I. Savings Account Agreement and Disclosures
A. Our Agreement
B. Savings Account Basics
C. General Rules Governing Savings Accounts
D. Truth in Savings Disclosures
This agreement contains the Savings Account Agreement (the “Agreement”) for the optional savings account (“smiONE™ Savings Account”) made available to eligible consumers by The Bancorp Bank, Wilmington, Delaware, member of theFederal Deposit Insurance Corporation (“FDIC”) (“The Bancorp Bank”, the “Bank” ) on behalf of SMI Card Services, LLC (”SMI”). SMI is the program partner responsible for managing the smiONE Savings Account and its related card account (“smiONE Circle Visa®Prepaid Card Account” or “smiONE Card Account”). “We”, “our”, and “us” refer to the Bank, our successors, affiliates, or assignees. “You” and “your” refer to the owner of the Savings Account.
The smiONE Card Account is the Card Account available from The Bancorp Bank. The optional Savings Account, which is an interest-bearing savings account, is available to the primary cardholder of the smiONE Card Account.
The primary cardholder of a smiONE Card Account may submit a request to open a smiONE Savings Account through the smiONE Website (the “Website”). smiONE Savings Account is not designed for business use, and we may close the Savings Account if we determine it is being used for business purposes. We may refuse to process any transaction(s) we believe may violate the terms of this Agreement.
Our business days are Monday through Friday, excluding federal holidays, even if we are open. Any references to “days” found in this Agreement are calendar days unless indicated otherwise.
A smiONE Savings Account may only be owned and titled in the name of one (1) person who shall solely retain the right to direct the transfer of funds. The smiONE Savings Account cannot be owned or titled jointly, by an organization, as Payable on Death (“POD”) or “In Trust For” (“ITF”).
You or your appointed party, designee, or appointed individual agree to notify us promptly if you become legally incapacitated, are deemed incompetent, or die. We will continue to accept deposits and process transaction instructions into and from the smiONE Savings Account until we are: (a) notified of your death or adjudication of incompetency and (b) have a reasonable opportunity to act. You agree that, even if we have knowledge of your death we may pay or process transactions involving the smiONE Savings Account on or before the date of death for up to ten (10) days after that date unless ordered to stop by someone claiming interest in the smiONE Savings Account. We may require additional documentation to confirm any claims made on the smiONE Savings Account.
This Agreement and the deposit relationship do not create a fiduciary relationship.
Our privacy policy is available at http://www.smionecard.com and is considered part of this Agreement.
The smiONE Savings Account and your obligations under this Agreement may not be assigned. We may transfer our rights under this Agreement. Use of the smiONE Savings Account is subject to all applicable rules and customs of any clearinghouse or other association involved in transactions. We do not waive our rights by delaying or failing to exercise them at any time. If any provision of this Agreement shall be determined to be invalid or unenforceable under any rule, law, or regulation of any governmental agency, local, state, or federal, the validity or enforceability of any other provision of this Agreement shall not be affected. This Agreement will be governed by the law of the State of Delaware except to the extent governed by federal law.
Deposits to the smiONE Savings Account may only be made by making online transfers from your smiONE Card Account by using the Mobile App or Website. See the paragraph labeled “Transaction Limitations” in Section D for additional details about deposits.
You may withdraw funds from the Savings Account by transferring funds to your smiONE Card Account using the Mobile App or Website (these transfers are referred to as “online transfers”).
We reserve the right to require 7 days written notice before you withdraw money from your smiONE Savings Account.
The account number of the smiONE Savings Account cannot be used for preauthorized direct debits (“ACH Debits”) from merchants, Internet service or other utility service providers (“Merchants”) or for the purpose of initiating direct deposits to the smiONE Savings Account. If presented for payment, ACH Debits and direct deposits will be declined, and payment/deposits to or from the Merchant or deposit provider will be returned.
If the balance of your smiONE Card Account should become negative and then remain negative for ninety (90) days, the funds, if any, in your smiONE Savings Account may be used to repay the negative balance. This means we have the right to set-off any liability, direct or contingent, past, present or future that you owe against any account you have with us. Further, you grant us a lien on and security interest in the funds on deposit in each of your account(s) as security for all of your liabilities and obligations to us, now or in the future. We will notify you by email if we have exercised our right to set off.
