A. Our Agreement
This Wave Money Account and Visa® Business Debit Cardholder Agreement (“Agreement”) outlines the terms and conditions under which an Account (“Account”), and corresponding Physical Wave Visa® Business Debit Card (“Physical Card”) and Virtual Wave Visa® Business Debit Card (“Virtual Card”, together the “Card”), will be offered to you, and issued to you, by Community Federal Savings Bank, Member FDIC (“Bank”). This Agreement also outlines the terms and conditions under which you may use and access the Wave Money service (“Service”).
"We,” “Our” or “Us” refers to Wave Money Inc. (“Wave”) which provides certain program management services to the Bank in connection with the Account and Card. “Customer”, “Its”, “You” and “Your” refers to the person or the legal entity for whom the Bank has opened an Account, issued a Card, or both. “Account Owner” refers to the person with authority to utilize the Service in connection with the Account, Card, or both, including the designated additional signers described below in paragraph 3 of section A and paragraph 3 of section B (each, an “Authorized Signer”). References to Authorized Signers includes reference to the Account Owner.
This Agreement includes a binding Arbitration Agreement, further explained in Section H.
You may access the Account through the Wave Money App, which, along with Our website waveapps.com, are the “Website”. You are responsible for providing Wave with a correct and operational email address and must promptly notify Wave of any change to Your email or postal mailing address if You are unable to access the Account information through the Website. Neither the Bank nor Wave will be liable for any adverse effects or changes to the Account as a result of undelivered mail or email or Your inability to access Account information through the Website due to a failure to promptly notify the Bank or Wave of a change to Your email or postal mailing address. Neither the Bank nor Wave is responsible for any costs You incur to maintain internet access or an email account.
1. Consent To The Terms Of This Agreement
If at any time you do not, cannot or no longer wish to comply with this Agreement and/or the Wave TOU, Your sole and exclusive remedy is to discontinue using and/or accessing the Service, and you shall have no other recourse or remedy against the Bank, Wave or any of their employees, agents or representatives. By using the Service, you agree to be bound by the terms and conditions of this Agreement. Your failure to comply with these terms and conditions may result in immediate suspension or termination, or both, of the Service or any other Wave services.
We may amend or change this Agreement at any time by posting the amended documents, including this Agreement on waveapps.com, and any such amendment shall be effective upon such posting to the Website. The current Agreement is available at waveapps.com. We will provide reasonable notice as required by law of an adverse change to this Agreement. However, if a change is made for security purposes, as determined by Us or Bank, such change will be implemented without prior notice. When We change this Agreement, the updated version of this Agreement supersedes all prior versions and governs the Account. Your continued maintenance or use of the Account or Card after the change will be deemed acceptance of any change and You will be bound by it. If You do not agree with a change, You may close the Account as provided in this Agreement. Your termination of this Agreement will not affect any of Our, or the Bank’s, rights or Your obligations arising under this Agreement prior to such termination.
3. Closing The Account
To close the Account, the Account Owner, or any other Authorized Signer on the Account, may do so by contacting Wave through the Website. After the Account is closed, We have no obligation to accept deposits or pay outstanding items but may do so at Our discretion and any access device, including the Card, will no longer be active. You agree to hold Wave and the Bank harmless for honoring or refusing to honor any item after the Account is closed. It may take up to thirty (30) days to process the Account closure. You will be required to transfer the remaining balance in Your Account before the account is closed. In the event that there is a balance remaining when Your Account is closed a check for the remaining balance in the Account will be sent to the address on file within fourteen (14) business days after We have received all Required Documentation for closing the Account. “Required Documentation” means a written, signed request to close the Account and unexpired, government-issued identity documents of the Authorized Signer making the request, if not already on file with Us. Additional documents may be required by Us or by the Bank in certain specific circumstances and will be requested if needed. The Bank reserves the right to refuse to return any remaining balance less than $2.00. The Bank, and Wave, as its service provider, reserve the right to close the Account at any time for any reason with or without notice.
B. Account Basics
Below is important information about procedures for opening a new Account and registering for the Service.
1. Your Account
Your Account is non-interest bearing, therefore no interest will be paid to you for the funds that you deposit, otherwise receive, or maintain in Your Account through use of the Service. The funds associated with Your Account are held in a pooled deposit account, which may be combined with the funds of other users of the Service, at the Bank. You will be able to use the Wave Money App to view the available balance in Your Account (the “Funds Balance”), which is the total amount in Your Account (the “Total Balance”). Funds associated with Your Account that are in transit and have not settled with the Bank may not be available for withdrawal until the funds settle with the Bank. We or the Bank reserve the right to impose limits on the maximum amount that You can maintain in, or transact with, Your Account and reserve the right to change such limits at any time.
2. Account Registration
The Service is offered to Customers in the United States operating a business selling goods or services. To use the Service, You must register with Wave to create an Account and must be at least 18 years old or the legal age of majority in Alabama (19) or Nebraska (19). You may register as an individual (sole proprietor), as a limited liability company or other business entity. If You register as a limited liability company or other business entity, You must provide information about the business entity, as well as information about an owner or principal of the business and You (meaning the individual registering) must be authorized to act on behalf of the business. By registering for an Account, you represent and warrant that You are registering on Your own behalf, or that You are registering on behalf of a business entity and You have the authority to enter into this Agreement on its behalf. Your acceptance of this Agreement constitutes acceptance of this Agreement by the business entity.
To help the government fight the funding of terrorism and money laundering activities, the USA PATRIOT Act requires all financial institutions to obtain, verify, and record information that identifies each person or business entity that opens an Account. What this means for You: We will ask for the name, address, date of birth, tax identification number and other information that will allow Us to identify the Account Owner. We will also ask for other information related to the business entity, and Authorized Signers. If We are not able to validate the identity and authenticity of the Account Owner or the business entity to Our satisfaction in Our sole discretion, We may not open the Account. If We are unable to validate the identity of an Authorized Signer, the Bank or Wave as the Bank's service provider, may choose not to issue a Card or not to provide access to the Account. Subject to Our Privacy Notice, We may use information from, and share information with, third parties to help Us determine if We should open an Account.
