT OR OMISSION OF YOURS OR ANY THIRD PARTY, INCLUDING THIRD PARTIES USED BY US IN EXECUTING ANY TRANSACTION CONTEMPLATED BY THIS AGREEMENT OR PERFORMING A RELATED ACT AND NO SUCH THIRD PARTY SHALL BE DEEMED TO BE OUR AGENT.
IN ADDITION, EXCEPT AS REQUIRED BY LAW, PIERMONT BANK IS NOT LIABLE OR RESPONSIBLE FOR ANY SERVICES OR FEATURES OF ANY ONLINE BANKING SERVICES PROVIDED TO YOU BY A THIRD PARTY. WE ARE ALSO NOT LIABLE FOR ANY UNAUTHORIZED ACCESS OF YOUR INFORMATION OR DATA BY A THIRD PARTY DUE TO YOUR USE OF THIRD-PARTY COMMUNICATION CHANNELS NOT OFFERED BY US.
ALL BANK SERVICES AND ACCOUNT FEATURES, INCLUDING THOSE PROVIDED BY A THIRD PARTY, SUCH AS ONLINE BANKING SERVICES, ARE PROVIDED "AS IS", "WHERE IS" AND "AS AVAILABLE" WITHOUT WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, OR NON-INFRINGEMENT AND ANY WARRANTIES ARISING FROM COURSE OF DEALING, COURSE OF PERFORMANCE, OR USAGE OF TRADE. WE DO NOT WARRANT THE BANK'S SERVICES OR ACCOUNT FEATURES OR THE SERVICES OR FEATURES OF ANY THIRD PARTY, INCLUDING ONLINE BANKING SERVICES, WILL MEET YOUR REQUIREMENTS, BE CONTINUOUS, UNINTERRUPTED, SECURE, TIMELY, OR ERROR-FREE, OR THAT DEFECTS WILL BE CORRECTED.TO THE EXTENT THAT WE MAY NOT AS A MATTER OF APPLICABLE LAW DISCLAIM ANY IMPLIED WARRANTY, THE SCOPE AND DURATION OF SUCH WARRANTY WILL BE THE MINIMUM PERMITTED UNDER APPLICABLE LAW.
You will indemnify, defend and hold the Indemnified Parties harmless from any and all Losses imposed on or sustained, incurred or suffered by any of the Indemnified Parties, whether actual or threatened or proven or not, in respect of any and all Claims, without regard to the merit or lack thereof, arising out of, or related in any way to (a) the matters set forth in this Agreement, including any Claims by any business or person related to the connected bank account, including any other owner of the connected bank account; (b) breach of this Agreement, including any warranties; (c) our taking any action or not taking any action that we are entitled to take pursuant to this Agreement, including attempting to cancel or amend a wire transferor actions we take based on the instructions of your attorney-in-fact, including if it is later determined that your power of attorney was invalid or improperly executed; (d) any action or omission by you or any Authorized User; (e) fraudulent activity; or (f) our action or inaction in reliance upon oral, written or electronic instructions or information from you or any Authorized User.
We have the right to set-off any liability, direct or contingent, past, present, or future that you owe against any account you have with us. This means that we can take any funds in your Account or any other account you have with us to pay any debt or liability you owe us. We have this right even if the Account(s) we withdraw money from is a joint Account and the debt or liability we apply it to is owed by only one of you. Likewise, we could withdraw money from an Account owned by only one person and apply it to reduce the joint debt or liability of that person and another person. Our rights under this Section are in addition to any right of set-off we may have under applicable law.
You also agree to grant us a security interest in your Account to secure payment of any money that you owe to us or will owe us arising under this Agreement or any other agreements with us. You acknowledge that this security interest is consensual and in addition to any right of set-off. We may exercise our security interest or right of set-off without regard to the source of the funds in your Account or prior recourse to other sources of repayment or collateral, even if it causes you to incur penalties or suffer any other consequence. You waive any conditions or limits to our right of set-off to the maximum extent permitted by law. We will notify you if we exercise our right to set-off if required by law.
If we take any action to collect debt or liability incurred by you or other amounts you owe us under this Agreement or defend ourselves in a lawsuit brought by you where we are the prevailing party, you will reimburse us for our Losses, including reasonable attorneys' fees, to the extent permitted by applicable law. We may charge your Account for our Losses without prior notice to you.
