Cardholder Agreement

 
 
 
 

The purpose of this Consumer Cardholder Agreement ("Agreement") is to inform you of certain rights which you have under the Electronic Fund Transfers Act (EFTA) and to inform you of the terms and conditions on the use of your personal card.

As used in this Agreement, the words "we", "our" and "us" means Money Clouds and the words "you" and "your" means the Cardholder. The word "card" refers to Mastercard, unless otherwise specifically described. By signing, accepting, and using your card, you agree to the terms and conditions of this Agreement. This Agreement is in addition to the Terms of Use applicable to your account(s) as outlined in the Deposit Account Disclosure.

1. Use of your Card

When you use your card to make an authorized transaction, you are authorizing us to withdraw funds from your account for the amount of the transaction. You will be assigned a Personal Identification Number ("PIN") for use with your card. You acknowledge that the PIN which you use with your card is an identification code that is personal and confidential and that the use of the PIN is a security method by which we are helping you to maintain the security of the account(s). Therefore, YOU AGREE TO TAKE ALL REASONABLE PRECAUTIONS THAT NO ONE ELSE LEARNS YOUR PIN.

ATM Transactions: You may use your Card with your Personal Identification Number (PIN) at designated ATMs to conduct any of the following transactions for each of the Checking, Savings and Money Market Accounts you have requested to be accessed by your Card: Withdraw cash; perform account balance inquiries.

Purchase (POS) Transaction: You may use your Card with your PIN at designated retail establishments ("Merchant") to purchase goods and services and/or to obtain cash where permitted by the Merchant ("Purchase"). The amount of such Purchases (including any cash obtained) will be deducted from your primary account.

Mastercard Transactions: You may use your Card to purchase goods and services everywhere that Mastercard debit cards are accepted. When you use your Card to make purchases at merchants authorized to accept Mastercard debit cards, the merchant will obtain authorization for the amount of the transaction and if approved, we will reduce the amount of the available balance in your account by placing a temporary hold for the amount of the transaction. When the actual transaction is processed by us, your account will be debited and the temporary hold will be released. You agree to hold us harmless if we dishonor other POS or ATM transactions while the temporary hold is in place.

2. Limitations on the Use of Your Card

You may use your Card to withdraw up to $XXX each business day (including PIN Purchase Transactions) at ATMs and designated Merchants, from your account, provided the funds are available in your accounts.

In addition, you may use the Card to make purchases up to $XXX each business day at Merchants that accept Mastercard debit cards. The purchase will be debited from your primary checking account provided the funds are available in your account.

You will be denied the use of your Card if you exceed the daily withdrawal or purchase limit, do not have adequate funds available in your account, you do not enter the correct PIN or you exceed the frequency of usage limitation. For your security, if we notice excessive use of your Card that appears suspicious, we may restrict further use of your Card until we confirm the activity with you.

3. POS Purchases Right to Stop Payment

You are not permitted to stop payment on any purchases made using your Card. Any claims regarding merchandise or services purchased using your Card must be resolved by you directly with the merchant. If you assert a claim against the merchant, you are still obligated to pay us the total amount of the sales slip.

4. Purchase Refunds

Any refund to you by a merchant must be made by credit to your account. No cash refunds are permitted.

5. Illegal Activities

You agree not to use your Card or Account to engage in activities deemed illegal by federal and/or state laws, including but not limited to internet gambling. If you use your Card to engage in activities deemed to be illegal, you understand you will be liable for any transactions conducted.

6. Recurring Charges

If you have provided your Card Number to a merchant for payments to be automatically charged to your account on a recurring basis (for example monthly membership fees to an internet access provider), it is your responsibility to cancel your authorization with the merchant before closing your account with us. If you fail to do so, you will be liable for all recurring transactions received after you have closed your account with us.

7. Liability for Unauthorized Use

CONTACT US AT ONCE if you believe your Card, your PIN, or both has been lost or stolen or used without your permission.

You could lose all your money in the account(s) (plus your maximum overdraft line of credit, if applicable) if you take no action to notify us of the loss. If you notify us within two business days after learning of the loss, theft or unauthorized use of your card, you can lose no more than $50.00, if someone used your Card to make unauthorized withdrawals at ATMs or purchases not processed through the Mastercard network.

If you do not contact us within two business days after you learn of the loss, theft or unauthorized use and we can prove that we could have prevented someone from using your Card and PIN without your permission had you contacted us, you could lose as much as $500.00 for unauthorized ATM withdrawals and purchases not processed through the Mastercard network.

Also, if your balance history shows transfers or purchases that you did not make and you do not contact us within 60 days after noticing the error, you may not get back money lost after the 60 days, if we can prove that your contacting us would have prevented those losses.

In accordance with Mastercard regulations, you will not be liable for any unauthorized point of sale (POS) purchases processed as credit transactions through the Mastercard network. You must notify us of any unauthorized POS purchases within sixty (60) days after the first statement on which the unauthorized transaction(s) appears.

