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Business Deposit Account & Card Terms

Business Deposit Account & Card Terms

TERMS AND CONDITIONS OF YOUR FOUND BUSINESS ACCOUNT

IMPORTANT ACCOUNT INFORMATION

IMPORTANT: AS SET FORTH BELOW, ANY CLAIM, DISPUTE, OR CONTROVERSY OF WHATEVER NATURE ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL BE RESOLVED BY FINAL AND BINDING ARBITRATION IN ACCORDANCE WITH THE “DISPUTE RESOLUTION” PROVISION CONTAINED IN THIS AGREEMENT. THIS AGREEMENT ALSO INCLUDES A WAIVER OF CLASS ACTION AND YOUR RIGHT TO A JURY TRIAL. PLEASE READ THE “DISPUTE RESOLUTION” SECTION CAREFULLY AS IT AFFECTS YOUR LEGAL RIGHTS AND MAY BE ENFORCED BY US. BY ENTERING INTO THIS AGREEMENT, YOU EXPRESSLY ACKNOWLEDGE THAT YOU HAVE READ AND UNDERSTAND ALL OF THE TERMS OF THIS AGREEMENT AND HAVE TAKEN TIME TO CONSIDER THE CONSEQUENCES OF THIS IMPORTANT DECISION.

Agreement

These Terms and Conditions (“Account Terms”) of Your Found Business Account, along with any other documents referenced herein as applicable to your non-interest-bearing business deposit account (the “Account”) and Found Mastercard® (the “Found Card”) (collectively, the “Agreement”), is a contract that establishes rules that control your Account and Found Card made available from by LendingClub Bank, N.A. (“Bank”), member of the Federal Deposit Insurance Corporation (“FDIC”). Indie Technologies, Inc (“Found”) is responsible for managing the Account and Found Card program. Please read this Agreement carefully and retain it for future reference. By opening or continuing to hold an Account with us, you agree to be bound by this Agreement as well as any other agreement or document we may provide to you from time to time in connection with the Account. You will receive a separate schedule of rates, qualifying balances, and fees if they are not included in this Agreement. If you have any questions, please contact us. “We,” “our,” and “us” refer to the Bank, our successors, affiliates, or assignees. “Customer” refers to the business entity obtaining an Account.

“Account Owner” refers to the person associated with Customer with authority to deposit, withdraw, or exercise control over the Account.

The Account is accessed through found.com (“Website”) and through the mobile application hosted by Found (“Mobile App”). Customer is responsible for providing Found with a correct and operational email address. Customer must promptly notify the Bank or Found of any change to its email or postal mailing address, or if Customer is unable to access Account information through the Mobile App. Neither the Bank nor Found will be liable for any adverse effects to the Account as a result of undelivered mail or email or Customer’s inability to access Account information through the Website or Mobile App due to a failure to promptly notify the Bank or Found of a change to Customer’s email or postal mailing address. Neither the Bank nor Found is responsible for any costs Customer incurs to maintain internet access or an email account.

If there is a conflict between this Agreement and any other document or statement made to you concerning the Account or Found Card, 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 or Found Card, the separate terms and conditions applicable to that service or product will govern.

  1. Consent to the Terms of this Agreement

When submitting an Account application or by using the banking services provided by the Bank, Customer agrees to the terms and conditions of the Account and the Schedule of Fees associated with it. The disclosures provided when the Account application was completed; additional disclosures provided to Customer that are applicable to additional products and services; periodic statements, user guides; and any other disclosures or terms provided to Customer are considered part of this Agreement. Continued use of the Account means ongoing agreement of Customer to this Agreement. By continuing to use the Account, Customer further agrees to pay fees due and outstanding associated with the Account, including giving us the right to collect such fees directly from the Account balance. Customer is responsible for the accuracy and completeness of all information supplied to Bank and Found in connection with the Account and /or its services

  1. Amendments or Modifications

This Agreement may be amended or changed at any time by posting the amended documents (including this Agreement) on Found.com, and any such amendment shall be effective upon such posting to the Website. The current Agreement is available at found.com/legal. Reasonable notice in writing or by any method permitted by law will be provided if there is an adverse change to this Agreement. However, if a change is made for security purposes, such change can be implemented without prior notice. When this Agreement is changed, the updated version supersedes all prior versions and will govern the Account. Customer’s continued maintenance or use of the Account after the change will be deemed acceptance of any change and Customer will be bound by it. If Customer does not agree with a change, Customer may close the Account as provided in this Agreement. Customer’s termination of this Agreement does not affect any of our rights or Customer’s obligations arising under this Agreement prior to such termination.

  1. Confidentiality and Our Privacy Policy Your privacy is very important to us. Under this Agreement, we will generally only disclose information to third parties about your Account or the transactions you make: (1) to verify your identity and determine if we should open an Account for you or issue you an Found Card using services provided to us by third parties; (2) where it is necessary for completing a transaction; (3) to verify the existence and condition of your Account for a third party such as a credit bureau or merchant; (4) to comply with government agency or court orders; (5) as disclosed in Found’s Privacy Policy](https://found.com/legal/privacy); (6) to Found for it to market its products and services to you; and/or (7) if you give us your written permission to share your information.

Services offered by Found, including the Mobile App, are subject to Found’s Privacy Policy. Please carefully review Found’s Privacy Policy for more information about its privacy policy. LendingClub Bank, N.A. neither is party to nor has control over your data provided or collected by Found in connection with its services.

The Basics of the Account

  1. Business Account

A business deposit account is a deposit account that is not held or maintained primarily for personal, family, or household purposes. Examples of business deposit accounts include an account owned by an individual acting as a sole proprietor; a partnership; a limited partnership; a limited liability partnership; a limited liability company; a corporation; a joint venture; or a non-profit corporation.

The Account is a checkless demand deposit account to be used by a business entity to make payments and transfers to third parties using online services or the debit cards that are issued with the Account. Paper checks are not available for use with the Account. The Account is a non-interest-bearing deposit account used to hold your deposits and make payments and transfers to other accounts at other banks and to third parties online through Found’s mobile application (the “Mobile App”) and through the use of the Found Card. Separate terms and conditions apply to the Mobile App and services offered by Found, including its reward services. Please refer to the Terms of Use available at www.found.com/legal/tos for additional information.

  1. Opening the Account

Due to the passage of the “USA PATRIOT Act,” we are required to notify customers of the following information:

Federal laws and regulations require us to request information from you prior to opening an Account or adding an additional signatory or authorized user to an Account. The information we request may vary depending on the circumstances, but at a minimum, will include your name, address, an identification number such as your social security or taxpayer identification number, and for individuals, your date of birth. We are also required to verify the information you provide to us. This verification process may require you to provide us with supporting documentation that we deem appropriate. We may also seek to verify the information by other means. We reserve the right to request additional information and/or signatures from you from time to time. If we are not able to validate the identity or authenticity of the Account Owner or the business entity to our satisfaction, we may not open the Account. We may not issue a Card or provide access to the Account if the identity of the Authorized Signer(s) cannot be validated.

  1. Compliance with Laws and Regulations

You agree to comply with all laws applicable to this Agreement, including regulations or ordinances, and ordeThe payee name on any direct deposit(s) or ACH credit(s) we receive must match the Customer name or the name of the Account Owner or an Authorized Signer. If such deposits are received in a name other than the name of the Customer, the Account Owner or an Authorized Signer, they may be returners of governmental and governing authorities, federal and state privacy laws, and anti-money laundering laws. You must not use your Account or Found Card for any illegal purposes or, regardless of whether it is legal or illegal, for internet gambling. This prohibition includes any transaction that is illegal in the jurisdiction where you live, in the jurisdiction where the transaction is consummated, or in any other jurisdiction affected by the transaction. You are responsible for determining the legality of each of your transactions in all applicable jurisdictions before entering into the transaction. We have no obligation to monitor, review or evaluate the legality of any transaction. We may deny any transaction or refuse to accept any deposit that we believe is related to illegal activity or online gambling or for any other reason at our discretion.

  1. Authorization

You authorize Found and the Bank to view and obtain information about the Account. You also authorize the Bank to provide information to Found and its service providers about Account balances and transactions. Found is authorized to transact on the Account as necessary for purposes of reconciliation, fee credits or debits, dispute related adjustments, and any other applicable accounting corrections. If we are required for any reason to reimburse the federal government for all or any portion of a benefit payment that was directly deposited into your Account, you authorize us to deduct the amount of our liability to the federal government from the Account or from any other account you have with us, without prior notice and at any time, except as prohibited by law. We may also use any other legal remedy to recover the amount of our liability.