3. Business Account
Your Account is a business account. A business account is an Account at the Bank that is not held or maintained primarily for personal, family, or household purposes. Examples of business accounts include an account owned by various types of businesses, such as an individual running a business as a sole proprietor; a partnership; a limited partnership; a limited liability partnership; a limited liability company; a corporation; a joint venture; or a non-profit corporation.
The Account is a checkless account to be used by a business entity to make payments and transfers to third parties using Our Website or with the Card that is issued with the Account. Paper checks are not included with the Account.
4. Authorized Signers
An Authorized Signer is a person who has actual or apparent authority to transact business on the Account, whether or not the Bank has a record of such person’s electronic signature on file.
5. Authorization And Indemnification
You authorize Wave and the Bank to access and obtain information about the Account. You also authorize the Bank to disclose information to Wave about all Account features, including balances and transactions. You authorize Wave to access and transact on the Account as necessary for reporting, reconcilement, fee credits or debits, dispute related adjustments, and any other applicable accounting corrections, and to disclose information about the Account to its affiliates subject to Wave’s Privacy Notice.
You agree to indemnify and hold harmless the Bank and Wave for any and all losses, costs, claims, demands, lawsuits, or legal, regulatory, or administrative action arising from actions or omissions by the Bank or Wave in accordance with this Agreement. Your indemnification obligations shall apply, without limitation, to any losses arising from the dishonor of any check or other debit item.
You also agree to indemnify and hold harmless the Bank and Wave for any losses arising from Your breach of this Agreement, including the breach of any of Your representations and warranties.
6. Compliance With Laws And Regulations
You agree to comply with all laws applicable to this Agreement, Bank, Wave, or You (“Applicable Law”). Applicable Law includes, without limitation, all statutes, treaties, rules, regulations, regulatory guidance, opinions, interpretations, and determinations of a regulatory authority, ordinances, federal and state privacy laws, anti-money laundering laws, the Bank Secrecy Act, and all sanctions and regulations enforced by OFAC.
7. Our Relationship With Customer
This Agreement does not create a fiduciary relationship between either or both of the Bank or Wave and the Customer, the Account Owner, or any Authorized Signer.
8. Business Days
Our business days are Monday through Friday, excluding federal banking holidays, even if Wave is open. Any references to “days” in this Agreement are calendar days unless indicated otherwise.
9. Privacy Notice
Wave’s Privacy Notice is hereby incorporated into this Agreement and applies to the collection, use, disclosure, retention, protection and accuracy of Your personal information and Your business entities’ information collected for the purposes of the Services offered through Our Website.
10. FDIC Insurance
Your Account is FDIC insured through Community Federal Savings Bank up to applicable limits in the event the Bank fails. For more information on FDIC insurance, visit https://www.fdic.gov/resources/deposit- insurance/index.html.
C. General Rules Governing The Business Account, Card, And Service
1. Transfers To The Account
Make transfers to the Account using any of these methods:
ACH transfers: The payee name on any ACH Credit(s) We receive must match the Account Owner’s name on the Account. Any such transfers received in a name other than the Account Owner’s name may be returned to the originator.
2. Account Limits
The following account limits apply:
Limits may change based on the length of time the Account has been open, transaction history and overall Account standing.
3. Pre-authorized Transfers
The 12-digit Account number and the bank routing number can be used for pre-authorized direct debits (“ACH Debit”) from merchants, internet services or other utility service providers (“Merchants”) and for the purpose of initiating direct deposits to the Account (“ACH Credit”). These transfers will be processed under the Operating Rules of the National Automated Clearing House Association (“NACHA”) and You agree to comply with the NACHA rules. Additional information regarding pre-authorized transfers is available in Section F, titled “Electronic Funds Transfer Special Terms and Conditions”.
4. ACH Credits Using An External Account From Another Financial Institution
The payee name on any ACH Credit(s) We receive must match the Account Owner’s name on the Account. Any such deposits received in a name other than the Account Owner’s name will be returned to the originator.
5. ATM Deposits
ATM deposits are not allowed.
6. Funds Availability
See Section I. Labeled “Funds Availability” for details.
If funds are incorrectly transferred into the Account, We may deduct the amount of the incorrectly transferred amount from the Account without prior notice to You. If there are not enough funds in the Account when We attempt to deduct the funds, the Account could become overdrawn. See the section below titled “No Negative Balance” for more information about what occurs if the Account has a negative balance.
8. No Negative Balance
The Account may not be overdrawn. If the available balance in the Account is insufficient to cover any authorized payment or transfer, We can refuse to honor the payment or transfer. If the Account balance should become negative for any reason, a transfer must be immediately made to cover the negative balance. If the Account has a negative balance for sixty (60) days, it will be closed.
9. Unauthorized Or Incorrect Debits From The Account
Wave must be notified no later than 2:30 PM ET on the business day following the date of an unauthorized ACH debit or a debit made by check to the Account in order for the debit to be returned to the originator. If We are notified after this deadline, We may be unable to return the item and You may be responsible for the losses it incurs.
To provide notice of an unauthorized or incorrect debit from the Account, please call Wave at 1-888-742-5049.
10. Levies, Garnishments, And Other Legal Processes
If the Account becomes subject to legal action, such as a tax levy or third-party garnishment, the Bank and Wave reserves the right to refuse to pay transfers or withdrawals from the Account, including checks, ACH debits, debit Card transactions, or other items presented for payment, until the legal action is resolved. If Wave or the Bank is required to pay an attachment, garnishment or tax levy, We, and the Bank, are not liable to You. Payment is made after satisfying any fees, charges or other debts owed to Us. Until We receive the appropriate court documents, We may continue to process transactions against the Account, even if We have received an unofficial notification of an adverse claim. You will indemnify Us for any losses if We do this.
11. Account Dormancy And Escheatment
If the Account is inactive for a period of time it may be considered dormant and subject to escheatment. Each state has varying laws as to when the Account will be subject to escheatment and We may be required to send the balance in the Account to the state of Your last known address. We will make all reasonable efforts to contact You before transferring the remaining balance of the Account to the applicable state. If the Account has an international address, the funds will be transferred to the State of New York, United States of America, in accordance with that state’s escheatment law.
12. Periodic Statements
Monthly notification emails will be sent to You to advise when a new statement for the Account is available for review. Carefully review Your Customer statement each statement period and notify us of any discrepancies within thirty (30) days of the statement becoming available.
