Last Updated: July 6, 2023
TERMS AND CONDITIONS FOR YOUR BUSINESS ACCOUNT AND CARD
IMPORTANT ACCOUNT INFORMATION - PLEASE READ
AS SET FORTH BELOW, ANY CLAIM, DISPUTE, OR CONTROVERSY OF WHATEVER NATURE ARISING OUT OF OR RELATING TO THIS AGREEMENT WILL 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.
These Terms and Conditions, along with any other documents referenced herein as applicable to your business deposit account (“Account”) and your Found Mastercard® (the “Card”) (collectively, the “Agreement”), are a contract between you, Indie Technologies, Inc. (dba Found) (“Found”) and Piermont Bank, Member FDIC (the “Bank”), that establishes rules that control your Account and the Card. Banking services associated with the Account and the Card are provided by the Bank. The Bank is a FDIC-insured member institution. Found is not a bank and your Account is established and maintained by the Bank in coordination with Found through Found’s offerings. You acknowledge and agree that the value available to spend via the Card is limited to the funds that are available in your Account.
“You” and “your” means the Account holder or the person who, acting on behalf of the Account holder, receives the Card and is authorized to use it as provided in this Agreement. “We,” “us,” and “our” mean collectively the Bank, Found, and our respective successors, affiliates, assignees and third-party service providers. Found is the program manager for the Card program. Any references to “days” found in this Agreement are calendar days unless indicated otherwise.
The Account is accessed through the Mobile App. You are responsible for providing Found with a correct and operational email address. You must promptly notify Found of any change to your email or postal mailing address, or if you are 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 your inability to access Account information through the Mobile App due to a failure to promptly notify the Bank or Found of a change to your email or postal mailing address. Neither the Bank nor Found is responsible for any costs you incur 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 the 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 the Card, the separate terms and conditions applicable to that service or product will govern.
Consent to the Terms of this Agreement
When submitting an Account application or by using the banking services provided by the Bank, you agree to this Agreement, including the fee schedule incorporated by reference in the section titled “Fees”. Continued use of the Account means your ongoing agreement to this Agreement. By continuing to use the Account, you further agree to pay fees due and outstanding associated with the Account, including giving us the right to collect such fees directly from the Account balance as set forth in the section titled “Setoff”. You are responsible for the accuracy and completeness of all information supplied to Bank and Found in connection with the Account and/or its services. This Agreement and the deposit relationship do not create a fiduciary relationship between you and the Bank or Found.
Amendments and Modifications
This Agreement may be amended or changed at any time by posting the amended documents (including this Agreement) on the Mobile App, and any such amendment will be effective upon such posting to the Mobile App. The current Agreement is available at www.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 or the term of your Account is changed, the updated version and/or term supersedes all prior versions and will govern the Account. Your continued maintenance or use of the Account after the change will be deemed acceptance of any change and you will be bound by it. If you do not agree with a change, you may close the Account and return or destroy the Card as provided in this Agreement. Your termination of this Agreement does not affect any of our rights or your obligations arising under this Agreement prior to such termination.
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 non-interest-bearing business deposit account used to hold your deposits and make payments and transfers to other accounts at other banks and to third parties online through the Mobile App and through the use of the Card. The Account is a subaccount of an omnibus account held at the Bank in the Bank’s name for your benefit. The structure of your Account as a subaccount does not impact the terms and conditions of your Account as set forth in this Agreement or your Account’s eligibility for federal deposit insurance protection. You authorize us to transfer funds between your subaccount and the omnibus account as necessary to provide the services set forth in this Agreement.
The Card is to be used for business point-of-sale, debit card and Automated Teller Machine (ATM) transactions only. The Card may not be used for personal purposes. You acknowledge and understand that the Card will not be treated as a consumer card under the provisions of state and federal law. The Card and your Account may be closed if it is determined the Card is being used for anything other than business purposes. We may refuse to process any transaction that is believed may violate the terms of this Agreement, the Found Terms of Service, or any other agreements between you and Found. You will not have the benefit of any consumer law limiting liability with respect to the unauthorized use of your Card. Separate terms and conditions apply to the Mobile App and services offered by Found. Please refer to the Found Terms of Service.
Opening the Account
To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an Account. When you open an Account, the information we request may vary depending on the circumstances, but at a minimum, we may ask for your name, address, date of birth, taxpayer ID number, social security number, and other information that will allow us to identify you. 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 your identity or authenticity to our satisfaction, we may not open the Account. We may not issue a Card or provide access to the Account if your identity cannot be validated.
If you falsify, misrepresent, or fail to provide requested information, we may refuse to approve your request for the Card, cancel any of your previously issued Card(s), and/or restrict and/or close your Card or Account.
Compliance with Laws and Regulations
You agree to comply with all laws applicable to this Agreement, including regulations or ordinances, and orders. The payee name on any direct deposit(s) or ACH credit(s) we receive must match your name. You must not use your Account or the 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, however, transactions in the Account and made using the Card are subject to review and can be delayed or frozen if we identify an issue. Such delay or freezing of your Account and/or Card may impact your Account balance. 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. In addition, such funds may potentially be subject to investigation by one or more federal law enforcement agencies.
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, as program manager for the Card program, 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.
You may be able to add authorized users to the Card provided they are approved by Bank and satisfy the Bank’s BSA/AML compliance requirements. When you add someone as an authorized user, that person has permission to make purchases on your Account. You can add authorized users using the Mobile App or by contacting [email protected]. Authorized users typically get a Card with their name on it, and their purchases show up on your Account statement.
You understand that adding an authorized user to your Account means you are responsible for the transactions they conduct. As principal cardholder and Account holder, you are the only one legally liable any purchases made on the Account. Any agreement you may have with the authorized user for reimbursement does not affect your liability. It is your Account and your responsibility.
