Version 1: Last Updated June 20th, 2023
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Switch Consumer 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 consumers 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 the individual who opens an Account and in whose name an Account is maintained on our records, and any joint owner of each Account. "Account" means your consumer 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-interest-bearing demand deposit account used to hold your 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 United States citizen or lawful permanent resident, or a pre-approved non-resident alien, have a physical address within [the fifty (50) United States, the District of Columbia, or a U.S. territory or a military address (APO or FPO), be at least 18 years of age, and have a valid Social Security Number or Tax Identification Number. Other eligibility requirements may apply and non-resident aliens will be subject to enhanced due diligence requirements and Know Your Client deliverable obligations. This Account is only available to individuals for personal, family or household purposes and may not be opened by a business in any form or used for business 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.
We offer three (3) types of Account Tiers: Tier 1, Tier 2, and Tier 3.
When you open an Account, you will automatically be placed in Tier 1. You may be upgraded to Tier 2 or Tier 3 upon request, and at our sole discretion, based on various factors, such as account history, account age and time on platform, referral and/or signup method, relationship to the company, and relationship to other users. If your tier is reassigned, we will inform you. Advance notice of tier reassignment will be provided as required by law.
The Tier that you are placed in may affect your transaction limitations as set forth in this Agreement. Unless otherwise stated in this Agreement, all terms contained in this Agreement apply equally to all Tiers.