WAYSAVER™
Account Agreement
PLEASE READ THIS DOCUMENT CAREFULLY
WAYSAVER™
A. OUR AGREEMENT
This Account Agreement (“Agreement”) sets forth the terms and conditions under which the Waysaver Account (“Account”) has been issued to you by The Bancorp Bank, N,A., , Member FDIC (“Bank”). By accepting and using the Account, you agree to be bound by the terms and conditions contained in this Agreement. “You” and “your” mean the person or persons who have received the Account and are authorized to use the Account as provided for in this Agreement. “We,” “us,” and “our” mean the Bank, our successors, affiliates or assignees, and as applicable, the Program Manager. “Program Manager” means the entity providing certain services for sponsoring and/or managing the Account on our behalf.
The Account is accessed through the Waysaver mobile application (the “Waysaver Mobile App” or the “App”). You are responsible for providing us with a correct and operational email address and current mobile phone number. You must promptly notify us of any change to this contact information and maintain a current mailing address with your employer. You must notify us promptly if you are unable to access the Account information through the Waysaver Mobile App. The Bank, Program Manager and T. Rowe Price are not liable for any adverse effects to the Account as a result of undelivered mail or email or your inability to access Account information through the Waysaver Mobile App due to your failure to keep your contact information and mailing address current, as described above.
1. Customer Service
For assistance or additional information regarding the Account, please contact “Customer Service” at the “Address” or “Phone Number” below:
T. Rowe Price Retirement Plan Services
Attn: Forms Enclosed
PO Box 17215
Baltimore, MD 21297-1215 1-800-922-9945
Customer Service agents are available to answer your calls:
Monday through Friday, 7:00 a.m. to 10:00 p.m. ET or as noted in the Waysaver Mobile App
Our business days (or “Bank 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. Telephone calls will be recorded and may be monitored to assure the quality of our Customer Service or as required by applicable law.
2. Consent to the Terms of this Agreement
By submitting an application or using services provided by the Bank, you are agreeing to the terms and conditions of the Account that is associated with the Account. The disclosures provided when the Account application was completed, additional disclosures provided to you that are applicable to additional products and services incorporated into the Waysaver program; periodic statement; user guides; the privacy policy; and any other disclosures or terms we provide are considered part of this Agreement. Continued use of the Account also means your ongoing agreement to this Agreement. You are responsible for the accuracy and completeness of all information supplied to us in connection with the Account and/or its services. You agree to comply with all laws applicable to this Agreement, including regulations or ordinances, and orders of governmental and governing authorities, federal and state privacy laws, and anti-money laundering laws.
B. GENERAL RULES GOVERNING THE ACCOUNT
The Account and your obligations under this Agreement may not be assigned. We may transfer our rights under this Agreement. Use of the 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 and the deposit relationship do not create a fiduciary relationship between you and the Bank. This Agreement will be governed by the law of the State of South Dakota except to the extent governed by federal law.
1. Opening the Account
Important information about procedures for opening a new Account. To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an Account. What this means for you: When you open an Account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see a copy of your driver’s license or other identifying documents.
The Account is available to citizens and permanent residents of the fifty (50) United States (“U.S.”), the District of Columbia, and the U.S. territories, who are at least 18 years of age with a valid Social Security number or ITIN. 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 (such as end-of-year tax forms and electronic statements).
We may use information from third parties to help us determine if we should open your Account.
2. Waysaver Account
Your Account consists of the transaction account used to receive transfers or make transfers to your primary checking account that is linked through Plaid to the Waysaver Mobile App (“Linked Checking Account”). We may close your Account if we discover it is being used for any fraudulent purpose. The Account may only be owned and titled in the name of one person who may deposit, transfer, or withdraw funds.
3. Authorized Use
You are responsible for all authorized transfers initiated and fees incurred by use of the Account. If an individual is permitted access to the Account, we will treat this as if you have authorized such use, and you will be liable for all transfers and fees incurred by those persons. You are wholly responsible for the use of the Account according to the terms and conditions of this Agreement.
