Thread Bank Business Deposit Account Agreement
Last updated: October 30, 2024
This Thread Bank Business Deposit Account Agreement, together with the Business Deposit Account Agreement Disclosures (“Disclosures”), constitutes the “Agreement” that governs your demand deposit account (“Account”) with Thread Bank (the “Bank”) established in connection with the Program specified in the Disclosures. The Bank is a member of the Federal Deposit Insurance Corporation (“FDIC”) chartered under the laws of the State of Tennessee. The Program Partner, as defined in the Disclosures, is the company responsible for assisting the Bank with the administration of your Account on behalf of the Bank.
Read this Agreement carefully and retain it for your future reference. By opening and continuing to hold an Account with us, you agree to be bound by this Agreement, including any updates (see Section 8.6). This Agreement becomes effective when you open or use an Account or allow it to be used or, if this Agreement is provided to you to replace a previous agreement governing your Account, as set forth in Section 8. You do not need to sign this Agreement.
You agree to be responsible for all uses of your Account(s). The agreement you make with us, and the rights and obligations we both have, are governed by and will be interpreted according to Tennessee and federal law. This Agreement also refers to and includes other disclosures we may provide to you, including, but not limited to, the Disclosures. This Agreement, together with the Disclosures and any other amendments or agreements related to the Account that you may receive from us or Program Partner, establishes our and your rights and obligations with respect to the Account.
When you see the words “we,” “us,” or “our” in this Agreement, it refers to Bank and any of Bank’s affiliates, successors, or assignees. When you see the words “you” or “your,” it refers to the sole proprietorship, corporation, unincorporated association, limited liability company, limited liability partnership, or partnership ("Business Entity") who opens an Account and in whose name an Account is maintained on our records, any Authorized User, and any other authorized agent. When you see the word “person,” it includes both natural persons and legal entities. When you see references to an Account (including the use of or authorization to use an Account), it includes the Account, Account number, and any associated debit card, debit card number, and debit card person identification number (“PIN”).
IMPORTANT NOTE: THIS AGREEMENT IS SUBJECT TO BINDING ARBITRATION AND A WAIVER OF CLASS ACTIONS AND YOUR RIGHT TO A JURY. THE TERMS OF ARBITRATION AND THE WAIVER APPEAR IN THE SECTION OF THIS AGREEMENT TITLED “ARBITRATION AND WAIVERS” BELOW.
1 Account Overview
1.1 How to Contact Us
You may contact us with any questions or concerns regarding your Account, including to access your statements and transaction history, by following the instructions set forth in the Disclosures. Most communication between you and us will be handled by the Program Partner. Please refer to the “How to Contact Us” section of the Disclosures to find the specific contact information related to this Program Partner and other matters related to your Account.
For questions or concerns about the sweep program, please contact us at
To opt out of mandatory arbitration, please contact us at send notice to 210 East Main Street, Rogersville, TN 37857.
1.2 Account Types and Eligibility
The Account is a non-consumer demand deposit account used to hold your business deposits and make certain types of payments and transfers.
To open an Account, you must be a Business Entity established or incorporated in the United States. The Disclosures may contain additional eligibility requirements that may be applicable to the Program.
This Account may only be used for business purposes and cannot be used for any personal, family, or household purposes.
We may set such eligibility criteria or decline to open an Account for any reason permitted by law in our our sole discretion. We are not liable for any liabilities, costs, expenses (including reasonable fees and expenses for attorneys, experts and consultants, reasonable out-of-pocket costs, interest and penalties), settlements, fines, fees, penalties, equitable relief, judgments, and damages ("Losses") resulting from refusal of an Account relationship. We may also limit the number of Accounts that you have in our sole discretion. Your Account is subject to security and fraud prevention restrictions at any time, with or without notice.
1.3 FDIC Insurance
When we receive the funds that you deposit to your Account, the funds will be held and accounted for so as to be eligible for FDIC insurance, subject to applicable limitations and restrictions of such insurance. Bank may place your deposits with program banks as part of Bank’s deposit sweep program. Your deposits qualify for up to $3,000,000 in FDIC insurance coverage when placed at program banks in the Thread Bank deposit sweep program. Your deposits at each program bank become eligible for FDIC insurance up to $250,000, inclusive of any other deposits you may already hold at the bank in the same ownership capacity. You can access the terms and conditions of the sweep program at https://thread.bank/sweep-disclosure/ and a list of program banks at https://thread.bank/program banks/. Please contact us as set forth in Section 1.1 with questions on the deposit sweep program.