PLEASE READ THIS DOCUMENT CAREFULLY
This agreement contains the Savings Account Agreement (the "Agreement") for the optional savings account ("Chime Savings" or "Savings Account") made available to eligible consumers by The Bancorp Bank, Wilmington, Delaware, member of the Federal Deposit Insurance Corporation ("FDIC") (the "The Bancorp Bank", the "Bank" or "Issuer") on behalf of 1debit Inc. ("Chime"). Chime is the program partner responsible for managing the Savings Account and its related Spending Account, defined below. "We", "our", and "us" refer to the Bank, our successors, affiliates, or assignees. "You", "your", and "member" refer to the owner of the Savings Account.
The Spending Account is a demand deposit account available from The Bancorp Bank. The optional Savings Account, which is an interest bearing savings account, is only available to holders of a Spending Account.
The holder of a Chime Account may submit a request to open a Chime Savings Account at the Chime Account website (the "Website") at www.chimecard.com or by using the Chime mobile banking application (the "Mobile App"). Chime Savings is not designed for business use, and we may close the account if we determine it is being used for business purposes. We may refuse to process any transaction(s) we believe may violate the terms of this Agreement.
Our business days are Monday through Friday, excluding federal holidays, even if we are open. Any references to "days" founds in this Agreement are calendar days unless indicated otherwise.
Who is eligible for Chime Savings
Savings Account Titling and Ownership
Death or Incapacitation
Our Relationship With You
The Savings Account and your obligations under this Agreement may not be assigned. We may transfer our rights under this Agreement. Use of the Savings Account is subject to all applicable rules and customs of any clearinghouse or other association involved in transactions. We do not waive our rights by delaying or failing to exercise them at any time. If any provision of this Agreement shall be determined to be invalid or unenforceable under any rule, law, or regulation of any governmental agency, local, state, or federal, the validity or enforceability of any other provision of this Agreement shall not be affected. This Agreement will be governed by the law of the State of Delaware except to the extent governed by federal law.
Deposits to the Savings Account
See the paragraph labeled "2. Transaction Limitations" in Section D for additional details about deposits.
Withdrawals from the Savings Account
You may withdraw funds from the Savings Account by transferring funds to your Spending Account using the Website or the Mobile App. These transfers are referred to as "Online Transfers."
Federal regulations limit the number of Online Transfers from the Savings Account to six (6) per statement cycle. Any transfers initiated from the Savings Account to the Spending Account after the sixth transfer via the Website or Mobile App will be blocked until the start of the next statement cycle. At the beginning of the next statement cycle, access to transfer from the Savings Account will be restored to six (6) for that cycle.
The account number of the Savings Account cannot be used for preauthorized direct debits ("ACH Debits") from merchants, Internet service or other utility service providers ("Merchants") or for the purpose of initiating direct deposits to the Savings Account. If presented for payment, ACH Debits and direct deposits will be declined and payment/deposits to or from the Merchant or deposit provider will be returned.
Right to Set Off
If the balance of your Spending Account should become and then remain negative for fifteen (15) days, the funds, if any, in your Savings Account may be used to repay the negative balance. This means we have the right to set-off any liability, direct or contingent, past, present or future that you owe against any account you have with us. Further, you grant us a lien on and security interest in the funds on deposit in each of your account(s) as security for all of your liabilities and obligations to us, now or in the future. We will notify you if we have exercised our right to set off.
Legal Processes Affecting Savings Accounts
If legal action such as a garnishment, levy or other state of federal legal process ("Legal Process") is brought against the Savings Account, we may refuse to permit (or may limit) transfers from it until the Legal Process is satisfied or dismissed. Regardless of the terms of such garnishment, levy or other state or federal process, we have first claim to any and all funds in your Savings Account. We will not contest on your behalf any such Legal Process and may take action to comply with such Legal Process as we determine to be appropriate in the circumstances without liability to you, even if any funds we may be required to pay out leaves insufficient funds for a transfer you have authorized. Payment is made after satisfying any fees, charges or other debts owed to us. You agree that you are responsible for any expenses, including legal expenses and fees we incur due to any Legal Process affecting your Savings Account. We may charge these expenses to your Savings Account. You will indemnify us for any losses if we do this.
