Legal

DailyPay Savings Agreement

Effective January 6, 2025

PLEASE READ THIS DOCUMENT CAREFULLY

A. OUR AGREEMENT

1. The Savings Account

This agreement contains the Savings Agreement (the “Agreement”) for the optional savings account (“Savings Account”) made available to eligible consumers by The Bancorp Bank, N.A., Member FDIC (“Bank”). DailyPay, LLC is the program partner (“Program Manager”) responsible for managing certain aspects of the Savings Account and its related DailyPay Visa^® Prepaid Card account (“Card Account”). “We”, “our”, and “us” refer to the Bank, our successors, affiliates, or assignees, and to the extent applicable, the Program Manager. “You”, “your” refer to the owner of the Savings Account.

The Savings Account is an optional non-interest-bearing savings account, available to holders of a Card Account. You may submit a request to open a Savings Account through the DailyPay Mobile Application (the “Mobile App”). The Savings Account is not designed for business use, and we may close the Savings Account if we determine it is being used for business purposes. We may refuse to process any transaction(s) we believe may violate the terms of this Agreement. This Agreement and the deposit relationship do not create a fiduciary relationship.

2. Customer Service

For assistance or additional information regarding the Account, please contact “Customer Service” at the “Address,” “Phone Number” or “Website” below:

DailyPay

P.O. Box 71402

(833) 998-2449 (toll-free in the U.S.)

(801) 559-3868 (international, toll applies)

You can also find the customer service contact information by visiting dailypay.com or by logging into the Mobile App.

Customer Service agents are available to answer your calls:

Monday through Friday, 7:00 a.m. to 1:00 a.m. ET (holidays excluded).

Saturday and Sunday, 8:00 a.m. to 8:00 p.m. ET (holidays excluded).

Our business days are Monday through Friday, excluding federal holidays, even if we are open. Any references to “days” found in this Agreement are calendar days unless indicated otherwise. From time to time, we may monitor and/or record telephone calls between you and us to assure the quality of our customer service or as required by applicable law.

B. GENERAL RULES GOVERNING SAVINGS ACCOUNTS

The Savings Account and your obligations under this Agreement may not be assigned. We may transfer our rights under this Agreement. Use of the Savings Account is subject to all applicable rules and customs of any clearinghouse or other association involved in transactions. We do not waive our rights by delaying or failing to exercise them at any time. If any provision of this Agreement shall be determined to be invalid or unenforceable under any rule, law, or regulation of any governmental agency, local, state, or federal, the validity or enforceability of any other provision of this Agreement shall not be affected. This Agreement will be governed by the law of the State of South Dakota except to the extent governed by federal law.

1. Eligibility

The Savings Account is available only to citizens and permanent residents of the fifty (50) states of the United States (“U.S.”) and the District of Columbia who are at least 18 years of age (or the age of majority under the laws of the state where you reside) with a valid Social Security Number who are holders of a Card Account. You must agree to accept electronic, rather than paper statements. This means (i) you must keep us supplied with your valid email address and (ii) you must agree to accept electronic delivery of all account communications (like end-of-year tax forms and monthly statements). To open a Savings Account, your Card Account must be open and active. We may use information from third parties to help us determine if we should open the Savings Account.

2. Savings Account Titling and Ownership

A Savings Account may only be owned and titled in the name of one (1) person who shall solely retain the right to direct the deposit or transfer of funds. The Savings Account cannot be owned or titled jointly, by an organization, as Payable on Death (“POD”) or “In Trust For” (“ITF”).

3. Death or Incapacitation

You or your appointed party, designee, or appointed individual agree to notify us promptly if you become legally incapacitated, are deemed incompetent, or die. We will continue to accept deposits and process transaction instructions into and from the Savings Account until we are: (a) notified of your death or adjudication of incompetency and (b) have a reasonable opportunity to act. You agree that, even if we have knowledge of your death, we may pay or process transactions involving the Savings Account on or before the date of death for up to ten (10) days after that date unless ordered to stop by someone claiming interest in the Savings Account. We may require additional documentation to confirm any claims made on the Savings Account.

4. Privacy Policy

Our privacy policy is available at www.dailypay.com/legal/privacy/ and is considered part of this Agreement.

5. Deposits to the Savings Account

Deposits to the Savings Account may only be made by making one-time Online Transfers from your Card Account by using the Mobile App, or by transferring funds from another Savings Account.

6. Withdrawals from your Savings Account

You may withdraw funds from the Savings Account by transferring funds to your Card Account or to another Savings Account using the Mobile App (these transfers are referred to as “Online Transfers”) or by calling a customer service agent.

7. Preauthorized Transfers

The account number of the Savings Account cannot be used for preauthorized direct debits (“ACH Debits”) from merchants, Internet service or other utility service providers (“Merchants”) or for the purpose of initiating direct deposits to the Savings Account. If presented for payment, ACH Debits and direct deposits will be declined and payment/deposits to or from the Merchant or deposit provider will be returned.