You can cancel an authorized user’s Card and remove them using the Mobile App or by contacting [email protected]. Removing an authorized user does not cancel the purchases they made using the Card prior to their removal.
Closing the Account
You agree to immediately notify Found if you want to close your Account and terminate your rights as a cardholder. You may close the Account by sending an email to [email protected]. After the Account is closed, we have no obligation to accept deposits or pay outstanding items but may do so at our discretion. You agree 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. The Card remains the property of the Bank and must be surrendered to the Bank upon demand.
Our business days are Monday through Friday, excluding federal holidays, even if we are open.
The Account is available to United States citizens or lawful permanent residents of the fifty (50) United States (“U.S.”) or the District of Columbia who are at least eighteen (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 pursuant to the Consent to Receive Electronic Disclosures. We may decline to open an Account or issue a 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 the Bank 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.
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 via email sent to [email protected], 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.
By providing your phone number(s), you give us permission to contact you by voice call or via text message (SMS), by using an autodialing system and/or by using prerecorded voice. You do not need to agree to receive these calls or texts in order to receive our services or products. You may opt out of receiving autodialed or prerecorded calls or texts. Should you provide a phone number for which you are not the subscriber, you understand and agree that you will indemnify us for any and all costs and expenses incurred as a result of us trying to contact at that number. Costs and expenses include reasonable attorney's fees. We may monitor and record calls for training and quality assurance purposes.
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.
Account Transfer and Assignment
This Account and your 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 may transfer our rights under this Agreement.
We may close your Account at any time upon reasonable notice to you and tender the Account balance by mail or transfer to the 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 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. We may also close your Account if the Found Terms of Service or another agreement you have with Found is terminated for any reason.
Unlawful Internet Gambling Notice
Restricted transactions as defined in Federal Reserve Regulation GG are prohibited from being processed through this Account and the Card. 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.
State escheat and 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.
Funds deposited to your Account by electronic funds transfer (absent exceptional circumstances or certain larger deposits) are usually available on the same business day the deposit is received by the Bank. For determining the availability of your deposits, every day is a business day except Saturdays, Sundays, and federal holidays. Electronic transfers initiated through the Mobile 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.
You acknowledge that items transmitted to your Account using the Check Deposit Services (as defined below) are not subject to the funds availability rules contained in Regulation CC. Funds deposited using the Check Deposit Services will ordinarily be made available to you for withdrawal within five (5) business days after the day you make your deposit. See the Cutoff Times for Deposits Using the Check Deposit Services below for information concerning how we determine the day your deposit is made. We may make such funds available sooner based on the length and extent of your relationship with us, transaction and experience information, and other security and risk-related factors as we, in our sole discretion, deem relevant.
You are liable for any negative Account balance and Account shortage resulting from charges or overdrafts, whether caused by you or another person with access to this Account or the 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 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 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.
You will be liable for our costs as well as for our reasonable attorneys’ fees, to the extent permitted by law, incurred on behalf of or arising out of the Accounts with respect to fraud or identity theft. All costs and attorneys’ fees can be deducted from your Account when they are incurred, without notice to you.
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 make deposit with us via the following deposit methods:
Direct Deposit (via ACH)
ACH transfer to your Account from an external account using the Mobile App
Mobile check deposit using the Mobile App
You may link a deposit account you have at another bank (“Linked Account”) to your Account in order to transfer funds between the Linked 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 Account, including any other owner of the Linked Account. You may only link a bank account that is a deposit account, such as a checking, savings or money market account.
We do not accept:
In-person deposits of personal checks or cashier’s checks
Money orders, foreign currency or cash
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.
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. See the section below titled “Withdrawals” for more information about what occurs if the Account has a negative balance.
Mobile Check Deposit Services
General. As defined in the Check Clearing for the 21st Century Act (“Check 21”), a “check” is a draft, payable on demand and drawn on or payable through or at an office of a bank, whether or not negotiable, that is handled for forward collection or return, including substitute checks. You can only deposit checks into the Account using the mobile check deposit services (the “Check Deposit Services,” as further described herein) and in accordance with the terms of this Agreement.
Substitute Checks and Your Rights. Federal rules for Check 21 allow banks to replace original checks with “substitute checks,” as defined in Check 21. Below are the details and your rights related to substitute checks:
To make check processing faster, federal law permits banks to replace original checks with “substitute checks.” These checks are similar in size to original checks with a slightly reduced image of the front and back of the original check. The front of a substitute check states: “This is a legal copy of your check. You can use it the same way you would use the original check.” You may use a substitute check as proof of payment just like the original check.
Some or all of the checks that you receive back from us may be substitute checks. This notice describes the rights you have when you receive substitute checks from us. The rights in this notice do not apply to original checks or to electronic debits to your Account. However, you have rights under other laws with respect to those transactions.
Mobile Check Deposit Services. The Check Deposit Services allow you to make deposits to your Account by photographing checks and delivering the images and associated deposit information to us or our designated processor through the Mobile App. By using the Check Deposit Services, you agree to comply with all applicable laws and regulations that apply to remote deposit check capture processing.
Eligibility to Use the Check Deposit Services. Account Holders adhering to all requirements described herein and/or in the Mobile App may be eligible to use the Check Deposit Services. Not all Accounts are eligible for the Check Deposit Services. We may terminate your use of the Check Deposit Services at any time at our sole discretion. You may also stop using the Check Deposit Services at any time. However, any images or information transmitted through your use of the Check Deposit Services will continue to be subject to this Agreement after termination. We may change our eligibility criteria at any time with or without notice to you. To use the Check Deposit Services, you must: (i) have an internet-enabled iOS or Android device with a camera, (ii) have an active Account, (iii) have downloaded our latest version of the Mobile App containing the Check Deposit Services functionality, and (iv) meet our eligibility requirements based on your Account balance, the duration that your Account has been open and in good standing, and your Card spend. We may also restrict your eligibility for suspicious activity or fraud prevention purposes.
