Agreements and Disclosures with Quontic Bank and NYDIG
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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 (“NYDIG”). Please read them carefully and retain a copy for your records.
(You are strongly encouraged to save and/or print the documentation.)
Table of Contents:
- E-Sign Consent Agreements
- Quontic Bank E-Sign Consent Agreement
- NYDIG E-Sign Consent
- Quontic Bank Deposit Agreement and Disclosures
- Terms and Conditions Agreement
- Funds Availability Policy
- Check 21
- Electronic Funds Transfers
- Truth in Savings Disclosure (Bitcoin Interest Savings)
- NYDIG Agreements
- NYDIG Bitcoin Interest Terms and Conditions
E-Sign Consent Agreements
Quontic Bank E-Sign Consent Agreement
(Last Revised: April 13, 2022)
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 or in our files.
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 10 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. Latest version of, Firefox, or Chrome, Safari, Edge, 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 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 E-Sign Consent
(Last Revised: March 17, 2021)
This E-Sign Consent (this “Consent”) is provided by NYDIG Execution LLC and its affiliates (“NYDIG”) in connection with any bitcoin services you apply for or obtain from NYDIG (each, a “Service”), as further described in NYDIG’s Terms and Conditions for the applicable Service. “We,” “us,” and “our” mean NYDIG Execution LLC and its successors and assigns. The words “you” and “your” mean the person agreeing to this Consent.
Each Service is provided by us through your financial institution (your “Financial Provider”). In order to use any Service, you must consent to the use of electronic Communications, electronic records and electronic signatures.
“Communications” means each disclosure, notice, agreement, fee schedule, receipt, statement, record, document or other information we provide to you, that your Financial Provider provides to you on our behalf, or that you sign or submit or agree to at our request, in connection with your relationship with us.
By accepting this Consent, you affirmatively consent to the use of electronic Communications, electronic records and electronic signatures as described in this Consent.
Scope of Your Consent. Your consent applies to Communications related to any Service (including any account) we provide to you, that you otherwise access, or that you apply for, either now or in the future, whether through your Financial Provider’s online interface, another website or software application, email, messaging service (including text messages) or otherwise, and whether such Communications are provided by us directly or by your Financial Provider on our behalf. Your consent includes, but is not limited to, Communications related to:
- Applying for or opening an account or obtaining a Service.
- Servicing, maintaining, using, operating or closing an account or Service.
- Performing transactions or obtaining information in connection with a Service.
The scope of Communications we will provide to you electronically includes Communications we are required by law to provide “in writing,” including legally required disclosures.
Please see additional terms for electronic delivery of Tax Documents below.
Use of Electronic Communications, Records and Signatures. 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 your Financial Provider’s online interface. You should print or download a copy of any electronic Communication for your records, including this Consent.
Communications may be Provided in Writing. We may always, in our sole discretion, provide you with any Communications in writing or send Communications to you via the U.S. mail or other means of delivery, even if you have chosen to receive Communications 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 must contact NYDIG’s Customer Support at [email protected] and request a paper version by including (1) the subject line “Request Paper Copies”, (2) both your name and your Financial Provider’s name, and (3) a description of your request. You may have to pay a fee for the paper copy. If you request a paper copy, we may treat such request as a withdrawal of your consent. See “Withdrawing your Consent” below.
Withdrawing your Consent. You have the right to refuse to provide your consent or withdraw your consent at any time. However, your use of the Service is conditioned on your consent to the use of electronic Communications as described in this Consent. If you refuse to provide your consent or withdraw your consent, we will treat such refusal or withdrawal as a cancellation or termination of your use of the Service and a closure of your related account(s) with us.
In connection with the closure of your account(s), we will sell any bitcoin balance in your account and return the proceeds to you in the manner described in our Terms and Conditions, net of any transaction fees. The sale of your bitcoin could result in adverse consequences to you, including potential loss of value and potential tax liability.
You may withdraw your Consent by contacting NYDIG’s Customer Support at [email protected] and including (1) the subject line “Withdraw Electronic Consent”, and (2) both your name and your Financial Provider’s name. Your withdrawal of consent will become effective only after we have had a reasonable opportunity to act upon it.
Your Contact Information. To receive electronic Communications, you must keep your email address updated with your Financial Provider. You must notify your Financial Provider right away if you change your email address.
Required Hardware and Software. In order to view and retain your electronic Communications, you will need:
- Internet access and a Current Version of a supported internet browser;
- The ability to access your Financial Provider’s online interface;
- 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 and/or your Financial Provider 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 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.
Telephone Communications and Consent. If you access the Service or the Communications via a mobile device, or if you provide us or your Financial Provider with a telephone number that is a mobile phone number, you consent to receipt of information calls and text messages made by us, your Financial Provider on our behalf, or any of our or their service providers to provide services to you related to your application for or use of the Service. We may use automatic dialing systems and prerecorded calls to this number and any number you provide to us. Your mobile provider may charge message and data rates.
Additional Provisions for Tax Statements. The terms, conditions and disclosures above apply to the electronic delivery of tax documents related to the Service (“Tax Documents”), in addition to the following 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, we may be unable to provide you with the Service (see “Withdrawing your Consent” above).
- Your election to receive Tax Documents electronically applies to any Tax Documents 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 Documents may be terminated at any time by us. Further, we may make certain Tax Documents available electronically only for a limited time.
- 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 “Your Contact Information” above.
- A description of the hardware and software required to access, print and retain Tax Documents is set forth in the section titled “Required Hardware and Software” above.
Acknowledgement. By accepting this Consent, you are consenting to the use of electronic Communications, electronic records and electronic signatures in connection with your relationship with us, and also confirming that: (1) you have reviewed this Consent, (2) you have the hardware and software described above, (3) you are able to receive and review electronic records, and (4) you have an active email account and the ability to access and view PDF files.
Quontic Bank Deposit Agreement and Disclosures
Terms and Conditions Agreement
(Last Revised: April 13, 2022)
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.
- “Contactless Electronic Debits. We may make available various “contactless” electronic debit payment devices, including but not limited to, (i) contactless debit cards, and (ii) [Quontic Payment Rings] that are linked to your debit card with us. Contactless cards and the [Quontic Payment Ring], otherwise known as tap to pay, use near field communication (NFC) to securely complete payments at a contactless-enabled merchant terminal. By using any contactless debit card, or the [Quontic Payment Ring] that is linked to your debit card with the Bank, you understand, agree and acknowledge that your use of such devices to facilitate contactless payment transactions constitutes your authorization of these transactions as “debit transactions” under this Agreement. These transactions will result in a debit transaction to your account with us and are subject to the Electronic Fund Transfer Act and Regulation E and the Bank’s Electronic Fund Transfer Agreement and Disclosure. You should report any lost or stolen contactless debit card or [Quontic Payment Ring] to us at once as set forth in the Bank’s Electronic Fund Transfer Agreement and Disclosure.”
- 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
(Last Revised: April 13, 2022)
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:
- 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 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
(Last Revised: April 13, 2022)
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.
- Conduct external transfers
(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.
(g) External Transfers
Quontic may make it possible for you to initiate and conduct external transfers, with limitations, through Quontic online banking or by other means, from your Quontic Bank accounts into your Non-Quontic Bank Accounts.
New customers will not have access to external transfer feature for the first 30 days the Quontic account was opened. Thereafter, you must request access to external transfers, by either contacting customer services at 855-226-5287, or by email at [email protected], after your Quontic account has been opened for 30 days.
Once you have access to external transfers, you can link your non-Quontic Bank accounts by inputting your account and routing number and verifying two micro deposits.