We may change this Agreement, or any fees and features of your Account, at any time by posting an amended Agreement on the Program Partner's website, https://onyxprivate.com/terms-of-service, and any such amendment will be effective upon posting. We will give you advance notice of any change where required by law. We may provide such notice to you with your statement, electronically, or by mail. Any notice we provide to you will be binding and sent to the last (postal or electronic) address in our records. We may change your address if we receive an address change notice from the U.S. Postal Service. We may change or terminate this Agreement without notice at our discretion or to comply with any appropriate federal or state law or regulation.
If we make any of our other banking services available to you in connection with your Account, we may provide certain terms and conditions for those additional services to you in a separate agreement or disclosure.
We may waive or decline to enforce any of our rights under this Agreement without obligating ourselves to waive such rights in the future or on any other occasion. We may release any other person obligated under this Agreement without affecting your responsibilities under this Agreement.
If there is a conflict between this Agreement and any other document or statement made to you concerning the Account, this Agreement will govern. If there is a conflict between this Agreement and any other document or statement made to you concerning any services or products other than the Account, the separate terms and conditions applicable to that service or product will govern. Section headings that appear in this Agreement are for convenience purposes only and are intended to help you find information. They should not be construed as affecting the meaning of the Agreement.
If any court or tribunal of competent jurisdiction determines that any provision of this Agreement is illegal, invalid or unenforceable, the remainder of this Agreement will not be affected. To the extent permitted by law, the parties waive any provision of law which prohibits or renders unenforceable any provisions of this Agreement, and to the extent that such waiver is not permitted by law, you and us agree that such provision will be interpreted as modified to the minimum extent necessary to render the provisions enforceable.
All actions relating to your Account and this Agreement will be governed by the laws and regulations of the United States and the State of New York where your Account will be opened, irrespective of conflict of law principles. You agree that any dispute arising under this Agreement or relating in any way to your relationship with us that is not arbitrated will be resolved in a federal or state court located in New York and that you will be subject to such court's jurisdiction.
Except where prohibited by law, you agree that you must file any lawsuit or arbitration against us within two (2) years after the claim arises unless federal or New York State law, or another agreement you have with us, provides for a shorter time. If federal or New York State law requires a longer time period than the time periods in this Agreement, you agree to the shortest time period permitted under the law.
BE SURE THAT YOU HAVE READ THIS PROVISION CAREFULLY AND UNDERSTAND THAT IT LIMITS YOUR RIGHTS IN THE EVENT OF A DISPUTE BETWEEN YOU AND US.
You, Program Partner, and the Bank agree that the sole and exclusive forum and remedy for resolution of a claim be final and binding arbitration pursuant to this Section 8 (the "Arbitration Provision"). As used in this Arbitration Provision, "Claim" will include any past, present, or future claim, dispute, or controversy involving you (or persons claiming through or connected with you), on the one hand, and us on the other hand, relating to or arising out of this Agreement, and/or the activities or relationships that involve, lead to, or result from this Agreement, including the validity or enforceability of this Arbitration Provision, any part thereof, or the entire Agreement. Claims are subject to arbitration regardless of whether they arise from contract; tort (intentional or otherwise); a constitution, statute, common law, or principles of equity; or otherwise. Claims include matters arising as initial claims, counterclaims, cross-claims, third-party claims, or otherwise. Please note that you may continue to assert Claims in small claims court, if your Claims qualify and so long as the matter remains in such court and advances only on an individual (non-class, non-representative) basis. The scope of this Arbitration Provision is to be given the broadest possible interpretation that is enforceable.
You have the right to opt-out of this arbitration clause and it will not affect any other terms and conditions of this Agreement or your relationship with us. TO OPT OUT, YOU MUST NOTIFY US IN WRITING OF YOUR INTENT TO DO SO WITHIN SIXTY (60) DAYS AFTER OPENING YOUR ACCOUNT. Your opt-out notice can be a letter that is signed by you that states "I elect to opt out of the arbitration clause in my Consumer Deposit Account Agreement for Account #" or any words to that effect. Send the notice to: Piermont Bank, 4 Bryant Park, Third Floor, New York, NY 10018. An election to opt out applies only to the account or accounts identified in your opt-out notice or, if no specific accounts are identified in your notice, then to any account(s) that became subject to the arbitration clause within the sixty (60)-day period before we received your notice. The arbitration clause will apply to any claims between us relating to any account(s) for which we do not receive an opt-out notice as described in this Section 8.1.