D. Using The Wave Visa Business Debit Card
Account Owner, as well as each Authorized Signer, will receive a Card for use with the Account (each, a “Cardholder”). You acknowledge and agree that the funds accessible through use of the Card is limited to the available funds of the Account. The expiration date of the Card is identified on the back of the Card. The Card is the property of the Bank and must be surrendered upon demand. The Card is nontransferable, and it may be cancelled, repossessed, or revoked at any time without prior notice subject to Applicable Laws.
1. Activate The Card
A Physical Card must be activated before it can be used. The Physical Card may be activated by calling 1-888-742-5049 or through the Website. The Cardholder will need to provide personal or business information in order for Us to verify their identity. The Virtual Card is automatically activated when an Account is approved.
2. Virtual Card
In addition to a Physical Card, You will receive a Virtual Card to access Your Wave Money Account. A Virtual Card is a digital version of a debit card that You can use instead of Your Physical Card for certain types of transactions, such as to make online purchases or to add to a digital wallet. You may not use Your Virtual Card to add funds to Your Account or to access an ATM. The Virtual Card will have a unique card number from the Physical Card.
3. Personal Identification Number
Cardholders will be asked to select a Personal Identification Number (“PIN”) when activating their Cards. The Card must be activated before the PIN is usable. See the activation instructions in the section titled “Activate the Card”. Do not write or keep a PIN with the related Card. Never share the PIN with anyone. Cardholders should enter PINs so that it cannot be observed by others; Cardholders should not enter the PIN into any terminal that appears to be modified or suspicious. If a Cardholder believes someone has gained unauthorized access to their PIN, call 1-888-742-5049, send Us a message through the Website or send an email to email@example.com immediately.
4. Authorized Users
You are responsible for all authorized transactions initiated and fees incurred by use of the Card or Account. If an individual is permitted access to a Card, Card number(s), Account number(s) or PIN, We will treat this as if You have authorized such use and You will be liable for all transactions and fees incurred by those persons. You are wholly responsible for the use of the Account according to the terms and conditions of this Agreement.
5. Cash Access
With the PIN, a Cardholder may use the Physical Card to obtain cash from any Automated Teller Machine (“ATM”) that bears the Allpoint®, Visa®, Interlink®, or Maestro® mark acceptance mark. All ATM transactions are treated as cash withdrawal transactions. You may use the Physical Card at an ATM and to withdraw funds from a participating bank (over the counter withdrawal). These are the limits associated with the withdrawal of cash using the Card:
*ATM Owner-Operators and Merchants may impose their own fees and lower limits on cash withdrawals.
Limits may change based on the length of time the Account has been open, transaction history and overall Account standing.
6. Transaction Limitations
Maximum transaction limits are subject to the available balance of the Account. These are the maximum limits for the Card.
Limits may change based on the length of time the Account has been open, transaction history and overall Account standing.
A Cardholder may use the Card to purchase or lease goods or services where a Visa® debit card is accepted as long as transactions do not exceed the available balance of the Account and other restrictions do not apply (see examples described below). Some Merchants do not allow customers to conduct split transactions where the Card is used as partial payment for goods and services and the remainder of the balance is paid with another form of legal tender. If a Cardholder wishes to conduct a split transaction and it is permitted by the Merchant, the Merchant must be told to charge to the Card only the exact amount of funds available in the Account. The Cardholder must then arrange to pay the difference using another payment method. Some Merchants may require payment for the remaining balance in cash. If the Cardholder fails to inform the Merchant to complete a split transaction prior to swiping or dipping the Card, the Card transaction may be declined.
If a Cardholder uses the Card at an automated fuel dispenser (“pay at the pump”), the transaction may be pre-authorized for an amount up to $100 or more. If the Card is declined, even though the Account has sufficient funds available, the Cardholder should pay for their purchase inside with the cashier. If a Cardholder uses the Card at a restaurant, hotel, for a car rental purchase, or for similar purchases, the transaction may be pre-authorized for the purchase amount plus up to 20% or more to ensure there are sufficient funds available to cover tips or incidental expenses incurred. A pre-authorization places a hold on those available funds until the Merchant sends Us the final payment amount of a Cardholder purchase. Once the final payment amount is received, the pre-authorized amount on hold will be removed. It may take up to eight (8) days for the hold to be removed. During the hold period, You will not have access to the pre-authorized amount.All transactions relating to hotels or car rentals may result in a hold for that amount of funds for up to thirty (30) days.
If a Cardholder uses the 16-digit Card number without presenting the Card (such as for a mail order, telephone, or internet purchase), the legal effect will be the same as if the Cardholder used the Card itself. For security reasons, We or the Bank may, with or without prior notice, limit the type, amount or number of transactions a Cardholder can make using a Card. Account restrictions may include, but are not limited to: restricted geographic or merchant locations where there is a higher risk of fraud or illegal activity; restrictions to comply with laws or prevent Our liability; and other restrictions to prevent fraud and other losses. Cardholders may not use the Card for any illegal transaction, including illegal online gambling. We may increase, reduce, cancel, or suspend any of the restrictions or add new ones at any time. The Card cannot be redeemed for cash. Each time a Cardholder uses the Card, You authorize Us to reduce the value available in the Account by the amount of the transaction and any applicable fees. A Cardholder is not allowed to exceed the available amount in the Account through an individual transaction or a series of transactions. Nevertheless, if a transaction exceeds the balance of the funds available in the Account, You shall remain fully liable to Us for the amount of the transaction and any applicable fees. See Section C (“No Negative Balance”) for additional details if the Account balance becomes negative.
Neither You nor a Cardholder has the right to stop payment on any purchase or payment transaction originated by use of the Card. If a Cardholder authorizes a transaction and then fails to make a purchase of that item as planned, the approval may result in a hold for that amount of funds for up to sixty (60) days.
7. Transactions Made In Foreign Currencies
If a Cardholder makes a purchase in a currency other than the currency in which the Account is denominated and the Card was issued, the amount deducted from the funds will be converted by Visa into an amount in US Dollars. The exchange rate between the transaction currency and the billing currency used for processing international transactions is a rate selected by Visa from the range of rates available in wholesale currency markets for the applicable central processing date, which may vary from the rate Visa itself receives, or the government mandated rate in effect for the applicable central processing date.