  1. Closing the Account

To close the Account, the Account Owner, or any Authorized Signer on the Account, may do so by sending an email to help@found.com. After the Account is closed, we have no obligation to accept deposits or pay outstanding items but may do so at our discretion and any access device will no longer be active. Customer agrees to hold us harmless for honoring or refusing to honor any check, paper draft, or other item on a closed Account. If a balance remains in the Account at the time of its closure, a check made payable to the Account Owner as listed in our records will be sent to the address on file within fourteen (14) business days of the final transaction and/or of receiving the request to close the Account. Bank reserves the right to refuse to return any remaining balance less than $15.00. Bank reserves the right to close the Account at any time.

  1. Business Days

Our business days are Monday through Friday, excluding federal holidays, even if we are open. Any references to “days” in this Agreement are calendar days unless indicated otherwise. Eligibility

The Account is available to United States citizens or lawful permanent residents of the fifty (50) United States (“U.S.”), the District of Columbia, American Samoa, Guam, Marshall Islands, Northern Mariana Islands, Palau and US Virgin Islands who are at least 18 years of age, have a U.S. physical address or with military addresses (APO or FPO), and have a valid Social Security Number or Tax Identification Number.

You must also agree to go paperless. This means that you must (1) provide us with a valid email address and (2) agree to accept electronic delivery of all communications that we need or decide to send you in connection with your Account. We may decline to open an Account or issue a Found Card to you for any reason, or for no reason; this includes if you have had or currently have any other relationships or accounts with either us or Found that you did not maintain in a satisfactory manner. We are not liable for any damages or liabilities resulting from refusal of an Account relationship.

  1. Titling and Ownership of the Account

The Account may only be owned in the name of one person who may make deposits and transfer or withdraw funds. The Account cannot be owned or titled as a joint account, trust account, a Uniform Transfers to Minors (UTMA) account, or a Payable On Death (POD) account. You cannot give a security interest or pledge your Account to someone other than us without first getting our express written consent, which we may withhold for any or no reason.

Funds Availability

Funds deposited to your account less than $5,000 and absent exceptional circumstances are usually available the same day as the deposit.

Below are typical timelines for common deposit channels:

  • Direct deposits and wire transfers received before 4:00 P.M. EST: Same business day as the day of deposit

  • Check deposit: The first $225 of a day’s total deposits of cashier’s, certified, teller’s, traveler’s, and federal, state and local government checks may be available on the first business day after the day of your deposit if the deposit meets certain conditions.

For determining the availability of your deposits, every day is a business day except Saturdays, Sundays, and federal holidays.

Longer delays may apply

Electronic transfers initiated through the Found App may take up to five (5) business days from the date of the initial request, but will post on the payment date of the deposit once the money has reached the Bank and/or Found.

In some cases, we will not make all of the funds that you deposit by check available to you on the first business day after the day of your deposit. Depending on the type of check that you deposit, funds may not be available until the second business day after the day of your deposit. The first $225 of your deposits may be available on the first business day.

If we are not going to make all of the funds from your deposit available on the first business day, we will notify you at the time you make your deposit. We will also tell you when the funds will be available.

A longer hold period may apply before funds deposited by check are available. These circumstances are inclusive of but not exhaustive:

  • We believe a check you deposit will not be paid.

  • You deposit checks totaling more than $5,525 on any one day.

  • You redeposit a check that has been returned unpaid.

  • You have overdrawn your account repeatedly in the last six months.

  • You deposit a check that is not payable to you.

  • There is an emergency, such as failure of computer or communications equipment.

We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the fifth business day after the day of your deposit.

Liability

Each of you, your Authorized Signatory, and any other party you authorize to access the Account also agree to be jointly and severally (individually) liable for any negative Account balance and Account shortage resulting from charges or overdrafts, whether caused by you or another with access to this Account or Found Card. This liability is due immediately, and can be deducted directly from the Account balance whenever sufficient funds are available. You have no right to defer payment of this liability, and you are liable regardless of whether you signed the item or benefited from the charge or overdraft.

You will be liable for the Bank and our costs as well as for our reasonable attorneys’ fees, to the extent permitted by law, whether incurred as a result of collection or in any other dispute involving your Account. This includes, but is not limited to, you and an authorized signer or similar party or a third party claiming an interest in your Account. This also includes any action that you or a third party takes regarding the Account that causes us, in good faith, to seek the advice of an attorney, whether or not we become involved in the dispute. All costs and attorneys’ fees can be deducted from your Account when they are incurred, without notice to you.

Deposits

You may make deposits into your Account using only methods described herein. We do not charge you any fees for making deposits. 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.

Deposit Methods:

  • Direct Deposit (via ACH)

  • ACH transfer to your Account from an external account using the Mobile App

  • ACH transfer from a linked bank account to your Account using the Mobile App*

  • Debit card issued by a third party

  • Mobile check deposits

You may link another bank account you have to your Account in order to transfer funds between the linked bank account and your Account using the Mobile App. You may only link a bank account titled in your name (either individually or jointly) and from which you have the right to authorize charges and debits. You represent and warrant: (1) that you have the right to authorize any and all charges and debits to the linked account; (2) the linked account is held at a depository institution located in the U.S.; and (3) you are individually or jointly the owner of the linked account. By linking a bank account, you agree to indemnify and hold us harmless from any claims by any person related to the linked bank account, including any other owner of the linked bank account. You may only link a bank account that is a deposit account, such as a checking, savings or money market account.

  1. Ineligible Deposits

We do not accept:

  • deposits made in cash or deposits in foreign currency;

  • ATM deposits; or

  • Personal checks, cashier’s checks, money orders, foreign currency and cash that are sent to the Bank.

We are not liable for any deposits lost in the mail, lost in transit or not received by us. All deposits sent by mail to the Bank will be returned unless the full amount may be applied towards a negative balance, in which case the check or money order must be payable in U.S. dollars and may or may not be deposited to the Account at the discretion of the Bank.

Direct deposits or ACH Credits using an external account at another financial institution The payee name on any direct deposit(s) or ACH credit(s) we receive must match the business name on the Account or the name of the Account Owner or Authorized Signer. If such deposits are received in a name other than the name registered to the Account, the Account Owner, or Authorized Signer will be returned to the originator. It is our policy to make deposits made by electronic fund transfer available to you on the business day we receive the deposit. Keep in mind that it may take several days for us to receive ACH transfers from a linked bank account. We will treat and record all transactions received after our “daily cutoff time” on a business day we are open, or received on a day we are not open for business, as if initiated on the next business day that we are open. Deposits received by us on a business day before 3:30PM Eastern Time will be considered received that day. Deposits received on a business day after 3:30PM Eastern Time, or at any time on a non-business day, will be considered received the following business day.

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.

  1. Deposit Corrections

If funds are incorrectly deposited or transferred to the Account, we may correct the error by deducting the amount of the incorrect deposit from the Account without prior notice to Customer. If there are not enough funds in the Account at that time, the Account could become overdrawn. See the section below titled “No Overdrafts” for more information about what occurs if the Account has a negative balance.

  1. No Overdrafts

The Account may not be overdrawn. If the available balance in the Account is insufficient to cover any authorized payment or withdrawal, we can refuse to honor the payment or withdrawal. If the Account balance should become negative for any reason, a deposit or deposits must be immediately made to cover the negative balance. If the Account has a negative balance for ninety (90) calendar days it will be closed.

Withdrawals

Unless clearly indicated otherwise on the account records, any of you, acting alone, who signs to open the Account or has authority to make withdrawals may withdraw or transfer all or any part of the Account balance at any time, subject to the terms herein. You may withdraw funds up to the amount of your available balance in your Account by using any of the following described herein. 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.

Other third-party fees may also apply to out-of-network ATM transactions. Please refer to the Fee section below for more information and all fees applicable to your Account.

Withdrawal methods:

  • ACH transfer from your Account to a linked bank account using the Mobile App

  • ACH transfer to a third party

  • ATM withdrawals using your Found Card

  • Purchases or other transaction using your Found Card at merchants that have agreed to accept the Found Card‍

We do not permit you to overdraw your Account and we do not charge you insufficient funds fees or overdraft fees. If the available balance in your Account is not sufficient to cover any transaction you have authorized, we can refuse to process the transaction, even if you make a deposit later in the business day after we refuse your withdrawal request. There may be instances where your Account can still become overdrawn. For example, if a deposit is returned or if a merchant settles a Found Card transaction for an amount greater than the card authorization, 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 cannot withdraw funds by check, and we do not permit you to create checks drawn on your Account.