4. Death, Incapacitation, and Eligibility
You or your appointed party, designee, or appointed individual agree to notify us promptly if you die, become legally incapacitated, or are no longer eligible for the Account, and we may also receive this information from your employer. If you die, become legally incapacitated, or are no longer eligible for the Account, all funds in the Account will be transferred back to your Linked Checking Account. If your Linked Checking Account is closed or a transfer is rejected, the funds will be issued via paper check to the address on file. If you have questions about eligibility qualifications, please reach out to Customer Service. We may require additional documentation to confirm any claims made on the Account or its funds.
5. Privacy Policy
Our privacy policy is available on the Waysaver Mobile App and is considered part of this Agreement.
6. No Cash, Paper Checks or Foreign Currency
We do not accept cash, paper checks or foreign currency, and are not liable for any such deposits sent in the mail, lost in transit or not received by us. Any such items received will be sent back to the address we have on file for your account of record.
C. TRANSACTIONS ON THE ACCOUNT
The following terms are used to describe Electronic Funds Transfer (“EFT”) services. A “Transfer from Linked Checking Account” is a transfer of funds from your Linked Checking Account, to your Account. This will appear as a deposit/credit to your Account. A Transfer to Linked Checking Account” is a transfer of funds from your Account to your Linked Checking Account and will appear as a debit/charge to your Account. Transfers from Linked Checking Account and Transfers to Linked Checking Account collectively be referred to as “Transfers.”
1. Cut-off Time
The cut-off time for scheduling Transfers is 4:00pm Eastern Time. Any transfer scheduled after the cut-off time will be treated as if it were scheduled on the next business day.
2. Transaction Limits
You may only make deposits to your Account by transferring funds (or authorizing transfer of funds) from your Linked Checking Account via the App. If you do not have sufficient funds in your Linked Checking Account to make a deposit to your Account, the transfer may not be completed. In that case, you will need to add funds first to your Linked Checking Account for an ACH Transfer to be initiated; otherwise no new money will be deposited in your Account.
You may only make withdrawals from your Account by transferring funds to your Linked Checking Account (Transfer to Linked Checking Account) in the Waysaver Mobile App or by calling Customer Service.
- Transaction Type: Transfers from your Linked Checking Account to your Account using the Waysaver Mobile App
- Frequency and/or Dollar Limits**: No limit to the number of times per day. Up to $225,000.00 per transaction, $225,000.00 per day, maximum of up to $225,000.00 per calendar month
- Transaction Type: Transfers to your Linked Checking Account initiated in the Waysaver Mobile App
- Frequency and/or Dollar Limits**: No limit to the number of payments per day. $250,000.00 per transaction; up to $250,000.00 per day; and $325,000.00 per month.
Recurring Transfers: You may only authorize recurring Transfers from Linked Checking Account generated through the App in order to move funds from your Linked Checking Account to your Account.
One-time Transfers: You can choose to make one-time transfers to your Account through the Waysaver Mobile App in addition to your recurring transfers. Making a one-time transfer does not change your recurring transfers. You must log into the Waysaver Mobile App to cancel or change limits for the recurring transfers.
Transfers from your Account to your Linked Checking Account may take up to one to five (1-5) business days to process. You are not able to set up recurring transfers from your Account to your Linked Checking Account. All transfers from your Account to your Linked Checking Account must be single transfers initiated through the Waysaver Mobile App.
If you request or authorize a transfer, you may confirm that the transfer has been made by checking the App or calling Customer Service.
3. Negative Balances
You are not allowed to withdraw more than your Account balance.
4. Transfer Corrections
If funds are incorrectly transferred into the Account, we may correct the situation by deducting the amount of the erroneous deposit from the Account without prior notice to you.
5. Periodic Statements
A monthly Account statement will be delivered to you through the Waysaver Mobile App.
6. Confidentiality
We may disclose information to third parties about your Account or the transactions you make:
- Where it is necessary for completing transfers;
- In order to verify the existence and condition of your 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 to fulfill our obligations under this Agreement; or
- Otherwise as necessary to fulfill our obligations under this agreement.
