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Mobile Check Deposit Agreement & Funds Availability Disclosure

Mobile Check Deposit Agreement & Funds Availability Disclosure 

Welcome to the Found Mobile Check Deposit Program!

This Funds Availability Disclosure govern you (“you” or “your”) participation, access and use of the Found Mobile Check Deposit Program. For the purposes of this disclosure, the terms "we," "our," and "us" mean Found. The terms "you" and "your" mean each account owner. The term "account" includes any business deposit account demand deposit, negotiable order of withdrawal (NOW), savings deposit, money market, or any other non-time deposit account. The term "Business Day" means every day except Saturday, Sunday and Federal Holidays.

These Found Mobile Check Deposit Program Terms and Funds Availability Disclosure govern you (“you” or “your”) participation, access and use of the Found Mobile Check Deposit Program.

Found is a financial technology company not a bank. Found provides you with access to products and services provided by third parties, including Piermont Bank, Member FDIC, (“Sponsor Bank”) that offers Found users banking products and services. IF THERE IS ANY CONFLICT BETWEEN THESE FOUND MOBILE CHECK DEPOSIT PROGRAM TERMS AND THE FOUND TERMS, THESE FOUND MOBILE CHECK DEPOSIT PROGRAM TERMS SHALL GOVERN WITH RESPECT TO FOUND MOBILE CHECK DEPOSIT PROGRAM ONLY, AND THE FOUND TERMS SHALL GOVERN IN ALL OTHER MATTERS.


1. Description of Service 

Mobile Check Deposits allows you to use a compatible camera-enabled Mobile Device to scan original paper checks (“Checks”) and electronically transmit images of them along with associated deposit information to Found for deposit to your designated Account(s) through the Mobile App (“Electronic Checks”). The Service converts your scanned Checks into Electronic Checks, in accordance with the Check Clearing for the 21st Century Act (“Check 21 Act”) and Federal Reserve Board Regulation CC (“Regulation CC”), to facilitate the deposit and collection of Checks. 

2. Qualifying Items 

You can only deposit Checks payable in U.S. dollars drawn on financial institutions located in the United States through the Mobile Check Deposit Service. You cannot deposit, the following items: 

• Checks payable to any person or entity other than you, other than your business, or to you and another party. 

• Checks containing any alteration of which you know or believe to be fraudulent or not authorized by the owner of the account on which the check is drawn. 

• Checks that are not in original form with an original signature, such as substitute checks or remotely created checks. 

• Checks drawn on a financial institution located outside the United States. 

• Checks or items on which a stop payment order has been issued or for which there are insufficient funds. 

• Checks where the numerical and written amounts are different. 

• Checks that have been previously returned unpaid for any reason. 

• Checks that are postdated or more than 6 months old. 

• Travelers Checks 

3. Check Requirements 

Any Electronic Check you transmit through the Service must accurately and legibly provide all the information on the front and back of the Check at the time it was presented to you. You must indorse the original Check with a restrictive indorsement before scanning it by applying your signature and the legend, “For Mobile Deposit at Found Only”. The Bank reserves the right to reject any Check not properly indorsed as required by this section. 

You agree that each Electronic Check shall provide the following information:

  1. Identification of the drawer and the paying bank that is preprinted on the Check, including complete, full-field, and accurate MICR (magnetic ink character recognition) line, routing transit number, number of the account on which the Check is drawn, and the drawer signature(s);

  2. Amount, payee, date, Check number

  3. Other information placed on the front of the Check and your endorsement applied to the back of the Check with the required restrictive endorsement. Both the front and back of each Check must be transmitted to the Bank as provided using on-screen instructions. The Bank in its sole discretion may refuse to accept Electronic Checks that do not meet our Check Requirements or that do not include the restrictive indorsements. 

4. Rejection of Deposits by Bank 

You agree that all deposits received by us are subject to verification and final inspection and may be rejected by us in our sole discretion, and you shall be liable to the Bank for any errors, inaccuracies, breach warranties and any other loss sustained by, or claim made against the bank relating to such Deposits The Bank is not liable for any service charges or late charges that may be imposed against you due to the our rejection of any Electronic Check that you transmit for deposit through the Service. In all cases, you are responsible for any loss or overdraft plus applicable fees to your account due to an Electronic Check being rejected for deposit.