Amendments and Termination

We may change any term of this Agreement without notice by posting an amended Agreement on Found’s website, https://found.com/legal, and any such amendment shall be effective upon posting. For changes for which applicable law requires notice, we will give you reasonable notice in writing or by any other method permitted by law. We may also close this Account at any time upon reasonable notice to you and tender of the Account balance by mail or transfer to a linked account. Items presented for payment after the Account is closed may be dishonored. When you close your Account, you are responsible for leaving enough money in the Account to cover any outstanding items to be paid from the Account. Reasonable notice depends on the circumstances, and in some cases, such as when we cannot verify your identity or we suspect fraud, it might be reasonable for us to give you notice after the change or Account closure becomes effective. For instance, if we suspect fraudulent activity with respect to your Account, we might immediately freeze or close your Account and then give you notice. If we have notified you of a change in any term of your Account and you continue to have your Account after the effective date of the change, you have agreed to the new term(s).

Notices

Any written notice you give us is effective when we actually receive it, and it must be given to us according to the specific delivery instructions provided elsewhere, if any. If no delivery instruction is provided, notice must be given by emailing us at help@found.com. We must receive it in time to have a reasonable opportunity to act on it. Written notice we give you is effective when it is deposited in the United States Mail with proper postage and addressed to your mailing address we have on file or emailed to you at the email address we have on file for you. Notice to any of you is notice to all of you.

To the extent permitted by law, you waive any notice of non-payment, dishonor or protest regarding any items credited to or charged against your account. For example, if you deposit a check and it is returned unpaid or we receive a notice of nonpayment, we do not have to notify you unless required by federal Regulation CC or other law.

Statements

Statements will periodically be provided to you by email as long as your Account is not inactive. You will receive monthly statements. You will not receive paper statements. You agree to notify us promptly if you do not receive your statement by the date you normally would expect to receive it. You agree that the statements have been delivered or made available to you in a reasonable manner.

You are also responsible for reviewing your Account statements as they are made available to you for errors or unauthorized activity.

You agree that if you fail to report any unauthorized signatures, alterations or forgeries in your account within 60 days of when we first send or make the statement available, you cannot assert a claim against us on any items in that statement, and as between you and us the loss will be entirely yours. This 60-day limitation is without regard to whether we used ordinary care.

Your duty to report other errors – In addition to your duty to review your statements for unauthorized signatures, alterations and forgeries, you agree to examine your statement with reasonable promptness for any other error – such as an encoding error. In addition, if you receive or we make available either your items or images of your items, you must examine them for any unauthorized or missing endorsements or any other problems. You agree that the time you have to examine your statement and items and report to us will depend on the circumstances. However, this time period shall not exceed 60 days. Failure to examine your statement and items and report any errors to us within 60 days of when we first send or make the statement available precludes you from asserting a claim against us for any errors on items identified in that statement and as between you and us the loss will be entirely yours.

Account Transfer or Rights Assignment

This Account and Customer’s obligations under this Agreement may not be transferred or assigned without our prior written consent. Your obligations under this Agreement are not transferable and not assignable. We or Found may transfer our rights under this Agreement.

Setoff

We may (without prior notice and when permitted by law) set off the funds in this Account against any due and payable debt any of you owe us or Found now or in the future. If your debt arises from a promissory note, then the amount of the due and payable debt will be the full amount we have demanded, as entitled under the terms of the note, and this amount may include any portion of the balance for which we have properly accelerated the due date.

This right of setoff does not apply to this Account if prohibited by law, including the Military Lending Act or its implementing regulations. You agree to hold us harmless from any claim arising as a result of our exercise of our right of setoff.

Posting Order and Account Balances

The order in which transactions are paid is important if there is not enough money in your Account to pay all of the transactions initiated. The payment order can affect the number of transactions that are returned and the amount of the fees you may have to pay. To assist you in managing your Account, we are providing you with the following information regarding how we process transactions.

Checks are processed in check or serial number order. ACH transactions are posted highest dollar amount to lowest. All other items, such as debit/ATM transactions and deposits (in person or mailed) are posted when received. ‍To determine your available Account balance, we first start with your ledger balance at the beginning of the business day, subtract any holds from your balance and make any adjustments from prior days. Next, we generally add available deposits and credits to your balance. Then, we subtract each transaction group and the transactions within each group in the following order: (1) first, Found Card transactions (including PIN transactions and ATM withdrawals) based on the date and time order; and (2) then all other electronic fund transfers (including ACH transactions) based on highest dollar amount to lowest.

Keep in mind that your available Account balance may not reflect every transaction you have initiated or previously authorized. For example, your available Account balance may not include (1) transactions you have authorized that we have not received, (2) Found Card transactions where the card authorization has been removed before the transaction is settled due to a merchant’s delay in settlement, or (3) the full amount of a Found Card transaction where the settlement amount is greater than the card authorization amount. Your available Account balance is viewable at any time through the Mobile App, but it is important to understand that it may not reflect transactions you have authorized that have not yet been presented to us for payment.

If a transaction is presented without sufficient funds in your Account to pay it, we may, at our discretion, return the transaction for insufficient funds (NSF). We will not charge you a fee for paying an overdraft of an ATM or everyday Found Card transaction. The amounts of the overdraft and NSF fees are disclosed elsewhere.

Notwithstanding anything to the contrary, when we process multiple transactions for your Account on the same day, you agree that we may in our discretion determine our posting orders for the transactions and that we may credit, authorize, accept, pay, decline, or return credits, debits, and holds in any order at our option. We do not always receive debits on the same day that you conduct them. We generally post credits and debits to your Account, and report them on your statement, in a different order than the order in which you conduct them or we receive them. We may change the way we group transactions together or the order in which we post transactions to your Account at our discretion and without notice to you. We sometimes add or delete categories, change posting orders within categories and move transaction types among categories. You agree that we may in our discretion make these changes at any time 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.

Restrictive Legends Endorsements

The automated processing of the large volume of checks we receive prevents us from inspecting or looking for restrictive legends, restrictive endorsements or other special instructions on every check. Examples of restrictive legends placed on checks are “must be presented within 90 days” or “not valid for more than $1,000.00.” The payee’s signature accompanied by the words “for deposit only” is an example of a restrictive endorsement. For this reason, we are not required to honor any restrictive legend or endorsement or other special instruction placed on checks you write unless we have agreed in writing to the restriction or instruction. Unless we have agreed in writing, we are not responsible for any losses, claims, damages, or expenses that result from your placement of these restrictions or instructions on your checks.

Check Processing

We process items mechanically by relying solely on the information encoded in magnetic ink along the bottom of the items. This means that we do not individually examine all of your items to determine if the item is properly completed, signed and endorsed or to determine if it contains any information other than what is encoded in magnetic ink. You agree that we have exercised ordinary care if our automated processing is consistent with general banking practice, even though we do not inspect each item. Because we do not inspect each item, if you write a check to multiple payees, we can properly pay the check regardless of the number of endorsements unless you notify us in writing that the check requires multiple endorsements. We must receive the notice in time for us to have a reasonable opportunity to act on it, and you must tell us the precise date of the check, amount, check number and payee. We are not responsible for any unauthorized signature or alteration that would not be identified by a reasonable inspection of the item. Using an automated process helps us keep costs down for you and all account holders.

Levies, Garnishments, and Other Legal Processes

If we are served with a subpoena, restraining order, writ of attachment or execution, tax levy, garnishment, search warrant, or other order relating to your Account (termed “legal action” in this section), we will comply with that legal action, and, in our discretion, we may freeze the assets in the Account and not allow any payments out of the Account until a final court determination regarding the legal action. We may do these things even if the legal action involves less than all of you. In these cases, we will not have any liability to you if there are insufficient funds to pay any transaction using your Account because we have withdrawn funds from your Account or in any way restricted access to your funds in accordance with the legal action. Any fees or expenses we incur in responding to any legal action (including, without limitation, attorneys’ fees and our internal expenses) may be charged against your Account.

