NORTHONE BUSINESS ACCOUNT AGREEMENT
PLEASE READ THIS DOCUMENT CAREFULLY
TABLE OF CONTENTS
A. OUR AGREEMENT
B. GENERAL RULES GOVERNING THE ACCOUNT
C. TRANSACTIONS ON THE ACCOUNT
D. FEE SCHEDULE
E. MOBILE CHECK DEPOSIT
F. FUNDS AVAILABILITY
G. WIRE TRANSFER SERVICES
H. RESPONSIBILITIES, LIABILITY, AND LIMITATIONS
This Account Agreement (“Agreement”) sets forth the terms and conditions under which the NorthOne Small Business Deposit Account (“Deposit Account” or “Account”) and its associated debit card (“Card”) has been issued to you by The Bancorp Bank, a Delaware state-chartered bank, Member FDIC (“Bank”). By accepting and using the Card, you agree to be bound by the terms and conditions contained in this Agreement. “You” and “your” mean the person or persons who have received the Card and are authorized to use the Card as provided for in this Agreement. “We,” “us,” and “our” mean the Bank, our successors, affiliates or assignees, and as applicable, the Program Manager. “Program Manager” means NorthOne Inc., the entity providing certain services for sponsoring and/or managing the Account on our behalf. `"`Customer`"` refers to the legal entity (or person in the case of a sole proprietorship) who has requested the Account and owns the funds held therein. An “Authorized Signer” is any user the Customer allows access to the Account, subject to the limitations herein. “Primary Accountholder” means, the Customer in the case of a sole proprietorship, as well as the primary Authorized Signer designated to transact on the Account on the Customer’s behalf.
The Account is accessed through www.northone.com (the “Website”) and through the mobile application (the “Mobile App”). Customer is responsible for providing us with a correct and operational email address. Customer must promptly notify us of any change to its contact information, or if Customer is unable to access the Account information through the Mobile App. Neither the Bank nor Program Manager will be liable for any adverse effects to the Account as a result of undelivered mail or email or Customer’s inability to access Account information through the Website or Mobile App due to a failure to promptly notify us of a change to Customer’s email or postal mailing address.
For assistance or additional information regarding the Account, please contact Customer Service in the Mobile App chat, at the Address or Email Address listed below:
18 W 18th St, New York, NY 10011
Customer Service agents are available to answer your questions:
Monday through Friday, 8 a.m. to 10 p.m. ET
Saturday and Sunday, 8 a.m. to 10 p.m. ET (holidays excluded).
Our business days are Monday through Friday, excluding federal holidays, even if we are open. Any references to “days” found in this Agreement are calendar days unless indicated otherwise. 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 law
Consent to the Terms of this Agreement
GENERAL RULES GOVERNING THE ACCOUNT
The Account and Customer’s obligations under this Agreement may not be assigned. We may transfer our rights under this Agreement. Use of the 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 and the deposit relationship do not create a fiduciary relationship between the Bank and Customer, or Authorized Signers. This Agreement will be governed by the law of the State of Delaware except to the extent governed by federal law.
Opening the Account
Important information about procedures for opening a new Account. To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person or business that opens an Account. We will ask for the name, address, date of birth, and other information that will allow us to identify the Customer and/or Authorized Signers. We will also ask for other information related to the business entity, and Authorized Signers. If we are not able to validate the identity or authenticity of the Authorized Signor or the Customer to our satisfaction, we may not open the Account. If we are unable to validate the identity of an Authorized Signer, we may not issue them a Card or provide them access to the Account.
By opening, using or authorizing the use of the Account, you represent and warrant to us that: (i) Authorized Signers are at least 18 years of age (or older in a state where the majority age is older); (ii) Authorized Signers are U.S. citizens or legal residents residing in the fifty (50) states of the United States (“U.S.”) or the District of Columbia; (iii) the Customer is a legally incorporated U.S. entity (or person in the case of a sole proprietorship) with a verifiable U.S. street address (not a P.O. Box); (iv) the personal and business information provided to us by the Customer or Authorized Signers in connection with the Account is true, correct and complete; and (v) the Customer and Authorized Signers (if applicable) have received a copy of this Agreement and agree to be bound by and to comply with its terms.