7. Our Liability for Failure to Complete Transactions
If we do not properly complete a transfer from your 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 Account to complete the transfer;
- If access to your Account has been blocked after you reported your Account compromised;
- 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 transfer is unauthorized;
- If circumstances beyond our control (such as fire, flood, or computer communication failure) prevent the completion of the transaction, despite reasonable recautions that we have taken; or
- Any other exception stated in our Agreement with you.
8. Your Liability for Unauthorized Transfers
Tell us AT ONCE if you believe your Account has been compromised or if you believe that an electronic fund transfer has been made without your permission. Telephoning is the best way of keeping your possible losses down. You could lose all the money in your Account. If you tell us within two (2) business days after you learn that your Account was compromised, you can lose no more than fifty dollars ($50) if someone used your Account without your permission.
If you do NOT tell us within two (2) business days after you learn that your Account has been compromised, and we can prove we could have stopped someone from accessing your Account without your permission if you had told us, you could lose as much as five hundred dollars ($500).
Also, if your statement shows transfers that you did not make or authorize, tell us at once. If you do not tell us within sixty (60) days after the statement was issued, you may not get back any money you lost after the sixty (60) days if we can prove that we could have stopped someone from taking the money if you had told us in time. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time periods.
9. Information About Your Right to Dispute Errors
In case of errors or questions about your electronic transactions, contact Customer Service if you think your statement is wrong or if you need more information about a transaction listed in the statement. We must hear from you no later than sixty (60) days after we provided the FIRST statement on which the problem or error appeared. You will need to tell us:
- Your name and Account number;
- Describe the error of the transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information; and,
- the dollar amount of the suspected error.
If you provide this information orally, we may require that you send your complaint or question in writing within ten (10) business days.
We will determine whether an error occurred within ten (10) business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to forty-five (45) days to investigate your complaint or question. If we decide to do this, we will credit your Account within ten (10) business days for the amount you think is in error, so that you will have use of the money during the time it takes to complete the investigation. If we ask you to put your complaint or question in writing and you do not provide it within ten (10) business days, we may not credit your Account.
For errors involving new Accounts, we may take up to ninety (90) days to investigate your complaint or question. We may take up to twenty (20) business days to credit your Account for the amount you think is in error.
We will tell you the results within three (3) business days after completing the investigation. If we decide that there was no error, we will send you a written explanation. Copies of the documentation used in the investigation may be obtained by contacting Customer Service at the phone number or address shown above.
E. FUNDS AVAILABILITY POLICY
We make funds available according to the type of transfer and when the funds are applied or credited to your Account. Funds may not be available for immediate use. When we delay the availability of funds or place a hold on a transfer made to your Account, you may not withdraw those funds, and we will not use them to pay any debits, such as Transfers to your Linked Checking Account during the hold period. We have the right to refuse any deposit.
1. Your ability to Withdraw Funds
For determining the availability of your funds, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a transfer before 4:00pm ET on a business day that we are open, we will consider that day to be the day of your transfer. However, if you make a transfer after 4:00pm ET or on a day we are not open, we will consider that the transfer was made on the next business day we are open.
2. Funds Availability
Transfers depositing to the Account through the Waysaver Mobile App may take up to three (3) business days from the date of the initial request to process, but your funds will be made available for transfer out of the Account no later than three (3) business days after the date the deposit is received. Example: a transfer received from your Linked Checking Account which was initiated using the Waysaver Mobile App that we receive on Friday will be available in the Account no later than the following Wednesday.
F. TRUTH IN SAVINGS
1. Balance Requirements
There is no minimum balance requirement to open the Account. The maximum balance of your Account is two hundred twenty-five thousand dollars ($225,000.00). Your Account may accrue interest that exceeds the maximum balance. While there is no minimum balance requirement, an Account with a zero balance for nine (9) continuous months will be subject to closure. See Section H-3 captioned “Amendment and Cancellation” and H-4 captured “Closure” for additional details.
The Account is an interest-bearing account. The interest rate offered on the Account is described more fully below.