Eligible Items. You agree that the only images you will scan or capture and deposit (“transmit”) to your Account through use of the Check Deposit Services will be Eligible Items. “Eligible Items” include paper items that are defined as “checks” or “certified checks” under Federal Reserve Regulation CC and other paper items not otherwise prohibited by this Agreement. You agree that images deemed to be Ineligible Items (as defined below) may not be transmitted to your Account and will be rejected by us. You further agree that the image of the Eligible Item transmitted to us will be deemed an “item” within the meaning adopted in the Uniform Commercial Code of the State of New York.
Ineligible Items. You agree you will not use the Check Deposit Services to scan or deposit images of items that:
are not payable in United States currency;
are not drawn on a financial institution located in the United States;
are payable to someone other than you;
are money orders, savings bonds, or traveler’s checks;
are checks authorized over the telephone and created remotely;
are images of a check that never existed in paper form;
must be authorized or activated by us prior to being deposited;
have already been deposited by or returned to you;
are not legible or do not conform to our standards, as determined in our sole discretion;
are fraudulent, not authorized, suspicious, or not likely to be honored;
are not dated, are post-dated, or are more than six (6) months old when transmitted;
do not comply with the requirements established from time to time by any applicable statute, regulation, regulatory agency, clearing house, or association;
we deem to be Ineligible Items herein or at any other time, with or without prior notice to you;
do not comply with the requirements of this Agreement; or
do not meet the Technical Requirements described below.
These items, collectively, are “Ineligible Items” under this Agreement, and they are not eligible for deposit into your Account via the Check Deposit Services.
Image Capture, Transmission, Processing, and Payment. All images you transmit to us using the Check Deposit Services must comply with the technical requirements we may specify from time to time (the “Technical Requirements”). You are responsible for all expenses you incur to meet the Technical Requirements. We reserve the right to change the Technical Requirements at any time without prior notice.
You are responsible for reviewing and validating the accuracy and completeness of any information you transmit to us, including the amount indicated on the item and the legibility of the image transmitted. You will only submit check images that meet our quality standards. You will not transmit an image or images of the same check to us more than once and will not deposit or negotiate, or seek to deposit or negotiate, such check or item with us or any other party.
You will be solely responsible for ensuring the quality, accuracy and completeness of the images you transmit using the Check Deposit Services. You will be solely responsible for the selection, use and operation of the mobile device you use to transmit images.
We can attempt to process, collect, present for payment, return or re-present images you attempt to transmit in any way we choose that is allowed by law.
We can also reject any transmission for any reason at our option and without liability. An image will be deemed received when you receive a confirmation from us that we have received the image. Receipt of such confirmation does not mean that the transmission was an Eligible Item or accepted.
If an image does not meet our requirements, we can also at our option:
process the image as received for payment;
correct the image or its accompanying data and process the corrected image for payment;
process the deposit for payment in another format as allowed; or
debit (chargeback) your Account for the amount indicated in the image.
Successfully transmitting an image to us does not mean that your transmission and deposit are complete. All of your images are subject to our further verification prior to being accepted for deposit and payment. Do not destroy the item transmitted as an image until you see the full deposit amount posted when you view your transaction history in the Mobile App.
Limits for the Check Deposit Services. There may be limitations on the frequency and amount of transactions you can make using the Check Deposit Services, and we may change these limits at our sole discretion. If you attempt to initiate a deposit in excess of the limits we have set forth, we may reject your deposit.
Required Endorsements on Items You Deposit and Managing the Original Item. When you transmit an image to us, you will still have possession of the original item. To prevent an additional submission of the item for payment, you are required to take the following steps:
Before you transmit an image to us, you must endorse the original item being captured for transmission by signing the back of the original item and writing the words “For deposit only at Piermont Bank, N.A.” either above or below your signature.
After you transmit the image to us, you should write the date and the words “Deposited by Check Deposit Services” on the front of the item and keep the original item in a safe place.
Cutoff Times for Deposits Using the Check Deposit Services. If you successfully transmit an image to us before the cutoff time of 3:00 pm ET on a business day that we are open, we will consider that day to be the day of your deposit. After that time or on a day we are not open, we will consider the deposit to be made on the next business day that we are open.
Errors. You agree to notify us of any suspected errors regarding items transmitted through the Check Deposit Services right away, and in no event later than sixty (60) days after the first Account statement on which the error appears is made available to you. Unless you notify us of an error within sixty (60) days after the applicable Account statement is made available to you, all deposits made through the Check Deposit Services that appear on that statement will be deemed correct and we will have no obligation to investigate any claim of error you make.
Chargeback. We can chargeback your Account or any other deposit account you have with us for the amount of any item, its image or any other representation of an item that is:
returned to us; or
is rejected by us for any reason, including when we believe it has been previously submitted or deposited with us or with anyone else.
This is true even if you have made withdrawals against any amount we have credited to your Account for the deposited item that was returned or rejected. We can also charge fees connected to the chargeback as described in your Account Agreement and any other agreements you have with us.
Check Deposit Services Disruption. The Check Deposit Services might not be available from time to time due to maintenance, technical problems or other reasons. We are not responsible if the Check Deposit Services are not available. We cannot assume responsibility for any technical or other difficulties or any resulting damages that you may incur. We reserve the right to change, suspend, discontinue, or limit your use of the Check Deposit Services, in whole or in part, immediately and at any time without prior notice to you.
Right to Use. Your use of the Check Deposit Services is subject to and conditioned upon your complete compliance with this Agreement. Without limiting the restriction of the foregoing, you may not use the Check Deposit Services:
in any anti-competitive manner;
for any purpose which would be contrary to our business interests (as deemed by us in our sole discretion); or
to our actual or potential economic disadvantage in any aspect.