We may use information from, and share information with, third parties to help us determine if we should open an Account.
Business Deposit Account
A business deposit account is a deposit account that is not held or maintained primarily for personal, family, or household purposes. Examples of business deposit accounts include an account owned by an individual acting 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 demand deposit account to be used by a business entity to make payments and transfers to third parties using online services or the debit Card that is automatically issued with the Account. Paper checks are not included with the Account.
With the Deposit Account, the Primary Account Holder and Authorized Signer can use the feature in the Mobile app and Website to designate Deposit Account funds for viewing purposes called “Envelopes”. This feature is managed by the Program Manager, not the Bank. Envelopes are not considered separate accounts, and only reflect amounts from your Deposit Account balance that you wish to designate for certain purposes. All debits to the Deposit Account will first be deducted from any undesignated balance. If the amount of the undesignated balance in the Deposit Account is less than a debit, then all Envelopes will be depleted and will show a $0.00 balance. (You will be able to view what the balance was before it was a zero balance and you will be given the opportunity to reallocate the Envelopes balances).
You may add Envelopes at any time through the Mobile app and Website, choosing a percentage from a direct deposit to be designated automatically, or schedule on a recurring basis. You may cancel any Envelope at any time.
There is no limit to how many Envelopes you may set up. You may delete an Envelope at any time by going into the Mobile app or Website. Envelopes will not be separately reflected on Account statements.
The Primary Accountholder may add additional Authorized Signers to the Account during the application process or after the Account has been established. At any point in time, up to four (4) Authorized Signers may be listed on the Account. 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. To add or remove an Authorized Signer from an existing Account, please contact Customer Service. The Bank may continue to recognize an Authorized Signer’s authority until the Bank has received and had a reasonable time to act upon a revocation or modification request from the Primary Accountholder.
Customer is 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 Customer has authorized such use, and Customer will be liable for all transactions and fees incurred by those persons. Customer is wholly responsible for the use of the Account according to the terms and conditions of this Agreement.
By using the Account, Customer authorizes us to:
Deposits to the Account
Authorized Signers/The Primary Accountholder may make deposits to the Account using any of these methods:
|Transaction Type||Frequency and/or Dollar Limits|
No limit to the number of transactions per day
No maximum dollar limit
ACH transfer initiated from an external financial institution*
No limit to the number of transactions per day
Maximum of $10,000 per deposit, per day.
Qualifying transfers to the Account via the Mobile App.**
No limit to the number of transactions per day, up to $10,000, between all linked external accounts per day. Maximum $300,000 per calendar month
Cash transfers** via GreenDot®
1 time per calendar day.
Maximum of $10,000.00 per deposit, per day. Maximum $300,000 per calendar month
Incoming Wire Transfer
No limit to the number of incoming wires transfers per day. No maximum dollar limit
Mobile Check Deposit
See Section labeled “MOBILE CHECK DEPOSIT” for more information on where to find limits and details.
Debit card deposit
1 time deposit only for the initial deposit when opening the Account. Minimum $50.00. Maximum $250.00.
*Direct deposits and ACH transfers: The payee name on any direct deposit(s) or ACH Credit(s) we receive must match the business name on the Account. Any such deposits received in a name other than the name registered to the Account will be returned to the originator.
**A qualifying transfer must originate from an external account owned by Customer or the Primary Accountholder. The external account must be linked to the Account. The owner of the external account must validate the linking through the use of confirming micro deposits. Up to 5 external accounts can be linked to the Account.
The payee name on any direct deposit(s) or ACH Credit(s) we receive must match the Customer name on the Account. Any such deposits received in a name other than the name registered to the Account will be returned to the originator. Please Note: ATM deposits are not available.