If you assert a claim regarding the loss, theft, or unauthorized use of your card, you agree to assist us in our investigation and agree to provide us with all pertinent information. You also agree to provide us with police reports and any other documentation we may request.

YOU AGREE THAT IF YOU GIVE YOUR CARD AND PIN TO SOMEONE ELSE TO USE, YOU ARE AUTHORIZING THEM TO ACT ON YOUR BEHALF AND YOU WILL BE RESPONSIBLE FOR ANY USE OF THE CARD BY THEM.

8. Loss or Theft of Your Card

If you believe your Card or PIN has been lost or stolen or that an unauthorized transfer or purchase from any of your accounts has occurred or may occur, email support@moneyclouds.com or call (888) 685-2568 immediately.

9. Business Days

Our business days are Monday through Friday, excluding Federal Holidays.

10. In Case of Errors or Questions About Your Transactions

Email us at support‌@‌moneyclouds.com as soon as you can, if you think your statement or receipt is wrong or if you need more information about a transaction listed on the statement or receipt. We must hear from you no later than 60 days after we sent you the FIRST statement on which the problem or error appeared. You must provide us with the following:

  1. Tell us your name, account number, and Card Number.
  2. Describe the error or the transaction you are unsure about and explain as clearly as you can why you believe it is an error or why you need more information; and
  3. Tell us the dollar amount of the suspected error.

If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days. We will tell you the results of our investigation within 10 business days (20 business days if the transfer occurred within 30 days after the first deposit to the account was made) after we hear from you and will correct any error promptly. If we need more time; however, we may take up to 45 days (90 days if the transfer involved a foreign initiated transfer, a point of sale transaction, or occurred within 30 days after the first deposit to the account was made) to investigate your complaint or question. If we decide to do this, we will credit your account within 10 business days (20 business days if the transfer occurred within 30 days after the first deposit to the account was made), so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it in writing within 10 business days, we may not credit your account.

If we decide that there is no error, we will send you a written explanation within three business days after we finish our investigation. You may ask for copies of the documents that we used in our investigation. We will debit your account for any funds we had provisionally credited while we conducted our investigation. We will continue to honor checks, drafts, or similar paper instruments payable to third parties and preauthorized transfers from your account using these funds for 5 business days after we send you our written explanation.

11. Disclosure of Account Information

We will not disclose information about your account or the transactions you make, except:

  1. where it is necessary to complete transactions;
  2. to verify the existence and standing of your account with us upon the request of a third party, such as a credit bureau;
  3. to comply with government agency or court orders;
  4. in accordance with your written permission;

12. Our Liability for Failure to Complete an Electronic Fund Transfer Transaction

If we fail to complete a transaction on time or in the correct amount, when properly instructed by you, we will be liable for damages caused by our failure unless:

  1. there are insufficient funds in your account to complete the transaction through no fault of ours;
  2. the funds in your account are subject to legal process;
  3. the transaction you request would exceed the funds in your account plus any available overdraft credit;
  4. the ATM has insufficient cash to complete the transaction;
  5. your Card has been reported lost or stolen and you are using the reported Card;
  6. we have a reason to believe that the transaction requested is unauthorized;
  7. the failure is due to an equipment breakdown which you knew about when you started the transaction;
  8. the failure was caused by circumstances beyond our control, despite reasonable precautions we have taken. Such as power outages, flood, fire, or other catastrophes;
  9. you attempt to complete a transaction which is not a permissible transaction listed above; or
  10. the transaction would exceed your daily withdrawal limits.

In any case, we shall only be liable for actual proven damages if the failure to make the transaction resulted from a bonafide error despite our procedures to avoid such errors.

13. Liability

If the Card is issued for a joint account, each of you agrees to be jointly and severally liable under the terms of this Agreement and the agreement for such account.

You agree that if you make deposits to your account(s) with items other than cash (checks, drafts, or other items, if applicable) and we make funds available to you from such deposits prior to their collection, we may deduct the amounts of such funds from your account(s) which are not collected or if the funds in your account(s) are insufficient at such time, you will promptly pay to us any amount of such funds which are not collected.

14. Amendment of this Agreement

You agree that from time to time we may amend or change the terms of this Agreement. We may do so by notifying you in writing of such amendments or changes and your use of the Card after the effective date of any such amendment or change shall constitute your acceptance of and agreement to such amendment or change.

15. Ownership

You agree that any card we issue is our property and you will surrender it to us upon our request. You agree we may terminate your card at any time without notice to you.

16. Notices

Notices required to be mailed by us under this Agreement will be mailed to you at the most recent address in our records.

17. Cancellation of Card

You may cancel your Card at any time by returning the Card to us, along with a written request to cancel the Card. We may cancel this Agreement at any time. You will be responsible for all transactions completed prior to the cancellation of your Card or this Agreement.