Version 1: Last Updated June 20th, 2023
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Switch Business Deposit Account Agreement
Please read this Switch Deposit Account Agreement (the “Agreement”) carefully and retain it for your future reference. This Agreement contains the general terms, conditions and disclosures related to the demand deposit account (the “Account”) made available to eligible businesses by Grink Inc. dba Switch (“Program Partner”), the program partner responsible for managing the Account program, in partnership with Thread Bank, a bank chartered under the laws of the State of Tennessee (the "Bank").
When you see the words “we,” “us,” or “our” in this Agreement, it refers to the Bank any of the Bank’s affiliates, successors, or assignees. When you see the words “you” or “your,” it refers to each sole proprietorship, corporation, unincorporated association, limited liability company, limited liability partnership, or partnership ("Business Entity") who opens an Account (as defined below) and in whose name an Account is maintained on our records, and any joint owner of each Account. "Account" means your business demand deposit account with us.
By opening and continuing to hold an account with us, you agree to be bound by this Agreement and are establishing a deposit account at Thread Bank. You agree to appoint the Bank as your agent to hold funds in an account or deposit those funds in accounts for your benefit at one or more FDIC-insured banks. To access the Terms and Conditions of the bank sweep program, please visit www.thread.bank/faq.
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.
You may contact us with any questions or concerns regarding your Account, including to access your statements and transaction history. All communication between you and us will be handled by the Program Partner.
The best way to contact us is through email at [email protected]. You may also contact us by:
The Account is a non-consumer demand deposit account used to hold your business deposits and make certain types of payments and transfers. When we receive the funds that you deposit to your Account, the funds will be held and accounted for so as to be insured by the Federal Deposit Insurance Corporation (“FDIC”), subject to applicable limitations and restrictions of such insurance. To open an Account, you must be a Business Entity incorporated in the United States. Other eligibility requirements may apply. 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 and at our sole discretion. We are not liable for any Losses (as defined below) 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.
When you open an Account, you may also be enrolled in an online business banking service or mobile application (collectively, “Online Banking Services”) offered by the Program Partner that you can use to access your Account, view information about your Account and conduct certain transactions. You may also be given access to various features through the Online Banking Services separate from your Account. If you cancel your enrollment in the Online Banking Services at any time, we may close your Account as detailed below.
Unless otherwise specified in this Agreement, the Online Banking Services and its features are governed by the Program Partner’s additional terms of service and other agreements, as well as the Program Partner’s privacy policy, which may be provided to you separately or made available through the Program Partner’s website, www.joinswitch.co. Please review these documents carefully because by using the Online Banking Services, you agree to be bound by them. These services are not provided or controlled by the Bank or this Agreement.