Bitcoin Rewards Checking Agreements and Disclosures with Quontic Bank and NYDIG Execution LLC
Agreements and Disclosures with Quontic Bank and NYDIG Execution LLC
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These pages contain agreements and policies that you are entering into with Quontic, and separate agreements and policies that you are entering into with NYDIG Execution LLC. Please read them carefully and retain a copy for your records.
(You are strongly encouraged to save and/or print the documentation.)
- E-Sign Consent Agreements
- Quontic Bank Deposit Agreement and Disclosures
- NYDIG Execution LLC Agreements
E-Sign Consent Agreements
QUONTIC BANK E-SIGN CONSENT AGREEMENT
This E-SIGN Consent Agreement (“Agreement”) allows us to provide you with electronic versions of important notices and documents associated with opening an account at Quontic Bank and during the lifetime of the account (e.g., end-of-year tax forms and electronic account statements). Certain laws and regulations may require us to provide initial and future disclosures, notices, statements and terms and conditions related to opening account(s) at Quontic Bank and during the lifetime of the account (“Electronic Documents”) to you in “writing” (traditionally this is defined as a paper notice); with your consent, the E-SIGN Act allows us to provide these documents to you electronically. The account(s) that you are opening also must be linked to your Quontic Bank online banking account in order for you to access your periodic statement(s), disclosures and notices. After account is approved and opened, you must sign-up for online banking at quonticbank.com.
If you do not want to receive the aforementioned electronically, you should exit this area of our web site. If you do not consent to this agreement, you will not be able to open the account(s) online.
By providing us with your consent, you acknowledge, understand and agree that:
- You are authorized and able to provide the consent for the account(s); and
- If you are opening a joint Account, each joint account holder has consented to the electronic provision of the initial disclosures, notices, terms and conditions related to opening account(s) at Quontic Bank.
The words “we,” “our,” and “us” mean Quontic Bank, affiliates, successors, and assigns.
The words “you” and “your” mean each applicant, account owner and anyone else with access to the account. If there is more than one owner, then these words mean each account owner separately, and all account owners jointly.
“Access Device” means any electronic device you use to access your account and view electronic documents. This includes, but is not limited to: a traditional computer such as a desktop or laptop computer; or a mobile device such as a tablet computer or a smartphone.
The word “eStatement” means communications, statements, notices and disclosures delivered electronically after account opening.
The word “electronic documents” initial disclosures, notices, terms and conditions related to opening account(s) at Quontic Bank, including but not limited to E-Sign Consent Agreement, Terms and Conditions Agreement, Funds Availability, Check 21, Electronic Funds Transfers, Privacy, and Truth and Savings Disclosures.
Scope of this Agreement
This Agreement applies to all initial and future disclosures, notices, statements and terms and conditions related to opening account(s) at Quontic Bank and during the lifetime of the account. This consent will remain effective until expressly withdrawn by you. Your consent means that we may provide documents electronically. With your consent, you also agree that we may contact you for general and required notifications regarding your account relationship via the email address supplied in your application.
By accepting and agreeing to this agreement, you agree to be bound by any and all laws, rules, regulations and official issuances applicable to electronic documents and eStatements now existing or which may hereafter be enacted, issued or enforced, as well as such other terms and conditions governing the use of other facilities, benefits or services that Quontic Bank may from time to time make available to you in connection with eStatements.
Quontic Bank has absolute discretion to make eStatements available to you. Further, Quontic Bank has the discretion from time to time and upon giving notice to you to modify, restrict, withdraw, cancel, suspend or discontinue eStatements without giving any reason and you understand that by using eStatements after any modification or change has been effected, you would have agreed to such modification or change.
Electronic Delivery of Documents
Electronic documents will be delivered herein and to you within the application process. You must read the entirety of electronic documents provided. You will then be asked to acknowledge your acceptance of the terms of the electronic documents by checking the box before you are able to submit your application. You agree that, in order to open the account, we will not provide you with paper copies. You are strongly encouraged to save and/or print the documentation for future reference.
The account(s) that you are opening will be automatically enrolled to receive eStatements. After account is approved and opened, you must sign-up for online banking at quonticbank.com. You understand that all statements, notices and disclosures during the lifetime of your account(s) will be eStatements which you will access through Quontic Bank’s Online Banking to obtain, review, print, and copy/download your periodic deposit account statements.
Your consent covers the periodic statements, notices and disclosures you are provided in connection with your Quontic Bank deposit account(s). Your consent also covers disclosures that are required with your account statements, including, but not limited to, the error resolution notice required by the Electronic Fund Transfer Act, as well as marketing information on products and/or promotions that Quontic Bank may provide to you electronically.
Joint Owners: If there is more than one owner on the account(s), any one or both of the joint owners may enroll to receive e-Statements and their access applies to both owners. As such, consent, or withdrawal of consent to receive electronic disclosures, records, or other information by any authorized party to the joint account, will be effective for all account holders.
When and Where to Find Your eStatement
Each month you will receive an email notifying you that your eStatement is available to you online. Your eStatement will be accessible in 2-3 business days after the last day of your statement cycle. You will be able to review, copy, download, or print your eStatement by accessing your Online Banking account at www.quonticbank.com listed under the Accounts tab and then Account Statements. Your e-Statement will be available to you for a period of no less than twenty-four (24) months.
You are advised to promptly review your e-Statement and notify Quontic Bank in person or in writing immediately of any unauthorized transactions, error, or any other item of concern. If you allow someone else to access your statement for any reason, you will still assume full responsibility to notify Quontic Bank of any transactions of concern. Any and all applicable time periods of which you are required to notify the Bank of any errors on your account statement will begin on the e-Statement notification date regardless of when you review your e-Statement. You may contact the Bank via U.S. mail at 3105 Broadway, Astoria, NY 11106 or by telephone at 800-908-6600 or by e-mail at [email protected]. You are also responsible for safeguarding your personal computer, user name and password and any other confidential account information from unauthorized access.
By consenting to this agreement, you confirm that your Access Device meets the minimum specifications and requirements necessary to view and retain your electronic documents.
To access your electronic documents on a mobile device, you will need:
- A mobile device with any of the following operating systems: Android or iOS (iPhone).
- A data plan provided by your wireless carrier and an up-to-date mobile internet browser that is compatible with, and supported by, your operating system (e.g., Chrome or Safari).
- If you wish to view .pdf files on your mobile device, you will need software that accurately reads and displays .pdf files (such as the mobile version of Adobe Reader).
- A printer and/or storage device if you wish to print or retain any electronic documents.
To access your electronic documents on a traditional computer, you will need:
- A computer with any of the following operating systems: Windows XP, Windows Vista, Windows 7 or higher, OS X (Apple Macintosh) or higher.
- An internet connection and an up-to-date internet browser that is compatible with, and supported by, your operating system (e.g., Microsoft Internet Explorer 8.0 or 9.0, Firefox, or Safari 6.0, with a minimum 128-bit encryption for accessing the internet).
- Software that accurately reads and displays .pdf files (such as Adobe Reader).
- A printer and/or storage device if you wish to print or retain any electronic documents.
Changes to system requirements
We will notify you if our hardware or software requirements change and whether that change creates a material risk that you would not be able to access or retain your electronic documents. Continuing the application process after receiving notice of the change is the reaffirmation of your consent to this Agreement.
Maintaining a Valid Email Address
It is your responsibility to provide us with true, accurate and complete e-mail address, contact, and other information related to this Agreement and your account(s), and to maintain and update promptly any changes in this information. You can update such information (such as your e-mail address) by contacting us via telephone at 800-908-6600 or by e-mail at [email protected].
It is important that you maintain a valid email address so that we may contact you regarding your account. You agree to maintain a valid email address and promptly notify us of any changes to your email address. You may update your email address during the application process or by contacting us using the contact information on our website.
Withdrawal of Your Application Consent
You may withdraw your consent during the application process. By declining or withdrawing this consent, you will be unable to proceed with the application process.
To withdraw your consent prior to completing your application, simply exit this session prior to accepting this Agreement. To withdraw your consent after you have already submitted your application, you must call us at 800-908-6600 or by e-mail at [email protected].
Any withdrawal of your consent will be effective only after we have a reasonable period of time to process your withdrawal.
Withdraw eStatement Consent
You can stop receiving your eStatements at any time. You may do so by “Changing Statement Delivery Method” to “paper” by going to your Online Banking account at www.quonticbank.com and then Account Statements under the Accounts tab. Any withdrawal of your consent will be effective only after we have a reasonable period of time to process your withdrawal.
Requesting Paper Copies of Documents Presented Electronically At Application
You agree and understand that paper versions of the electronic documents may not be mailed unless you specifically request it. To request a paper copy of any disclosure, notice, or other document, contact us by using the contact information on our website. Copies of disclosures, service agreements, and account agreements will be mailed at no charge.
Obtaining a Paper Copy of Your eStatement
If you would like to receive a paper copy of your eStatements from Quontic Bank, you may contact any branch of the Bank by any mode of communication. If you request a paper copy of your statement, a $5.00 fee per statement may be assessed.
Multiple Access Devices
Your acceptance of this agreement on one Access Device constitutes your acceptance on all Access Devices you use. For example, if you view and accept this agreement on a mobile device, the terms of this Agreement will apply to electronic documents accessed on a traditional computer (or vice versa).
Additionally, by viewing and accepting this agreement on any Access Device, you are reasonably demonstrating your ability to access and view electronic documents and eStatements in the format that the services are provided on that Access Device and all subsequent Access Devices. If you change Access Devices (or use multiple Access Devices), it is your responsibility to ensure that the new Access Device meets the applicable system requirements and that you are still able to access and view electronic documents and eStatements on the subsequent Access Device. Continuing your application on other Access Devices is your reaffirmation of this Agreement.
Disclaimer of Warranty and Liability
The Bank will not be liable if you are unable to gain access to our website or Internet Banking system due to maintenance, computer failure, interruption in the availability of our service, delay in operation or transmission, computer virus, or any other causes out of the Bank’s control. We make no warranties or representations with respect to any Third Party Service Provider used to access your email notifications or e-Statements. You agree that the Bank will not be held liable for losses or damages arising from non-delivery, delayed delivery or misdelivery of e-mail notifications.
Change in Terms
The Bank reserves the right to make changes to the terms and conditions of this agreement at any time. You will be notified of any changes at least thirty (30) days prior to the effective date if the change(s) would result in an increase of fees or charges, increase of liability to you, or any increase to your responsibility for unauthorized transactions, unless prior notice is excused by law or is necessary to maintain the security of the system. The notice will be sent either electronically or via U.S. mail to your last known address on file at the Bank. By agreeing to this Agreement, you will be bound to any revisions to the terms and conditions.
Other Terms and Conditions
This agreement is in addition to the terms and conditions described in the Terms and Conditions, Mobile Banking Agreement, Online Banking Agreement and any other documentation which relates to your account(s) and was given to you at the time you opened your account(s) and during the lifetime of the account. The Bank also reserves the right to cancel, discontinue, suspend, or modify e-Statements and may revert back to paper statements at any time without giving any notice or reason. By agreeing to the E-Sign Consent Agreement, you will be bound by any current or future changes to the current regulation, laws and rules applicable to E-sign. You accept and agree to the terms and conditions in this agreement and furthermore agree not to use this service for any fraudulent or illegal activity.
Please contact us by using the contact information on our website if you have difficulties accessing or viewing electronic documents on your selected Access Device.
You will be asked to acknowledge your acceptance of these terms and the below electronic document by checking the box before you are able to submit your application. In doing so, you are confirming that you meet the system requirements described above, that you have demonstrated your ability to receive, retain, and view electronic documents on your Access Device, and that you have an active and valid email address.
NYDIG EXECUTION LLC DISCLOSURE AND CONSENT TO THE USE OF ELECTRONIC COMMUNICATIONS
As part of your relationship with us, we may be required by law to give you certain information “in writing.” We may also need to obtain your signature to perform certain functions, such as opening an account or enrolling you in our services. If you prefer, you can choose to both receive information and to provide necessary signatures related to your relationship with us electronically, instead. In order to do this, we first need your consent to use electronic records and signatures.
If you would like to provide your consent, please read this document carefully. By accepting the terms of this agreement, you affirmatively consent to use of electronic Communications as described in this consent disclosure. You also consent to the use of electronic signatures as part of our transactions with you.
In this consent, the words “we,” “us,” and “our” means New York Digital Investment Group LLC and its subsidiaries, successors, and assigns. The words “you” and “your” means the person giving consent.
“Communications” means each disclosure, notice, agreement, undertaking, fee schedule, periodic statement, record, document or other information we provide to you, or that you sign or submit or agree to at our request, in connection with your relationship with us.
“Product” means each and every account, product or service we offer, provide to you, or that you apply for, own, use, administer or access, either now or in the future.
- Scope of your consent. Your consent applies to Communications related to all Products we may make accessible or available, or offer to you, whether through a website, software application, email, messaging services (including text messages), or otherwise.
Your consent includes, but is not limited to, Communications related to:
- Applying for or opening an account or obtaining a Product.
- Servicing, maintaining, using, operating or closing of an account or Product.
- Performing transactions or obtaining information in connection with a Product.
There are special additional terms for electronic delivery of Tax Statements. See Paragraph 7, below.
- Your consent to use electronic records and signatures; Choosing to receive Communications electronically or in writing; Certain information must still be provided in writing. In our sole discretion, the Communications we provide to you, or that you sign or agree to at our request, may be in electronic form (“Electronic Records”). We may also use electronic signatures and obtain them from you as part of our transactions with you.
Electronic Records may be delivered to you in a variety of ways. In some cases, Electronic Records may be delivered via email or through the electronic application. You should print or download a copy of any electronic Communications for your records, including this consent.
We may always, in our sole discretion, provide you with any Communication in writing or send it to you via the U.S. mail or other means of delivery, even if you have chosen to receive it electronically. We may require any information you provide to us, or any document you sign, to be delivered to us in writing.
- Your option to receive paper copies. If we provide an Electronic Record to you, and you want a paper copy, you may call 877-869-9041 and request a paper version. You will not have to pay a fee for the paper copy. However, as noted in Section 4 below, if you decline to provide consent to receive electronic documents or withdraw your consent at any time, NYDIG will close your account.
- You may decline to provide or withdraw your consent at any time; Consequences of refusal to grant, or withdrawal of, consent; How to give notice of withdrawal. You have the right to refuse to provide your consent or withdraw your consent from at any time. Please be aware, however, that refusal to provide or withdrawal of consent may result in the termination of your use, access to or ability to enroll in certain Products, and closure of your account. Nevertheless, if we are required to provide you with paper copies of any documents, we will do so, and close your account thereafter. To withdraw your consent, contact us at 877-869-9041.
Your withdrawal of consent will become effective after we have had a reasonable opportunity to act upon it.
- You must keep your email address current. To receive electronic Communications you must provide Quontic Bank with a valid email address. You must notify Quontic Bank immediately of a change to your email address. You can make changes by emailing [email protected].