A Savings Account with a zero balance or no customer initiated activity for nine (9) continuous months is considered inactive and is subject to closure. For purposes of this paragraph, customer initiated activity includes any Online Transfers you make to or from the Savings Account as well as any Round-Up Transfers or Round-Up Bonuses made on your behalf. For additional details about closing the Savings Account, see the paragraph labeled "6. Amendment and Cancellation" in Section D.
Electronic statements are available to view and print at www.chimecard.com. Savings Account statements are considered to be correct. Carefully review your statement each statement cycle and notify us of any errors within sixty (60) days of your statement becoming available. You also have a right to obtain a sixty (60) day history of your Savings Account transactions by calling 1 (844) 244-6363. You will not automatically receive paper statements.
Opening Deposit and Balance Requirements
There is no minimum deposit requirement to open a Savings Account. While there are no minimum or maximum balance requirements, a Savings Account with a zero (0) balance for nine (9) continuous months will be subject to closure. See the paragraph labeled "6. Amendment and Cancellation" in Section D below for additional details.
Deposits to the Savings Account may be made from your Spending Account at the Website or by using the Mobile App. These are the Online Transfer limits that apply to your deposit activity:
|Transaction Type||Frequency and/or Dollar Limits*|
|Online Transfer from Spending Account to Savings Account||No Limits|
Withdrawals may only be made via Online Transfer from the Savings Account to your Spending Account. Federal regulations limit the number of Online Transfers from the Savings Account to six (6) per statement cycle. Any transfers initiated from the Savings Account after the sixth transfer will be blocked until the start of the next statement cycle.
The current interest rate and Annual Percentage Yield ("APY") for the Savings Account appear in the Interest Rate Schedule shown below. This is a variable rate account. We may, at our discretion, change the interest rate and APY for the Savings Account at any time. Interest begins to accrue no later than the business day the deposit is applied to the Savings Account. Interest will be compounded daily and credited to the Savings Account on a quarterly basis.
As of 05/2016
|Interest Rate||Annual Percentage Yield (APY)|
Savings Account interest is calculated using the daily balance calculation method. This method applies a daily periodic rate to the principle balance in the Savings Account each day. There are no minimum or maximum balance restrictions on the Savings Account.
All Online Transfers are completed electronically. You will have immediate availability to your funds once they are transferred from the Savings Account to your Spending Account or from the Spending Account to the Savings Account.
Amendment and Cancellation
We may amend or change the terms and conditions of this Agreement at any time by posting the amended Agreement at www.chimecard.com, and any such amendment shall be effective upon such posting to the Website. The Agreement is also available at www.chimecard.com. You will be notified of any amendment(s) in the manner provided by applicable law prior to the effective date of the amendment(s). However, if the amendment(s) is made for security purposes, we can implement it without prior notice.
We may cancel or suspend your Savings Account or this Agreement at any time. You may cancel this Agreement by calling 1 (844) 244-6363 to close your Savings Account. Your cancellation of this Agreement will not affect any of our rights or your obligations arising under this Agreement prior to cancellation.
If your Savings Account is cancelled, closed or terminated for any reason, any remaining balance will be transferred to your Spending Account. If your Savings Account is closed prior to the end of the statement cycle, any accrued interest earned for that cycle will be forfeited. Once the Savings Account is closed, you cannot request a new Savings Account for ninety (90) days.
Important: If your Spending Account is closed for any reason, the Savings Account will automatically be closed. Upon closure, any remaining funds in the Savings Account, including any interest payments due to you, will be aggregated with the remaining funds in your Spending Account. The aggregated funds will then be made available for refund in accordance with the terms of the paragraph labeled "9. Amendment and Cancellation" found in Section C of the Chime Deposit Account Agreement where we describe the process of closing the Spending Account and refunding the account balance.