Customers with access to external transfer have the maximum daily transaction limit of $2,000, and a maximum monthly limit of $10,000.
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 – 5:30pm
Not including bank holidays
Phone Number: 1-800-908-6600
Email: [email protected]
What Does Quontic Bank Do With Your Personal Information?
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:
● Social security number & income
● Account balances & overdraft history
● Transaction history & payment history
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.
For our marketing purposes—to offer our products and services to you
For joint marketing with other financial companies
We do not share
For our affiliates’ everyday business purposes—information about your transactions and experiences
We do not share
For our affiliates’ everyday business purposes—information about your creditworthiness
We do not share
For non-affiliates to market to you
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:
● Open an account or deposit money
● Pay your bills or apply for a loan
● Use your credit or debit card
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
● Sharing for affiliates’ everyday business purposes—information about your creditworthiness
● Affiliates from using your information to market to you
● Sharing for non-affiliates to market to you
State laws and individual companies may give you additional rights to limit sharing
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.
(Last Revised: April 13, 2022)
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 SAVINGS ACCOUNT
(Only available in supported states as described in the NYDIG Bitcoin Interest Terms and Conditions (“NYDIG Terms”))
BITCOIN REWARDS SAVINGS 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 an ATM card.
MINIMUM BALANCE REQUIREMENTS. You must deposit $500.00 to open this account. No minimum balance fee will be imposed. You must maintain a minimum daily balance stated for the account each day to obtain the disclosed annual percentage yield. You will earn interest for every day during the period that your account equals or exceeds the minimum daily balance requirement.
VARIABLE RATE INFORMATION. Please refer to our separate rate sheet for the current interest rate and annual percentage yield information.
DETERMINATION OF RATE. At our discretion, your tiers, interest rate and annual percentage yield may change on your account.
FREQUENCY OF RATE CHANGES. We may change the tiers and/or interest rate on your account at any time.
LIMITATIONS ON RATE CHANGES. There are no maximum or minimum interest rate limits for this account.
COMPOUNDING AND CREDITING. Interest will be compounded daily and will be credited to the account every 1 month(s). If you close your account before interest is credited, you will receive the accrued interest.
BITCOIN REWARD. Subject to the separate NYDIG Account Requirements and the NYDIG Terms, on a monthly basis, all interest credited to the account shall be converted to Bitcoin Rewards at the rate described in the NYDIG Terms. Quontic will (a) send an instruction to NYDIG to purchase bitcoin for your account on the 1st business day after interest is credited to the account, (b) provide funds to NYDIG for the purchase of bitcoin in the amount of interest credited, and (c) reflect all interest converted to Bitcoin on the Quontic account as a debit in the same amount. Assuming Quontic has provided funds to NYDIG, NYDIG will purchase bitcoin and your Bitcoin Rewards will be credited to your NYDIG Account by NYDIG as described in the NYDIG Terms. Additionally, no Bitcoin Rewards will be paid if the NYDIG Account Requirements are not met.
BALANCE COMPUTATION METHOD. We use the daily balance method to calculate interest on your account. This method applies a daily periodic rate to the principal in the account each day.
ACCRUAL ON NONCASH DEPOSITS. Interest begins to accrue on the business day you deposit noncash items (for example, checks).
ACCOUNT CLOSURE/MODIFICATION. If your Bitcoin Rewards Savings 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 Savings Account and no further Bitcoin Rewards will accrue to either your Bitcoin Rewards Savings Account or NYDIG Account after closure. If your Bitcoin Rewards Savings Account is closed for any reason, NYDIG will close your NYDIG Account as described in the NYDIG Terms.
In the event that NYDIG closes your NYDIG Account before your Bitcoin Rewards Savings Account is closed, we will either close your Bitcoin Rewards Savings Account and notify you, or notify you and convert your Bitcoin Rewards Savings Account to a standard non-interest bearing checking account, Simple Checking, at our sole discretion. You understand and agree that NYDIG may close your NYDIG Account for any reason described in the NYDIG Terms and we are not responsible for any such closure.
We reserve the right to modify and/or alter at our discretion the NYDIG Account Requirements or the Bitcoin Rewards amount.
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 SAVINGSACCOUNT FEES AND CHARGES. The Bank will not charge a fee for opening or maintaining a Bitcoin Rewards Savings 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 Terms. Please see the NYDIG Account Requirements and the NYDIG Terms 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 Savings Account. The Bank’s fee schedule will be provided to you at the time you open a Bitcoin Rewards Savings Account, periodically when fees or charges change, and/or upon request.
BITCOIN REWARDS SAVINGS ACCOUNT TRANSACTION LIMITATIONS. No transaction limitations apply to the Bitcoin Rewards Savings Account. The receipt and redemption of the Bitcoin Rewards and use of the NYDIG Account are also subject to and governed by the NYDIG Account Requirements and the terms and limitations set forth in the NYDIG Terms. Please see the separate NYDIG Account Requirements and the NYDIG Terms for more information.
NYDIG ACCOUNT REQUIREMENTS. In addition to the terms and limitations applicable to the Bitcoin Rewards Savings 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 Terms, which terms are incorporated by reference herein.
QUALIFICATION REQUIREMENTS TO RECEIVE BITCOIN REWARDS. In addition to opening a Bitcoin Rewards Savings 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 Terms establishing the NYDIG Account.
REDEEMING BITCOIN REWARDS. Subject to the terms and conditions of the NYDIG Terms (see “Selling Bitcoin”), 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, 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.
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. See the NYDIG Terms (“Pricing and Fees”) for information on fees charged in connection with your NYDIG Account.
For redemptions, your NYDIG Account will be charged a Transaction Fee of 2% of the U.S. dollar proceeds of any Bitcoin Reward redemption as described in the NYDIG Terms. Pursuant to the NYDIG Terms, NYDIG may change the amount of the Transaction Fee at any time, and NYDIG will provide you with prior notice of any such change as is required by applicable law.
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 Savings Account.
NYDIG ACCOUNT CLOSURE/MODIFICATION. Upon closure of your Bitcoin Rewards Savings Account for any reason, NYDIG will close the NYDIG Account as described in the NYDIG Terms, 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 Terms. As related to the NYDIG Account, in the event of a conflict between the terms of this document and the NYDIG Terms (or any portion thereof), the terms of the NYDIG Terms shall prevail. NYDIG reserves the right to close the NYDIG Account pursuant to the terms of the NYDIG Terms.
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 NYDIG Account may be closed as described in the NYDIG Terms, 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 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.
TRANSACTION LIMITATIONS. You may make no more than six preauthorized withdrawals, automatic or telephonic transfers, and debit card and similar transactions from your account per month or statement cycle. You will be contacted in the event you exceeded the transaction limitations and your account may be changed to a transactional account. There is a $10.00 excess transaction fee for every transaction over six for preauthorized withdrawals, automatic or telephonic transfers, checks, drafts, and debit card or similar transactions from your account per account statement cycle.
PAPERLESS COMMUNICATIONS. You must be a paperless customer, which means that while this account is open you’ll need to be actively enrolled (i.e. applied and confirmed) in Quontic Bank Online Banking, maintain a valid email address and agree to receive electronic delivery of all statements, disclosures and other communications. After account is approved and opened, you must enroll for Quontic Bank Online Banking at quonticbank.com. Each month you will receive an email 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 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 the Bank by any mode of communication.
ACCOUNT FEES AND CHARGES. Refer to our fee schedule provided to you with this disclosure for information about fees or charges associated with your account. A fee schedule will be provided to you at the time you open an account, periodically when fees or charges change, and upon request.
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.
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.
