Terms & Conditions
General Deposit Terms & Conditions
General Account Terms
Definitions: Throughout these terms and conditions (“Terms”), these terms have the following meaning:
- “You,” “your,” and “account owner” refer to the Client whether or not there are one or more Clients named on the account.
- “We,” “our,” and “us” refer to the Bank, Battle Bank, N.A..
- “Item” or “items,” as defined by Article 4 of the Uniform Commercial Code (UCC), means an instrument or a promise or order to pay money handled by a financial institution for collection or payment. The term includes a check but does not include a payment order governed by Article 4A of the UCC or a credit or debit card slip.
- “Debit transactions,” “debit,” or “debits” refer to funds that are taken out of your account. Common types of debits may include: checks that you have written, ACH payments, wire transfers, PIN-based debit card transactions, and signature-based debit card transactions.
- “Credit transactions,” “credit,” or “credits” refer to deposits of funds into your account. Common types of credits include: cash deposits, direct deposits, check deposits, and ACH and wire transfers made payable to you. Credits are generally added to your account and are made available to you in accordance with our funds availability schedule.
- “Financial intermediary” means any person doing business in Minnesota who offers transaction accounts to the public.
- “Transaction account” means a deposit or account established and maintained by a natural person(s) for personal, household, or business purposes, on which the account owner is permitted to make withdrawals by negotiable or transferable instruments, payment orders of withdrawal, or other similar device for the purpose of making payments or transfers to third persons or others, including demand deposits or accounts subject to check, draft, negotiable order of withdrawal, share draft, or other similar item. A transaction account does not include the deposit or account of the personal representative of an estate or the trustee of a trust.
- “Business days” are Monday through Friday excluding holidays.
“Banking Day” is between 8:00 a.m. and 6:00 p.m. central time Monday through Friday.
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 your driver’s license or other identifying documents.
You understand that the following terms and conditions (“Terms”) and any other documents applicable to your account that are provided to you govern your Account(s) with us. You understand that your account is also governed by applicable law. These Terms may change from time to time in our sole discretion. If the fees, charges, minimum balance requirements, or other provisions change in a manner that would adversely affect you, we will provide you with written notice prior to the change as required by applicable law. You acknowledge and agree to these Terms governing your account with us and you accept these Terms by using any of your deposit account services.
Account Ownership Descriptions
Multiple-Party With Right of Survivorship and P.O.D. (Payable on Death) Designation. A multiple-party account with right of survivorship and P.O.D. (Payable on Death) designation permits the parties to transfer the account upon the death of all parties to named P.O.D. beneficiaries. Any party may withdraw all or some of the account during the party’s lifetime. The parties own the account in proportion to their net contributions, absent clear and convincing evidence of a different intent. Upon the death of a party, ownership passes to the surviving party or parties rather than passing as part of the decedent party’s estate. If two or more parties survive the decedent party, then the decedent’s ownership passes to the surviving parties in equal shares unless otherwise indicated. The parties may change the named P.O.D. beneficiaries at any time by written direction in a form acceptable to us. At the death of the last surviving party, ownership passes to the surviving P.O.D. beneficiaries and is not part of the last surviving party’s estate. If two or more P.O.D. beneficiaries survive the party, then they will be entitled to equal shares of the account without a right of survivorship, unless otherwise indicated. If no P.O.D. beneficiary survives and there is only one surviving party, then the account will be treated as a single-party account without P.O.D. (Payable on Death) designation and upon the death of that party, ownership passes as part of that party’s estate. If two or more parties survive all P.O.D. beneficiaries, then the account will be treated as a multiple party account with right of survivorship. A right of survivorship may be changed by a specific reference by a valid will and must be confirmed in writing to the financial institution by the probate court.
Accounts for Minors. If an account is established for a minor as a joint account with an owner who has reached the age of majority in accordance with state law, they are jointly and severally liable to us for any returned Item, overdraft, or unpaid amount on such account and for any related fees and charges. We may pay funds directly to the minor regardless of their age. Unless a parent or guardian is an account owner, the parent or guardian will not have access to the account. We have no duty to inquire about the use or purpose of any transaction except as required by applicable law. We may not change the account status when the minor reaches the age of majority unless the change is authorized in writing by all account owners.
Custodial Account for Minors. Generally, a custodial account is established under the applicable state Uniform Transfers (or Gifts) to Minors Act and used for the transfer of money to a minor. The transfers are complete and irrevocable and the funds in the account belong to the minor but are controlled by, and listed in the name of, the custodian. The law of the state where the custodian resided when the account was opened determines when the minor reaches the age of majority under the applicable Uniform Transfers (or Gifts) to Minors Act. Until the minor reaches the age of majority, withdrawals are paid only upon the signature of the custodian or as required or permitted by law. The minor has unconditional use of the account when he or she reaches the age of majority. Before that time, the account may be accessed only by the custodian (or successor custodian), and the funds must be used for the benefit of the child. We, however, have no duty or agreement whatsoever to monitor or ensure that the acts of the custodian (or successor custodian) are for the minor’s benefit. The custodian is the only party authorized to act on the account until the minor reaches the age of majority.
Your Choice of Account. You have instructed us as to the title and type of the account that you have chosen. You acknowledge that it is your sole responsibility to determine the full legal effect of opening and maintaining the type of account you have chosen. We have not set forth all laws that may impact your chosen account. For example, there are conditions that may need to be satisfied before transferring accounts due to death or other events as well as reductions to an account required or permitted by law. You must determine whether the account you select is appropriate for your current and future needs. Except as required by law, we assume no legal responsibility to inform you as to the effect of your account choice on your legal interests.
Authorization To Obtain Information. You authorize us to check your account, credit and employment history, and obtain reports from third parties, including credit and consumer reporting agencies, to verify your eligibility for the account, products and services you request and for other accounts, products, or services we may offer you or for which you may qualify.
Transfers and Assignments. We may assign or transfer any or all of our interest in this account. You cannot assign or transfer any interest in your account unless we agree in writing.
Financial Exploitation. As permitted by law, we may act or decline to act to prevent, stop, or mitigate financial exploitation of an adult. For example, we may (1) delay, decline, or place a hold on a transaction or disbursement involving the adult; (2) approve or deny other requests or modifications to the account, such as a transfer of funds, change in ownership, or change in beneficiaries; or (3) notify a third party of the financial exploitation. We will not be liable for the actions we take on the account if we acted in good faith and exercised reasonable care. For purposes of this section, “adult” means vulnerable adult, elder adult, senior adult, eligible adult, or other person as defined by applicable law.
Authorized Signer (POA) Designation. If you designate an agent, your named agent may make account transactions for parties but has no ownership or rights at death unless named as a POD (pay on death) beneficiary. If you designate that the agent shall continue to have power after your disability or incapacity, the agent’s authority survives your disability or incapacity. The agent may act for a disabled or incapacitated party until the authority of the agent is terminated. If you designate that the agent shall not have power after your disability or incapacity, the agent’s authority terminates upon your disability or incapacity. If you fail to specify whether or not the agent’s authority survives or instead terminates upon your disability or incapacity, the authority will be presumed to survive your disability or incapacity. Death of the sole party or last surviving party terminates the authority of the agent. We may continue to rely on the agency designation to the extent permitted by law, until we have proper notice of an event of termination and have had a reasonable period of time to act upon it. If you wish to name another person to act as your attorney in fact or agent in connection with your account, we must approve the form of appointment.
Community Property. When the account is a joint account between two parties authorized by law to hold community property together and the account is titled as joint tenants with right of survivorship, the account will be owned by the parties who fund the account with community property and hold the property with right of survivorship. Upon the death of either party, the property will vest in and belong to the surviving party. If the account is titled without an indication that it is owned as joint tenants with rights of survivorship, the account will be owned by the parties and all property in the account, including earnings, will be held as community property without right of survivorship; and upon the death of either party, one-half of the property will vest in and belong to the estate of the deceased party. If you are residing in a community property state, you and your spouse may be required to complete additional documentation if your spouse is not an account owner on the joint account or designated as your primary beneficiary on the account.
Multiple Account Owners. If there is more than one account owner for your account, all deposits are the property of the person(s) indicated on the account. We may release all or any part of the amount in the account to honor checks , orders, or other items, or withdrawals or requests from any person named on this account. Any person named on the account is liable for an amount equal to the overdrawn balance plus any overdraft fees regardless of whether he or she signed the item or benefited from the proceeds of the item. Upon receiving written notice from any person named on the account, we may freeze the account. The account may be frozen until we receive written notice, signed by an authorized account owner, as to the disposition of funds. We may also freeze the account upon receipt of notice of the death or incapacity of an account owner until we have received all necessary documentation to establish to whom payment should be made. We may use the funds to satisfy a debt or judgment of any person named on this account if ordered to do so by a court of law.
Restrictive Legends. We are not required to honor any restrictive legend on checks you write unless we have agreed to the restriction in writing signed by an officer of the Bank. Examples of restrictive legends are “two signatures required”, “must be presented within 90 days”, or “not valid for more than $1,000.00.”
Stale or Postdated Checks. We reserve the right to pay or dishonor a check more than six (6) months old without prior notice to you. You agree not to postdate any check drawn on the account. If you do, and the check is presented for payment before the date of the check, we may pay it or return it unpaid. We are not liable for paying any stale or postdated check. Any damages you incur that we may be liable for are limited to actual damages not to exceed the amount of the check.
Preauthorized Checks or Drafts. You should guard information about your account (such as your routing number and your account number) as carefully as you would guard blank checks. If you voluntarily give such information about your account to a party which is seeking to sell you goods or services, without physically delivering a check to that party, any debit to or withdrawal from your account it initiates will be deemed authorized by you.
Verifying Funds Availability For Check. You authorize us to release funds availability information about your account to individuals or merchants who represent to us that they have received a check from you.
Check Safekeeping. If you utilize a check safekeeping system or any other system offered by us for the retention of your checks , you understand that the canceled checks will be retained by us and destroyed after a reasonable time period or as required by law. Any request for a copy of a check may be subject to a fee indicated in the Fee Schedule included in these Terms and as allowed by law. If for any reason we cannot provide you with a copy of a check , our liability will be limited to the lesser of the face amount of the check or the actual damages sustained by you.
Your Responsibility For Back of Check. All negotiable paper (“checks”) presented for deposit must be in a format that can be processed and we may refuse to accept any check that does not meet this requirement. All endorsements on the reverse side of any check deposited into your account must be placed on the left side of the check when looking at it from the front, and the endorsements must be placed so as not to go beyond an area located 1-½ inches from the left edge of the check when looking at it from the front. It is your responsibility to ensure that these requirements are met and you are responsible for any loss incurred by us for failure of an endorsement to meet this requirement.
Electronic Checks and Electronically-Created Items. Pursuant to Regulation CC, electronic checks may be treated the same as paper checks for check collection and processing purposes. See the Substitute Checks section for more information.
Electronically-created items (“ECI”) are check-like items created in electronic form that never existed in paper form. For example, you set up automatic bill payments with us to pay your utility bill. From your account information, we create an ECI that is sent to your utility company for payment. An ECI cannot be used to create a substitute check since it never existed in paper form.
Substitute Checks. To make check processing faster, federal law permits financial institutions to replace original checks with “substitute checks.” These substitute checks are similar in size to the original checks with a slightly reduced image of the front and back of the original check. The front of a substitute check states: “This is a legal copy of your check. You can use it the same way you would use the original check.” You may use a substitute check as proof of payment just like the original check. Some or all of the checks that you receive back from us may be substitute checks. An electronic check can be used to create a substitute check since the electronic image and electronic information was derived from its paper form.
Remote Deposit Capture. Remote deposit capture (“RDC”) allows you to make deposits to your account from remote locations by electronically transmitting digital images of your original paper checks, which are drawn on or payable through United States financial institutions in United States dollars to us. We may then use the digital image to create an electronic check or substitute check for collection. If you use our RDC services, if applicable, we may require you to endorse the back of the paper check to indicate that it has been remotely deposited. For example, “for mobile deposit only” or “for mobile deposit at Battle Bank, N.A. only.”
Remotely Created Checks. A remotely created check, as defined in Regulation CC, means a check that is not created by the paying bank and that does not bear a signature applied, or purported to be applied, by the person on whose account the check is drawn. By having a deposit account with us, you certify that all remotely created checks deposited to your account(s) will be expressly and verifiably authorized by the payer. And we reserve the rights to refuse for deposit any such remotely created check if we have any reason to believe that the check is fraudulent in any manner and to obtain from you the payer’s express, verifiable authorization for any such check.
Withdrawals. Deposits will be available for withdrawal consistent with these Terms or other disclosures. Withdrawals may be subject to a service charge.
Deposits. Deposits may be made in person, by mail, or in another form and manner as agreed by us in our sole discretion. We are not responsible for transactions mailed until we actually receive and record them. We may in our sole discretion refuse to accept particular instruments as a deposit to your account. Cash deposits are credited to your account according to these Terms and can be made at our branch location located at 105 South Main Street Upsala, MN 56384 or at any MoneyPass Network ATM location. We do not accept any cash deposits of foreign currency or foreign currency deposits in the form of checks. Other items you deposit are handled by us according to our usual collection practices. If an item you deposit is returned unpaid, we will debit your account for the item and adjust any interest earned. You are liable to us for the amount of any check you deposit to your account that is returned unpaid and all costs and expenses related to the collection of all or part of such amount from you. Funds deposited to your account, excluding any Time Deposit accounts, are available in accordance with the Disclosures.
Collection of Deposited Items. In receiving items for deposit or collection, we act only as your agent and assume no responsibility beyond the exercise of ordinary care. All items are credited subject to final settlement in cash or credits. We shall have the right to forward items to correspondents including all Federal Reserve Banks, and we shall not be liable for default or neglect of said correspondents for loss in transit, nor shall any correspondent be liable except for its own negligence. You specifically authorize us or our correspondents to utilize Federal Reserve Banks to handle such items in accordance with provisions of Regulation J (12 CFR Part 210), as revised or amended from time to time by the Federal Reserve Board. In the event we are subject to local clearing house rules, you specifically authorize us to handle such items in accordance with the rules and regulations of the clearing house.
If we permit you to withdraw funds from your account before final settlement has been made for any deposited item, and final settlement is not made, we have the right to charge your account or obtain a refund from you. In addition, we may charge back any deposited item at any time before final settlement for whatever reason. We shall not be liable for any damages resulting from the exercise of these rights. Except as may be attributable to our lack of good faith or failure to exercise ordinary care, we will not be liable for dishonor resulting from any reversal of credit, return of deposited items or for any damages resulting from any of those actions.
Statements. We will provide you with a periodic statement showing the account activity. The statement will be made available to you electronically unless otherwise requested. You may request a paper statement by contacting Battle Bank Client Solutions Team at 855.922.8853 (BATTLE). The account owner who receives this statement is the agent for his/her co-account owner(s) for purposes of receiving the statement and items. You must exercise reasonable care in reviewing your statement and reasonable promptness in notifying us of any discrepancies, such as alterations or forged or unauthorized signatures, even if by the same wrongdoer. Reasonable promptness will not exist if you fail to notify us within thirty (30) days after we make the statement available to you. If you fail to notify us of any discrepancies, with reasonable promptness, your right to assert such discrepancies will be barred or limited to the extent permitted by law. Additionally, you agree that we will not be liable for discrepancies reported to us after one year after we mail or otherwise make the statement or items available to you, even if we failed to exercise ordinary care. If you do not receive a statement from us because you have failed to claim it or have supplied us with an incorrect address or email address, we may stop sending your statements until you specifically make written request that we resume sending your statements and you supply us with a proper address.
Electronic Statements and Notices. You will have statements, notices and tax documents regarding this account(s) provided to you through our online banking portal. You will receive notifications when new statements, notices and tax documents are available for you in online banking. These notifications will be delivered to you via your preferred notification delivery method: Email or SMS text message. You may change your preferred notification method at any time by logging in to online banking under “Settings”, “My Profile”. You may also opt to receive paper statements, notices and tax documents. To request paper, you must contact Client Solutions Team at 855.922.8853 (BATTLE). Please note, additional fees for paper delivery may apply. See our Fee Schedule for details.
ACH and Wire Transfers. This Agreement is subject to Article 4A of the Uniform Commercial Code – Funds Transfers as adopted in the State of Minnesota. If you send or receive a wire transfer, you agree that Fedwire® Funds Service may be used. Federal Reserve Board Regulation J is the law that covers transactions made over Fedwire® Funds Service. When you originate a funds transfer for which Fedwire® Funds Service is used, and you identify by name and number a beneficiary financial institution, an intermediary financial institution or a beneficiary, we and every receiving or beneficiary institution may rely on the identifying number to make payment. We may rely on the number even if it identifies a financial institution, person or account other than the one named.
If you are a party to an Automated Clearing House (“ACH”) entry, you agree that we may transmit an entry through the ACH, and you agree to be bound by the National Automated Clearing House Association (“Nacha”) Operating Rules and Guidelines, the rules of any local ACH, and the rules of any other systems through which the entry is made.
Provisional Payment. Credit we give you is provisional until we receive final settlement for that entry. If we do not receive final settlement, you agree that we are entitled to a refund of the amount credited to you in connection with the entry, and the party making payment to you via such entry (i.e., the originator of the entry) shall not be deemed to have paid you in the amount of such entry.
International ACH Transactions. If your transaction originates from a financial agency that is outside of the territorial jurisdiction of the United States, it may be subject to additional review for compliance with the rules of the Office of Foreign Assets Control (OFAC). If additional review is required, the International ACH transaction will not be available to you until it passes final verification.
Notice of Receipt. We will not provide you with notice of our receipt of the order, unless we are so requested by the transfer originator in the order. However, we will continue to notify you of the receipt of payments in the periodic statements we provide to you.
Choice of Law. We may accept on your behalf payments to your account which have been transmitted, that are not subject to the Electronic Fund Transfer Act, and your rights and obligations with respect to such payments shall be construed in accordance with and governed by the laws of Minnesota.
Direct Deposits. We may offer direct deposit services, including preauthorized deposits (e.g., payroll checks, Social Security or retirement checks, or other government checks) or preauthorized transfers from other accounts. If your account is overdrawn, you authorize us to deduct the amount of the overdraft from any deposit, including deposits of government payments or benefits. If we are required to reimburse the U.S. government for any benefit payment directly deposited into your account, we may deduct the amount returned from any of your accounts, unless prohibited by law.
Stop Payments
Stop Payments. We have a daily cutoff time by which we must receive any knowledge, notice, Stop Payment Order, set-off or legal process affecting our right or duty to pay a check. That cutoff time is one hour after the opening of our Banking Day, following the banking day on which we received the check. Our Banking Day is between 8:00 a.m. and 6:00 p.m. central time Monday through Friday.
Stop Payment on Checks. You may stop payment on a check drawn against your account by a record or written order or other confirmation as allowed by us, provided that we receive the Stop Payment Order in a time and manner that gives us a reasonable opportunity to act on it. The Stop Payment Order must describe the check or account with reasonable certainty. Oral requests for a Stop Payment Order are binding on us for fourteen (14) calendar days only and must be confirmed by you in a record or writing within that period. Upon receipt of confirmation in a record or writing, a Stop Payment Order on a check remains in effect for (6) six months or until we receive a record or writing revoking the Stop Payment Order, whichever occurs first. If the check on which a Stop Payment Order has been placed has not cleared or been returned to you by the payee, you may renew the Stop Payment Order for an additional six months by providing a request to us in a record or writing within the time period the Stop Payment Order is in effect. You understand that we may accept the Stop Payment Order request from any of the authorized signers of the account regardless of who signed the check.
Stop Payment on ACH Debits. A Stop Payment Order may be placed on either a one-time debit transfer or on a multiple debit entry transfer. If you request a Stop Payment Order on an Electronic Check Conversion or other one-time debit transfer, we must receive the request, orally or in a record or writing, in a period of time that provides us a reasonable opportunity to act on it prior to acting on the debit entry, otherwise the Stop Payment Order shall be of no effect. If you requested a stop payment on a multiple debit entry transfer, we must receive the Stop Payment Order, orally or in a record or writing, at least three business days before a scheduled multiple debit entry. Oral stop payment orders are binding on us for fourteen (14) calendar days only and must be confirmed by you in a record or writing within that period. A Stop Payment Order on an ACH debit will remain in effect until the earlier of 1) your withdrawal of the Stop Payment Order, or 2) the return of the debit entry, or, where a Stop Payment Order is applied to more than one debit entry under a specific authorization involving a specific payee (Originator), the return of all such debits. When a stop is placed on a multiple debit entry transfer, we may require your confirmation in a record or writing stating that you have canceled your authorization for the transfer with the payee (a Stop Payment Order does not revoke authorization).
The Stop Payment Order shall be governed by the provisions of the Uniform Commercial Code 4A in effect in the state in which we are located, the Electronic Fund Transfer Act (Regulation E), Nacha Operating Rules, and any applicable state law..
You may be charged a fee every time you request a Stop Payment Order, and for each Stop Payment Order renewal you make. See our Fee Schedule for details. A release of the Stop Payment Order may be made by the person who initiated the stop payment request or any of the authorized signers on the account. Our acceptance of a stop payment request does not constitute a representation by us that the item has not already been paid or that we have had a reasonable opportunity to act on the request.
