Deposit Incentive Terms

Last Updated: June 6, 2023

Welcome to the Found Deposit Incentive Program!

These Found Deposit Incentive Program Terms (these “Deposit Incentive Terms”) govern your (“you”) participation, access, and use of the Found Deposit Incentive Program (“Deposit Incentive Program”) and are incorporated into the Found Terms of Service between Found and you. 

For the purposes of these Deposit Incentive Terms, the Found Terms of Service, the Found Privacy Policy and any other terms and policies referenced in those documents are referred to together, as the “Found Terms”. For the purposes of these Deposit Incentive Terms, “Found”, “we”, or “us” refers to Found.

We urge you to carefully read these Deposit Incentive Terms and the Found Terms as they govern your participation in the Deposit Incentive Program and constitute a legally binding agreement between you and Found. Capitalized terms used in these Deposit Incentive Terms without definition shall have the meanings ascribed to them in the Found Terms. THIS IS A PROMOTIONAL PROGRAM BASED ON YOUR ABILITY TO RECEIVE ELIGIBLE DEPOSITS (DEFINED BELOW). IF THERE IS ANY CONFLICT BETWEEN THESE DEPOSIT INCENTIVE TERMS AND THE FOUND TERMS, THESE DEPOSIT INCENTIVE TERMS SHALL GOVERN WITH RESPECT TO THE DEPOSIT INCENTIVE  PROGRAM ONLY, AND THE FOUND TERMS SHALL GOVERN IN ALL OTHER MATTERS.

Found is not a bank. Found provides you with access to products and services provided by third parties, including Piermont Bank, Member FDIC, (“Sponsor Bank”) that offers Found-branded banking products and services. Some services related to these Deposit Incentive Terms may be provided by Sponsor Bank.

1. Acceptance of Terms
   If you are eligible for participation in the Deposit Incentive Program, there is no need to enroll in the Deposit Incentive Program. However, by participating in the Deposit Incentive Program or receiving an Eligible Deposit, you acknowledge that your participation in the Deposit Incentive Program is subject at all times to the Found Terms, including these Deposit Incentive Terms, and you agree to be bound by them. If you do not accept these Deposit Incentive Terms in their entirety, you may not participate in the Deposit Incentive Program.
   

2. Deposit Incentive Program Overview
   The Deposit Incentive Program enables you to earn cash (a “Deposit Incentive”) for having and maintaining a certain amount Eligible Deposits in your Found Account. Your Found Account remains subject to the Piermont Business Account and Mastercard Terms.
   

3. Modification or Changes to Deposit Incentive Terms or Deposit Incentive Program; Cancellation
   The Deposit Incentive Program, these Deposit Incentive Terms, and any aspect thereof are subject to change or cancellation by Found at any time, with or without advance notice to you. Found may amend or update these Deposit Incentive Terms at any time by posting a revised version here or through other communications. By continuing to participate in the Deposit Incentive Program after such changes, you are indicating that you accept modifications or changes to the Deposit Incentive Program.
   

4. Eligibility
   You may only participate in the Deposit Incentive Program if you are:

   1. A Found user with a Found Account in good standing for the duration of your participation in this Deposit Incentive Program;

   2. Not in violation of any international, national, state, or local law or regulation as applicable to your eligibility to participate in the Deposit Incentive Program in whole or in part; and

   3. In compliance with the Found Terms, including without limitation these Deposit Incentive Terms. 

   
   We have sole direction to determine if you are eligible to participate in the Deposit Incentive Program and may suspend, restrict, or otherwise terminate your access to the Deposit Incentive Program at any time.

5. Earning a Deposit Incentive 

   1. Deposits. 

      1. Eligible Deposits: An “Eligible Deposit” is any electronic transfer into Found Account from an external ACH, your Found Mastercard® (“Found Card”), a wire transfer, or another Found user. 

      2. Ineligible Deposits: Notwithstanding Section 5(a)(i), any of the following (collectively, “Ineligible Deposits”) are not Eligible Transactions and will not count towards your earning of a Deposit Incentive: (1) any transfers or payments from payment apps and money transfer services including but not limited to Venmo, Cash App, or any other digital wallet provider, (2) any deposit from a brokerage or crypto wallets, (3) any deposit from gambling providers or sportsbooks, (4) any deposit from a lender or cash advance provider, (5) any deposit method that does not fall with the definition of an Eligible Deposit (e.g., deposits from checks, cash deposits, internal ACH (e.g., Plaid), or external non-Found debit card), (6) any deposit that is cancelled, disputed, reversed, or otherwise rejected for any reason, and (7) any deposit that in Found’s discretion is in violation of these Deposit Incentive Terms, fraudulent, or misleading. Found retains the right to update or revise the types of deposits that constitute Ineligible Deposits at any time.

