Effective January 1, 2025. This Agreement governs your Priyo consumer checking account, issued in partnership with Regent Bank, Member FDIC.
IMPORTANT – PLEASE READ CAREFULLY. THIS AGREEMENT CONTAINS AN ARBITRATION PROVISION (IN SECTION L BELOW), WHICH REQUIRES ALL CLAIMS TO BE RESOLVED BY WAY OF BINDING ARBITRATION.
Priyo Inc. (“Platform”) is providing this Consumer Checking Account Agreement (this “Agreement”) to you on behalf of Regent Bank (“Bank”), a member of the Federal Deposit Insurance Corporation (“FDIC”). The Bank is the provider of the checking account (the “Account”). Bank is also the issuer of the MasterCard® Debit Card (“Card”) pursuant to a license by Mastercard International Incorporated.
As used in this Agreement the words “we”, “our”, and “us” refer to Bank, our successors, affiliates, or assignees, and the words “you” and “your” refer to you, the individual, and the Account holder and Card holder, who agrees to be bound by this Agreement, as well as anyone else with the authority to deposit, withdraw, or exercise control over the funds in the Account and anyone else that you authorize to use a Card.
If enabled by the Platform, the Card is linked to the Account. Use of the Account and Card is governed by this Agreement. Access to your Account and the services under this Agreement are available only through the website and/or phone application (collectively, the “Platform App”) of Platform.
Platform is responsible for making the Platform App available to you and as a result, some services under this Agreement may not be available to you. You should review your agreement with Platform for a complete list of services available. For a list of the services enabled and made available to you by the Platform, please visit the Platform App.
You may only use the Account and Card for personal, family or household purposes, and we may close the Account and Card if we determine either is being used for business purposes.
This Agreement includes the Privacy Policy described in Section C. Access to your Account and the services offered under this Agreement shall be accessed through the Platform App unless we notify you otherwise. YOU UNDERSTAND THAT BY OPENING AN ACCOUNT THROUGH THE PLATFORM APP, YOU AUTHORIZE BANK TO ACCEPT ALL INSTRUCTIONS PROVIDED TO BANK BY PLATFORM ON YOUR BEHALF.
Initial Deposit and Balance
There is no initial deposit or minimum balance required to open this Account. But you may deposit a minimum amount to gain full access.
Interest Rate
N/A
Annual Percentage Yield (APY)
N/A
Fees to Bank
There are no fees charged by Bank for this Account.
Transaction Limitations
The transaction limitations for your Accounts are set forth in Sections E and F.
Additional Fee Disclosure
You are not responsible for paying any fees to Bank for holding this Account. You may be responsible for paying fees to the Platform. To see the fee schedule, please visit https://priyo.com/fees
Introduction. In order to apply for an Account, you must consent to the use of electronic signatures and electronic records for all transactions with us and for all agreements, disclosures, notices and other Communications (as defined below) relating to those transactions. Once you have given your consent, we may deliver or make any of the documents or Communications available to you by posting them in the Platform App and sending you an email notification when they become available.
Your Legal Rights. Certain laws require us to provide specific information to you in writing, which means you are entitled to receive such information on paper. Your consent to receive electronic communications does not mean that we must provide information to you in electronic form when the law requires us to provide information on paper. You have the right to receive a paper copy of any Communication. You may contact Platform at any time to request a paper copy of any Communication. Platform will provide you with the paper copy within a reasonable period of time after receiving your request. Platform may charge you a fee to provide a paper copy.
How to Withdraw Your Consent. You may withdraw your consent to receive electronic Communications by contacting Platform. If you withdraw your consent to receive electronic Communications, Bank may terminate this Agreement and close your Account.
Updating Your Electronic Address. It is your responsibility to provide Platform with your current email address. If your email address changes, you must promptly update this information through the Platform App. Platform is not responsible for your failure to receive any Communication due to you not providing an updated email address.
Eligibility. The Account is available to consumers who are citizens, permanent residents or non-permanent resident aliens in the United States on a valid long-term visa, at least eighteen (18) years of age, and with a valid Social Security Number or a Tax Identification Number. All deposits and withdrawals must be in U.S. dollars. You must agree to accept electronic, rather than paper statements, as provided above.
Ownership of Account. The Account is a single-party account. A joint account is not permitted.
Authorized Signers. By accepting this Agreement, you represent and warrant that you are authorized to use the Account. You may not add any additional signers to the Account.
Account Records. You agree to examine your periodic statements promptly after receipt. If you disagree with any item on a statement, you must notify us within sixty (60) days of the mailing or availability of that statement. If you do not do so, we may treat such items as correct.