Death or Incompetency. Neither your death nor a legal adjudication of incompetence revokes our authority to accept, pay, or collect items until we know of the fact of death or of an adjudication of incompetence and have a reasonable opportunity to act on it. To the extent permitted by law, even with knowledge, we may for 10 days after the date of death, pay checks drawn on or before the date of death unless ordered to stop payment by a person claiming an interest in the account.
Non-Sufficient Funds and Overdrafts - Available Balance
How We Decide To Pay An Item or Debit. We use an available balance method to determine if there are sufficient funds in your account to pay an item or debit transaction. The available balance reflects deposits and transactions that have been posted to your account, such as checks you have written, and transactions that have been authorized but not yet posted to your account, including deposit holds and holds on debit card transactions that have been authorized but not yet posted (i.e., preauthorization holds). These pending transactions and holds reduce your available balance. For example, you have $100 in your account and a pending transaction of $30. Your available balance is $70 because the pending $30 transaction reduces your available account balance. If there are insufficient funds to pay a debit transaction or item based on your available balance, we may either: 1) return the debit or item or 2) pay the debit or item at our discretion. If we do pay the item, but there aren’t enough funds in your account at that time, you could overdraft your account. We won’t ever charge an overdraft fee when that happens – you’re only responsible for paying back the overdraft amount. If we return the item due to insufficient funds, we will not charge you a return item fee, but you may incur fees from the institution or vendor associated with the returned item.
Return Item For Non-Sufficient Funds. Pursuant to Nacha Operating Rules and Guidelines and other applicable laws, a debit or item may be presented for payment more than one time although Battle Bank will not impose non-sufficient funds fees.
Overdrafts. An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts using our standard overdraft practices. Battle Bank will allow your account to overdraw up to $500.00 for any presented Checks or ACH Debits. There is no fee for this service. It is supplied as a courtesy to you thirty (30) days after your account is opened and funded. If we pay the debit transaction or item on your behalf, you will be responsible for the overdrawn balance. As discussed above, subsequent pending transactions and holds impact your available balance, which may cause your account to become overdrawn. For example, you have $100 in your account. You use your debit card at a gas station and a preauthorization hold of $60 is placed on your account because the amount of the transaction is not known at the time of authorization even though your gas was only $50. The authorization hold reduces your available account balance to $40. You then spend $50 on groceries. If we pay this debit on your behalf, you will be responsible for paying the overdrawn balance within thirty (30) days of the overdraft occurrence. Any overdraft amount exceeding the $500 limit during the same thirty (30) day timeframe will be returned as Non-Sufficient Funds (NSF). If we return the item due to insufficient funds, we will not charge you a return item fee, but you may incur fees from the institution or vendor associated with the returned item. Should the overdrawn balance not be paid within the thirty (30) days your account will be closed.
Processing and Posting Order. We will process debit and credit transactions in accordance with our processing order policy. The processing order of these debits and credits is important because if your account balance has insufficient funds to pay for them in the order that they are processed, you could overdraft your account. We generally post transactions to your account in the order in which we receive them. We post deposits before withdrawals. We reserve the right to post transactions – including ATM withdrawals, wire transfers, debit card transactions, checks and any other type of transaction – in any order we determine. We also reserve the right to change our order of posting from time to time. Since we don’t have control over the order in which other institutions present transactions to us, we can’t always control when transactions post and transactions may not post in the order in which you made the transaction. The order in which we post your transactions may affect whether you have sufficient funds and you could overdraft your account. Transactions conducted by you or received by us on non-Business Days are processed on the next Business Day in which we receive the transaction. Deposits received prior to the day’s cut-off time or from the previous Business Day (see the Funds Availability Schedule in our Terms and Conditions) and posted before the withdrawals.
Signatures. You authorize us, at any time, to charge you for all checks , drafts, orders, or other items for the payment of money, that are drawn on us regardless of by whom or by what means your signature may have been affixed. For withdrawal and other purposes relating to any account you have with us, we are authorized to recognize your signature; and we will not be liable to you for refusing to honor signed instruments or instructions if we believe in good faith that one or more of the signatures appearing on the instrument or instructions is not genuine.
Further, most checks , and other items are processed automatically, i.e., without individual review of each item. Therefore, unless we agree in a separate writing, in our sole discretion, upon your request and due to unique circumstances to conduct individual review of each item, you agree that we are acting within common and reasonable banking practices by automatically processing checks , and other items, i.e., without individual review of each check , or item. You agree to indemnify, defend, and hold us harmless from and against all loss, costs, damage, liability, and other injury (including reasonable attorney fees) that you or we may suffer or incur as a result of this practice.
Fees, Service Charges and Balance Requirements. You agree to pay us and are responsible for any fees, charges, or balance/deposit requirements as included in the Fee Schedule or these Terms. Fees, charges, and balance requirements may change from time to time.
Special Account Instructions. You may request that we facilitate certain trust, will, or court-ordered account arrangements. However, because we do not give legal advice, we cannot counsel you as to which account arrangement most appropriately meets the specific requirements of your trust, will, or court order. If you ask us to follow any instructions that we believe might expose us to claims, lawsuits, expenses, liabilities, or damages, whether directly or indirectly, we may refuse to follow your instructions or may require you to indemnify us or provide us with other protection. We may require that account changes requested by any account owner, such as adding or closing an account or service, be evidenced by a signed document that evidences a change to an account and accepted by us. You and any surviving owner or beneficiary agree to indemnify and hold us harmless from any claim or liability asserted against us as a result of the disposition of funds in reliance on these Terms and any account designations of yours.
Set-Offs and Security Interests. If you ever owe us money as a borrower, guarantor, or otherwise, and it becomes due, we have the right under the law (called “set-off”) and under these Terms (by which you grant us a security interest in your deposit account and any other accounts held by you) to use your account funds to pay the debt, where permitted by law. If your account is held jointly, that is, if there is more than one account owner, we may offset funds for the debt of any one of the joint owners. Similarly, we may also set-off funds from the individual accounts of any one of the joint owners to satisfy obligations or debts in the joint account. The security interest granted by this Agreement is consensual and is in addition to our right of set-off.
Claims. In response to any garnishment, attachment, restraining order, injunction, levy, citation to discover assets, judgment, reclamation, other order of court, or other legal process (“Claim(s)”), we have the right to place a hold on, remove from your account(s) and/or remit to the designated third party(ies) any amount on deposit in your account(s) as set forth in and required by such Claim(s). If the account(s) is/are held jointly, we may place the hold, remove from the account(s) and/or remit the amounts from the account(s) arising from any Claim(s) relating to any one or more of the account owners. In addition, we may charge against your account(s) any fee authorized by law in connection with the Claim(s) or as otherwise set forth in these Terms or other disclosures.
Dormant/Inactive Accounts. You understand that we may charge you fees if your account is dormant or inactive to the extent permitted by the law. You agree that we are relieved of all responsibility if your account balance is escheated (that is, turned over to the state) in accordance with state law.
Attorneys’ Fees and Expenses. You agree to be liable to us for any loss, costs or expenses, including reasonable attorneys’ fees to the extent permitted by law, that we incur as a result of any dispute involving your account, and you authorize us to deduct any such loss, costs or expense from your account without prior notice to you. This obligation includes disputes between yourself and us involving the account and situations where we become involved in disputes between you and an authorized signer, another joint owner, or a third party claiming an interest in the account. It also includes situations where you, an authorized signer, another joint owner, or a third party takes action with respect to the account that causes us, in good faith, to seek the advice of counsel, whether or not we actually become involved in a dispute.
Legal Process Against Account. You agree to be responsible for, to reimburse us, and/or have your account charged for any expenses or reasonable attorney fees we incur due to an attachment, garnishment, levy or subpoena of records of your account. Any garnishment or other levy against your account is subject to our right of set-off and security interest. We may restrict the use of your account if it is involved in any legal proceeding.
Closing Account. We may close the account at any time, with or without cause, after sending you 30 days prior written notice of our intent to close the account. Such a termination will not release you from any fees or other obligations incurred before the termination. Upon the expiration of the 30 days, we will send you a check for the balance in our possession to which you are entitled. However, if we have reasonable suspicion to believe that the account is being used in connection with a check-related fraud or other crime or that funds will not be available to pay items drawn on the account, the notice may be sent the same day as the account is closed.
Our Waiver of Rights. You understand and agree that no delay or failure on our part to exercise any right, remedy, power or privilege available to us shall affect or preclude our future exercise of that right, remedy, power or privilege.
Your Waiver of Notice. You waive any notice of non-payment, dishonor or protest regarding any items credited to or charged against your deposit account. For example, if a check that you deposited is dishonored and returned to us, we are not required to notify you of the dishonor.
Notice. You are responsible for notifying us of any address or name changes, death of an account owner, or other information affecting your account. Notices must be in a form and manner acceptable to us with enough information to allow us to identify the account. Notice sent by you to us is not effective until we have received it and have had a reasonable opportunity to act upon it. Written notice sent by us to you is effective when sent to you via your preferred notification delivery method.
Liability. If we do not properly complete a transaction according to these Terms, we will be liable for your losses or damages not to exceed the amount of the transaction, except as otherwise provided by law. We will not be liable if, for example: (1) your account contains an insufficient available balance for the transaction; (2) circumstances beyond our control prevent the transaction; (3) your loss is caused by your or another financial institution’s negligence; or (4) your account funds are subject to legal process or other claim. We will not be liable for consequential damages, except liability for wrongful dishonor. We are not responsible for a check that is paid by us if we acted in a commercially reasonable manner and exercised ordinary care. We exercise ordinary care if our actions or non-actions are consistent with applicable state law, Federal Reserve regulations and operating letters, clearing house rules, and general financial institution practices followed in the area we serve. You grant us the right, in making payments of deposited funds, to rely exclusively on the form of the account and the terms of these Terms. Any conflict regarding what you and our employees say or write will be resolved by reference to these Terms.
Taxpayer Identification Number and Backup Withholding. You must provide a taxpayer identification number (hereinafter TIN) with your account with us. If you fail to provide your TIN within a reasonable time, we may suspend opening your account or close your account and return the balance to you, less any applicable service fees. Your failure to furnish a correct TIN or meet other requirements may result in backup withholding. If your account is subject to backup withholding, we must withhold and pay to the Internal Revenue Service a percentage of payments.
Telephone and Electronic Communication. You agree that we may call or send text messages to you at the telephone numbers that you provide to us, including a cell phone number, which may result in charges to you, for informational purposes regarding your account(s) with us. These calls and text messages may be made from an automatic telephone dialing system (i.e., an autodialer) or from an artificial or prerecorded voice message system. Additionally, you agree that we may send electronic communication to you at the email addresses you provide to us. You may contact us at any time if you no longer want to receive these communications from us. You also agree that we may monitor and record telephone and electronic communications that affect your account(s) with us to the extent permitted by law. We need not provide further notice to you or receive additional approval.
Online or Mobile Services. If you open an account or obtain a product or service from us using our online or mobile services, we may record your personal information from a scan or a copy of your driver’s license or other personal identification card, or we may receive an image or make a copy of your driver’s license or other personal identification card. We may store or retain this information to the extent permitted by law.
Amendments and Alterations. You agree that the terms and conditions governing your account may be amended by us from time to time. We will notify you of amendments as required by applicable law. Your continued use of the account evidences your agreement to any amendments. Notices will be sent to the most recent email address shown on the account records. Only one notice will be given in the case of joint account owners.
Severability. If a court for any reason holds a provision of these Terms to be unenforceable, the rest remains fully enforceable. All headings are intended for reference only and are not to be construed as part of these Terms.
Enforcement. You are liable to us for any losses, costs, or expenses we incur resulting from your failure to follow these Terms. You authorize us to deduct any such losses, costs, or expenses from your account without prior notice to you. If we bring a legal action to collect any amount due under or to enforce these Terms, we shall be entitled, subject to applicable law, to payment of reasonable attorney’s fees and costs, including fees on any appeal, bankruptcy proceedings, and any post judgment collection actions.
Effective Applicable Laws and Regulations. You understand that these Terms and Conditions and this Agreement are governed by the laws of Minnesota, except to the extent that federal law is controlling and includes, but is not limited to, Article 4A of the Uniform Commerical Code. Changes in these laws and regulations may modify these Terms and Conditions of your account. We do not have to notify you of these changes, unless required to do so by law. If any of these Terms of this Agreement come into conflict with the applicable law and are declared to be invalid or unenforceable, they will be nullified to the extent that they are inconsistent with the law and the applicable law will govern. However, this shall not affect the validity of the remaining provisions.
Additional Business Account Deposit Account Terms and Conditions
Additional Documents To Open Account. When a corporation, partnership, trust or other legal entity opens an account or requests credit, we will ask for the entity’s name, physical address, tax identification number, and other information that will allow us to identify the entity. We may also ask to see other identifying documents, such as certified articles of incorporation, partnership agreements or a trust instrument. You agree to supply us with a copy of any chartering document, Operating Agreement, or related documents requested by us.
Escrow, Trust, Fiduciary And Custodial Accounts. When your account is set up as an escrow account, trust account, fiduciary account or custodial account, it is your sole responsibility to determine the legal effects of opening and maintaining an account of this nature. We have no obligation to act as trustee or to inquire into your powers or responsibilities over this account. We reserve the right to require the documentation necessary under applicable law to establish, maintain, manage, and close this account. There may be additional terms and conditions that apply to this account that are governed by a separate agreement.
Unlawful Internet Gambling – Regulation GG. Restricted transactions are prohibited from being processed through your account with us as required by the Unlawful Internet Gambling Enforcement Act of 2006 (the “Act”) and Regulation GG. A restricted transaction is a transaction or transmittal involving any credit, funds, instrument, or proceeds in connection with the participation of another person in unlawful Internet gambling. Regulation GG prohibits any person engaged in the business of betting or wagering from knowingly accepting payments in connection with the participation of another person in unlawful internet gambling. Battle Bank clients must not initiate or receive wire transfers, checks, drafts or other debit/credit transactions that are restricted by the Act. You will notify us if your business practices regarding Internet gambling change in the future.
Certified Beneficial Owner Information. If you are obligated to certify beneficial ownership at the time the account is opened, you are responsible for notifying us of any changes to the certified beneficial ownership information of the legal entity client that was provided to us. Notice should be made to us as soon as practical upon a change to the beneficial ownership information in a form and manner acceptable to us.
Notice of Potential Disclosure of Negative Information To Consumer Reporting Agencies
This notice is being furnished pursuant to the Fair Credit Reporting Act (15 U.S.C. 1681) as
amended by the Fair and Accurate Credit Transactions Act of 2003 (FACT Act).
Notice
We may report information about your account to credit bureaus. Late payments, missed payments, or other defaults on your account may be reflected in your credit report.
Substitute Check Policy
What Is a Substitute Check? To make check processing faster, federal law permits financial institutions to replace original checks with “substitute checks.” These checks are similar in size to original checks with a slightly reduced image of the front and back of the original check. The front of a substitute check states: “This is a legal copy of your check. You can use it the same way you would use the original check.” You may use a substitute check as proof of payment just like the original check.
Some or all of the checks that you receive back from us may be substitute checks. This notice describes rights you have when you receive substitute checks from us. The rights in this notice do not apply to original checks or to electronic debits to your account. However, you have rights under other law with respect to those transactions.
What Are My Rights Regarding Substitute Checks? In certain cases, federal law provides a special procedure that allows you to request a refund for losses you suffer if a substitute check is posted to your account (for example, if you think that we withdrew the wrong amount from your account or that we withdrew money from your account more than once for the same check). The losses you may attempt to recover under this procedure may include the amount that was withdrawn from your account and fees that were charged as a result of the withdrawal (for example, bounced check fees).
The amount of your refund under this procedure is limited to the amount of your loss or the amount of the substitute check, whichever is less. You also are entitled to interest or dividends, whichever is paid, on the amount of your refund if your account is an interest or dividend-bearing account. If your loss exceeds the amount of the substitute check, you may be able to recover additional amounts under other law.
If you use this procedure, you may receive up to $2,500.00 of your refund (plus interest or dividends, whichever is paid, if your account earns interest or dividends) within 10 business days after we received your claim and the remainder of your refund (plus interest or dividends, whichever is paid, if your account earns interest or dividends) not later than 45 calendar days after we received your claim. We may reverse the refund (including any interest or dividends, whichever is paid, on the refund) if we later are able to demonstrate that the substitute check was correctly posted to your account.
How Do I Make a Claim for a Refund? If you believe that you have suffered a loss relating to a substitute check that you received and that was posted to your account, please contact us by:
- Mail at: 1377 Motor Parkway Suite 100 Islandia NY 11749
- Email at: [email protected]
You must contact us within 40 calendar days of the date that we mailed (or otherwise delivered by a means to which you agreed) the substitute check in question or the account statement showing that the substitute check was posted to your account, whichever is later. We will extend this time period if you were not able to make a timely claim because of extraordinary circumstances.
Your claim must include:
- A description of why you have suffered a loss (for example, you think the amount withdrawn was incorrect);
- An estimate of the amount of your loss;
- An explanation of why the substitute check you received is insufficient to confirm that you suffered a loss; and
- A copy of the substitute check and/or the following information to help us identify the substitute check such as the check number, the name of the person to whom you wrote the check, the amount of the check.
Funds Availability Policy Disclosure
This disclosure describes your ability to withdraw funds at Battle Bank, N.A.. It only applies to the availability of funds in your transaction accounts (e.g., checking accounts). We reserve the right to delay the availability of funds deposited to accounts that are not transaction accounts for periods longer than those outlined in this policy. Please ask us if you have a question about which accounts are affected by our availability policy.
For purposes of this disclosure, the terms “you” or “your” mean Client and the terms “our,” “we,” or “us” mean Battle Bank, N.A..
Your Ability to Withdraw Funds. Our policy is to delay the availability of funds from your check deposits. During the delay, you may not withdraw the funds in cash, and we will not use the funds to pay checks that you have written. If you make a deposit before the close of business on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after the close of business or on a day that we are not open, we will consider the deposit made on the next business day we are open.
Deposits at Other Locations. This availability policy only applies to funds deposited at Battle Bank, N.A.. Please inquire for information about the availability of funds deposited at other locations.
Determining the Availability of Your Deposit. The length of the delay is counted in business days from the day of your deposit. Every day is a business day except Saturdays, Sundays, and federal holidays.
The length of the delay varies depending on the type of deposit and is explained below.
Availability Schedule
Same-Day Availability. Funds from electronic direct deposits to your account, as well as funds from the following deposits, will be available on the same business day that we receive the deposit:
- Cash
- Wire Transfers
Next-Day Availability. Funds from the following deposits are available by the first business day after the day of your deposit:
- U.S. Treasury checks that are payable to you
- U.S. Postal Service money orders that are payable to you
- Federal Reserve Bank or Federal Home Loan Bank checks, if these items are payable to you
- State or Local government checks that are payable to you
- Cashier’s, Certified, or Teller’s checks that are payable to you
- Checks drawn on Battle Bank, N.A.
Availability of Other Check Deposits. The first $275.00 from a deposit of other checks will be available by the first business day after the day of your deposit. The remaining funds will be available by the second business day after the day of your deposit. For example, if $275.00 is initially made available to you and if you deposit a check of $700.00 on Monday, $275.00 of the deposit will be available by Tuesday. The remaining $425.00 will be available by Wednesday.
Exceptions to Availability Schedule
Longer Delays May Apply. Funds you deposit by check may be delayed for a longer period under the following circumstances:
- (a) if we believe a check you deposit will not be paid;
- (b) if you deposit checks totaling more than $6,725 on any one day;
- (c) if you redeposit a check that has been returned unpaid;
- (d) if you have overdrawn your account repeatedly in the last six months; or
- (e) if an emergency condition arises that would not enable us to make the funds available to you, such as the failure of computer or communications equipment.
We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the fifth business day after the day of your deposit.
New Accounts
Special Rules for New Accounts. If you are a new Client, the following special rules may apply during the first 30 days your account is open.
Same-Day Availability. Funds from electronic direct deposits to your account will be available on the day we receive the deposit. Funds from cash and wire transfers will be available on the day we receive the deposit if the deposit meets certain conditions. For example, the deposits must be payable to you.
Next-Day Availability. The first $6,725 of a day’s total deposits of the following will be available by the first business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you.
- U.S. Treasury checks
- U.S. Postal Service money orders
- Federal Reserve Bank or Federal Home Loan Bank checks
- State or Local Government checks
- Cashier’s, Certified, or Teller’s checks
- Traveler’s checks
The excess over $6,725 of a day’s total check deposits will be available by the fifth business day after the day of your deposit. If your deposit of these checks (other than a U.S. Treasury check) is not made in person to one of our employees, the first $6,725 will not be available until the second business day after the day of your deposit. Funds from all other check deposits will be available by the fifth business day after the day of your deposit.
Deposits at Automated Teller Machines. Deposits can be made at any MoneyPass Network ATM. Funds from deposits (cash or checks) made at a MoneyPass ATM will be available by the second business day after the date of your deposit. However, the first $275.00 of the deposit, funds from checks drawn on Battle Bank, N.A. and deposited at a MoneyPass Network ATM and funds from U.S. Treasury checks that are payable to you, will be available by the first business day following the day we receive your deposit.