Cardholders should get a receipt at the time of a transaction using the Card. You are responsible for retaining, verifying, and reconciling all Card transactions and receipts.
9. Card Replacement
If a Cardholder needs to replace their Card for any reason except at Card expiration, the Account Owner or Cardholder should use the Website to request a replacement Card. The Account Owner, or Cardholder seeking a replacement card, will be required to provide personal information, which may include, for example, the Cardholder’s full name, transaction history, or copies of acceptable documentation.
10. Card Expiration
The Card expires no earlier than the “EXP” date printed on the back of the Card. The Card cannot be used after the expiration date; however, a replacement Card will automatically be mailed to You prior to the expiration of the soon to expire Card. If a Cardholder needs a replacement Card for any reason other than the Card’s expiration, the Cardholder may request one at any time by following the procedures in the section titled “Card Replacement.”
11. Lost, Stolen Cards; Information Transaction Disputes (Card Transactions Only)
TELL US AT ONCE if You or a Cardholder believes a Card has been lost or stolen or if the PIN or the Account number is no longer secure or confidential. Using the Website is the best and fastest way of reducing Your liability. Cardholders must not: 1) Reveal their User ID, Password or PIN or provide the Account or Card numbers to any person not authorized by You to use the Account or Card; 2) Write the PIN on the back of the Card or anything kept with the Card; and 3) Leave a computer terminal or mobile device unattended after logging in and accessing the Account.
In the case of a discrepancy or questions about Card transaction(s), call 1-888-742-5049, send Us a message through the Website or send an email to firstname.lastname@example.org as soon as possible. You must contact Us no later than sixty (60) days after We posted the transaction(s) to the Account. You may review the history of Card transactions at any time on the Website.
In case of a discrepancy or questions about Card transactions, You will need to tell Us:
- Cardholder’s name, Account number and/or the 16-digit Card number,
- A description of the transaction(s) including the date and dollar amount, and
- Grounds for the discrepancy.
If this information is provided orally, We may require that the details listed above be provided in writing within sixty (60) days after We posted the transaction(s) at issue. You agree to cooperate fully with Our investigation and to provide any additional information or documentation We may need for the claim.
Once We have the required details, information, and/or documents, We will determine whether a discrepancy occurred. If We ask You to put details in writing and they are not provided to Us within sixty (60) days of the date We posted the transaction(s) under review, We may not be able to resolve the claim in Your favor.
We will notify You of the results in writing after completing Our investigation. If We determine that a discrepancy occurred, We will correct the discrepancy promptly and credit the Account. If We decide that there was no discrepancy, We will send You a written explanation.
E. Responsibilities, Liability, And Limitations
1. Your Acknowledgement
You acknowledge and agree: (1) the inherent risks and responsibilities associated with conducting business via the internet and that there can be no assurance that inquiries or transaction activity will be completely secure, despite any security procedures established by Us such as firewalls, passwords, and data encryption; (2) Access to the Website will not be free from delays, malfunctions, or other inconveniences generally associated with this electronic medium; (3) We, nor the Bank, are not responsible for any such delays, malfunctions, or inconveniences; (4) You and Authorized Signers are responsible for maintaining all equipment required for their access to and use of the Account; (5) You authorize Wave, the Bank, or any third party on Wave or Bank’s behalf, to serve as agent in processing transaction instructions received from You via the internet, and to post such transactions to the Account; and (6) You will be solely responsible for the timeliness, accuracy and adequacy of the data entered as well as the completeness of any instruction entered.
2. Your Additional Responsibilities
You are responsible for actions that may be taken by anyone using the Website after signing in with an Authorized Signer’s security information, except as otherwise set forth herein or as part of this Agreement. We will rely and act upon instructions received using any Authorized Signer’s security information. You are further responsible for keeping its security information confidential and for ensuring that each Authorized Signer has signed off of a Website when a session is complete to prevent unauthorized persons from accessing the Account.
3. Disclaimer Of Warranties
To the fullest extent permitted by law, We do not make any warranties of any kind related to the Website, either express or implied, including but not limited to, implied warranties of merchantability or fitness for a particular purpose. We further do not warrant that the Website will be uninterrupted or error free, that defects will be corrected, or that the Website is free of viruses or other harmful components. YOU ACKNOWLEDGE AND AGREE THAT ITS USE OF THE WEBSITE IS PROVIDED ON AN “AS IS” BASIS.
4. Information Processing And Reporting
The Bank will not be responsible for determining the accuracy, timeliness or completeness of any information or instructions that an Authorized Signer provides to Us for any service related to the Account. You agree to maintain adequate backup files of the data it submits for a reasonable period of time in order to facilitate any needed reconstruction or reprocessing of Your transactions (e.g., due to a telecommunication failure). If We are unable to provide processing services for any reason, We will take reasonable steps to resume processing within a reasonable timeframe.
5. Unauthorized Transactions And Errors
The Bank’s security procedures are not designed for the detection of errors (e.g. duplicate payments or errors contained in Your instructions). We will not be obligated to detect errors by You, Authorized Signers, or others, even if We take certain actions from time to time to do so. It is Your responsibility to notify Wave immediately at 1-888-742-5049 or email@example.com upon belief any security information (such as passwords, or other credentials) has been lost, stolen or otherwise made available to an unauthorized person, or that someone has viewed, downloaded, or deleted electronic records from the Account without Your permission, or if You or an Authorized Signer suspects any fraudulent or unauthorized activity (including errors) on the Account. You further agree to comply with all notification requirements set forth in this Agreement. Your liability for any unauthorized transactions (including errors) will be determined based on the terms set forth in this Agreement. You agree to promptly repay any amount erroneously credited to the Account. Please also see paragraph 9 of Section C titled “Unauthorized or incorrect debits from the Account” for additional details.