Privacy Policy. Our Privacy Policy governs the collection and use of your personal information. By using the Account you consent to the terms of our Privacy Policy, which may be updated from time to time. The most current version will be posted in the Platform App.
Patriot Act Notice.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 your driver’s license or other identifying documents.
Which Accounts Bear Interest. Your Account will bear interest as described in this Section.
Rate Information. The initial interest rate and APY for the Account appear in the Account Opening Disclosures. This is a variable rate account. We may, at our discretion, change the interest rate and APY for your Account at any time; this may be changed daily. Platform will notify you of any change in the interest rate and APY for your Account by posting the new interest rate on the Platform App.
Accrual of Interest. Interest begins to accrue no later than the business day that we receive credit for the deposit of non-cash items (for example, checks). Interest will accrue on the daily collected balance in your Account. The daily collected balance is the amount of money in the Account at the end of each business day. Interest will accrue from the date of deposit to, but not including, the date of withdrawal.
Compounding and Crediting. Interest will be compounded and credited to the Account monthly. If you close your Account before interest is credited, you will not receive the accrued interest.
You can make deposits into your Account using any of these methods (if enabled by the Platform): ACH transfers (debit) initiated from us or a linked bank account; Incoming wires; Incoming real-time payments; and direct deposits. All deposits are subject to frequency and dollar limits as published in the Platform App.
We may refuse or return any deposit. Deposits not made in U.S. dollars will be rejected. The payee name on any direct deposits or credits we receive should match the Account owner name associated with the Account. Any deposits received in any other name may be returned.
Substitute Checks. If we provide substitute checks, the following policy applies: a substitute check is the legal equivalent of the original check and includes all the information contained on the original check. You are entitled to special protections with regard to substitute checks. Please contact Platform for complete details.
In addition to those withdrawals using your Card (if applicable) described in Section J below and Instant Push to Card Transactions described in Section L below, you can make withdrawals from your Account using any of these methods (if enabled by the Platform): ACH transfers; outgoing wires; real-time payments; and P2P transfers. All withdrawals are subject to frequency and dollar limits as published in the Platform App.
You may not make a withdrawal from the Account in excess of your available balance. If you attempt to overdraw the Account, we will decline the transaction. We do not offer overdraft protection. You agree that we are not liable for the failure to honor a payment in the event that your Account does not have sufficient available funds.
Transaction Holds. We may place a hold on your Account for a period of time in connection with certain transactions. During any hold, the funds subject to the hold will not be available for withdrawal. You can view any current holds on your Account through the Platform App.
Availability. We make funds available according to the type of deposit and when the funds are applied or credited to your Account. Some types of deposits may not be available for immediate use. When we delay the availability of funds or place a hold on a deposit made to your Account, you may not withdraw those funds, and we will not use them to pay any debits, such as ACH transfers or payments, check payments or, if available, transactions using your debit card during the deposit hold period.
We have the right to refuse any deposit. If final payment is not received on any check you have deposited, or if a check you have deposited is returned to us unpaid, we will deduct the amount of the check from your Account.
Longer Delays May Apply. In some cases, we will not make all of the funds that you deposit by check available to you immediately. Depending on the type of check that you deposit, funds may not be available until the first business day after we receive your deposit. The first $225 of your deposits, however, may be available immediately. If we are not going to make all of the funds from your deposit available immediately, we will notify you at the time you make your deposit.
Electronic Transfers. If enabled by Platform, you may originate transfers to and from your Account as provided in Sections E and F of this Agreement. These requests must be made via the Platform. In the case of electronic transfer requests from an external bank account to your Account, we will complete such requests only if the funds are being transferred from your linked external account.
Your Liability for Unauthorized Transfers. Tell us AT ONCE if you believe your Card has been lost or stolen, 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 (plus your maximum overdraft line of credit). If you tell us within 2 business days after you learn of the loss or theft of your Card, you can lose no more than $50 if someone used your Card without your permission.
If you do NOT tell us within 2 business days after you learn of the loss or theft of your Card, and we can prove we could have stopped someone from using your Card without your permission if you had told us, you could lose as much as $500.
Also, if your statement shows transfers that you did not make, including those made by card, code or other means, tell us at once. If you do not tell us within 60 days after the statement was mailed to you, you may not get back any money you lost after the 60 days if we can prove that we could have stopped someone from taking the money if you had told us in time.
To report an unauthorized transfer or error, contact Platform at: [email protected] or +1-408-409-4868, Priyo Inc., 2983 Sicily Way, Lewisville, TX 75067.