- System Requirements. In order to view and retain your electronic Communications, you will need:
- Internet access and a Current Version of a supported internet browser;
- A Current Version of a PDF reader;
- A printer or other storage device;
- An active email address; and
- A computer or handheld device capable of supporting all of the requirements described above.
By “Current Version”, we mean a version of the software currently supported by its publisher. We reserve the right to discontinue support of a Current Version of software if, in our sole opinion, it suffers from a security flaw or other flaw that makes it unsuitable for our use of electronic Communications.
In some cases, you may also need a specific brand or type of device that can support a particular software application, including an application intended for particular mobile or handheld devices. We will tell you when this is the case. By continuing to use of electronic Communications after such notice, you reaffirm your consent.
If we change these hardware or software requirements, and that change creates a material risk that you would not be able to access or retain your electronic Communications, we will notify you of the revised hardware or software requirements.
- Additional Provisions for Tax Statements. The terms, conditions and disclosures above apply to the electronic delivery of tax documents (“Tax Documents”), including the following additional provisions:
- You are not required to receive Tax Documents electronically. However, if you do not elect to receive Tax Documents electronically, or withdraw your consent at any time, NYDIG will be unable to open an account for you and/or will close your account.
- Your election to receive Tax Documents electronically applies to any Tax Document which we are legally permitted to provide to you now or at any time in the future until such time that you withdraw your consent.
- Withdrawal of consent to electronic delivery of Tax Documents will not affect Tax Documents previously provided electronically; such Tax Documents may continue to be provided electronically for the applicable posting period.
- The electronic delivery of Tax Document may be terminated at any time by us. Further, we may make certain Tax Documents available electronically only for a limited time. Currently, the period of time for most Tax Documents is from January 31st or February 15th, as applicable, of the relevant year until October 15th of the same year.
- If you need to update any information relevant to electronic delivery of Tax Documents, you may request that such information be updated through the procedures set forth in the section titled “You must keep your email address current” above.
- A description of the hardware and software required to access, print, and retain Tax Documents are set forth in the section titled “System Requirements” above.
By accepting the terms of this agreement, you are consenting to the use of electronic records and signatures in connection with your relationship with us, and also confirming that:
- You have reviewed this Disclosure and Consent,
- You have the hardware and software described above,
- You are able to receive and review electronic records, and
- You have an active email account and the ability to access and view PDF files.
© 2020 Quontic Bank Holdings Corp. All rights reserved. Member FDIC. Equal Housing Lender. NMLS ID: 403503
Primary federal regulator: Office of the Comptroller of the Currency (OCC): 1-800-603-6743 • FDIC: 1-877-275-3342 (1-877-ASKFDIC)
Quontic Bank Deposit Agreement and Disclosures
Terms and Conditions Agreement
Please read carefully and retain it for future reference. By opening an account online, requesting an account or maintaining an account, you acknowledge that you have reviewed, understand and agree to be governed by this agreement and any other documents we give you pertaining to your account(s). This document, along with any other documents we give you pertaining to your account(s), is a contract that establishes rules which control your account(s) with us. Please retain it for future reference. If you open an account online or open or continue to use the account, you agree to these rules.
DEFINITIONS. Throughout this Agreement, these terms have the following meaning:
- "You," "your," "account owner," and "party" refer to the depositor (whether joint or individual) named on the account.
- "We," "our," and "us" refer to the financial institution.
- The acronym "NOW" means Negotiable Order of Withdrawal.
- "Item" or "items," as defined by Article 4 of the Uniform Commercial Code (UCC), means an instrument or a promise or order to pay money handled by a financial institution for collection or payment. The term includes a check but does not include a payment order governed by Article 4A of the UCC or a credit or debit card slip.
- "Debit transactions," "debit," or "debits" refer to funds that are taken out of your account. Common types of debits may include: checks or drafts that you have written, ACH payments, wire transfers, PIN-based debit card transactions, and signature-based debit card transactions.
- "Credit transactions," "credit," or "credits" refer to deposits of funds into your account. Common types of credits include: cash deposits, direct deposits, check deposits, and ACH and wire transfers made payable to you. Credits are generally added to your account and are made available to you in accordance with our funds availability schedule.
GENERAL RULES. The following rules apply to all types of accounts:
- Deposits. Deposits may be made in person, by mail, or in another form and manner as agreed by us in our sole discretion. We are not responsible for transactions mailed until we actually receive and record them. We may, at our sole discretion, refuse to accept particular items as deposits. Cash deposits are credited to your account according to this Agreement. Other items you deposit are handled by us according to our usual collection practices. If an item you deposit is returned unpaid, we will debit your account and adjust any interest earned. You are liable to us for the amount of any item you deposit to your account that is returned unpaid. In addition, you are liable to us for all costs and expenses related to the collection of any or all of that amount from you. Funds deposited to your account are available in accordance with the Disclosures.
- Collection of Deposited Items. In receiving items for deposit or collection, we act only as your agent and assume no responsibility beyond the exercise of ordinary care. All items are credited subject to final settlement in cash or credits. We shall have the right to forward items to correspondents including all Federal Reserve Banks, and we shall not be liable for default or neglect of said correspondents for loss in transit, nor shall any correspondent be liable except for its own negligence. You specifically authorize us or our correspondents to utilize Federal Reserve Banks to handle such items in accordance with provisions of Regulation J (12 CFR Part 210), as revised or amended from time to time by the Federal Reserve Board. In the event we are subject to local clearinghouse rules, you specifically authorize us to handle such items in accordance with the rules and regulations of the clearinghouse.
If we permit you to withdraw funds from your account before final settlement has been made for any deposited item, and final settlement is not made, we have the right to charge your account or obtain a refund from you. In addition, we may charge back any deposited item at any time before final settlement for whatever reason. We shall not be liable for any damages resulting from the exercise of these rights. Except as may be attributable to our lack of good faith or failure to exercise ordinary care, we will not be liable for dishonor resulting from any reversal of credit, return of deposited items or for any damages resulting from any of those actions.
- Set-offs and Security Interest. If you ever owe us money as a borrower, guarantor, or otherwise, and it becomes due, we have the right under the law (called "set-off") and under this Agreement (by which you grant us security interest in your deposit account and any other accounts held by you) to use your account funds to pay the debt, where permitted by law. If your account is held jointly, that is, if there is more than one account owner, we may offset funds for the debt of any one of the joint owners. Similarly, we may also set-off funds from the individual accounts of any one of the joint owners to satisfy obligations or debts in the joint account. The security interest granted by this Agreement is consensual and is in addition to our right to set-off.
If this account has been set-up to receive direct deposit of social security or supplemental security income payments, we cannot close or exercise a right of setoff against this account. We agree, if we do exercise our right of setoff against any other deposit account, we will notify you of the setoff prior to or on the same business day of the setoff and the reason for the setoff.
- Claims. In response to any garnishment, attachment, restraining order, injunction, levy, citation to discover assets, judgment, reclamation, other order of court or other legal process ("Claim(s)"), we have the right to place a hold on, remove from your account(s) and/or remit to the designated third-party(ies) any amount on deposit in your account(s) as set forth in and required by such Claim(s). If the account(s) is/are held jointly, we may place the hold, remove from the account(s) and/or remit the amounts from the account(s) arising from any Claim(s) relating to any one or more of the account holders. In addition, we may charge against your account(s) any fee authorized by law in connection with the Claim(s) or as otherwise set forth in the Disclosures.
- Expenses. You agree to be liable to us for any loss, costs or expenses that we incur as a result of any dispute involving your account, including reasonable attorneys' fees to the extent permitted by law, and you authorize us to deduct such loss, costs or expenses from your account without prior notice to you.
- Dormant/Inactive Accounts. You understand that if your account is dormant or inactive, you may be charged the fee specified in the Disclosures and we may stop paying interest to the extent permitted by law. However, we must provide you with a written notice of the pending charges before charging any fee. You understand that your account balance may be escheated (that is, turned over to the state) in accordance with state law.
- Joint, Trust, Fiduciary and Custodial Accounts. You acknowledge that if your account is set up as a joint, trust, fiduciary or custodial account, it is your sole responsibility to determine the legal effects of opening and maintaining an account of this nature.
- Joint Account. If this is a joint account, the deposits are the property of each person indicated on the account as joint tenants with the right of survivorship. We are authorized to recognize any of the signatures on the signature card in the payment of funds or the transaction of any business for this account. We may release all or any part of the amount in the account to honor checks, orders, or other items or withdrawals or requests from any person named on this account during the lifetime of all joint tenants. Any person named on the account is liable for the amount of any overdraft fees regardless of whether he or she signed the item or benefited from the proceeds of the item. Unless we receive written notice signed by any person named on the account requesting that we not pay or release the deposits, we shall not be liable to any person named on the account for continuing to honor checks, withdrawals, orders or requests from any joint tenant. After receipt of the notice, we may require the written authorization of any or all joint tenants for further payments or deliveries. We may be required by service of legal process to remit funds held in the joint account to satisfy a judgment entered against, or other valid debt incurred by, any person named on the account. On the death of any person named on the account, all sums from this account vest in and belong to the surviving party(ies) as his or her separate property and estate. We may honor checks, withdrawals, orders or requests from the survivor(s) after the death of any joint tenant.
- Convenience Account. If this is a convenience account, all deposits are the property of the owner, designated in the account title by "FCO" (For the Convenience Of). We may release all or any part of the amount in the account to honor checks, withdrawals, orders or requests from the owner or any other person named on the account during the owner's lifetime, even if the checks, withdrawals, orders or requests reduce the account balance to zero. Any other person named on the account will not be considered to have any ownership interest in the account, and there is no right of survivorship. Only the owner may request that the account be closed during his or her lifetime. Unless we receive written notice signed by the owner requesting that we not pay or release any of the deposits in the account and are given a reasonable time to act upon the notice, we shall not be liable to the owner for continuing to honor checks, withdrawals, orders or requests from the other named person(s) on the account. After receipt of the notice, we may require the written authorization of the owner for any further payments or deliveries. We may be required by service of legal process to remit funds held in the account to satisfy a judgment entered against, or other valid debt incurred by, the owner of the account, but not the other named person(s) except as otherwise ordered by a court of competent jurisdiction. Until we receive written notice of the death of the owner, and have had a reasonable opportunity to act on such notice, we may honor checks, withdrawals, orders, or requests from the other person(s) named on the account after the death of the owner. The other person(s) named on the account agrees to immediately provide us with written notice of the owner's death and acknowledges that the account is not to be used after the owner's death. Upon the death of the owner and prior to our receipt of a restraining order, injunction or other appropriate process from a court of competent jurisdiction prohibiting payments, and after we have a reasonable time to act upon it, we may make payment to the executor, administrator or voluntary administrator as defined in Article 13 of the Surrogate's Court Procedure Act of the deceased owner's estate or to any person designated in Section 1310 of the Surrogate's Court Procedure Act.
- In Trust For Account. If this account is noted as an In Trust For account, the trustee may change the named beneficiary at any time by a written direction to us. The trustee reserves the right to withdraw all or part of the deposit at any time. Such payment or withdrawal shall constitute a revocation of the trust agreement as to the amount withdrawn. The beneficiary acquires the right to withdraw only if: (i) the trustee dies, (ii) the beneficiary is then living, and (iii) the trustee's will contains no provision revoking, terminating or modifying the trust account. The beneficiary is only entitled to the amount that is in the trust after all of the trustees' outstanding debits and items have been paid. If the beneficiary predeceases the trustee, the named beneficiary's death shall terminate the trust and title to the money that is credited to the trust shall vest in the trustee.
- Custodial Account. A custodial account is subject to applicable law as adopted by the state in which the account is opened. The documents that authorize the custodianship may be required for the account. An account opened under the Uniform Transfers/Gifts to Minors Act must be opened in the name of a custodian "as custodian for (name of minor) under the Uniform Transfers to Minors Act". There may be only one custodian and one minor as beneficiary for each minor account.
- Power of Attorney. If you wish to name another person to act as your attorney in fact or agent in connection with your account, we must approve the form of appointment.
- Fees, Service Charges and Balance Requirements. You agree you are responsible for any fees, charges, balance, or deposit requirements as stated in the Disclosures. We also reserve the right to impose a service charge for cashing checks and other items drawn on your account if the person cashing the check or item is not a customer of this financial institution.
- Non-Sufficient Funds and Overdrafts. If your account lacks sufficient funds to pay a check, preauthorized transfer, or other debit activity presented for payment as determined by your available account balance or actual (ledger) balance, we may (1) return the item or (2) pay the item at our discretion.
Available Balance. We may use an available balance method to determine if there are sufficient funds in your account to pay an item or debit transaction and to assess non-sufficient funds and overdraft fees.
How We Decide to Pay an Item or Debit. The available balance reflects deposits and transactions that have been posted to your account and transactions that have not posted to your account, including the following: checks you have written, if applicable; deposit holds; and holds on debit card transactions that have been authorized but not yet posted (i.e., preauthorization holds). These pending transactions and holds reduce your available balance. For example, you have $100 in your account and a pending transaction of $30. Your available balance is $70 because the pending $30 transaction reduces your available account balance.
How We Assess Fees. If there are insufficient funds to pay a debit transaction or item based on your available balance, we may either: 1) return the debit or item or 2) pay the debit or item at our discretion. We may charge you fees if we return the item or pay the item on your behalf.
Return Item for Non-Sufficient Funds. If we do not pay the debit transaction or item on your behalf and return the debit or item, we may charge you non-sufficient funds fees. Pursuant to Nacha Operating Rules and Guidelines and other applicable laws, an item may be presented for payment more than one time. We may charge you non-sufficient funds fees for each resubmission of an item or re-presentation of a check, which means you may incur multiple non-sufficient funds fees if an item is returned more than one time. For example, you write a check from your account with us. The check is returned for non-sufficient funds, and we may charge you non-sufficient funds fees. The same check is then re-presented to us for payment, and the check is returned again for non-sufficient funds. We may charge you non-sufficient funds fees the second time the check is presented for payment and returned for non-sufficient funds.
Overdrafts. If we pay the debit transaction or item on your behalf, you will be responsible for the overdrawn balance, and we may charge you overdraft fees. As discussed above, subsequent pending transactions and holds impact your available balance, which may cause your account to become overdrawn and subject to overdraft fees. For example, you have $100 in your account. You use your debit card at a gas station and a preauthorization hold of $60 is placed on your account because the amount of the transaction is not known at the time of authorization even though your gas was only $50. The authorization hold reduces your available account balance to $40. You then spend $50 on groceries. If we pay this debit on your behalf, you will be responsible for paying the overdrawn balance, and we may charge you overdraft fees.
Actual (Ledger) Balance. We may use an actual (ledger) balance method to determine whether there are sufficient funds in your account to pay an item or debit transaction and to assess non-sufficient funds and overdraft fees.
How We Decide to Pay an Item or Debit. The actual (ledger) balance method calculates your account balance only based on transactions that have settled, and it does not reflect pending transactions or checks, if applicable, that have not posted to your account. For example, you have $100 in your account and a pending transaction of $30. Your actual (ledger) balance is $100 because the pending $30 transaction does not reduce your actual (ledger) account balance until it posts to your account.