6. Data And Information Supplied By You
You shall transmit or deliver data and other information in the format provided for in this Agreement. You shall have the sole responsibility of ensuring the accuracy and correctness of the data transmitted. You acknowledge and agree that the Bank shall not examine the data for correctness and that the Bank shall not have any responsibility for detecting errors in the data transmitted by the Customer. The data transmitted by You must be legible, correct and complete. The Bank shall not process, nor will the Bank be liable to You for failure to process, the data if it is not in the format specified by the Bank or if the data is incomplete. The Bank shall not be liable for errors or omissions caused by data that is rejected as the result of Your failure to provide the data in accordance with the standards specified in this Agreement, or applicable instructions. You agree that You shall be solely liable for, and the Bank shall not have any liability whatsoever for, any data or other information that is not received by the Bank or for any data or other information that is intercepted or altered by an unauthorized third party. You agree that the Bank has no obligation to accept any data or other information and, therefore, may reject any data or other information transmitted or delivered by You in connection with this Agreement.
7. Data Review
You have sole responsibility for confirming the accuracy and validity of all information, data, entries, and processing services prepared by Wave or the Bank and delivered to You in connection with the Account. You agree to carefully review all records and other information provided or made available to You by Wave or the Bank and to report any discrepancies within thirty (30) days of Your receipt of the record or other information showing such discrepancies. Your failure to promptly report to the Bank within such specified time the existence of any discrepancies in any record or other information constitutes Your acceptance of the record or other information as valid and accurate and shall preclude You from asserting against the Bank any claims arising from or any loss caused by the discrepancy.
8. Limitations Of The Bank’s Liability And Obligations To You
In the performance of the services required by this Agreement, the Bank shall be entitled to rely solely on the information, representations and warranties provided by You and Authorized Signers pursuant to this Agreement. Except as otherwise specifically provided by law, the Bank shall be responsible only for performing the services expressly provided for in this Agreement and shall be liable only in the event of loss due to its gross negligence or willful misconduct in performing those services. In no event shall the Bank have any liability for any consequential, special, incidental, punitive or indirect loss or damage which You may incur or suffer in connection with this Agreement, whether or not the likelihood of such damages was known or contemplated by the Bank and regardless of the legal or equitable theory of liability You may assert. The Bank is not liable for any damages You may incur due to a delay in Wave providing the Bank with any notices or information Wave receives from You. Without limiting the foregoing, the Bank shall not be liable for and the Bank shall be excused from failing to act or delay in acting if such failure or delay is caused by legal constraint, interruption of transmission or communications facilities, equipment failure, war, act of terror, emergency conditions, or other conditions beyond the Bank’s control. To the extent allowed by law, the Bank shall not be liable for and shall be excused from failing to process or any delay in processing a transfer of funds (i) if, in the Bank’s sole discretion, processing a transfer would violate or contribute to the violation of any law, regulation or regulatory requirement; or (ii) if processing a transfer, in the Bank’s sole discretion, would cause it to engage in an unsafe and unsound practice. Without limiting the generality of the foregoing, in no event will the Bank’s liability for any loss, cost, or liability arising from the Bank’s gross negligence or willful misconduct exceed the average monthly charge for the Account-related services in question for the month preceding the date or loss, except as otherwise required by New York law. Any claim, action or proceeding by You to enforce the terms of this Agreement or to recover for any Account-related loss must be commenced within one (1) year from the date that the event giving rise to the claim, action or proceeding first occurs. You agree to cooperate with the Bank in any loss recovery efforts the Bank undertakes to reduce any loss or liability that arises in connection with the Account. You acknowledge any Bank fees have been established in contemplation of: (a) these limitations on the Bank’s liability; (b) Your agreement to review statements, confirmations, and notices promptly and to notify the Bank immediately of any discrepancies or problems; and (c) Your agreement to assist the Bank in any loss recovery efforts.
9. Current Day Balance Information And Current Day Transactions
You acknowledge that Account information regarding the current day may change. For instance, over the counter items may not be reflected and interruptions in communications can occur and the Bank shall not be responsible for current day balance or current day transaction information. You acknowledge that Your decisions based on the Bank’s information on current day balances and current day transactions must take into consideration information that is known or should be known to You and to Authorized Signers, or Your employees and not known to the Bank or not reflected in the current day balance or transaction information You obtain from the Bank.
F. Electronic Fund Transfer Special Terms And Conditions
The 12-digit Account number and 9-digit bank routing number can be used for ACH Debits and ACH Credits (as defined in paragraph 4 of Section C).
The payee name on any direct deposit(s) or ACH Credit(s) We receive must match the Account Owner’s name on the Account. Any such deposits received in a name other than the Account Owner’s name may be returned to the originator.
1. Cut-off time
The cut-off time for scheduling ACH transfers is 11:59 PM ET. Scheduled transfers are sent the next business day.
2. Transaction Limits
For outgoing ACH transfers originated from the Account, the following limits apply:
3. Electronic Funds Transfer Services
The following terms are used to describe Electronic Funds Transfer (“EFT”) services. “Automated credits” or “direct deposits” are deposits made to the Account by electronic means. “Automated debits” and “automated payments” indicate payments authorized by You to be made from the Account by electronic means.
When You accept direct deposits or authorize automatic payments/debits or transfers to or from the Account, the following special terms and conditions apply.
4. Notice Disclosure
Under the operating rules of NACHA, which sets the rules for Account ACH transactions, We are not required to give next-day notice of receipt of an ACH item, however, We will do so on a best effort basis. We will continue to notify You of the receipt of payments in the periodic statements.
5. Choice Of Law Disclosure
Because the Account is a business account and not for personal, family or household use, these payments are not subject to the Electronic Funds Transfer Act. Your rights and obligations with respect to such payments shall be construed in accordance with and governed by the laws of the state of New York as provided by the operating rules of NACHA, which are applicable to ACH transactions involving the Account.
6. Internet Gambling
You cannot use the Account or relationship with the Bank to accept credit, funds, instruments or other proceeds from another person in connection with unlawful internet gambling. When the Bank has actual knowledge of You participating in restricted transactions, the Bank may deny access to and/or close the Account.
7. Types Of Electronic Funds Transfers Available
You may arrange with another party to electronically deposit funds on a one-time or recurring basis directly to the Account.
You may authorize another party, such as a Merchant, to make a one-time or recurring payment(s) using the Account and Bank routing numbers, directly from the Account subject to the established limitations on withdrawals and transfers.
You may use the Card to make purchases at Merchants that accept the Card.