You may not copy, reproduce, distribute, or create derivative works from the content and agree not to reverse engineer or reverse compile any of the technology used to provide the Check Deposit Services.
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 you. If there are not enough funds in the Account at that time, the Account could become overdrawn. See the section below titled “Withdrawals” for more information about what occurs if the Account has a negative balance.
You may withdraw or transfer all or any part of the Account balance at any time, subject to the terms of this Agreement. You may withdraw funds up to the amount of your available balance in your Account by using any of the withdrawal methods 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.
Fees may apply to in-network and out-of-network ATM transactions. Please refer to the section below titled “Fees” for more information and all fees applicable to your Account.
ACH transfer from your Account to a Linked Account using the Mobile App,
ACH transfer to a third party,
ATM withdrawals using your Card,
Purchases or other transaction using your Card at merchants that have agreed to accept the Card, or
Cash-back POS transactions.
We generally 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 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 thirty (30) 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.
Order of Payment
The Bank’s policy is to post and pay Card transactions in the order they are received. The Bank reserves the right to pay Card transactions before other items.
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) 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 Card transaction where the settlement amount is greater than the authorization amount. Your available Account balance is viewable at any time through the Mobile App and may be accessed at any ATM in the United States that displays the Mastercard, Interlink, Maestro or Cirrus acceptance marks, 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. Please see below in the section entitled “ATM and POS Balance Inquiries and Withdrawals” for fees that may apply to your use of ATMs as well as additional information on balance inquiries.
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).
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 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. 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.
If you originate a fund transfer to or from your Account 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 payor 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 via ACH, we are not required to give you any notice of the payment order or credit.
Subject to Customer’s compliance with the terms and conditions of this Agreement, the Bank will cause to be issued bank checks (each, a “Check”) in your name as you may instruct from time to time. The instructions must contain at a minimum the check amount, the full name and address of the payee, and motif of payment. The Check will be delivered to the payee you identified in the instructions and at the address you provided. You are responsible for ensuring the accuracy and completeness of the check instructions. The Bank and Found are not responsible for any incorrect information you provide in your instructions. You may draw a check on your Account the Bank, provided there are available funds on deposit to cover the check amount. Using the Found app, you may order the issuance of a check payable to any person or entity as you may determine from time to time, however, the Bank may reject such request if the Bank determines that the transaction should not allowed under applicable laws or regulations. You understand and agree that once you submit instructions for the issuance of the check, you authorize the Bank to immediately debit the check amount from your Account and hold it in a settlement account to ensure they are good funds to satisfy the check when presented for payment.
You must use the Checks solely for purposes approved by the Bank and consistent with the terms of this Agreement; provided, that the Bank may revise the terms of such use from time to time in its sole discretion. You acknowledge that the Bank is providing the Checks as an accommodation only and, except as otherwise provided by applicable law, the Bank is not responsible in any way for the manner in which Checks are utilized.
If you create a substitute Check, you warrant that no one will be asked to make payment on the substitute Check if the payment obligation relating to the original Check has already been paid. You also warrant that any substitute Check you create conforms to the legal requirements and generally accepted specifications for substitute Checks. You agree to indemnify the Bank for any loss it may incur as a result of any substitute check transaction you initiate. We can refuse to accept substitute Checks in conformance with the Check 21 Act. Unless specifically stated in a separate agreement between you and us, we do not have to accept any request for issuance of a substitute Check.
Remotely Created Checks
Like any standard check or draft, a remotely created check (sometimes called a telecheck, preauthorized draft or demand draft) is a check or draft that can be used to withdraw money from an account. Unlike a typical check or draft, however, a remotely created check does not contain the signature of the account owner. In place of a signature, the check usually has a statement that the owner authorized the check or has the owner' s name typed or printed on the signature line.
We may (without prior notice and when permitted by law) set off the funds in this Account against any due and payable debt 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.
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. 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.
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 a 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.
Consent to Receive Communications
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 the Card from time to time by text messaging, push notifications and/or email. However, we must first obtain your consent to contact you about your Account or the 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 the Card, and as authorized by applicable laws, rules or regulations, which may include Regulation E, The Electronic Fund Transfer Act, and the United States Code (or similar guidance) (“Applicable Law”). Your consent does not authorize us to contact you for telemarketing purposes (unless you otherwise agreed elsewhere). You certify, warrant and represent that the telephone numbers that you have provided to us are your contact numbers. You represent that you are permitted to receive calls at each of the telephone numbers you have provided to us. You agree to promptly alert us whenever you stop using a particular telephone number.
With the above understandings, you authorize us to contact you regarding your Account and/or the 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. You understand that you are not required to provide consent to marketing SMS messages as a condition to accessing our services or products. You may withdraw your consent to SMS communications by replying STOP to the SMS message, or by contacting us at [email protected].
You are responsible for any and all charges, including fees associated with text messaging, imposed by your communications service provider. You also agree to receive alerts about your account activity, balances, payments, suspicious activities, and other matters involving your use of the site or the services through push notifications to your smartphone or other device. Receipt of push notifications may be delayed or prevented by factors beyond our control, including those affecting your internet/phone provider. We are not liable for losses or damages arising from non-delivery, delayed delivery, or the erroneous delivery of any push notification; inaccurate push notification content; or your use or reliance on the content of any push notification for any purposes. Each push notification may not be encrypted and may include your name and information pertaining to your Account or use of the Mobile App. We may terminate your use of push notifications at any time without notice. You may choose to discontinue receiving push notifications by updating your preferences on your smartphone or device.
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, voicemail 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 [email protected].
Monitoring and Recording Telephone Calls
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. We are not required to act upon instructions you give us by voice mail or on a telephone answering machine.
It is your responsibility to protect the Account number and the Card information we provide you for your Account. You agree to follow all of the security procedures in this Agreement. Do not discuss, compare, or share information about your Account information or the 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 the 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 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, 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 the 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.