No Cash, Paper Checks or Foreign Currency
We are not liable for any deposits, including cash, lost in the mail, lost in transit, or not received by us.
If funds are incorrectly deposited or transferred into the Account, we may correct the situation by deducting the amount of the erroneous deposit from the Account without prior notice to Customer.
TRANSACTIONS ON THE ACCOUNT
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 Customer to be made from the Account by electronic means. When Customer accepts direct deposits or authorize automatic payments/debits or transfers to or from the Account, the following special terms and conditions apply.
The cut-off time for scheduling ACH transfers is 5:30 PM ET. Any transfer scheduled after the cut-off time will be treated as if it were scheduled on the next business day.
Under the operating rules of the NACHA, which sets the rules for Account ACH transactions, we are not required to give next-day notice of receipt of an ACH item, and we will not do so. However, we will continue to notify Customer of the receipt of payments in the periodic statements.
Types of Electronic Funds Transfers Available
Customer may arrange with another party to electronically deposit funds on a one-time or recurring basis directly to the Account using the Account and bank routing numbers, subject to the established limitations on withdrawals and transfers.
The Primary Accountholder, and Authorized Signers, if applicable, will receive a NorthOne Mastercard®Small Business Debit Card (“Card”) for use with the Account (each, a “Cardholder”). Customer acknowledges and agrees that the funds accessible through use of the Card is limited to the available funds of the Account. Customer agrees to direct Cardholders to sign the back of their Card immediately upon receipt. 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 law. You must activate your Card before it can be used. To do so, please call 1 866 331 3085. The Cardholder will need to provide personal information in order for us to verify their identity. Alternatively, you can activate your Card from within your NorthOne Account.
Personal Identification Number (“PIN”)
You will not receive a PIN with your Card. However, you will be prompted to select a PIN when you activate your Card.
You should not write or keep your PIN with your Card. Never share your PIN with anyone. When entering your PIN, be sure it cannot be observed by others and do not enter your PIN into any terminal that appears to be modified or suspicious. If you believe that anyone has gained unauthorized access to your PIN, you should advise us immediately.
With the PIN, a Cardholder may use the Card to obtain cash from any Automated Teller Machine (“ATM”) that bears the Mastercard®, Maestro®, MoneyPass®, Cirrus® Acceptance Mark. All ATM transactions are treated as cash withdrawal transactions. These are the limits associated with the withdrawal of cash and using the Card:
|Transaction Type||Frequency and/or Dollar Limits**|
Cash Withdrawal (ATM)*
5 transactions per day.
$2000.00 per transaction; up to $2000.00 per day
Card POS Signature/PIN Transactions
No limit to the number of transactions per day
Up to $5,000 combined total per day
ACH Debit’s by a third party (Preauthorized Transfers)
No limit to the number of transactions per day.
ACH Payments (Initiated from Account to an external account.)
No limit to the number of transactions per day, up to $10,000 per day. Maximum $300,000 per calendar month
Wire transfer (Domestic only)
No limit to the number of wires sent per day.
Maximum of $10,000.00 per wire, per day. Maximum $300,000 per calendar month
*ATM Owner-Operators, merchants and participating banks 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.
You may purchase or lease goods or services everywhere Mastercard®, Maestro®, Cirrus®.and Interlink® are accepted as long as restrictions (see examples described below) do not apply. Each time Card is used, Cardholder authorize us to reduce the value available in Deposit Account by the amount of the transaction and any applicable fees. If the 16-digit Card number is used without presenting Card (such as for a mail order, telephone, or internet purchase), the legal effect will be the same as if Card itself had been used. Some merchants do not allow Cardholders to conduct split transactions where you would use the Card as partial payment for goods and services and pay the remainder of the balance with another form of legal tender. If you wish to conduct a split transaction and it is permitted by the merchant, you must tell the merchant to charge only the exact amount of funds available on the Deposit Account. You must then arrange to pay the difference using another payment method. Some merchants may require payment for the remaining balance in cash. If you fail to inform the merchant that you would like to complete a split transaction prior to swiping your Card, your Card is likely to be declined.