Foreign Checks. Checks drawn on financial institutions outside of the U.S. (foreign checks) cannot be processed the same as checks drawn on U.S. financial institutions and are exempt from the policies outlined in this disclosure. Generally, the availability of funds from deposits of foreign checks will be delayed for the time it takes us to collect the funds from the financial institutions upon which they are drawn.
Additional Deposit Information. *CASH DEPOSITS. References to cash deposits are only accepted at our bank branch located at 105 South Main Street Upsala, MN 56384 or through MoneyPass ATMs.
*NO FOREIGN CURRENCY. We do not accept cash deposits of foreign currency. We also do not accept foreign currency deposits in the form of checks.
Electronic Funds Transfer Disclosure and Agreement
The Electronic Fund Transfer Act and Regulation E require institutions to provide certain information to Clients regarding electronic fund transfers (“EFTs”). This disclosure applies to any EFT service you receive from us related to an account established primarily for personal, family or household purposes. Examples of EFT services include direct deposits to your account, automatic regular payments made from your account to a third party and one-time electronic payments from your account using information from your check to pay for purchases or to pay bills. This disclosure also applies to the use of your Battle Bank Debit Card (hereinafter referred to collectively as “Debit Card”) at automated teller machines (ATMs) and any networks described below. For purposes of this disclosure, “Business Day” means Monday through Friday excluding holidays.
Regulation E applies to consumers, which are defined as “natural persons” who open or maintain accounts primarily for personal, family, or household purposes. It does not apply to commercial entities or accounts opened or maintained primarily for business purposes..
Electronic Fund Transfer Services Provided
Debit Card Services
Debit Card Services. The services available through use of your Debit Card are described below.
Battle Bank Debit Card Services:
- You may withdraw cash from your checking account(s).
- You may make deposits into your checking account(s).
- You may make balance inquiries on your checking account(s).
- You may use your card at any merchant that accepts Mastercard® Debit Cards for the purchase of goods and services.
ATM Services.
- Network. Your ability to perform the transactions or access the accounts set forth above depends on the location and type of ATM you are using and the network through which the transaction is being performed. A specific ATM or network may not perform or permit all of the above transactions.
You may access your Debit Card through the following network(s): MasterCard, Maestro, Cirrus, MoneyPass and Accel.
- ATM Fees. When you use an ATM not owned by us, you may be charged a fee by the ATM operator or any network used, and you may be charged a fee for a balance inquiry even if you do not complete a fund transfer.
Time Needed To Complete Terminal Transactions.
- Withdrawals made at an ATM terminal will normally be completed and charged to your account immediately if the transaction is conducted before 6:00 p.m. Central Time. Withdrawals made at or after 6:00 p.m. Central Time will be completed and charged to your account on the next business day.
- Deposits made at an ATM terminal will normally be credited to your account immediately if the transaction is conducted before 6:00 p.m. Central Time. Withdrawals made at or after 6:00 p.m. Central Time will be completed and charged to your account on the next business day. Deposits made, whether in cash, check, draft, or money order, are subject to our Funds Availability Policy Disclosure included in these Terms.
- Transfers of funds between accounts will normally be completed immediately if the transaction is conducted before 6:00 p.m. Central Time. Transfers made at or after 6:00 p.m. Central Time will be completed on the next business day.
Point of Sale Transactions. Listed below is the card you may use to purchase goods and services from merchants that have arranged to accept your card as a means of payment (these merchants are referred to as “Participating Merchants”). Some Participating Merchants may permit you to receive cash back as part of your purchase. Purchases made with your card, including any purchase where you receive cash, are referred to as “Point of Sale” transactions and will cause your “designated account” to be debited for the amount of the purchase. We have the right to return any check or other item drawn against your account to ensure there are funds available to pay for any Point of Sale transaction. We may, but do not have to, allow transactions which exceed your available account balance. If we do, you agree to pay an amount equal to the overdrawn balance plus any overdraft fees.
The following card and the corresponding designated account(s) may be used for Point of Sale transactions:
- Battle Bank Debit Card: checking account.
Your Debit Card may also be used to obtain cash from your designated account(s) at participating financial institutions when so authorized under these Terms.
Payment for goods or services made by a transfer of funds through a terminal shall not affect any of the rights, protections, or liabilities in existing law concerning a cash or credit sale made by means other than through the use of a terminal. You cannot reverse a Point of Sale transaction.
AUTHORIZATION HOLDS. An authorization hold is a temporary hold that is placed on your account for certain Debit Card transactions. The amount of the temporary hold may be more than the actual amount of the transaction, so your available account balance will temporarily be reduced by the amount of the temporary hold. If the authorization hold or the processing of subsequent transactions causes your account to have insufficient funds to pay the transaction, based on your available balance, we may either: 1) return the debit or item or 2) pay the debit or item at our discretion. If we do pay the item, but there aren’t enough funds in your account at that time, you could overdraft your account. We won’t ever charge an overdraft fee when that happens – you’re only responsible for paying back the overdraft amount.
Currency Conversion – Mastercard®. If you perform transactions with your card with the Mastercard® logo in a currency other than US dollars, Mastercard International Inc. will convert the charge into a US dollar amount. At Mastercard International they use a currency conversion procedure, which is disclosed to institutions that issue Mastercard®. Currently the currency conversion rate used by Mastercard International to determine the transaction amount in US dollars for such transactions is based on rates observed in the wholesale market or government-mandated rates, where applicable. The currency conversion rate used by Mastercard International is generally the rate of the applicable currency on the date that the transaction occurred. However, in limited situations, particularly where transactions are submitted to Mastercard International for processing are delayed, the currency conversion rate used may be the rate of the applicable currency on the date that the transaction is processed.
Important Additional Fee Notice. Mastercard® charges us a Currency Conversion Fee of 2% of the transaction amount for performing currency conversions and a Cross-Border Fee of 1% of the transaction on all cross-border transactions (even those with no currency conversion). Therefore, you will be charged 3% of the dollar amount on all cross-border transactions – i.e., transactions processed through the “Global Clearing Management System” or the “Mastercard Debit Switch” when the country of the merchant or machine is different than your country as cardholder. Be aware that when making online purchases you may not know that the merchant is located in a different country.
Preauthorized Transfer Services
- You may arrange for the preauthorized automatic deposit of funds to your
- You may arrange for the preauthorized automatic payments or other transfers from your
Internet and Mobile Banking
Services Provided Through Use of Internet and Mobile Banking Services (“Online Banking”). Battle Bank, N.A. offers its Clients use of our Internet and Mobile Banking Services (“Online Banking”) service.
This Internet and Mobile Banking Service Agreement (“Agreement”) explains the terms and conditions governing the Online Banking services offered by us through our Online Banking servicing portal. All Online Banking services of any kind whatsoever offered or made available by us (including, but not limited to, bill payment services, electronic funds transfers, receiving and viewing periodic account, tax and pay-off statements, check reordering, digital wallets, and receiving certain other notices, disclosures and correspondence) will be referred to collectively as “Online Banking” in this Agreement. Online Banking is the service portal that provides online access to your account(s) with us, (including, but not limited to, mortgage loans, consumer loans, debit cards, deposit accounts, and investment accounts). This Agreement governs the terms of the Online Banking we provide through the Online Banking portal. You may be required to accept and agree to additional supplemental terms and conditions for specific Online Banking after your enrollment in Online Banking. This Agreement supplements and is part of the terms and conditions of any accounts you may have with us. If a discrepancy or inconsistency were determined to exist between the terms and conditions and other provisions of this Agreement and your Account Agreement, or a similar account agreement between you and one of our affiliates, then this Agreement shall control with respect to Online Banking and Online Banking Services, but only to the extent necessary to address the discrepancy or inconsistency.
Definitions in this Agreement:
- The terms “you,” “your,” “authorized user,” and “account owner” refer to the account owner, authorized signers, or individuals authorized by the account owner to access Online Banking. The terms “we,” “us,” and “our” refer to Battle Bank, the financial institution.
- “Account” refers to your account(s) with us that you have designated for Online Banking services access and that we allow to be included under these Online Banking services. The type(s) of account that may be designated for Online Banking services include consumer and commercial deposit accounts, such as Checking, Savings, Money Market, and Certificate accounts including those accessible using your Card. You must be an account owner/authorized signer for each account that you designate, and each account must permit withdrawal by a single signer.
- “Card” includes every type of consumer debit Card that we may issue to you.
- “Login Credentials” refers to the combination of your Online Banking services identification and password that must be used together to securely access your account information.
- “Disclosures” refer to any regulatory disclosures provided to you at the time of depository account opening, such as the Terms and Conditions, Truth in Savings Disclosure, Funds Availability Disclosure, Electronic Funds Transfer Disclosure, Account Agreement, Privacy Disclosure, Substitute Check Policy Disclosure, as well as any Fee Schedule.
- “Business Day” refers to the financial institution’s hours of operation for the purpose of conducting banking business: Monday through Friday.
- “Check” refers to the definition provided in Regulation CC – Availability of Funds and Collection of Checks: (1) a negotiable demand draft drawn on or payable through or at an office of a bank; (2) a negotiable demand draft drawn on the Federal Reserve Bank or a Federal Home Loan Bank; (3) a negotiable demand draft drawn on the Treasury of the United States; (4) a demand draft drawn on a state government or unit of general local government that is not payable through or at a bank; (5) a United States Postal Service money order; or (6) a traveler’s check drawn on or payable through or at a bank. The term check includes an original check and a substitute check.
- “Mobile Device” means a smartphone, tablet, computer or any handheld or wearable communication device and any third-party application within a device that allows you to electronically store or electronically present your debit Card or debit Card number, which is placed with a unique “Digital Card Number” to make debit Card transactions.
- “PIN” refers to your personal identification number.
- “Digital Wallet” is a software application that securely stores your payment information. such as debit card details. and enables you to make electronic contactless transactions using a mobile device. Digital Wallets enhance security through tokenization, replacing your card number with a unique token for each transaction, making your actual card number inaccessible to merchants.
System Requirements. Online Banking provides you with the convenience and flexibility to perform certain banking transactions and functions for designated Account(s) through internet access on your personal computer or via a wireless handheld device. You must meet the following minimum software and hardware requirements for each device you use to access Online Banking: (1) Current Version of Microsoft Edge, Firefox, Safari, Google Chrome, iOS or Android (preferred web browsers are: Microsoft Edge or Google Chrome); (2) Connection to the Internet; (3) Active email account; (4) Current version of a program that accurately reads and displays PDF files (such as Adobe Acrobat Reader; and (5) A Computer, Mobile Device or Tablet capable of supporting all of the above. You will also need a printer if you wish to print out and retain records on paper, and electronic storage if you wish to retain records in electronic form.
Account Access. You may access your Account(s) at Battle Bank’s website, BattleBank.com. You must follow all necessary instructions and obtain your Login Credentials before gaining access to Online Banking. We may also utilize unique identifying information to confirm your identity. Your Login Credentials are used to gain access to Online Banking and should be kept confidential at all times. It is recommended that you change your Login Credentials through Online Banking, or with the assistance of our Client Solutions Team, as allowed by our security requirements. There may be additional or optional security measures instituted by us to ensure the security of Online Banking.
Use of Personal Information. If you open an account or obtain a product or service from us using our online or mobile services, we may record your personal information from a scan or a copy of a driver’s license or other personal identification card, or we may receive an image or make a copy of your driver’s license or other personal identification card. We may store or retain this information to the extent permitted by law.
Account Liability for Unauthorized Online Account Use. Subject to federal and state law and the terms and conditions of this Agreement, you are liable for any transaction or function performed using Online Banking, whether made by yourself or someone authorized by you using your Login Credentials. You agree to take all reasonable measures to protect the security of your Login Credentials. For consumer accounts, please refer to the Consumer Liability section of your Electronic Fund Transfer Disclosure and Agreement for our liability policy. As a precaution, we recommend that you do not send emails or other electronic messages containing confidential Account information. You agree to not leave any device unattended while logged into Online Banking, and you should never share your Login Credentials with us or anyone else. You understand that we are entitled to act upon any instructions received under your Login Credentials; therefore, you agree to guard and protect your Login Credentials to ensure the security and protection of your Account(s). If you have any concerns or suspicions that an unauthorized person has gained access to your Account through Online Banking, we recommend that you change your Login Credentials if possible and notify us immediately.
Online Transaction Funding. In order for us to process an Online Banking transfer request, the Account that you have designated for the debit must have sufficient funds to cover the transfer and the funds must be considered available as described in our Funds Availability Policy. Please refer to your Disclosures for any non-sufficient funds fee or other fee(s) that may be assessed. We are under no obligation to you when we have been unable to complete a transfer request due to insufficient or unavailable funds, or due to other circumstances out of our control, such as a system or power failure. If we are consistently unable to complete the requested transfer due to insufficient funds in the designated debit Account, then we reserve the right to cancel the transfer request and to review your Online Banking privileges. Please refer to your account opening Disclosures for any overdraft services policies related to funding your accounts and any overdraft fees.
Using a Digital Version of your Debit Card. You can use the digital version of your debit Card, if eligible, for card-not-present transactions like online and in-app purchases, or for payments over the phone. You will not be able to use the digital version of your debit Card for in-store purchases or to access ATMs, unless you add the digital version of your debit Card to a Mobile Device (see “Using Your Debit Card Through a Mobile Device” for more details). Note that the PIN for a digital version of your debit Card will be the same as the PIN for your physical debit Card.
Effective Timing of Transactions. Online Banking is available at any time or day, unless the system is undergoing maintenance. The posting of Online Banking transactions before End of business on a Business Day will post the same day and will be included in the available funds for the receiving Account. Transfers requested after End of business on a Business Day or requested on a non-Business Day will post on the following Business Day to the receiving Account and will be considered available funds on that day.
Canceling a Transfer. A one-time transfer is immediate and cannot be canceled. The deadline for canceling a recurring transfer request is End of business. If you have any questions or problems canceling the transfer, please contact us.
Cost of Service. Account transaction fees as stated in any Disclosures and Fee Schedule provided to you remain in effect and are not eliminated or changed with the use of Online Banking. You have sole responsibility for any service fees you incur from your telephone, internet, or wireless service providers.
Bill Pay Services. You can access Bill Pay Services in the same manner that you access other Online Banking by using your Login Credentials and meeting any other security measures that we may institute. You must indicate the Account that is to be considered the designated Account to be debited for your bill-paying activities. If using a Savings or Money Market Account, we may limit the number of transfers or withdrawals to six per month or statement period. You must maintain sufficient available funds in the designated Account to satisfy the expected payment activity.
In order to pay bills, you will need to create a list of payees, providing the information required to log and submit your payments accurately. We require at least within two (2) banking days, days as set-up time for Checks and online payments through Bill Pay Services. If we pay your bill by issuing a Check, we may, at our discretion, send the Check to the payee before the due date you selected. The payee may cash the Check before or after the selected due date. If your account has sufficient funds when the payee cashes the Check and we pay the item on your behalf, you will be responsible for paying the overdrawn balance, and we may charge you overdraft fees. Refer to the Account Agreement for more information. If you fail to take into your account our required set-up time and the payment is received by the payee after the due date, we are not responsible for any late charges or other actions that may be taken by the payee due to the late payment. Please make other payment arrangements for the payment that is due and set-up the next payment to that payee through Bill Pay Services.
We assume responsibility for all reasonable efforts to process your payments through Bill Pay Services in a timely and accurate manner. We accept no liability for any damages you may incur due to insufficient or unavailable funds in the designated Account that may adversely affect payment processing, any inaccuracies in the payee information supplied in regards to this payment, any mishandling or delay in posting by the payee or the payee’s financial institution of account, or any system or postal delays or interruptions or any other circumstances out of our control, to the extent allowed by the state and federal law and the provisions of this Agreement. Also, contact us immediately if you suspect any security breach of you Login Credentials or any unauthorized activity using Bill Pay Service.
Mobile Banking. Mobile Banking services refers to all financial services made available to you and which you may access through the use of a wireless handheld device or mobile phone, including but not limited to, viewing account balances, remote deposit capture, and text message banking.
Accessibility and Liability. Our Mobile Banking services are designed to be available twenty-four (24) hours each day, seven (7) days per week. We do not warrant that Mobile Banking services will always function properly or that disruption or suspension of Mobile Banking services will not occur. You agree that we will not be liable for any loss, costs, damages, or expenses resulting from the interruption of Mobile Banking services. You also agree that these Mobile Banking services are separate from any services provided by your wireless service provider. Your wireless provider is responsible for any issues involving your handheld device, your internet access, or any other of its services and products you use to access Mobile Banking services. Standard data and messaging rates, short message service (SMS) fees, and other charges from your wireless provider apply when utilizing Mobile Banking services.
Mobile Devices. You are responsible for providing and maintaining your own wireless handheld device and for ensuring that is compatible with Mobile Banking services. We are not responsible for any problems you may experience with your equipment or for any damage to your device from the use of Mobile Banking services. You understand that wireless devices may be subject to viruses, and we are not responsible for ensuring your device is protected from these viruses.
Using Your Card Through a Mobile Device. When you use your debit Card with your Mobile Device for transactions:
- Availability may be affected by your mobile carrier’s coverage area, and your mobile carrier may charge you message and data rates, or other fees.
- Some (but not all) digital wallets require your Mobile Device to be NFC (Near Field Communication) enabled and to have the separate wallet app available.
- Your debit Card information is sent across wireless and computer networks.
- Information about your Mobile Device may be transmitted to us.
- You should secure the Mobile Device the same as you would your cash, checks, credit cards, and other valuable information. We encourage you to password protect or lock your Mobile Device to help prevent an unauthorized person from using it.
- Please notify us promptly if your Mobile Device containing your digital card number is lost or stolen.
- When you make a purchase or payment using your Mobile Device, the merchant may not provide an option for cashback.
- Some ATMs within secure locations may require a physical Card.
- We may automatically provide third-party digital wallet operators with updated digital card number information, such as when your Card is replaced or re-issued.
- In certain circumstances (such as when you set up recurring payments to a subscription service), another unique identifier may be generated from your digital card number to be used for Card transactions.
When you use your debit Card with your Mobile Device for transactions, third parties (such as merchants, card association networks, mobile carriers, digital wallet operators, Mobile Device manufacturers, and software application providers) may 1) use and receive your digital card number and information about your Card transactions as necessary to effect, administer, or enforce the Card transaction, and 2) receive information about your Mobile Device. The third-party digital wallet operator may use this information to display it to you or for its own purposes according to the terms, conditions, and other agreements that the digital wallet operator may require you to accept. Please refer to the third-party digital wallet operator’s privacy policy and terms and conditions for more detail about how the digital wallet operator will use and retain your information, as well as to review any fees that the third-party digital wallet operator may charge. We are not responsible for a third-party’s privacy practices or level of security. If a third-party digital wallet operator displays a history of Card transactions made through your Mobile Device, you understand that the third-party transaction history does not reflect complete information about your Card transactions.
We may, at any time, partially or fully restrict your ability to make debit Card transactions through a Mobile Device. We may also modify or terminate a debit Card’s eligibility to be added to a Mobile Device, as well as our participation with any third-party digital wallet operator. If you want to remove your Digital Card Number from your Mobile Device, please contact us.
Transaction Limits. You acknowledge that we may limit the number and frequency of transactions conducted through Mobile Banking services and that we may also place limits on transaction and transfer amounts in our sole discretion.
Terms Applicable to Your Use of Digital Wallets with Battle Bank Cards
These Terms are applicable to adding or activating your Battle Bank Card in an online payment tool such as an app, online website or service, or software program owned by us or by a third party that stores virtual versions of debit and credit cards for making transactions electronically without presentment of the physical card, often call a wallet, e-wallet or digital wallet (“Wallet”). These Terms Applicable to Your Use of Digital Wallets with Battle Bank Cards (the “Terms”) apply when you choose to add or Activate an eligible Battle Bank debit card (“Battle Card”) in a Wallet. “Activate” means using or choosing to retain your eligible Battle Card that has been pre-populated to a Wallet. “Account Agreement” means Battle Bank account Terms and Conditions. In these Terms, “you” and “your” refer to the cardholder of the Battle Card, and “we”, “us”, “our”, and “Battle” refer to Battle Bank, N.A.
When you add or Activate a Battle Card in a Wallet, you agree to these Terms:
1. Adding/Activating Your Battle Card
You can add or Activate an eligible Battle Card to a Wallet by either following our instructions as they appear on a Battle proprietary platform (e.g. Battle Mobile® app or BattleBank.com) or by following the instructions of the Wallet Provider. A “Wallet Provider” means a third party provider of a Wallet or Battle, if Battle directly provides the Wallet. Only Battle Cards that we determine are eligible can be added to or Activated in a Wallet. If your Battle Card or underlying account is not in good standing, that Battle Card will not be eligible to be added to a Wallet. We may determine other eligibility criteria in our sole discretion.
When you add a Battle Card to a Wallet, the Wallet may allow you to: (a) use the Battle Card to (i) enable transfers of money between you and others who are enrolled with the Wallet Provider or a partner of such Wallet Provider, and/or (ii) enter into transactions where the Wallet is accepted, including the ability to use the Battle Card to complete transactions at participating merchants’ physical locations, e-commerce locations, and at ATMs; and (b) use other services that are described in the Wallet Provider’s agreement or that they may offer from time to time. At your direction, Battle may share information about your Battle Card transactions with a Wallet Provider to enable some Wallet-related services. A Wallet may not be accepted at all places where your Battle Card is accepted. We reserve the right to terminate our participation in a Wallet or with a Wallet Provider at any time and the right to designate a maximum number of Battle Cards that may be added to a Wallet. We may block a Battle Card in a Wallet from certain transactions or purchases at any time.