Our Liability for Failure to Complete Transactions
If we do not properly complete a transaction between your Savings Account and your Spending 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:
We may disclose information to third parties about your Savings Account or the transactions you make:
Information About Your Right to Dispute Errors
If you believe your Savings Account number has been lost, stolen, or compromised in any way, or someone has transferred or may transfer money from your Savings Account without your permission, contact us immediately by calling 1-844-244-6363, or writing to Cardholder Services, P.O. Box 5017, Sioux Falls, SD 57117-5017, or emailing us at RegEclaims@thebancorp.com. While the nature and frequency of transactions into and out of your Savings Account are described in this Savings Account Agreement, please see "Section II ELECTRONIC FUNDS TRANSFER DISCLOSURE AND SPECIAL TERMS AND CONDITIONS," of the Deposit Account Agreement where your liability for unauthorized transfers from the Spending Account is explained.
English Language Controls
Any translation of this Agreement is provided for your convenience. The meaning of the terms, conditions and representations herein are subject to definitions and interpretations in the English language. Any translation provided may not accurately represent the information in the original English.
For customer service or additional information regarding your Savings Account, please contact us at:Chime
P.O. Box 611
San Francisco, CA 94104
P: 1 (844) 244-6363
Customer Service agents are available to answer your calls:
Monday through Saturday, 7 a.m. to 7 p.m. CST
Sunday, 9 a.m. to 6 p.m. CST (holidays excluded)
From time to time we may monitor and/or record telephone calls between you and us to assure the quality of our customer service or as required by applicable.
Any claim, dispute, or controversy ("Claim") arising out of or relating in any way to: i) this Agreement; ii) the Savings Account; iii) your establishment of the Savings Account; iv) your use of the Savings Account; v) the amount of available funds in the Savings Account; vi) advertisements, promotions or oral or written statements related to the Savings Account; vii) the benefits and services related to the Savings Account; or viii) transactions made using the Savings Account, no matter how described, pleaded or styled, shall be FINALLY and EXCLUSIVELY resolved by binding individual arbitration conducted by the American Arbitration Association ("AAA") under its Consumer Arbitration Rules. This arbitration agreement is made pursuant to a transaction involving interstate commerce, and shall be governed by the Federal Arbitration Act (9 U.S.C. 1-16).
We will pay the initial filing fee to commence arbitration and any arbitration hearing that you attend shall take place in the federal judicial district of your residence.
ARBITRATION OF YOUR CLAIM IS MANDATORY AND BINDING. NEITHER PARTY WILL HAVE THE RIGHT TO LITIGATE THAT CLAIM THROUGH A COURT. IN ARBITRATION, NEITHER PARTY WILL HAVE THE RIGHT TO A JURY TRIAL OR TO ENGAGE IN DISCOVERY, EXCEPT AS PROVIDED FOR IN THE AAA CODE OF PROCEDURE.
For a copy of the procedures, to file a Claim or for other information about this organization, contact it at: AAA, 335 Madison Avenue, New York, NY 10017, or at www.adr.org.
All determinations as to the scope, interpretation, enforceability and validity of this Agreement shall be made final exclusively by the arbitrator, which award shall be binding and final. Judgment on the arbitration award may be entered in any court having jurisdiction.
NO CLASS ACTION, OR OTHER REPRESENTATIVE ACTION OR PRIVATE ATTORNEY GENERAL ACTION OR JOINDER OR CONSOLIDATION OF ANY CLAIM WITH A CLAIM OF ANOTHER PERSON OR CLASS OF CLAIMANTS SHALL BE ALLOWABLE.
This arbitration provision shall survive: i) the termination of the Agreement; ii) the bankruptcy of any party; iii) any transfer, sale or assignment of your Savings Account, or any amounts owed on your Savings Account, to any other person or entity; or iv) closing of the Savings Account. If any portion of this arbitration provision is deemed invalid or unenforceable, the remaining portions shall remain in force.
IF YOU DO NOT AGREE TO THE TERMS OF THIS ARBITRATION AGREEMENT, CALL 1 (844) 244-6363 TO CLOSE THE SAVINGS ACCOUNT AND REQUEST A REFUND, IF APPLICABLE.
This Agreement is effective 05/2016