2. Rate Information
The Account is a variable rate account. We may, at our discretion, change the interest rate and Annual Percentage Yield (“APY”) for the Account at any time. Interest begins to accrue no later than the business day the deposit is received by the Bank. Interest will be compounded on a daily basis and credited monthly on the first day of the month for the preceding calendar month period.
To see the current interest rate and APY, visit the interest rate and Annual Percentage Yield (APY) section in the Waysaver Mobile App.
3. Balance Computation Method
We use the daily balance method to calculate the interest on your Account. This method applies a daily periodic rate to the principal in the Account each day.
4. Effect of closing an Account
If you close your account before interest is credited, you will not receive the accrued interest.
G. TIN CERTIFICATION
Under penalties of perjury, I certify that:
- I have provided by correct taxpayer identification number (or I am waiting for a number to be issued to me); and
- I am not subject to backup withholding because: (a) I am exempt from backup withholding, or (b) I have not been notified by the Internal Revenue Service (IRS) that I am subject to backup withholding as a result of a failure to report all interest or dividends, or (c) the IRS has notified me that I am no longer subject to backup withholding; and
- I am a U.S. citizen or other U.S. person; and
- The FATCA code(s) entered on this form (if any)* indicating that I am exempt from FATCA reporting is correct.
*Note: This item is N/A. An exemption from FATCA reporting does not apply.
If I am subject to backup withholding, I will not be able to open an account.
H. BANK SWEEP PROGRAM
1. Introduction to the Bank Sweep Program
The “Bank Sweep Program” is the process by which we automatically deposit your Account balance into an interest-bearing deposit account (a “Sweep Deposit Account”) at a depository institution with a U.S. bank charter (“Sweep Bank”).
There is no fee to participate in the Bank Sweep Program.
The roster of Sweep Banks appears on a Bank Sweep List (“List”), provided below and within the Mobile App’s help center section. If you choose to not participate in the Bank Sweep Program, in its entirety, you forfeit your right to an Account.
2. The Bancorp Bank as Custodian
The Bank acts as your agent and custodian in establishing and maintaining Sweep Deposit Accounts at Sweep Banks. Sweep Deposit Accounts are obligations of the Sweep Banks and not the Bank, but you will not have direct relationships with Sweep Banks. All deposits and withdrawals will be made by the Bank on your behalf. You may obtain information about Sweep Deposit Accounts from the Bank, not the Sweep Banks.
3. Operation of Bank Sweep Program
On your behalf, we will deposit the balance in the Account in one of the Sweep Banks appearing on the List. The Sweep Bank your funds are deposited into will vary based on the region of the U.S. or U.S. territory you live in. To find out which Sweep Bank is holding your funds, call Customer Service at 1-800-922-9945.
4. List of Sweep Banks and Changes to the List
The current Sweep Banks available are as follows:
- The Camden National Bank
- Associated Bank, N.A.
- Freedom Bank of Virginia
- State Bank of India
- Eaglebank
- Bremer Bank, National Association
- Synovus Bank
- Union Bank and Trust Company
- Metro City Bank
- Cadence Bank N.A.
- First Republic Bank
The List may change at any time. We will provide advance notice of any change. For example, one or more of the Sweep Banks included on the List may be replaced with a Sweep Bank not previously included on the List; a Sweep Bank may be added to or deleted from the List; or the order of Sweep Banks on the List may change.
5. Opting out of a Sweep Bank
You may at any time designate a Sweep Bank as ineligible to receive funds. This will result in your funds being deposited at the next Sweep Bank on the List. An alternative Sweep Bank may also be provided. To declare a Sweep Bank ineligible at any time, call Customer Service. Please review the List after changes to determine if you wish to exercise opt out rights.
6. FDIC Insurance and Your responsibility to monitor balances
Funds in the Sweep Deposit Account at each Sweep Bank are eligible for FDIC deposit insurance, up to a total of $250,000 principal and accrued interest for each ownership category as defined by the FDIC. The value of any deposits (including certificates of deposit) maintained by you directly with a Sweep Bank will be aggregated with funds in the Sweep Deposit Account at the Sweep Bank for purposes of determining the FDIC deposit insurance limit. You are responsible for monitoring the total amount of deposits you have with each Sweep Bank in order to determine the extent of available FDIC insurance coverage.
