TOS Reference

Please include the attached language in your Terms of Service (see attachment below). This language is also copied below for your reference.

 

Electronic Fund Transfers ("EFTs") and Account Balances

By creating an account with [Platform] and initiating bank deposits or withdraws (i.e. EFTs), you agree to the terms of service and privacy policy of our financial software provider, Synapse,  and Synapse financial institution partner’s Terms of Service & Privacy Policy (https://synapsepay.com/legal) (“Synapse TOS”) which are incorporated herein by reference.  Terms not defined in this section shall be defined in Synapse TOS.

We have partnered with Synapse, a financial services software company, to [offer you _____________ Platform services (e.g. help you pay rent to your landlord)]. When you sign up for an account with our Platform, you will also be be signing up for a Synapse User Account (as defined in SynapsePay TOS). You authorize us to share your identity and banking information with Synapse to open and support your User Account as further detailed in our Privacy Policy (hyperlink) and Synapse’s Privacy Policy.  It is your responsibility to make sure the data you provide us is accurate and complete.  Additionally, you are responsible for complying with Synapse TOS when using your User Account.  It is your responsibility to read and understand Synapse TOS as it contains terms and conditions relating to your Synapse user account including but not limited to your rights, limitations, reversal and other liabilities, limitation of liability and binding arbitrations provisions.

When you open a Synapse User Account, you will link a checking or savings account to perform EFT and, if applicable, deposit funds into your Synapse User Account.  Deposits into your User Account are held at Synapse's financial institution partners as detailed in Synapse TOS.  DEPOSITS HELD IN A USER ACCOUNT MAY BE ELIGIBLE FOR INSURANCE BY THE FEDERAL DEPOSIT INSURANCE CORPORATION (“FDIC”) ON A PER USER BASIS DEPENDING ON THE RULES AND LIMITATIONS SET FORTH BY THE FDIC.  FOR PURPOSES OF APPLICABLE FDIC DEPOSIT INSURANCE LIMITATIONS, DEPOSITS IN ACCOUNTS AT THE FINANCIAL INSTITUTIONAL PARTNER(S) OPENED THROUGH THE FINANCIAL INSTITUTIONAL PARTNER(S) WITH SYNAPSE MAY NOT BE SEPARATELY INSURED FROM ANY OTHER ACCOUNTS YOU MAY HAVE OPENED WITH THE FINANCIAL INSTITUTIONAL PARTNER(S), DEPENDING ON THE NAMED ACCOUNT OWNERS.

All EFT transactions are performed by and deposits are held by Synapse financial institution partner.  [Platform] and Synapse only transmit transaction instructions to Synapse financial institution partner.  [Platform] will provide you with all transactions notifications and User Account balances in addition to providing customer support relating to your Synapse User Account ad detailed below.

Transactions History and Disputes

All questions regarding EFT transactions or your Synapse User Account must be directed to [email@platform.com or 123.456.7890] and not to Synapse or its financial institution partners.  [Platform] is responsible for resolving issues and errors relating to transactions and account balances.  If you wish to make a financial service complaint against [Platform], you may email issues@synapsepay.com.

 

 

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