How We Assess Fees. If there are insufficient funds to pay a debit transaction or item based on your actual (ledger) balance, we may either: 1) return the debit or item or 2) pay the debit or item at our discretion. We may charge you fees if we return the debit or item or pay the debit or item on your behalf.
Return Item for Non-Sufficient Funds. If we do not pay the debit transaction or item on your behalf and return the debit or item, we may charge you non-sufficient funds fees. Pursuant to Nacha Operating Rules and Guidelines and other applicable laws, a debit or item may be presented for payment more than one time. We may charge you non-sufficient funds fees for each resubmission of a debit or re-presentation of an item, which means you may incur multiple non-sufficient funds fees if a debit or item is returned more than one time. For example, you write a check from your account with us. The check is returned for non-sufficient funds, and we may charge you non-sufficient funds fees. The same check is then re-presented to us for payment, and the check is returned again for non-sufficient funds. We may charge you non-sufficient funds fees the second time the check is presented for payment and returned for non-sufficient funds.
Overdrafts. If we pay the debit transaction or item on your behalf, you will be responsible for the overdrawn balance, and we may charge you overdraft fees.
Our policy may be that we use an available balance to determine if we will pay a debit or item and use an actual (ledger) balance to assess fees. If this is the case, the applicable rules described above will apply.
If applicable, overdrafts may be covered by our standard overdraft practice that comes with your account or an overdraft protection plan, such as a link to an account or a line of credit. As part of our offered standard overdraft practice, we do not authorize and pay overdrafts on ATM or everyday debit card transactions unless you request us to do so. Please refer to the Overdraft Services Consent Form for more information about overdrafts and our standard overdraft policies, if applicable, and refer to your Truth In Savings disclosure for more information about our overdraft privilege policy.
- Processing Order. We will process debit and credit transactions in accordance with our processing order policy. The processing order of these debits and credits is important because if your account balance has insufficient funds to pay for the debits and credits in the order that they are processed, we may charge you non-sufficient funds fees if we return the debit or charge you overdraft fees if we pay the debit on your behalf.
- Amendments and Alterations. You agree that the terms and conditions governing your account may be amended by us from time to time. We will notify you of amendments as required by applicable law. Your continued use of the account evidences your agreement to any amendments. Notices will be sent to the most recent address shown on the account records. Only one notice will be given in the case of joint account holders.
- Notices. You are responsible for notifying us of any address or name changes, the death of an account holder or other information affecting your account. Notices must be in a form and manner acceptable to us with enough information to allow us to identify the account. Notice sent by you to us is not effective until we have received it and have a reasonable opportunity to act on it. Written notice sent by us to you is effective when mailed to the last address supplied.
- Certified Beneficial Owner Information. If you are obligated to certify beneficial owner information at the time the account is opened, you are responsible for notifying us of any changes to the certified beneficial ownership information that was provided to us. Notice should be made to us as soon as practical upon a change to the beneficial ownership information in a form and manner acceptable to us.
- Unlawful Internet Gambling. Restricted transactions are prohibited from being processed through your account with us as required by the Unlawful Internet Gambling Enforcement Act of 2006 and Regulation GG. A restricted transaction is a transaction or transmittal involving any credit, funds, instrument, or proceeds in connection with the participation of another person in unlawful Internet gambling. You will notify us if your business practices regarding Internet gambling change in the future.
- Telephone and Electronic Communication. You agree that we may call or send text messages to you at the telephone numbers that you provide to us, including a cell phone number, which may result in charges to you, for informational purposes regarding your account(s) with us. These calls and text messages may be made from an automatic telephone dialing system (i.e., an autodialer) or from an artificial or prerecorded voice message system. Additionally, you agree that we may send electronic communication to you at the email addresses you provide to us. You may contact us at any time if you no longer want to receive these communications from us.
- Online or Mobile Services. If you open an account or obtain a product or service from us using our online or mobile services, we may record your personal information from a scan or a copy of your driver's license or other personal identification card, or we may receive an image or make a copy of your driver's license or other personal identification card. We may store or retain this information to the extent permitted by law.
- Closing Account. We may close the account at any time, with or without cause, after sending you notice if advance notice is required by law. If applicable, a notice may be sent to you that specifies when the account will be closed. At our discretion, we have the authority to pay an otherwise properly payable item, which is presented after the closing of your account. Such termination will not release you from any fees or other obligations incurred before the termination. We will send a check for the balance in our possession to which you are entitled.
- Transfers and Assignments. You cannot assign or transfer any interest in your account unless we agree in writing.
- Applicable Laws and Regulations. You understand that this Agreement is governed by the laws of the state in which the account is opened unless federal law controls. Changes in these laws may change the terms and conditions of your account. We will notify you of any changes as required by law. If any of the terms of this Agreement come into conflict with the applicable law and are declared to be invalid or unenforceable, those terms will be nullified to the extent that they are inconsistent with the law and the applicable law will govern. However, this shall not affect the validity of the remaining provisions.
- ACH and Wire Transfers. This Agreement is subject to Article 4A of the Uniform Commercial Code - Funds Transfers as adopted by the state in which the account is opened. If you send or receive a wire transfer, you agree that Fedwire® Funds Service may be used. Federal Reserve Board Regulation J is the law that covers transactions made over Fedwire® Funds Service. When you originate a funds transfer for which Fedwire® Funds Service is used, and you identify by name and number a beneficiary financial institution, an intermediary financial institution or a beneficiary, we and every receiving or beneficiary 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. If you are a party to an Automated Clearing House ("ACH") entry, you agree that we may transmit an entry through the ACH, and you agree to be bound by the National Automated Clearing House Association ("Nacha") Operating Rules and Guidelines, the rules of any local ACH, and the rules of any other systems through which the entry is made.
Provisional Payment. Credit we give you is provisional until we receive final settlement for that entry. If we do not receive final settlement, you agree that we are entitled to a refund of the amount credited to you in connection with the entry, and the party making payment to you via such entry (i.e., the originator of the entry) shall not be deemed to have paid you in the amount of such entry.
Notice of Receipt. We will not provide you with notice of our receipt of the order, unless we are so requested by the transfer originator in the order. However, we will continue to notify you of the receipt of payments in the periodic statements we provide to you.
Choice of Law. We may accept on your behalf payments to your account which have been transmitted, that are not subject to the Electronic Fund Transfer Act, and your rights and obligations with respect to such payments shall be construed in accordance with and governed by the laws of the state where we are located.
International ACH Transactions. If your transaction originates from a financial agency that is outside of the territorial jurisdiction of the United States, it may be subject to additional review for compliance with the rules of the Office of Foreign Assets Control (OFAC). If additional review is required, the International ACH transaction will not be available to you until it passes final verification.
- Stop Payments.
Stop Payments on Checks. If you request us to stop payment on a check you have written, you will give written or other confirmation as allowed by us within 14 days of making the request. If you fail to confirm an oral stop payment request within the 14 days, unless our policy provides otherwise, we reserve the right to cancel the request. Your stop payment request must describe the check or account with reasonable certainty and we must receive the request in a time and way that gives us a reasonable opportunity to act on it. A stop payment on a check you have written will remain in effect until the earlier of 1) six months or other time period not less than six months as specified in the Stop Payment Order, or 2) until we receive written revocation of the stop payment. If the check on which a Stop Payment Order has been placed has not yet cleared or been returned to you by the payee, you may renew the Stop Payment Order for an additional six months by providing a request to us in a record or writing within the time period the Stop Payment Order is in effect. Our acceptance of a stop payment request does not constitute a representation by us that the check has not already been paid or that we have had a reasonable opportunity to act on the request. We may accept a stop payment request on lost or stolen checks, whether a single check or series, unless our policy requires we open a new account for you to ensure your security. Written communication includes communication by electronic record.
Stop Payments on ACH Debits. A Stop Payment Order may be placed on either a one-time debit transfer or on a multiple debit entry transfer. If you request a Stop Payment Order on an Electronic Check Conversion or other one-time debit transfer, we must receive the request, orally or in a record or writing, in a period of time that provides us a reasonable opportunity to act on it prior to acting on the debit entry, otherwise the Stop Payment Order shall be of no effect. If you requested a stop payment on a multiple or future debit entry transfer, we must receive the Stop Payment Order, orally or in a record or writing, at least three business days before a scheduled debit entry. Requests to stop all future payments on an ACH debit transfer may require additional documentation to be supplied to us. Oral stop payment orders are binding on us for 14 calendar days only, unless our policy provides otherwise, and must be confirmed by you in a record or writing within that period. A Stop Payment Order on an ACH debit will remain in effect until the earlier of 1) your withdrawal of the Stop Payment Order, or 2) the return of the debit entry, or, where a Stop Payment Order is applied to more than one debit entry under a specific authorization involving a specific payee (Originator), the return of all such debits. When a stop is placed on a multiple or future debit entry transfer, we may require your confirmation in a record or writing stating that you have canceled your authorization for the transfer with the payee (a Stop Payment Order does not revoke authorization). Written communication includes communication by electronic record.
The Stop Payment Order shall be governed by the provisions of Article 4A of the Uniform Commercial Code as adopted by the state in which the account is opened, the Electronic Fund Transfer Act (Regulation E), Nacha Operating Rules, and any applicable state law. You may be charged a fee every time you request a Stop Payment Order and for each Stop Payment Order renewal you make. You understand that we may accept the stop payment request from any of the joint owners of the account regardless of who signed the check or authorized the transfer. A release of the Stop Payment Order may be made only by the person who initiated the stop payment request.
- Checks. All negotiable paper ("checks") presented for deposit must be in a format that can be processed and we may refuse to accept any check that does not meet this requirement. All endorsements on the reverse side of any check deposited into your account, or on any check issued by you, must be placed on the left side of the check when looking at it from the front, and must be placed so as to not go beyond an area located 1-1/2 inches from the left edge of the check when looking at it from the front. It is your responsibility to ensure that this requirement is met. You are responsible for any loss incurred by us for failure of an endorsement to meet this requirement.
- Electronic Checks and Electronically-Created Items. Pursuant to Regulation CC, electronic checks may be treated the same as paper checks for check collection and processing purposes. See the Substitute Checks section for more information.
Electronically-created items ("ECI") are check-like items created in electronic form that never existed in paper form. For example, you set up automatic bill payments with us to pay your utility bill. From your account information, we create an ECI that is sent to your utility company for payment. An ECI cannot be used to create a substitute check since it never existed in paper form.
- Substitute Checks. To make check processing faster, federal law permits financial institutions 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 check(s). An electronic check can be used to create a substitute check since the electronic image and electronic information was derived from its paper form.
- Remote Deposit Capture. Remote deposit capture ("RDC") allows you to make deposits to your account from remote locations by electronically transmitting digital images of your original paper checks, which are drawn on or payable through United States financial institutions in United States dollars to us. We may then use the digital image to create an electronic check or substitute check for collection. If you use our RDC services, if applicable, we may require you to endorse the back of the paper check to indicate that it has been remotely deposited. For example, "for mobile deposit only."
- Preauthorized Checks or Drafts. You should guard information about your account (such as your routing number and your account number) as carefully as you would guard blank checks. If you voluntarily give such information about your account to a party which is seeking to sell you goods or services, without physically delivering a check to that party, any debit to or withdrawal from your account it initiates will be deemed authorized by you.
- Stale or Postdated Checks. We reserve the right to pay or dishonor a check more than 6 months old without prior notice to you. If you can write checks on your account, you agree not to postdate any check drawn on the account. If you do and the check is presented for payment before the date of the check, we may pay it or return it unpaid. We are not liable for paying any stale or postdated check. Any damages you incur that we may be liable for are limited to actual damages not to exceed the amount of the check.
- Verifying Funds Availability for Check. You authorize us to release funds availability information about your account to individuals or merchants who represent to us that they have received a check or other item from you.
- Check Safekeeping. If you can write checks on your account and utilize check safekeeping or any other system offered by us for the retention of your checks, you understand that the canceled checks will be retained by us and destroyed after a reasonable time period or as required by law. If for any reason we cannot provide you with a copy of a check, our liability will be limited to the lesser of the face amount of the check or the actual damages sustained by you. When you request a copy of a check it may be subject to a fee as defined in the Disclosures.
- Remotely Created Checks. A remotely created check, as defined in Regulation CC, means a check that is not created by the paying bank and that does not bear a signature applied, or purported to be applied, by the person on whose account the check is drawn. By having a deposit account with us, you certify that all remotely created checks deposited to your account(s) will be expressly and verifiably authorized by the payor. And we reserve the rights to refuse for deposit any such remotely created check if we have any reason to believe that the item is fraudulent in any manner, and to obtain from you the payor's express, verifiable authorization for any such check.
- Statements. If your account is a Checking, NOW, Money Market, or Statement Savings account, we will provide you with a periodic statement showing the account activity. The last address you supply us in writing will be deemed the proper address for mailing this statement to you. The account holder who receives this statement is the agent for his/her co-account holder(s) for purposes of receiving the statement and items. You must exercise reasonable care in reviewing your statement and reasonable promptness in notifying us of any discrepancies, such as alterations or forged or unauthorized signatures, even if by the same wrongdoer. You must notify us within 14 days after we mail or otherwise make the statement available to you of any discrepancies, except for transfers governed by the Wire Transfer Agreement. If you fail to notify us with reasonable promptness, you will have no claim against us to the extent permitted by law. Additionally, you agree that we will not be liable for an unauthorized signature or any alteration on the front or back of the item which is reported to us after one year, or for any unauthorized indorsement which is reported to us after three years, after we mail or otherwise make the statement or items available to you, even if we failed to exercise ordinary care. However, if the discrepancy is the result of an electronic fund transfer, the provisions of our Disclosures will control its resolution. If you do not receive a statement from us because you have failed to claim it, or have supplied us with an incorrect address, we may stop sending your statements until you specifically make written request that we resume sending your statements and you supply us with a proper address.
- Electronic Statements and Notices. You may have the option to have statements and notices regarding this account provided to you in an electronic form, to a designated e-mail address, upon your authorization. The authorization may be withdrawn at any time to return to a mailed paper form by providing written notice to us at the address provided. The fees for receiving in either form, and for receiving paper copies, are described in your Disclosures. In order to receive your account information in an electronic form, the receiving system may have to meet specific requirements. We will keep you informed of any change to the minimum hardware or software requirements.
- Signatures. Your signature on the Account Information form is your authorized signature. You authorize us, at any time, to charge you for all checks, drafts, orders, or other items for the payment of money, that are drawn on us regardless of by whom or by what means (including facsimile signature(s)) may have been affixed so long as they resemble the signature specimen in our files. For withdrawal and for other purposes relating to any account you have with us, we are authorized to recognize your signature; and we will not be liable to you for refusing to honor signed instruments or instructions if we believe in good faith that one or more of the signatures appearing on the instrument or instruction is not genuine.