If your Account number, Card, mobile device or Mobile App login credentials are lost or stolen, notify us immediately at [email protected] to limit your liability for unauthorized transactions that may occur.
Unauthorized Transactions and Errors.
It is your responsibility to notify us immediately at [email protected] 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 or the Card without your permission, or if you suspect any fraudulent or unauthorized activity (including errors) on the Account. You agree to comply with all notification requirements described in this Agreement. Your liability for any unauthorized transactions (including errors) will be determined based on the terms described in this Agreement. You agree to promptly repay any amount erroneously credited to the Account. We may suspend or cancel your Card and/or corresponding Account in the event of excessive reports of Card loss or theft.
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 Card, 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 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 are liable for Card transactions not authorized by you if the Bank can prove that the transaction was processed in good faith and in compliance with a commercially reasonable security procedure, unless otherwise required by law. 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.
Responsibilities and Limitations of Liability
You acknowledge 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. You also understand that access to the 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. You acknowledge that you are responsible for maintaining all equipment required for your access to and use of the Account. You authorize the Bank, Found, or any third party acting on behalf of the Bank or Found, to serve as an agent in processing transaction instructions received from you via the internet, and to post such transactions to the Account. You will be solely responsible for the timeliness, accuracy and adequacy of the data entered as well as the completeness of any instruction entered.
Your Additional Responsibilities
You are responsible for actions that may be taken by anyone accessing the Account through use of the Mobile App after signing in with your security information (i.e., user ID and password), except as otherwise set forth herein or as part of this Agreement. We are entitled to rely and act upon instructions received using your security information. You are further responsible for keeping your security information confidential and for ensuring that you sign off of the Mobile App when a session is complete to prevent unauthorized persons from accessing the Account.
Disclaimer of Warranties
YOU ACKNOWLEDGE AND AGREE THAT YOUR USE OF (I) THE MOBILE APP, (II) THE ACCOUNT, (III) ANY SERVICE PROVIDED IN CONJUNCTION WITH THE MOBILE APP OR THE ACCOUNT (INCLUDING, BUT NOT LIMITED TO, THE CHECK DEPOSIT SERVICES), AND (IV) ALL INFORMATION AND CONTENT (INCLUDING THAT OF THIRD PARTIES SUCH AS OUR SERVICE PROVIDERS) IS PROVIDED ON AN “AS IS”, "WHERE IS", AND “AS AVAILABLE” BASIS. WE DISCLAIM ALL WARRANTIES OF ANY KIND AS TO THE USE OF THE MOBILE APP, THE ACCOUNT, OR ANY SERVICE PROVIDED IN CONJUNCTION WITH THE MOBILE APP OR THE ACCOUNT WHETHER EXPRESS OR IMPLIED, INCLUDING THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. WE MAKE NO WARRANTY THAT THE MOBILE APP, THE ACCOUNT, OR ANY SERVICE PROVIDED IN CONJUNCTION WITH THE MOBILE APP OR THE ACCOUNT WILL (A) MEET YOUR REQUIREMENTS, (ii) BE UNINTERRUPTED, TIMELY, SECURE, OR ERROR-FREE, OR (B) PROVIDE ACCURATE OR RELIABLE RESULTS.
Information Processing and Reporting
The Bank will not be responsible for determining the accuracy, timeliness or completeness of any information or instructions that you provide to us for any service related to the Account. If we are unable to provide a processing service for any reason, reasonable steps to resume processing will be taken within a reasonable timeframe.
Data and Information Supplied by You
You have the sole responsibility of ensuring the accuracy and correctness of the data you supply. You acknowledge and agree that we will not examine the data for correctness and that we will not have any responsibility for detecting errors in the data transmitted by you. The data you transmit must be correct and complete. We will not be liable to you for failure to process incorrect or incomplete data. You agree that you are solely liable for, and we will not have any liability whatsoever for, any data or other information that is not received by us or for any data or other information that is intercepted or altered by an unauthorized third party. You agree that we have no obligation to accept any data or other information and, therefore, may reject any data or other information that you transmit or deliver in connection with this Agreement.
Limitations of Our Liability and Obligations to You
In the performance of the services required by this Agreement, we are entitled to rely solely on the information, representations and warranties you provide pursuant to this Agreement. Except as otherwise specifically provided by law, we are only responsible for performing the services expressly provided for in this Agreement and are liable only in the event of loss due to our gross negligence or willful misconduct in performing those services. In no event will we have any liability for any consequential, special, incidental, punitive or indirect loss or damage which you may incur or suffer in connection with this Agreement, whether or not the likelihood of such damages was known or contemplated by us and regardless of the legal or equitable theory of liability you may assert. The Bank is not liable for any damages you may incur due to a delay in Found providing the Bank with any notices or information Found receives from you. Without limiting the foregoing, we will not be liable for (1) insufficient funds in your Account to make a transfer, (2) insufficient cash in an ATM, (3) a terminal or system which is not working properly, (4) any merchant who refuses to accept the Card, (5) rejection by an ATM of the Card, and we will have no liability and will 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 (such as fire or flood) beyond our control. To the extent allowed by law, we will not be liable for and will be excused from failing to process or any delay in processing a transfer of funds (i) if, in our 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 our sole discretion, would cause it to engage in an unsafe and unsound practice. Without limiting the generality of the foregoing, in no event will our liability for any loss, cost, or liability arising from our 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 you to enforce the terms of this Agreement or to recover for any Account-related loss must be commenced within one (1) year from the date that the event giving rise to the claim, action or proceeding first occurs. You agree to cooperate with us in any loss recovery efforts we undertake to reduce any loss or liability that arises in connection with the Account. You acknowledge any fees have been established in contemplation of: (a) these limitations on our liability; (b) your agreement to review statements, confirmations, and notices promptly and to notify us immediately of any discrepancies or problems; and (c) your agreement to assist us in any loss recovery efforts.