 As described more fully herein, you must open and maintain a Bitcoin Account with NYDIG (“NYDIG Account”) in order to receive Bitcoin Rewards delivered to your NYDIG Account by NYDIG purchased with funds provided by Quontic. In addition to the terms and limitations set forth in this document, the NYDIG Account is also subject to and governed by the NYDIG Terms. See NYDIG Account Requirements and the NYDIG Terms, which terms and limitations are incorporated by reference herein, for more information.
NYDIG Bitcoin Interest Terms and Conditions
Last Revised: March 18, 2021
BITCOIN IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION (“FDIC”), THE NATIONAL CREDIT UNION SHARE INSURANCE FUND (“NCUSIF”), THE SECURITIES INVESTOR PROTECTION CORPORATION (“SIPC”) OR ANY OTHER INSURER, INCLUDING AGAINST THEFT. THE VALUE OF BITCOIN IS EXTREMELY VOLATILE AND CAN RESULT IN SIGNIFICANT LOSSES IN A SHORT PERIOD, INCLUDING LOSS OF THE TOTAL VALUE. BUYING AND SELLING BITCOIN IS INHERENTLY RISKY, AND YOU SHOULD CONSIDER THE RISKS BEFORE DECIDING TO BUY OR SELL BITCOIN.
IF YOU HAVE QUESTIONS OR CONCERNS REGARDING THE SERVICE, YOUR NYDIG ACCOUNT OR BALANCE, OR RELATED TRANSACTIONS, PLEASE CONTACT YOUR FINANCIAL PROVIDER’S CUSTOMER SUPPORT TEAM.
How the NYDIG Service Works
The Service. The Service allows you to programmatically purchase bitcoin with U.S. Dollars you earn from a related interest program, to hold such bitcoin in an account maintained with us (your “NYDIG Account”), and ultimately sell bitcoin through us. Your financial institution or other financial service provider(s) (including its technology and/or financial institution partners as applicable, your “Financial Provider”) provides (a) the interest program (the “Program”), which enables you to instruct your Financial Provider to send U.S. Dollars earned through that Program to us for purposes of programmatically purchasing bitcoin for your NYDIG Account, subject to your Financial Provider’s separate terms and conditions for the Program (the “Program Terms“) and (b) certain Service-related information and functionality as further described in “Your Use of the Service” below. The proceeds of sold bitcoin will be credited back to the deposit account that you maintain with your Financial Provider (your “External Account“) that is linked to your NYDIG Account. The Service does not allow you to directly purchase bitcoin (apart from purchases made in connection with the Program) or allow you to deposit bitcoin to your NYDIG Account from other sources or withdraw or transfer bitcoin, including to other accounts held in your name with us. The Service is provided exclusively by us with support from your Financial Provider and is separate from the Program administered by your Financial Provider, which is governed by the Program Terms that you entered into separately with your Financial Provider. We do not determine or pay any amounts owed to you in connection with the Program and we have no control over how or when such amounts are earned or paid. There is no website or interface to directly access the Service or view information related to your NYDIG Account and the Service. To access information about the Service, or to initiate Sell Orders (see “Selling Bitcoin” below), you must communicate directly with your Financial Provider.
Eligibility. To use the Service, you must represent and warrant that you: (a) are at least 18 years old (or at least the age of majority in the state in which you reside); (b) have not been suspended or removed from the Service; (c) are legally allowed to purchase, own, and sell bitcoin and have full power and authority to enter into these Terms and in doing so will not violate any other agreement to which you are a party; (d) do not reside (or, if you are a business, are not headquartered) outside of the U.S. and reside in (or, if you are a business, are headquartered in) a state or territory where the Service is available (a complete list of supported states is available here); (e) are not identified as a “Specially Designated National” by the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) and are not placed on the Commerce Department’s Denied Persons List; (f) have an External Account in good standing with your Financial Provider and have entered into Program Terms that govern your participation in the Program; (g) are not subject to backup withholding by the U.S. Internal Revenue Service (“IRS”) or a state tax authority; and (h) agree to receive communications relating to your NYDIG Account electronically (including through email and secure message) in a manner compliant with the E-Sign Consent. In addition, if you are registering to use the Service on behalf of a legal entity, the person accepting these Terms represents and warrants that (x) such legal entity is duly organized and validly existing under the applicable laws of the jurisdiction of its organization; (y) such person is duly authorized by such legal entity to act on its behalf with respect to the Service; and (z) the entity has no legal or corporate constraints preventing the entity from using the Service. At this time, you may not maintain a NYDIG Account jointly with any other person.
Communication. We will communicate with you about the Service through your Financial Provider using various electronic methods, including email, secure message, or by phone if you are contacting Customer Support, or non-electronic methods, including physical mail. When we communicate with you electronically, communication sent to your email of record or otherwise delivered in a manner you agreed to with your E-Sign Consent will be treated as delivered to you, unless you revoke your E-Sign Consent. While you can revoke your E-Sign Consent at any time, your consent to electronic records and communications is required to use the Service. This means that we will terminate your access to the Service and close your NYDIG Account if you elect to revoke your E-Sign Consent (see “Consequences of Closing Your NYDIG Account”). Please refer to the E-Sign Consent for more information.
Your Use of the Service
Buy and Sell Bitcoin. You can use the Service to programmatically purchase bitcoin with U.S. Dollars you earn from the Program (“Program Orders“) and to initiate orders through your Financial Provider to sell bitcoin (“Sell Orders”) (each, an “Order” and once settled a “Transaction”). In authorizing your Financial Provider to submit Program Orders and by submitting Sell Orders through your Financial Provider, you (a) agree to be bound by the Transaction, including the obligation to pay any applicable Transaction Fee (as described in the “Transaction Fees” section below) and/or receive the associated Transaction Proceeds; and (b) accept the risks associated with such Transactions. You cannot cancel any Order initiated by your Financial Provider or by you through your Financial Provider once submitted to us. It is your Financial Provider’s responsibility to communicate your Program Orders and Sell Orders to us, and we are not responsible for a delay or failure by your Financial Provider to submit such Orders in a timely manner.
No Investment Advice. We may provide you with information about bitcoin and other digital assets, including investment strategies, and our own research and materials prepared by others. This information is designed to be educational in nature and is not investment advice. This information is not personalized or tailored to your individual financial circumstances or goals, and as a result, may not be suitable for you.
Bonuses and Promotions. From time to time, we and/or your Financial Provider may offer bitcoin bonuses or promotions at our discretion. Please see the terms of the offer for details, including eligibility requirements and limitations. Limitations may include restrictions on the ability to sell the bitcoin you received in connection with the bonus or promotion offer for a period of time.
Transaction Total. When your Financial Provider initiates the Program Order, the “Transaction Total” reflects the total U.S. dollar amount sent to us on your behalf by your Financial Provider. This amount is based on the amount due to you from your Financial Provider in connection with the Program. This amount will be used to purchase bitcoin for your NYDIG Account at the applicable Reference Rate (see the “Pricing and Fees” section below for details).
Placing Program Orders. You have separately authorized your Financial Provider to place Program Orders on your behalf. Your Financial Provider places a Program Order by submitting to us a proper letter of instruction by the applicable cutoff time we specify. A “buy” Transaction is a sale of bitcoin from us or our affiliates to you in connection with a Program Order at the applicable Reference Rate.
Execution of Program Orders. Once the Program Order is accepted by us, a Transaction Receipt will be made available to you through your Financial Provider. While we will execute your Program Order on the same day your Financial Provider places the Program Order, settlement of the Program Order will not occur until we receive the Transaction Total from your Financial Provider.