2. Your Battle Card Terms Do Not Change
The Terms and Conditions that govern your Battle Card do not change when the Battle Card is added to or Activated in a Wallet. The applicable Account Agreement that governs the Battle Card, as amended from time to time, are incorporated by reference as part of these Terms and remain in full force and effect. Please review those agreements for important information on your rights and responsibilities when making transactions through a Wallet.
3. Applicable Fees
Any applicable interest, fees, and charges that apply to your Battle Card or underlying account will also apply when you use a Wallet to access your Battle Card. Battle does not charge you any additional fees for adding your Battle Card to or using your Battle Card in a Wallet. The Wallet Provider and other third parties, such as wireless companies or data service providers, may charge you fees in your use of a Wallet. You are solely responsible for reporting and paying any applicable taxes arising from transactions originated using your Battle Card information transmitted by a Wallet and you shall comply with any and all applicable tax laws in connection herewith.
4. Battle is Not Responsible for a Third-Party Wallet
Battle is not the Wallet Provider of non-Battle owned and operated Wallets (‘third-party Wallets”), and we are not responsible for providing third-party Wallet services to you. Battle is only responsible for supplying information securely to the third-party Wallet provider to allow usage of the Battle Card in a third-party Wallet. We are not responsible for any failure of a third-party Wallet, for any errors in or caused by the third-party Wallet or delays caused by or the inability to use a third-party Wallet for any transaction. We are not responsible for the performance or non-performance of a third-party Wallet Provider or any other third parties regarding any agreement you enter into with a third-party Wallet Provider or associated third-party relationship that may impact your use of a third-party Wallet.
5. Transaction History
You agree and acknowledge that the transaction history displayed in a Wallet solely represents our authorization of your Wallet transaction and may not reflect completed information about the transaction, nor any post-authorization activity, including but not limited to clearing, settlement, foreign currency exchange, reversals, returns or chargebacks. Accordingly, the purchase amount, currency, and other details for the Wallet Provider’s transaction history in connection with use of your Card in a Wallet may be preliminary and/or incomplete and may not match the transaction amount that ultimately clears, settles, and posts to your Card’s billing or monthly statement, which shall be deemed the prevailing document.
6. Contacting You Electronically and by Email or through Your Mobile Device
You consent to receive electronic communications and disclosures from us in connection with your Battle Card and a Wallet. You agree that we can contact you by email at any email address you provide to us in connection with any Battle product, service or account, or through the mobile device on which you have downloaded the Battle Mobile app. Communication to you may include contact from companies working on our behalf to service your accounts. You agree to update your contact information with us when it changes.
7. Removing Your Battle Card from the Wallet
You should contact the Wallet Provider on how to remove a Battle Card from a Wallet. If the wallet is located on a Battle proprietary platform (e.g. Battle Mobile® app, BattleBank.com, or other) information may be located on the proprietary platform.
8. Governing Law and Disputes
The Terms are governed by federal law and to the extent that state law applies, the laws of the state that apply to the Account Agreement under which your Battle Card is covered. Disputes arising out of or relating to these Terms will be subject to any dispute resolution procedures in your Battle Account Agreement.
9. Ending or Changing these Terms; Assignments
We can terminate these Terms at any time. We can also change these Terms, or add or delete any items in these Terms, at any time. Your use of a Battle Card in a Wallet after we have made such changes available will be considered your agreement to the changes. We will provide notice if required by law. We can also assign these Terms. Furthermore, subject to applicable law, at any time we may (i) terminate your use of any Battle Card in connection with a Wallet, (ii) modify or suspend the type or dollar amounts of transaction allowed using Battle Cards in connection with a Wallet, (iii) change a Battle Card’s eligibility for use with a Wallet and/or (iv) change the Battle Card authentication process. You cannot change these terms, but you can terminate these Terms at any time by removing all Battle Cards from the Wallet. You may not assign these Terms.
10. Privacy
Your privacy and the security of your information are important to us. Our U.S. Consumer Privacy Notice (available online at: https://www.BattleBank.com ), as amended from time to time, applies to your use of your Battle Card in the Wallet. You may be provided with the ability to share your Battle Card number with Wallet Providers or a payment network, and you agree that we may share certain of your other information with the Wallet Providers, merchants, a payment network, and others in order to provide the services you have requested, to make information available to you about your Battle Card transactions, and to improve our ability to offer these services. This information helps us to add your Battle Card to the Wallet and to maintain the Wallet. We do not control the privacy and security of your information that may be held by the Wallet Provider and that is governed by the privacy policy given to you by the Wallet Provider. Consult your Wallet Provider’s privacy policy for details on how they use your data.
11. Notices
We can provide notices to you concerning these Terms and your use of a Battle Card in a Wallet by posting the material on our website, through electronic notice given to any electronic mailbox we maintain for you or to any other email address or telephone number you provide to us, or by contacting you at the current address we have on file for you. You may contact us at 855.922.8853 (BATTLE).
12. Limitation of Liability; No Warranties
BATTLE IS NOT AND SHALL NOT BE LIABLE FOR ANY LOSS, DAMAGE OR INJURY OR FOR ANY DIRECT, INDIRECT, SPECIAL, INCIDENTAL, EXEMPLARY, OR CONSEQUENTIAL DAMAGES, INCLUDING LOST PROFITS, ARISING FROM OR RELATED TO THE ADDING OF A BATTLE CARD TO A WALLET, OR YOUR ACCESS OR USE OF A WALLET. TO THE FULLEST EXTENT PERMITTED BY LAW, WE DISCLAIM ALL REPRESENTATIONS, WARRANTIES AND CONDITIONS OF ANY KIND (EXPRESS, IMPLIED, STATUTORY OR OTHERWISE, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, TITLE AND NON-INFRINGEMENT OF PROPRIETARY RIGHTS) AS TO ANY AN ALL WALLETS AND ALL INFORMATION, PRODUCTS AND OTHER CONTENT INCLUDED IN OR ACCESSIBLE FROM THE WALLETS.
13. Questions
If you have any questions, disputes, or complaints about a Wallet, contact the Wallet Provider using the information given to you by the provider. If your question, dispute, or complaint is about your Battle Card, then contact us at: 855.922.8853 (BATTLE).
Debit card products are provided by Battle Bank, N.A. Member FDIC
Electronic Check Conversion. If your account is a checking account, you may authorize a merchant or other payee to make a one-time electronic payment from this account using information from your check to pay for purchases or to pay bills.
Limitations On Transactions
Transaction Limitations – Battle Bank Debit Card.
- Cash Withdrawal Limitations. You may withdraw up to $600.00 through use of ATMs in any one day.
- Point of Sale Limitations. You may buy up to $3,000.00 worth of goods or services in any one day through use of our Point of Sale service.
- Total Daily Limits. In addition to the ATM limit or Point of Sale limits disclosed above, a total daily limit is imposed on these transactions. The maximum amount of cash withdrawals and Point of Sale transactions is limited to $3,000.00 in any one day.
Other Withdrawal Limitations. Battle Bank, N.A reserves the right to change dollar amount limits at any time upon prior notification. Some Participating Merchants may assess a fee when you use your Debit Card for a purchase or for cash back. This fee will be included in the total purchase amount and will apply to your Debit Card’s daily purchase limit. You may also be charged a fee by other banks and financial institutions for cash disbursements at their branches. That fee may be added to your disbursement and will apply to your Debit Card’s daily ATM withdrawal limit. If you use your Debit Card to fund a digital wallet, these account funding transactions will count against your Debit Card’s daily purchase limit.
Other Limitations.
- The external transfer ACH daily limit effective May 26, 2026, will change from $250,000 to $100,000 either as an aggregate total of inbound and outbound for the day or as a single transfer per day. The monthly limit is $1,000,000 (calendar month).
Transfers made before 6:00 p.m. central time on a Business Day will be processed immediately and posted to the external account within two (2) Business Days. External transfer requests received after this time, or on Saturdays, Sundays and Holidays will be processed on the next Business Day. - These Terms may limit the number of withdrawals you may make each month. Restrictions disclosed at the time you opened your account(s), or sent to you subsequently will also apply to your electronic withdrawals and electronic payments unless specified otherwise.
- We reserve the right to impose limitations for security purposes at any time.
- Mobile Deposit Daily and Monthly Limit: We reserve the right to impose limits on the amount(s) and/or number of Mobile Deposits that you transmit using the Mobile Deposit Service and to modify such limits from time to time. Please refer to your product specific disclosures for daily and monthly Mobile Deposit limits. We may, at our option, refuse to accept a Mobile Deposit that exceeds the limits, or we may accept and process the Mobile Deposit.
Notice of Rights and Responsibilities
The use of any electronic fund transfer services described in this document creates certain rights and responsibilities regarding these services as described below.
Right to Receive Documentation of Your Transfers.
- Terminal Transactions. Upon completing a transaction at an electronic financial terminal you will receive a receipt or record of the transaction (unless you have chosen not to get a receipt). These receipts (or the transaction number given in place of the receipt) should be retained to verify that a transaction was performed.
- Periodic Statements. If your account is subject to receiving a monthly statement, all EFT transactions will be reported on it. If your account is subject to receiving a statement less frequently than monthly, then you will continue to receive your statement on that cycle, unless there are EFT transactions, in which case you will receive a monthly statement. In any case you will receive your statement at least quarterly.
- Preauthorized Deposits. If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company:
Using Your Card and Personal Identification Number (“PIN”). In order to assist us in maintaining the security of your account and the terminals, the Debit Card remains our property and may be revoked or canceled at any time without giving you prior notice. You agree not to use your Debit Card for a transaction that would cause your account balance to go below zero, or to access an account that is no longer available or lacks sufficient funds to complete the transaction, including any available line of credit. We will not be required to complete any such transaction, but if we do, we may, at our sole discretion, charge or credit the transaction to your account; you agree to pay us the amount of the improper withdrawal or transfer upon request.
Certain transactions involving your Debit Card require use of your PIN. Your PIN is used to identify you as an authorized user. Because the PIN is used for identification purposes, you agree to notify Battle Bank, N.A. immediately if your Debit Card is lost or if the secrecy of your PIN is compromised. You also agree not to reveal your PIN to any person not authorized by you to use your Debit Card or to write your PIN on your Debit Card or on any other item kept with your Debit Card. We have the right to refuse a transaction on your account when your Debit Card or PIN has been reported lost or stolen or when we reasonably believe there is unusual activity on your account.
The security of your account depends upon your maintaining possession of your Debit Card and the secrecy of your PIN. You may change your PIN if you feel that the secrecy of your PIN has been compromised. You may change your PIN at an ATM or via the telephone.
Rights Regarding Preauthorized Transfers.
Rights and Procedures to Stop Payments. If you have instructed us to make regular preauthorized transfers out of your account, you may stop any of the payments. To stop a payment,
- call us at: 855.922.8853 (BATTLE) or by logging into your account
or
write to: 1377 Motor Parkway, Suite 100, Islandia NY 11749
We must receive your call or written request at least three (3) business days prior to the scheduled payment. If you call, please have the following information ready: your account number, the date the transfer is to take place, to whom the transfer is being made and the amount of the scheduled transfer. If you call, we may require you to put your request in writing and deliver it to us within fourteen (14) days after you call.
Notice of Varying Amounts. If you have arranged for automatic periodic payments to be deducted from your checking or savings account and these payments vary in amount, you will be notified by the person or company you are going to pay ten (10) days before each payment, when it will be made and how much it will be. You may choose instead to get this notice only when the payment would differ by more than a certain amount from the previous payment, or when the amount would fall outside certain limits that you set.
Our Liability for Failure to Stop Preauthorized Transfer Payments. If you order us to stop one of the payments and have provided us with the information we need at least three (3) business days prior to the scheduled transfer, and we do not stop the transfer, we will be liable for your losses or damages.
Your Responsibility To Notify Us of Loss or Theft. If you believe your Debit Card, PIN, or internet banking access code has been lost or stolen,
- call us at: Number on the back of the card (24/7) or 855.922.8853 (BATTLE) (between 8:00 a.m. and 6:00 p.m. central time)
or
write to: 1377 Motor Parkway Suite 100, Islandia NY 11749
You should also call the number or write to the address listed above if you believe a transfer has been made using the information from your check without your permission. Access your account online to report your card lost or stolen 24/7.
Consumer Liability
Consumer Liability. Tell us at once if you believe your Debit Card or PIN or internet banking access code has been lost or stolen, or if you believe that an electronic fund transfer has been made without your permission using information from your check. 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 applicable). If you tell us within two (2) business days after you learn of the loss or theft of your internet banking access code you can lose no more than fifty dollars ($50) if someone used your or internet banking access code without your permission. If you do NOT tell us within two (2) business days after you learn of the loss or theft of your internet banking access code and we can prove we could have stopped someone from using your internet banking access code without your permission if you had given us notice, you can lose as much as five hundred dollars ($500).
For Cards. We shall be liable for all unauthorized withdrawals unless the unauthorized withdrawal was due to the loss or theft of your Debit Card, in which case you shall be liable, subject to a maximum liability of $50.00, for those unauthorized withdrawals that you or a member of your family or household derived no benefit made prior to the time we are notified of the loss or theft. The limitation on liability is effective only if we are notified of the unauthorized charges contained in a periodic statement within sixty (60) days of receipt of the periodic statement by the person in whose name the Debit Card is issued.
For Unauthorized Transfers. The limitations on your liability for unauthorized transfers described in the following paragraph do not apply to preauthorized automatic payments from your Unless you have complied with the procedures to stop the preauthorized payment described above, your liability for such unauthorized transfers is unlimited.
If your statement shows transfers you did not make, including those made by card, code, or other means, tell us at once. If you do not tell us within sixty (60) days after the periodic statement or receipt was transmitted to you, you may not receive back any money you lost after the sixty (60) days, and therefore, you may not get back any money in your account, if we can prove that we could have stopped someone from taking the money had you given us notice in time. If a good reason (such as a long trip or hospital stay) keeps you from giving the notice, we will extend the time periods.
Consumer Liability For Unauthorized Transactions Involving Battle Bank Debit Card. The limitations on your liability for unauthorized transactions described above generally apply to all electronic fund transfers. However, different limitations apply to certain transactions involving your card with the Mastercard® branded card.
If you promptly notify us about an unauthorized transaction involving your card and the unauthorized transaction took place on your Mastercard® branded card, including any PIN-based ATM or POS transactions, zero liability will be imposed on you for the unauthorized transaction. In order to qualify for the zero liability protection, you must have exercised reasonable care in safeguarding your card from the risk of loss or theft and, upon becoming aware of such loss or theft, promptly reported the loss or theft to us.
Illegal Use of Battle Bank Debit Card. You agree not to use your Battle Bank Debit Card for any illegal transactions, including internet gambling and similar activities.
In Case of Errors or Questions About Your Transactions. In case of errors or questions about your electronic fund transfers,
- call us at: Go online or call us at 855.922.8853 (BATTLE)
or
write to: 1377 Motor Parkway Suite 100, Islandia NY 11749
or
email us at: [email protected]
or
use the current information on your most recent account statement.
Notification should be made as soon as possible if you think your statement or receipt is wrong or if you need more information about a transaction listed on the statement or receipt. You must contact Battle Bank, N.A. no later than 60 days after we sent you the first statement on which the problem or error appears. You must be prepared to provide the following information:
- Your name and account number.
- A description of the error or transaction you are unsure about along with an explanation as to why you believe it is an error or why you need more information.
- The dollar amount of the suspected error.
If you provide oral notice, you will be required to send in your complaint or question in writing within ten (10) business days.
We will determine whether an error occurred within ten (10) business days (twenty (20) business days for new accounts) 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 (ninety (90) days for new accounts and foreign initiated or Point of Sale transfers) to investigate your complaint or question. If we decide to do this, we will credit your account within ten (10) business days (twenty (20) business days for new accounts) for the amount which you think is in error, so that you will have the use of the money during the time it takes to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within ten (10) business days, we may not credit your account. The extended time periods for new accounts apply to all electronic fund transfers that occur within the first thirty (30) days after the first deposit to the account is made, including those for foreign initiated or Point of Sale transactions.
We will tell you the results within three (3) business days after completing our investigation. If we decide that there was no error, we will send you a written explanation.
You may ask for copies of the documents that we used in our investigation.
If you are reporting an error on an ACH transaction, please go online and complete the written statement of unauthorized debit form and email or mail the form to the address listed on your statement.
Liability For Failure To Complete Transaction. If we do not complete a transfer to or from your account on time or in the correct amount according to our agreement, we will be liable for your losses or damages as provided by law. However, there are some exceptions. We will NOT be liable, for instance:
- If through no fault of ours, you do not have enough money in your account to make the transfer.
- If the transfer would result in your exceeding the credit limit on your line of credit, if you have one.
- If the electronic terminal was not working properly and you knew about the breakdown before you started the transfer.
- If circumstances beyond our control (such as fire or flood, computer or machine breakdown, or failure or interruption of communications facilities) prevent the transfer, despite reasonable precautions we have taken.
- If we have terminated our agreement with you.
- When your Debit Card has been reported lost or stolen or we have reason to believe that something is wrong with a transaction.
- If we receive inaccurate or incomplete information needed to complete a transaction.
- In the case of preauthorized transfers, we will not be liable where there is a breakdown of the system which would normally handle the transfer.
- If the funds in the account are subject to legal action preventing a transfer to or from your account.
- If the electronic terminal does not have enough cash to complete the transaction.
There may be other exceptions provided by applicable law.
Right To Bring Civil Action. You may bring a civil action against any person violating any provision of Minnesota Statutes Sec. 47.69 (governing consumer privacy and authorized withdrawals). If you prevail in such an action, you may recover the greater of your actual damages or $500.00. You may also be entitled to recover punitive damages, your court costs, and reasonable attorney’s fees.
Charges For Transfers or The Right To Make Transfers. We reserve the right to impose a fee and to change fees upon notice to you.
Disclosure of Account Information. You agree that merchant authorization messages transmitted in connection with Point of Sale transactions are permissible disclosures of account information, and you further agree to release Battle Bank, N.A. and hold it harmless from any liability arising out of the transmission of these messages.
We will disclose information to third parties about your account or electronic fund transfers made to your account:
- Where necessary to complete a transfer or to investigate and resolve errors involving the transfer(s); or
- In order to verify the existence and condition of your account for a third party such as a credit bureau or merchant; or
- In order to comply with government agency or court orders; or
- If you give us your permission in a record or writing.
Consumer Privacy. To protect the privacy of our Clients using electronic financial terminals, including any supporting equipment, structures or systems, information received by or processed through such terminals, supporting equipment, structures or systems shall be treated and used only in accordance with applicable law relating to the dissemination and disclosure of such information. The person establishing and maintaining an electronic financial terminal, including any supporting equipment, structures or systems, shall take such steps as are reasonably necessary to restrict disclosure of information to that necessary to complete the transaction and to safeguard any information received or obtained about a Client or a Client’s account from misuse by any person manning an electronic financial terminal, including any supporting equipment, structures or systems.
Amending or Terminating this Agreement. We may change or amend this agreement and those portions of the Fee Schedule included in these Terms, which relate to EFT services, at any time upon at least 30 days written notice to you prior to the effective date of the change or amendment. Your failure to timely furnish notice as set forth in the written notice shall be deemed to be your acceptance of such change or amendment. If you do not agree to abide by a change or amendment, you must notify us of the fact prior to the effective date of the change or amendment and cancel this agreement. We may cancel this agreement at any time without giving you prior notice. If either of us cancel this agreement at any time, you shall surrender any card and you may no longer use any of our EFT services other than automated clearing house transfer services.
Additional Provisions
Your account is also governed by the terms and conditions of other applicable agreements between you and Battle Bank, N.A..
Other ATM Services. We may provide reimbursements up to established limits of third-party ATM Fees. To be eligible for these ATM fee reimbursements, your account must maintain a minimum average daily balance of $5,000. If such ATM fee reimbursements are provided to you, you are responsible for any income tax consequences. In the event that your ATM fee reimbursements plus any other miscellaneous income that we paid to you totals $600 or more in a calendar year, we will report these collectively to the Internal Revenue Service on Form 1099-MISC, in the name of the primary account holder.
ATM Participating Merchant Terminal Malfunctions. We are not responsible for damages resulting from an ATM or merchant malfunction, except to the extent that malfunction results in an error.