A preauthorization places a hold on available funds in the Deposit Account until the merchant sends us the final payment amount of the purchase. If Card is used at an automated fuel dispenser, a pay at the pump transaction, the transaction may be preauthorized for an amount of up to $100.00 or more. If Card is declined, even though Deposit Account has sufficient funds available, Cardholder should pay for the purchase with the cashier. If Card is used at a restaurant, a hotel, for a car rental, or for similar purchases, the transaction may be preauthorized for the purchase amount plus up to 20% or more to ensure sufficient funds are available to cover tips or incidental expenses. Once the final payment amount is received, the hold on the preauthorized amount will be removed. It may take up to seven (7) days for a hold to be removed, however transactions relating to car rentals and hotels may result in a hold for that amount of funds for up to thirty (30) days. During the hold period, Cardholder will not have access to the preauthorized amount.
For security reasons, we may, with or without prior notice, limit the type, amount, or number of transactions you can make with Card. We may also exercise additional restrictions which 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 to limit our liability; and other restrictions to prevent fraud and other losses. You may not use your Card for any illegal transaction.
The 12-digit Account number and the bank routing number can be used for preauthorized direct debits (“ACH Debit”) from merchants, internet service 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 NACHA and Customer agrees to comply with the NACHA rules.
If you have scheduled regular payments out of the Account, Authorized Signers may be able to stop any of these payments by contacting Customer Service in time for us to receive and process your request before the payment is scheduled to be made. We may require you to put your request in writing, including evidence of the notice of revocation you provided to the merchant. Depending on the type of payment you wish to stop, we may, at our discretion, employ other operational steps to enable us to honor your request. You will be advised of any such steps when you contact us with your request. We are not liable for your losses or damages if we are unable to or refuse to stop a payment.
Returns and Refunds
If you are entitled to a refund for any reason for goods or services obtained with the Account, you agree to accept credits to the Account for such refunds and agree to the refund policy of that merchant. Any Merchant disputes, returns, or refunds must be addressed and handled directly with the merchant from whom the transaction posted, or those goods or services were provided. We are not responsible for the delivery, quality, safety, legality or any other aspects of goods or services you purchase from others with a Card.
Cardholders should get a receipt at the time of a transaction using the Card. Customer is responsible for retaining, verifying, and reconciling all transactions and receipts.
Card Expiration and Replacement
Your Card will expire no sooner than the date printed on the back of it. You will not be able to use your Card after the expiration date. You may request a replacement Card at no cost to you by calling Customer Service. A replacement Card will automatically be mailed to you prior to the expiration of the soon-to-expire Card.
If you need to replace your Card for any reason, Cardholders must contact Customer Service to request a replacement Card. You will be required to provide personal information which may include your 16-digit Card number, full name, transaction history, copies of accepted identification, etc.
You may purchase or lease goods or services everywhere Mastercard®, Maestro®, Cirrus®.and Interlink® are accepted as long as you do not exceed the available value in the Account, and other restrictions (see examples described below) do not apply. If you make a purchase in a currency other than the currency in which the Card was issued, the amount deducted from the funds will be converted by Mastercard International Incorporated into an amount in the currency of the Card. The exchange rate between the transaction currency and the billing currency used for processing international transactions is a rate selected by Mastercard International Incorporated from the range of rates available in wholesale currency markets for the applicable central processing date, which may vary from the rate Mastercard International Incorporated 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. Customer is responsible for retaining, verifying, and reconciling all Card transactions and receipts.