If your items are signed using any facsimile signature or non-manual form of signature, you acknowledge that it is solely for your benefit and convenience. You agree that no facsimile signature you have authorized us to honor may be considered a forgery or an unauthorized signature, and that every authorized facsimile signature shall be effective as the signatory's own original, manual signature. You accept sole responsibility for maintaining security over any device affixing the signature as such signature will be effective regardless of whether the person affixing it was authorized to do so. Your authorization notwithstanding, we are not obligated to accept or pay any items bearing facsimile signatures.
Further, most checks, drafts, orders, or other items are processed automatically, i.e., without individual review of each item. Therefore, unless we agree in a separate writing, in our sole discretion, upon your request and due to unique circumstances to conduct individual review of checks, drafts, orders, or other items for more than one signer, you agree that we are acting within common and reasonable banking practices by automatically processing these items. You agree to indemnify, defend, and hold us harmless from and against all loss, costs, damage, liability, and other injury (including reasonable attorney fees) that you or we may suffer or incur as a result of this practice.
- Restrictive Legends. We are not required to honor any restrictive legend on checks you write unless we have agreed to the restriction in a writing signed by an officer of the financial institution. Examples of restrictive legends are "two signatures required", "must be presented within 90 days" or "not valid for more than $1,000.00."
- Our Waiver of Rights. You understand and agree that no delay or failure on our part to exercise any right, remedy, power or privilege available to us under this Agreement shall affect or preclude our future exercise of that right, remedy, power or privilege.
- Your Waiver of Notice. By signing the signature card/Account Information form, you waive any notice of non-payment, dishonor or protest regarding any items credited to or charged against your deposit account to the extent permitted by law. For example, if a check that you deposited is dishonored and returned to us, we are not required to notify you of the dishonor.
ACCOUNT SPECIFIC PROVISIONS. In addition to the General Rules, the following rules apply to specific types of accounts:
You will receive a separate schedule of rates, qualifying balances, and fees if they are not included in this document. If you have any questions, please call us at 1-800-908-6600.
CHECKING AND NOW ACCOUNTS
Checking Accounts. If your account is a checking account, it will be either non-interest bearing or interest bearing as defined in the Truth in Savings Disclosure.
Withdrawals. Deposits will be available for withdrawal consistent with the terms of our Disclosures. Withdrawals may be subject to a service charge.
Withdrawal Notice Requirements. If your account is a NOW account or a non-demand deposit checking account, we have the right to require seven (7) days prior written notice from you of your intent to withdraw any funds from your account.
MONEY MARKET AND SAVINGS ACCOUNTS
Withdrawals. We have the right to require seven (7) days prior written notice from you of your intent to withdraw any funds from your account. Withdrawals may be subject to a service charge.
Transaction Limitations. Our policy allows us to restrict the number of transfers or withdrawals you can make on a Money Market Account and Savings Account, or we may allow you to make an unlimited number of transfers or withdrawals from these accounts.
Restrictions on Money Market and Savings Accounts. If we restrict the number of transfers or withdrawals you can make on these accounts, you understand that we will not allow more transfers or withdrawals than the maximum number specified in the Disclosures, and we may close your account, take away your ability to transfer funds, charge you a fee, or convert the account to a checking or other transaction account if the restriction is violated.
No Restrictions on Money Market and Savings Accounts. If we do not restrict the number of transfers or withdrawals you can make on these accounts, your account may still be subject to other transaction limitations. Please refer to the Disclosures to understand which transaction limitations, if any, apply to your account.
Passbooks. If your account is a passbook account and you wish to make a withdrawal without your passbook, we can refuse to allow the withdrawal. If your passbook is lost or stolen, you will immediately notify us in writing.
CERTIFICATES OF DEPOSIT/TIME DEPOSIT ACCOUNTS
Account Terms. The Certificate bears interest at the rate and basis as set forth on the Certificate. The terms of the Certificate, such as the interest rate(s), Annual Percentage Yield ("APY"), length of term period, renewability, and date of maturity are specified on the Certificate and in the Disclosures provided to you at the time of account opening. Interest will not be compounded unless noted and will be paid to you at the frequency and in the method noted. If interest compounds during the term of the Certificate and may be withdrawn prior to maturity, the withdrawal of interest prior to maturity will affect the APY.
Withdrawal Prior To Maturity. You have contracted to keep the account funds on deposit from the issue date until the maturity date. We may accept a request by you for withdrawal of some or all of the account funds prior to the maturity date at our discretion or as otherwise described in the Disclosures.
Additional Deposits During the Term. No additional deposits will be allowed to this account during its term unless otherwise described in the Disclosures.
Early Withdrawal Penalty. Unless provided otherwise in the Disclosures, we will assess an early withdrawal penalty on any withdrawal, either partial or in whole, that we allow you to make from your account prior to the account's maturity date. The method for determining that penalty is described in the Disclosures.
Renewal. Automatic Renewal Certificates will renew automatically on the stated maturity date of its term. Such renewal will be for a time period equal or similar to the original term and subject to these terms and conditions. Interest for that renewal term will be paid at the interest rate then in effect at this financial institution for similar accounts. If you close the Certificate within the grace period following the maturity date, we will not charge an early withdrawal penalty for that withdrawal. The grace period following a maturity date is described in the Disclosures.
Single Maturity. Single Maturity Certificates will not automatically renew at maturity. The Disclosures describe our policy concerning the account's status following the maturity date. To ensure a continuation of interest earning, you must arrange for a new investment of the account balance.
Funds Availability Policy
PURPOSE OF THIS DISCLOSURE
The information here describes our policy of holding deposited items in a transaction account before funds are made available to you for withdrawal. This is our Funds Availability Policy. In summary, our policy is to make your funds available on the next Business Day after the day of deposit. Please refer to the section DETERMINING THE AVAILABILITY OF YOUR DEPOSIT for the complete policy.
For the purposes of this disclosure, the terms “you”/”your” refer to the customer and the terms “our”/”we”/”us” refer to QUONTIC BANK.
Generally, transaction accounts are accounts which would permit an unlimited number of payments by check to third persons, and also an unlimited number of telephonic and preauthorized transfers to third persons or other accounts you may have with us.
DETERMINING THE AVAILABILITY OF YOUR DEPOSIT
The length of the delay varies depending on the type of deposit and is explained below. When we delay your ability to withdraw funds from a deposit, you may not withdraw the funds in cash, and we will not pay checks you have written on your account by using these funds. 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 your deposit. The term “Business Day” means any day other than a Saturday, Sunday or federally declared legal holiday, and the term “Banking Day” means that part of any Business Day on which we are open to the public for carrying on substantially all of our banking functions.
If you make a deposit before 5:00 p.m. on a Business Day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after 5:00 p.m. or on a day that we are not open, we will consider the deposit made on the next Business Day we are open.
Same day availability. Funds from electronic direct deposits to your account will be available on the day we receive the deposit. In addition, funds will also be available on the day of deposit from deposits of:
- Cash (if made in person to an employee of QUONTIC BANK*)
- Wire transfers
Next-day availability. Funds are available on the first Business Day after the day of your deposit from deposits of:
- S. Treasury checks (if payable to you and deposited into your account)
- S. Postal Service Money Orders (if payable to you and deposited into your account, and the deposit is made in person to an employee of QUONTIC BANK*)
- Federal Reserve Bank or Federal Home Loan Bank checks (if payable to you and deposited into your account, and the deposit is made in person to an employee of QUONTIC BANK*)
- State or Local Government checks (if the checks are payable to you, deposited into your account, the deposit is made in person to an employee of QUONTIC BANK and you request next day availability from the teller or customer service representative.*)
- Cashier’s, Certified, or Teller’s checks if the checks are payable to you, deposited into your account, the deposit is made in person to an employee of QUONTIC BANK and you request next day availability from the teller or customer service representative.*.*)
- Checks drawn on us
*If you do not make your deposit in person to one of our employees (for example, if you mail the deposit), funds from these deposits will be available no later than the next Business Day after the day of your deposit. Other Check Deposits. Funds from all other check deposits will be available on the next Business Day after the day of your deposit. The first $225.00 of your deposits, however, will be available on the first Business Day after the day of deposit.
CASE-BY-CASE DELAYS — In some cases, funds from deposits of local checks may not be made available to you according to the preceding schedule. Funds may not be available until the second business day after the day of your deposit. The first $225.00 of your deposit, however, will be available on the first business day. If we are not going to make all of the funds from your deposit available according to the preceding schedule, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will mail you the notice by the next business day after we receive your deposit. If you will need the funds from the deposit right away, you should ask us when the funds will be available.
HOLDS ON OTHER FUNDS FOR CHECK CASHING
If we cash a check for you that is drawn on another financial institution, 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 if you had deposited it.
HOLDS ON OTHER FUNDS IN ANOTHER ACCOUNT
If we accept for deposit a check that is drawn on another financial institution, we may make funds from the deposit available for withdrawal immediately but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then not be available for withdrawal until the time periods that are described elsewhere in this disclosure for the type of check that you deposited.
LONGER DELAYS MAY APPLY
Funds you deposit by check may be delayed for a longer period under the following circumstances:
- if we believe a check you deposit will not be paid;
- if you deposit checks totaling more than $5,525 on any one day;
- if you redeposit a check that has been returned unpaid;
- if you have overdrawn your account repeatedly in the last six months; or
- if an emergency condition arises that would not enable us to make the funds available to you, such as the failure of computer or communications equipment.
We will notify you if we delay your availability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the fourth Business Day after the day of your deposit. If you will need the funds from a deposit right away, you should ask us when the funds will be available.
DEPOSITS AT AUTOMATED TELLER MACHINES
If you make a deposit at an automated teller machine (ATM) that is owned and operated by us before 4:00 p.m. on a Business Day that we are open, we will consider the deposit made that day. However, if you make a deposit at an ATM that is owned and operated by us after 4:00 p.m. or on a day that we are not open, we will consider the deposit made on the next Business Day we are open.
ADDITIONAL ATM INFORMATION
ATM deposits are only accepted at our Astoria Branch location. The first $225.00 of any deposit made will be available on the business day we receive the deposit. Funds from the cash deposits will be available on the first business day after the day of deposit. Funds from check deposits will be available on the second business day after the day of deposit.
ADDITIONAL DEPOSIT INFORMATION - NEW ACCOUNT RULES
Special rules apply during the first 30 days after an account is opened. An account is not new if the customer has had another transaction account at the bank for more than 30 days. If the customer has had authorization only to sign on a corporate account and then opens a new consumer account, it is considered a new account for purposes of Regulation CC.
Funds from cash will be available on the first business day after the day of deposit. Funds from a day’s total deposit of cashier’s, certified, teller’s, travelers, and federal, state, and local government checks will be available on the first business day after the day of deposit if the checks are payable to you, deposited into your account, the deposit is made in person to an employee of QUONTIC BANK and you request next day availability from the teller or customer service representative.*
Funds from all other check deposits for new accounts will have $225.00 available on the first business day after the day of deposit and the balance on the ninth business day after the day of deposit. Subsequent deposits will be available under the terms as otherwise stated in this Funds Availability Policy for accounts that are not new.
EXTERNAL ACH TRANSFERS INITIATED DURING ACCOUNT OPENING
At account opening, Quontic makes it possible for a customer to initiate and conduct incoming transfers via ACH debit transfers into their new Quontic account(s) from accounts said customer owns at designated financial institutions (Non-Quontic Accounts). A hold for five (5) business days after the day of deposit will be placed on the aforementioned incoming transfers to new accounts via ACH debit transfers from customer’s Non-Quontic Account. Customer funds will be available after the 5th business day.
Important Information About Your Checking Account
Substitute checks & your rights
What is a substitute check?
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 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 law with respect to those transactions.
What are my rights regarding substitute checks?
In certain cases, federal law provides a special procedure that allows you to request a refund for losses you suffer if a substitute check is posted to your account (for example, if you think that we withdrew the wrong amount from your account or that we withdrew money from your account more than once for the same check). The losses you may attempt to recover under this procedure may include the amount that was withdrawn from your account and fees that were charged as a result of the withdrawal (for example, bounced check fees).
The amount of your refund under this procedure is limited to the amount of your loss or the amount of the substitute check, whichever is less. You also are entitled to interest on the amount of your refund if your account is an interest-bearing account. If your loss exceeds the amount of the substitute check, you may be able to recover additional amounts under other law.
If you use this procedure, you may receive up to$2,500.00 of your refund (plus interest if your account earns interest) within 10 business days after we received your claim and the remainder of your refund (plus interest if your account earns interest) not later than 45 calendar days after we received your claim.
We may reverse the refund (including any interest on the refund) if we later are able to demonstrate that the substitute check was correctly posted to your account.
How do I make a claim for a refund?
If you believe that you have suffered a loss relating to a substitute check that you received and that was posted to your account, please contact us at:
Astoria, NY 11106
You must contact us within 40 calendar days of the date that we mailed (or otherwise delivered by a means to which you agreed) the substitute check in question or the account statement showing that the substitute check was posted to your account, whichever is later. We will extend this time period if you were not able to make a timely claim because of extraordinary circumstances.
Your claim must include:
- A description of why you have suffered a loss (for example, you think the amount withdrawn was incorrect);
- An estimate of the amount of your loss;
- An explanation of why the substitute check you received is insufficient to confirm that you suffered a loss; and
- A copy of the substitute check or the following information to help us identify the substitute check:
Such as the check number, the name of the person to whom you wrote the check, and/or the amount of the check.
Electronic Funds Transfers
YOUR RIGHTS AND RESPONSIBILITIES
The Electronic Fund Transfers we are capable of handling for consumers are indicated below, some of which may not apply to your account. Some of these may not be available at all terminals. Please read this disclosure carefully because it tells you your rights and obligations for these transactions. You should keep this notice for future reference.
TYPES OF TRANSFERS, FREQUENCY AND DOLLAR LIMITATIONS
(a) Prearranged transfers
- Preauthorized credits. You may make arrangements for certain direct deposits to be accepted into your checking and/or savings account(s).
- Preauthorized payments. You may make arrangements to pay certain recurring bills from your checking and/or savings account(s).
(b) ATM transfers
You may access your account(s) by ATM using your debit or ATM card and personal identification number to:
- Make deposits to checking accounts
- Make deposits to savings accounts
- Get cash withdrawals from checking accounts you may withdraw no more than 500.00 per day
- Get cash withdrawals from savings accounts you may withdraw no more than $500.00 per day
- Transfer funds from savings to checking
- Transfer funds from checking to savings
- Get checking account(s) information
- Get savings account(s) information
(c) Point-of-sale transactions
Using your card you may access your checking account (s) to do the following:
- Purchase goods in person, by phone, by the computer;
- Pay for services in person, by phone, by the computer; or
- 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 not exceed more than $ 1000.00 in transactions per day, which is applicable to all accounts except Bitcoin Rewards Checking. Bitcoin Rewards Checking may not exceed more than $6000.00 in transactions per day.
(d) Computer transfers
You may access your account(s) by computer by online banking (OLB) and using your OLB credentials to:
- Transfer funds from checking to savings,
- Transfer funds from savings to checking,
- Make payments from checking to loan accounts with us,
- Get checking account(s) information, or
- Get savings account(s) information.