Security

It is your responsibility to protect the Account number, Found Card information, and electronic access devices we provide you for your Account. Do not discuss, compare, or share information about your Account information or Found Card information with anyone unless you are willing to give them full use of your money. Keep your Account number, statements, virtual card number, and Found Card secure at all times. Make sure to also keep your mobile device secure at all times and avoid accessing the Mobile App when others can see your screen. Your Account or Found Card information can be used by thieves to issue an electronic debit or to encode your number on a false demand draft that looks like and functions like an authorized check. If you furnish your Account or Found Card information or Mobile App and grant actual authority to make transfers to another person (a family member or coworker, for example) who then exceeds that authority, you are liable for the transfers unless we have been notified that transfers by that person are no longer authorized.

Your Account and Found Card information can also be used to electronically remove money from your Account, and payment can be made from your Account even though you did not contact us directly and order the payment.

You agree that if we offer you services appropriate for your Account to help identify and limit fraud or other unauthorized transactions against your Account, such as positive pay or commercially reasonable security procedures, and you reject those services, you will be responsible for any fraudulent or unauthorized transactions which could have been prevented by the services we offered, unless we acted in bad faith or to the extent our negligence contributed to the loss. If we offered you a commercially reasonable security procedure that you reject, you agree that you are responsible for any payment order, whether authorized or not, that we accept in compliance with an alternative security procedure that you have selected.

If your Account number, Found Card, mobile device or Mobile App login credentials are lost or stolen, notify us immediately to limit your liability for unauthorized transactions that may occur.

Information, Address or Name Changes

You must notify us immediately if there is a change to your name, telephone number, mailing address, email address, or any other information you have provided us . Unless we agree otherwise, change of address or name must be made in writing by at least one of the account holders and sent to help@found.com, and must submit any proof of address and identification requested by us. We will attempt to communicate with you only by use of the most recent email address you have provided to us. 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 or if a company in the business of providing correct addresses informs us that the address in our records no longer matches your address.

ACH Transfers

If you originate a fund transfer and you identify by name and number a beneficiary financial institution, an intermediary financial institution, or a beneficiary, we and every receiving or beneficiary financial institution may rely on the identifying number to make payment. We may rely on the number even if it identifies a financial institution, person, or account other than the one named. You agree to be bound by automated clearing house association rules. If we do not receive such payment, we are entitled to a refund from you in the amount credited to your Account and the party originating such payment will not be considered to have paid the amount so credited. Credit entries may be made by ACH. If we receive a payment order to credit an Account you have with us ACH, we are not required to give you any notice of the payment order or credit.

Death or Incompetence

You agree to notify us promptly through either yourself or your representative if any person with a right to withdraw funds from your Account(s) dies or is adjudicated (determined by the appropriate official) incompetent. We may continue to honor instructions until: (a) we know of your death or adjudication of incompetence, and (b) we have had a reasonable opportunity to act on that knowledge. You agree that we may continue to accept deposits and process transactions to your Account until we receive notice and any required proof of death or incapacitation and may pay transactions initiated on or before the date of death or adjudication of incompetence for up to ten (10) days after your death or adjudication of incompetence unless ordered to stop payment by someone claiming an interest in the account. If we receive notification or if we have reason to believe that you have died or become incapacitated, we may place a hold on your Account and refuse all transactions until we know and have verified the identity of your successor. Your estate will be responsible for repaying us for any tax liability resulting from payment of your Account balance to your estate. You agree to hold us harmless for any actions we take based on our belief that you have died or become incapacitated, or any notices of death or incapacitation that we receive. 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. If you owe us a debt at the time of your death, we are authorized to exercise our right of setoff or security interest rights against the funds credited to your Account after your death.

Non-Fiduciary Accounts

This Agreement and the deposit relationship do not create a fiduciary relationship between the Bank and Customer, the Account Owner, any Authorized Signer(s), or any of Customer’s employees, officers, directors, or agents. Telephonic Instructions

Unless required by law or we have agreed otherwise in writing, we are not required to act upon instructions you give us via facsimile transmission or leave by voice mail or on a telephone answering machine.

Monitoring and Recording Telephone Calls and Consent to Receive Communications

We may monitor or record phone calls for security reasons, to maintain a record, and to ensure that you receive courteous and efficient service. You consent in advance to any such recording. We need not remind you of our recording before each phone conversation.

To provide you with the best possible service in our ongoing business relationship for your Account, we may need to contact you about your Account or Found Card from time to time by text messaging or email. However, we must first obtain your consent to contact you about your Account or Found Card because we must comply with the consumer protection provisions in the federal Telephone Consumer Protection Act of 1991 (TCPA), CAN-SPAM Act, and their related federal regulations and orders issued by the Federal Communications Commission (FCC).

  • Your consent is limited to this Account and Found Card, and as authorized by applicable law and regulations.

  • Your consent does not authorize us to contact you for telemarketing purposes (unless you otherwise agreed elsewhere).

With the above understandings, you authorize us to contact you regarding your Account and/or Found Card throughout its existence using any telephone numbers or email addresses that you have previously provided to us or that you may subsequently provide to us.

This consent is regardless of whether the number we use to contact you is assigned to a landline, a paging service, a cellular wireless service, a specialized mobile radio service, other radio common carrier service or any other service for which you may be charged for the call. You further authorize us to contact you through the use of voice, voice mail and text messaging, including the use of pre-recorded or artificial voice messages and an automated dialing device.

If necessary, you may change or remove any of the telephone numbers or email addresses at any time using any reasonable means to notify us. To revoke the consent provided pursuant to this subsection, you must send ten (10) days’ prior written notice of such revocation to help@found.com.

Claim of Loss

If you claim a credit or refund because of a forgery, alteration, or any other unauthorized withdrawal, you agree to cooperate with us in the investigation of the loss, including giving us an affidavit containing whatever reasonable information we require concerning your Account, the transaction, and the circumstances surrounding the loss. You will notify law enforcement authorities of any criminal act related to the claim of lost, missing, or stolen Found Card or access credentials or unauthorized withdrawals. We will have a reasonable period of time to investigate the facts and circumstances surrounding any claim of loss. Unless we have acted in bad faith, we will not be liable for special or consequential damages, including loss of profits or opportunity, or for attorneys’ fees incurred by you. You agree that you will not waive any rights you have to recover your loss against anyone who is obligated to repay, insure, or otherwise reimburse you for your loss. You will pursue your rights or, at our option, assign them to us so that we may pursue them. Our liability will be reduced by the amount you recover or are entitled to recover from these other sources.

Resolving Account Disputes

We may place an administrative hold on the funds in your Account (refuse payment or withdrawal of the funds) if it becomes subject to a claim adverse to (1) your own interest; (2) others claiming an interest as survivors or beneficiaries of your Account; or (3) a claim arising by operation of law. The hold may be placed for such period of time as we believe reasonably necessary to allow a legal proceeding to determine the merits of the claim or until we receive evidence satisfactory to us that the dispute has been resolved. We will not be liable for any transactions that are dishonored or returned as a consequence of placing a hold on funds in your Account for these reasons.

Unlawful Internet Gambling Notice

Restricted transactions as defined in Federal Reserve Regulation GG are prohibited from being processed through this Account or relationship. Restricted transactions generally include, but are not limited to, those in which credit, electronic fund transfers, checks, or drafts are knowingly accepted by gambling businesses in connection with the participation by others in unlawful Internet gambling.

Unclaimed Property

State escheat or unclaimed property laws require us to close your Account and transfer your money to the state if your Account is dormant for a period of time as defined by your state of residence. Your Account can become dormant if there is no transactional activity for a period of time specified by applicable state law or you do not communicate with us regarding your Account during such period. If your Account becomes dormant, you may no longer receive statements, but you can still view your Account through the Mobile App. If your funds are remitted or escheated to the state, you may be able to reclaim them by petitioning the state.

Contacting Us

You may contact us with any questions or concerns regarding your Account. The best way to contact us is by email at help@found.com.

Responsibilities and Limitations of Liability

  1. Customer’s Acknowledgement

Customer acknowledges (i) the inherent risks and responsibilities associated with conducting business via the internet and that there can be no assurance that inquiries or transaction activity will be completely secure, despite security procedures established by the Bank and/or Found such as firewalls, passwords, and data encryption. Customer also understand that access to the Website and Mobile App will not be free from delays, malfunctions, or other inconveniences generally associated with this electronic medium, and further agrees the Bank and/or Found are not responsible for any such delays, malfunctions, or inconveniences; (ii) Customer and Authorized Signers are responsible for maintaining all equipment required for its access to and use of the Account; and (iii) Customer authorizes the Bank, Found, or any third party acting on behalf of the Bank or Found, to serve as agent in processing transaction instructions received from Customer via the internet, and to post such transactions to the Account. Customer will be solely responsible for the timeliness, accuracy and adequacy of the data entered as well as the completeness of any instruction entered.