If the available balance in the Account is insufficient to cover any authorized payment or withdrawal, we can refuse to honor the payment or withdrawal. You are not permitted to conduct transactions that bring your Account balance negative. If the Account balance should become negative for any reason, a deposit or deposits must be immediately made to cover the negative balance. If the Account has a negative balance for ninety (90) calendar days, it may be closed. You will remain liable to us for any amounts owed due to negative balances, and we reserve the right to pursue all remedies under law to resolve any negative balance, including setting off the balance with other funds you may hold with the Bank.
Unauthorized or Incorrect Debits
You must provide notice no later than 2:30 PM ET on the business day following the date of an unauthorized debit is made 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; Customer may be responsible for the losses it incurs. To provide notice of an unauthorized or incorrect debit from the Account, please contact Customer Service.
In the case of a discrepancy or questions about electronic transaction(s), contact Customer Service as soon as possible. For non-consumer ACH Debits, you must notify Customer Service to return by 2:30 PM ET. If we are not timely notified of an unauthorized non-consumer ACH Debit entry, we will not be able to return the item without the cooperation and agreement of the originating bank and the originator of the debit entry. Any other effort to recover the funds must occur solely between Customer and the originator of the entry.
Periodic statements for the Account will be made available to Customer each month and are deemed delivered once made available. Carefully review Company’s statement each statement period and notify us of any discrepancies within thirty (30) days of the statement becoming available. Authorized Signers/Primary Accountholder can request a digital copy of a periodic Account statement by contacting to Customer Service. You may obtain information about the amount of money you have in your Account by contacting Customer Service. This information, along with a twelve (12) month history of Account transactions, is also available online at our Website. You also have a right to written Account transactions by contacting Customer Service.
All fee incurred will be deducted from your Account Balance, except where prohibited by law. NOTE: Fees assessed to your Account may bring your Account negative. Any time your Account balance is less than the fee amount being assessed, the balance of your Account will be applied to the fee amount. THIS WILL RESULT IN A NEGATIVE BALANCE ON YOUR ACCOUNT. If that occurs, any subsequent deposits or loads into your Card Account will first be applied to the negative balance.
|Fee Description||Fee Amount and Frequency|
Sending a Domestic Wire
$15 per transaction. Fee is charged for each request. Fee will be refunded if the wire transfer is not processed.
Receiving a Domestic Wire
$15 per transaction
Monthly account fee
$10 per month assessed on the first business day the Account is opened. If opened on non-business day, the fee will be assessed on the first business day after the Account is opened. The fee will be assessed every 30 calendar days from the day the initial Monthly account fee was assessed.
MOBILE CHECK DEPOSIT
You may load check funds into your Account by downloading the Ingo™ Money app to your mobile device and following the instructions provided in the app. This service is provided by a third-party money transfer service provider. To use it, you need to agree to the terms and conditions the service provider establishes from time to time. These terms and conditions may include certain fees for use of the service that are charged by the service provider. The terms and conditions, including the applicable fees, will be provided to you when you sign up for the service.
Your ability to Withdraw Funds
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, Customer may not withdraw those funds, and we will not use them to pay any debits, such as ACH transfers or 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, or ACH transfer credit is returned to us for any reason, Customer agrees to pay us the amount of the returned item.
Determining the Availability of a Deposit
The length of delay in the availability of funds is counted in business days from the day a Customer deposit is applied to the Account. Deposits received in our operations center by 3:00 PM ET on a business day will be considered made on that day. Any deposits received in our operations center after that time will be considered made on the next business day.
The length of delay in the availability of funds varies depending on the type of deposit.
Funds from wire transfers, preauthorized electronic payments received through the ACH network such as payroll direct deposits, or other preauthorized electronic payments will be available on the effective date of the deposit.
WIRE TRANSFER SERVICES – Outgoing wires will be available after May 10th, 2021. Program Manager will notify you in the mobile app once available.