(e) Mobile banking transfers
You may access your account(s) by Web-enabled cell phone by Quontic Mobile application and using your online banking credentials to:
- Transfer funds from checking to savings
- Transfer funds from savings to checking
- Get checking account(s) information
- Get savings account(s) information
- You may be charged access fees by your cell phone provider based on your individual plan. Web access is needed to use this service. Check with your cell phone provider for details on specific fees and charges.
(f) 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. For example, your authorization to convert a check to an electronic fund transfer or to electronically pay a returned check charge can occur when a merchant provides you with notice and you go forward with the transaction (typically, at the point of purchase, a merchant will post a sign and print the notice on a receipt). In all cases, these third party transfers will require you to provide the third party with your account number and financial institution information. This information can be found on your check as well as on a deposit or withdrawal slip. Thus, you should only provide your financial institution 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.
In addition to those limitations on transfers elsewhere described, if any, the following limitations apply:
- Transfers or withdrawals from a SAVING or MONEY MARKET account to another account of yours or to a third party by means of a preauthorized or automatic transfer or telephone order or instruction, computer transfer, or by check, draft, debit card or similar order to a third party, are limited to 6 per statement cycle.
- If you exceed the transfer limitations set forth above, your account shall be subject to closure.
We do not charge for Electronic Funds Transfers.
ATM Operator/Network Fees – When you use an ATM not owned by us, you may be charged a fee by the ATM operator or any network used (and you may be charged a fee for a balance inquiry even if you do not complete a fund transfer).
- a) Terminal transfers
You can get a receipt at the time you make a transfer to or from your account using a(n) automated teller machine or point-of-sale terminal. You may not get a receipt if the amount of the transfer is $15 or less.
- b) Preauthorized credits
If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, you can call us at the telephone number listed below to find out whether or not the deposit has been made.
- a) Right to stop payment and procedure for doing so
If you have told us in advance to make regular payments out of your account, you can stop any of these payments. Here’s how:
Call or write us at the telephone number or address listed in this disclosure, in time for us to receive your request 3 business days or more before the payment is scheduled to be made. If you call, we may also require you to put your request in writing and get it to us within 14 days after you call.
We charge $20.00 for each stop payment.
- b) Notice of varying amounts
If these regular payments may vary in amount, the person you are going to pay will tell you, 10 days before each payment, when it will be made and how much it will be. (You may choose instead to get this notice only when the payment would differ by more than a certain amount from the previous payment, or when the amount would fall outside certain limits that you set.)
- c) Liability for failure to stop payment of the preauthorized transfer.
If you order us to stop one of these payments 3 business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.
FINANCIAL INSTITUTION'S LIABILITY
Liability for failure to make transfers
If we do not complete a transfer to or from your account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable, for instance:
- If, through no fault of ours, you do not have enough money in your account to make the transfer.
- If the transfer would go over the credit limit on your overdraft line. • If the automated teller machine where you are making the transfer does not have enough cash.
- If the terminal or system was not working properly and you knew about the breakdown when you started the transfer.
- If circumstances beyond our control (such as fire or flood) prevent the transfer, despite reasonable precautions that we have taken.
- There may be other exceptions stated in our agreement with you.
We will disclose information to third parties about your account or the transfers you make:
- (1) where it is necessary for completing transfers; or
- (2) in order to verify the existence and condition of your account for a third party, such as a credit bureau or merchant; or
- (3) in order to comply with government agency or court orders; or
- (4) if you give us written permission.
- a) Consumer liability
Tell us at once if you believe your card and/or code has been lost or stolen, or if you believe that an electronic fund transfer has been made without your permission using information from your check. Telephoning is the best way of keeping your possible losses down. You could lose all the money in your account (plus your maximum overdraft line of credit). If you tell us within 2 business days after you learn of the loss or theft of your card and/or code, you can lose no more than $50 if someone used your card and/or code without your permission. Also, if you do NOT tell us within 2 business days after you learn of the loss or theft of your card and/or code, and we can prove we could have stopped someone from using your card and/or code without your permission if you had told us, you could lose as much as $500. Also, if your statement shows transfers that you did not make, including those made by card, code or other means, tell us at once. If you do not tell us within 60 days after the statement was mailed to you, you may not get back any money you lost after the 60 days if we can prove that we could have stopped someone from taking the money if you had told us in time. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time period.
CONSUMER LIABILITY FOR UNAUTHORIZED TRANSACTIONS INVOLVING MASTERCARD® DEBIT CARD. The limitations on your liability for unauthorized transactions described above generally apply to all electronic fund transfers. However, different limitations apply to certain transactions involving your card with the branded card. If you promptly notify us about an unauthorized transaction involving your card and the unauthorized transaction took place on your Mastercard® branded card, including any PIN-based ATM or Pont Of Sale transactions, zero liability will be imposed on you for the unauthorized transaction. In order to qualify for the zero liability protection, you must have exercised reasonable care in safeguarding your card from the risk of loss or theft and, upon becoming aware of such loss or theft, promptly reported the loss or theft to us. If the conditions set forth above have not been met, you may be liable for unauthorized transactions to the extent allowed under applicable law. Mastercard ® is a registered trademark of Mastercard International Incorporated.
An account is considered a new account for 30 days after the first deposit is made if you are a new customer.
We will tell you the results within three business days after completing our investigation. If we decide that there was no error, we will send you a written explanation. You may ask for copies of the documents that we used in our investigation.
- b) Contact in event of unauthorized transfer
If you believe your card and/or code has been lost or stolen, call or write us at the telephone number or address listed at the end of this disclosure. You should also call the number or write to the address listed at the end of this disclosure if you believe a transfer has been made using the information from your check without your permission.
ERROR RESOLUTION NOTICE
In Case of Errors or Questions About Your Electronic Transfers, Call or Write us at the telephone number or address listed below, as soon as you can, if you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt. We must hear from you no later than 60 days after we sent the FIRST statement on which the problem or error appeared.
- Tell us your name and account number (if any).
- Describe the error or the transfer you are unsure about and explain as clearly as you can why you believe it is an error or why you need more information.
- Tell us the dollar amount of the suspected error.
If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days.
We will determine whether an error occurred within 10 business days (20 business days if the transfer involved a new account) after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days (90 days if the transfer involved a new account, a point-of-sale transaction, or a foreign-initiated transfer) to investigate your complaint or question. If we decide to do this, we will credit your account within 10 business days (20 business days if the transfer involved a new account) for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not credit your account. An account is considered a new account for 30 days after the first deposit is made if you are a new customer.
We will tell you the results within three business days after completing our investigation. It we decide that there was no error, we will send you a written explanation.
You may ask for copies of the documents that we used in our investigation.
Point of Sale
If you perform a transaction with the Mastercard logo in a currency other than U.S. dollars, Mastercard International Inc. will convert the charge into a US dollar amount.
Astoria, New York 11106
Monday – Friday 8:30am – 5pm
Friday 8:30am – 6pm
Not including bank holidays
Phone Number: 1-800-908-6600
Email: [email protected]
|Facts||What Does Quontic Bank Do With Your Personal Information?|
|Why?||Financial companies choose how they share your personal information. Federal law gives consumers the right to do some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do.|
The types of personal information we collect and share depend on the product or service you have with us. This information can include:
When you are no longer our customer, we continue to share your information as described in this notice.
All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Quontic Bank chooses to share; and whether you can limit this sharing.
|Reasons We Can Share Your Personal Information||Does Quontic Bank Share?||Can You Limit This Sharing?|
|For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus.||YES||NO|
|For our marketing purposes — to offer our products and services to you||YES||NO|
|For joint marketing with other financial companies||NO||We do not share|
|For our affiliates' everyday business purposes — information about your transactions and experiences||NO||We do not share|
|For our affiliates' everyday business purposes — information about your creditworthiness||NO||We do not share|
|For non-affiliates to market to you||NO||We do not share|
WHAT WE DO
|How does Quontic Bank protect my personal information?||To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.|
|How does Quontic Bank collect my personal information?|| |
We collect your personal information, for example, when you:
We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can't I limit all sharing?
Federal law gives you the right to limit only Sharing for affiliates' everyday business purposes—information about your creditworthiness
State laws and individual companies may give you additional rights to limit sharing
|Affiliates||Companies related by common ownership or control. They can be financial and non-financial companies. Quontic Bank does not share with our affiliates.|
Companies not related by common ownership or control. They can be financial and non-financial companies. Quontic Bank does not share with non-affiliates so they can market to you.
A formal agreement between non-affiliated financial companies that together market financial products or services to you. Quontic Bank does not jointly market.
COMMON FEATURES FOR ALL ACCOUNTS
Rates and Fees. Please refer to our separate Schedule of Fees for additional information about fees and charges. Please refer to our separate Rate Sheet for current interest rate and annual percentage yield information (“APY). The Rate Sheet and Schedule of Fees are incorporated as part of this disclosure and link provided on this application submission page.
Our rights to terminate your account. We may close your account at any time. We will notify you if we do so. We may refuse to pay any check presented to us for payment after our notice.
Additional information regarding your account. The below disclosures are for personal accounts. Personal means an account opened in the name of one person only or more than one person in joint tenancy. If you have any questions, please feel free to call us at (800) 908-6600.
Note. Current rates may also be obtained by calling us at (800) 908-6600.
BITCOIN REWARDS CHECKING ACCOUNT
(Only available to residents of Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming)
BITCOIN REWARDS CHECKING ACCOUNT LIMITATIONS. This account must be held by a natural person for personal, family, or household purposes. Each account must be an individual account in the name of one person. No joint accounts are available and only the individual account owner can access the account and be issued a debit card.
INTEREST RATE INFORMATION. This is a personal non-interest bearing account.
MINIMUM BALANCE REQUIREMENTS. You must deposit $500.00 to open a Bitcoin Rewards Checking Account. No minimum daily balance is required to earn Bitcoin rewards and the Bank does not charge a maintenance fee for a Bitcoin Rewards Checking Account.
BITCOIN REWARD. Subject to the separate NYDIG Account Requirements and the NYDIG User Agreement, on a daily basis, Qualifying POS Debit Card Transactions shall receive Bitcoin Rewards at the U.S. dollar value of 1.50% on all Qualifying POS Debit Card Transactions that post and settle to the Bitcoin Rewards Checking AccountNYDIG will purchase Bitcoin at the CME CF Bitcoin Reference Rate as of 4:00 P.M. London Time on the business day after the business day on which the relevant transactions post and settle. Within two (2) business days of that day, (a) Quontic will provide funds to NYDIG for that purchase and, (b) assuming Quontic has done so, your Bitcoin Rewards will be credited to your NYDIG Account by NYDIG. Additionally, no Bitcoin Rewards will be paid if the Qualifying POS Debit Card Transaction requirements are not met or if the NYDIG Account Requirements are not met.
QUALIFYING POINT OF SALE DEBIT CARD TRANSACTION REQUIREMENTS. Only a debit card transaction processed by a merchant and received by the Bank as a POS purchase transaction will be considered a Qualifying POS Debit Card Transaction. The Bank cannot control how merchants choose to classify a transaction. The Bank cannot guarantee that a transaction will qualify.
The Bank reserves the right to determine if a transaction was a Qualifying POS Debit Card Transaction. Please note that a POS debit card transaction MUST post and settle on your account to be a Qualifying POS Debit Card Transaction. Transactions may NOT be in a pending state to be a Qualifying POS Debit Card Transaction. Transactions may take one or more banking days from the date the transaction was made to post and settle on your account.
Transactions that are reversed due to a charge back or dispute with a merchant are excluded from eligibility as a Qualifying POS Debit Card Transaction. The Bank reserves the right to offset any Bitcoin Reward posted to your Bitcoin Rewards Checking Account based on any such transaction reversal or chargeback.
The following are not Qualifying POS Debit Card Transactions and do not count toward earning Bitcoin Rewards: ATM-processed transactions; transfers between accounts; purchases made with debit cards not issued by the Bank; cash over portions of POS transactions; Peer-to-Peer (P2P) payments (such as Apple Pay Cash); loan payments or account funding made with your debit card and purchases made using third-party payment accounts (services such as Venmo® and PayPal™, who also provide P2P payments).
ACCOUNT CLOSURE/MODIFICATION. If your Bitcoin Rewards Checking Account is closed for any reason, you will forfeit any Bitcoin Rewards that have not been credited to your NYDIG Account as of the closure date of the Bitcoin Rewards Checking Account and no further Bitcoin Rewards will accrue to either your Bitcoin Rewards Checking Account or NYDIG Account after closure. If your Bitcoin Rewards Checking Account is closed for any reason, NYDIG will liquidate the Bitcoin balance in your NYDIG Account based on the CME CF Bitcoin Reference Rate within one (1) business day, NYDIG will close your NYDIG Account, and the U.S. dollar proceeds will be delivered to you.
We reserve the right to modify and/or alter at our discretion the Qualifying POS Debit Card Transaction Requirements, the NYDIG Account Requirements, the Bitcoin Reward amount, and/or the percentage of Bitcoin Rewards applicable at any time after your account is open.
PROCESSING ORDER. All credit transactions are processed first. Debits or withdrawals from your account will be processed as follows: electronic items such as ATM and Preauthorized transactions, then checks. The items are processed from highest to lowest within each category.
BITCOIN REWARDS CHECKING ACCOUNT FEES AND CHARGES. The Bank will not charge a fee for opening or maintaining a Bitcoin Rewards Checking Account or for earning any Bitcoin Rewards. However, the receipt and redemption of Bitcoin Rewards and the use of the NYDIG Account is subject to and governed by the NYDIG Account Requirements and all terms and limitations set forth in the NYDIG User Agreement. Please see the NYDIG Account Requirements and the NYDIG User Agreement for more information.
Please refer to the Bank’s fee schedule provided to you with this TISA Disclosure for additional information about fees or charges associated with your Bitcoin Rewards Checking Account. The Bank’s fee schedule will be provided to you at the time you open a Bitcoin Rewards Checking Account, periodically when fees or charges change, and/or upon request.
BITCOIN REWARDS CHECKING ACCOUNT TRANSACTION LIMITATIONS. No transaction limitations apply to the Bitcoin Rewards Checking Account. However, the receipt and redemption of the Bitcoin Rewards and use of the NYDIG Account are subject to and governed by the NYDIG Account Requirements and the terms and limitations set forth in the NYDIG User Agreement, including, but not limited to, prohibitions on the transfer of Bitcoin Rewards or U.S. Dollars from your NYDIG Account to third parties or the withdrawal of Bitcoin Rewards to yourself or another custodian. Please see the separate NYDIG Account Requirements and the NYDIG User Agreement for more information.
NYDIG ACCOUNT REQUIREMENTS. In addition to the terms and limitations applicable to the Bitcoin Rewards Checking Account, the receipt and redemption of Bitcoin Rewards and use of the NYDIG Account are subject to the terms, conditions, and limitations set forth herein and in the NYDIG User Agreement, which terms are incorporated by reference herein.