  1. Customer’s Additional Responsibilities

Customer is responsible for actions that may be taken by anyone accessing the Account through use of the Website or Mobile App after signing in with an Authorized Signer’s security information (i.e., user ID and password), except as otherwise set forth herein or as part of this Agreement. The Bank and Found are entitled to rely and act upon instructions received using any Authorized Signer’s security information. Customer is further responsible for keeping its security information confidential and for ensuring that each Authorized Signer signs off of the Website or Mobile App when a session is complete to prevent unauthorized persons from accessing the Account.

Access to certain Account information contained on the Website or Mobile App may be made available to Customer employees who are not designated as an Authorized Signer. Each Customer employee who is issued a Card and granted access to the Website or Mobile App will have a unique user ID and password to enable access to the transaction history of only that Card. Customer is responsible for actions that may be taken by anyone accessing the Card transaction history available through use of the Website or Mobile App.

  1. Disclaimer of Warranties

To the fullest extent permitted by law, the Bank and Found do not make any warranties of any kind related to the Website or Mobile App, either express or implied, including but not limited to, implied warranties of merchantability or fitness for a particular purpose. Furthermore, the Bank and Found do not warrant that the Website or Mobile App will be uninterrupted or error free, that defects will be corrected, or that the Website or Mobile App are free of viruses or other harmful components. CUSTOMER ACKNOWLEDGES AND AGREES THAT ITS USE OF THE WEBSITE OR MOBLE APP AND THE ACCOUNT SHALL BE AT CUSTOMER’S SOLE RISK, AND THAT THE WEBSITE AND MOBILE APP ARE PROVIDED ON AN “AS IS” BASIS.

  1. Information Processing and Reporting

The Bank will not be responsible for determining the accuracy, timeliness or completeness of any information or instructions that an Authorized Signer provides to the Bank or Found for any service related to the Account. Customer agrees to maintain adequate backup files of the data it submits for a reasonable period of time in order to facilitate any needed reconstruction or reprocessing of Customer’s transactions (e.g., due to a telecommunication failure). If Bank and/or Found are unable to provide a processing service for any reason, reasonable steps to resume processing will be taken within a reasonable timeframe.

  1. Unauthorized Transactions and Errors.

The Bank’s security procedures are not designed for the detection of errors (e.g. duplicate payments or errors contained in Customer instructions). We will not be obligated to detect errors made by Customer, Authorized Signers, or others, even if certain actions are taken from time to time to do so. It is Customer’s responsibility to notify Found immediately at help@found.com upon belief that any security information (such as user IDs, passwords, or other credentials) has been lost, stolen or otherwise made available to an unauthorized person, or that someone has viewed, downloaded, or deleted electronic records from the Account without Customer’s permission, or if Customer or an Authorized Signer suspects any fraudulent or unauthorized activity (including errors) on the Account. Customer further agrees to comply with all notification requirements described in this Agreement. Customer’s liability for any unauthorized transactions (including errors) will be determined based on the terms described in this Agreement. Customer agrees to promptly repay any amount erroneously credited to the Account.

  1. Data and Information Supplied by Customer.

Customer has the sole responsibility of ensuring the accuracy and correctness of the data it supplies. Customer acknowledges and agrees that the Bank shall not examine the data for correctness and that the Bank shall not have any responsibility for detecting errors in the data transmitted by Customer. The data transmitted by Customer must be legible, correct, and complete. The Bank shall not process, nor will the Bank be liable to Customer for failure to process illegible, incorrect, or incomplete data. The Bank shall not be liable for errors or omissions caused by data that is rejected as the result of Customer’s failure to provide legible, correct, and complete data. Customer agrees that Customer shall be solely liable for, and the Bank shall not have any liability whatsoever for, any data or other information that is not received by the Bank or for any data or other information that is intercepted or altered by an unauthorized third party. Customer agrees that the Bank has no obligation to accept any data or other information and, therefore, may reject any data or other information transmitted or delivered by the Customer in connection with this Agreement.

  1. Data Review.

Customer has sole responsibility for confirming the accuracy and validity of all information, data, entries, and processing services prepared by the Bank and delivered to Customer in connection with the Account. Customer agrees to carefully review all records and other information provided or made available to Customer by the Bank and to report any discrepancies within thirty (30) days of Customer’s receipt of the record or other information showing such discrepancies. Customer’s failure to promptly report to the Bank within such specified time the existence of any discrepancies in any record or other information constitutes Customer’s acceptance of the record or other information as valid and accurate and may preclude Customer from asserting against the Bank any claims arising from or any loss caused by the discrepancy.

  1. Limitations of the Bank’s Liability and Obligations to Customer.

In the performance of the services required by this Agreement, the Bank shall be entitled to rely solely on the information, representations and warranties provided by Customer and Authorized Signers pursuant to this Agreement. Except as otherwise specifically provided by law, the Bank shall be responsible only for performing the services expressly provided for in this Agreement and shall be liable only in the event of loss due to its gross negligence or willful misconduct in performing those services. In no event shall the Bank have any liability for any consequential, special, incidental, punitive or indirect loss or damage which Customer may incur or suffer in connection with this Agreement, whether or not the likelihood of such damages was known or contemplated by the Bank and regardless of the legal or equitable theory of liability Customer may assert. The Bank is not liable for any damages Customer may incur due to a delay in Found providing the Bank with any notices or information Found receives from Customer. Without limiting the foregoing, the Bank shall not be liable for and the Bank 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 communications facilities, equipment failure, war, act of terror, emergency conditions, or other conditions beyond Bank’s control. To the extent allowed by law, the Bank shall not be liable for and shall be excused from failing to process or any delay in processing a transfer of funds (i) if, in the Bank’s sole discretion, processing a transfer would violate or contribute to the violation of any law, regulation or regulatory requirement; or (ii) if processing a transfer, in the Bank’s sole discretion, would cause it to engage in an unsafe and unsound practice. Without limiting the generality of the foregoing, in no event will the Bank’s liability for any loss, cost, or liability arising from the Bank’s gross negligence or willful misconduct exceed the average monthly charge for the Account-related services in question for the month preceding the date or loss, except as otherwise required by UCC Article 4A. Any claim, action or proceeding by Customer to enforce the terms of this Agreement or to recover for any Account-related loss must be commenced within one year from the date that the event giving rise to the claim, action or proceeding first occurs. Customer agrees to cooperate with the Bank in any loss recovery efforts the Bank undertakes to reduce any loss or liability that arises in connection with the Account. Customer acknowledges any fees have been established in contemplation of: (a) these limitations on the Bank’s liability; (b) Customer’s agreement to review statements, confirmations, and notices promptly and to notify Bank immediately of any discrepancies or problems; and (c) Customer’s agreement to assist the Bank in any loss recovery efforts.

Indemnification

You agree to indemnify and hold the Bank and us and our officers, directors, shareholders, employees, successors, predecessors, representatives, principals, agents, assigns, parents, subsidiaries and/or insurers harmless for any losses, damages, suits and expenses, including reasonable attorneys’ fees, that we may incur, without regard to the merit or lack thereof, arising out of, or related in any way to (1) the matters set forth herein; (2) our taking any action or not taking any action that we are entitled to take pursuant to this Agreement and applicable law; (3) any action or omission by you in violation of this Agreement or applicable law; or (4) our action or inaction in reliance upon oral, written or electronic instructions or information from you.These indemnifications shall apply, without limitation, to any losses arising from the dishonor of any check or other debit item.

Additional Terms for Found Card

  1. Using Found for Business Mastercard Debit Card

The Found for Business Mastercard Debit Card is provided for use with the Account. A Card will be issued to the Account Owner (“Primary Cardholder”). Upon receipt of instructions from the Account Owner, Cards may also be issued to each Authorized Signer and other designated persons such as Customer employees (“Secondary Cardholder”). (Primary Cardholder and Secondary Cardholder shall be collectively referred to as “Cardholder” unless otherwise stated).

