Savings Account Agreement

EFFECTIVE 011/2023 - PLEASE READ THIS DOCUMENT CAREFULLY

Rev. 11/2023

Savings Account Agreement and Disclosures

Our Agreement

This agreement contains the Savings Account Agreement (the “Agreement”) for the optional savings account (“Chime Savings” or “Savings Account”) made available to eligible consumers by The Bancorp Bank, N.A., Member of the Federal Deposit Insurance Corporation (“FDIC”) (“The Bancorp Bank, N.A.,” the “Bank” or “Issuer”) on behalf of Chime Financial, Inc. (“Chime”). Chime is the program partner responsible for managing the Savings Account and its related Checking Account, defined below. “We,” “our,” and “us” refer to the Bank, its successors, affiliates, or assignees. “You,” “your,” and “member” refer to the owner of the Savings Account.

The Chime Checking Account is a demand deposit account available from The Bancorp Bank, N.A., The optional Savings Account, which is an interest-bearing savings account, is only available to holders of a Chime Checking Account.

The holder of a Chime Checking Account may submit a request to open a Chime Savings Account at the Chime Checking Account website (the “Website”) at www.chime.com or by using the Chime mobile banking application (the “Mobile App”). Chime Savings is not designed for business use, and we may close the 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.

Business Days: 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.

Savings Account Basics

  1. Who is eligible for Chime Savings

    1. The optional Savings Account is available only to citizens and permanent residents of the fifty (50) United States (“U.S.”) and the District of Columbia who are at least 18 years of age with a valid Social Security number who are holders of a Chime Checking Account (“Checking Account”). You must agree to accept electronic, rather than paper statements. This means; (1) you must keep us supplied with your valid email address; and (2) you must agree to accept electronic delivery of all account communications (like end-of-year tax forms and electronic statements).
    2. To open a Savings Account, your Checking Account must be open and active.
    3. We may use information from third parties to help us determine if we should open the Savings Account.
  2. Chime Savings

    Chime Savings is an optional online Savings Account available only to persons who have an open and active Checking Account. Chime Savings depositors may additionally opt into the Automatic Savings Feature. See “Deposits to the Savings Account” in Section C(1) below for additional details about the feature.

  3. 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”).

  4. 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.

  5. Our Relationship With You

    This Agreement and the deposit relationship do not create a fiduciary relationship.

  6. Privacy Policy

    Our privacy policy is available at www.chime.com and is considered part of this Agreement.

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, Federal Reserve, 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 Delaware except to the extent governed by federal law.

  1. Deposits to the Savings Account

    1. You may make deposits to the Savings Account by transferring funds from your Checking Account using the Website or the Mobile App. These transfers are referred to as “Online Transfers.”
    2. If you activate the optional Automatic Savings Features, described in detail in the agreement containing its terms and conditions (“Automatic Savings Agreement“), Chime will initiate deposits to your Savings Account on your behalf. Such deposits include:
      1. “Round Up Transfers” (described in the Automatic Savings Agreement) which can be between $0.01 and $0.99 each, to be deducted from your Checking Account balance, with the particular amount of the Round Up Transfer to be based on the amount of the underlying eligible purchase you made with the Checking Account.
      2. “Save When I Get Paid” (described in the Automatic Savings Agreement) which allows members to automatically transfer a percentage of direct deposits from your Checking Account to your Savings Account.
      3. Chime may offer additional Automatic Savings methods and bonuses besides those described in the Savings Account Agreement, described in detail in the Automatic Savings Agreement, that have additional eligibility requirements and disclosures.
    3. We will not be liable to you for our failure to transfer funds under any Automatic Savings Feature that you select, for any reason, including system outages or defects. In particular, we will not be liable for any interest you might have accrued on the Savings Account if the funds were not transferred.
      1. See “Transaction Limitations” in Section D (2) below for additional details about deposits.
  2. Withdrawals from the Savings Account

    You may withdraw funds from the Savings Account by transferring funds to your Checking Account using the Website or the Mobile App. These transfers are referred to as “Online Transfers.”