QUALIFICATION REQUIREMENTS TO RECEIVE BITCOIN REWARDS. In addition to opening a Bitcoin Rewards Checking Account with the Bank, you must also open and maintain a NYDIG Account with NYDIG in order to receive the Bitcoin Rewards. All transactions from the NYDIG Account, including the deposit, sale, and redemption of any Bitcoin Rewards, are subject to and governed by the separate terms and conditions of the NYDIG User Agreement establishing the NYDIG Account.
REDEEMING BITCOIN REWARDS. Subject to the terms and conditions of the NYDIG User Agreement, you may request a redemption of the entire amount of the Bitcoin Rewards in your NYDIG Account by submitting the request using the Bitcoin Rewards Redemption form, found in the Online Banking website. You can call the customer support line for this product at 1-888-622-5208, which the Bank jointly operates with NYDIG, for additional information. Any redemption request must request the redemption of ALL the Bitcoin Rewards in your NYDIG Account; no requests for redemption of less than all of the Bitcoin Rewards are permitted. All redemption requests must be received by 3:00 p.m. Eastern Time on a business day. After you request the redemption of all the Bitcoin Rewards in your NYDIG Account, you may not cancel the redemption request at any time.
NYDIG will notify you of whether your redemption request has been accepted or rejected pursuant to the NYDIG User Agreement within five (5) business days of NYDIG’s receipt of the request. For the avoidance of doubt, this notification will be deemed to have been given if NYDIG processes your redemption request or provides a receipt reflecting your redemption. If your redemption request is accepted by NYDIG, the redemption will be executed based on the CME CF Bitcoin Reference Rate as of 4:00 P.M. London Time on the business day following the business day on which the redemption request was received. The proceeds of a redemption, less a fee of 2% of the proceeds (Redemption Fee), will be delivered to your Bitcoin Rewards Checking Account within five (5) business days of execution of the redemption.
Please note that, due to significant fluctuations in the price of Bitcoin and because the redemption will be executed on the business day after the business day of the request, your Bitcoin Rewards may be redeemed at a price that is significantly lower than the price of Bitcoin at the time you make a redemption request.
NYDIG ACCOUNT FEES AND CHARGES. There is no time requirement associated with your NYDIG Account in order to receive Bitcoin Rewards, and there is no minimum balance required to receive Bitcoin Rewards from your Bitcoin Rewards Checking Account. You will not be charged a fee for opening or maintaining a NYDIG Account or for receiving any Bitcoin Rewards.
For redemptions, your NYDIG Account will be charged a Redemption Fee of 2% of the U.S. dollar proceeds of any Bitcoin Reward redemption. Pursuant to the NYDIG User Agreement, NYDIG may change the amount of the Redemption Fee upon 30 days’ prior notice to you.
NYDIG TRANSACTION LIMITATIONS. Each redemption request must request a redemption of ALL the Bitcoin Rewards in your NYDIG Account; no requests for redemption of less than all of the Bitcoin Rewards are permitted.
UNCREDITED BITCOIN. In the event that NYDIG is unable to distribute purchased Bitcoin for an extended period of time, as determined by the Bank in its sole discretion, and in lieu of any Bitcoin Rewards earned during that time period, the Bank will distribute the U.S. dollar equivalent of the Bitcoin Rewards into your Bitcoin Rewards Checking Account.
NYDIG ACCOUNT CLOSURE/MODIFICATION. Upon closure of your Bitcoin Rewards Checking Account for any reason, NYDIG will liquidate the Bitcoin balance in your NYDIG Account based on the CME CF Bitcoin Reference Rate within one (1) business day, NYDIG will close your NYDIG Account, and the U.S. dollar proceeds will be delivered to you. You will forfeit any Bitcoin Rewards that have not been credited to your NYDIG Account prior to account closure.
Any modification and/or alteration of the terms of the NYDIG Account are subject to and governed by the NYDIG User Agreement. As related to the NYDIG Account, in the event of a conflict between the terms of this document and the NYDIG User Agreement (or any portion thereof), the terms of the NYDIG User Agreement shall prevail. NYDIG reserves the right to close the NYDIG Account pursuant to the terms of the NYDIG User Agreement.
If NYDIG is unable to fulfill its obligations, the Bank will either discontinue the Bitcoin Rewards program or identify a suitable new provider in place of NYDIG. In the event an alternative provider cannot be identified (in the Bank’s sole discretion) and the Bitcoin Rewards program is discontinued, the Bitcoin balance in your NYDIG Account will be liquidated based on the CME CF Bitcoin Reference Rate or any other reasonable index that reflects the market price of Bitcoin, NYDIG will close your NYDIG Account, and the U.S. dollar proceeds will be delivered to you.
PAPERLESS COMMUNICATIONS. You must be a paperless customer, which means that while this account is open, you will need to be actively enrolled (i.e., applied and confirmed) in Quontic Bank Online Banking, maintain a valid e-mail, and agree to receive electronic delivery of all statements, disclosures, and other communications. After the account is approved and opened, you must enroll for Quontic Bank Online Banking at quonticbank.com. Each month, you will receive an e-mail notifying you that your electronic statement is available to you online. You will be able to review, copy, download, or print your electronic statement by accessing your Quontic Bank Online Banking Account at www.quonticbank.com. Please contact us if you have any questions on electronic statements and/or how to enroll into Quontic Bank Online Banking.
OBTAINING A PAPER COPY OF YOUR ELECTRONIC STATEMENT. If you would like to receive a paper copy of your electronic statements, you may contact any branch office of the Bank by any mode of communication. If you request a paper copy of your statement, a $5.00 fee per statement will be assessed.
ADDITIONAL INFORMATION REGARDING YOUR ACCOUNT. The Bitcoin Rewards are digital assets. The Bitcoin Rewards and/or digital assets maintained in your NYDIG Account are not "deposits" within the meaning of U.S. federal or state banking law. Balances of Bitcoin Rewards and/or digital assets in your NYDIG Account are not subject to Federal Deposit Insurance Corporation (FDIC) or Securities Investor Protection Corporation (SIPC) protections. Neither NYDIG nor the Bank maintains insurance that covers the theft or loss of your Bitcoin Rewards and/or digital assets held in custody by NYDIG. NYDIG is not an agent or affiliate of the Bank, and the Bank is not responsible for NYDIG, the NYDIG Account, nor any Bitcoin losses or fluctuations in value, unless any such losses relate to acts of gross negligence, willful misconduct, or fraud by the Bank.
As set forth in the NYDIG User Agreement, the delivery and redemption of Bitcoin Rewards will be executed based on the CME CF Bitcoin Reference Rate, meaning that NYDIG has no duty to obtain a different rate, even if there may be a better rate available. NYDIG and its affiliates have interests that may differ from or conflict with your interests, including the potential risk that NYDIG may trade against or in front of a purchase or redemption request by you or the Bank. Because of these conflicts, NYDIG may have an incentive to favor its own interests and the interests of its affiliates over you. NYDIG has certain policies and procedures in place that are designed to mitigate potential conflicts; however, there is no guarantee that the policies and procedures adopted by NYDIG will be able to detect and prevent every situation in which a conflict may appear. Please see the NYDIG User Agreement for more information.
The value of any Bitcoin Reward received or redeemed may constitute taxable income to you. You may be issued an Internal Revenue Service Form 1099 (or other appropriate form) that reflects the value of such reward. Please consult your tax advisor in such case.
NYDIG Execution LLC Agreements
Last Updated: September 29, 2020
- Information We Collect
When you use NYDIG online services, we may collect certain information about you. Examples of information we may collect include your name, address, telephone number, date of birth, email address, other means to contact you, your bank account information, and other information you may supply to us or one of our service providers in connection with providing services to you. We may also collect information about you that you otherwise submit to us or one of our service providers, such as through email and other means.
In addition, we may collect information related to your use of our website such as your Internet Protocol (IP) address and/or domain, the type and version of your Internet browser software and operating system you use, the date, time, and duration of your NYDIG online services access, the specific pages, buttons, images, links, and forms that you access while visiting NYDIG online services, the type of device you use to access NYDIG online services (such as a phone, tablet or computer), your mobile carrier, and your Internet service provider.
- Our Use of Information
- Sharing Information in Connection with NYDIG Online Services
To provide NYDIG online services, we may share some of your information with service providers who are authorized to use your information only as necessary to support our business operations, such as those who provide data storage, payment, technology support and services, customer service, risk solution provision, analytics, fraud prevention, and marketing services. We maintain contracts requiring all of our service providers to implement the same commercially-reasonable protections for your information as NYDIG. NYDIG and its service providers may have systems or operations based outside the United States, and you recognize that by using NYDIG’s website and services your information may be transferred outside of the United States.
We may also share some of your information as otherwise permitted or required by law or as authorized by you. This may include sharing information with affiliates of NYDIG.
- Cookies and Similar Technology
When you access NYDIG online services, we, or third parties we hire to track how our website is used, may place small data files called “cookies” on your computer, mobile phone, or other online access device. Cookies are pieces of data stored on your device that are assigned by a web server to the browser on your device. When you return to a site you have visited before, your browser gives this data back to the server so that we can recognize your device.
A “session cookie” may be sent to your computer or other access device when you login to NYDIG online services. This type of cookie recognizes you if you visit multiple pages on a site during the same session, so that you do not need to be prompted for your password on each page. Once you log out or close your browser, this cookie expires and no longer has any effect. “Persistent” or longer-lasting cookies can be used for other purposes, such as to record user experience preferences when you use a website. These cookies do not expire once you log out or close your browser. You are free to decline our cookies if your browser permits, but doing so may interfere with your use of NYDIG online services.
We and our third party service providers may also use technologies similar to cookies to track your interaction with NYDIG online services. Some of these technologies include web beacons, pixels, tags, and Flash objects. As with cookies, you are free to decline such technologies if your browser permits. You should refer to your browser’s instructions to remove cached history and images from your device. Deleting or disabling cookies will not remove Flash objects. You should refer to Adobe’s website https://www.adobe.com for more information on how to disable these objects.
NYDIG and the third parties who assist in operating NYDIG online services do not respond differently or limit their practices under the terms of this policy when you access those online services with a browser that uses a “do not track” signal or similar mechanism.
- Storage and Protection of Personal Information
We maintain administrative, technical, and physical safeguards that are designed to protect the privacy and security of your personal information. In order to help secure personal information collected from you as a NYDIG online services user, including sensitive financial data, the information is protected by secure socket layer (SSL) encryption when it is exchanged between your web browser and NYDIG online services.
After receiving your information, we employ commercially reasonable website security and customer verification procedures to protect your data. We store your personal information and user-specific settings and preferences using commercially standard database security software. User passwords and other sensitive information are saved in encrypted form to prevent unauthorized access or disclosure and accidental loss, alteration, or destruction. We regularly review our operational and business practices for compliance with corporate policies and procedures governing the security, confidentiality, and quality of our information. We require all of our employees, contractors, and other third parties to protect confidential information as a condition of doing business with us, and our business practices limit the use and disclosure of such information, including personal information, to authorized persons, processes, and transactions.
You play a critical role in protecting your information by maintaining up-to-date online security protections. Steps you take to ensure the security of your computer or other online access device, computer passwords, and other personal identifier authentication mechanisms are key components for the protection of your personal information.
Notwithstanding the steps that you and we take to protect your information, the internet is not a fully secure environment, and we cannot ensure or warranty the security of any information transmitted to or generated by NYDIG in connection with NYDIG online services. There is no guarantee that information may not be accessed, disclosed, altered, or destroyed by breach of any of our administrative, technical, physical, or other operational safeguards.
- Suspicious Email
It is our policy not to email you or send you electronic communications to request non-public personal information or account information (such as a username or password). If you receive an unsolicited email or other electronic communication that appears to be from NYDIG but you suspect may be from another source and might be fraudulent, please do not open or respond to this communication, and instead email us at [email protected] to ensure the safety of your account.
- Personal Information on Children
We respect the privacy of children and encourage all parents to supervise their children’s computer usage. We do not market to or intend to invite children to visit NYDIG’s website, and we do not permit individuals under the age of 18 to open accounts with NYDIG. NYDIG does not knowingly collect or retain personal information from children under the age of thirteen (13). For more information on the Children’s Online Privacy Protection Act (COPPA), please visit the Federal Trade Commission website at www.ftc.gov.
- Notice to Persons Accessing NYDIG Online Services Outside the United States
If you access NYDIG online services outside the United States, any information you provide to us through NYDIG online services will be transferred out of that jurisdiction and into the United States. If you do not want your personally identifiable information to leave that jurisdiction, do not provide the information to us. By providing personally identifiable information to us, you explicitly consent to the transfer of your information to the United States and you recognize that your information may be subject to disclosure under United States laws and regulations, including the USA PATRIOT Act.
- Contacting Us About Privacy Questions
|FACTS||WHAT DOES NEW YORK DIGITAL INVESTMENT GROUP (NYDIG) DO WITH YOUR PERSONAL INFORMATION?|
|Why?||Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.|
The types of personal information we collect and share depend on the product or service you have with us. This information can include:
When you are no longer our customer, we continue to share your information as described in this notice.
|How?||All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons NYDIG chooses to share; and whether you can limit this sharing.|
|Reasons we can share your personal information||Does NYDIG share?||Can you limit this sharing?|
For our everyday business purposes –
such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus
For our marketing purposes –
to offer our products and services to you
|For joint marketing with other financial companies||No||We don’t share|
For our affiliates’ everyday business purposes –
information about your transactions and experiences
|No||We don’t share|
For our affiliates’ everyday business purposes – information about your creditworthiness
|No||We don’t share|
|For our affiliates to market to you||No||We don’t share|
For nonaffiliates to market to you
|No||We don’t share|
Call toll free 1-877-869-9041 or go to https://nydig.com/privacy-policy/
|Who we are|
|Who is providing this notice?||Certain subsidiaries of New York Digital Investment Group LLC (NYDIG), including NYDIG Execution LLC and NYDIG Trust Company LLC.|
|What we do|
|How does NYDIG protect my personal information?||To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.|
|How does NYDIG collect my personal information?|| |
We collect your personal information, for example, when you
We also collect your personal information from other companies.
|Why can’t I limit all sharing?|| |
Federal law gives you the right to limit only
State laws and individual companies may give you additional rights to limit sharing. See below for more information on your rights under state law.
Companies related by common ownership or control. They can be financial and nonfinancial companies.
● NYDIG does not share with our affiliates.
Companies not related by common ownership or control. They can be financial and nonfinancial companies.
● NYDIG does not share with nonaffiliates so they can market to you.
|Joint marketing|| |
A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
● NYDIG doesn’t jointly market.
|OTHER IMPORTANT INFORMATION|
|State Privacy Laws||State laws may provide you with other privacy protections. To the extent those state laws apply, NYDIG will comply with them when sharing your personal information.|
NYDIG USER AGREEMENT
Last Updated: September 10, 2021
This NYDIG USER AGREEMENT (the “User Agreement”) governs the relationship between you (also referred to as a “User”) and NYDIG Execution LLC (“NYDIG”), a New York-licensed money transmitter and BitLicensee (NMLS ID: 1781446). You may only enter into this User Agreement if you are a resident of Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming; if you are a resident of another state, you may not receive the Services described herein from NYDIG. NYDIG is authorized by the New York Department of Financial Services (“NYDFS”) to engage in virtual currency business activity.