Privacy Policy
Rev. 09/24/2024
| FACTS | What Does Battle Bank, N.A. Do With Your Personal Information? |
|---|---|
| Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do. |
| What? |
The types of personal information we collect and share depend on the product or service you have with us. This information can include:
|
| How? | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Battle Bank, N.A. chooses to share; and whether you can limit this sharing. |
| Reasons we can share your personal information | Does Battle Bank, N.A. share? | Can you limit this sharing? |
|---|---|---|
| For our everyday business purposes-- such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| For our marketing purposes--to offer our products and services to you | Yes | No |
| For joint marketing with other financial companies | Yes | No |
| For our affiliates' everyday business purposes--information about your transactions and experiences |
|
We don't share |
| For our affiliates' everyday business purposes--information about your creditworthiness | No | We don't share |
| For nonaffiliates to market to you | No | We don't share |
| Questions? | Call toll-free 855.922.8853 (BATTLE) or go to https://BattleBank.com/privacy or you can send an email to [email protected] |
|---|
| What We Do | |
|---|---|
| How Does Battle Bank, N.A. Protect My Personal Information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. |
| How Does Battle Bank, N.A. Collect My Personal Information? |
We collect your personal information, for example, when you
|
| Why Can't I Limit All Sharing? |
Federal law gives you the right to limit only
[See below for more on your rights under state law.] |
| Definitions | |
|---|---|
| Affiliates |
Companies related by common ownership or control. They can be financial and nonfinancial companies.
|
| Nonaffiliates |
Companies not related by common ownership or control. They can be financial and nonfinancial companies.
|
| Joint marketing |
A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
|
| Other Important Information |
|---|
|
Special Notice For California Residents Accounts with a California mailing address are automatically treated as if they have limited the sharing as described on page 1. We will not share information about you, except as permitted by law. For joint marketing, we will disclose your name, contact information and information about your transactions. Additional information about Battle Bank's privacy policies can be found at BattleBank.com/privacy or by calling 855.922.8853 (BATTLE).
Special Notice For Nevada Residents
Special Notice For Vermont ResidentsWe are providing you this notice pursuant to Nevada law. You may be placed on our internal Do Not Call list by calling us at 855.922.8853 (BATTLE) or you may contact us at [email protected]. Nevada requires that we provide contact information for the state's Bureau of Consumer Protection to all consumers that do business with us. The contact information for the Bureau of Consumer Protection, of the Office of the Nevada Attorney General, is provided below.
Accounts with a Vermont mailing address are automatically treated as if they have limited the sharing as described on page 1. For joint marketing, we will only disclose your name, contact information and information about your transactions. State law gives you an additional right: We will not share information about your creditworthiness with other Battle Bank affiliates except with your consent. Additional information about Battle Bank's privacy policies can be found at BattleBank.com/privacy or by calling 855.922.8853 (BATTLE). |
Global Markets Terms & Conditions
Eligibility Requirements. You must be 18 years of age to open this account.
Minimum Balance Requirements. Please see additional disclosures below specific to the Global Markets Portfolio
Transaction Limitations. See Battle Bank Global Markets General Terms and Conditions below.
Additional Information Regarding Your Account. I. Battle Bank Global Markets General Terms and Conditions
A. Introduction.
Battle Bank Global Markets Portfolios provide clients with the opportunity to:
· open FDIC-insured Currency Accounts denominated in a variety of foreign currencies; and/or
· purchase FDIC-insured Principal Protected Index CDs that may be available from time to time; and/or
· open Precious Metals Accounts where clients can buy, sell, take delivery of, or store non-FDIC insured precious metals including gold, silver, platinum, and palladium.
In order to access and use any Battle Bank Global Markets products, you must first submit an application to open a Global Markets Portfolio and link an accompanying Cash Account with the same registration or titling as your Global Markets Portfolio, or with compatible rights (typically a High Yield Cash Account for Non-IRA registrations; Money Market Account for IRA registrations, etc.). After we process your application and you have provided us with all necessary information and related documents (if necessary), we will open the Cash Account that accompanies your Global Markets Portfolio. You will use the Cash Account as a full service checking account (for non-IRA registrations) and as a vehicle to: (a) fund each new Currency Account you open with us (we will convert U.S. dollars in your Cash Account to your selected Foreign Currency in which your Currency Account will be denominated), (b) fund additional Foreign Currency balances in existing Currency Accounts, (c) receive funds transferred from your Currency Account (we will convert the Foreign Currency in your Currency Account to U.S. dollars prior to depositing such funds into your Cash Account), (d) fund Principal Protected CD, and e) fund Precious Metals Accounts. You agree to maintain the Cash Account at all times while you have the open Global Markets Portfolio with us. In the event that you close your Cash Account before closing your Global Markets Portfolio, you hereby expressly consent to us opening a new Cash Account in your name to provide the services described in subsections (a) through (e) above. The Cash Account will open automatically and in conjunction with each Global Markets Portfolio or may be linked manually by contacting the Global Markets Trading Desk. The Cash Account must remain open as long as the accompanying Global Markets Portfolio is open. The Monthly Service Charge of $5.00 for Minimum Balance Requirements will be waived if you hold a Global Markets Cash Account.
Definitions for Global Markets Accounts. Capitalized terms not defined below have the meanings otherwise provided in Battle Bank’s General Deposit Terms and Conditions (the “Account Agreement”). Throughout these terms and conditions (“Terms”), these terms have the following meaning:
“Account Agreement” means Battle Bank’s General Deposit Terms and Conditions
“Account Opening Date” means the Business Day on which (a) we receive your request to open a Currency Account, Precious Metals Account, or Principal Protected Index Certificate of Deposit Account during business hours and (b) you have a balance in your Cash Account sufficient to fund your requested transaction. If your new account is opened after Trading Hours, you will have a zero balance on the Account Opening Date and will not be funded with your selected Foreign Currency or Precious Metal until the Settlement Date. Principal Protected Index Certificates of Deposit have Settlement Dates that are disclosed in the CD Term Sheet for each offering.
“Annual Percentage Yield” or “APY” means a percentage rate reflecting the total amount of interest as calculated pursuant to the federal Truth in Savings Act.
“Automated Transaction Size Limit” refers to the maximum size of an Automated Transaction that can be accomplished through our Online Application or other requests. Transaction requests above this limit, which may vary by Foreign Currency or Precious Metal, must receive a Quoted Spread prior to execution by calling the Trading Desk at 855.922.8853 (BATTLE).
“Automated Transaction(s)” refers to instructions carried out by our computer systems after a request by you has been received. Automated Transactions may be limited by the size of the transaction and if applicable may be found at BattleBank.com under Global Markets. Size limitations may vary by Foreign Currency or Precious Metal.
“Business Day” means Monday through Friday, except Federal holidays and any day of the week on which trading is not open in the Foreign Currency or Precious Metal you wish to hold in your Global Markets Account. Holidays in foreign countries and in locations where some Foreign Currencies or Precious Metals are traded do not necessarily coincide with days that banks are open in the United States. If you have a question about a Business Day, contact the Global Markets Trading Desk for clarification at 855.922.8853 (BATTLE).
“Cash Account” means the U.S. dollar deposit account for your Global Markets Portfolio, as described more fully in the Introduction of these Terms. This account will need to remain open as long as the Global Markets Portfolio remains open.
“CD Term Sheet” refers to the document describing individual offerings of Principal Protected Certificates of Deposit where the details and terms and conditions of the offering are provided in detail.
“Currency CD” means a Currency Certificate of Deposit Account that consists of one Foreign Currency, or a Multi-Currency CD Account that consists of two or more Foreign Currencies.
“Currency Account” means any Currency Deposit Account, Currency Certificate of Deposit Account, or Multi-Currency CD you may open and maintain with us.
“Currency Exchange” means a transaction where you ask us to convert (a) U.S. dollars to a Foreign Currency, (b) a Foreign Currency to U.S. dollars, or (c) one Foreign Currency to another Foreign Currency.
“Client Exchange Rate” means the exchange rate that will apply to each of your Currency Exchanges. Please see C.6 below Establishing Your Quoted Rate in this Section I for more information about the Client Exchange Rate.
“Deposit Account” means a Currency Deposit Account. This may take the form of either a money market deposit account or, in some cases, a demand deposit account.
“Fees” or “Fee Schedule” means the fees and charges that apply to your account(s) as disclosed in the Account Agreement. These fees may change from time to time, and you may access current fees by viewing the most recent Fee Schedule posted on our website at BattleBank.com or you may call the Global Markets Trading Desk at 855.922.8853 (BATTLE).
“Foreign Currency” means any currency other than U.S. dollars, not including Precious Metals as described in Section III.
“Global Markets Account” means the Currency Deposit Account(s), Currency CD(s), Multi-Currency CD(s), Precious Metal Account(s), and/or Principal Protected Index CD(s) that are collectively held within a given Global Markets Portfolio.
“Global Markets Portfolio” means the container in which your Global Markets Accounts and positions are maintained on a per registration or title designation basis (such as Individual, Joint, Traditional IRA, Roth IRA, etc.). Each registration or title designation requires a separate Global Markets Portfolio. Each taxable registration Global Markets Portfolio can hold any of the Global Markets product offerings, which includes Currency Accounts, Principal Protected Index Certificate of Deposit Accounts, and Precious Metals Accounts. Non-taxable registrations including but not limited to Traditional IRA, Roth IRA, 401K, etc. can hold Currency Accounts, Principal Protected Index Certificate of Deposit Accounts, and not ineligible Precious Metals.
“Indicative Rate” means any published third-party price for a Foreign Currency including, but not limited to, the prices published by Bloomberg, Thomson Reuters, Refinitiv, and the Wall Street Journal. Indicative Rates are a representation based on rates provided by market participants, do not typically reflect real-time conditions, and are intended for information purposes only.s (such as Individual, Joint, Traditional IRA, Roth IRA, etc.). Each registration or title designation requires a separate Global Markets Portfolio. Each taxable registration Global Markets Portfolio can hold any of the Global Markets product offerings, which includes Currency Accounts, Principal Protected Index Certificate of Deposit Accounts, and Precious Metals Accounts. Non-taxable registrations including but not limited to Traditional IRA, Roth IRA, 401K, etc. can hold Currency Accounts, Principal Protected Index Certificate of Deposit Accounts, and not ineligible Precious Metals.
“Non-Deliverable Currency” or “NDC” means a Foreign Currency that we are unable to deliver to you due to foreign governmental controls or rules. When you close or withdraw funds from a Currency Account denominated in a Non-Deliverable Currency, you can only withdraw U.S. dollars or a Foreign Currency that is not a Non-Deliverable Currency after you have conducted a Currency Exchange of the NDC. We will declare a currency Non-Deliverable in our sole opinion.
“NDC Account” means a Currency Account that is denominated in a Non-Deliverable Currency. For a current list of NDC Accounts and rates, please call the Global Markets Trading Desk at 855.922.8853 (BATTLE). The NDC Accounts that we offer may change from time to time.
“NDC Transaction” means a deposit into or withdrawal from a NDC Account.
“Online Application” refers to our secure Battle Bank mobile app, our secure online account opening found at BattleBank.com or other secure online portals where clients can view account information and place transaction requests.
“Pricing Date” means the Business Day on which we determine your Client Exchange Rate.
“Pricing Time” means the time at which we determine your Client Exchange Rate.
“Quoted Rate” means the Client Exchange Rate you will be displayed while entering an Automated Transaction within Trading Hours. Quoted Rate can also mean the Client Exchange Rate you are provided by the Global Markets Trading Desk if you request one, and we agree to establish (“Quote”) you a Client Exchange Rate.
“Quoted Spread” means the difference between (a) the Quoted Rate we provide you based on the current Spot Rate at the time of your Quoted Rate request or online transaction, and (b) the Spot Rate as of the otherwise applicable Pricing Date and Pricing Time. The Quoted Spread will vary, depending on the volatility of the Foreign Currency being exchanged, but will typically be less than one percent (1%).
“Settlement Date” means the Business Day on which the money movement for a Currency Exchange occurs. When you open a new Currency Account, the Settlement Date will typically occur on the same Business Day if the transaction is submitted within Trading Hours. When you open a new Currency Account after Trading Hours, the transaction and Settlement Date are typically considered to be received on the following business day. When you ask us during Trading Hours on a Business Day to withdraw funds from your Deposit Account and convert the Foreign Currency in the Currency Deposit Account to U.S. dollars or another Foreign Currency, the Settlement Date will usually occur on the same Business Days as the date of your request. If you have a Currency Certificate of Deposit Account or Multi-Currency CD Account, when your Currency CD matures, the Settlement Date will occur on the (a) maturity date, if the maturity date is a Business Day, or (b) the Business Day immediately following the maturity date, if the maturity date is not a Business Day. See item F.2.i) Renewal Policies in this Section for additional information about renewal policies.
“Spot Rate” means the market prices that we determine are available to us in the Wholesale Market for a specific amount of Foreign Currency at a specific point in time.
“Spread” with respect to a Currency Exchange means the difference between the applicable Spot Rate and the Client Exchange Rate. Quoted Spreads may be higher and apply in cases where you have a Quoted Rate. For more information about our Spread, see item C.6 Establishing Quoted Rate in this Section. For information about Spread in the context of Precious Metals, please see Section III.
“Trading Desk” means the Battle Bank Global Markets Trading Desk where conversations with client service personnel can be had by telephone, email, or chat when available.
“Trading Hours” means the time on a Business Day which we will be able to determine your Client Exchange Rate or price your Currency Exchange as of that Business Day. The Trading Hours are posted on the BattleBank.com website and may change from time to time; on the publishing date of these Terms, the Trading Hours are 8:00 a.m. – 3:00 p.m. Central Time (CT) in the United States. Trading Hours may be different for requests received through our Online Application, requests received by mail, email, chat, or telephone, and transactions entered as standard instructions.
“We,” “Us,” “Our,” and “Battle Bank” refer to Battle Bank, NA and to any of our successors or assignees.
“Wholesale Market” means the over-the-counter market where participating banks trade Foreign Currencies.
“You,” “Your,” and “Account Holder” refer to each person applying for, opening, or authorized to control the account, and each Authorized Signer of a Currency Account, or anyone else with the authority to exercise control over the Currency Account.
B. Common Terms for All Global Markets Accounts
These Battle Bank Global Markets Terms are a part of your Account Agreement and include important disclosures and agreements related to your Global Markets Accounts. In the event of a conflict between the Account Agreement and these Global Markets Terms, these Global Markets Terms control to the extent of the conflict. Refer to the applicable rate sheet found at BattleBank.com/rates and Account Agreement for additional important terms and conditions related to your Global Markets Account. You agree to pay us and are responsible for any fees, charges, or balance/deposit requirements as included in the Account Agreement, Cash Account Truth in Savings Disclosures or in these Terms. Fees, charges, and balance requirements may change from time to time at our sole discretion. If the fees, charges, minimum balance requirements, or other provisions change in a manner that would adversely affect you, we will provide you with written notice thirty (30) days prior to the change. You acknowledge and agree to these Terms governing your account(s) with us and you accept these Terms by using our account services and by acknowledging receipt prior to account opening.
In addition to the specific Terms and disclosures set forth below, some key risk considerations you should bear in mind before opening any Global Markets Account are as follows:
1. PURCHASING OR OWNING FOREIGN CURRENCIES, PRECIOUS METALS, OR PRINCIPAL PROTECTED INDEX CERTIFICATES OF DEPOSIT BY OPENING A GLOBAL MARKETS ACCOUNT INVOLVES RISKS AND YOU CAN LOSE SOME OR ALL OF THE VALUE IN YOUR GLOBAL MARKETS ACCOUNT. YOU SHOULD CONSIDER THESE RISKS BEFORE OPENING OR RENEWING A GLOBAL MARKETS ACCOUNT.
2. YOU SHOULD CONSULT YOUR OWN LEGAL, TAX, AND/OR INVESTMENT ADVISORS REGARDING THE RISKS RELATING TO (A) GLOBAL MARKETS ACCOUNTS, INCLUDING NON-DELIVERABLE CURRENCY (NDC) ACCOUNTS, (B) FOREIGN CURRENCIES, INCLUDING NDCs, (C) CURRENCY EXCHANGE TRANSACTIONS, (D) ANY OTHER TRANSACTION IN ANY FOREIGN CURRENCY, (E) PRECIOUS METALS ACCOUNTS, OR (F) PRINCIPAL PROTECTED INDEX CERTIFICATES OF DEPOSIT.
3. YOU ARE SOLELY RESPONSIBLE FOR ANY DECISION THAT YOU MAKE TO (A) OPEN, CLOSE, MAINTAIN OR RENEW A GLOBAL MARKETS ACCOUNT, INCLUDING AN NDC ACCOUNT, (B) ENGAGE IN ANY TRANSACTION RELATING TO A FOREIGN CURRENCY, INCLUDING AN NDC, (C) CONDUCT A CURRENCY EXCHANGE, OR (D) ENGAGE IN ANY OTHER TRANSACTION IN ANY FOREIGN CURRENCY OR PRECIOUS METAL.
4. WE DO NOT PROVIDE LEGAL, TAX, OR INVESTMENT ADVICE OR OPINIONS ON THE MERITS OR SHORTCOMINGS OF (A) ANY GLOBAL MARKETS ACCOUNT, INCLUDING AN NDC ACCOUNT, (B) ANY FOREIGN CURRENCY, INCLUDING A NDC, (C) ANY CURRENCY EXCHANGE, (D) ANY OTHER TRANSACTION IN ANY FOREIGN CURRENCY, OR (E) ANY TRANSACTION IN ANY PRECIOUS METAL. YOU SHOULD NOT CONSTRUE ANY STATEMENT BY ANY OF OUR EMPLOYEES, INCLUDING ANY MEMBER OF OUR TRADING DESK, AS INVESTMENT ADVICE ABOUT ANY FOREIGN CURRENCY OR RELATED TRANSACTION.
5. FOREIGN EXCHANGE AND PRECIOUS METALS MARKETS ARE VOLATILE AND UNPREDICTABLE. THIS MEANS THAT THE VALUE OF ANY FOREIGN CURRENCY OR PRECIOUS METAL MAY FLUCTUATE WIDELY AGAINST THE U.S. DOLLAR. THE VALUE OF ONE FOREIGN CURRENCY OR PRECIOUS METAL MAY ALSO FLUCTUATE WIDELY AGAINST ANOTHER FOREIGN CURRENCY. YOUR GLOBAL MARKETS ACCOUNT COULD LOSE SIGNIFICANT VALUE IF THE VALUE OF FOREIGN CURRENCIES OR PRECIOUS METAL CHANGES ADVERSELY TO THE U.S. DOLLAR (OR TO ANOTHER FOREIGN CURRENCY).
6. THE U.S. DOLLAR VALUE OF YOUR GLOBAL MARKETS ACCOUNT WILL CHANGE OVER TIME AND MAY NOT BE WORTH AS MUCH AS THE AMOUNT OF YOUR ORIGINAL DEPOSIT OR PURCHASE. YOU MAY HAVE A GAIN OR LOSS FROM ANY CURRENCY EXCHANGE OR PRECIOUS METAL SALE, INCLUDING ANY (A) EXCHANGE OF U.S. DOLLARS FOR A FOREIGN CURRENCY, (B) EXCHANGE OF A FOREIGN CURRENCY FOR U.S. DOLLARS, (C) EXCHANGE OF ONE FOREIGN CURRENCY TO ANOTHER FOREIGN CURRENCY, OR (D) SALE OF PRECIOUS METAL HOLDING.
7. FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) DEPOSIT INSURANCE DOES NOT INSURE AGAINST ANY LOSS IN THE VALUE OF YOUR CURRENCY ACCOUNT DUE TO FOREIGN CURRENCY VALUE FLUCTUATIONS. THE AMOUNT OF FDIC DEPOSIT INSURANCE AVAILABLE FOR A CURRENCY ACCOUNT WILL BE DETERMINED AND PAID BY THE FDIC IN THE U.S. DOLLAR EQUIVALENT OF THE FOREIGN CURRENCY IN WHICH THE ACCOUNT IS DENOMINATED. IF APPLICABLE, THE FDIC WILL DETERMINE THE U.S. DOLLAR EQUIVALENT VALUE OF SUCH FOREIGN CURRENCY IN THE MANNER SET FORTH IN THE FDIC’S REGULATIONS AS OF THE DATE OF DEFAULT. THERE IS NO FDIC INSURANCE FOR ANY PRECIOUS METAL HOLDING.
C. General Terms Applicable to Currency Accounts
1. Opening Your Currency Account
a) Opening with U.S. dollars. If you open a Currency Account with U.S. dollars, you must deposit that currency into your Cash Account, and we will then convert your U.S. dollars to the Foreign Currency in which your Currency Account will be denominated on the Settlement Date. See How Your Client Exchange Rates Are Determined, item C.4 below in this Section for more information on how this Currency Exchange works and our Spread. To open or fund an NDC Account (a Currency Account denominated in a Non-Deliverable Currency), you must first deposit U.S. dollars into your Cash Account.
b) Opening with Foreign Currency. You may also deliver acceptable Foreign Currency to us to open and fund a Currency Account that is not an NDC Account. Acceptable Foreign Currencies are those that we offer in a Currency Account that is not an NDC Account. We generally accept Foreign Currency wires sent to and verified by us as cleared deposits; however, we do not accept physical Foreign Currency or Foreign Currency drafts or checks.
c) Special Provisions for Joint Accounts and Joint Account Holders. Following the opening of a joint Global Markets Portfolio or a Global Markets Portfolio where joint holders are added, each joint Account Holder of any joint Currency Account, Principal Protected CD, and/or Precious Metals Account (collectively, “Global Markets Account”) acknowledges and agrees that either joint Account Holder may open additional joint Global Markets Accounts within that joint Global Markets Portfolio in the joint Account Holders’ names and may conduct transactions within such joint Global Markets Accounts. In addition, each joint Account Holder expressly consents to the opening of any such additional joint Global Markets Accounts, to the transactions conducted in such additional joint Global Markets Accounts, and to any additional products or services provided in connection with such additional joint Global Markets Accounts.