    We reserve the right to require 7 days written notice before you withdraw money from your Chime Savings Account.

  3. 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.

  4. Right to Set Off

    If the balance of your Checking Account should become and then remain negative for fifteen (15) days, the funds, if any, in your Savings Account may be used to repay the negative balance. This means 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. 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 if we have exercised our right to set off.

  5. Legal Processes Affecting Savings Accounts

    If legal action such as a garnishment, levy, attachment, or other state of federal legal process (“Legal Process”) is brought against the Savings Account, we may refuse to permit (or may limit) transfers from it 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 Savings Account. 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 for a transfer you have authorized. Payment is made after satisfying any fees, charges or other debts owed to us. You agree that you are responsible for any expenses, including legal expenses and fees we incur due to any Legal Process affecting your Savings Account. We may charge these expenses to your Savings Account. You will indemnify us for any losses if we do this.

  6. Account Inactivity

    A Savings Account with a zero balance or no customer-initiated activity for nine (9) consecutive months is considered inactive and is subject to closure. For purposes of this paragraph, customer- initiated activity includes any Online Transfers you make to or from the Savings Account as well as any Round-Up Transfers or Round-Up Bonuses made on your behalf. For additional details about closing the Savings Account, see “Amendment and Cancellation” in Section C(9).

  7. Statements

    Electronic statements are available to view and print at www.chime.com and the Chime 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 copy of your Savings Account statement by calling 1 (844) 244-6363. You will not automatically receive paper statements.

  8. Funds Availability

    1. All Online Transfers are completed electronically. You will have immediate availability to your funds once they are transferred from the Savings Account to your Checking Account. We reserve the right to require seven (7) days written notice before you withdraw money from your Chime Savings Account.
    2. Direct deposit will be available on the day we receive your deposit. If you make a deposit on a day that is not a business day, we will consider the deposit to have been made on the next business day.
  9. Amendment and Cancellation

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

    We may close or suspend your Savings Account or this Agreement at any time. You may close your Savings Account by calling 1 (844) 244-6363. Closing your Savings Account will not affect any of our rights or your obligations arising under this Agreement prior to closure.

    If your Savings Account is closed or terminated for any reason, any remaining balance will be transferred to your Checking Account. If your Savings Account is closed prior to the end of the statement cycle, any accrued interest earned for that cycle will be forfeited. Once the Savings Account is closed, you cannot request a new Savings Account for ninety (90) days.

    IMPORTANT: If your Checking Account is closed for any reason, the Savings Account will automatically be closed. Upon closure, any remaining funds in the Savings Account, including any interest payments due to you, will be aggregated with the remaining funds in your Checking Account. The aggregated funds will then be made available for refund in accordance with the terms of Section II – C(10) “Amendment and Cancellation” in the Chime Deposit Account Agreement where we describe the process of closing the Checking Account and refunding the account balance.

    If your Savings Account is closed or terminated for any reason, and you are still eligible to open a Savings Account, you may apply for a new Savings Account. You will not be eligible to apply for a new Savings Account until ninety (90) days after the date of closure. Only one active Savings Account is allowed per customer.

  10. Our Liability for Failure to Complete Transactions

    If we do not properly complete a transaction between your Savings Account and your Checking 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:

    1. If through no fault of ours, you do not have enough funds available in your Savings Account to complete the Online Transfer;
    2. If access to your Savings Account or Checking Account has been blocked after you reported your Card or Checking, or Savings Account number lost or stolen;
    3. If there is a hold or your funds are subject to legal or administrative process or other encumbrance restricting their use;
    4. If we have reason to believe the requested transaction is unauthorized;
    5. 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
    6. Any other exception stated in our Agreement with you.
  11. Confidentiality

