Issuance of debit cards. Banking services associated with our services are provided by Piermont Bank, Member FDIC(“Bank”). The Bank will issue or cause to be issued, a Mastercard Debit Card in your name (“Card”). You must sign the Card immediately upon receipt, but theCard remains the property of Bank and must be surrendered to Bank upon demand.You acknowledge that the Bank is providing such service to you as an accommodation only and, except as otherwise provided by law, Bank is not responsible in any way for the manner in which the Card is utilized.
BusinessCard Purpose. TheCard is to be used for business purpose point-of-sale, debit card and AutomatedTeller Machine (ATM) transactions only. The Card may not be used for personal purposes. You acknowledge and understand that the Card shall not be treated asa consumer card under the provisions of state and federal law.
AccountRequirement, Payment Responsibility, Transferability, Enforceability. TheCard services described in this section will be available to you only as long as you continue to use Guava Bank’s services and Guava Bank maintains our banking relationship with Piermont Bank. You are liable for the payment of Card transactions authorized by you or your agents. The Card may not be transferred or assigned without the Bank’s written consent. If any terms of this section cannot be legally enforced, it will be considered changed to the extent necessary to comply with applicable laws. If any part of this section becomes unenforceable, it will not make any other part unenforceable.
SecurityProcedures. The Card allows you to directly access your sub account within the FBO account relationship Guava Bank has with Piermont bank. In an effort to protect you from lost Cards or unauthorized use of the Cards, the Bank requires that you have a Personal Identification Number(PIN) and. Each Card will identify the related account as well as theCardholder.
You agree to the following security procedures. You must sign your Card before it may be used. You agree to require both a Card and a PIN to be used together to obtain cash at designated ATMs. Once a Card has been issued it cannot be transferred to another person.
You agree to immediately notify us when you terminate your Cardholder’s rights.
Order of Payment. TheBank policy is to post and pay Card transactions in the order they are received. The Bank reserves the right to pay Card transactions before checks, drafts, and other items.
Stop Payment. Only stop-payment requests from the person who authorized the transaction will be honored. However, because Card transactions are often processed immediately, stopping or amending payment is difficult and the Bank cannot ensure that any request you make will be effective.
In order to be effective, we must receive the request in time to give us a reasonable opportunity to act. Your request must precisely identify the transaction by date, time, location and dollar amount. Only you may release a stop-payment request.
Types of transactions. Below are the types of transactions your Card will accommodate.
ATM Transfers. You may access your account by ATM using your Card and PIN to:
⮚ make deposits to your account.
⮚ get cash withdrawals from your account. You may withdraw no more than $500.00 per day. This daily withdrawal limit is subject to change from time to time as agreed upon with the Bank.
⮚ transfer funds to/from your account.
⮚ get information about the account balance of your account.
Point-of-Sale Transactions. Card holder may use the Card to purchase goods (in person, online, or by phone), pay for services (in person, online, or by phone), get cash from a merchant, if the merchant permits, or from a participating financial institution, and do anything that a participating merchant will accept. Using your Card and/or PIN, you may not exceed $2,500 in debit card transactions per day. ATM transactions are subject to ATM fees and other charges, as applicable.
Limitations on our Liability. TheBank will not be liable if:
⮚ you do not have enough money in their account to make the transfer.
⮚ an ATM does not have sufficient cash.
⮚ a terminal or system is not working properly.
⮚ circumstances beyond our control (such as fire or flood) prevent the transfer.
⮚ a merchant refuses to accept your Card.
⮚ an ATM rejects yourCard.
AdditionalRisk Associated with Use of Business Purpose Cards. Youwill not have the benefit of any consumer law limiting liability with respectto the unauthorized use of your Card.
ProhibitedEntity Type or Account Activity
Any violation of the terms listed inthis agreement, access or use the Services for any illegal purpose or violateany law, statute, ordinance, or regulation; provide false, inaccurate ormisleading information may lead to suspension and/or closure of your Guava Bankaccount and debit card.
CardholderLiability for Unauthorized Transfers. You are liable for Card transactions not authorized if the Bank can provethat the transaction was processed in good faith and in compliance with acommercially reasonable security procedure, unless otherwise required by law.
You agree to examine your receipts and periodic statements using ordinary care and to report any errors or problems to us within a reasonable time. You agree that the time to examine the statement and report to us will depend on the circumstances, but will not, in any circumstance, exceed a total of one year from when the statement containing the error or problem was first mailed or made available to you. If you do not report within one year, we will be entitled to treat such information as correct and you will be precluded from asserting otherwise. You further agree that if you fail to report to us within 14 days from when the statement was first mailed or made available to you, we will not be required to pay interest on any refund to which you may be entitled. We will only recredit your account for errors or problems as required by law.
Call or write us immediately with errors or questions about electronic transfers at the telephone number or address listed below. If you tell us orally, we may require your complaint or question in writing within 14 business days.
If you provide us with timely notice of an error or problem in your periodic statement, we will investigate the matter and notify you of the results within a reasonable amount of time. The exact time will depend on the specific circumstances of the error or problem.You may ask for copies of the documents that we used in our investigation.
:firstname.lastname@example.org and (424) 400-6922