8. How To Stop Payment Of Pre-authorized Transfers
A scheduled one-time pre-authorized transfer, over the phone or recurring pre-authorized transfers using a written authorization form, may be stopped as follows:
If You authorized a one-time or recurring payment out of the Account, such payments may be stopped by notifying Wave through the Website, by email at firstname.lastname@example.org, or calling 1-888-742-5049. If you notify Us by telephone, email, or the Wave Website, You may be required to confirm the information provided by writing to Us at: Wave Money Inc., 235 Carlaw Avenue, Suite 501, Toronto, Ontario, Canada, M4M 2S1 or email@example.com.
Stop payment requests must include the Account number, the name of the payee, the amount of the item to be stopped, and the date payment was scheduled to be made. You must indicate if the intent of the request is to stop only one instance or more than one instance. The request needs to be received by Us three (3) or more business days before the payment is scheduled to be made. Oral requests not confirmed in writing to Us within fourteen (14) days are not binding upon the Bank.
Additionally, to permanently revoke a recurring pre-authorized electronic transfer, You will need to first instruct the originating third party to cancel the applicable pre-authorized transfer using whatever methods the originating third party requires. We may ask You to provide Us with evidence of such revocation and sign an Affidavit of “Authorization Revoked/Stop All Payments” request with Us.
9. Stop-payment Liability
If You order Us to stop payment on any pre-authorized transfer according to the requirements above and We fail to do so, We will be liable to You for any proven loss or damages, unless: You failed to give Us enough information, proper instructions or sufficient time to act on the stop payment request; or
If We do not receive written confirmation of Your telephone or electronic message request to stop payment within fourteen (14) days, and the pre-authorized transfer occurs after the fourteenth (14th) day.
In any case, We will only be liable for actual proven damages if the failure to stop such(s) transaction resulted from a bona fide error on Our part. If We pay a pre-authorized transfer over a valid and timely stop order, We may re-credit the Account. If We do this, You agree to sign a statement describing the dispute with the payee. You agree to transfer to Us all Your rights against the payee. In addition, You agree to assist Us in any legal action taken against the payee.
10. Disputing Transactions
Electronic transfers made from an account used for business purposes, regardless of account ownership, are not subject to the Electronic Funds Transfer Act and Regulation E. In the case of a discrepancy or questions about electronic transaction(s), call 1-888-742-5049, initiate a Website chat, or send an email to firstname.lastname@example.org as soon as possible.
We may disclose information to third parties about the Account, Card(s) or related transactions:
- Where it is necessary for completing transactions;
- To verify the existence and condition of the Account or Card for a third party, such as a Merchant;
- To comply with a government agency, court order, or other legal or administrative reporting requirements;
- Upon Your written consent;
- To Our employees, auditors, affiliates, service providers, or attorneys as needed; or
- Otherwise as necessary to fulfill Our obligations under this Agreement.
12. Customer Service
For customer service assistance or additional information regarding the Account, please contact:
Monday through Friday, 9 AM to 6 PM ET (federal banking holidays excluded)
13. Telephone Monitoring/Recording
Wave, its service providers, or the Bank may monitor and/or record telephone calls with any Authorized Signer to assure the quality of Our customer service, and also when contacting You regarding servicing and, if implicated, collections and when contacting You regarding servicing or collections, or as required by Applicable Law.
You expressly consent to Our recording of telephonic communications with You, even if We do not inform You of the recording at the time of the call.
14. No Warranty Regarding Goods Or Services As Applicable
We are not responsible for the quality, safety, legality, or any other aspect of any goods or services You purchase using the Account.
G. Mobile Check Deposits
A mobile check deposit (“Mobile Deposit”) is a deposit to Your Account that is made by taking pictures of the front and back of an original paper check with a mobile device and using those pictures to make the deposit. The original paper check that is used to make a mobile deposit is called the “Original Check.”
1. Your Eligibility to Make Mobile Deposits
We, as the Bank's service provider, determine if You will be allowed to make Mobile Deposits at Our sole discretion. That determination will be based on a number of factors, including whether Your Account has been maintained in a satisfactory manner, the history of deposits and transactions in Your Account and similar risk-based factors. Your ability to make Mobile Deposits may be terminated or suspended at any time and without prior notice.
2. Ineligible Checks
The following types of checks are not eligible for Mobile Deposits:
- Checks that are payable to You and another person jointly (such as John Doe and Jane Doe);
- Third-party checks (checks initially payable to someone other than You, even if endorsed to You);
- Checks that are not payable in US Dollars or are not drawn of a branch of a financial institution located in the United States;
- Starter checks, counter checks or checks that do not have account and serial numbers pre-printed in magnetic ink;
- Stale-dated checks (dated more than six (6) months in the past);
- Post-dated checks (dated in the future);
- Checks that are altered, illegible, fraudulent or otherwise not properly payable (or that You should have known or suspected are fraudulent or otherwise not properly payable);
- Checks that have been previously deposited at any financial institution in any manner, cashed, negotiated to any person or used to create an ACH debit or other electronic fund transfer;
- Substitute checks (paper reproductions of original paper checks that are the legal equivalent of the original paper checks) or remotely created checks (checks that do not include the drawer's signature);
- Money orders, savings bond or traveler's checks;
- Cashier's checks, certified checks, official checks or teller's checks;
- Checks that are not in Your possession;
- Checks that are not eligible for handling by a Federal Reserve Bank as a cash item; or
- Other checks that are specified as ineligible from time to time.
3. Limits on Mobile Deposits
There may be limits on the dollar amount of Mobile Deposits You may make. Currently, the limits are as follows:
- Maximum of $10,000 per check
- Maximum of $50,000 per month
These limits may be changed, and additional limits may be added at any time. Permitting Mobile Deposits in excess of the limits on one or more occasions does not waive the limits and future Mobile Deposits in excess of the limits may be rejected. Your Account limits may also be adjusted based on history and other factors.