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

    1. Where it is necessary for completing transactions;
    2. In order to verify the existence and condition of your Savings Account for a third party;
    3. In order to comply with government agency, court order, or other legal or administrative reporting requirements;
    4. If you consent by giving us your written permission;
    5. To our employees, auditors, affiliates, service providers, or attorneys as needed; or
    6. Otherwise as necessary to fulfill our obligations under this Agreement.
  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 1-844-244-6363, or writing to Member Services, P.O. Box 417, San Francisco, CA 94104-0417, or emailing us at support@chime.com. While the nature and frequency of transactions into and out of your Savings Account are described in this Savings Account Agreement, please see “Section II ELECTRONIC FUNDS TRANSFER DISCLOSURE AND SPECIAL TERMS AND CONDITIONS,” of the Deposit Account Agreement where your liability for unauthorized transfers from the Checking Account is explained.

  13. Member Services

    For Member Services or additional information regarding your Savings Account, please contact us at:

    Chime
    P.O. Box 417
    San Francisco, CA 94104-0417
    P: 1 (844) 244-6363

    Member Services Specialists are available to answer your calls: Monday through Sunday, 24 hours a day.

    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.

Truth in Savings Disclosures

  1. Opening Deposit and Balance Requirements

    There is no minimum deposit requirement to open a Savings Account. While there are no minimum or maximum balance requirements, a Savings Account with a zero (0) balance for nine (9) consecutive months will be subject to closure. See Sections C(6) “Account Inactivity” and C(9) “Amendment and Cancellation” for additional details.

  2. Transaction Limitations

    DEPOSITS to the Savings Account may be made from your Checking Account at the Website or by using the Mobile App. These are the Online Transfer limits that apply to your deposit activity:

    Transaction TypeFrequency and/or Dollar Limits*
    Online Transfer from Checking Account to Savings AccountNo Limits to the number of times per day and no maximum dollar limit

    WITHDRAWALS may only be made via Online Transfer from the Savings Account to your Checking Account.

  3. Rate Information

    The current interest rate and Annual Percentage Yield (“APY”) for the Savings Account appear in the Interest Rate Schedule shown below. This is a variable rate account. We may, at our discretion, change the interest rate and APY for the Savings Account at any time. Interest begins to accrue no later than the business day the deposit is applied to the Savings Account. Interest will be compounded daily and credited to the Savings Account on a monthly basis.

    Interest RateAnnual Percentage Yield (APY)
    1.98%2.00%
  4. Balance Information

    Savings Account interest is calculated using the daily balance calculation method. This method applies a daily periodic rate to the principal balance in the Savings Account each day. There are no minimum or maximum balance restrictions on the Savings Account.

Chime Sweep Program

  1. Introduction to the Chime Sweep Program

    The Chime Sweep Program (“Sweep Program”) allows The Bancorp Bank, N.A. to automatically arrange deposit of the member’s total available Savings Account balance into interest-bearing deposit accounts (each a “Program Deposit Account”) at one (1) or more of at least four (4) depository institutions, each having a U.S. bank charter (each a “Program Bank”). You agree to appoint The Bancorp Bank, N.A. as your agent to pool the funds in your Savings Account with funds from the holders of other Accounts and to then deposit those funds in one or more FDIC-insured banks, and to obtain your funds from the pooled funds account(s) in order to transfer your funds as you may direct.

    Funds in the Program Deposit Account at each Program Bank are eligible for FDIC deposit insurance up to at least $250,000 principal and accrued interest for each ownership category at each Program Bank as defined by the FDIC. It may take up to 2-3 business days for funds deposited in your Savings Account to sweep and arrive at a Program Bank. For purposes of determining the deposit insurance limit, you must aggregate all other deposits you hold in the same ownership category at each Program Bank. The roster of Program Banks appears on a Program Bank List (“List”). The List is accessible on the Chime Website, posted in the Mobile App on the Savings Account transaction screen by clicking on the information icon in the corner and the link to learn about Program Banks, or by contacting Member Services. The amount of your funds in the Program Deposit Account at each Program Bank is available on your monthly Savings Account statement, or by calling Member Services.