Pending Program Orders. You do not own bitcoin associated with the Program Order prior to settlement of the Transaction. During this period, you are owed bitcoin by us and your NYDIG Account will include a pending amount (“Pending Balance”) of bitcoin. Because your Pending Balance reflects bitcoin you do not yet own, it is not part of your Settled Balance, however it may be reflected in balance amounts communicated to you through your Financial Provider. We may allow you to place a Sell Order using your Pending Balance subject to certain limits.
Settlement of Program Orders. The Transaction will settle when bitcoin has been delivered to your NYDIG Account and your Financial Provider has delivered the Transaction Total to us. We will not deliver bitcoin to your NYDIG Account unless your Financial Provider has provided such funds. When the Transaction settles, you will no longer have a Pending Balance for such Transaction and the settled bitcoin will be included as part of your Settled Balance. We will use commercially reasonable efforts to settle Program Orders with your Financial Provider within five (5) business days of your execution of the Program Order.
Failure to Deliver Transaction Total. If your Financial Provider does not deliver the Transaction Total sufficient to settle the Program Order in a timely manner, we may cancel the Program Order or reverse the Transaction. If we are not able to do so without cost to us, you authorize us to take any action that we deem necessary to collect payment for the Transaction allowed under applicable law, including, but not limited to, offsetting against your Settled Balance by deducting or selling your bitcoin to collect payment for ourselves (which could have adverse consequences to you, including tax liability).
Transaction Proceeds. When you sell bitcoin, the “Transaction Total” reflects the U.S. dollar amount of bitcoin that will be sold, before the Transaction Fee is deducted. The bitcoin will be sold at the applicable Reference Rate, and the applicable Transaction Fee will be deducted from the U.S. dollar proceeds before the remaining proceeds (the “Transaction Proceeds”) are credited by your Financial Provider to your External Account (see the “Pricing and Fees” section below for details). For example, if you wish to sell $100 worth of bitcoin and the Transaction Fee is 2%, then an amount of bitcoin will be sold to generate gross proceeds of $100, $2 will be deducted from such $100 Transaction Total and $98 worth of Transaction Proceeds will be credited to your External Account.
Placing Sell Orders. Subject to certain restrictions set forth in these Terms, you may request an Order to sell all of the bitcoin associated with your Balance by contacting your Financial Provider’s Customer Support team during regular banking hours (see Program Terms for details). Currently, you may only request an Order to sell your entire balance. Your Financial Provider places your Sell Order on your behalf by submitting to us a proper letter of instruction by the applicable cutoff time we specify, which is typically the business day after you request the Sell Order.
Execution of Sell Orders. Once your Financial Provider places your Sell Order on your behalf and it is accepted by us, we will execute your Sell Order at the applicable Reference Rate, and a Transaction Receipt will be made available to you through your Financial Provider. While we execute your Sell Order on the same day your Financial Provider places the Sell Order on your behalf, you may not receive your Transaction Proceeds immediately. Because the market value of bitcoin fluctuates, the Reference Rate at which your Sell Order is executed may be significantly different than the Reference Rate on the day you contact Customer Support.
Pending Sell Orders. You will not receive the Transaction Proceeds associated with the Sell Order until your Financial Provider credits such proceeds to your External Account (which may occur before or after we deliver the funds to your Financial Provider). Until such time, you are owed the Transaction Proceeds and your External Account may or may not show a pending credit.
Failure to Deliver Proceeds. We will use commercially reasonable efforts to deliver Transaction Proceeds to your Financial Provider within five (5) business days of execution of a Sell Order. Your Financial Provider is responsible for crediting the Transaction Proceeds to your External Account, which may occur before or after we deliver funds to your Financial Provider. We are not responsible for any failure by your Financial Provider to properly credit Transaction Proceeds to your External Account.
Owners and Authorized Users on your External Account. Because the Service is linked to your External Account, any other owners or authorized users on your External Account will have access to your Transaction Proceeds. If you do not wish for such owners or authorized users to have access to Transaction Proceeds, you should not link such External Account to the Service.
Order Fulfillment, Rejection and Voided Transactions
Order Fulfillment. We may, in our discretion, elect to delay or cancel all or any part of an Order if we determine delay or cancellation is reasonably necessary to comply with applicable law or if we believe the Order to be erroneous or related to a prohibited use as set forth under these Terms.
Order Rejection. We may decline to fulfill your Order for any reason. For example, we may decline to fulfill your Sell Order in the event your External Account is unable to receive Transaction Proceeds such as if your External Account has been frozen by your Financial Provider. We are not liable to you or any third party for any damages resulting from our decision to reject Orders.
Erroneous Orders or Transactions. We reserve the right to adjust, cancel, correct, or take any other appropriate action when we deem that an Order or Transaction was initiated or executed in error (“Erroneous Order or Transaction”). We also have no responsibility for any Order or Transaction that is deemed clearly erroneous by a regulatory body or trading venue. To the extent we determine that an Erroneous Order or Transaction is attributable to us or our error, we are responsible for resolving such error. However, we are not liable for any damages resulting from Erroneous Orders or Transactions that are not attributable to us or our error, or any attempt by us to adjust, cancel, correct, or take action with respect such Erroneous Orders or Transactions.
Voided Transactions. We reserve the right to void an Order or Transaction if (a) it is an Erroneous Order or Transaction, (b) the Order or Transaction results from fraud or suspected fraud, (c) your Financial Provider does not deliver the Transaction Total sufficient to settle your Program Order in a timely manner, (d) you place a Sell Order for some or all of your Pending Balance before your Financial Provider has delivered the Transaction Total for such Pending Balance, or (e) for any other reason permitted under applicable law or these Terms. If we void an Order or Transaction, your Balance will be adjusted accordingly based on the amount of bitcoin in the original Order. The dollar value of such bitcoin may have fluctuated from the time the original Order was executed. We are not liable for any damages resulting from an Order or Transaction that is voided in accordance with these Terms.
Pricing and Fees
Reference Rate for Program Orders. The “Reference Rate” means the CME CF Bitcoin Reference Rate (BRR) as of 4:00 p.m. London Time. This is the rate at which your Program Orders and Sell Orders will be executed on the day your Financial Provider places the Program Order or Sell Order. The timing and frequency at which your Financial Provider will place your Program Orders with us in connection with the Program is described in the Program Terms.
Transaction Fees. The following “Transaction Fees” will be assessed for the fulfillment of Orders through the Service: 2% of the Transaction Total for each Sell Order, which will be deducted from the Transaction Total. Transaction Fees may be paid to or retained by your Financial Provider, us or our affiliates, or other third parties that assist us in providing the Service. Transaction Fees may be changed at any time, and we will provide you with prior notice of any such change as required by applicable law.
Transaction Receipts. A “Transaction Receipt” will be provided for each Transaction and will include, among other information, a confirmation number, the date, the Reference Rate and applicable Transaction Fee.
Account Fees. We will not charge you any fees to open or maintain your NYDIG Account or to hold your Balance. However, your Financial Provider may charge you fees associated with your External Account, which may include fees for use of the Service (“External Account Fees”). External Account Fees are governed by the separate terms you enter into with your Financial Provider, not these Terms, and are therefore not fees attributable to us or our administration of the Service.
Your Balance. In addition to executing Program Orders and Sell Orders, we will hold bitcoin you own in connection with the Program (your “Settled Balance”) on your behalf in your NYDIG Account. Your Pending Balance and Settled Balance are collectively referred to in these Terms as your “Balance”. These Terms apply to your Balance and NYDIG Account held in connection with the Program described in these Terms. If you participate in other NYDIG-related programs or services through your Financial Provider, you will have only one combined NYDIG Account that holds your Balance from all programs or services.