Indemnity and Release
You agree to release, indemnify and hold us, and our respective 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 will apply, without limitation, to any losses arising from the dishonor of any check or other debit item. If you are a California resident, you waive California Civil Code Section 1542, which says: “A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his favor at the time of executing the release, and that if known by him or her, would have materially affected his or her settlement with the debtor or released party.” If you are a resident of another jurisdiction, you waive any comparable statute or doctrine.
Death or Incompetence
You agree to notify us promptly through your representative if you die or are adjudicated (determined by the appropriate official) incompetent (together, “Incapacitation” or “Incapacitated”). We may continue to honor instructions until: (1) we know of your Incapacitation, and (2) 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 Incapacitation and may pay transactions initiated on or before the date of Incapacitation for up to ten (10) days after your Incapacitation 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 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 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 Incapacitation, we are authorized to exercise our right of setoff or security interest rights against the funds credited to your Account after your Incapacitation.
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, if any. If no delivery instruction is provided, notice must be given by emailing us at [email protected]. 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 U.S. 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.
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.
Monthly statements will be provided to you by email as long as your Account is active. 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 agree to examine your receipts and periodic statements using reasonable care and to report any errors or problems to us within a reasonable time. 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 sixty (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 sixty- (60) day limitation is without regard to whether we used ordinary care. 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 will not exceed sixty (60) days. Failure to examine your statement and items and report any errors to us within sixty (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.
You further agree that if you fail to report to us within fourteen (14) days from when the statement was first mailed or made available to you, we will not be required to pay interest on any refund to which you may be entitled. We will only credit your Account for errors or problems as required by law. Email us immediately with errors or questions about electronic transfers at [email protected]. If you tell us orally, we may require your complaint or question in writing within fourteen (14) business days. If you provide us with timely notice of an error or problem in your periodic statement, we will investigate the matter and notify you of the results within a reasonable amount of time. The exact time will depend on the specific circumstances of the error or problem. You may ask for copies of the documents that we used in our investigation.
Other Miscellaneous Terms
Use of the Card is subject to all applicable rules and customs of any network, clearinghouse or other association involved in transactions. We do not waive our rights by delaying or failing to exercise them at any time. If any provision of this Agreement is determined to be invalid or unenforceable under any rule, law, or regulation of any governmental agency, local, state, or federal, the validity or enforceability of any other provision of this Agreement will not be affected. This Agreement will be governed by the law of the State of New York except to the extent governed by federal law.
This Dispute Resolution provision (this “Dispute Resolution Provision”) sets forth the circumstances and procedures under which Claims (as defined below) will 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 us, arising from or relating to the 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, crossclaims 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 (1) your Card or Account; (2) the amount of available funds in the Account; (3) advertisements, promotions or oral or written statements related to the Account, goods or services purchased with the Card; (4) the benefits and services related to the Account; and/or (5) your enrollment for any Card. We will 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 will be pursued only in arbitration. “Claim” will 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. As used in this Dispute Resolution Provision, the terms “we” and “us” will for all purposes mean the Bank, 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” will 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 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” will mean all persons or entities approved by us to have and/or use a Card, including but not limited to all persons or entities contractually obligated under this Agreement.
NEITHER YOU NOR WE ARE 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 HAVE THE RIGHT TO LITIGATE A CLAIM IN COURT, SUBJECT TO THE EXCLUSION FOR SMALL CLAIMS COURT SET FORTH ABOVE, 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 will 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 will 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 will 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: (1) JAMS at 1920 Main Street, Suite 300, Los Angeles, CA 92614; website at www.jamsadr.com; and (2) 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 will be arbitrated on an individual basis. There is 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 will 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 will be governed by the Federal Arbitration Act, 9 U.S.C. Sections 1-16, as it may be amended (the “FAA”). The arbitration will be governed by the applicable United States Code (the “Applicable Code”), except that (to the extent enforceable under the FAA) this Dispute Resolution Provision will control if it is inconsistent with the Applicable Code. The arbitrator will apply applicable substantive law consistent with the FAA and applicable statutes of limitations and will honor claims of privilege recognized at law and, at the timely request of either party, will provide a brief written explanation of the basis for the decision. In conducting the arbitration proceeding, the arbitrator will 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 at the sole discretion of the arbitrator who will notify the parties of his/her decision within twenty (20) days of the objecting party’s submission. The arbitrator will 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 will consider anew any aspect of the initial award objected to by the appealing party. The appealing party will 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 will 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 the Applicable 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 will be by majority vote and will be final and binding.
This Dispute Resolution Provision will 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 will 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 will be enforceable regardless of such invalidity.
You may contact us with any questions or concerns regarding your Account or Card by email at [email protected].
Additional Terms For The Card
The Found Business Mastercard is issued by Piermont Bank, a New York State Bank; Member FDIC, pursuant to license by Mastercard International Incorporated. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. The Card may be used everywhere Mastercard is accepted.
Issuance of Card
The Bank will issue or cause to be issued, the Card, a MasterCard debit card, in your name. The expiration date of the Card is identified on the back of the Card. The expiration date of the Virtual Card is described below. The funds in the Account will not expire, regardless of the expiration date on the back of the Card. The Card is a debit card that is funded by your Account and gives you access to the funds in your Account. The Card allows you to directly access your Account. You acknowledge that the Bank is providing such service to you as an accommodation only and, except as otherwise provided by law, the Bank is not responsible in any way for the manner in which the Card is utilized. The Account and Card services will be available to you only as long as you continue to use Found’s services and Found is acting as a program manager for the Card program.