2. Withdrawing Funds and Closing Your Currency Account
a) Currency Certificate of Deposit Account. When your Currency CD matures, you may generally: (a) renew the Currency CD in the same Foreign Currency for the same term or for another term of your choosing, (b) open a new Currency Deposit Account in the same Foreign Currency and deposit the maturing Foreign Currency into this new account, (c) ask us to convert the Foreign Currency to U.S. dollars and deposit the U.S. dollars to your Cash Account, (d) withdraw a portion of principal or interest and renew the remaining balance in the same Foreign Currency, (e) renew the Currency CD in the same Foreign Currency and provide additional funds to increase the balance in the renewed Currency CD, or (f) ask us to deliver the Foreign Currency to you via a Foreign Currency wire (unless the Currency CD is denominated in a Non-Deliverable Currency, in which case we can only deliver U.S. dollars to you). See How Your Client Exchange Rates Are Determined, item C.4 below in this Section for information on how we convert your Foreign Currency to U.S. dollars or to another Foreign Currency.
b) Currency Deposit Account. Subject to applicable withdrawal limits pursuant to federal law, you may withdraw all or part of the funds in your Currency Deposit Account. If you do so, you may: (a) ask us to convert the Foreign Currency to U.S. dollars and deposit the U.S. dollars to your Cash Account, (b) ask us to convert the Foreign Currency to a different Foreign Currency and deposit the different Foreign Currency to your Currency Deposit Account of that Foreign Currency (if you do not have a Deposit Account of that different Foreign Currency, we will establish a new Deposit Account for that Foreign Currency), or (c) ask us to deliver the Foreign Currency to you via a Foreign Currency wire (unless the Deposit Account is denominated in a Non-Deliverable Currency, in which case we can only deliver U.S. dollars to you). See How Your Client Exchange Rates Are Determined, item C.4 below in this Section for information on how we convert your Foreign Currency to U.S. dollars or to another Foreign Currency.
3. How We Accept Foreign Currency from You or Deliver to You
a) In most cases, you are not obligated to conduct Currency Exchanges with us in order to hold a Currency Account. Opening a Currency Account means that you deliver acceptable Foreign Currency to us to fund the account. In general, we accept Foreign Currency wires sent to and verified by us as cleared deposits. As a service, we will sell Foreign Currency to you to fund your Currency Account as described in these Terms.
b) For Foreign Currencies other than NDCs, you may ask us to deliver Foreign Currency held in your (a) Currency Deposit Account at any time, and (b) Currency CD Account when it matures or otherwise becomes available. At your request, and if the currency is readily deliverable, we will try to obtain Foreign Currency and deliver it to you as permitted under applicable law, except as described below for NDC Accounts. However, we will not deliver physical Foreign Currency or a Foreign Currency draft or check to you. You may direct us to deliver Foreign Currency to you by a Foreign Currency wire, or to move your Foreign Currency into another Currency Deposit Account. We may charge you a fee as disclosed in the Account Agreement Fee Schedule and available on our website at BattleBank.com. These fees may change from time to time, and you may access current fees by viewing the most recent Account Agreement Fee Schedule posted on our website. If you direct us to deliver Foreign Currency to you, it is possible that the accepting institution may charge you a fee; these fees are not the responsibility of Battle Bank and must be paid by you.
c) Non-Deliverable Currencies (NDCs) can never be delivered to you by us. When you withdraw funds from or close a Currency Account denominated in a Non-Deliverable Currency, you can only withdraw U.S. dollars, and only after having converted your Non-Deliverable Currency into U.S dollars or another Foreign Currency that is not a Non-Deliverable Currency.
d) One of the risks of having an account denominated in a Foreign Currency is the possibility of that Foreign Currency not being readily available for delivery. We will deliver Foreign Currency to you, as described above, if it is readily available and delivery is permitted under applicable law. However, as described in Risks Associated with Currency Accounts, item C.8 below in this Section, a foreign government may impose restrictions or foreign currency exchange controls, or other circumstances or conditions may be present, which could severely limit the amount of Foreign Currency that may be removed from a foreign country. If this happens, we may not be able to obtain that Foreign Currency and deliver it to you. We will make reasonable efforts to obtain the Foreign Currency on your behalf, but we cannot guarantee that we will be successful in these efforts.
4. How Your Client Exchange Rates Are Determined
a) We will determine your Client Exchange Rate each time you ask us to enter into a Currency Exchange transaction. This rate is based on the application of our Spread to the Spot Rate available to us.
b) Foreign Currencies do not trade on a centralized exchange. Instead, Foreign Currencies trade primarily in the Wholesale Market, which is an over-the-counter market between participating banks, broker dealers, and other financial intermediaries. We are a participant in the Wholesale Market. When we exchange a Foreign Currency in the Wholesale Market, we receive a Spot Rate, which is provided to us by another Wholesale Market participant based on the specific amount of that Foreign Currency at a specific point in time. There are no published exchange rates specific to our Spot Rate. This means there are no published exchange rates specific to your Currency Exchange transaction that you may use to independently calculate your Client Exchange Rate. Battle Bank makes markets in Foreign Currency as a principal and as such, may not enter into a specific offsetting transaction to complete your specific request to exchange foreign currency; in that event, Battle Bank will make reasonable efforts to determine the Spot Rate based on the Indicative Rate as quoted by one or more providers at the time of the transaction.
c) Client Exchange Rate. Under our standard pricing, your Client Exchange Rate will be:
Opening or Adding Funds to Currency Account
Spot Rate on Pricing Date and Pricing Time PLUS the Spread
Closing or Withdrawing Funds from Currency Account
Spot Rate on Pricing Date and Pricing Time MINUS the Spread
d) The Spread. Our Spread is the difference between the Spot Rate available to us and the Client Exchange Rate we make available to you. The amount of your Spread depends on the US dollar amount of your Currency Exchange:
US Dollar Amount of Currency Exchange and Spread Applied
≤ $99,999.99: 0.75%
$100,000 – $399,999.99: 0.500%
$400,000 – $749,999.99: 0.375%
≥ $750,000: 0.250% or Quoted Rate
Quoted Spreads may be higher and apply in cases where you have a Quoted Rate. For more information on Quoted Rates, see Establishing Your Quoted Rate, item C.6 below, in this Section.
e) Spot Rates may not always be available. There are times when a Spot Rate for a Foreign Currency may not be available to us. In that case, we will not be able to calculate your Client Exchange Rate for that Foreign Currency. Our ability to obtain a Spot Rate depends on many factors, including market liquidity and governmental restrictions. We are under no obligation to provide you with a Client Exchange Rate for a specific Foreign Currency at any time if we do not believe there are reliable indicators for a Spot Rate. See item C.8 below, Risks Associated with Currency Accounts in this Section for information about Foreign Currency deliveries when we are unwilling or unable to convert a Foreign Currency in your Account to U.S. dollars.
5. When We Determine Your Client Exchange Rate
When we determine your Client Exchange Rate, your Pricing Date and Pricing Time depends on what type of Currency Exchange transaction you are requesting, how we receive your request, and when we receive your request.
a) The following applies when you request a transaction through our Online Application during Trading Hours:
(1) If you have requested to open a new Currency Account or add to an existing Currency Account, and the size of the request is at or below the Automated Transaction Size Limit, then the Pricing Date will be the Account Opening Date or the date you requested to add to your existing Currency Account, and the Pricing Time will be the time the request is confirmed by our Online Application.
(2) If you have requested to withdraw funds from your Currency Account and exchange the proceeds into U.S. dollars or into a different Foreign Currency, and the size of the request is at or below the Automated Transaction Size Limit, then the Pricing Date will be the date you requested the withdrawal, and the Pricing Time will be the time the request is confirmed by our Online Application.
b) The following applies when you request a transaction through our Online Application outside of Trading Hours:
(1) If you have requested to open a new Currency Account or add to an existing Currency Account, and the size of the request is at or below the Automated Transaction Size Limit, then the Pricing Date will be the next available Business Day.
(2) If you have requested to withdraw funds from your Currency Account and exchange the proceeds into U.S. dollars or into a different Foreign Currency, and the size of the request is at or below the Automated Transaction Size Limit, then the Pricing Date will be the next available Business Day.
c) The following applies when you request a transaction from the Trading Desk by mail, telephone, email, chat, or other communication mediums:
(1) If the Trading Desk agrees to offer you a Quoted Rate, then the Pricing Date will be the date agreed between you and the Trading Desk, and the Pricing Time will be the time of the discussion that led to the Quoted Rate.
(2) If there is no request for a Quoted Rate and your request for a transaction occurs during Trading Hours, then the Trading Desk will make reasonable efforts to immediately enter your request into our system. In this case, the Pricing Date will be the date that the transaction is entered into the system, and the Pricing Time will be the time when the system confirms the entry and Currency Exchange Rate.
(3) If there is no request for a Quoted Rate and your request for a transaction is outside of Trading Hours, then the Trading Desk will make reasonable efforts to immediately enter your request into our system. In this case the Pricing Date will be the next available Business Day.
d) The following applies when your Currency CD matures:
(1) The Pricing Date will usually be two (2) Business Days prior to the maturity date.
(2) This means your Client Exchange Rate will usually be determined two (2) Business Days prior to the maturity date of your Currency CD.
6. Establishing Your Quoted Rate
a) Quoted Rates at Account Opening.
§ When opening any new Currency Account, you may ask us for a Quoted Rate. We may, but are not obligated to, agree to such Quoted Rate as of that Business Day and time. If we agree, we will provide you with a Quoted Rate.
§ If you accept the Quoted Rate, your Client Exchange Rate will be the Quoted Rate, which will include the Spread, and your Pricing Date will be the Account Opening Date.
§ If you do not accept the Quoted Rate and you still want to proceed with your transaction, your Pricing Date will be the same Business Day for transactions initiated during Trading Hours, and the following Business Day for transactions initiated outside of Trading Hours. In these events, your Client Exchange Rate will equal the Spread plus the Spot Rate in effect on that Pricing Date at that Pricing Time.
b) Quoted Rates when adding funds to, or withdrawing funds from, your Currency Deposit Account.
§ When you add funds or withdraw funds from your Currency Deposit Account, you may ask us for a Quoted Rate. We may, but are not obligated to, agree to such Quoted Rate as of that Business Day. If we agree, we will provide you with a Quoted Rate.
§ If you accept the Quoted Rate, your Client Exchange Rate will be the Quoted Rate, which will include the Spread, and your Pricing Date will be the Business Day on which we gave you the Quoted Rate.
§ If you do not accept the Quoted Rate and you still want to proceed with your transaction, your Pricing Date will be the same Business Day for transactions initiated during Trading Hours, and the following Business Day for transactions initiated outside of Trading Hours. In these events, your Client Exchange Rate will equal (a) the Spread plus the Spot Rate in effect on that Pricing Date and Pricing Time if you are adding funds to your Deposit Account or (b) the Spot Rate in effect on that Pricing Date and Pricing Time minus the Spread if you are withdrawing funds from your Deposit Account.
c) Quoted Rates during the term of your Currency CD.
§ We may, in our sole discretion, allow an Early Withdrawal on your Currency CD or Multi-Currency CD. Please see items F.2.g) and F.3.g) below, Early Withdrawal Penalties in this Section for more information. Please contact the Global Markets Trade Desk for questions and the options available to you.
7. There Are No Published Exchange Rates Specific to Your Currency Exchanges
a) The specific Client Exchange Rate that you receive for any Currency Exchange is not published in any newspaper, website, or other publicly available source.
b) Third party websites and other publications may from time to time publish Indicative Rates for certain Foreign Currencies. However, these published rates may change frequently throughout the course of each day and usually reflect only possible rates for large volume transactions conducted by institutional investors at a specific point in time.
c) These published exchange rates do not necessarily reflect transaction costs and do not accurately reflect exchange rates actually available to you or us at any point in time for any of your Currency Exchanges.
8. Risk Associated with Currency Accounts
a) Our ability to conduct a Currency Exchange or provide you with a Client Exchange Rate may be limited by conditions beyond our control. These conditions may include foreign or U.S. government restrictions (including, without limitation, the denial or cancellation of any export or other necessary license), wars, insurrections, economic conditions in the foreign country or the United States, and any “Acts of God.”
b) If you open a Currency Account, there is a risk that a government may impose foreign exchange controls or prohibit transactions in its currency. These exchange controls could prevent us from conducting a Currency Exchange for that Foreign Currency, providing you with a Client Exchange Rate, or continuing to hold that Foreign Currency on your behalf.
c) If such exchange controls or other conditions occur, we will use reasonable efforts to follow your instructions, but may not be able to do so. These exchange controls also could require us to convert your Foreign Currency to U.S. dollars without advance notice to you, even if you have asked us not to do so.
d) We may close your Currency Account or conduct a Currency Exchange without your permission at any time if we believe that such action is prudent, necessary or appropriate, in our sole discretion, in response to government restrictions (including, without limitation, the denial or cancellation of any export or other necessary license, Non-Deliverable Currency or other currency restrictions), wars, insurrections and/or any other cause beyond our reasonable control.
e) If we close any of your Currency Accounts or convert any of your Foreign Currency to U.S. dollars in the manner described above, we will not have any liability to you resulting from changes in the value of the Foreign Currency or resulting from the timing of our closing your Currency Account or converting the Foreign Currencies in your Currency Account. The Currency Exchange transacted under these circumstances will be conducted at the Client Exchange Rate (see item C.4 in this Section How Your Client Exchange Rates Are Determined).
e) If we close any of your Currency Accounts or convert any of your Foreign Currency to U.S. dollars in the manner described above, we will not have any liability to you resulting from changes in the value of the Foreign Currency or resulting from the timing of our closing your Currency Account or converting the Foreign Currencies in your Currency Account. The Currency Exchange transacted under these circumstances will be conducted at the Client Exchange Rate (see item C.4 in this Section How Your Client Exchange Rates Are Determined).
9. Hold Harmless
By opening a Currency Account, you acknowledge the risks stated above and agree to hold Battle Bank harmless from and against any claims, damages, losses, and expenses related to any such risks.
D. Non-Deliverable Currency Deposit Account Disclosures
Special risks and limitations apply to NDC Accounts. These items apply only to NDC Currency Accounts and describes some of those risks and limitations.
1. Opening And Withdrawing Funds from a NDC Account
a) To open or fund a NDC Account, you must deposit U.S. dollars. We then determine the number of units of the Non-Deliverable Currency that are equal to the amount of U.S. dollars that you provide to us. We do that by determining the Client Exchange Rate that we will provide to you, which will include our Spread.
b) When you withdraw funds from your NDC Account, you can only withdraw U.S. dollars. The number of U.S. dollars available to you will depend on the Client Exchange Rate applicable to that withdrawal. Depending on the Client Exchange Rate for the Non-Deliverable Currency as of the time we process your deposit to your NDC Account as compared to when we process your withdrawal from the NDC Account, you may receive fewer or more U.S. dollars than you deposited.
2. NDC Currency Exchange Rate Limitations; Delivery of Non-Deliverable Currencies
a) We generally price NDC Currency Exchanges the same as we do other Currency Exchanges. That means we apply our Spread to the applicable Spot Rate.
b) There may be a delay between the date you request a NDC Transaction and the date on which we process the transaction. The length of that delay may depend on many factors, including the dollar amount of your NDC Transaction request and other NDC Transaction requests for the same Non-Deliverable Currency that we have received at the same approximate time. Except in the case of Quoted Rates, we may not be able to determine the NDC Spot Rate available to us until we actually process the related NDC Transactions.
c) If you are not satisfied with the Client Exchange Rate at the time you are considering making a withdrawal from your NDC Account, you may be able to choose to make your withdrawal at a later time. If your NDC Account is a Currency CD, you can roll it over upon maturity of that Currency CD so long as your Currency CD is renewable, or you can typically move your Foreign Currency into a Deposit Account. The Client Exchange Rate available to you when you withdraw the funds may be more favorable or less favorable to you than the Client Exchange Rate that would have been available if you had withdrawn the funds on an earlier date. We cannot promise what Client Exchange Rate will be available to you from us when you choose to withdraw funds from your account.
d) There are times when we may not be able to determine a NDC Spot Rate. In such cases, we will not be able to calculate a Client Exchange Rate. Our ability to determine a NDC Spot Rate depends on many factors, including market liquidity and governmental restrictions. If we make reasonable efforts for sixty (60) days to identify a NDC Spot Rate, but cannot identify one, we will use a NDC Spot Rate that we determine.
e) WE CANNOT DELIVER NON-DELIVERABLE CURRENCIES TO YOU. WE CANNOT SEND YOU SUCH CURRENCIES IN PHYSICAL FORM, BY CHECK, BY WIRE OR THROUGH ANY OTHER METHOD. THIS MEANS THAT, IF YOU OPEN A NDC ACCOUNT, YOU WILL BE ABLE TO WITHDRAW YOUR FUNDS ONLY IN U.S. DOLLARS OR IN A FOREIGN CURRENCY THAT IS NOT AN NDC (AFTER THE NDC HAS BEEN CONVERTED). IF THE CURRENCY EXCHANGE RATE THAT WE CAN PROVIDE TO YOU WHEN YOU WITHDRAW FUNDS IS LESS FAVORABLE TO YOU THAN WHEN YOU OPENED YOUR NDC ACCOUNT, YOU MAY LOSE MONEY. DO NOT OPEN A NDC ACCOUNT IF YOU CANNOT AFFORD THIS RISK OF LOSS.
E. Recurring Purchase Plan – Foreign Currency
1. The Cash Account must serve as your funding source for the Recurring Purchase Plan;
2. You must set-up a recurring purchase of Foreign Currency that occurs at least monthly and is at least $100 each month per currency (with the funds coming from the Cash Account serving as your funding source); and
3. Your recurring purchases must be made timely and consistently. By setting up a Foreign Currency Recurring Purchase Plan, you understand and agree that the price you pay for the Foreign Currency each month will vary depending on the then-current Client Exchange Rate (including our Spread) and that we are under no obligation to attempt to time your purchase (whether between days or intra-day) in an effort to obtain a better price on your behalf.
4. You further understand and agree that we will acquire the Foreign Currency each month at a date and time conducive to our internal operations, without regard to price or market fluctuation.
5. A Recurring Purchase Plan is not appropriate for all people, and Battle Bank makes no recommendation that a Recurring Purchase Plan is either appropriate or suitable for you. Battle Bank reserves the right, without notice, to terminate your Recurring Purchase Plan or your involvement in the plan at any time, for any reason, including but not limited to overdrafts on your Cash Account serving as the funding source or failure to meet the requirements described above. If we terminate your Recurring Purchase Plan or your involvement in the plan, we will provide you notice of the termination, and no additional recurring purchases of Foreign Currency will be made, unless you set up a new Recurring Purchase Plan.
F. Specific Terms For Currency Accounts
These items contain important additional information about the specific types of Currency Accounts we offer. The information found here does not apply to any other account type.