If enabled by Platform, you may originate transfers to and from your Account via wire transfer as provided in Sections E and F of this Agreement. Subject to the terms and conditions of this Agreement, you hereby authorize Bank and Bank hereby agrees to honor, execute and charge to the Account all requests for the wire transfer of funds you make through the Platform App.
Cut-Off Times. Wire transfer requests must be submitted by the time set forth in the Platform App to be processed on the same business day. Requests received after the cut-off time will be processed on the next business day.
Security Procedures. You agree that the security procedures for wire transfers set forth in this Agreement and in the Platform App are commercially reasonable. You will be bound by any payment order issued in your name through the Platform and accepted by us if we followed the security procedures, even if the payment order was not authorized by you.
Errors.Wire transfers may not be cancelled or recalled once processed. You are responsible for ensuring the accuracy of all wire transfer details, including the recipient’s name, account number, and routing number. We are not liable for wire transfers sent to incorrect accounts due to errors in the information you provide.
Debit Card. If enabled by Platform, you may use a Card to access or use funds in your Account. The Card is a debit card that allows you to have access to your Account to perform electronic funds transfers. You must activate your Card prior to use. You can activate it by accessing the Platform App. You are responsible for all authorized transactions initiated and fees incurred in connection with use of the Card.
If you permit another person to have access to the Card or your Card credentials, we will treat this as if you have authorized such use and you will be liable for all transactions and fees incurred in connection with such use.
Card Limitations. Your Card is subject to daily transaction limits and frequency limits. You may use your Card to obtain cash at an ATM that displays the applicable network logo. ATM operators may impose their own fees. You may use your Card to make purchases at merchants that display the applicable network logo. All Card transactions are subject to verification and approval.
Card Replacement. If your Card is lost, stolen, or damaged, contact Platform at [email protected] to request a replacement. A replacement fee may apply.
Foreign Transactions. If you use your Card outside the United States, Mastercard may assess a foreign transaction fee. Currency conversion will be handled by Mastercard at the applicable exchange rate. Please refer to the fee schedule at priyo.com/fees for details.
If enabled by Platform, you may fund your Account instantly using an eligible debit card (Instant Account Funding) or instantly transfer funds from your Account to an eligible debit card (Instant Push to Card). You will have to link the debit card to the Account using the Platform App and provide such additional information requested on the Platform App regarding the transaction, and the debit card must be enabled by the payment network for instant transfer services.
These transactions operate through card networks (Visa Direct and Mastercard MoneySend). Cross-border transactions and credit cards are not eligible for instant transfers. Instant transfers are subject to per-transaction and daily limits as published in the Platform App. Instant transfers may incur fees as set forth in the fee schedule at priyo.com/fees.
Assignment; Transfer; Non-Waiver.The Account and your obligations under this Agreement may not be assigned. We may transfer our rights under this Agreement. Platform is an agent of Bank for some purposes and will be responsible for carrying out some of Bank’s responsibilities under this Agreement as Bank’s agent, including receiving notices from you, responding to any notices relating to questions or complaints concerning your Account or Card, and carrying out other responsibilities described in this Agreement.
Governing Law. This Agreement and your Account are governed by federal law and, to the extent that state law applies, the laws of the State of Oklahoma where Bank is located, regardless of the state in which you reside.
Arbitration. PLEASE READ THIS SECTION CAREFULLY. IT AFFECTS YOUR LEGAL RIGHTS. Any dispute, claim, or controversy arising out of or relating to this Agreement or your Account shall be resolved by binding arbitration, rather than in court, except that you may assert claims in small claims court if your claims qualify. This arbitration provision applies to all disputes arising under this Agreement and your use of the Account and Card. BY AGREEING TO ARBITRATION, YOU ARE WAIVING YOUR RIGHT TO A JURY TRIAL.
Amendment. We may amend or change the terms of this Agreement at any time by posting an updated version in the Platform App. We will provide you with at least thirty (30) days prior notice of material changes. Your continued use of the Account after the effective date of the updated Agreement constitutes your acceptance of the changes.
Severability. If any provision of this Agreement is found to be invalid or unenforceable, it will be modified to the minimum extent necessary to make it valid and enforceable. The remaining provisions of this Agreement will remain in full force and effect.
Entire Agreement. This Agreement, together with any other agreements, policies, and disclosures incorporated herein by reference, constitutes the entire agreement between you and Bank with respect to the Account and supersedes all prior agreements, representations, and understandings.
Contact Information. For questions about your Account, contact Platform at: [email protected] or +1-408-409-4868. Mailing address: Priyo Inc., 2983 Sicily Way, Lewisville, TX 75067.
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