  2. The Bancorp Bank, N.A., as Custodian

    The Bancorp Bank, N.A. acts as your agent and custodian in establishing and maintaining Sweep Deposit Accounts at Program Banks. Program Deposit Accounts are obligations of the Program Banks and not The Bancorp Bank, N.A. but you will not have direct relationships with Program Banks. All deposits and withdrawals will be made by The Bancorp Bank, N.A. on your behalf. You may obtain Information about Program Deposit Accounts from Chime or The Bancorp Bank, N.A., not the Program Banks.

  3. Operation of the Program

    On your behalf, The Bancorp Bank, N.A. may deposit up to $246,500 in each Program Bank appearing on the List. If your funds available for deposit exceed the FDIC insurance limit for Program Deposit Accounts at the first acceptable Program Bank where their funds are deposited, the excess funds will be deposited to another acceptable Program Bank on the List. If you still have excess funds, those funds will be deposited to another acceptable Program Bank on the List. This process continues through all acceptable Program Banks on the List. Notwithstanding the published position of a Program Bank on the List, The Bancorp Bank, N.A. reserves the right to deposit your funds to Program Banks in any order. You may contact Member Services or review the monthly Savings Account Statement to determine at which Program Bank(s) funds are on deposit.

    The List will also include one or more depository institutions where your funds may be deposited without limit and without regard to the $250,000 FDIC deposit insurance limit (“Excess Banks”) if each acceptable Program Bank on the List has received funds up to the $246,500 limit, meaning funds in such Excess Bank will not be fully insured. You should consult with an accounting, legal, or tax professional if contemplating depositing funds to an Excess Bank.

  4. Changes to the List

    The List may change at any time. We will provide advance notice of any change required by law. For example, one or more of the Program Banks included on the List may be replaced with a Program Bank not previously included on the List; a Program Bank may be added to or deleted from the List; or the order of Program Banks on the List may change. Changes to the List may require you to designate a Program Bank as ineligible to receive funds, e.g., if a Program Bank is removed from the List, your funds will be transferred to the next available Program Bank on the List that is acceptable to you. The List is accessible through the Chime Website, the Mobile App or by calling Member Services.

  5. Opting out of a Program Bank

    At any time you may designate one or more Program Bank(s) as ineligible to receive your funds. This will result in your funds being deposited at the next acceptable Program Bank on the List. To designate a Program Bank as ineligible at any time, you must contact Member Services by calling (844) 244-6363. Please note that you may not opt out of The Bancorp Bank, N.A. as a Program Bank. If you do not wish to have The Bancorp Bank, N.A., as a Program Bank, you will need to close your Savings Account.

  6. Your Responsibility to Monitor Balances

    The value of any deposits (including items such as certificates of deposit) you maintain directly with a Program Bank must be aggregated with your funds in the Program Deposit Account at the Program Bank for purposes of determining the FDIC deposit insurance limit. You are responsible for monitoring the total amount of deposits you have with each Program Bank in order to determine the extent of available FDIC insurance coverage. Please note: Because the Savings Account may only be owned and titled in the name of one (1) natural person who exercises control over the Savings Account, the Savings Account and Program Deposit Accounts cannot be owned or titled: (1) in the name of an organization; (2) as Payable on Death (“POD”); or (3) In Trust For (“ITF”). You should consult with an accounting, legal, or tax professional for all estate planning and asset management matters. The Bancorp Bank, N.A. and Chime do not provide such services.