7. Interest and fees
The interest rate your Account earns will be the same regardless of which Sweep Bank holds your Account. The interest rate paid with respect to the Sweep Deposit Account may be higher or lower than the interest rates available to depositors making deposits directly with the Sweep Bank or other depository institutions in comparable accounts.
I. ADDITIONAL DISCLOSURES
1. English Language Controls
Any translation of this Agreement is provided for your convenience. The meaning of the terms, conditions and representations herein are subject to definitions and interpretations in the English language. Any translation provided may not accurately represent the information in the original English.
2. Legal Processes Affecting Accounts
If legal action such as a garnishment, levy or other state of federal legal process (“Legal Process”) is brought against your 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. 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 transaction that 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 on your Account. We may charge these expenses to your Account. You will indemnify us for any losses if we do this.
3. Amendment and Cancellation
We may amend or change the terms and conditions of this Agreement at any time. 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 cancel or suspend your Account or this Agreement at any time.
4. Closure
You may close your Account at any time by contacting Customer Service. Your termination of your Account or this Agreement will not affect any of our rights or your obligations arising under this Agreement prior to termination.
Your Account will be automatically closed upon any of the following events:
Your Account has a $0 balance and is inactive for a period of nine (9) months;
Your Account has a balance but is inactive for a period of time as prescribed by applicable state escheatment law;
You change your address to an address outside of the U.S., District of Columbia, or a U.S. territory.
You notify T. Rowe Price that your Linked Checking Account is closed;
The Bank discontinues its participation in the Waysaver program;
You revoke your Waysaver ACH Authorization; or The Bank believes, in its sole discretion, that the Account is being used for fraudulent or unlawful purposes or other violations of this Agreement, or as otherwise required by law or regulatory directive; or
There has been three or more overdraft occurrences in your Linked Checking Account.
Your Account will close sixty (60) days following the date that T. Rowe Price is notified by your Employer that:
your employment with your Employer has terminated; or
you are no longer eligible to participate in a defined contribution retirement plan to which T. Rowe Price and its Affiliates provide directed recordkeeping and other administrative services,
Finally, your Account will close when your Employer decides to terminate the Waysaver program, change plan record-keepers, or when T. Rowe Price decides to terminate the Waysaver program.
When your Account is closed, all pending electronic funds transfers will be completed (if applicable), and the Bank will transfer all of the remaining funds in your Account to your Linked Checking Account within ten (10) Bank Business days. If the Bank is unable to complete the electronic fund transfer to your Linked Checking Account, a paper check will be mailed within ten (10) Bank Business days to the most current address your employer has provided to T. Rowe Price.
In the event your Account is cancelled, closed, or terminated for any reason, and the Bank is unable to complete an electronic transfer to your Linked Checking Account, you may be required to supply identification and address verification documentation prior to being sent the balance of the funds in your Account.
5. Account Dormancy and Escheatment
If the Account is inactive for a period of time it may be considered dormant and subject to escheatment. Each state has varying laws as to when the Account will be subject to escheatment, and we may be required to send the balance in the Account to the state of your last known address. We will make all reasonable efforts to contact you before transferring the remaining balance of the Account to the applicable state.
J. ARBITRATION
Any claim, dispute, or controversy (“Claim”) arising out of or relating in any way to: i) this Agreement; ii) your Account; iii) your acquisition of the Account; v) your use of the Account; vi) the amount of available funds in the Account; vii) advertisements, promotions or oral or written statements related to the Account, as well as goods or services purchased with the Account; viii) the benefits and services related to the Account; or ix) transactions on the 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: i) the termination of the Agreement; ii) the bankruptcy of any party; iii) any transfer, sale or assignment of your Account, or any amounts owed on your Account, to any other person or entity; 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, DO NOT USE THE ACCOUNT. CONTACT CUSTOMER SERVICE TO CLOSE THE ACCOUNT.
This Agreement is effective for accounts opened on or after 06/30/2023