Secondary Cardholders who are Customer employees, i.e., not an Authorized Signer, are limited to making qualifying purchases with the Card and are not permitted to exercise the authority granted to the Account Owner and Authorized Signers. You acknowledge and agree that funds accessible through use of the Card(s) is limited to the available funds of the Account and that individual transaction limits may be established for each Card issued to a Cardholder. Customer agrees to direct each Cardholder to sign the back of the Card immediately upon its receipt. The expiration date of the Card is identified on the front of it. The expiration date of the Virtual Card is described below. The Card is the property of the Bank and must be surrendered upon demand. The Card and Virtual Card are non-transferable and may be cancelled, repossessed, or revoked at any time without prior notice subject to applicable law.

  1. Found Card Purchases.

You may use your Found Card to make purchases using your PIN at any merchant with a point-of-sale (“POS”) device anywhere that displays the Mastercard, Interlink, Maestro, or Cirrus acceptance marks. You may also use your Found Card to make purchases without your PIN anywhere that Mastercard debit cards are accepted.

Split and Card-Not-Present Transactions. You can instruct a merchant to charge your Found Card for part of a purchase and pay any remaining amount with cash or another card. This is called a “split transaction.” Some merchants do not permit split transactions. If you wish to conduct a split transaction, you must tell the merchant the exact amount you would like charged to your Found Card. If you fail to inform the merchant you would like to complete a split transaction and you do not have sufficient available funds in your Account to cover the entire purchase amount, your Found Card is likely to be declined. You may make retail card purchases without presenting your Found Card by providing information from your Found Card, such as in transactions done by internet or telephone. Conducting transactions in this way has the same legal effect as if you used the plastic Found Card itself. For security reasons, the amount or number of such transactions you may make may be limited.

  1. Activate the Card

The Cards must be activated before they can be used. Cards may be activated by visiting the App. Each Cardholder will need to provide personal information in order for their identity to be verified.

  1. Personal Identification Number

Each Cardholder may create a unique Personal Identification Number (“PIN”) to use with the Card. The PIN may be created methods which may be made available at our discretion. The Card must be activated before the PIN can be used. Do not write or keep a PIN with the related Card. The PIN should never be shared with anyone. Cardholder should not enter the PIN so it can be observed by others; Cardholder should not enter the PIN into any terminal that appears to be modified or suspicious. If a Cardholder believes someone has gained unauthorized access to their PIN, advise Found immediately.

  1. ATM and POS Withdrawals.

With your PIN, you can use your Found Card to obtain cash from your Account up to your available Account balance at any ATM or any POS in the United States that displays the Mastercard, Interlink, Maestro or Cirrus acceptance marks. Not all merchants will permit you to get cash back through their POS devices. You may be charged a fee by the ATM operator even if you do not complete a withdrawal. This ATM fee is a third-party fee amount assessed by the individual ATM operator only and is not assessed or controlled by us. This ATM fee amount will be charged to your Account.

  1. Authorized Users.

The Found Card is solely for your use. If you give anyone else access to your Found Card, we will treat any transaction they initiate as authorized by you and you will be responsible for all transactions and fees that occur.

  1. Currency Conversion and Cross-Border Transaction Fees.

If you effect a transaction with your Found Card in a currency other than US Dollars, Mastercard, will convert the charge into a US Dollar amount. The Mastercard currency conversion procedure includes use of either a government-mandated exchange rate, or a wholesale exchange rate selected by Mastercard. The exchange rate Mastercard uses will be a rate in effect on the day the transaction is processed. This rate may differ from the rate in effect on the date of purchase or the date the transaction was posted to your Account.

  1. Virtual Found Card.

When you open an Account, you will also receive a virtual card (“Virtual Found Card”) represented by a 16-digit card number, a three-digit card verification value (“CVV”) number and an expiration date. The Virtual Found Card can be managed through the Mobile App. We will issue you a replacement Virtual Found Card when it expires. The Virtual Found Card accesses the available funds in your Account to make card-not-present transactions anywhere Mastercard debit cards are accepted in the same way as your physical Found Card. The Virtual Found Card can also be added to a digital wallet (see the subsection titled “Digital Wallet” below) in the same way as your physical Found Card. Your use of the Virtual Found Card is subject to the terms of this Agreement, including transaction limitations, to the same extent as your physical Found Card, and is referred to as Found Card.‍

  1. A temporary debit authorization hold affects your Account balance.

On Found Card purchases, merchants may request a temporary hold on your Account for a specified sum of money or a pre-authorization for the transaction, either of which may be more than the actual amount of your purchase. If you use your Found Card at a restaurant, hotel, or rental car company, we may place a hold in the amount of the preauthorization plus an additional 20% or more. If you use your Found Card at an automated fuel dispenser at a gas station (“pay at the pump”), we may place a hold of $75 or more. When this happens, our processing system cannot determine that the amount of the hold exceeds the actual amount of your purchase. This temporary hold, and the amount charged to your Account, will eventually be adjusted to the actual amount of your purchase, but it may be up to seven days for more transactions before the adjustment is made. For transactions at hotels, it may take up to thirty (30) days for the hold to be removed. For transactions at rental car companies, it may take up to sixty (60) days for the hold to be removed. Until the adjustment is made, the amount of funds in your Account available for other transactions will be reduced by the amount of the temporary hold or preauthorization. If another transaction is presented for payment in an amount greater than the funds left after the deduction of the temporary hold or pre-authorization amount, that transaction will be a non-sufficient funds (NSF) transaction if we do not pay it or an overdraft transaction if we do pay it. You will be charged an NSF or overdraft fee according to our NSF or overdraft fee policy. You will be charged the fee even if you would have had sufficient funds in your Account if the amount of the hold had been equal to the amount of your purchase.

As an example, some merchants may request an authorization for the amount that they estimate you will spend and place a temporary hold for that amount. This estimated amount is likely to be different (either more or less) than the actual transaction amount. Typically, temporary holds are placed for up to three business days, but exact times may vary. If a temporary hold is placed, please note that it may impact your available balance by an amount either more or less than you expected until the transaction posts. We are not responsible for damages or losses of any type, including wrongful dishonor, for any transaction that is not authorized or that is returned unpaid because of a hold. Advisory Against Illegal Use. You agree not to use your Found Card for illegal gambling or other illegal purposes. Display of a payment card logo by, for example, an online merchant does not necessarily mean that transactions are lawful in all jurisdictions in which the cardholder may be located.

  1. Return and Refunds.

Please be aware of the merchant’s return policies before using your Found Card to make a purchase. Neither we nor Found is responsible for the delivery, quality, safety, legality or any other aspect of the goods or services you purchase using your Found Card. If you have a problem with a purchase that you made with your Found Card or if you have a dispute with the merchant, you must handle it directly with the merchant. If you are entitled to a refund for any reason for goods or services obtained using your Found Card, you agree to accept credits to your Found Card for the refund and agree to the refund policy of the merchant. The amounts credited to your Found Card for refunds may not be available for up to five (5) days from the date the refund transaction occurs.

  1. Replacing Your Found Card.

If you need to replace your Found Card for any reason, please contact us by email at help@found.com or request a new card via the Mobile App. You will be required to provide personal information so that we may verify your identity before we will issue you a replacement Found Card. If you believe your Found Card has been lost or stolen, you may immediately disable your Found Card via the Mobile App. We may cancel any Found Card that has been disabled for sixty (60) calendar days or longer.

  1. Mastercard Benefits.

Your Found Card may be eligible for certain benefits provided by Mastercard. Please visit Mastercard’s website for additional information and check inside the benefits section of the Found app.

  1. Suspension and Cancellation.

We may refuse to issue, deactivate, revoke, suspend or cancel your Found Card at any time with or without notice to you, other than as required by law. This includes deactivating or canceling your Found Card if it has been lost or stolen to prevent unauthorized transactions. You agree not to use your Found Card once it has been deactivated, revoked, suspended or canceled. We may also limit your use of the Found Card, including limiting or prohibiting specific types of transactions. If you would like to cancel your Found Card, you may do so at any time by emailing us at help@found.com. The cancellation of your Found Card privileges will not otherwise affect your rights and obligations under this Agreement. You can also disable your Found Card inside the Found App in card settings.

  1. Using Your Found Card with a Digital Wallet.

A digital wallet (“Wallet”) provides another way for you to make purchases with your Found Card. A digital wallet is a service provided by another company (such as Apple Pay, Google Pay, Samsung Pay, etc.) that allows you to use your Found Card to enter into transactions where the Wallet is accepted. A Wallet may not be accepted at all places where your Found Card is otherwise accepted, and your Found Card may not be eligible for all the features and functionalities of the Wallet. Any use of your Found Card in or through the Wallet continues to be subject to all terms and conditions of this Agreement. We may terminate your access to or use of your Found Card with a Wallet at any time and for any reason, including if you violate any of the terms or conditions of this Agreement.

