Adding proper disclosures

Please include the following disclosures for consumer protection. We will audit your platforms every 4 months to ensure continued compliance.

  1. Proper Disclosures for Creating a User
    Include a checkbox & this verbiage when onboarding a new user. Include links.

    "By creating this account you agree to our Terms of Service & Privacy Policy and our financial software partner SynapsePay’s Terms of Service & Privacy Policy."


  2. Proper Authorization for new Transactions
    Include a checkbox & this verbiage when authorizing new transactions.

    "I authorize {insert company name} to debit the bank account indicated in this web form for the noted amount on today’s date. I understand that because this is an electronic transaction, these funds may be withdrawn from my account as soon as the above noted transaction date. I will not dispute {insert company name} debiting my checking/savings account, so long as the transaction corresponds to the terms indicated in this web form."


  3. Incorporating our Terms of Service in your Terms of Service
    Include our Terms of Service in your Terms of Service.

    See required language for your Terms of Service.

  4. FDIC Notice
    If spinning up FDIC insured accounts (SYNAPSE-US accounts): Include a notice of FDIC insurance within your Terms of Service, when an individual is funding their account & where you display the account balance on your user interface.

    Deposit Accounts: "Each depositor's funds within <Insert Company Name> are held at Synapse’s partner < Insert Bank Name > and are FDIC insured for at least a balance of $250,000."

    Fiduciary Sub-Accounts: “<Insert Company Name> holds your funds as a custodian at Synapse’s partner <Insert Bank>. Funds are FDIC insured for at least a balance of $250,000 in the case of bank failure.”

  5. Contact Information
    Include our contact information on your customer support page. This allows customers to access their financial information if necessary. Two options are available:

    Option 1: "Financial Services are provided by Triumph Bank, Synapse’s Bank Partner. To report complaints email issues@synapsepay.com."

    Option 2: "<Company Name> partners with Synapse to offer Financial Services through Triumph Bank. To report financial complaints, email issues@synapsepay.com."

 

 

 

 

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