Your Ownership Interest. You do not own any specific, identifiable bitcoin, but instead your ownership interest is for a specified amount of bitcoin reflected in your Settled Balance (see “Omnibus Account” below), the price of which may fluctuate. We have no right, interest, or title in or to your Settled Balance or your NYDIG Account. We will not transfer, sell, loan, pledge, or encumber bitcoin associated with your Settled Balance or your NYDIG Account without instruction or consent, except as directed by law enforcement subject to a court order.
Custodial Relationship. We hold your Settled Balance “in trust” and for your benefit. Although we hold your Settled Balance in trust, we are not a trust company and are not acting in a fiduciary capacity or as your broker or advisor. You will remain the legal owner of the Settled Balance at all times. We will use reasonable care to maintain and safeguard your Settled Balance. We may rely on an affiliate that is located in the U.S. and appropriately licensed and regulated as a digital asset custodian as a service provider, including as a sub-custodian, in providing the Services.
Omnibus Account. We will hold your Settled Balance in one or more omnibus accounts on the decentralized peer-to-peer network used to transfer bitcoin (“Bitcoin Network”) together with bitcoin owned by other users of the Service. However, at no time will your Settled Balance be commingled with bitcoin that we own. We will maintain your Settled Balance in cold storage in our proprietary offline storage system while in custody and we will move bitcoin associated with your Settled Balance, in whole or in part, out of our cold storage system to fulfill Sell Orders.
Your Obligations When Using the Service
Personal Information. You must provide any information required when creating a NYDIG Account or when prompted through your Financial Provider or otherwise. You represent and warrant that any information you provide to us or your Financial Provider is accurate and complete. You must keep your name, taxpayer identification number and contact information, such as your current mailing address, email address, and telephone number, up to date on your External Account. If you are an entity, you must keep certain other information updated with your Financial Provider, including any necessary or appropriate resolutions or certifications of authority with respect to your External Account and your NYDIG Account.
Email Address. If any email communication is returned as undeliverable, we retain the right to suspend your access to the Service until you provide and confirm a new and valid email address to your Financial Provider.
Residence or Headquarters. If your contact information changes, you must notify your Financial Provider immediately. If the jurisdiction in which you reside (or, if you are a business, the jurisdiction where you are headquartered) changes, we may in our discretion (a) allow your NYDIG Account to remain open and active; (b) terminate your NYDIG Account (see “Consequences of Closing Your NYDIG Account”); (c) suspend your NYDIG Account for up to thirty (30) days; (d) transition your NYDIG Account to a third-party custodian; or (e) take any combination of these actions we deem necessary or appropriate, in our discretion, to comply with applicable law.
Unauthorized Orders and Transactions. You are responsible for all Orders and Transactions, including related instructions, using your NYDIG Account or the Service, including all authorized or unauthorized Orders and Transactions, and related liability due to your actions or negligence, to the maximum extent permitted by law. If you did not authorize a particular Order or Transaction, suspect fraudulent activity or believe there has been an error with respect to your NYDIG Account, you must immediately contact your Financial Provider’s Customer Support team. We have no liability for unauthorized Orders or Transactions except as may be required by law, and only to the extent you have notified your Financial Provider. We are not responsible for any losses from your External Account.
Prohibited Uses. You are prohibited from using your NYDIG Account or the Service for any illegal purpose, including, but not limited to, money laundering, engaging in fraud or attempted fraud, or manipulating the digital currency markets.
Taxes. You may have tax liability that arises from Program Orders and Sell Orders, including Final Sell Orders, executed by NYDIG on your behalf. We (or your Financial Provider acting on our behalf) will provide you with IRS Forms 1099 in a manner described in “Communication” and we will report any Form 1099 filings to the IRS. It is your responsibility to determine whether, and to what extent, you have tax liability as a result of Transactions conducted in connection with the Service, and to report and remit the correct amounts of taxes to the appropriate tax authorities. If you become subject to backup withholding by the IRS or a state tax authority, you must notify your Financial Provider immediately. If we are informed that you are subject to backup withholding, we may withhold Transaction Proceeds in order to comply with the IRS directive or state equivalent and/or we may freeze, restrict, or terminate your access to the Service and close your NYDIG Account.
Assignment. You may not assign, sub-license, sub-contract, or alter your rights or obligations under these Terms without our prior written consent. We may at any time assign this agreement to another party, including but not limited to a successor or affiliate.
Risks You Assume When Using the Service
Bitcoin Network. We do not control the Bitcoin Network and therefore are not responsible for the services provided by the Bitcoin Network, specifically verifying and confirming transactions. We cannot cancel or reverse a transaction request that has been submitted to the Bitcoin Network; once submitted, it cannot be cancelled or modified. Likewise, we have no control over the Bitcoin Network and therefore cannot ensure that any transaction request we submit to the Bitcoin Network will be completed. As a result, you assume the risk associated with any delay or any failure attributable to the Bitcoin Network.
Forks and Airdrops. Your NYDIG Account only supports bitcoin. We are not required to allow you to use the Service in connection with any digital asset that has been created as a result of a “fork” (a change to a network’s protocol which creates a permanent diversion in a digital asset) or received through an “airdrop” (sending a digital asset to a public wallet address, whether or not the owner of the public wallet address is anticipating or interested in accepting the digital asset). We will exercise commercially reasonable judgment to determine which post-fork digital assets are “bitcoin” and likewise whether the Service will support such digital assets as bitcoin. As a result, you assume the risk associated with forks and airdrops, including the risk that you may not be able to sell or withdraw a forked or airdropped bitcoin or other digital asset from your NYDIG Account.
Market Volatility. Particularly during periods of high volume, illiquidity, fast movement, or volatility in the marketplace for bitcoin or U.S. dollars, the Reference Rate at which a trade is executed may be different from any prevailing market price. You understand that we are not liable for any such price fluctuations. In the event of a market disruption or unforeseen circumstances (as described in these Terms), we may do one or more of the following: (a) suspend your access to the Service; or (b) prevent you from completing any Orders or other actions through your Financial Provider. Following any such event, when the Service resumes, prevailing market rates and the Reference Rate may differ significantly from the Reference Rate available prior to such event.
Other Trading Activity; Conflicts. We engage in trading of bitcoin for other of our customers and for our own accounts. We may have interests that differ from or conflict with your interests, including the potential risk that immediately before, during or after we have a proposed or actual Order from you we may execute a trade for ourselves, our affiliates or for other clients in the same or opposite direction as you. We have adopted policies and procedures designed to mitigate potential conflicts, but there is no guarantee that we will be able to mitigate all such conflicts.
Service Disruptions. While we strive to provide you with best-in-class service without any disruptions or delays, no service provider can guarantee service without interruption. Access to the Service may be disrupted or unavailable due to circumstances beyond our control, technological failures or due to scheduled or unscheduled maintenance. This could result in the inability to complete Program Orders and Sell Orders for a period of time and may also contribute to delays in communication with you regarding the Service. The Service being unavailable for a period of time could have adverse consequences to you, particularly if the Reference Rate differs significantly from the Reference Rate available prior to such event.
Your Control Over Your NYDIG Account
Freezing Your NYDIG Account. You may request to freeze or unfreeze your NYDIG Account by contacting your Financial Provider’s Customer Support team. Your request to freeze or unfreeze your NYDIG Account will not be complete until we have had a reasonable time to act on it. While your NYDIG Account is frozen, your access to all or part of the Service will be suspended, but your NYDIG Account may still fluctuate in value. We are not liable for any loss in value in your NYDIG Account as a result of those fluctuations while the Service, or your access to your NYDIG Account, is frozen. We may close your NYDIG Account if it is frozen for an extended period of time (60 days or more) upon providing notice to you.