   2. Deposit Incentive Criteria. In order to earn a Deposit Incentive, you must (i) meet, or exceed, the Eligible Deposit Threshold, and (ii) maintain at least the Minimum Daily Average Balance (the “Deposit Incentive Criteria”). The “Eligible Deposit Threshold” is the minimum balance of Eligible Deposits that must be deposited into your Found Account, as disclosed to you within the App. Upon meeting the Eligible Deposit Threshold, the average amount of Eligible Deposits held in your Found Account as calculated by Found at the end of each day (your “Minimum Daily Average Balance”) must be greater than the Eligible Deposit Threshold. Within the App, you may be provided additional details regarding the Deposit Incentive Criteria which may include (a) the period of time with which you have to meet the Eligible Deposit Threshold after opening your Found Account; (b) the period of time for which you must maintain the Minimum Daily Average Balance to earn a Deposit Incentive; (c) the amount of the Deposit Incentive that may be earned; or (d) other terms as provided by Found.

   3. Timing. Upon meeting the Deposit Incentive Criteria, Found will provide a Deposit Incentive into your Found Account within fourteen (14) days. Please ensure that your Found Account is in good standing and not dormant, cancelled, or closed to allow us to deposit any applicable Deposit Incentive to your Found Account. We may delay disbursing Deposit Incentive for a variety of factors, including without limitation: (i) the number of Deposit Incentives we need to process; (ii) the completeness of any additional documentation we may request to process the Deposit Incentive; and (iii) other circumstances that may delay disbursements.

   4. Disclaimer. Found is not responsible for attempted deposits that are not successful for any reason. There are no restrictions on the number of qualified Eligible Deposits you can make in accordance with these Deposit Incentive Terms. Found’s team will aim to review Eligible Deposits on a regular basis. Found retains sole discretion in determining which Eligible Deposits are qualified according to these Deposit Incentive Terms.

   5. Discrepancies. You must notify us using through the App or the “Contact Us” information below of any discrepancies in your Found Account regarding Eligible Deposits within thirty (30) days of the activity date.

   6. Restrictions. 

      1. WE MAY IMPOSE RESTRICTIONS AND LIMITATIONS ON ELIGIBILITY FOR THIS PROGRAM INCLUDING ANY OF THE RESTRICTIONS DESCRIBED HEREIN. 

      2. Your Deposit Incentive cannot be combined, accrued or transferred from multiple Found Accounts (including those of family members) or other sources into a single Found Account.

      3. The granting of any Deposit Incentive as part of the Deposit Incentive Program is within Found’s sole discretion and all decisions related to the Deposit Incentive Program are final and non-appealable. We may delay, suspend, or restrict any Deposit Incentive if we reasonably determine that such action is necessary to comply with applicable law or our internal compliance standards.
         

6. Use Restrictions and Violations
   You agree that you will not violate any use restriction contained in the Found Terms in connection with your participation in the Deposit Incentive Program. If you violate the Found Terms or these Deposit Incentive Terms, you may be prohibited from participating in the Deposit Incentive Program and future Found programs, and any Eligible Deposits  you have provided may be deemed to be ineligible for a Deposit Incentive.
   

7. Tax Information
   You understand that you are responsible for determining and obtaining appropriate tax treatment for any Deposit Incentive you receive, and you are solely responsible for any taxes arising from or related to any Deposit Incentive you receive as a result of participating in any Deposit Incentive Program. By participating in any Deposit Incentive Program, you hereby release and indemnify Found from any liability for any such taxes. Found will not report any income or earnings related to Deposit Incentive to a taxing authority, except where expressly required by law. We may require you to provide certain tax information in order for you to participate in a Deposit Incentive Program. Failure to provide Found with accurate or properly completed tax forms may result in the withholding of tax on Deposit Incentives made by Found or your ineligibility to participate in the Deposit Incentive Program or Deposit Incentives. 
   

8. Termination
   Found shall have the right, at its sole discretion, to terminate this Deposit Incentive Program immediately with or without cause upon written notice to you. In addition, these Deposit Incentive Terms and the Deposit Incentive Program shall terminate automatically upon any termination of the Found Terms between you and Found. Any Deposit Incentive earned prior to such termination will be paid to you as detailed herein. 
   

9. Miscellaneous
   Found’s failure to enforce any right or provision of these Deposit Incentive Terms will not be considered a waiver of such right or provision. The waiver of any such right or provision will be effective only if in writing and signed by a duly authorized representative of Found. Except as expressly set forth in these Deposit Incentive Terms, the exercise by either party of any of its remedies under these Deposit Incentive Terms will be without prejudice to its other remedies under these Deposit Incentive Terms or otherwise.