Bangor Savings Bank, Member FDIC (“Bank”) provides banking services through the platform provided by Thatch Health, Inc. (“Thatch”). As Thatch’s banking partner, the Bank works with Thatch to facilitate movement of funds through different payment networks and will hold funds for the benefit of Thatch customers (“Bank Services”). This Bank Services Agreement (“Agreement”) describes the nature of the Bank Services as well as the rights and obligations of you, Thatch, and the Bank.
1. Thatch Program. Funds are held in aggregated accounts at the Bank in which you hold a beneficial interest (“Account”) but you do not have an account at the Bank. You understand and agree that Thatch tracks individual customer balances we hold in your name. The movement of money and maintenance of funds in the Account are referred to as the “Thatch Program.”
2. FDIC Insurance. Funds deposited in the Thatch Program are held at the Bank in one or more custodial accounts on behalf of Thatch customers. These deposits may be eligible for FDIC insurance coverage up to the applicable limits, currently $250,000 per depositor, per insured bank, for each account ownership category.
FDIC insurance is provided by the Bank, not by Thatch. Coverage is subject to FDIC rules and requirements, including verification of ownership and aggregation of deposits held in the same ownership category at the same bank.
Pass-through insurance eligibility depends on several factors, including (a) Proper recordkeeping by Thatch and the Bank, (b) your status as the beneficial owner of the funds, and (c) compliance with FDIC regulations governing custodial and agent relationships.
FDIC insurance does not protect against losses due to fraud, platform failure, or investment risk. For more information about FDIC insurance coverage, visit www.fdic.gov.
3. Bank Contact. In general, you should not need to contact the Bank, but if you did need to do so in an emergency circumstance, or to file a complaint about Thatch or the Bank’s services that the Bank needs to resolve, you can do so by calling Bangor Support at 1(877) 226-4671 or by email at bangorsupport@bangor.com. Bangor’s support hours are Monday – Friday: 7:00AM – 7:00PM; Saturday: 8:00AM – 2:00PM; and Sunday: 9:00AM – 2:00PM.
4. Use of Accounts. You will not have direct access to the Account and your access to Thatch services remains subject at all times to Thatch’s user agreements (see https://thatch.com/legal); Thatch’s Privacy Policy (see https://thatch.com/legal/privacy-policy), and any other agreements between you and Thatch (collectively, “Thatch Terms”). The Thatch Terms may be updated from time to time and apply to your use of products, services, sites, and features provided by or through Thatch (“Thatch Platform”). The Account will be managed by Thatch for your benefit and the benefit of employers that utilize the Thatch Platform. The Bank may refuse to process any transaction that it reasonably believes may violate applicable law or regulation or violate the Thatch Terms.
5. Additional Services, Disclaimer. Thatch may offer other services to you which are not governed by this Agreement. Those products and services are not provided by the Bank, except as otherwise stated in an agreement you may have with the Bank, and the Bank disclaims responsibility for all such products and services to the fullest extent permitted by law. This Agreement and the pooled deposit relationship do not create a fiduciary relationship between you and the Bank.
6. Reliance on Information You Provide. In the performance of the services required by this Agreement, the Bank is entitled to rely on the information, representations, and warranties you provide. Except as otherwise specifically required by applicable law, the Bank is liable only in the event of loss due to its gross negligence or willful misconduct in performing its services. You have the sole responsibility of ensuring the accuracy and correctness of the data you supply. You acknowledge and agree that the Bank will not examine the data for correctness and that the Bank will not have any responsibility for detecting errors in the data transmitted by you. The data you transmit must be correct and complete. The Bank will not be liable to you for processing or the failure to process incorrect or incomplete data. You agree that you are solely liable for, and the Bank will not have any liability whatsoever for, any data or other information that is not received by the Bank or for any data or other information that is intercepted or altered by an unauthorized third party, to the fullest extent permitted by law. The Bank is not liable for any damages you may incur due to a delay in Thatch providing the Bank with any notices or information Thatch receives from you. The Bank will have no liability and will be excused from failing to act or delay in acting if such failure or delay is caused by legal constraint, interruption of transmission or communications facilities, equipment failure, war, act of terror, emergency conditions, or other conditions (such as fire or flood) beyond the Bank’s control.
7. Indemnification, Limits on Liability. You agree that the Bank and its service providers, agents, officers, directors, and employees (collectively, the “Indemnified Parties”) will not be liable for anything the Bank does when following your instructions. In addition, the Indemnified Parties will not be liable if any such Indemnified Party doesn't follow your instructions if we reasonably believe that your instructions would expose the Bank to potential loss or civil or criminal liability. THE INDEMNIFIED PARTIES WILL NOT BE LIABLE FOR INDIRECT, SPECIAL, OR CONSEQUENTIAL DAMAGES REGARDLESS OF THE FORM OF ACTION AND EVEN IF THE BANK HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. This Limitation of Liability section will survive closing of the Account. Any claim, action or proceeding by you to recover for any Account-related loss must be commenced within one year from the date that the event giving rise to the claim, action or proceeding first occurs, except to the extent that applicable law requires a longer timeframe. You agree to cooperate with the Bank in any loss recovery efforts the Bank undertakes to reduce any loss or liability that arises in connection with the Account. If the Bank fails to exercise any right, that doesn't mean it waives that right or any other right, and the Bank may still enforce all of its rights in the future.