Closing Your NYDIG Account. You may request to close your NYDIG Account at any time by contacting your Financial Provider’s Customer Support team (“NYDIG Account Closure Request”). You can only close your NYDIG Account if you have sold all bitcoin in your NYDIG Account, meaning you have a Balance of zero (see “Liquidating your NYDIG Account” and “Consequences of Closing Your NYDIG Account”). Your NYDIG Account will not be closed until we have had a reasonable time to act on your request. Closure will not affect any rights or obligations that you had before we closed your NYDIG Account.
Liquidating Your NYDIG Account. We will be unable to process your NYDIG Account Closure Request until you initiate a Sell Order for any remaining Balance you have at that time (“Final Sell Order”). You acknowledge that the price of bitcoin may decline between the time you submit your initial NYDIG Account Closure Request and the execution of the Final Sell Order; you alone bear the risk of any such price decline. Like all Sell Orders, you are responsible for any Transaction Fee incurred in connection with the Final Sell Order. Please see the “Taxes” section above and the “Consequences of Closing your NYDIG Account” section below for additional information regarding the tax and other implications of liquidating your NYDIG Account.
Consequences of Closing Your NYDIG Account. Any time your NYDIG Account is closed, whether by you voluntarily or as a result of your action (for example, your change of residence to a different state, your withdrawal of your E-Sign Consent, your closure of your External Account) or inaction (for example, account inactivity for a period of two years or longer), or by us as set forth in “Reasons we may Suspend or Terminate your NYDIG Account” below, there could be adverse consequences. For example, the Final Sell Order could result in losses, the Transaction Fee, and/or tax liability as further described in the sections “Liquidating your NYDIG Account” and “Taxes” above.
Status of Your External Account. If you close your NYDIG Account, your Financial Provider may elect to terminate your External Account or convert your External Account to a different account type. Please review the separate terms governing the External Account for more information.
Closing Your External Account. If you close your External Account (“External Account Closure”), we may treat the External Account Closure as a NYDIG Account Closure Request. You must initiate a Final Sell Order (unless your Balance is zero) before we can process the NYDIG Account Closure Request. If you do not initiate a Final Sell Order within a reasonable time, we may initiate a Final Sell Order on your behalf. We will provide notice to you before initiating a Final Sell Order on your behalf, unless we are unable to do so for legal or regulatory reasons (for example, if we are subject to a court order) or if providing notice is not practical under the circumstances (for example, because the account owner is deceased). In addition, we will be unable to process a Final Sell Order if prohibited by law (for example, because the recipient is sanctioned). See “Liquidating your NYDIG Account” and “Consequences of Closing Your NYDIG Account”. Your Financial Provider is responsible for delivering the Transaction Proceeds to you, and we are not responsible for any failure by your Financial Provider to do so. However, we may, in our sole discretion, allow you to maintain the NYDIG Account and if so, we may request and receive additional information from your Financial Provider or from you directly so that we can continue to provide the Service and otherwise comply with applicable law.
Our Provision of the Service
Disclaimer of Warranties. EXCEPT AS EXPRESSLY PROVIDED TO THE CONTRARY IN A WRITING BY US, THE SERVICE IS PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS. WE AND OUR SERVICE PROVIDERS (INCLUDING YOUR FINANCIAL PROVIDER) EXPRESSLY DISCLAIM, AND YOU WAIVE, ALL WARRANTIES OF ANY KIND, WHETHER EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, AND NON-INFRINGEMENT AS TO THE SERVICE, INCLUDING THE INFORMATION, CONTENT, AND MATERIALS CONTAINED THEREIN. YOU ACKNOWLEDGE THAT INFORMATION YOU STORE OR TRANSFER THROUGH THE SERVICE MAY BECOME IRRETRIEVABLY LOST OR CORRUPTED OR TEMPORARILY UNAVAILABLE DUE TO A VARIETY OF CAUSES, INCLUDING SOFTWARE FAILURES, PROTOCOL CHANGES BY THIRD-PARTY PROVIDERS, INTERNET OUTAGES, UNFORESEEN CIRCUMSTANCES (FORCE MAJEURE EVENTS) OR OTHER DISASTERS INCLUDING THIRD-PARTY DISTRIBUTED DENIAL-OF-SERVICE ATTACKS, SCHEDULED OR UNSCHEDULED MAINTENANCE, OR OTHER CAUSES EITHER WITHIN OR OUTSIDE OUR CONTROL. YOU ARE SOLELY RESPONSIBLE FOR BACKING UP AND MAINTAINING DUPLICATE COPIES OF ANY INFORMATION YOU STORE OR TRANSFER THROUGH THE SERVICE. Some jurisdictions do not allow the disclaimer of implied terms in contracts with consumers, so some or all of the disclaimers in this subsection may not apply to you.
Limitation of Liability. TO THE MAXIMUM EXTENT PERMITTED BY ANY APPLICABLE LAW, WE AND OUR SERVICE PROVIDERS (INCLUDING YOUR FINANCIAL PROVIDER; AND OUR AND THEIR RESPECTIVE EMPLOYEES, CONTRACTORS, AGENTS, OR REPRESENTATIVES) WILL NOT BE LIABLE TO YOU OR ANYONE ELSE FOR ALL DAMAGES INCLUDING CONSEQUENTIAL, INCIDENTAL, SPECIAL, DIRECT, INDIRECT DAMAGES, LOST PROFITS, TRADING LOSSES OR OTHER DAMAGES THAT RESULT FROM YOUR USE OR LOSS OF USE OF THE SERVICE OR ANY THIRD-PARTY CONTENT; OUR INABILITY TO RECEIVE ORDERS OR INSTRUCTIONS THROUGH FINANCIAL PROVIDER OR THE SERVICE; THE LOSS OR CORRUPTION OF DATA THROUGH FINANCIAL PROVIDER OR THE SERVICE; AND ANY INCONVENIENCE OR DELAY. THIS IS TRUE EVEN IF WE HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES OR LOSSES OR EVEN IF SUCH LOSSES WERE FORESEEABLE. WE AND OUR SERVICE PROVIDERS WILL NOT BE LIABLE TO YOU OR ANYONE ELSE FOR ANY LOSS RESULTING FROM A CAUSE OVER WHICH WE DO NOT HAVE DIRECT CONTROL (SEE “UNFORESEEN CIRCUMSTANCES” BELOW). IF YOU ARE LOCATED IN A STATE THAT DOES NOT ALLOW THE LIMITATION OR EXCLUSION OF LIABILITY FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES, SOME OR ALL OF THESE LIMITATIONS AND EXCLUSIONS MAY NOT APPLY TO YOU.
Unforeseen Circumstances. We and our service providers (including your Financial Provider) will not be responsible for any failure to perform our duties and will not be liable hereunder for any loss or damage in association with such failure to perform, including but not limited to any loss or damage directly or indirectly attributable to price fluctuation in bitcoin, including as a result of any circumstance or event which is beyond our (or our agent’s) reasonable control that adversely affects our ability to provide the Service. Such circumstances include any event caused by, arising out of, or involving: (a) an act of God; (b) accident, fire, water, or wind damage or explosion; (c) 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; (d) any interruption of the power supply or other utility service; (e) any strike or other work stoppage, whether partial or total; (f) any disruption of, or suspension of trading in, the digital asset markets; or (g) any other similar event.