4. How to Make a Mobile deposit
In order to make a Mobile Deposit, You must use a compatible mobile device capable of taking pictures on which the Wave Money App has been installed and activated to take pictures of the front and back of the Original Check and transmit those pictures for deposit to Your Account. Before taking those pictures, You must manually endorse the Original Check in the exact name in which it is payable and include "For Mobile Deposit Only to Account # XXXXXXXX" as part of Your endorsement. Your endorsement must be confined to the area on the back of the Original Check that extends one and one-half inches from the trailing edge (the trailing edge is the left side of the Original Check when You look at it from the front). If Your endorsement extends outside that area or You mark or otherwise obscure the other area or make an endorsement that is illegible or incomplete, You will be responsible for any resulting losses. You may not make a Mobile Deposit from a location outside the United States.
5. Receipt and Acceptance
Neither We nor the Bank have any responsibility for a Mobile Deposit unless and until it is actually received. In that regard, a Mobile Deposit is only deemed to be received when a receipt notice is provided to You through the Wave Money App.
After a Mobile Deposit is received, it will be reviewed before it is accepted for deposit to Your Account. A Mobile Deposit may be rejected after a receipt notice has been provided and will only be deemed accepted for deposit to Your Account when an acceptance notice is provided to You through the Wave Money App. If it is determined that a Mobile Deposit relates to an ineligible check, the deposit to Your Account may be reversed, even if You have received an acceptance notice for that Mobile Deposit. If a Mobile Deposit is rejected, You will receive a rejection notice through the Wave Money App.
6. Retention of Original Check
Once you receive an acceptance notice for a Mobile Deposit, You must securely store the Original Check for that Mobile Deposit for ninety (90) days. During the 90-day period, You must make the Original Check available upon request. If You fail to do so, that failure is Your authorization to deduct the amount of the Mobile Deposit relating to that Original Check from Your Account, even if doing so results in an overdraft. Once the 90-day period has expired, You must promptly and securely destroy the Original Check.
7. Processing of Mobile Deposits
If a Mobile Deposit is accepted for deposit to Your Account, either a substitute check will be created from the pictures and information You provided when making that Mobile Deposit and that substitute check will be presented to the drawee bank (the financial institution on which the check to which a Mobile Deposit relates was drawn) for payment through normal check collection channels, or those pictures and information will be presented to the drawee bank for payment through electronic check collection channels. In either event, the substitute checks or pictures and information that are presented to the drawee bank are called the item.
8. Provisional Credits
The credit to Your Account for a Mobile Deposit is provisional, subject to final payment of the item by the drawee bank and receipt of proceeds. If the item is not finally paid by the drawee bank or is charged back for any reason, Your Account may be debited, without prior notice and at any time, for the amount of the item. That debit may be made without regard to whether or not the item is returned, whether or not it is returned by electronic or other means, whether or not the drawee bank returned the item before the deadline imposed by Applicable Law or its own policies and procedures and whether or not doing so results in an overdraft in Your Account. Furthermore, if an item is finally paid by the drawee bank and the drawee bank later returns the item claiming that it was altered, forged, unauthorized or should not have been paid for some other reason, Your Account may be debited for the amount of the item, even if doing so results in an overdraft in Your Account. There is no obligation on Wave or the drawee bank to question the truth of the facts that are asserted, to assess the timeliness of the claim, to take any action to recover payment of a returned item or to assert any defense and does not need to notify You in advance of its actions related to the claim.
9. Your Representations and Warranties
By making a Mobile Deposit, You make all of the encoding, transfer, presentment, and other representations and warranties You would have made under Applicable Law if You had deposited the Original Check to Your Account. If a Mobile Deposit is processed by creating a substitute check, You also make all of the representations and warranties that the Bank, acting as a “reconverting bank” (the bank that creates a substitute check) makes to others under Applicable Law. Similarly, if a Mobile Deposit is processed by forwarding the pictures and information You provided when making that Mobile Deposit, You also make all of the representations and warranties the Bank makes to others under Applicable Law by doing so.
In addition, with respect to each Mobile Deposit You make, You represent and warrant that:
- You have complied with this Agreement and all Applicable Laws;
- The Original Check is not an ineligible check;
- The pictures of the Original Check You transmitted in connection with that Mobile Deposit are true, accurate and legible renditions of, and include all information on, the front and back of the Original Check at the time of that transmission, including all MICR line information needed to create a substitute check or draft;
- You are entitled to enforce the Original Check against the drawer and the drawer has no defense to payment of the Original Check;
- The Original Check was not altered or modified, except for the addition of any necessary endorsement;
- The Mobile Deposit is being made solely for Your benefit and not for the benefit of a third party;
- You will not deposit the Original Check at any other financial institution in any manner (whether as the original paper check, as an image or otherwise), cash or negotiate the Original Check to any person or use it to create an ACH debit or other electronic fund transfer;
- No person will receive a transfer, presentment, or return of, or otherwise be charged for, the Original Check (either the original paper check or a paper or electronic representation of the original paper check) such that the person will be asked to make payment based on an item it has already paid; and
- The pictures and information You transmit in connection with the Mobile Deposit do not contain any viruses or any other disabling features that may have an adverse impact on Our network, data, or related systems or those of the Bank.
10. Financial Information and Inspection
Upon request, You will permit Us or the Bank to audit or review Your compliance with these terms for Mobile Deposits. You acknowledge that We may mandate specific internal controls for Your locations and/or Your Authorized Signers and mobile devices and You will comply with any such mandate. In addition, You will allow Us to review available reports of independent audits performed at Your locations and of Your equipment, including mobile devices, related to information technology, the services, and any associated operational processes. Upon Our request, You will promptly and accurately complete a self-assessment of Your operations, management, staff, systems, internal controls, use of mobile devices, training, and risk management practices that We would otherwise review in an audit.
There are currently no fees for enrolling in or making Mobile Deposits.
12. Mobile Deposit Funds Availability
The following funds availability disclosures apply only to Mobile Deposits. The funds availability rules set forth in Federal Reserve Regulation CC do not apply to Mobile Deposits. For the availability of deposits made by other means, refer to the applicable sections of this Agreement.
Funds from a Mobile Deposit will generally be available no later than the ninth (9th) business day after the day of that Mobile Deposit, but in certain circumstances can be held for longer review. Business days are Monday through Friday, other than United States Federal holidays. If a Mobile Deposit is accepted for deposit to Your Account prior to 4:30 p.m. Eastern Time on a business day, that day will be considered the day of that Mobile Deposit. If a Mobile Deposit is accepted after that time on a business day (or any time on a day that is not a business day), the next business day will be considered the day of that Mobile Deposit. You will be notified if Your ability to withdraw funds from a Mobile Deposit is delayed and when the funds will be available.