  1. Interest and fees
    1. The interest rates paid with respect to the Program Deposit Account at each Program Bank may be higher or lower than the interest rates available to depositors making deposits directly with the Program Bank or other depository institutions in comparable accounts. You should compare the terms, interest rates, required minimum amounts, and other features of the other accounts and/or alternative investments with those of the Program Deposit Account.
    2. Each Program Bank will pay The Bancorp Bank, N.A. a fee equal to a percentage of your balance in the Program Deposit Account at the Program Bank. The fee may vary from Program Bank to Program Bank. The amount of the fee received by The Bancorp Bank, N.A. may affect the interest rate paid to The Bancorp Bank, N.A. by the Program Banks on funds in the Program Deposit Your APY and interest rate, however, does not change due to differences in the interest rates offered by Program Banks to The Bancorp Bank, N.A. The APY and interest rate offered to Chime members is uniform across all members that meet the qualifying conditions. In addition, Chime and service providers will receive a portion of the fee paid by the Program Bank.

Arbitration

Any claim, dispute, or controversy (“Claim”) arising out of or relating in any way to: (1) this Agreement; (2) the Savings Account; (3) your establishment of the Savings Account; (4) your use of the Savings Account; (5) the amount of available funds in the Savings Account; (6) advertisements, promotions or oral or written statements related to the Savings Account; (7) the benefits and services related to the Savings Account; or (8) transactions made using the Savings Account, no matter how described, pleaded or styled, shall be FINALLY and EXCLUSIVELY resolved by binding individual arbitration conducted by the American Arbitration Association (“AAA”) under its Consumer Arbitration Rules. This arbitration agreement is made pursuant to a transaction involving interstate commerce and shall be governed by the Federal Arbitration Act (9 U.S.C. §§ 1-16).

We will pay the initial filing fee to commence arbitration and any arbitration hearing that you attend shall take place in the federal judicial district of your residence.

ARBITRATION OF YOUR CLAIM IS MANDATORY AND BINDING. NEITHER PARTY WILL HAVE THE RIGHT TO LITIGATE THAT CLAIM THROUGH A COURT. IN ARBITRATION, NEITHER PARTY WILL HAVE THE RIGHT TO A JURY TRIAL OR TO ENGAGE IN DISCOVERY, EXCEPT AS PROVIDED FOR IN THE AAA CODE OF PROCEDURE.

For a copy of the procedures, to file a Claim or for other information about this organization, contact it at: AAA, 335 Madison Avenue, New York, NY 10017, or at www.adr.org.

All determinations as to the scope, interpretation, enforceability and validity of this Agreement shall be made final exclusively by the arbitrator, which award shall be binding and final. Judgment on the arbitration award may be entered in any court having jurisdiction.

NO CLASS ACTION, OR OTHER REPRESENTATIVE ACTION OR PRIVATE ATTORNEY GENERAL ACTION OR JOINDER OR CONSOLIDATION OF ANY CLAIM WITH A CLAIM OF ANOTHER PERSON OR CLASS OF CLAIMANTS SHALL BE ALLOWABLE.

This arbitration provision shall survive: (1) the termination of the Agreement; (2) the bankruptcy of any party; (3) any transfer, sale or assignment of your Savings Account, or any amounts owed on your Savings Account, to any other person or entity; or (4) closing of the Savings Account. If any portion of this arbitration provision is deemed invalid or unenforceable, the remaining portions shall remain in force.

IF YOU DO NOT AGREE TO THE TERMS OF THIS ARBITRATION AGREEMENT, CALL 1 (844) 244-6363 TO CLOSE THE SAVINGS ACCOUNT AND REQUEST A REFUND, IF APPLICABLE.

This Agreement is effective 12/2023

Chime® is a financial technology company, not a bank. Banking services are provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. The Chime Visa® Debit Card and the Chime Credit Builder Visa® Credit Card are issued by The Bancorp Bank, N.A. or Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit and credit cards are accepted. Please see the back of your Card for its issuing bank.

While Chime doesn’t issue personal checkbooks to write checks, Chime Checkbook gives you the freedom to send checks to anyone, anytime, from anywhere. See your issuing bank’s Deposit Account Agreement for full Chime Checkbook details.

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