5. Checks Returned Unpaid 

You are solely responsible for verifying that the Electronic Checks you deposit by using the Service have been received and accepted for deposit by the Bank. The Bank will provide you with notice of any deposits that are being reversed because an Electronic Check was returned unpaid by the payor financial institution. Applicable fees may apply. 

6. Funds Availability 

The funds for the Checks that you deposit through the Service may not be immediately available to you. 

  1. Determining Availability of Your Deposit:When we delay your ability to withdraw funds from a deposit, you may not withdraw the funds in cash, and we will not use the funds to pay checks that you have written. Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit. When we delay your ability to withdraw funds, the length of the delay is counted in Business Days from the day of deposit.

Funds from the following electronic funds transfer are available by the business day we receive the deposit: (i) Electronic Deposits; and (ii) Wire Transfers. 

  1. Next Day Availability: Funds from the following deposits are available by the first business day after the day of deposit:

    1. First $225 of any check deposit

    2. Checks drawn on Found

Funds from the following types of check deposits are available by the first business day after the day of deposit if the check is made payable to you. In addition, you must make the deposit in person to one of our employees and use a special deposit slip available from our tellers:

  1. U.S. Treasury checks

  2. Cashier’s, Certified, Teller’s and Traveler’s checks

  3. Federal Reserve Bank and Federal Home Loan Bank checks

  4. U.S. Postal Money Orders

  5. State or local government checks

  1. Checks: The first $225 from a deposit of checks will be available by the first business day after the day of your deposit. The remaining funds will be available by the second business day of your deposit. For example, if you deposit $700 of checks on Monday, $225 of the deposit is available by Tuesday and the remaining $475 is available by Wednesday.

  1. Holds on Other Funds in Another Account: If we cash a check for you that is drawn on another bank, we may withhold the availability of a corresponding amount of funds that are already in your account. Those funds will be available at the time funds from the check we cashed would have been available to you if you had deposited it. The funds in your account would then not be available for withdrawal until the time periods that are described elsewhere in this disclosure for the type of checks that you deposited.

  1. Special Rules for New Accounts: If you are a new customer, we reserve the right to follow a special rule during the first 30 days your account is open, which will not exceed the following:

    1. Funds from electronic direct deposit to your account will be available by the day we receive the deposit.

    2. Funds from deposits of cash, wire transfers, and the first $5,525 of the day's total of cashier's, certified, teller's, traveler's and federal, state and local government checks will be available by the first business day after the day of your deposit, if the items are payable to you. The excess of $5,525 will be available by the ninth business day after the day of your deposit. If your deposit of these checks (other than US Treasury checks) is not made in person to one of our employees, the first $5,525 will not be available until the second business day after the day of your deposit.

    3. Funds from all other check deposits will be available no later than the ninth business day after the day of your deposit. 

  1. Mobile Check Deposits: When you deposit a check via our Mobile Check Deposit service, the first $225 will be available no later than the first Business Day after the day of deposit. All remaining funds will be made available by the second Business Day after deposit, unless we deem a longer delay is necessary. 

Checks deposited and accepted through Mobile Check Deposit prior to 3:00 p.m. Eastern Standard Time (EST) on any business day will be deemed to have been received by the Bank on that business day; checks successfully deposited and accepted after 3:00 p.m. EST on any business day or on any day that is not a business day are deemed to have been received by the Bank on the next business day. 

  1. Foreign Checks: Checks drawn on a financial institution located outside the United States will not be processed.

The deposit cut-off time for the Service is 3:00 PM Eastern Time (ET). The Bank reserves the right to change the cut-off time in its sole discretion. Such change shall be effective immediately and may be implemented before you receive notice of the change. You may contact us at any time to verify our current cut-off time. 

If you complete the scanning and transmission process and receive notice that your deposit was received, Electronic Checks deposited before the cut-off time on a Business Day will be considered received that same Business Day. Electronic Checks that are received by us through the Service after the cut-off time on a Business Day, or on any day that is not a Business Day, will be considered received by us on the next Business Day. 