You can add your Found Card to or remove yourFound Card from a Wallet by following the instructions provided by the Wallet provider. By doing this, you agree to allow us to share your Found Card information with the Wallet provider. You may be required to take additional steps to authenticate yourself before your Found Card is added to the Wallet. We do not charge you any additional fees for adding your Found Card to a Wallet or for using your Found Card in the Wallet. However, any fees and charges that would apply when you use your Found Card outside the Wallet will also apply when you use a Wallet to make purchases with your Found Card or otherwise access your Found Card. The Wallet provider and other third parties, such as wireless companies or data service providers may charge you fees. The digital version of your Found Card in a Wallet may, in our sole discretion, be automatically updated or upgraded without notice to you.

We are not the provider of the Wallet, and we are not responsible for providing the Wallet service to you or for ensuring that your Found Card is compatible with any Wallet service. We are only responsible for supplying information to the Wallet provider to allow usage of your Found Card in the Wallet as you have requested. We are not responsible for any failure of the Wallet, any mobile device you use with the Wallet, or the inability to use the Wallet for any transaction. We are not responsible for how the Wallet provider performs its services or any other third parties regarding any agreement you enter into with the Wallet provider or other third party. We do not control the privacy and security of any of your information that may be held by the Wallet provider. Any information held by the Wallet provider is governed by the privacy policy given to you by the Wallet provider. If you have location services enabled on your mobile device, the location of your mobile device may be collected and shared by the Wallet provider in accordance with their respective data and privacy policies, including with us. If you request to add your Found Card to a Wallet, you authorize us to collect, transmit, store, use, and share information about you, your mobile device, and your use of the Found Card in accordance with our privacy policy, as amended from time to time.

If you use a Wallet, you should protect your Wallet and your mobile device as you would your Found Card. If your Wallet or mobile device is compromised, lost, or stolen, you should also consider your Found Card lost or stolen and notify us immediately. If you have any questions, disputes, or complaints about a Wallet, contact the Wallet provider using the information given to you by the provider.

TO THE MAXIMUM EXTENT PERMITTED BY LAW, UNDER NO CIRCUMSTANCES AND UNDER NO LEGAL THEORY ARE WE LIABLE FOR ANY LOSSES OR DAMAGES RESULTING FROM YOUR USE OF A WALLET, YOUR USE OF THE Found CARD OR VIRTUAL Found CARD IN CONNECTION WITH A WALLET, OR A MOBILE DEVICE.

Fees

You agree to pay all fees and charges applicable to your Account and Found Card. All fee amounts will be withdrawn from your Account and will be assessed as long as your Account is open, except where prohibited by law. Any time your remaining balance is less than the fee amount being assessed, the balance of your Account will be applied to the fee amount resulting in a zero balance on your Account. Fees are subject to change at any time. We will provide you advance notice of any changes where required by law. Found may charge you fees separate and apart from the fees set forth herein. Please refer to any agreement you may have with Found for additional information on such fees. LendingClub Bank, N.A. is not responsible for any fees charged by Found for its services.

The ATM operator or other third party may charge you a fee. You may also be charged fees for transactions, including balance inquiries, by the out-of-network ATM operator even if you do not complete a withdrawal. Such fees will be charged to your Account by the ATM operator, and we do not control these third-party fees. We will reimburse you for the fees associated with the first two out-of-network ATM withdrawals each year.

Dispute Resolution

This Dispute Resolution provision (this “Dispute Resolution Provision”) sets forth the circumstances and procedures under which Claims (as defined below) shall be arbitrated instead of litigated in court upon the election of either party. Neither you nor we will have the right to: (1) have a court or a jury decide the dispute; (2) engage in information-gathering (discovery) to the same extent as in court; (3) participate in a class action in court or in class arbitration; or (4) join or consolidate a claim with claims of any other persons. Arbitration procedures are simpler and more limited than rules applicable in court. The decision of the arbitrator is final and binding.

As used in this Dispute Resolution Provision, the term “Claim” means any claim, dispute, or controversy between you and LendingClub Bank, N.A., Found, or any of their agents or retailers, arising from or relating to the Found Card, Account, or this Agreement as well as any related or prior agreement that you may have had with us or the relationships resulting from this Agreement, including the validity, enforceability or scope of this Dispute Resolution Provision or the Agreement. “Claim” includes claims of every kind and nature, including but not limited to initial claims, counterclaims, cross-claims and third-party claims and claims based upon contract, tort, fraud and other intentional torts, statutes, regulations, common law and equity. The term “Claim” is to be given the broadest possible meaning that will be enforced and includes, by way of example and without limitation, any claim, dispute or controversy that arises from or relates to (i) your Found Card or Account, or the Found Card of any additional cardholders designated by you; (ii) the amount of available funds in the Account; (iii) advertisements, promotions or oral or written statements related to the Account, goods or services purchased with the Found Card; (iv) the benefits and services related to the Account; and/or (v) your enrollment for any Found Card. We shall not elect to use arbitration under the Dispute Resolution Provision for any Claim that you properly file and pursue in a small claims court of your state or municipality so long as the Claim is individual and pending only in that court; any appeals from that court shall be pursued only in arbitration. As used in this Dispute Resolution Provision, the terms “we” and “us” shall for all purposes mean the LendingClub Bank, N.A., Found, their respective wholly or majority owned subsidiaries, affiliates, licensees, predecessors, successors, and assigns, and all of their agents, employees, directors and representatives. In addition, “we” or “us” shall include any third party using or providing any product, service or benefit in connection with any Account (including, but not limited to merchants who accept the Found Card, third parties who use or provide services, debt collectors and all of their agents, employees, directors and representatives) if, and only if, such third party is named as a co-party with us (or files a Claim with or against us) in connection with a Claim asserted by you. As solely used in this Dispute Resolution Provision, the terms “you” or “yours” shall mean all persons or entities approved by us to have and/or use an Found Card, including but not limited to all persons or entities contractually obligated under any of the Agreements and all additional cardholders. “Claim” shall not include any services provided by Found pursuant to its terms of service, and any dispute related to the Found terms of service or services provided thereunder are to be governed by the Found terms of service.

NEITHER YOU NOR WE SHALL BE ENTITLED TO JOIN OR CONSOLIDATE DISPUTES BY OR AGAINST OTHERS IN ANY COURT ACTION OR ARBITRATION, OR TO INCLUDE IN ANY COURT ACTION OR ARBITRATION ANY DISPUTE AS A REPRESENTATIVE OR MEMBER OF A CLASS, OR TO ACT IN ANY ARBITRATION IN THE INTEREST OF THE GENERAL PUBLIC OR IN A PRIVATE ATTORNEY GENERAL CAPACITY, UNLESS THOSE PERSONS ARE BENEFICIARIES ON YOUR ACCOUNT. THIS IS SO WHETHER OR NOT THE CLAIM HAS BEEN ASSIGNED. FURTHER, NEITHER YOU NOR WE SHALL HAVE THE RIGHT TO LITIGATE A CLAIM IN COURT, SUBJECT TO THE SECTION TITLED EXCLUDED CLAIMS, OR HAVE A JURY TRIAL ON A CLAIM, OR TO ENGAGE IN DISCOVERY, EXCEPT AS PROVIDED FOR IN THE CODE OF PROCEDURES OF JAMS OR AAA.

Any Claim shall be resolved, upon the election by you or us, by arbitration pursuant to this Dispute Resolution Provision and the code of procedures of the national arbitration organization to which the Claim is referred in effect at the time the Claim is filed. Claims shall be referred to either Judicial Arbitration and Mediation Services (“JAMS”) or the American Arbitration Association (“AAA”), as selected by the party electing to use arbitration. If a selection by us of one of these organizations is unacceptable to you, you shall have the right within thirty (30) days after you receive notice of our election to select the other organization listed to serve as arbitrator administrator. For a copy of the procedures, to file a Claim or for other information about these organizations, contact them as follows: (i) JAMS at 1920 Main Street, Suite 300, Los Angeles, CA 92614; website at www.jamsadr.com; and (ii) AAA at 335 Madison Avenue, New York, NY 10017; website at www.adr.org.