This Arbitration Provision is made pursuant to a transaction involving interstate commerce and will be governed by and enforceable under the Federal Arbitration Act (the "FAA"). The arbitrator will apply substantive law consistent with the FAA and applicable statutes of limitations. The arbitrator may award damages or other types of relief permitted by applicable substantive law, subject to the limitations set forth in this Arbitration Provision. The arbitrator will not be bound by judicial rules of procedure and evidence that would apply in a court. The arbitrator will take steps to reasonably protect confidential information. In any arbitration arising out of or related to this Agreement, the arbitrator will apply the limitation of liability set forth in Section 8.3 and, for the avoidance of doubt, is not empowered to award (a) punitive or exemplary Losses, except where permitted by statute, or (b) incidental, indirect or consequential Losses, or Losses for lost profits. The parties waive any right to recover all such Losses.
If a Claim arises, our goal is to address your concerns and, if we are unable to do so, to provide you with a neutral and cost-effective means of resolving the dispute quickly. You agree that before filing any claim in arbitration, you will first submit your Claim to us by email at firstname.lastname@example.org and provide us with the opportunity to resolve your concern prior to initiating arbitration.
The party initiating arbitration will do so with the Judicial Alternatives and Mediation Services ("JAMS"). The arbitration will be conducted by a single arbitrator according to, and the location of the arbitration will be determined in accordance with, the rules and policies of the administrator selected, except to the extent the rules conflict with this Arbitration Provision or any countervailing law. If you have any questions concerning JAMS or would like to obtain a copy of the JAMS arbitration rules, you may call 1(800) 352-5267 or visit their web site at: www.jamsadr.com. In the case of a conflict between the rules and policies of the administrator and this Arbitration Provision, this Arbitration Provision will control, subject to countervailing law, unless all parties to the arbitration consent to have the rules and policies of the administrator apply. The arbitration will be held in the United States county where you live or work, or any other location we agree to.
If we initiate arbitration, we will pay all the administrator's filing costs and administrative fees (other than hearing fees). If you initiate arbitration, filing costs and administrative fees (other than hearing fees) will be paid in accordance with the rules of the administrator selected, or in accordance with countervailing law if contrary to the administrator's rules. We will pay the administrator's hearing fees for one (1) full day of arbitration hearings. Fees for hearings that exceed one (1) day will be paid by the party requesting the hearing, unless the administrator's rules or applicable law require otherwise, or you request that we pay them and we agree to do so. Each party will bear the expense of its own attorneys' fees, except as otherwise provided by law. If a statute gives you the right to recover any of these fees, these statutory rights will apply in the arbitration notwithstanding anything to the contrary herein.
Within thirty (30) days of a final award by the arbitrator, any party may appeal the award for reconsideration by a three-arbitrator panel selected according to the rules of the arbitrator administrator. In the event of such an appeal, any opposing party may cross-appeal within thirty (30) days after notice of the appeal. The panel will reconsider de novo all aspects of the initial award that are appealed. Costs and conduct of any appeal will be governed by this Arbitration Provision and the administrator's rules, in the same way as the initial arbitration proceeding. Any award by the individual arbitrator that is not subject to appeal, and any panel award on appeal, will be final and binding, except for any appeal right under the FAA, and may be entered as a judgment in any court of competent jurisdiction.
NO ARBITRATION SHALL PROCEED ON A CLASS, REPRESENTATIVE, OR COLLECTIVE BASIS (INCLUDING AS PRIVATE ATTORNEY GENERAL ON BEHALF OF OTHERS), EVEN IF THE CLAIM OR CLAIMS THAT ARE THE SUBJECT OF THE ARBITRATION HAD PREVIOUSLY BEEN ASSERTED (OR COULD HAVE BEEN ASSERTED) IN A COURT AS CLASS REPRESENTATIVE, OR COLLECTIVE ACTIONS IN A COURT. Unless consented to in writing by all parties to the arbitration, no party to the arbitration may join, consolidate, or otherwise bring claims for or on behalf of two or more individuals or unrelated corporate entities in the same arbitration unless those persons are parties to a single transaction. Unless consented to in writing by all parties to the arbitration, an award in arbitration will determine the rights and obligations of the named parties only, and only with respect to the claims in arbitration, and will not (a) determine the rights, obligations, or interests of anyone other than a named party, or resolve any Claim of anyone other than a named party; nor (b) make an award for the benefit of, or against, anyone other than a named party. No administrator or arbitrator will have the power or authority to waive, modify, or fail to enforce this Section 8.7, and any attempt to do so, whether by rule, policy, arbitration decision or otherwise, will be invalid and unenforceable. Any challenge to the validity of this Section will be determined exclusively by a court and not by the administrator or any arbitrator.