The following provisions apply to funds transfers Customer sends or receives through the Bank (“Wire Transfers”). Customer must also execute a separate “Wire Transfer Agreement” with the Bank if Customer wants to initiate wire transfers. In the event of a conflict between this Agreement and the Wire Transfer Agreement, the Wire Transfer Agreement (as amended from time to time) will prevail with respect to Wire Transfers.
The Uniform Commercial Code (“UCC”) includes provisions relating to certain Wire Transfers. The provisions define the following terms: funds transfer, payment order and beneficiary. The terms are used here as they are defined in Article 4A of the UCC titled “Funds Transfers” as adopted by the state whose law applies to the account for which the funds transfer service is provided. In general, a funds transfer is the process of carrying out payment orders that lead to paying a beneficiary. The payment order is the set of instructions given to the Bank to transfer funds. The beneficiary is the person or business who received the payment.
Subject to the terms and conditions of this Agreement, as well as the Wire Transfer Agreement, Customer hereby authorizes the Bank and the Bank hereby agrees to honor, execute and charge to the Account all telephonic or online requests by Authorized Signers for the wire transfer of funds.
Fedwire is the electronic funds transfer system of the U.S. Federal Reserve Banks. When a payment order is sent or a funds transfer received, we or other banks involved in the funds transfer may use Fedwire. If any part of a funds transfer is carried out by Fedwire, the transfer is governed by Regulation J of the Federal Reserve Board.
We have cutoff times for processing payment orders. If the Bank received Customer’s payment order after 3:30 pm ET, or on Saturday, Sunday or a federal holiday, it may be processed on the next funds-transfer business day.
An Authorized Representative (as defined in the Wire Transfer Agreement) giving the Bank a telephonic wire transfer instruction must call 1 (833) 222-1802. The person shall identify herself or himself by first and last name as an Authorized Representative of Customer and provide Customer’s wire authorization code. The Bank shall then: (1) obtain the information required to process the wire transfer request (“Wire Instruction Data”) and (2) read back to that person the Wire Instruction Data. All wires received by telephone will receive a call back from the Bank’s wire department to confirm authenticity and verification of wire instructions in the event the caller is unable to provide a valid wire authorization code. Customer further agrees to comply with any other security procedures that the Bank adopts now or in the future for initiation of wire transfers.
Amending or Canceling Wire Transfers
Customer may only amend or cancel a payment order prior to the funds transfer being sent by the Bank. The Bank may make a reasonable effort to act on such amend/cancel requests, but the Bank is not liable to Customer if, for any reason, a payment order is not amended or cancelled. Customer agrees to reimburse the Bank for any costs, losses or damages incurred in connection with such request to amend or cancel a payment order.
Inconsistency of Name or Number
When receiving a payment order, payment may be made by the Bank, or by other banks, to which the payment order is forwarded, based solely on the account number even if the account number identified a beneficiary different from the beneficiary named by the originator of the payment order. Furthermore, when receiving a payment order, we may rely, and any other banks to which the payment order is forwarded may rely, on the bank identification number provided in the payment order even if the identification number identifies a bank different from the bank named by the originator of the payment order.
Notice of Rejection
The Bank may reject payment orders. International wires will be rejected. You may inquire about any payment orders by contacting Customer Service. The Bank is not liable for the rejection or obligated to pay interest for the period before Customer receives timely notice of rejection.