If either party elects to resolve a Claim by arbitration, that Claim shall be arbitrated on an individual basis. There shall be no right or authority for any Claims to be arbitrated on a class action basis or on bases involving Claims brought in a purported representative capacity on behalf of the general public, other account holders or other persons similarly situated. The arbitrator’s authority to resolve Claims is limited to Claims between you and us alone, and the arbitrator’s authority to make awards is limited to you and us alone. Furthermore, Claims brought by you against us or by us against you may not be joined or consolidated in arbitration with Claims brought by or against someone other than you, unless otherwise agreed to in writing by all parties.

Any arbitration hearing that you attend shall take place in the federal judicial district of your residence. At your written request, we will consider in good faith making a temporary advance of all or part of the filing administrative and/or hearing fees for any Claim you initiate as to which you or we seek arbitration. At the conclusion of the arbitration (or any appeal thereof), the arbitrator (or panel) will decide who will ultimately be responsible for paying the filing, administrative and/or hearing fees in connection with the arbitration (or appeal). If and to the extent you incur filing, administrative and/or hearing fees in arbitration, including for any appeal, exceeding the amount they would have been if the Claim had been brought in the state or federal court which is closest to your billing address and would have had jurisdiction over the Claim, we will reimburse you to that extent unless the arbitrator (or panel) determines that the fees were incurred without any substantial justification.

This Dispute Resolution Provision is made pursuant to a transaction involving interstate commerce, and shall be governed by the Federal Arbitration Act, 9 U.S.C. Sections 1-16, as it may be amended (the “FAA”). The arbitration shall be governed by the applicable Code, except that (to the extent enforceable under the FAA) this Dispute Resolution Provision shall control if it is inconsistent with the applicable Code. The arbitrator shall apply applicable substantive law consistent with the FAA and applicable statutes of limitations and shall honor claims of privilege recognized at law and, at the timely request of either party, shall provide a brief written explanation of the basis for the decision. In conducting the arbitration proceeding, the arbitrator shall not apply the Federal or any state rules of civil procedure or rules of evidence. Either party may submit a request to the arbitrator to expand the scope of discovery allowable under the applicable Code. The party submitting such a request must provide a copy to the other party, who may submit objections to the arbitrator with a copy of the objections provided to the request party, within fifteen (15) days of receiving the requesting party’s notice. The granting or denial of such request will be in the sole discretion of the arbitrator who shall notify the parties of his/her decision within twenty (20) days of the objecting party’s submission. The arbitrator shall take reasonable steps to preserve the privacy of individuals, and of business matters. Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction. The arbitrator’s decision will be final and binding, except for any right of appeal provided by the FAA. However, any party can appeal that award to a three-arbitrator panel administered by the same arbitration organization, which shall consider anew any aspect of the initial award objected to by the appealing party. The appealing party shall have thirty (30) days from the date of entry of the written arbitration award to notify the arbitration organization that it is exercising the right of appeal. The appeal shall be filed with the arbitration organization in the form of a dated writing. The arbitration organization will then notify the other party that the award has been appealed. The arbitration organization will appoint a three-arbitrator panel which will conduct arbitration pursuant to its Code and issue its decision within one hundred twenty (120) days of the date of the appellant’s written notice. The decision of the panel shall be by majority vote and shall be final and binding.

This Dispute Resolution Provision shall survive termination of your Account, this Agreement and any bankruptcy by you or us. If any portion of this Dispute Resolution Provision is deemed invalid or unenforceable under any principle or provision of law or equity, consistent with the FAA, it shall not invalidate the remaining portions of this Dispute Resolution Provision, this Agreement or any prior agreement you may have had with us, each of which shall be enforceable regardless of such invalidity.

Electronic Fund Transfers

  1. Your Rights and Responsibilities

Your Account and Found Card allow 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 ATM withdrawals. This section provides you with information and important disclosures and terms about the EFTs that are permitted on your Account or in connection with your Found Card. You may also receive additional services from Found, such as the ability to request EFTs to and from your Account through the Mobile App. Found is solely liable and responsible for the Mobile App and related services. Please refer to Found’s terms of service for additional terms and disclosures applicable to those services.

  1. Types of ETFS Supported

    • Indicated below are types of Electronic Fund Transfers we are capable of handling in connection with your Account. Please read this disclosure carefully because it tells you your rights and obligations for the transactions listed. You should keep this notice for future reference.

      • Electronic Fund Transfers Initiated By Third Parties. You may authorize a third party to initiate electronic fund transfers between your Account and the third party’s account. These transfers to make or receive payment may be one-time occurrences or may recur as directed by you. These transfers may use the Automated Clearing House(ACH) or other payments network. Your authorization to the third party to make these transfers can occur in a number of ways. A third may initiate electronic fund transfers with your Account number and bank information. Thus, you should only provide your bank and Account information (whether over the phone, the Internet, or via some other method) to trusted third parties whom you have authorized to initiate these electronic fund transfers.

      • Preauthorized credits. You may make arrangements for certain direct deposits to be accepted into your Account.

      • Preauthorized payments. You may make arrangements to pay certain recurring bills from your Account.

      • Found Card. You may make purchases or other transactions using your Found Card at merchants that have agreed to accept the Found Card.

      • ATM Withdrawals. You may make ATM withdrawals using your Found Card.

      • Transfers to or from Linked Accounts. You may transfer to or from your Account to a linked bank account through the Mobile App.

  2. Limitations on ETFs

    • 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 the section titled “Deposits” above. For limits that apply to transactions that debit or withdraw from your Account, please refer to the section titled “Withdrawals” above. These limits are designed to be flexible in order to protect the security and integrity of the service and accounts, including protecting you and all other users of the service. These limitations may be based on confidential fraud and risk criteria that are essential to our management of risk and the protection of you and the integrity of the service and may be modified at our sole discretion without advance notice.

    • In addition to those limitations on transfers elsewhere described, if any, the following limitations apply:

      • For security reasons, there are other limits on the number of transfers you can make by ATM.

      • For security reasons, there are other limits on the number of transfers you can make by Found Card.

      • For security reasons, there are other limits on the number of transfers you can make by the Mobile App.

  3. Fees

Please refer to the section titled “Fees” above for information on electronic fund transfers or direct deposits to or from the Account.

  1. Documentation

    • Terminal transfers. You can get a receipt at the time you make a transfer to or from your Account using an automated teller machine or point-of-sale terminal. However, you may not get a receipt if the amount of the transfer is $15 or less.

    • Preauthorized credits. If you have arranged to have direct deposits made to your Account at least once every 60 days from the same person or company, you can contact us using our Mobile App or by email at help@found.com to find out whether or not the deposit has been made or you can check if the deposit has been made by reviewing your transaction history in the Mobile App.

    • Statements: We will provide you information about each transaction that debits or credits your Account on your statements. Please refer to the section titled “Statement” for information about statements. You may also view your transaction history at any time through the Mobile App.

  2. Preauthorized Payments

    • Right to stop payment and procedure for doing so. If you have told us in advance to make regular payments out of your Account, you can stop any of these payments. Here is how: email us at help@found.com in time for us to receive your request three business days or more before the payment is scheduled to be made. Make sure to provide us with (1) your name, (2) your Account number, (3) the company or person taking the payments, and (4) the date and amount of the scheduled payment 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.

    • Notice of varying amounts. If these regular payments may vary in amount, the person you are going to pay will tell you, 10 days before each payment, when it will be made and how much it will be. You may choose instead to get this notice only when the payment would differ by more than a certain amount from the previous payment, or when the amount would fall outside certain limits that you set.

    • Liability for failure to stop payment of preauthorized transfer. If you order us to stop one of these payments three business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.

  3. Liability for Unauthorized Transfers

    • The Bank’s security procedures are not designed for the detection of errors (e.g. duplicate payments or errors contained in Customer instructions). We will not be obligated to detect errors made by Customer, Authorized Signers, or others, even if certain actions are taken from time to time to do so. It is Customer’s responsibility to notify Found immediately at help@found.com upon belief that any security information (such as user IDs, passwords, or other credentials) has been lost, stolen or otherwise made available to an unauthorized person, or that someone has viewed, downloaded, or deleted electronic records from the Account without Customer’s permission, or if Customer or an Authorized Signer suspects any fraudulent or unauthorized activity (including errors) on the Account. Customer further agrees to comply with all notification requirements described in this Agreement. Customer’s liability for any unauthorized transactions (including errors) will be determined based on the terms described in this Agreement. Customer agrees to promptly repay any amount erroneously credited to the Account.

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Banking services are provided by LendingClub Bank, N.A., Member FDIC.