When you open an Account, you will also receive a virtual card (“Virtual Card”) represented by a 16-digit card number, a three-digit card verification value (“CVV”) number and an expiration date. The Virtual Card can be managed through the Mobile App. We will issue you a replacement Virtual Card when it expires. The Virtual 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 Card. Functionality to add the Virtual Card to a digital wallet (see the subsection titled “Digital Wallet” below) in the same way as your physical Card may become available in the Mobile App. Your use of the Virtual Card is subject to the terms of this Agreement, including transaction limitations, to the same extent as your physical Card, and is referred to as Card.
Activating the Card
The Card must be activated before it can be used. Cards may be activated by visiting the Mobile App. For your security, you will need to provide personal information in order for your identity to be verified and for completion of the activation process.
Personal Identification Number
The Personal Identification Number (PIN) is a security code, which is designed to protect the Card against unauthorized use and is required by the Bank for you to use your physical Card. For a physical Card, you choose the PIN when you activate the Card, Virtual Cards do not have PINs. The PIN provides enhanced security for the Card and may be used when making transactions with the Card. The PIN is your electronic signature. Since the PIN is for security purposes, you should memorize it and it should not be disclosed to anyone. You should not write or keep the PIN with the Card. When entering the PIN, be sure it cannot be observed by others and do not enter the PIN into any terminal that appears to be modified or suspicious. You can change the PIN at any time through the settings on the Mobile App. A temporary hold can be placed on the Card if the PIN has been compromised or if the Card is lost or stolen. Maintaining the security of the PIN and Card is your responsibility. If you believe anyone has gained unauthorized access to the PIN, change your PIN using the Mobile App and contact us immediately at [email protected].
If you give anyone else access to your Card, we will treat any transaction they initiate as authorized by you and you will be responsible for all transactions and fees that occur.
Payment Responsibility and Transferability
You are liable for the payment of Card transactions authorized by you or your agents. The Card may not be transferred or assigned to another person once it has been issued, and it may be canceled, repossessed, or revoked at any time without prior notice subject to Applicable Law. If you want us to stop a payment that you have made, you can contact us to see if we can do so. Only stop-payment requests from the person who authorized the transaction will be honored. However, because Card transactions are often processed immediately, stopping or amending payment is difficult and the Bank cannot ensure that any request you make will be effective. In order to be effective, we must receive the request in time to give us a reasonable opportunity to act. Your request must precisely identify the transaction by date, time, location and dollar amount. Only you may release a stop-payment request. If any term of this section cannot be legally enforced, it will be considered changed to the extent necessary to comply with Applicable Law. If any part of this section becomes unenforceable, it will not make any other part unenforceable.
You may use the Card for business purposes, to purchase goods (in person, online, or by phone), pay for services (in person, online, or by phone), get cash from a merchant, if the merchant permits, or from a participating financial institution, and do anything that a participating merchant will accept. You may use your Card to make purchases using your PIN at any merchant with a POS device anywhere that displays the Mastercard, Interlink, Maestro, or Cirrus acceptance marks. You may also use your Card to make purchases without your PIN anywhere that Mastercard debit cards are accepted.
Split Tender and Card-Not-Present Transactions
You can instruct a merchant to charge your 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 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 Card may be declined or may pull funds from your Linked Account. You may make retail card purchases without presenting your Card by providing information from your 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 Card itself. For security reasons, the amount or number of such transactions you may make may be limited.
You agree not to use your Card for illegal purposes. Display of a payment card logo by an online merchant does not necessarily mean that transactions are lawful in all jurisdictions in which the cardholder may be located.
When you use your Card to purchase goods or services or to make a cash back withdrawal transaction, the merchant may attempt to obtain preauthorization for the transaction. If the merchant makes such a request, a “hold” is placed on your Account balance for the amount of the preauthorization request (which may vary in some cases from the amount of the actual purchase, depending on the merchant or purchase type), until the merchant sends the final payment amount of your purchase, even if you fail to make the purchase. 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 (7) days or more transactions before the adjustment is made. During the hold period, you may not have access to the preauthorized amount in your Account. If the preauthorization request varies from the amount of the actual transaction, the actual transaction amount will be debited from your Account, even if this results in your Account balance becoming negative. You remain responsible for any negative balances in your Account.
If you use the Card at an automated fuel dispenser (“pay at the pump”), the transaction may be preauthorized for an amount up to $175.00. If the Card is declined, but you have sufficient funds available in your Account, you should use the Card to pay for the purchase inside with the cashier.
If you use the Card at a restaurant, a hotel, for a car rental purchase, or for similar purchases, the transaction may be preauthorized for the purchase amount plus up to twenty percent (20%) to ensure there are sufficient funds available to cover tips or incidental expenses incurred. 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.
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 (3) 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.
ATM and POS Balance Inquiries and Withdrawals
With your PIN, you can use your Card to obtain your available Account balance and cash from your Account up to your available Account balance, subject to any applicable transaction limitations, at any ATM or any POS in the United States that displays the Mastercard, Interlink, Maestro or Cirrus acceptance marks. ATMs at which the card may be utilized are not available in all areas and the card will not be functional at all ATMs. Not all merchants will permit you to get cash back through their POS devices. We may charge you a fee to use ATMs. In addition, ATM owner-operators may impose their own fees and lower limits on cash withdrawals and may assess a fee even if you do not complete the transaction. This ATM fee imposed by a third-party is assessed by the individual ATM operator and is not assessed or controlled by us. ATM fees will be charged to your Account. If given the option, select “Checking Account” when using an ATM. All ATM transactions are treated as cash withdrawal transactions and subject to your daily cash withdrawal limit.
Using your Card, you may withdraw no more than $550.00 in cash per day from an ATM. In addition, using your Card and/or PIN (if applicable), you may not exceed $5,000.00 in debit card transactions per day. These daily withdrawal and transaction limits are subject to change by us from time to time.