Receiving a Wire Transfer
The Bank may receive instructions to credit funds to the Account. We may receive a wire transfer directly from the sender, through a funds transfer system or through some other communications system. For incoming wire transfers, the following limits apply:
Frequency and/or Dollar Limits
Incoming Wire Transfer
No limit to the number of wires transfers per day No maximum dollar limit
RESPONSIBILITIES, LIABILITY, AND LIMITATIONS
Customer acknowledges: (i) 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; (ii) access to the Mobile App will not be free from delays, malfunctions, or other inconveniences generally associated with this electronic medium, and that we are not responsible for any such delays, malfunctions, or inconveniences; (iii) Customer is responsible for maintaining all equipment required for its access to and use of the Account; and (iv) Customer authorizes Program Manager, the Bank, or any third party on Program Manager or Bank`'`s behalf, to serve as agent in processing transaction instructions received from Customer via the internet, and to post such transactions to the Account; (v) Customer will be solely responsible for the timeliness, accuracy and adequacy of the data entered as well as the completeness of any instruction entered; (vi) Customer is responsible for actions that may be taken by anyone using the Website or Mobile App after signing in with an Authorized Signer’s security information, except as otherwise set forth herein or as part of this Agreement; (vii) We are entitled to rely and act upon instructions received using any Authorized Signer’s security information. Customer is further responsible for keeping its security information confidential and for ensuring that each Authorized Signer has signed off of the Website or Mobile App when a session is complete to prevent unauthorized persons from accessing the Account.
Disclaimer of Warranties
To the fullest extent permitted by law, we do not make any warranties of any kind related to the Website or Mobile App, 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 or Mobile App will be uninterrupted or error free, that defects will be corrected, or that the Website or Mobile App are free of viruses or other harmful components. CUSTOMER ACKNOWLEDGES AND AGREES THAT ITS USE OF THE WEBSITE OR MOBLE APP AND THE ACCOUNT SHALL BE AT CUSTOMER’S SOLE RISK, AND THAT THE WEBSITE AND MOBILE APP IS PROVIDED ON AN “AS IS” BASIS.
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. Customer agrees 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 Customer’s transactions (e.g., due to a telecommunication failure). If we are unable to provide a processing services for any reason, we will take reasonable steps to resume processing within a reasonable timeframe.
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 Customer instructions). We will not be obligated to detect or investigate errors by Customer, Authorized Signers or others, even if we take certain actions from time to time to do so. It is Customer’s responsibility to notify Customer Service immediately 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 Customer’s permission, or if Customer or an Authorized Signer suspects any fraudulent or unauthorized activity (including errors) on the Account. Customer further agrees to comply with all notification requirements set forth in this Agreement. Customer’s liability for any unauthorized transactions (including errors) will be determined based on the terms set forth in this Agreement. Customer agrees to promptly repay any amount erroneously credited to the Account.
Data and Information Supplied by Customer
Customer shall transmit or deliver data and other information in the format provided for in this Agreement. Customer shall have the sole responsibility of ensuring the accuracy and correctness of the data transmitted. Customer acknowledges and agrees 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 Customer. The data transmitted by Customer must be legible, correct and complete. The Bank shall not process, nor will the Bank be liable to Customer 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 Customer’s failure to provide the data in accordance with the standards specified in this Agreement, or applicable instructions. Customer agrees that Customer 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. Customer agrees 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 the Customer in connection with this Agreement.
Customer has sole responsibility for confirming the accuracy and validity of all information, data, entries, and processing services prepared by the Bank and delivered to Customer in connection with the Account. Customer agrees to carefully review all records and other information provided or made available to Customer by the Bank and to report any discrepancies within thirty (30) days of Customer’s receipt of the record or other information showing such discrepancies. Customer’s failure to promptly report to the Bank within such specified time the existence of any discrepancies in any record or other information constitutes Customer’s acceptance of the record or other information as valid and accurate and shall preclude Customer from asserting against the Bank any claims arising from or any loss caused by the discrepancy.
Limitations of the Bank’s Liability and Obligations to Customer
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 Customer 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. Customer agrees to indemnify and hold harmless the Bank and its service providers and to promptly pay on demand, any and all losses arising from actions taken by the Bank or its service providers in accordance with this Agreement. These indemnifications shall apply, without limitation, to any losses arising from the dishonor of any check or other debit item.