8. Response to Legal Action. If the Bank is served with a subpoena, restraining order, writ of attachment or execution, tax levy, garnishment, search warrant, or other order relating to funds held on your behalf in the Account (termed “legal action” in this section), the Bank will comply with that legal action, and, in its discretion, may freeze those assets in the Account and not allow any payments of funds held on your behalf out of the Account until a final court determination regarding the legal action. In these cases, the Bank will not have any liability to you if there are insufficient funds to pay any transaction using funds held on your behalf in the Account. Any fees or expenses the Bank incurs in responding to any legal action (including, without limitation, attorneys’ fees) may be charged against your funds held in the Account.
The Bank may place an administrative hold on funds held on your behalf in your Account (refuse payment or withdrawal of the funds) if those funds become subject to (1) a claim adverse to: (a) your own interest; or (b) others claiming an interest as beneficiaries of those funds; or (2) a claim arising by operation of law. The hold may be placed for such a period of time as the Bank believes reasonably necessary to allow a legal proceeding to determine the merits of the claim or until the Bank receives satisfactory evidence that the dispute has been resolved. The Bank will not be liable for any transactions that are dishonored or returned as a consequence of placing a hold on funds for these reasons.
9. Amendment of Thatch Program Terms. The Bank may modify the terms of its participation in the Program at any time by notifying you of the amendments using any of the contact information we have on file for you, and any such amendment will be effective upon sending you a notice of the change, or on the effective date specified in the notice of the change. For any adverse changes, the Bank will provide you reasonable notice in writing or by any method permitted by law. However, if a change is made for security purposes, such change may be implemented without prior notice.
In the event the Program terminates, the Bank may close the Account and tender by mail or other method of its choosing Account balances equal to your funds held in the Account. The Bank may also place limits on such funds prior to closing in order to prepare the Account for closing. The Bank will use your contact information on file with Thatch at the time of termination for communications and mailing a check, if necessary.
10. Contact Information. The Bank should not need to contact you and your primary points of contact are with Thatch, however the Bank may need to contact in the event of an emergency. You agree to provide and maintain a valid and current telephone number, mailing address, and email address (collectively, “Contact Information”) on file with Thatch at all times. By providing your Contact Information, you represent and warrant that you own and are authorized to send and receive communications using that Contact Information. You must notify Thatch immediately if there is a change to your name, telephone number, mailing address, email address, or any other information you have provided us. We may change your mailing address in our files if we receive an address change notice from the U.S. Postal Service or if a company in the business of providing correct addresses informs us that the address in our records no longer matches your current address. Neither the Bank nor Thatch will be liable for any adverse effects to the Account as a result of undelivered mail or email due to a failure to promptly notify the Bank or Thatch of a change to your email or postal mailing address or if your email settings block or filter out messages from the Bank or Thatch.
To the extent permitted by applicable law, you authorize us and each of our affiliates, agents, service providers, contractors, and successors, to contact you to service or maintain your participation in the Program using any Contact Information we have on file for you. You agree that these contacts are not unsolicited for purposes of state or federal law. We may monitor, tape, or electronically record our telephone calls with you, including any calls with our customer service department, and any of our agents or service providers. You understand these calls could be automatically dialed and a recorded message may be played. We may send communications electronically, rather than through U.S. mail or other means, unless the law says otherwise. We are not required to act upon instructions you give us unless you follow our instructions for notifying us and we have a reasonable opportunity to act on your instruction.
11. Telephone Contact and Opt Out. You may opt out of receiving autodialed or prerecorded calls or texts, to the extent required by law. You may withdraw your consent to SMS communications by replying STOP to the SMS message, or you may change your communications preferences by contacting Thatch at support@thatch.com. We may require up to 10 days prior notice of your request to change your Contact Information or communications preferences. We may not be able to accommodate your communications preferences.
Should you provide a phone number for which you are not the subscriber, you understand and agree that you will indemnify us for any and all costs and expenses incurred as a result of us trying to contact you at that number. Costs and expenses include reasonable attorney's fees, if permitted by law. We may monitor and record calls for training and quality assurance purposes.
You are responsible for any and all charges, including fees associated with text messaging, imposed by your communications service provider. By indicating your consent on a mobile device, you also agree to receive alerts about your activity, balances, payments, suspicious activities, and other matters involving your use of the Services through push notifications to your smartphone or other device. Receipt of push notifications may be delayed or prevented by factors beyond our control, including those affecting your internet/phone provider. We are not liable for losses or damages arising from non-delivery, delayed delivery, or the erroneous delivery of any push notification; inaccurate push notification; or your use or reliance on the content of any push notification for any purposes, to the fullest extent permitted by law. Each push notification may not be encrypted and may include your name and information pertaining to your use of the Program. We may terminate your use of push notifications at any time without notice. You may choose to discontinue receiving push notifications by updating your preferences on your smartphone or device.