This Arbitration Provision will survive the termination of this Agreement. If any portion of this Arbitration Provision other than Section 8.7 is deemed invalid or unenforceable, the remaining portions of this Arbitration Provision will nevertheless remain valid and in force. If there is a final judicial determination that applicable law precludes enforcement of this Arbitration Provision's limitations as to a particular claim for relief or particular term, then that claim (and only that claim) or that term (and only that term) must be severed from the Arbitration Provision and may be brought in court. If an arbitration is brought on a class, representative, or collective basis, and the limitations on such proceedings in the previous subsection are finally adjudicated pursuant to the last sentence of Section 8.7 to be unenforceable, then no arbitration will be had. In no event will any invalidation be deemed to authorize an arbitrator to determine Claims or make awards beyond those authorized in this Arbitration Provision.
Except as otherwise required by applicable law, in the event that this Arbitration Provision is found not to apply to you or your Claim, you and the Bank agree that any judicial proceeding (other than small claims actions) will be brought in the federal or state courts of New York. Both you and the Bank consent to venue and personal jurisdiction there. All parties agree to waive our right to a jury trial.
THE PARTIES ACKNOWLEDGE THAT THEY HAVE A RIGHT TO LITIGATE CLAIMS THROUGH A COURT BEFORE A JUDGE OR JURY BUT ARE HEREBY KNOWINGLY AND VOLUNTARILY WAIVING THAT RIGHT BY AGREEING TO THIS AGREEMENT AND ARBITRATION PROVISION.
Except as otherwise expressly provided in this Agreement, the following rules apply: (a) the singular includes the plural and the plural includes the singular; (b) all references to the masculine gender include the feminine gender (and vice versa); (c) "include", "includes" and "including" are not limiting; (d) unless the context otherwise requires or unless otherwise provided herein, references to a particular agreement, instrument, document, law or regulation also refer to and include all renewals, extensions, modifications, amendments and restatements of such agreement, instrument, document, law or regulation; (e) a reference in this Agreement to a Section or Schedule is to the Section of or Schedule to this Agreement unless otherwise expressly provided; (f) a reference to a Section in this Agreement, unless the context clearly indicates to the contrary, refers to all sub-parts or sub-components of any said Article or Section; (g) words such as "hereunder," "hereto," "hereof," and "herein," and other words of like import, unless the context clearly indicates to the contrary, refers to the whole of this Agreement and not to any particular Section, subsection or clause hereof; (h) where the Agreement states that a Party "shall," "will," or "must" perform in some manner or otherwise act or omit to act, it means that the Party is legally obligated to do so in accordance with the Agreement; and (i) references to any statute includes any amendments thereto and its implementing regulations.
Except with respect to Indemnified Parties and except as otherwise specified in this Agreement, this Agreement is not intended to and shall not be construed to give any third party any interest or rights (including any third-party beneficiary rights) with respect to or in connection with any agreement or provision contained herein or contemplated hereby. Use of the Account is subject to all applicable rules and customs of any clearinghouse or other association involved in transactions. The Bank does not waive its rights by delaying or failing to exercise them at any time. In case any one or more of the provisions contained in this Agreement shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Agreement, but this Agreement shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein. Upon such determination that any term or other provision is invalid, illegal or unenforceable, the court or other tribunal making such determination is authorized and instructed to modify this Agreement so as to effect the original intent of the parties as closely as possible so that the transactions and agreements contemplated herein are consummated as originally contemplated to the fullest extent possible. The headings in this Agreement are only for convenience and do not in any way limit or define your or our rights or obligations under this Agreement. You agree that this Agreement and other agreements or disclosures you may receive from us with respect to the Account or your debit card, contain the entire statement of the terms and conditions, which apply to the subject matter hereof. If any term or condition of this Agreement should be invalidated or unenforceable for any reason, all other terms and conditions will continue in full force and effect.