1. Currency Deposit Account—Money Market
a) Exchange Rate Information. This Currency Deposit Account will be used to hold funds denominated in a currency other than U.S. dollars. If you request funds in this Deposit Account to be denominated in a currency other than the currency sent to us by you to fund the Deposit Account, we will convert your funds on the Settlement Date using a Client Exchange Rate. Please see item C above General Terms and Conditions Applicable to Currency Accounts in this Section for more information on funding your account and how we determine your Client Exchange Rate.
b) Special Offers. The terms of any introductory or other special offer, including any bonus or new account interest rate and annual percentage yield (APY) applicable on your Currency Deposit Account, if any, are set forth in the rate sheet.
c) Interest Rate Information. This is a variable rate account, which may become eligible to earn interest depending on the Foreign Currency held in this Deposit Account. The interest rate and APY may change. The interest rate and APY may be negative, and if negative, will result in a reduction of your principal balance. Refer to the rate sheet you will receive for the interest rates and APYs applicable to your Deposit Account at the time it was opened. The Foreign Currency of your Deposit Account will determine the interest rate that will apply to the entire balance in your Deposit Account. For current interest rates and APYs, visit the Currency Rates section of our website at BattleBank.com/rates or contact the Global Markets Trading Desk at 855.922.8853 (BATTLE). Please note, the APY does not reflect the potential capital gains or losses that may occur due to fluctuations in the currency market. Fees may reduce earnings.
d) Determination of Rate. In our sole discretion, we may change the interest rate on your Deposit Account.
e) Frequency of Rate Changes. We may change the interest rate on your Deposit Account at any time, without notice.
f) Limitations on Rate Changes. There are no maximum or minimum interest rate limits for this Deposit Account.
g) Balance Computation Method. We use the daily balance method to calculate the interest on your Deposit Account. This method applies a daily periodic rate to the balance in the Deposit Account each day.
h) Compounding and Crediting Frequency. Interest will be compounded monthly and will be credited to your Deposit Account monthly in the currency in which your Deposit Account is denominated. If you submit a request to close your account before interest is credited, you will receive interest that has accrued through the last full day before the date of the final withdrawal and/or account closure. If the interest rate and APY on your Currency Account is negative, there will be a reduction in your principal balance monthly.
h) Compounding and Crediting Frequency. Interest will be compounded monthly and will be credited to your Deposit Account monthly in the currency in which your Deposit Account is denominated. If you submit a request to close your account before interest is credited, you will receive interest that has accrued through the last full day before the date of the final withdrawal and/or account closure. If the interest rate and APY on your Currency Account is negative, there will be a reduction in your principal balance monthly.
i) Accrual of Interest on Non-Cash Deposits. If you deposit non-cash items (like checks) denominated in U.S. dollars to fund your foreign currency denominated Currency Accounts, your U.S. dollar deposit will be made to your Cash Account. Funds from U.S. dollar deposits will be available in accordance with the Funds Availability Disclosure in the Account Agreement. On the day your U.S. dollar funds are available, those funds can be transferred to your Currency Account for the Currency Exchange or NDC Transaction you have requested. Interest, if any, begins to accrue in your foreign currency denominated account on the same day funds are transferred into the Currency Account. We rely on the Federal Reserve Bank’s availability schedules to determine when credit for non-cash items has been received by us. If you make a deposit by a wire transfer of a foreign currency, interest begins to accrue on the Business Day after we receive your wire transfer.
j) Transaction Limitations. As authorized by federal law, we reserve the right at any time to require not less than seven (7) days’ notice in writing before each withdrawal from this Deposit Account.
k) Minimum Account Opening Balance Requirements. The minimum to open a Currency Deposit Account is $2,500 per currency, except in the case of a Recurring Purchase Plan where the required minimum is $100 per currency per month.
l) Fees. Refer to the Account Agreement Fee Schedule for a list of standard fees. For any monthly maintenance fee, see the separate disclosure that we would provide to you at least (30) thirty days prior to imposing or changing any monthly maintenance fee on any account that you have with us. We reserve the right to impose any monthly maintenance fee in our discretion, subject to the thirty (30)-day advance notice described above. The monthly maintenance fee, if any, will be charged in the Foreign Currency in which the applicable Deposit Account is denominated and may be based on the average daily balance in the Deposit Account for the period. The average daily balance is calculated by adding the principal in the Deposit Account for each day of the period and dividing that figure by the number of days in the period.
m) Statements. Statements for this Currency Account will be available to you not less than monthly through Battle Bank’s Online Application if there are active and open Global Markets Accounts in the Global Markets Portfolio. The Current USD Value and the Current Price displayed in the Account Summary section of these statements are an estimate as of the statement date. They are for reference purposes only and do not necessarily reflect exchange rates or conversion prices that we can obtain for your transaction and does not include our Spread. Statements will be considered correct unless you notify us to the contrary in writing within sixty (60) days after the statement date.
2. Currency Certificate of Deposit (Currency CD) Account
a) Exchange Rate Information. This Currency CD Account will be used to hold funds denominated in a currency other than U.S. dollars. If you request funds in this Currency CD Account to be denominated in a currency other than the currency sent to us to fund the Currency CD Account, we will convert your funds on the Settlement Date using a Client Exchange Rate. Please see item C above General Terms and Conditions Applicable to Currency Accounts in this Section for more information on funding your account and how we determine your Client Exchange Rate.
b) Special Offers. The terms of any introductory or other special offer, including any bonus or new account interest rate and APY applicable on your Currency CD Account, if any, are set forth in the rate sheet you will receive in your welcome communication or disclosure specific to the special offer.
c) Interest Rate Information. The interest rate and APY for this Currency CD are fixed and will be paid from the date of the deposit until the maturity date of the Currency CD. Refer to the rate sheet you will receive in your welcome communication for the interest rates and APYs applicable to your Currency CD Account at the time it was opened. The interest rate and APY may be negative, and if negative, will result in a reduction of your principal balance at maturity. The quoted APYs assume that interest will remain on deposit until maturity. Interest will be paid in the currency of the denomination of the Currency CD. Please note, the APY does not reflect the potential capital gains or losses that may occur due to fluctuations in the currency market. Fees may reduce earnings.
d) 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 balance in the Account each day.
e) Compounding and Crediting Frequency. Interest does not compound and is credited to your Currency CD Account only at maturity. The Balance Computation Method (above) describes only how interest is calculated and does not mean that interest is compounded or that interest is credited prior to maturity. At maturity, you may elect to have your interest (a) added to your Currency CD principal and rolled over to a new Currency CD, (b) credited to a Deposit Account denominated in that Foreign Currency; or (c) converted to U.S. dollars at the applicable Client Exchange Rate and credited to your Cash Account. If you close your Currency CD Account before interest is credited, you will not receive the accrued interest.
f) Accrual of Interest on Non-Cash Deposits. If you deposit non-cash items (like checks) denominated in U.S. dollars to fund any Global Markets transaction, your U.S. dollar deposit will be made to your Cash Account. These funds will be available to initiate a Global Markets transaction in accordance with the Funds Availability Disclosure in our Account Agreement. On the day your U.S. dollar funds are available, you can initiate a Global Markets transaction. Interest, if any is to be paid, begins to accrue in your foreign currency denominated account on the Settlement Date. If you make a deposit by a wire transfer of a foreign currency, interest begins to accrue on the Business Day after we receive your wire transfer.
g) Early Withdrawal Penalties. You may not withdraw any part of the Currency CD prior to maturity (an “Early Withdrawal”) without consent from us. In the event that extenuating circumstances exist, and you need the funds, we may allow an Early Withdrawal, imposing withdrawal penalties unless prohibited by law. In the event of an Early Withdrawal, the entire Currency CD will need to be converted to U.S. dollars and we will place the funds into your U.S. dollar Cash Account. The Early Withdrawal penalty imposed by us is all interest accrued on the Currency CD, beginning with the opening date of the Currency CD, up to and including the Early Withdrawal date. In addition, the remaining value of the Currency CD will be converted to U.S. dollars at a Client Exchange Rate based on the conversion rates that we determine in our judgment to be available to us for your Foreign Currency at the time of the conversion, minus a conversion cost of up to 1.5%. It is possible that you may receive fewer U.S. dollars on Early Withdrawal than you originally deposited, due to the Early Withdrawal penalty and changes in currency values.
h) Withdrawal of Interest Prior To Maturity. You may not withdraw interest prior to the maturity of your Currency CD. Interest earned will be paid on the date of the maturity of your Currency CD Account in the Foreign Currency in which the Currency CD Account is denominated.
i) Renewal Policies. Except as otherwise provided, your Currency CD Account will automatically renew at maturity for an additional term equal to the original term. If you do not want the Currency CD to automatically renew upon the maturity date, you may select one of the following options by providing your instructions through the Online Application or the Trading Desk at least three (3) Business Days prior to the Currency CD maturity date:
(1) liquidate your Currency CD Account (principal plus interest) upon maturity;
(2) remove the interest and/or any portion of the principal and re-invest the remaining principal in a Currency CD of the same Foreign Currency and an additional term equal to the original term; or
(3) elect to invest all or any portion of the funds from your maturing Currency CD in another Foreign Currency product or in the same Currency CD for a different maturity (subject to the terms and conditions, including, but not limited to, minimum opening balances, for any such different Foreign Currency product).
Additional Deposits. Instructions to add funds to a Currency CD upon the upcoming maturity date can be provided online or calling the Trading Desk at any time between the opening date of the CD and three (3) business days prior to the maturity date.
Note: If you do not provide alternate maturity instructions within the Online Application or to the Trading Desk at least three (3) Business Days prior to the Currency CD maturity date, your Currency CD will be considered to have automatically re-invested in a new Currency CD of the same Foreign Currency for the same term, at the current prevailing interest rate. There is no grace period after the maturity date of your Currency CD during which you may withdraw the funds in the Currency CD Account without being charged an Early Withdrawal penalty.
j) Transaction Limitations. You may not make any additional deposits into your Currency CD Account before maturity of the Currency CD. You may not withdraw any part of the Currency CD prior to maturity without our consent. If we do consent to a withdrawal prior to maturity, an Early Withdrawal penalty will be imposed as described above. As authorized by federal law, we reserve the right at any time to require not less than seven (7) days’ notice in writing before each withdrawal from this Currency CD Account.
k) Minimum CD Opening Balance Requirements. The minimum balance to open a Currency CD is $10,000.
l) Confirmations and Notices. You will receive communication when certain Currency CD events take place, such as: (a) opening a Currency CD, (b) renewing a Currency CD, (c) closing a Currency CD, or (d) a maturity notice thirty (30) days prior to the maturity date.
m) IRA Currency CD Provisions. All withdrawals, including withdrawals that are part of a required minimum distribution, are subject to the Early Withdrawal penalty policy described above. IRAs are subject to limitations and/or penalties imposed by the IRS. Contact your tax advisor for additional information. To avoid penalties, purchase Currency CDs only with money you will not need to access prior to the maturity date.
3. Multi-Currency CD
a) Exchange Rate Information. This Multi-Currency CD Account will be used to hold funds denominated in a currency other than U.S. dollars. Each Multi-Currency CD will be funded with U.S. dollars and consist of two or more predetermined Foreign Currencies, where the percentage of your deposited amount will be allocated to each Foreign Currency (the weighting) per the terms of the Multi-Currency CD as disclosed to you before opening the Multi-Currency CD. For example, if the terms for the Multi-Currency CD provide for four different Foreign Currencies with each weighted at 25%, then your deposited amount would be equally allocated among those four Foreign Currencies and a single aggregated Client Exchange Rate would be applied to the Currency Conversion. Any required Currency Exchange when opening the Multi-Currency CD Account would be performed at the then-applicable Client Exchange Rate. Please see item C above General Terms and Conditions Applicable to Currency Accounts in this Section for more information on funding your account and how we determine your Client Exchange Rate.
b) Special Offers. The terms of any introductory or other special offer, including any bonus or new account interest rate and APY applicable on your Multi-Currency CD, if any, are set forth in the rate sheet you will receive in your welcome communication or disclosure specific to the special offer.
c) Interest Rate Information. The interest rate and APY of the Multi-Currency CD Account are fixed and will be paid from the date of the deposit until the maturity date of the Multi-Currency CD. Refer to the rate sheet you will receive for the interest rates and APYs applicable to your Multi-Currency CD Account at the time it was opened. Please note, the APY does not reflect the potential capital gains or losses that may occur due to fluctuations in the currency market. Fees may reduce earnings.
d) 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 balance in the account each day.
e) Compounding and Crediting Frequency. Interest does not compound and is credited to your Multi-Currency CD Account only at maturity. The Balance Computation Method (above) describes only how interest is calculated and does not mean that interest is compounded or that interest is credited prior to maturity. At maturity, you may elect to have your interest (a) added to your Multi-Currency CD principal and rolled over to a new Multi-Currency CD; or (b) converted to U.S. dollars at the applicable Client Exchange Rate and credited to your Cash Account. If you close your Multi-Currency CD Account before interest is credited, you will not receive the accrued interest.
f) Accrual of Interest On Non-Cash Deposits. If you deposit non-cash items (like checks) denominated in U.S. dollars to fund your foreign currency denominated Currency Accounts, your U.S. dollar deposit will be made to your Cash Account. Funds from U.S. dollar deposits will be available in accordance with our Funds Availability Disclosure found in our Account Agreement, subject to the terms of the Multi-Currency CD. On the day your U.S. dollar funds are available, those funds can be transferred to your Currency Account for the Currency Exchange or NDC Transaction you have requested. Interest, if any, begins to accrue in your foreign currency denominated account on the same day funds are transferred into the Currency Account. We rely on the Federal Reserve Bank’s availability schedules to determine when credit for non-cash items has been received by us. If you make a deposit by a wire transfer of a foreign currency, interest begins to accrue on the Business Day after we receive your wire transfer.
g) Early Withdrawal Penalties. You may not withdraw any part of the Multi Currency CD prior to maturity (an “Early Withdrawal”) without consent from us. In the event that extenuating circumstances exist, and you need the funds, we may allow an Early Withdrawal, imposing withdrawal penalties as applicable by law. In the event of an Early Withdrawal, the entire Multi-Currency CD will need to be converted to U.S. dollars and we will place the funds into your U.S. dollar Cash Account. The Early Withdrawal penalty imposed by us is all interest accrued on the Multi-Currency CD, beginning with the opening date of the Multi-Currency CD, up to and including the Early Withdrawal date. In addition, the remaining value of the Multi-Currency CD will be converted to U.S. dollars at a Client Exchange Rate based on the conversion rates that we determine in our judgment to be available to us for your Foreign Currency at the time of the conversion, minus a conversion cost of up to 1.5%. It is possible that you may receive fewer U.S. dollars on Early Withdrawal than you originally deposited, due to the Early Withdrawal penalty and changes in currency values.
h) Withdrawal of Interest Prior To Maturity. You may not withdraw interest prior to the maturity of your Multi-Currency CD. Interest earned will be paid on the date of the maturity of your Multi-Currency CD in the Foreign Currency in which the Multi-Currency CD is denominated, which for Multi-Currency CDs is represented by units of the Multi- Currency CD.
i) Renewal Policies. Except as otherwise provided, your Multi-Currency CD will automatically renew at maturity for an additional term equal to the original term. If you do not want the Multi-Currency CD to automatically renew upon the maturity date, you may select one of the following options by providing your instructions to the Online Application or the Trading Desk at least three (3) Business Days prior to the Multi- Currency CD maturity date:
(1) liquidate your Multi-Currency CD Account (principal plus interest) upon maturity;
(2) remove the interest and/or any portion of the principal and re-invest the remaining principal in a Multi-Currency CD of the same Foreign Currencies and an additional term equal to the original term; or
(3) elect to invest all or any portion of the funds from your maturing Multi-Currency CD in the same Multi-Currency CD for a different maturity.
Additional Deposits. Instructions to add funds to a Multi-Currency CD upon the upcoming maturity date can be provided online or calling the Trading Desk at any time between the opening date of the CD and three (3) business days prior to the maturity date.
Note: If you do not provide alternate maturity instructions within the Online Application or to the Trading Desk at least three (3) Business Days prior to the Multi-Currency CD maturity date, your Multi-Currency CD will be considered to have automatically re-invested in a new Multi-Currency CD of the same Foreign Currencies for the same term, at the current prevailing interest rate. There is no grace period after the maturity date of your Multi-Currency CD during which you may withdraw the funds in the Multi-Currency CD Account without being charged an Early Withdrawal penalty.
j) Transaction Limitations. You may not make any additional deposits, beyond the initial deposit, into your Multi-Currency CD Account before maturity of the Multi-Currency CD. You may not withdraw any part of the Multi-Currency CD prior to maturity without our consent. If we do consent to a withdrawal prior to maturity, an Early Withdrawal penalty will be imposed as described above. As authorized by federal law, we reserve the right at any time to require not less than seven (7) days’ notice in writing before each withdrawal from this Multi-Currency CD Account.
k) Minimum CD Opening Balance Requirements. The minimum balance to open a Multi-Currency CD is $20,000.
l) Fees. Refer to the Account Agreement Fee Schedule.
m) Confirmations and Notices. You will receive communication when certain Multi-Currency CD events take place, such as: (a) opening a Multi-Currency CD, (b) renewing a Multi-Currency CD, (c) closing a Multi-Currency CD, or (d) a maturity notice thirty (30) days prior to the maturity date.
n) IRA CD Provisions. All withdrawals, including withdrawals that are part of a required minimum distribution, are subject to the Early Withdrawal penalty policy described above. IRAs are subject to limitations and/or penalties imposed by the IRS. Contact your tax advisor for additional information. To avoid penalties, purchase Multi-Currency CDs only with money you will not need to access prior to the maturity date.
II. Specific Terms— Principal Protected Index Certificate of Deposit Accounts
These Principal Protected Index Certificate of Deposit (CD) Account Terms are a part of your Account Agreement and include important disclosures and agreements related to your Principal Protected Index CD. Principal Protected Index CDs are indexed time deposit accounts. Each Principal Protected Index CD issuance is accompanied by a Term Sheet that describes in detail the Reference Index and key dates related to the value of your account. In the event of a conflict between the Account Agreement and these Principal Protected Index CD Account Terms, these Terms control to the extent of the conflict. In the event of a conflict between these Terms and the applicable Term Sheet, the Term Sheet provisions control to the extent of the conflict.
Refer to the applicable rate sheets and Account Agreement for more important terms and conditions related to your account.
In addition to the specific terms, conditions and disclosures set forth below, some key risk considerations you should bear in mind before opening any Principal Protected Index CD Account are as follows:
THIS PRODUCT MAY NOT BE SUITABLE FOR SOME INDIVIDUALS. YOU SHOULD NOT DEPOSIT YOUR MONEY IN THIS PRODUCT IF YOU DO NOT HAVE THE INTENT OR ABILITY TO KEEP THIS PRODUCT FOR THE FULL TERM, AS EARLY WITHDRAWALS ARE NOT PERMITTED EXCEPT IN THE EVENT OF THE DEATH OR ADJUDICATION OF INCOMPETENCE OF THE ACCOUNT HOLDER. YOU SHOULD NOT DEPOSIT YOUR MONEY IN THIS PRODUCT IF YOU WANT PERFORMANCE TIED DIRECTLY TO THE APPLICABLE REFERENCE INDEX. YOU ARE NOT INVESTING IN A STOCK MARKET OR OTHER INDEX BY DEPOSITING YOUR MONEY IN THIS PRODUCT. PAST PERFORMANCE OF THE REFERENCE INDEX IS NO GUARANTEE OF FUTURE PERFORMANCE.
NOT ALL PRINCIPAL PROTECTED INDEX CDS PAY INTEREST. THE PRINCIPAL PROTECTED INDEX CD WILL EARN INTEREST ONLY IF DISCLOSED IN THE APPLICABLE TERM SHEET. IF INTEREST IS PROVIDED FOR IN THE TERM SHEET, YOU WILL RECEIVE INTEREST AS DISCLOSED THERE IN ADDITION TO ANY MARKET UPSIDE PAYMENT. ALWAYS REFER TO THE TERM SHEET FOR THE SPECIFIC PRODUCT ISSUE YOU ARE CONSIDERING, FOR INTEREST (IF ANY) AND REFERENCE INDEX INFORMATION SPECIFIC TO THAT PRINCIPAL PROTECTED INDEX CD.
YOU SHOULD CONSULT YOUR OWN TAX ADVISOR CONCERNING THE U.S. FEDERAL INCOME TAX CONSEQUENCES OF OWNING THIS PRODUCT IN YOUR OWN PARTICULAR SITUATION, AS WELL AS ANY CONSEQUENCES UNDER THE LAWS OF OTHER RELEVANT TAXING JURISDICTIONS (INCLUDING THE INCOME TAX LAWS OF THE STATES AND LOCALITIES OF WHICH YOU ARE A RESIDENT OR IN WHICH YOU TRANSACT BUSINESS). PLEASE ALSO SEE THE “CERTAIN U.S. FEDERAL INCOME TAX CONSEQUENCES” AND “INTEREST AND MARKET UPSIDE PAYMENT” SECTIONS OF THESE PRINCIPAL PROTECTED INDEX CERTIFICATE OF DEPOSIT ACCOUNT TERMS AND CONDITIONS.
A. Definitions And Meanings For Principal Protected Index CD Accounts
Capitalized terms as used with respect to Principal Protected Index CDs have the meanings provided in this Section II. Capitalized terms not defined below have the meanings otherwise provided in the Account Agreement.
“Collected Funds” means funds collected by Battle Bank from the Depositor to open the Principal Protected Index CD. In order for funds to be considered collected and a Prospective Depositor to be eligible to open a Principal Protected Index CD, the Prospective Depositor must provide documents to open the Cash Account and/or Principal Protected Index CD as required by Battle Bank, and funds must be available to Battle Bank in the Cash Account at the time of placing your CD instructions and on the Issue Date according to the Account Agreement Funds Availability Disclosure.
“Deemed Interest Rate” means the rate at which funds are accrued and reported for U.S. federal income tax purposes. This amount will be reported to you and the IRS annually on a 1099-OID. This is not interest you receive.
“Deposit Amount,” with respect to any Principal Protected Index CD, means the total amount deposited by a holder of such Principal Protected Index CD that are Collected Funds.
“Depositor” means any person or entity that makes a deposit in a Cash Account and/or Principal Protected Index CD and who is an owner of such account. Within this section, references to “You” and its derivatives herein shall mean the Depositor and the applicable derivatives.
“Final Value Date” means the final date for calculations pertaining to your Principal Protected Index CD which may be subject to adjustment as described under the Market Disruption item below. The Final Value Date is disclosed in the Term Sheet.
“Funding Deadline” means the date on which Battle Bank ceases to accept applications and deposits for the purchase of a particular Principal Protected Index CD.
“Funding Start Date” means the date on which Battle Bank begins to accept applications and deposit of funds from Depositors applying to purchase a particular Principal Protected Index CD Product Issue.
“Initial Market Value” means the beginning value of the Reference Index on the Initial Value Date.
“Initial Value Date” means the beginning date for calculations pertaining to your Principal Protected Index CD, as disclosed in the Term Sheet, which may be subject to adjustment as described under the Market Disruption item below or in the Term Sheet.