7. Storage, Security and Destruction of Original Checks 

You agree that once an Electronic Check has been deposited through the Service, the original paper Check is your property and not the property of the Bank. You shall securely store the original Check for a reasonable period, not to exceed ninety (90) days, after you receive a notice through the Service that the Electronic Check has been accepted by us. Upon request by the Bank you will promptly provide to the Bank a retained original Check (if available), or a legible copy of the front and back of the Check in a form acceptable to us, to aid in the clearing and collection process, or to resolve claims by third parties, or for our audit or fraud loss prevention purposes. 

8. Prohibition Against Presenting Checks More Than Once 

Once you have used the Service to deposit an Electronic Check, you agree not to present, or allow anyone else to present, that original Check or a substitute check of the original Check again for deposit through the Service or by any other means or to any other banks. 

9. Deposit Limits 

The Bank reserves the right to establish and assign deposit limits for the Service (including limits on the dollar amount and/or number of Checks that you deposit through the Service each day) and to modify such limits from time to time in the Bank’s sole discretion, and you agree to comply with all such limits. 

10. Representations and Warranties 

In addition to your representations and warranties contained in other provisions of this Agreement, you represent and warrant that: 

• Each image of a Check you transmit to us is a true and accurate rendition of the front and back of the original Check, without alteration, and the drawer of the Check has no defense against payment of the Check made payable to you, the owner of the Account, is not a third party or second endorsed check, and is not issued to multiple parties qualifies as an original check as defined by Regulation CC and is not a substitute check as defined by Check 21 or an image replacement document (IRD) that purport to be substitute checks and which have previously been endorsed by a financial institution drawn on a financial institution located within the United States and is payable in United States currency dated no more than six (6) months prior to the date of the deposit 

• You are authorized to enforce each Check you transmit for deposit. 

• You are solely responsible for any and all financial risk that may be associated with your use of the Service, including without limitation the risk that a Check will be returned for insufficient funds. • You are solely responsible for the instructions you provide to the Bank and for failing to properly access or use the Service, including without limitation input errors. 

• You will not deposit or otherwise endorse to a third party the original Check, and no person will receive a transfer, presentment, or return of, or otherwise be charged for, the original Check or a paper or electronic representation of the original Check such that a person will be asked to make payment based on an item that has already been paid. 

• You will only transmit acceptable items for deposit and have handled the original items in accordance with applicable laws, rules and regulations. 

• If you breach any of these representations and warranties in these Terms and Conditions, you agree to indemnify, defend and hold harmless the Bank from and against any and all liability, damages, or losses arising from any claims, suits, or demands from third parties with respect to such breach. You further authorize the Bank to debit your account for the amount of any such claim, suit or demand that results from a breach of warranty claim under the provisions of Check 21, Regulation CC, and/or the Uniform Commercial Code. You will maintain funds in your account(s) in amounts and for a period of time as we determine in our sole discretion to cover any outstanding Checks and your obligations for returns of checks, warranty claims, fees and other obligations. If any such liabilities exceed the amount in the applicable account(s), we may charge such excess against any of your other accounts at the Bank and you will pay us any amount remaining unpaid immediately upon our demand. 

11. Mobile Check Deposit Security 

You understand that an image of an Electronic Check may be captured using your Mobile Device and stored in its memory only until the Electronic Check has been successfully submitted. You agree to promptly complete each Mobile Check Deposit. In the event that you are unable to promptly complete your deposit, you agree to ensure that your smartphone, tablet, or mobile device remains securely in your possession until the Mobile Deposit has been completed or to delete the associated images from the Mobile App. 

12. Mobile Check Deposits - Additional Terms and Conditions 

The use of the Mobile Check Deposits Service is subject to all of the terms or instructions which may appear on-screen when you access the Service, or in the user guides, and/or other information or documentation that the Bank may provide to you from time to time regarding the Service. 

Found is available on iOS, Android, and desktop.


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Found is a financial technology company, not a bank. Banking services are provided by Piermont Bank, Member FDIC.

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Direct deposit funds may be available for use for up to two days before the scheduled payment date. Early availability is not guaranteed.