Reasons we may Suspend or Terminate your NYDIG Account. We may suspend or terminate your access to the Service and to your NYDIG Account for any reason, including if we determine, in our sole discretion, that: (a) you are no longer eligible to participate in the Service; (b) you have violated these Terms; (c) you have engaged in suspicious or fraudulent activity in connection with the Service or otherwise used the Service in an attempt to defraud us or any person; (d) we are notified of a court order or other legal process (including garnishment, divorce, bankruptcy, or any equivalent processes) relating to you; (e) we receive legal documentation or notice from your Financial Provider confirming your death or otherwise receive information leading us to believe you have died; (f) you control another account with us that is subject to suspension or closure by us for any reason; (g) your NYDIG Account has remained in an inactive status for a period of two years or longer; or (h) we believe we are required to do so in order to comply with applicable law. In addition, we may, in our sole discretion and without liability to you, with or without prior notice and at any time, modify or discontinue, temporarily or permanently, any portion of the Service. If you participate in other NYDIG-related programs or services through your Financial Provider, our suspension or termination of your access to the Service and to your NYDIG Account may impact such other programs or services. For example, our termination of your NYDIG Account may result in closure of each External Account that is linked to your NYDIG Account.
Suspension or Termination by Us. If we notify you of our decision to close your NYDIG Account, you must initiate a Final Sell Order. If you do not initiate a Final Sell Order within a reasonable time, we may initiate a Final Sell Order on your behalf. We will provide notice to you before initiating a Final Sell Order on your behalf, unless we are unable to do so for legal or regulatory reasons (for example, if we are subject to a court order) or if providing notice is not practical under the circumstances (for example, because the account owner is deceased). In addition, we will be unable to process a Final Sell Order if prohibited by law (for example, because the recipient is sanctioned). See “Liquidating your NYDIG Account” and “Consequences of Closing Your NYDIG Account.” If we suspend your NYDIG Account, your access to all or part of the Service will be suspended, but your NYDIG Account may still fluctuate in value. We are not liable for any loss in value in your NYDIG Account as a result of those fluctuations while the Service, or your access to your NYDIG Account, is frozen. See “Reasons we may Suspend or Terminate your NYDIG Account.”
Dispute Resolution by Binding Arbitration
PLEASE READ THIS “DISPUTE RESOLUTION BY BINDING ARBITRATION” SECTION VERY CAREFULLY. IT LIMITS YOUR RIGHTS IN THE EVENT OF A DISPUTE BETWEEN YOU AND US, SUBJECT TO THE TERMS AND OPT-OUT OPTION SET FORTH BELOW.
Scope of “Disputes by Binding Arbitration”. By agreeing to these Terms, you and we agree to resolve any Disputes through final and binding arbitration as discussed herein, except as set forth under “Exceptions to Agreement to Arbitrate” subsection below. You and we agree that any and all past, present and future dispute, claims, or causes of action arising out of or relating to your use of the Service, these Terms, or any other controversies or disputes between you and us or any of our affiliates, licensors, distributors, suppliers or agents, whether arising prior to or after you agreed to the Terms (collectively, “Dispute(s)”), will be determined by arbitration, unless (a) you opt out as provided in the “Opt-Out of Agreement to Arbitrate” subsection below; or (b) your Dispute is subject to an exception to this agreement to arbitrate set forth in the “Exceptions to Agreement to Arbitrate” subsection below. You and we further agree that any arbitration pursuant to this subsection will not proceed as a class, group or representative action.
Informal Dispute Resolution. We want to address your concerns without the need for a formal legal dispute. Before filing a claim against us, you agree to try to resolve the Dispute informally by contacting us at NYDIG, Attn: Legal Department, 510 Madison Avenue, 21st Floor, New York, NY 10022. Similarly, we will undertake reasonable efforts to contact you (if we have contact information for you) to resolve any claim we may possess before taking any formal action. If a Dispute is not resolved within 30 days after the initial notification of the Dispute is sent, you or we may initiate an arbitration proceeding as described below.
Opt-Out of Agreement to Arbitrate. If you do not wish to be subject to “Dispute Resolution by Binding Arbitration,” you may opt out of “Dispute Resolution by Binding Arbitration” by sending a written notice to us at NYDIG, Attn: Legal Department, 510 Madison Avenue, 21st Floor, New York, NY 10022 within thirty (30) days of first accepting these Terms. You must date the written notice, and include your first and last name, your address, your Financial Provider’s name and a clear statement that you do not wish to resolve disputes with us through arbitration. If no written notice is submitted by the 30-day deadline, you will be deemed to have knowingly and intentionally waived your right to litigate any Dispute except with regard to the exceptions set forth in “Exceptions to Agreement To Arbitrate” subsection below. By opting out of the agreement to arbitrate, you will not be precluded from using the Service, but you and we will not be permitted to invoke the mutual agreement to arbitrate to resolve Disputes under the terms otherwise provided herein.
Judicial Forum for Disputes. Except as otherwise required by applicable law, in the event that this “Dispute Resolution by Binding Arbitration” section is found not to apply, the exclusive jurisdiction and venue of any Dispute (other than small claims actions) will be the state and federal courts located in New York County, New York, and each of the parties hereto waives any objection to jurisdiction and venue in such courts. You and we both further agree to waive our rights to a jury trial.
Arbitration Procedure and Fees. You and we agree that the American Arbitration Association (“AAA”) will administer the arbitration under its Commercial Arbitration Rules and the Supplementary Procedures for Consumer Related Disputes in effect at the time arbitration is sought (“AAA Rules”). Those rules are available at www.adr.org or by calling the AAA at 1-800-778-7879. If for any reason the AAA is unable or unwilling to arbitrate the dispute, we may agree on an alternative arbitrator or, if we are unable to agree, we will use another national or regional arbitration group and, in such event the AAA Rules will be applied to any circumstance that is not addressed by the rules of the chosen arbitrator. A party who desires to initiate arbitration must provide the other party with a written Demand for Arbitration as specified in the AAA Rules. (The AAA provides a general Demand for Arbitration.) Arbitration will proceed on an individual basis and will be handled by a sole arbitrator. The single arbitrator will be either a retired judge or an attorney licensed to practice law and will be selected by the parties from the AAA’s roster of arbitrators. If the parties are unable to agree upon an arbitrator within fourteen (14) days of delivery of the Demand for Arbitration, then the AAA will appoint the arbitrator in accordance with the AAA Rules. The arbitrator(s) will be authorized to award any remedies, including injunctive relief, that would be available to you in an individual lawsuit and that are not waivable under applicable law. Notwithstanding any language to the contrary in this subsection, if either you or we seek injunctive relief that would significantly impact other users of the Service as reasonably determined by either you or us, we each agree that such arbitration will proceed on an individual basis but will be handled by a panel of three (3) arbitrators. You and we will each select one arbitrator, and the two party-selected arbitrators will select the third, who will serve as chair of the arbitral panel. That chairperson will be a retired judge or an attorney licensed to practice law and with experience arbitrating or mediating disputes. In the event of disagreement as to whether the threshold for a three-arbitrator panel has been met, the sole arbitrator appointed in accordance with this subsection will make that determination. If the arbitrator determines a three-person panel is appropriate, the arbitrator may – if selected by either you or us or as the chair by the two party-selected arbitrators – participate in the arbitral panel. Except as and to the extent otherwise may be required by law, the arbitration proceeding and any award will be confidential.