In no event shall the Bank have any liability for any consequential, special, incidental, punitive or indirect loss or damage which Customer 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 Customer may assert. 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 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 UCC Article 4A. Any claim, action or proceeding by Customer to enforce the terms of this Agreement or to recover for any Account-related loss must be commenced within one year from the date that the event giving rise to the claim, action or proceeding first occurs. Customer agrees 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. Customer acknowledges any Bank fees have been established in contemplation of: (a) these limitations on the Bank’s liability; (b) Customer’s agreement to review statements, confirmations, and notices promptly and to notify Bank immediately of any discrepancies or problems; and (c) Customer’s agreement to assist the Bank in any loss recovery efforts.
Current Day Balance Information and Transactions
Customer acknowledges 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. Customer acknowledges that Customer`'`s decisions based on Bank`'`s information on current day balances and current day transactions must take into consideration information that is known or should be known to Customer and to Authorized Signers, or Customer`'`s employees and not known to the Bank or not reflected in the current day balance or transaction information Customer obtains from the Bank.
We may disclose information to third parties about the Account, Card(s) or related transactions:
We may monitor and/or record telephone calls with any Authorized Signer to assure the quality of our Customer Service team, and also when contacting Customer regarding servicing and, if implicated, collections and when contacting Customer regarding servicing or collections, or as required by applicable law.
We may amend or change this Agreement at any time by posting the amended documents (including this Agreement) on the Website, and any such amendment shall be effective upon such posting to the Website. The current Agreement is available at the Website. We will provide reasonable notice in writing or by any method permitted by law of an adverse change to this Agreement. However, if a change is made for security purposes, such change can be implemented without prior notice. When we change this Agreement, the updated version of this Agreement supersedes all prior versions and govern the Account. Customer’s continued maintenance or use of the Account after the change will be deemed acceptance of any change and Customer will be bound by it. If Customer does not agree with a change, Customer may close the Account as provided in this Agreement. Customer’s termination of this Agreement will not affect any of our rights or Customer’s obligations arising under this Agreement prior to such termination.
Closing the Account
The Primary Accountholder may request account closure by email (email@example.com), Website (
www.northone.com) and Mobile App. After the Account is closed, we have no obligation to accept deposits or pay outstanding items but may do so at our discretion. Any access device will no longer be active. Customer agrees to hold us harmless for honoring or refusing to honor any item on a closed Account. If a balance remains in the Account at the time of its closure, a check made payable to the Customer as listed in our records will be sent to the address on file within fourteen (14) business days of the final transaction and/or of receiving the request to close the Account. The Bank reserves the right to refuse to return any remaining balance less than $2.00. The Bank reserves the right to close the Account at any time.
Levies, Garnishments, and Other Legal Processes
If the Account becomes subject to legal action, such as a tax levy or third-party garnishment, we reserve the right to refuse to pay any money from the Account until the action is resolved. If we are required to pay an attachment, garnishment or tax levy, we are not liable to Customer. 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. Customer will indemnify us for any losses if we do this.
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 Customer’s last known address. We will make all reasonable efforts to contact Customer 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 Delaware.
Any claim, dispute, or controversy (“Claim”) arising out of or relating in any way to: i) this Agreement; ii) your
Account; iii) the Cards of Cardholders designated by you, if any; iv) your acquisition of the Account; v) your use of the Account; vi) the amount of available funds in the Account; vii) advertisements, promotions or oral or written statements related to the Account, as well as goods or services purchased with the Account; viii) the benefits and services related to the Account; or ix) transactions on the 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 Account, or any amounts owed on your Account, to any other person or entity; or iv) expiration of a Card. 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, DO NOT ACTIVATE OR USE THE ACCOUNT OR ASSOCIATED CARD. CONTACT CUSTOMER SERVICE TO CLOSE THE ACCOUNT AND ANY RELATED CARDS, IF APPLICABLE.
This Agreement is effective 09/2021.
Security, Privacy & Legal
Deposit Account Agreement
Agreement to Receive Electronic Communications
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IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT: To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an Account. What this means for you: When you open an Account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see a copy of your driver’s license or other identifying documents.