8. Right to Set Off

We have the right to set-off any liability, direct or contingent, past, present or future that you owe against any account you have with us. This means that if the balance of your Card Account should become negative and then remain negative for fifteen (15) days, the funds, if any, in your Savings Account may be used to repay the negative balance. Further, you grant us a lien on and security interest in the funds on deposit in each of your account(s) as security for all of your liabilities and obligations to us, now or in the future. We will notify you by email if we have exercised our right to set off.

9. Statements

Electronic statements are available to view and download in the Mobile App. Savings Account statements are considered to be correct. Carefully review your statement each statement cycle and notify us of any errors within sixty (60) days of your statement becoming available. You also have a right to obtain a sixty (60) day history of your Savings Account transactions by contacting Customer Service. You will not automatically receive paper statements.

10. Confidentiality

We may disclose information to third parties about your Savings Account or the transactions you make:

Where it is necessary for completing transactions;
In order to verify the existence and condition of your Savings Account for a third party;
In order to comply with government agency, court order, or other legal or administrative reporting requirements;
If you consent by giving us your written permission;
To our employees, auditors, affiliates, service providers, or attorneys as needed; or
Otherwise as necessary to fulfill our obligations under this Agreement.

11. Our Liability for Failure to Complete Transactions

If we do not properly complete a transaction between your Savings Account and Card Account on time or in the correct amount according to our Agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable, for instance:

If through no fault of ours, you do not have enough funds available in your Savings Account to complete the Online Transfer;
If access to your Savings Account or Card Account has been blocked after you reported your Card Account number lost or stolen;
If there is a hold or your funds are subject to legal or administrative process or other encumbrance restricting their use;
If we have reason to believe the requested transaction is unauthorized;
If circumstances beyond our control (such as fire, flood, or computer communication failure) prevent the completion of the transaction, despite reasonable precautions that we have taken; or
Any other exception stated in our Agreement with you.

12. Information About Your Right to Dispute Errors

If you believe your Savings Account number has been lost, stolen, or compromised in any way, or someone has transferred or may transfer money from your Savings Account without your permission, contact us immediately by calling, writing, or emailing Customer Service. While the nature and frequency of transactions into and out of your Savings Account are described in this Savings Account Agreement, please see the Cardholder Agreement where your liability for unauthorized transfers from the Card Account is explained.

C. TRUTH IN SAVINGS DISCLOSURES

1. Opening Deposit and Balance Requirements

There is no minimum deposit requirement to open a Savings Account. While there is no minimum balance requirement, a Savings Account with a zero balance may be subject to closure. Each Savings Account has a maximum balance of $25,000.00, and there is a limit of ten (10) active Savings Accounts at any time.

2. Transaction Limitations

Deposits to your Savings Account and withdrawals from your Savings Account may only be made by making Online Transfers from/to your Card Account by using the Mobile App. There are no limits to the number of Online Transfers or the amount of Online Transfers between the Savings Account and Card Account or between Savings Accounts (subject to the maximum balance limits).

3. Funds Availability

All Online Transfers are completed electronically. You will have immediate availability to your funds once they are transferred.

D. ADDITIONAL DISCLOSURES

1. Legal Processes Affecting Savings Accounts

If legal action such as a garnishment, levy or other state or federal legal process (“Legal Process”) is brought against your Savings Account or Card Account, we may refuse to permit (or may limit) withdrawals or transfers until the Legal Process is satisfied or dismissed. Regardless of the terms of such garnishment, levy or other state or federal process, we have first claim to any and all funds in your Account(s). We will not contest on your behalf any such Legal Process and may take action to comply with such Legal Process as we determine to be appropriate in the circumstances without liability to you, even if any funds we may be required to pay out leaves insufficient funds to pay a transaction that you have authorized. Prior to making any funds payout required by Legal Process, we may first satisfy any fees, charges or other debts owed to us under this Agreement by charging these expenses to your Account(s). If we incur any expense, including but not limited to administrative costs and reasonable attorney fees, in responding to Legal Process related to your Savings Account or Card Account, we may charge such expenses to your Account without prior notice, to the extent permitted by applicable law.

2. Amendment and Cancellation

We may amend or change the terms and conditions of this Agreement at any time by posting the amended Agreement on www.dailypay.com, and any such amendment shall be effective upon such posting to that Website. You will be notified of any change in the manner provided by applicable law prior to the effective date of the change. However, if the change is made for security purposes, we can implement such change without prior notice.

We may close or suspend your Savings Account or this Agreement at any time. You may close your Savings Account in the Mobile App or by calling Customer Service. Termination of the Savings Account or this Agreement will not affect any of our rights or your obligations arising under this Agreement prior to termination.

If your Savings Account is cancelled, closed or terminated for any reason, any remaining balance will be transferred to your Card Account. You may open a new Savings Account at any time, subject to the limitation that only ten (10) Savings Accounts may be open at any time.

Important: If your Card Account is closed for any reason; the Savings Account will automatically be closed. Upon closure, any remaining funds in the Savings Account will be aggregated with the remaining funds in your Card Account. The aggregated funds will then be made available for refund in accordance with the terms of the Card Account Agreement where we describe the process of closing your Card Account and refunding the account balance.

3. Arbitration

This Agreement is governed by the same Arbitration Clause governing your Cardholder Agreement.

For Employees