In a Dispute involving $10,000 or less, the arbitration will be conducted solely on the basis of the documents that you and we submit to the arbitrator(s), unless the arbitrator determines that a telephonic or in-person hearing is necessary. In a Dispute involving more than $10,000, any hearing will be held via videoconference unless the arbitrator finds good cause to hold an in-person hearing instead. If a hearing is warranted, arbitration will be conducted in the county where you reside or such other location as you and we may agree. If we elect arbitration, we will pay all of the AAA filing costs and administrative fees (other than hearing fees). If you elect arbitration, filing costs and administrative fees (other than hearing fees) will be paid in accordance with the AAA Rules, or in accordance with countervailing law if contrary to the AAA Rules. However, if the value of the relief sought is $10,000 or less, at your request, we will pay all filing, administration, and arbitrator fees associated with the arbitration, unless the arbitrator(s) finds that either the substance of your claim or the relief sought was frivolous or was brought for an improper purpose (as measured by the standards set forth in Federal Rule of Civil Procedure 11(b)). In such circumstances, fees will be determined in accordance with the AAA Rules. Both you and we will bear the expense of its own attorneys’ fees, except as otherwise required by law. This “Dispute Resolution by Binding Arbitration” section will be construed under and be subject to the Federal Arbitration Act, notwithstanding any other choice of law set out in these Terms.
Arbitration Will Proceed Individually. You and we both agree that the arbitration of any Dispute will proceed on an individual basis, and neither you nor we may bring a claim as a part of a class, group, collective, coordinated, consolidated or mass arbitration (each, a “Collective Arbitration”). Without limiting the generality of the foregoing, a claim to resolve any Dispute against us will be deemed a Collective Arbitration if (a) two (2) or more similar claims for arbitration are filed concurrently by or on behalf of one or more claimants; and (b) counsel for the claimants are the same, share fees or coordinate across the arbitrations. “Concurrently” for purposes of this provision means that both arbitrations are pending (filed but not yet resolved) at the same time.
Class Action and Collective Arbitration Waiver. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, NEITHER YOU NOR WE WILL BE ENTITLED TO CONSOLIDATE, JOIN OR COORDINATE DISPUTES BY OR AGAINST OTHER INDIVIDUALS OR ENTITIES, OR ARBITRATE OR LITIGATE ANY DISPUTE IN A REPRESENTATIVE CAPACITY, INCLUDING AS A REPRESENTATIVE MEMBER OF A CLASS OR IN A PRIVATE ATTORNEY GENERAL CAPACITY. IN CONNECTION WITH ANY DISPUTE (AS DEFINED ABOVE), ANY AND ALL SUCH RIGHTS ARE HEREBY EXPRESSLY AND UNCONDITIONALLY WAIVED. ANY CHALLENGE TO THE VALIDITY OF THIS SUBSECTION WILL BE DETERMINED EXCLUSIVELY BY THE ARBITRATOR.
Exceptions to Agreement to Arbitrate. Notwithstanding your and our agreement to arbitrate Disputes, you and we each retain the right (a) to bring an individual action in small claims court; and (b) to seek injunctive or other equitable relief in a court of competent jurisdiction to prevent the actual or threatened infringement, misappropriation or violation of a party’s copyrights, trademarks, trade secrets, patents or other intellectual property rights.
Survival and Severability of “Dispute Resolution by Binding Arbitration”. This “Dispute Resolution By Binding Arbitration” section will survive the termination or expiration of these Terms. With the exception of the “Class Action and Collective Arbitration Waiver” subsection above, if a court or arbitrator decides that any part of this “Dispute Resolution By Binding Arbitration” subsection is invalid or unenforceable, then the remaining portions of this “Dispute Resolution By Binding Arbitration” subsection will remain valid and in force. In the event that a court or arbitrator finds that all or any portion of the “Class Action and Collective Arbitration Waiver” subsection to be invalid or unenforceable, then the entirety of this “Dispute Resolution By Arbitration” section will be deemed void and any remaining Dispute must be litigated in court pursuant to the “Judicial Forum for Disputes” subsection.
Complaints. If you would like to make a complaint about your use of the Service or your NYDIG Account, please contact your Financial Provider’s Customer Support team. You may also direct your complaint to the attention of the New York State Department of Financial Services, One State Street, New York, NY 10004-1511; +1 (212) 480-6400. Please visit www.dfs.ny.gov for additional information. In addition, you may find regulator contact information for additional states on our Licensing Page here.
Governing Law. These Terms, your NYDIG Account, your use of the Service, and any Order or Transaction pursuant to these Terms, 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.
English Language Controls. Any translation of these Terms, our receipts, our communications, or any other language relating to us or the Service is provided solely for your convenience. The meaning of all such language is subject to definitions and interpretations in the English language. Any translation provided may not accurately represent the information in the original English.
Amendment. We may revise or supplement these Terms from time to time. The revised version will be effective at the time we post it, unless otherwise noted. If our changes to these Terms reduce your rights or increase your responsibilities, we will provide you with prior notice of such change as required by applicable law. If you do not agree with any changes to these Terms, you must immediately stop using the Service and request closure of your NYDIG Account.
Waiver. No waiver of any provision of these Terms will be deemed to have occurred by the failure or delay by us in exercising any right or remedy provided in these Terms and any exercise of such right or remedy, in whole or in part, by us will not preclude any other or further exercise of any other right or remedy. The rights and remedies provided in these Terms are separate, independent, and cumulative and not exclusive of any rights or remedies to which we are at any time entitled anywhere, whether by operation of law or otherwise.
Severability. If any provision(s) of these Terms is deemed unenforceable or void, that provision(s) will be limited and construed to make it enforceable, or, if such limitation or construction is not possible, that provision(s) will be deemed stricken from these Terms and the remaining Terms in full force and effect.
Third-Party Beneficiaries. A person who is not a party to these Terms has no right to enforce any provision of these Terms, except that (a) your Financial Provider is a third-party beneficiary of the section “Sharing Your Information” and may enforce the language entitling your Financial Provider to share your personal information with us and (b) our service providers (including your Financial Provider) are third-party beneficiaries of the sections “Buy and Sell Bitcoin”, “Transaction Fees”, “Secure Credentials”, “Prohibited Uses”, “Assignment”, “Market Volatility”, “Disclaimer of Warranties”, “Limitation of Liability” and “Unforeseen Circumstances” and may enforce those provisions.
Survival. All provisions of these Terms, which by their nature extend beyond the expiration or termination of these Terms, will survive the termination or expiration of these Terms.
WHAT DOES NYDIG DO WITH YOUR PERSONAL INFORMATION?
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:
● Social Security number and transaction history
● Assets and investment experience
● Account Transactions and account balances
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 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
We don’t share
For joint marketing with other financial companies
We don’t share
For our affiliates’ everyday business purposes –
information about your transactions and experiences
We don’t share
For our affiliates’ everyday business purposes – information about your creditworthiness
We don’t share
For our affiliates to market to you
We don’t share
For nonaffiliates to market to you
We don’t share
Call toll free 1-877-869-9041
Who we are
Who is providing this notice?
New York Digital Investment Group LLC, NYDIG Asset Management LLC, NYDIG Funding LLC, NYDIG Asset Advisory LLC, NYDIG Derivatives Trading LLC, NYDIG Execution LLC, NYDIG Trust Company LLC, NYDIG Data LLC, NYDIG Servicing LLC, and other affiliates with a “NYDIG” name or brand (collectively, “NYDIG”).
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
● Open an account or deposit money
● Tell us about your investment or retirement portfolio or seek advise about your investments.
● Make deposits or withdrawals from your account
We also collect your personal information from other companies, 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
● affiliates from using your information to market to you
● sharing for nonaffiliates to market to you
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.
● Our affiliates include companies with a NYDIG, New York Digital Investment Group or Stone Ridge name.
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.
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.
For California residents: Under California law, we will not share information we collect about you with companies
outside of NYDIG, unless the law allows. For example, we may share information with your consent, to service your
accounts, or to provide rewards or benefits you are entitled to. We will limit sharing among our companies to the extent
required by California law.