CHANGE® VISA PRE-PAID CARD SAVINGS ACCOUNT TERMS AND CONDITIONS
This document sets forth the Terms and Conditions (“Terms”) under which Green Dot Bank has established, pursuant to your request, an optional savings account (“Savings Account”), which is a subaccount to the non-interest-bearing transactional account (“Primary Account”) that is linked to your CHANGE Visa® Pre-Paid Card (“Card”). By using the Savings Account, you agree to be bound by the terms and conditions contained in these Terms. In these Terms, “you” and “your” mean the person or persons who have requested the Savings Account and are authorized to use the Savings Account as provided in these Terms. “Agreement” means the Cardholder Agreement associated with your Card. “We,” “us,” and “our” mean Green Dot Bank or anyone to whom we assign our rights. The Savings Account will remain the property of Green Dot Bank and must be surrendered upon demand. The Savings Account is nontransferable, and it may be canceled, repossessed, or revoked at any time without prior notice subject to applicable law. Please read these Terms carefully and keep them for future reference.
These Terms incorporate and supplement the Agreement. All terms of the Agreement will remain in effect and govern your use of your Card and Primary Account and, except to the extent expressly provided in these Terms, the Savings Account. If there is a conflict between these Terms and the Agreement, these Terms shall govern in respect to rights and responsibilities related to the Savings Account.
- General. The Savings Account is a sub-account of your Primary Account that allows you to set aside funds loaded to your Primary Account. You can establish one Savings Account as long as your Primary Account is open with a positive balance and is in good standing (i.e., not blocked or suspended for fraud or any other reason). There is a minimum deposit of $10 to open a Savings Account, however, there is no requirement to maintain a balance in the Savings Account and there is no maximum balance limit. There are no fees associated with the creation or maintenance of a Savings Account. The funds in a Savings Account are held in a custodial account with us on your behalf and are insured by the Federal Deposit Insurance Corporation, subject to applicable limitations and restrictions of such insurance. The Savings Account does not constitute a checking account, credit card, or gift card. The Savings Account is not designated for business use, and we may close the Savings Account if we determine that it is being used for business purposes. The Savings Account can be accessed at https://www.mychangecard.com (the “Website”) or on the 24/7 mobile application (“Mobile App”).
- Transfers; Transfer Limitations.You can only transfer money to and from the Savings Account through your Primary Account. You cannot otherwise spend, withdraw, transfer, or access money in the Savings Account. When you want to access money in the Savings Account, you must first transfer the money to your Primary Account. The minimum dollar amount you can transfer between your Primary Account and the Savings Account is $1. You may also transfer money from your Primary Account to the Savings Account on a recurring basis. Transfers between your Primary Account and the Savings Account must be conducted, and recurring transfers to the Savings Account must be set up, on the Website or Mobile App; we do not accept transfer instructions over the phone or by any other means. Notwithstanding anything to the contrary in these Terms, you may not make more than six transfers from the Savings Account to your Primary Account per month, and we reserve the right at any time to require at least seven days’ written notice of an intended transfer to your Primary Account.
- Interest. The current rate at which interest may be paid on the Savings Account and the corresponding annual percentage yield (“APY”) is available on the Website. On a quarterly basis, interest will be calculated and credited to the Savings Account on the Interest Payout Date (as defined below), subject to these Terms. Interest for the Savings Account is calculated using the average daily balance available in the Savings Account at the end of each day for the calendar quarter and multiplying that amount by the current interest rate. You must maintain a minimum average daily balance of $27.00 in the Savings Account each day to obtain the disclosed APY. We may, at our discretion, change the interest rate, and the corresponding APY, at any time. If we change the interest rate, and the corresponding APY, such change will take effect on the first day of the next calendar quarter. We will credit interest in whole cents, after rounding to the nearest cent, to the Savings Account on the last day of the calendar quarter (“Interest Payout Date”). Interest will be compounded daily, but because interest is credited to the Savings Account on the Interest Payout Date, the amount of accrued interest will not show in the daily balance of the Savings Account during the calendar quarter. If a Savings Account is closed prior to the end of the calendar quarter, interest will not be credited to the Savings Account for the calendar quarter.
- Negative Balances; Setoff. Without limiting any other right or remedy that we may have under these Terms, the Agreement, or otherwise, money in a Savings Account may be used by us to cure a negative balance in your Primary Account. As such, if you have a negative balance in your Primary Account as a result of fees, overdrafts, or any other reason and you transfer money from the Savings Account to your Primary Account, we will first apply the money you transfer from the Savings Account to the negative balance in your Primary Account. In addition, we may charge or set off funds in a Savings Account or accrued, unpaid interest earned on funds in a Savings Account for any direct, indirect, and/or acquired obligations that you owe us now and/or in the future to the fullest extent permitted by law.
- Account Closure. We may close the Savings Account or refuse to process any transaction that we believe may violate these Terms or represents illegal or fraudulent activity. In addition, if the balance in the Savings Account is $0 for 90 consecutive days or your Primary Account has been inactive for nine months, regardless of the balance in your Primary Account, the Savings Account will automatically be closed. If we, or you, close the Savings Account, the funds in the Savings Account will automatically be transferred to your Primary Account. If your Primary Account is also closed, we may return to you via check all available funds in the Savings Account, subject to the terms in section 4. If the Savings Account is closed, interest will not be credited to the Savings Account for the calendar quarter, and you will not be able to re-open another Savings Account for 90 days.
- Statements. The available balance of the Savings Account and Primary Account will be displayed separately on any statements and transaction histories. You will receive a statement for the Savings Account quarterly. Statements and transaction history for the Savings Account can also be accessed on the Website or Mobile App. We do not mail paper statements.
a. General. You are responsible for paying, withholding, filing, and reporting all taxes, duties, and other governmental assessments associated with the interest paid on the Savings Account, as applicable.
b. Backup Withholding. We may ask you to certify your name and social security number to avoid potential backup withholding and to report interest income paid to you in connection with the Savings Account. In addition, we may also ask you to certify that you are not subject to backup withholding. If the Internal Revenue Service (“IRS”) notifies us that we do not have a correct social security number for you, we may be required to withhold and remit to the IRS a percentage of interest paid to you under these Terms.
Rev. Apr. 2023