If legal action such as a garnishment, levy or other state or federal legal process (“Legal Process”) is brought against your smiONE Savings Account, we may refuse to permit (or may limit) transfers from it until the Legal Process is satisfied or dismissed. Regardless of the terms of such garnishment, levy or other state or federal process, we have first claim to any and all funds in your smiONE Savings Account. We will not contest on your behalf any such Legal Process and may take action to comply with such Legal Process as we determine to be appropriate in the circumstances without liability to you, even if any funds we may be required to pay out leaves insufficient funds for a transfer you have authorized. Payment is made after satisfying any fees, charges or other debts owed to us. You agree that you are responsible for any expenses, including legal expenses and fees we incur due to any Legal Process affecting your Savings Account. We may charge these expenses to your smiONE Savings Account. You will indemnify us for any losses if we do this.
A smiONE Savings Account with a zero-dollar balance or no customer-initiated activity for 270 continuous days is considered inactive and is subject to closure. Customer-initiated activity includes any one-time transfers (“Online Transfers”) you make to or from the Savings Account. For additional details about closing the smiONE Savings Account, see the paragraph labeled “Amendment and Cancellation” in Section C.
Electronic statements will be available to view and download in the Mobile App or Websiteon the fifth day of each month. smiONE Savings Account statements are considered to be correct. Carefully review your statement each statement cycle and notify us of any errors within sixty (60) days of your statement becoming available. You also have a right to obtain a sixty (60) day history of your smiONE Savings Account transactions by calling us at 1-866-674-9628 or by writing to us at P.O. Box2489, Carrollton, GA 30112. You will not automatically receive paper statements.
Federal law requires us to have a correct Social Security Number (SSN) on every account, and the Internal Revenue Service (IRS) requires you to certify to us whether you are subject to backup withholding. If you are subject to backup withholding, you do not furnish us with the correct SSN, you do not properly certify that you are not subject to backup withholding, or if the IRS notifies us that we do not have a correct SSN for your smiONE Savings Account, we may close your Account. Amounts withheld are reported to the IRS as federal income tax withheld and will be reflected on your year-end 1099-INT Interest Income Statement. You will not be eligible to apply for a new Savings Account until ninety (90) days after the date of closure.
All online transfers are completed electronically. You will have immediate availability to your funds once they are transferred from the smiONE Savings Account to your smiONE Card Account.
We may amend or change the terms and conditions of this Agreement at any time by posting the amended Agreement on www.smionecard.com, and any such amendment shall be effective upon such posting to that Website. The current Agreement is available at www.smionecard.com. You will be notified of any change in the manner provided by applicable law prior to the effective date of the change. However, if the change is made for security purposes, we can implement such change without prior notice. We may cancel or suspend your smiONE Savings Account or this Agreement at any time. You may cancel this Agreement by calling 1-866-674-9628 to close your Savings Account. Your termination of this Agreement will not affect any of our rights or your obligations arising under this Agreement prior to termination.
If your smiONE Savings Account is cancelled, closed or terminated for any reason, any remaining balance will be transferred to your smiONE Card Account. You will not be eligible to apply for a new smiONE Savings Account until ninety (90) days after the date of closure. If your smiONE Savings Account is closed prior to the end of the statement cycle, any accrued interest earned for that statement cycle will be forfeited.
Important: If your smiONE Card Account is closed for any reason; your smiONE Savings Account will automatically be closed. Upon closure, any remaining funds in your smiONE Savings Account, including any interest payments due to you, will be aggregated with the remaining funds in your smiONE Card Account. The aggregated funds will then be made available for refund in accordance with the terms of the paragraph labeled “Amendment and Cancellation” found in your smiONE Card Account Cardholder Agreement where we describe the process of closing your smiONE Card Account and refunding the account balance.
If your smiONE Savings Account is cancelled, closed or terminated for any reason, and you are still eligible to open a smiONE Savings Account, you may open a new Savings Account. You will not be eligible to apply for a new Savings Account until ninety (90) days after the date of closure. Only one active Savings Account is allowed per customer.
If we do not properly complete a transaction between your Savings Account and your Card Account on time or in the correct amount according to our Agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable, for instance:
We may disclose information to third parties about your Savings Account or the transactions you make:
If you believe your Savings Account number has been lost, stolen, or compromised in any way, or someone has transferred or may transfer money from your Savings Account without your permission, contact us immediately by calling 1-866-674-9628, or writing to P.O. Box 2489, Carrollton, GA 30112. While the nature and frequency of transactions into and out of your Savings Account are described in this Savings Account Agreement, please see the section titled “Your Liability for Unauthorized Transfers”, of the Card Account Cardholder Agreement where your liability for unauthorized transfers from the Card Account is explained.