We may, at our discretion, place additional limits on the number or total dollar value of purchases, and/or cash withdrawals that you may make with the Card. You will be notified of any change in the manner provided by Applicable Law prior to the effective date. Card limits are subject to periodic review and may be changed based on your Account history, activity, and other factors, including but not limited to your Card activity. We retain sole discretion to apply and change limits.
The Card may be used to conduct transactions within the United States or to conduct international transactions, including, without limitation, transactions conducted on international merchant websites or mobile applications accessible within the United States.
Currency Conversion and Cross-Border Transaction Fees
If you effect a transaction with your 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.
Please see the section titled “Fees” for applicable transaction fees. The Cross-Border Transaction fee is charged on all cross-border transactions regardless of whether there is a currency conversion. A cross-border transaction is a transaction processed through the Global Clearing Management System or the MasterCard Debit Switch in which the country of the merchant is different from the country of the cardholder.
Returns and Refunds
Please be aware of the merchant’s return policies before using your Card to make a purchase. We are not responsible for the delivery, quality, safety, legality or any other aspect of the goods or services you purchase using your Card. If you have a problem with a purchase that you made with your 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 Card, you agree to accept credits to your Card for the refund and agree to the refund policy of the merchant. The amounts credited to your Card for refunds may not be available for up to five (5) days from the date the refund transaction occurs.
Replacing Your Card
If you need to replace your Card for any reason, please contact us by email at [email protected] or request a new card via the Mobile App. You will be required to provide personal information which may include the sixteen- (16) digit Card number, your full name and knowledge of the Card transaction history so that we may verify your identity before we will issue you a replacement Card. If you believe your Card has been lost or stolen, you may immediately disable your Card via the Mobile App. We may cancel any Card that has been disabled for sixty (60) days or longer.
Your 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 Mobile App.
Suspension and Cancellation
We may refuse to issue, deactivate, revoke, suspend or cancel your Card at any time with or without notice to you, other than as required by law. This includes deactivating or canceling your Card if it has been lost or stolen to prevent unauthorized transactions. You agree not to use your Card once it has been deactivated, revoked, suspended or canceled. We may also limit your use of the Card, including limiting or prohibiting specific types of transactions. If you would like to cancel your Card, you may do so at any time by emailing us at [email protected]. The cancellation of your Card privileges will not otherwise affect your rights and obligations under this Agreement. You can also disable your Card inside the Mobile App in card settings.
Using Your Card with a Digital Wallet
A digital wallet (“Wallet”) provides another way for you to make purchases with your Card. A Wallet is a service provided by another company (such as Apple Pay, Google Pay, Samsung Pay, etc.) that allows you to use your Card to enter into transactions where the Wallet is accepted. A Wallet may not be accepted at all places where your Card is otherwise accepted, and your Card may not be eligible for all the features and functionalities of the Wallet. Any use of your 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 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 Card to or remove your Card from a Wallet by following the instructions provided by the Wallet provider. By doing this, you agree to allow us to share your Card information with the Wallet provider. You may be required to take additional steps to authenticate yourself before your Card is added to the Wallet. We do not charge you any additional fees for adding your Card to a Wallet or for using your Card in the Wallet. However, any fees and charges that would apply when you use your Card outside the Wallet will also apply when you use a Wallet to make purchases with your Card or otherwise access your 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 Card in a Wallet may, in our sole discretion, be automatically updated or upgraded without notice to you.
If you use a Wallet, you should protect your Wallet and your mobile device as you would your Card. If your Wallet or mobile device is compromised, lost, or stolen, you should also consider your 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 CARD OR VIRTUAL CARD IN CONNECTION WITH A WALLET, OR A MOBILE DEVICE.
You agree to pay all fees and charges applicable to your Account and the 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. The current fee schedule is located at www.found.com/legal and is incorporated in this Agreement by reference. 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. The Bank is not responsible for any fees charged by Found for its services.
We, or the ATM operator and/or another third party may charge you a fee to use an ATM. You may also be charged fees for transactions, including balance inquiries, by the 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.
Electronic Fund Transfers
Your Rights and Responsibilities
Your Account and 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 Card. Please refer to the Found Terms of Service for additional terms and disclosures applicable to those services.
Types of EFTs 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 party 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.
You may make arrangements to pay certain recurring bills from your Account.
You may make purchases or other transactions using your Card at merchants that have agreed to accept the Card.
You may make ATM withdrawals using your Card.
Transfers to or from Linked Account
You may transfer to or from your Account to your Linked Account through the Mobile App.
Limitations on ETFs
There are limitations on the frequency, number 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 Card.
For security reasons, there are other limits on the number of transfers you can make by the Mobile App.
Please refer to the section titled “Fees” above for information on electronic fund transfers or direct deposits to or from the Account.
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 POS terminal. However, you may not get a receipt if the amount of the transfer is $15.00 or less.
We will provide you information about each transaction that debits or credits your Account on your statements. Please refer to the section titled “Statements” for information about statements. You may also view your transaction history at any time through the Mobile App.
Preauthorized payments are not permitted.
Liability for Unauthorized Transfers
It is your responsibility to notify Found immediately at [email protected] upon your 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 your permission, or if you suspect any fraudulent or unauthorized activity (including errors) on the Account. You further agree to comply with all notification requirements described in this Agreement. Your liability for any unauthorized transactions (including errors) will be determined based on the terms described in this Agreement. You agree to promptly repay any amount erroneously credited to the Account.
*Found is a financial technology company, not a bank. Banking services are provided by Piermont Bank, Member FDIC. The funds in your account are FDIC-insured up to $250,000 per depositor for each account ownership category.
The Found Mastercard debit card is issued by Piermont Bank pursuant to a license from Mastercard Inc.
The information on this website is not intended to provide, and should not be relied on, for tax advice.
Direct deposit funds may be available for use for up to two days before the scheduled payment date. Early availability is not guaranteed.