Pursuant to the terms of this User Agreement: (i) you shall establish with NYDIG an account (the “NYDIG Account”) to be used to receive and hold digital assets on your behalf in connection with your Quontic Bitcoin Rewards Checking Account (“QuonticBRC Account”) with Quontic Bank (“Quontic”); (ii) NYDIG shall provide to you certain services related to your NYDIG Account (the “Services”), including, upon your instruction, the redemption of digital assets for U.S. Dollars, in which case NYDIG will sell such Bitcoin on your behalf and deliver the proceeds of such sale to your Quontic BRC Account; (iii) you undertake certain obligations in connection with your NYDIG Account and the Services; and (iv) you and NYDIG agree to certain contractual provisions regarding the relationship of the parties and the operation and interpretation of the User Agreement.
NYDIG may amend this User Agreement, from time to time, but will provide you with 30 days prior notice of any material amendments. Your continued use of your NYDIG Account and/or the Services following any amendment of the User Agreement shall constitute your acceptance of the amended User Agreement. If you do not agree to any of the terms of the User Agreement (including any amendments of the User Agreement), you should not use the Services, and you should close your NYDIG Account. If you close your NYDIG Account, we will notify Quontic, and Quontic may close or modify your Quontic BRC Account. Similarly, if you close your Quontic BRC Account, NYDIG will close your NYDIG Account.
NYDIG is not an insured depository institution or an SEC-registered broker-dealer. Your NYDIG Account is not insured by the Federal Deposit Insurance Corporation (FDIC) or the Securities Investor Protection Corporation (SIPC).
You should be aware that there are significant risks associated with digital assets and NYDIG has potential conflicts of interest. By establishing a NYDIG Account and/or using the Services, you acknowledge and accept the risks and potential for conflicts of interest as disclosed in the NYDIG Account Disclosures.
Part 1. Your NYDIG Account
1.1. Account Opening
You hereby authorize NYDIG to open a NYDIG Account for you, to be used to receive and hold digital assets on your behalf in connection with your Quontic BRC Account with Quontic. You hereby agree that you satisfy the eligibility requirements by: (i) being of legal age to form a binding contract (at least 18 years old); (ii) being a U.S. resident; (iii) having a Quontic BRC Account; and (iv) providing required identification information pursuant to NYDIG’s Bank Secrecy Act (“BSA”) and Anti-Money Laundering (“AML”) Compliance Program.
1.2. Identity Verification
NYDIG may ask you to verify certain personal information that you have previously provided to Quontic, such as your name, address, telephone number, email address, or date of birth. You must keep your contact information, such as your current email address and telephone number, up to date on your Quontic BRC Account.
1.3. Account Features
With your NYDIG Account, you can do the following:
- receive Bitcoin delivered to your account by NYDIG in connection with the Quontic Bitcoin Rewards Program;
- hold Bitcoin;
- view the amount of Bitcoin in your account;
- view your transaction history; and
- redeem Bitcoin as described in more detail below.
Quontic is responsible for delivering funds to NYDIG in order for NYDIG to deliver Bitcoin to your NYDIG Account. NYDIG will not deliver Bitcoin to your NYDIG Account unless Quontic has provided such funds.
You acknowledge and accept that NYDIG may use service providers or subcontractors in connection with its provision of the Services to you.
In conjunction with viewing information about your NYDIG Account, you may also see amounts of Bitcoin you may have earned from Quontic that have not yet been delivered to your NYDIG Account. For the avoidance of doubt, this amount does not represent any amount of Bitcoin or dollars in your NYDIG Account.
1.4. Account Access
Only you are authorized to access your NYDIG Account. You agree not to grant any other person access to your NYDIG Account. You are solely responsible for the activities of any person that you permit to access your NYDIG Account.
For the avoidance of doubt, you are the sole owner of your Quontic BRC Account and there is no beneficiary for the Quontic BRC Account other than you. At this time, you may not open a Quontic BRC Account that is jointly owned with any other person or that has a beneficiary other than you.
1.5. Ownership and Control
NYDIG is the custodian of the Bitcoin in your NYDIG Account. If NYDIG Execution is your custodian, then NYDIG Execution will hold your Bitcoin “in trust” and for your benefit. Although NYDIG holds your Bitcoin in trust, NYDIG is not a trust company and is not acting in a fiduciary capacity. As the custodian of your Bitcoin Rewards, NYDIG will use reasonable care to keep the Bitcoin in your NYDIG Account safe. NYDIG has no right, interest, or title in the Bitcoin in your NYDIG Account, and such Bitcoin will not be an asset or liability on NYDIG’s balance sheet. For the avoidance of doubt, NYDIG may not transfer, sell, loan or encumber your Bitcoin Rewards, except as directed by you or as otherwise set forth in this User Agreement. Your Bitcoin may be held in one or more omnibus accounts on the Bitcoin blockchain, all controlled by NYDIG. Thus, the Bitcoin in your account will be commingled with the Bitcoin of other NYDIG customers. However, the Bitcoin in your NYDIG Account will never be commingled with the Bitcoin owned by NYDIG or by its affiliates, except for limited periods of time -- generally no longer than a day -- to facilitate the distribution of Bitcoin into your NYDIG Account or the redemption of Bitcoin from your account.
1.6. Quontic’s Rights
Quontic shall have no rights with respect to your NYDIG Account other than (1) to provide funds to NYDIG so NYDIG can deliver Bitcoin to your NYDIG Account in connection with Bitcoin Rewards Program; and (2) to see the balance of Bitcoin in your NYDIG Account.
1.7. Fees and Expenses
NYDIG will not charge you a fee for opening and maintaining a NYDIG Account, or for receiving Bitcoin Rewards.
NYDIG will charge you a fee for redemptions of Bitcoin in your NYDIG Account, consisting of 2% of the U.S. dollar proceeds of any redemption of Bitcoin in your NYDIG Account. This fee will be deducted from the final proceeds of a redemption of Bitcoin on your behalf by NYDIG before transferring U.S. dollars to your Quontic BRC Account. NYDIG will not charge you a fee for transferring the U.S. dollar proceeds to your Quontic BRC account.
NYDIG may change these fees upon 30 days prior notice to you.
Part 2. Use of NYDIG Accounts; Services and Service Limitations
You may request a redemption of the entire amount of the Bitcoin in your NYDIG Account by calling the Customer Support line for this product at (888) 622-5208, which is jointly operated with Quontic. NYDIG will only process a redemption request from you for the entire balance of Bitcoin in your NYDIG Account. A redemption request must be made to the customer support line by 3:00 p.m. Eastern Time on a business day.
By requesting that NYDIG redeem certain Bitcoin in your NYDIG Account, you (i) agree to be bound by the transaction and (ii) accept the risk (see the Disclosure of Risks section below) associated with such transaction.
If your redemption request is accepted, the redemption will be executed on the following business day after the business day on which you requested the redemption and the sale price for your redemption will be the CME CF Bitcoin Reference Rate at 4:00 P.M. London Time on that date, meaning that NYDIG has no duty to obtain a different rate, even if there may be a better rate available.
This means that you will not know the price at which the Bitcoin in your NYDIG Account will be redeemed at the time that you make a redemption request. Because of the significant volatility in the price of Bitcoin, your Bitcoin may be redeemed at a price that is significantly lower than the price of Bitcoin at the time that you make your redemption request.
The proceeds of a redemption, less applicable fees, shall be delivered to your Quontic BRC Account within five (5) business days of execution of the redemption. Proceeds of redemptions will only be delivered to your Quontic BRC Account at Quontic, and only in U.S. dollars. It is not possible to transfer Bitcoin or U.S. dollars from your NYDIG Account to third parties. In addition, it is not possible for you to withdraw Bitcoin in your NYDIG Account to yourself or to another custodian.
2.2. Redemption Confirmations
NYDIG will confirm whether it has accepted or rejected your redemption request within five (5) business days after such request is made. NYDIG will not be deemed to have accepted a redemption request from you until affirmatively accepted by NYDIG through a written, electronic, or telephonic acknowledgment. For the avoidance of doubt, confirmation of acceptance will be deemed to have been given when NYDIG processes your redemption request or provides a receipt reflecting your redemption. NYDIG has the right to delay or reject all or any part of any request for a redemption if in NYDIG’s good faith belief that delay or rejection is reasonably necessary to comply with applicable law, including if NYDIG suspects the transaction may involve money laundering, terrorist financing, fraud, violation of OFAC sanctions, or any other type of financial crime, or if NYDIG believes the request for erroneous or relate to a Prohibited Use.
If you did not authorize a particular redemption or suspect fraudulent activity in your NYDIG Account, please contact Customer Support immediately at (888) 622-5208.
The proceeds of a redemption will generally appear in your Quontic BRC Account on the same or next business day after the redemption is requested. In some instances, it may take longer.
After you request a redemption of the Bitcoin in your account, you may not request the cancellation of the redemption request at any time.
2.4. Forks and Airdrops
Your NYDIG Account only supports Bitcoin.
NYDIG is under no obligation to provide Services for digital assets that have been created as a result of a fork or airdrop, and you acknowledge that you may not immediately or ever have the ability to redeem or withdraw a forked or airdropped digital asset, and NYDIG has no obligation to safeguard any such forked or airdropped assets.
In some cases after a fork of Bitcoin, there may be doubt as to which digital asset is “Bitcoin.” In such a situation, NYDIG will use its commercially reasonable judgment to determine which post-fork digital asset is “Bitcoin.”
Your request to NYDIG to redeem Bitcoin your NYDIG Account does not include a request to redeem any fork or airdrop of Bitcoin.
Every month, NYDIG will make available to you an account statement delivered via email. These statements will reflect the end-of-month balance of Bitcoin in your NYDIG Account, as well as the equivalent U.S. dollar value of such Bitcoin. Additionally, the statement will detail: (1) any fees charged; (2) the date and amount of each receipt of Bitcoin Rewards; and (3) the date and amount of each redemption (described below) of Bitcoin in your NYDIG Account.
While NYDIG strives to provide statements and information that are accurate, there may inadvertently be technical inaccuracies or typographical errors. Accordingly, you should verify all information before relying on it, and all decisions based on information provided by NYDIG are your sole responsibility and we shall have no liability for such decisions.
2.6. Customer Support
If you have questions, would like to provide feedback, need assistance, or would like to file a complaint, feel free to contact our Customer Support team by telephone at (800) 908-6600 or by email at [email protected].
New York consumers may also direct unresolved complaints directly to the New York Department of Financial Services (“NYDFS”) at the NYDFS Consumer Complaint Portal by clicking here or by contacting the NYDFS as follows: NYDFS Consumer Assistance Unit, One Commerce Plaza, Albany, NY 12257, 1-800-342-3736.
Transactions involving virtual currencies, such as selling Bitcoin for U.S. dollars, could result in tax liability. NYDIG will provide you with a Form 1099-B to report gross proceeds on Bitcoin sales on NYDIG’s platform.
Nevertheless, you understand that it is your sole responsibility to determine whether, and to what extent, any taxes apply to any transactions you conduct in connection with the Services, and to report and remit the correct amounts of taxes to the appropriate tax authorities.
If the IRS informs NYDIG that you are subject to backup withholding, NYDIG may withhold a portion of the proceeds owed to you in connection with a redemption in order to comply with the IRS directive.
2.8. Death of User
Your legal representative should notify us promptly in the event of your death. If we are notified of your death, we may require that appropriate documentation, such as a death certificate, letters testamentary, or court order be provided to us for our review, and we may freeze your NYDIG Account. Subject to applicable law and legal process, NYDIG may determine, based on a review of applicable documentation, who is entitled to receive your Bitcoin Rewards, and NYDIG may transfer the U.S. value of your Bitcoin Rewards to the personal representative of your estate or to your beneficiary, provided that such representative or beneficiary has been approved pursuant to NYDIG’s AML and Sanctions Program.
2.9. Unclaimed Property
If NYDIG has no record of your use of the Services for several years and is unable to contact you, applicable law may require NYDIG to report or deliver the value of the Bitcoin in your NYDIG Account as unclaimed property to the state in which you reside. At the time that we deliver the value of the Bitcoin to the applicable jurisdiction, NYDIG may at its option deliver either Bitcoin or redeem the Bitcoin and deliver cash. If NYDIG choses to deliver in cash and the price of Bitcoin increases thereafter this may result in a loss of potential value to you; if we choose to deliver Bitcoin and the price of Bitcoin thereafter decreases this may also result in a loss of potential value to you.
NYDIG will keep appropriate records regarding the Services for a period of time as required by applicable law, after which retention of the records will be at NYDIG’s discretion.
2.11. Intellectual Property
NYDIG shall retain all right, title, and interest (including all copyright, trademark, patent, trade secrets, and all other intellectual property rights) in the Services. Use of NYDIG intellectual property, name, marks, or logo, without express, prior written consent from NYDIG is strictly prohibited.
2.12. Bitcoin Network
NYDIG cannot and does not guarantee the value of Bitcoin. NYDIG does not control the decentralized peer-to-peer network used to transfer Bitcoin (the “Bitcoin Network”) and therefore is not responsible for the services provided by the Bitcoin Network – in particular, verifying and confirming transactions that are submitted to the Bitcoin Network. NYDIG cannot cancel or reverse a transaction that has been submitted to the Bitcoin Network. Once a transaction has been submitted to the Bitcoin Network, it cannot be cancelled or modified. You acknowledge and agree that, to the extent NYDIG did not cause or contribute to a loss you suffered in connection with any redemption initiated, NYDIG will have no liability for that loss. NYDIG has no control over the Bitcoin Network and therefore does not ensure that any transaction request NYDIG submits to the Bitcoin Network will be completed. You acknowledge and agree that the redemption request you instruct NYDIG to submit on the Bitcoin Network may not be completed, or may be substantially delayed, by the Bitcoin Network and NYDIG is not responsible for any delay or any failure of completion caused by the Bitcoin Network. When you make a redemption request to NYDIG, you authorize NYDIG to submit a request to the Bitcoin Network to transfer digital assets to settle the redemption of digital assets on your behalf.
2.13. Disrupted Service
Although NYDIG strives to provide you with best in class service without delay, no service provider can guarantee service without interruption. Access to the Services may be disrupted or unavailable due to circumstances beyond our control. This could result in the inability to redeem for a period of time and may lead to support response time delays.
2.14. Force Majeure
NYDIG will not be responsible under this User Agreement for any failure to perform its duties, and will not be liable hereunder for any loss or damage in association with such failure to perform, for or in consequence of any circumstance or event which is beyond the reasonable control of NYDIG or any agent of NYDIG and which adversely affects the performance by NYDIG of its obligations hereunder or by any other agent of NYDIG, including any event caused by, arising out of or involving (i) an act of God, (ii) accident, fire, water or wind damage or explosion, (iii) any computer, system or other equipment failure or malfunction caused by any computer virus or other malicious code or the malfunction or failure of any communications medium or any phishing or spoofing or other attack, (iv) any interruption of the power supply or other utility service, (v) any strike or other work stoppage, whether partial or total, (vi) any disruption of, or suspension of trading in, the digital asset markets, or (vii) any other cause similarly beyond the reasonable control of NYDIG.