For customer service or additional information regarding your smiONE Savings Account, please call us at:
smiONE Customer Service
P.O. Box 2489
Carrollton, GA 30112
1-866-674-9628
Customer Service agents are available to answer your calls 24 hours a day.
From time to time we may monitor and/or record telephone calls between you and us to assure the quality of our member service team or as required by applicable law.
Any claim, dispute, or controversy (“Claim”) arising out of or relating in any way to: i) this Agreement; ii) the Savings Account; iii) your establishment of the Savings Account; iv) your use of the Savings Account; v) the amount of available funds in the Savings Account; vi) advertisements, promotions or oral or written statements related to the Savings Account; vii) the benefits and services related to the Savings Account; or viii) transactions made using the Savings Account, no matter how described, pleaded or styled, shall be FINALLY and EXCLUSIVELY resolved by binding individual arbitration conducted by the American Arbitration Association (“AAA”) under its Consumer Arbitration Rules. This arbitration agreement is made pursuant to a transaction involving interstate commerce and shall be governed by the Federal Arbitration Act (9 U.S.C. 1-16).
We will pay the initial filing fee to commence arbitration and any arbitration hearing that you attend shall take place in the federal judicial district of your residence.
ARBITRATION OF YOUR CLAIM IS MANDATORY AND BINDING. NEITHER PARTY WILL HAVE THE RIGHT TO LITIGATE THAT CLAIM THROUGH A COURT. IN ARBITRATION, NEITHER PARTY WILL HAVE THE RIGHT TO A JURY TRIAL OR TO ENGAGE IN DISCOVERY, EXCEPT AS PROVIDED FOR IN THE AAA CODE OF PROCEDURE.
For a copy of the procedures, to file a Claim or for other information about this organization, contact it at: AAA, 335 Madison Avenue, New York, NY 10017, or at www.adr.org.
All determinations as to the scope, interpretation, enforceability and validity of this Agreement shall be made final exclusively by the arbitrator, which award shall be binding and final. Judgment on the arbitration award may be entered in any court having jurisdiction.
NO CLASS ACTION, OR OTHER REPRESENTATIVE ACTION OR PRIVATE ATTORNEY GENERAL ACTION OR JOINDER OR CONSOLIDATION OF ANY CLAIM WITH A CLAIM OF ANOTHER PERSON OR CLASS OF CLAIMANTS SHALL BE ALLOWABLE.
This arbitration provision shall survive: i) the termination of the Agreement; ii) the bankruptcy of any party; iii) any transfer, sale or assignment of your Savings Account, or any amounts owed on your Savings Account, to any other person or entity; or iv) closing of the Savings Account. If any portion of this arbitration provision is deemed invalid or unenforceable, the remaining portions shall remain in force.
IF YOU DO NOT AGREE TO THE TERMS OF THIS ARBITRATION AGREEMENT, CALL 1-866-674-9628 TO CLOSE THE SAVINGS ACCOUNT AND REQUEST A REFUND, IF APPLICABLE.
To open a smiONE Savings Account, the related smiONE Card Account must have a balance of at least $1.00. There is no minimum deposit requirement to open a smiONE Savings Account. Interest will be paid on each Savings Account dollar up to $10,000.00. The maximum balance of the Savings Account is $50,000.00. If interest earned on your Savings Account would result in a balance exceeding $50,000.00, the interest will be posted to your Savings Account, but the amount over $50,000.00 will not earn interest, and no further transfers will be allowed into your smiONE Savings Account. If your smiONE Savings Account has a zero balance for 270 consecutive days, the account will be subject to closure. Seethe paragraph labeled “Amendment and Cancellation” in Section C above for additional details.
Deposits to the smiONE Savings Account may only be made by making Online Transfers from your smiONE Card Account using the Mobile App or Website. These are the Online Transfer limits:
Online Transfer from smiONE Card Account to smiONE Savings Account
No limit to the number of times per day and no maximum dollar limit.²
Withdrawals may only be made by making Online Transfers from your smiONE Savings Account to your smiONE Card Account using the Mobile App or Website.
This is a tiered rated account. The current interest rates and Annual Percentage Yields (“APYs”) for the smiONE Savings Account are posted at http://www.smionecard.com/savings. This is a variable rate account. SMI may, at its discretion, change the interest rate(s) and APY(s) for the Savings Account at any time. Interest begins to accrue no later than the business day the Online Transfer is applied to the Savings Account. Interest will be compounded on a daily basis and credited monthly.
Statement Period: 12:00:00 AM MT on the first day of the calendar month through 11:59:59 PM MT on the last day of each calendar month.