H. Arbitration And Waiver Of Jury Trial
1. Scope Of Arbitration
You and the Covered Parties (as defined below) agree that all disputes and claims between You and any one or more of the Covered Parties shall be resolved through binding individual arbitration unless You opt out of this Arbitration Agreement using the process explained below. However, either You or the Covered Parties may bring an individual claim in small claims court, as long as it is brought and maintained as an individual claim. All issues are for the arbitrator to decide, except that issues relating to the validity, enforceability, and scope of this Arbitration Agreement, including the interpretation of paragraph G3 below, shall be decided by the court and not the arbitrator. For purposes of this Arbitration Agreement, the term “Covered Parties” shall include Community Federal Savings Bank; Wave Money Inc., Wave Financial USA Inc., as well as any of their respective direct or indirect parents, subsidiaries, and affiliates. This term also includes the predecessors, successors, officers, directors, agents, employees, and franchisees of any of them.
Right to Opt Out of This Arbitration Agreement: You may opt out of this Arbitration Agreement within the first 60 days after You accept this Agreement by sending a signed letter to Wave Arbitration Opt-Out, 1550 Wewatta Street, Suite 200, Denver CO 80202. The letter should include Your printed name, the first five digits of Your Social Security Number or Tax Identification Number (if a business entity), state, zip code, and the words “Reject Arbitration.” If You opt out of this Arbitration Agreement, any prior arbitration agreement shall remain in force and effect.
2. How Arbitration Works
Either party may initiate arbitration, which shall be conducted by the American Arbitration Association (“AAA”) pursuant to its Consumer Arbitration Rules (“AAA Rules”), as modified by this Arbitration Agreement. The AAA Rules are available on the AAA’s website www.adr.org, or by calling the AAA at 1-800-778-7879. In the event the AAA is unavailable or unwilling to hear the dispute, the parties shall agree to, or the court shall select, another arbitration provider. Unless You and the Covered Parties agree otherwise, any arbitration hearing shall take place in the county of Your residence. We encourage You to call 1-877-213-2689 in advance of filing a claim for arbitration to see if the dispute can be resolved prior to arbitration.
3. Waiver Of Right To Bring Class Action And Representative Claims
All arbitrations shall proceed on an individual basis. The arbitrator is empowered to resolve the dispute with the same remedies available in court, including compensatory, statutory, and punitive damages; attorneys’ fees; and declaratory, injunctive, and equitable relief. However, any relief must be individualized to You and shall not affect any other Wave customer. The arbitrator is also empowered to resolve the dispute with the same defenses available in court, including but not limited to statutes of limitation. You and the Covered Parties also agree that each may bring claims against the other in arbitration only in Your or their respective individual capacities and in so doing You and the Covered Parties hereby waive the right to a trial by jury, to assert or participate in a class action lawsuit or class action arbitration, to assert or participate in a private attorney general lawsuit or private attorney general arbitration, and to assert or participate in any joint or consolidated lawsuit or joint or consolidated arbitration of any kind. If a court decides that Applicable Law precludes enforcement of any of this paragraph’s limitations as to a particular claim or any particular remedy for a claim (such as a request for public injunctive relief), then that particular claim or particular remedy (and only that particular claim or particular remedy) must remain in court and be severed from any arbitration. The Covered Parties do not consent to, and the arbitrator shall not have authority to conduct, any class action arbitration, private attorney general arbitration, or arbitration involving joint or consolidated claims, under any circumstance.
4. Arbitration Costs
The Covered Parties will pay all filing, administrative, arbitrator and hearing costs. The Covered Parties waive any rights they may have to recover an award of attorneys’ fees and expenses against You.
5. Other Terms & Information
This Arbitration Agreement shall be governed by, and interpreted, construed, and enforced in accordance with, the Federal Arbitration Act and other applicable United States federal law. Except as set forth in this Arbitration Agreement, if any portion of this Arbitration Agreement is deemed invalid or unenforceable, it will not invalidate the remaining portions of the Arbitration Agreement. No arbitration award or decision will have any preclusive effect as to any issues or claims in any dispute, arbitration, or court proceeding where any party was not a named party in the arbitration, unless and except as required by Applicable Law. Notwithstanding any provision in this Agreement to the contrary, We will not make any material change to this Arbitration Agreement without providing You with an opportunity to reject that change. Rejection of any future change will not impact this or any prior Arbitration Agreement to which You have agreed.
I. Fee Schedule
All fee amounts will be withdrawn from the Account and will be assessed as long as there is a remaining balance in the Account except where prohibited by law. Any time the remaining balance is less than the fee amount being assessed, the balance of the Account will be applied to the fee amount resulting in a zero balance on the Account.
J. Funds Availability
Information contained in this section is provided to assist You in understanding Our Funds Availability Policy. All deposits into an Account opened through the Bank are processed at a Bank processing facility. We make funds available according to the type of deposit and when the funds are applied or credited to the Account. Some types of deposits may not be available for immediate use. When We delay the availability of funds or place a hold on a deposit made to the Account, You may not withdraw those funds, and We will not use them to pay any debits, such as ACH transfers, payments or transactions using a Card during the hold period. We have the right to refuse any deposit.
If final payment is not received on any item deposited into the Account, or if any direct deposit, ACH transfer credit, or Mobile Deposit is returned to Us for any reason, You agree to pay Us the amount of the returned item.
The length of delay in the availability of funds varies depending on the type of deposit.
2. Business Days
The length of the delay in the availability of funds is counted in business days from the day Your deposit is applied to Your Account. For purposes of these disclosures, Our business days are Monday through Friday. Federal holidays are not included. Deposits other than mobile deposits received by 11:59 PM ET will be considered current-day deposits. Any deposits received after that time will be processed the following business day. For mobile deposit cut off times, refer to the Mobile Deposit Funds Availability section of this Agreement.
3. Same-day Availability
Funds received from pre-authorized electronic payments as well as ACH Credits received from an external bank account will be applied to Your Account once We have received payment on collected funds.
This Agreement is effective on the date you do any of: apply for an Account, use an Account, use a Card, or use the Service.