2.15. No Advice
For the avoidance of doubt, NYDIG has not and will not provide you with investment, legal, tax, or any other type of advice. NYDIG is not responsible for any decision you make in connection with the Services. NYDIG may make available certain information about Bitcoin and other digital assets, including investment strategies with respect to such, and its own research reports and market commentaries as well as materials prepared by others. None of this information is personalized or in any way tailored to reflect your individual financial circumstances or investment objectives and may not be suitable for you.
Part 3. Additional User Obligations and Agreements
3.1. Security Breach
You are solely responsible for maintaining the security of your NYDIG Account login credentials and any other form of authentication. If you suspect that your NYDIG Account has been compromised, or that you have been a victim of fraud or attempted fraud, or any other security incident, you must notify NYDIG immediately at (800) 908-6600.
3.2. Prohibited Use
You agree not to use the Services for any illegal purpose, including, but not limited to, laundering money, engaging in fraud or attempted fraud, manipulating the digital asset markets, or violating any applicable sanctions programs, including those administered by the U.S. Department of the Treasury's Office of Foreign Assets Control (“OFAC”).
In addition, you will not engage in any of the following activities, either directly or through a third party: (i) attempt to gain unauthorized access to the Services or another User’s NYDIG Account; (ii) make any attempt to bypass or circumvent any security features; (iii) reproduce, duplicate, copy, sell or resell the Services or access to the Services for any purpose except as authorized in this User Agreement; (iv) engage in any activity that is abusive or interferes with or disrupts the Services. Use of the Services in connection with any transaction involving illegal products or services is prohibited; or (v) reverse engineer or decompile any part of the Service.
NYDIG reserves the right to monitor, review, retain, or disclose any information of yours as necessary to satisfy any applicable law, regulation, legal process, or governmental request. NYDIG also reserves the right to cancel or suspend your NYDIG Account or block or freeze funds if we determine that your NYDIG Account is associated with a prohibited use.
You authorize NYDIG to record any and all telephonic or other oral instructions given to NYDIG by you or on your behalf.
3.4. Personal Data
3.5. Electronic Documents
You consent to the delivery of confirmations, statements, and any other required or optional communication pursuant to this User Agreement or under any applicable law or regulation by email, Web site or other electronic means, subject to compliance with any applicable laws, rules or regulations. Any such documents that are delivered to you electronically are deemed to be “in writing.” If your signature or acknowledgment is required or requested with respect to any such document and you “click” in the appropriate space, you will be deemed to have signed or acknowledged the document to the same extent and with the same effect as if you had signed the document manually. You acknowledge that you have the right to withdraw your consent to the electronic delivery and signature of documents at any time by providing prior written notice.
You agree to cooperate with any reasonable request NYDIG makes in connection with responding to formal or informal inquiries made by exchanges or regulatory, self-regulatory or governmental authorities in connection with the Services. You further agree to notify NYDIG of any legal proceedings or formal or informal inquiries made by exchanges or regulatory, self-regulatory or governmental authorities pertaining to your business activities relating to digital assets.
You authorize us to investigate where we deem it necessary to protect you or us against money laundering, terrorist financing, fraud or other financial crime, and to take action we reasonably deem necessary based on the results of such inquiries. When we carry out these inquiries, you acknowledge and agree that your personal information may be disclosed to financial crime agencies.
Part 4. Term and Termination
4.1. Term and Termination
This User Agreement will begin when you establish a NYDIG Account and will continue unless otherwise terminated as provided herein.
NYDIG reserves the right to suspend, change, limit, modify or terminate, without prior notice, all or any part of your access to the Services if NYDIG reasonably determines that: (i) the use of your account is associated with a Prohibited Use or you have otherwise violated the terms of this User Agreement; (ii) NYDIG is required to do so by governmental authority or court order; (iii) you have violated applicable law or regulation; or (iv) that it is necessary to protect NYDIG.
In addition, NYDIG shall terminate your NYDIG Account if your Quontic BRC Account is terminated pursuant to this Section.
If you move and are no longer a resident of a supported state, NYDIG will close your NYDIG Account.
NYDIG may also suspend, change, limit, modify or terminate your NYDIG Account, without limitation and for any reason whatsoever, if it provides 30 days prior notice to you.
If NYDIG terminates your account, it will use reasonable efforts to notify you, as soon as reasonably practicable, and return the value of the Bitcoin in your NYDIG Account to your Quontic BRC Account on the same or next business day, unless prohibited by law from doing so, for example, under applicable sanction programs. In the event of termination, NYDIG will redeem all the Bitcoin in your NYDIG Account at the CME CF Bitcoin Reference Rate and deliver to your Quontic BRC Account the U.S. dollar value of all Bitcoin in your NYDIG Account as soon as reasonably possible. NYDIG will deduct 2% of the amount before transferring U.S. dollars to your Quontic BRC Account.
You may request to terminate your NYDIG Account at any time by contacting NYDIG at Customer Support at (800) 908-6600. In the event that you terminate your NYDIG Account, NYDIG will treat your notice of termination as a redemption request for all Bitcoin in your NYDIG Account, and redeem and deliver such Bitcoin in the same manner as if NYDIG had terminated your account.
Termination will not release either party from any liability or responsibility that arose from or occurred in connection with this User Agreement prior to the termination. For the avoidance of doubt following termination of your NYDIG Account you shall retain no rights whatsoever with respect to any assets or potential assets in your NYDIG Account other than delivery of the USD redemption proceeds of the Bitcoin in your NYDIG Account.
Part 5. Indemnification and Limitation of Liability
You will indemnify and hold harmless NYDIG and its employees, agents, consultants, subsidiaries, affiliates, partners, and licensors from any and all claims, costs, losses, damages, liabilities, judgments, and expenses resulting from or otherwise related to this User Agreement or your use of the Services.
5.2. Limitation of Liability
NYDIG, including its officers, directors, members, affiliates, employees, agents, licensors, service providers, and subcontractors will have no liability, contingent or otherwise, to you or any third parties for any losses, liabilities, judgments, suits, actions, proceedings, claims, damages, costs, awards, fines, penalties, settlements or other expenses (including attorneys’ fees and disbursements), whether direct, indirect, special, incidental or consequential arising from or occurring in connection with this User Agreement, its performance or breach thereof, even if NYDIG knew of the possibility of such losses, except if the losses are found to have resulted solely from the gross negligence, willful misconduct or fraud of NYDIG.
Additionally, NYDIG will not have any liability to you or any third party for errors made by any third-party connection or communication service in reading, processing or executing your instructions. You are solely responsible for any losses, damages or costs resulting from your reliance on any data or information that NYDIG may provide in connection with your use of the Services. You will make your own independent decision to use NYDIG. Finally, NYDIG will have no liability for the acts or omissions of any third parties providing any goods or services pursuant to this User Agreement.
Notwithstanding anything in this User Agreement to the contrary, NYDIG will in no event be liable for any consequential, indirect, special or punitive damages.
Part 6. Miscellaneous
6.1. Entire Agreement
6.2. No Third Party Beneficiaries
A person who is not a party to this User Agreement has no right to enforce any term of this User Agreement.
6.3. Assignment and Change of Control
Neither you nor NYDIG may assign, sub-license, sub-contract, change or otherwise encounter any of their respective rights or obligations under the User Agreement without the prior written consent of the other party; provided, however, that NYDIG may assign its rights and obligations under the User Agreement to any affiliate of NYDIG that is chartered or licensed to provide the Services or to any entity which succeeds to all or substantially all of the assets and business of NYDIG without your prior written consent.
In the event that NYDIG is acquired by or merged with a third party entity, we reserve the right to transfer or assign the information we have collected from you as part of such merger, acquisition, sale, or other change of control.
6.4. No Waiver
No waiver of any provision of this User Agreement will be deemed to have occurred by the failure or delay by NYDIG in exercising any right or remedy provided in this User Agreement. The single or partial exercise of any such right or remedy by NYDIG will not preclude any other or further exercise of any other right or remedy. The rights and remedies provided in this User Agreement are separate, independent and cumulative and not exclusive of any rights or remedies to which NYDIG is at any time entitled anywhere, whether by operation of law or otherwise.
6.5. Governing Law
This User Agreement, the Services provided pursuant to it, any transaction effected in connection with it, and all other matters arising under it will be governed by the laws of the State of New York, without regard to the conflicts of law provisions thereof. Any litigation or other dispute resolution between the parties relating to this User Agreement will take place in New York County, New York. The parties consent to personal jurisdiction of and venue in the state and federal courts within that county. Each party acknowledges that a breach this User Agreement may cause the other irreparable injury and damage. Therefore, injunctive relief may be sought in addition to any other rights and remedies which may be available to the party at law or in equity.
You agree that any dispute arising out of or relating to this User Agreement or to your use of the Services, including, without limitation, federal and state statutory claims, common law claims, and those based in contract, tort, fraud, misrepresentation, or any other legal theory, shall be resolved through binding arbitration. Arbitration shall be conducted in accordance with the American Arbitration Association's rules for arbitration of consumer-related disputes (accessible at https://www.adr.org/sites/default/files/Consumer%20Rules.pdf). This agreement to arbitrate includes, without limitation, disputes arising out of or related to the enforceability, revocability, scope, or validity of the User Agreement, including this provision regarding arbitration. All such matters shall be decided by an arbitrator and not by a court or judge. You agree to waive your right to a trial by jury.
6.7. Waiver of Class Action
To the extent permissible by law, claims must be brought in a party’s individual capacity, not as a plaintiff or class member in any purported class action. You agree to waive your right to participate in a class action.
If we send an email to the email address on record for you, you agree and understand that this constitutes written notice from us to you. If you email [email protected], this constitutes written notice from you to us. The date of email receipt is considered to be the date of transmission.
All provisions of this User Agreement which by their nature extend beyond the expiration or termination of the User Agreement, including, for example, the Arbitration clause, shall survive the termination or expiration of this User Agreement.
If any one or more of the provisions of this User Agreement is held to be unenforceable or void, that provision(s) will be limited and construed so as to make it enforceable, or, if such limitation or construction is not possible, that provision(s) will be deemed stricken from this User Agreement. In any event, all other provisions of this User Agreement will remain in full force and effect.
NYDIG Account Disclosures
In connection with your establishment of an account with NYDIG in accordance with the terms of that certain User Agreement, by and between you and NYDIG (the “User Agreement”), NYDIG hereby provides you with the following disclosures and information.
Capitalized terms not otherwise defined in these NYDIG Disclosures shall have the meaning given to them in the User Agreement.
1. Disclosure of Risks
You hereby acknowledge the following risks:
- Digital units that are used as a medium of exchange or a form of digitally stored value, such as Bitcoin (referred to as a “Virtual Currency”) are not legal tender, and are not backed by the U.S. or any other government.
- Digital assets in the NYDIG Account are not “deposits” within the meaning of U.S. federal or state banking law, and balances of digital assets in the NYDIG Account are not subject to Federal Deposit Insurance Corporation (“FDIC”) or Securities Investor Protection Corporation (“SIPC”) protections.
- Legislative and regulatory changes or actions at the state, federal, or international level may adversely affect the use, transfer, exchange, and value of Virtual Currency.
- If any Bitcoin in your NYDIG Account is deemed to be a security under state or Federal securities laws or if providing custody services or the ability to redeem or otherwise transaction or withdraw with respect to such Bitcoin would otherwise violate applicable state or federal laws, NYDIG will make reasonable efforts to return such Bitcoin to you but such Bitcoin may become temporarily or permanently inaccessible to you.
- The software and cryptography that governs the protocols of Digital Asset Networks have short histories and could at any time be found ineffective or faulty, which could result in the complete loss of value or theft of the Bitcoin in your NYDIG Account.
- No physical, operational and cryptographic system for the secure storage of private keys is perfectly secure, and loss or theft due to operational or other failure is always possible.
- Transactions in Virtual Currency may be irreversible, and, accordingly, losses due to fraudulent or accidental transactions may not be recoverable.
- Some Virtual Currency transactions shall be deemed to be made when recorded on a public ledger, which is not necessarily the date or time that the customer initiates the transaction.
- The value of Virtual Currency may be derived from the continued willingness of market participants to exchange government-issued currency that is designated as legal tender in its country of issuance through government decree, regulation, or law (“Fiat Currency”) for Virtual Currency, which may result in the potential for permanent and total loss of value of a particular Virtual Currency should the market for that Virtual Currency disappear.
- There is no assurance that a person or entity who accepts a Virtual Currency as payment today will continue to do so in the future.
- The volatility and unpredictability of the price of Virtual Currency relative to Fiat Currency may result in significant loss over a short period of time.
- The nature of Virtual Currency may lead to an increased risk of fraud or cyber-attack.
- The nature of Virtual Currency means that any technological difficulties experienced by NYDIG may prevent the access or use of the Bitcoin in your NYDIG Account.
- Any bond or trust account maintained by NYDIG for the benefit of its customers may not be sufficient to cover all losses incurred by customers.
- NYDIG may maintain insurance on the Bitcoin it custodies but you should expect that it will not cover the value of any Bitcoin in your account.
- The Electronic Funds Transfer Act and Regulation E and their protections do not apply to your NYDIG Account or any of the related Services provided by NYDIG to you.
2. Conflicts of Interest
NYDIG and its affiliates have interests that may differ from or conflict with your interests. As a result of these conflicts, NYDIG may have an incentive to favor its own interests and the interests of its affiliates over you. NYDIG has certain policies and procedures in place that are designed to mitigate the potential conflicts identified. There is no guarantee, however, that the policies and procedures adopted by NYDIG will be able to detect and prevent every situation in which a conflict may appear. The following is a non-exhaustive list of potential conflicts:
Simultaneous Trading. NYDIG may be involved in digital asset transactions for its own account or for the accounts of other customers. In certain cases, NYDIG may be in the process of executing orders from other customers when it receives your redemption request. Alternatively, while it is in the process of processing a redemption request for you, NYDIG may receive additional orders from other customers. The orders that NYDIG executes for itself or for its other customers could, depending on the size and timing of such orders, impact the 4:00 pm London time redemption price that you receive. NYDIG has no duty to seek best execution pricing when executing a trade on your behalf. The impact could include reducing the US dollar proceeds of your redemption.
Business Opportunities and Related Activities. NYDIG and its affiliates engage in a broad spectrum of other activities. In the ordinary course of business activities, NYDIG and its affiliates may engage in activities where the interests of NYDIG, its affiliates, or their customers may conflict with your interests.
Variation in Compensation. NYDIG will charge different customers different prices for its services, which may incentivize it to favor certain customers over others.
Trading by NYDIG and Affiliates. NYDIG and its affiliates may invest in or trade in Bitcoin, including at the same time as you, and including in positions that are opposite to those taken by you. In addition, a conflict of interest could occur if NYDIG is aware of customer orders or imminent customer orders and executes a trade for its own inventory (or the account of an affiliate) while in possession of that knowledge.