“Interest” means, with respect to Principal Protected Index CDs, the amount (if any) that Battle Bank will pay to the Depositor on the funds in the Principal Protected Index CD based on a periodic rate of return or APY, if any, but except as otherwise described in the applicable Term Sheet, does not include any Market Upside Payment. Not all Principal Protected Index CDs pay Interest. The amount of Interest (if any) will be determined, earned, credited, and paid on the Maturity Date according to the calculation method disclosed in the Term Sheet.
“Issue Date” means the date on which a specific Product Issue is initiated, and the Principal Protected Index CD is issued by Battle Bank to the Depositor. This is also the date upon which the Product Term commences.
“Market Disruption Event” means a disruption in the market that prevents the pricing and/or settlement of currencies or their associated derivatives or any other Reference Index components in accordance with the terms and conditions of a particular Principal Protected Index CD Term Sheet.
“Market Upside Payment” means a payment, if any, based on the performance in the Reference Index. The calculation and terms of the Market Upside Payment are set forth in the Term Sheet for the Principal Protected Index CD Product Issue you open.
“Maturity Amount” with respect to any Principal Protected Index CD, means the Deposit Amount plus any Market Upside Payment, Interest, or other return as specified in the applicable Term Sheet.
“Maturity Date” means the completion date of the Product Term.
“Offering Bank or Advisor” means any bank or affiliate of such bank, broker-dealer, or financial advisor, that has entered into a service agreement with Battle Bank to issue, offer, or sell Principal Protected Index CDs.
“Offering Period” means the period of time from the Funding Start Date to Funding Deadline.
“Participation Factor” means a percentage of the Reference Index performance which applies to the Market Upside Payment calculation.
“Pricing Date(s)” means date(s) that determine the valuation of the Reference Index used in the current Principal Protected Index CD(s) Product Issue as outlined in the CD Term Sheet.
“Principal Protected Index CD” means Principal Protected Certificates of Deposit offered and/or issued by Battle Bank where all or a portion of the return is based on the performance of a defined Reference Index. Principal Protected Index CDs and their associated Reference Index and return computation methods are individually described in a Term Sheet specific to the Principal Protected Index CD Product Issue.
“Principal Protection” means the guaranteed return of your Principal Protected Index CD Deposit Amount. Principal Protection only applies to Principal Protected Index CDs held to maturity and is separate from Federal Deposit Insurance Corporation (FDIC) insurance, if any. Principal Protection may be 100% of deposited funds, or less than 100% of deposited funds as described in the relevant Term Sheet.
“Product Issue” means specific Principal Protected Index CDs designed by Battle Bank with unique design features, which may be subject to change from issue to issue, such as Reference Index(es), Product Term, Participation Factor, Reference Index value determination, Interest, Principal Protection amount, Market Upside Payment, and/or other features unique to that Product Issue.
“Product Term” means the duration of the Principal Protected Index CD, as described in the Term Sheet, from the Issue Date to the Maturity Date.
“Prospective Depositor” means an individual or entity who has submitted an application to become a Depositor, but the deposit has not been initiated or accepted.
“Reference Index” means the index or indices on which the performance of any Principal Protected Index CD Product Issue is based as defined in the applicable Term Sheet.
“Term Sheet” means the complete description of the unique provisions applicable to each Principal Protected Index CD Product Issue. The Term Sheet for a Product Issue shall contain detailed information regarding the Reference Index, Participation Factor and return calculation method specific to that Product Issue and is incorporated herein by reference.
B. General Principal Protected Index CD Account Terms and Conditions
These General Principal Protected Index CD Account Terms set forth general information about Principal Protected Index CDs and has not been approved by any governmental agency, nor has any state securities commission approved, recommended, or disapproved of these deposits or confirmed the accuracy or completeness of this document. Principal Protected Index CDs are time deposit products and therefore are not subject to registration under the Securities Act of 1933, as amended, or the securities laws of any state. The information contained herein may not be modified by any oral representation made prior or subsequent to the purchase of any Principal Protected Index CDs. You must rely on your own assessment of the offering and the merits and risks involved, for making any deposit to a Principal Protected Index CD Account.
1. Basic Provisions
a) All Principal Protected Index CDs offered by Battle Bank have returns that are based in part on, or are tied to, a Reference Index. The Reference Index for each Principal Protected Index CD is defined in the Term Sheet for that Principal Protected Index CD.
b) Principal Protected Index CDs are available from time to time from Battle Bank as issuer. The Principal Protected Index CDs issued by Battle Bank are the obligations solely of Battle Bank and are not obligations of and are not guaranteed by, any other Offering Bank or Advisor, or any affiliate of Battle Bank.
c) Applications for Principal Protected Index CDs are subject to acceptance and confirmation by Battle Bank. The Principal Protected Index CDs are being offered by Battle Bank subject to Battle Bank’s right to reject orders in whole or in part and subject to certain other conditions.
2. No Additional Deposits
No additional deposits may be made to a Principal Protected Index CD after the Funding Deadline. Except in the event of death or adjudication of incompetence of the holder of the Principal Protected Index CD, no withdrawals can be made from a Principal Protected Index CD after the Funding Deadline. Principal Protected CDs cannot be renewed.
3. Bank Procedure
a) Funds Held Prior To Issue Date. Battle Bank will accept applications and deposits for Principal Protected Index CDs during the Offering Period for such Principal Protected Index CDs. During the Offering Period, funds that you designate for the Principal Protected Index CD Product Issue will be held in your Cash Account. The Cash Account will be temporarily used as the deposit account where your Collected Funds will be held during the period of time between your deposit and the Issue Date for that Principal Protected Index CD. You will need to ensure the funds you allocate to the Principal Protected Index CD are not withdrawn or otherwise used for other purposes. On the Issue Date, Battle Bank will transfer the funds from your Cash Account into the Principal Protected Index CD.
b) Issue Date. Battle Bank does not guarantee or warrant that any orders received shall be executed on any specific Issue Date, and in no event shall Battle Bank assume any liability for any direct compensatory, special, punitive, indirect, or consequential damages, including lost profits, as a result of any failure on the part of Battle Bank to issue any Principal Protected Index CD on any specific Issue Date. The Product Term for each Principal Protected Index CD will commence on the Issue Date for the specific Principal Protected Index CD Product Issue.
c) Execution of Orders. A Principal Protected Index CD is only issued on the Issue Date as described in the Term Sheet for that Principal Protected Index CD Product Issue, as determined by Battle Bank. Battle Bank reserves the right to change the Funding Deadline, Issue Date, and corresponding Maturity Date to a later date in the event that an issue is undersubscribed. In the event that the Issue Date does not fall on a Business Day, the Issue Date shall be the Business Day immediately following the proposed Issue Date. Battle Bank must receive Collected Funds from a Prospective Depositor no later than the close of business on the Funding Deadline to enable Battle Bank to issue the Principal Protected Index CD on the Issue Date. Terms contained in the Term Sheet are subject to change up until the Funding Deadline. In addition, Battle Bank does not guarantee or warrant that any orders received shall be executed on any specific Issue Date or that any specific Initial Value Date will be applicable, and in no event shall Battle Bank assume any liability for any direct compensatory, special, punitive, indirect or consequential damages, including lost profits, as a result of any failure on the part of Battle Bank to issue any Principal Protected Index CD, on any specified proposed date or for the failure of any particular Initial Value Date to be applicable. Battle Bank reserves the right to cancel an undersubscribed Principal Protected Index CD issue prior to the Issue Date. In the event of cancellation of an issue, funds held in your Cash Account that were allocated for the Principal Protected Index CD, including any accrued interest, can remain in your Cash Account or be used for other purposes or withdrawn.
d) Verification of Pricing Dates. The Pricing Dates for this product, method of calculation and market measures, together with the relevant Reference Index are stated in the Term Sheet for the specific Principal Protected Index CD. The Initial Market Value of the Reference Index will be stated in the Product Issue confirmation Battle Bank provides you when the Principal Protected Index CD is issued.
4. Principal Protection
Principal Protected Index CDs, if held to the Maturity Date, will have a guaranteed return of the Deposit Amount or a portion of the Deposit Amount (“Principal Protection”). Principal Protection is not available if you, for any reason, withdraw funds from the Principal Protected Index CD prior to the Maturity Date. Please see the Penalty and Loss of Principal Protection for Early Withdrawals item B.5 below in this Section for additional details and limitations.
5. Penalty And Loss Of Principal Protection For Early Withdrawals
Except in the event of death or adjudication of incompetence of the holder of the Principal Protected Index CD, you may not withdraw any part of the Principal Protected Index CD prior to maturity (any such withdrawal prior to maturity, is an “Early Withdrawal”). YOU SHOULD NOT DEPOSIT YOUR MONEY IN THIS PRODUCT IF YOU DO NOT HAVE THE INTENT OR ABILITY TO KEEP THIS PRODUCT FOR THE FULL TERM.
Early Withdrawals do NOT receive Principal Protection and are NOT subject to any upside potential of the Reference Index. You also will NOT receive any interest on the Principal Protected Index CD if you make any withdrawal prior to the Maturity Date.
a) Early Withdrawal Price. The amount you will receive from your Principal Protected Index CD if you withdraw early, called the “Early Withdrawal Price,” will be determined by Battle Bank in its sole discretion. In determining the Early Withdrawal Price, Battle Bank will consider a number of different variables which may include, but are not limited to: (a) the termination value, cost of liquidating or the volatility of any of the hedges Battle Bank or any of its affiliates entered into in connection with the applicable Principal Protected Index CD; (b) the then-current value of the Reference Index on the date of the Early Withdrawal and its relation to the Initial Market Value; (c) interest rates or anticipated interest rates for the period from the date of Early Withdrawal to the Maturity Date; (d) the projected dividend yield of the Reference Index; (e) the volatility of the Reference Index; and (f) the period of time between the date of the Early Withdrawal and the Maturity Date.
THE EARLY WITHDRAWAL PRICE WILL BE COMPUTED DIFFERENTLY FROM THE MATURITY AMOUNT AND IS LIKELY TO DIFFER, PERHAPS SIGNIFICANTLY, FROM THE MATURITY AMOUNT. AN EARLY WITHDRAWAL OF YOUR PRINCIPAL PROTECTED INDEX CD COULD MEAN YOU WILL EXPERIENCE A LOSS OF PRINICPAL.
6. FDIC Insurance From Bank Insolvency
Funds in your Principal Protected Index CD are eligible for insurance coverage by the FDIC. The total amount of insurance coverage you have at Battle Bank depends on the number of accounts you have with us and the ownership categories of those accounts. If you would like additional information on FDIC insurance, you may ask us or contact the FDIC (see https://edie.fdic.gov).
7. Fees
There are no monthly or other periodic maintenance fees for the Principal Protected Index CD. Other fees may apply for bank services you use in connection with a Principal Protected Index CD. See our Account Agreement Fee Schedule, which is available on our website at BattleBank.com, for General Service Fees that may apply. See also item B.5 above, “Penalty and Loss of Principal Protection for Early Withdrawals” in this Section II for fees and penalties associated with Early Withdrawals.
8. Interest And Market Upside Payment
The calculation and terms of the Market Upside Payment are set forth in the Term Sheet for the Principal Protected Index CD you open. Each Product Issue may be tied to a different Reference Index and/or may involve a different interest calculation. Except for interest income that is imputed for U.S. federal income tax purposes, interest on the Principal Protected Index CDs, if any, will be determined, earned, credited, and paid on the Maturity Date as defined and disclosed in the Term Sheet. No interest will be earned, credited or payable prior to the Maturity Date. Notwithstanding anything herein to the contrary, in the event that the Maturity Date is not a Business Day, payments due on the Principal Protected Index CDs shall be due and payable on the immediately succeeding Business Day, without interest for such deferral. The amount of interest on the Principal Protected Index CDs, if any, may or may not exceed the interest that could be earned on a conventional fixed rate certificate of deposit of similar maturity and other terms and conditions.
9. Index Information
a) The Reference Index. The performance of the Principal Protected Index CD will be tied to a specific Reference Index. The Term Sheet shall contain detailed information regarding the Reference Index.
b) Disclaimer. Any third-party trademark associated with the Reference Index is licensed or otherwise permitted for use by Battle Bank.
The Reference Index service or trademark may be a registered service or trademark of a Reference Index licensor as disclosed on the Term Sheet. Such a Reference Index licensor has no relationship to Battle Bank, other than the licensing of the Reference Index and its service or trademarks for use in connection with Principal Protected Index CDs.
Reference Index licensors do not:
§ Sponsor, endorse, sell, or promote Principal Protected Index CDs;
§ Recommend that any person deposit funds in Principal Protected Index CDs or any other product;
§ Have any responsibility or liability for or make any decisions about the timing, amount, or pricing of Principal Protected Index CDs; Have any responsibility or liability for the administration, management, or marketing of Principal Protected Index CDs; or
§ Consider the needs of the Principal Protected Index CDs or the owners of the Principal Protected Index CDs in determining, composing, or calculating the Reference Index or have any obligation to do so.Reference Index licensors do not:
Reference Index licensors will not have any liability in connection with Principal Protected Index CDs. Specifically, Reference Index licensors do not make any warranty, express or implied, and Reference Index licensors disclaim any warranty or liability for:
§ The results to be obtained by the Principal Protected Index CDs, the owner of the Principal Protected Index CDs or any other person in connection with the use of the Reference Index and the data included in the Reference Index;
§ The accuracy or completeness of the Reference Index and its data;
§ The merchantability and the fitness for a particular purpose or use of the Reference Index and its data;
§ Any errors, omissions, or interruptions in the Reference Index or its data; or
§ Any lost profits or indirect, punitive, special, or consequential damages or losses, even if Reference Index licensor knows that they might occur.
c) Contingency Plans for Cessation of or Material Change to a Reference Index. In the event that a Reference Index (or any component of the Reference Index) is materially changed or not calculated on any relevant date or the Reference Index (or any component of the Reference Index) ceases to exist or is materially changed during the term of a Principal Protected Index CD, Battle Bank shall select as a substitute index a comparable index which, in the reasonable judgment of Battle Bank, is based on information substantially the same as and calculated in a similar manner as was the Reference Index (or the relevant component of the Reference Index), and in such event, the Reference Index (or the relevant component of the Reference Index) at any time shall be the value of such substitute index at such time. In the event that, prior to the Maturity Date, a Reference Index licensor or component provider makes a change in the formula or the method of calculating a particular Reference Index (or a component of the Reference Index) or in any other way modifies the Reference Index (or a component of the Reference Index) in a way that in Battle Bank’s view is material, Battle Bank will make such calculations as may be determined by it to be appropriate to calculate a value that will be used as the Reference Index for purposes of calculating the return, if any, on the Principal Protected Index CDs.
d) Market Disruption. A disruption in the market that prevents the pricing, participation in the change in an index, and/or settlement of currencies or their associated derivatives or any other Reference Index components in accordance with the terms and conditions of a particular Term Sheet is a “Market Disruption Event.” If a Market Disruption Event occurs, the date of the Initial Value Date or the Final Value Date or other relevant pricing dates may be adjusted as described in the Term Sheet for the specific Principal Protected Index CD. In addition, if a Market Disruption Event occurs on the Initial Value Date, Battle Bank may elect not to issue the Principal Protected Index CDs.
10. Maturity Information
A Principal Protected Index CD is not a renewable deposit and will not automatically renew at maturity. At maturity, Principal Protected Index CD funds will automatically be paid into your Cash Account. If your Cash Account is an interest-bearing account, then interest will be paid after maturity. In the event that you close your Cash Account prior to maturity, you hereby expressly consent to us opening a new Cash Account in your name. Please see the Currency Account Terms and Conditions for more information on such a Cash Account, if applicable.he market that prevents the pricing, participation in the change in an index, and/or settlement of currencies or their associated derivatives or any other Reference Index components in accordance with the terms and conditions of a particular Term Sheet is a “Market Disruption Event.” If a Market Disruption Event occurs, the date of the Initial Value Date or the Final Value Date or other relevant pricing dates may be adjusted as described in the Term Sheet for the specific Principal Protected Index CD. In addition, if a Market Disruption Event occurs on the Initial Value Date, Battle Bank may elect not to issue the Principal Protected Index CDs.
11. Risk Considerations
a) Suitability. PLEASE NOTE THAT THIS PRODUCT MAY NOT BE SUITABLE FOR SOME INDIVIDUALS. YOU SHOULD NOT DEPOSIT YOUR MONEY IN THIS PRODUCT IF YOU DO NOT HAVE THE INTENT OR ABILITY TO KEEP THIS PRODUCT FOR THE FULL TERM. YOU SHOULD NOT DEPOSIT YOUR MONEY IN THIS PRODUCT IF YOU WANT PERFORMANCE TIED DIRECTLY TO THE APPLICABLE REFERENCE INDEX. YOU ARE NOT INVESTING IN A STOCK MARKET OR ANY OTHER INDEX BY DEPOSITING YOUR MONEY IN THIS PRODUCT. PAST PERFORMANCE OF THE REFERENCE INDEX IS NO GUARANTEE OF FUTURE PERFORMANCE.
b) Tax Considerations. For U.S. federal income tax purposes, Battle Bank intends to treat a Principal Protected Index CD as a “contingent payment debt instrument” subject to taxation under the “noncontingent bond method.” Accordingly, a U.S. holder of a Principal Protected Index CD will be required to accrue interest income on a Principal Protected Index CD in its gross income each year on a constant yield to maturity based on a comparable yield in accordance with the original issue discount rules (subject to adjustment to reflect differences between actual and projected payments). The Depositor should also be aware that, for purposes of calculating the interest, if any, payable on the Principal Protected Index CD(s) at maturity, appreciation will be determined based upon the Product Calculation Rules noted in the Term Sheet and treated for U.S. federal income tax purposes as ordinary income, not capital gains. Please also see the Certain U.S. Federal Income Tax Consequences item B.12 below and Interest and Market Upside Payment item B.8 above in this Section II.
c) Bank Hedging and Other Permitted Transactions. Battle Bank, or an affiliate thereof, expects to enter into transactions with respect to the Reference Index in order to hedge Battle Bank’s exposure with respect to the Principal Protected Index CDs and may adjust its positions on the Reference Index from time to time. In addition, Battle Bank and its affiliates may from time to time engage in permissible transactions in the Reference Index and its underlying components for Battle Bank’s accounts and other accounts under its management. While Battle Bank and such affiliates do not expect these transactions to affect the value of the Reference Index in a material way, no assurance can be given that such transactions will not affect the Reference Index in a manner that could be adverse to holders of Principal Protected Index CDs.
12. Certain U.S. Federal Income Tax Consequences
a) General. The following is a summary of certain U.S. federal income tax considerations that may be relevant to you if you are a U.S. citizen or resident alien. This summary is based on laws, regulations, rulings, and decisions now in effect, all of which are subject to change that, in some cases, may have retroactive effect. This summary applies only if you hold Principal Protected Index CDs as a capital asset and does not address tax considerations that apply to you if:
§ You are a nonresident alien,
§ You are a foreign corporation,
§ You are a foreign estate or trust,
§ You are a foreign partnership, or
§ You hold the Product Issue as part of an integrated financial strategy (including a “straddle”) comprised of the Product and one or more other positions.
YOU SHOULD CONSULT YOUR OWN TAX ADVISOR CONCERNING THE U.S. FEDERAL INCOME TAX CONSEQUENCES OF OWNING THIS PRODUCT IN YOUR OWN PARTICULAR SITUATION, AS WELL AS ANY CONSEQUENCES UNDER THE LAWS OF OTHER RELEVANT TAXING JURISDICTIONS (INCLUDING THE INCOME TAX LAWS OF THE STATES AND LOCALITIES OF WHICH YOU ARE A RESIDENT OR IN WHICH YOU TRANSACT BUSINESS). PLEASE BE ADVISED THAT (A) THIS SUMMARY AND ANY OTHER TAX DISCUSSION CONTAINED IN THIS COMMUNICATION (INCLUDING ANY ATTACHMENTS) IS NOT INTENDED OR WRITTEN TO BE USED, AND CANNOT BE USED, FOR THE PURPOSE OF AVOIDING PENALTIES UNDER THE INTERNAL REVENUE CODE OR STATE OR LOCAL TAX LAW AND (B) THIS SUMMARY IS WRITTEN TO SUPPORT THE PROMOTING OR MARKETING BY BATTLE BANK OF THIS PRODUCT.
b) Long Term Contingent Market Linked Deposits. There are significant tax implications if you do not hold this product in a qualified tax deferred account. For U.S. federal income tax purposes, Battle Bank intends to treat a Principal Protected Index CD as a “contingent payment debt instrument” subject to taxation under the “noncontingent bond method.” Under U.S. federal income tax regulations applicable to contingent payment debt instruments such as this product, you are required to include on your federal income tax return as interest income an amount of original issue discount (“OID”) for each year that you hold the product, even though actual interest payments on the product will not be made until maturity. The Deemed Interest Rate is used to determine accruals of interest for tax purposes only and are not assurances by Battle Bank with respect to the actual yield of, or payments to be made in respect of, the Principal Protected Index CD. Further, the Deemed Interest Rate does not necessarily represent Battle Bank’s expectations regarding such yield or the amount of such payments. The amount of OID is calculated by accruing interest compounded annually on the principal amount of the product, and then allocating, to each day of each year you hold the product, a ratable portion of the interest that accrues in such year. The Deemed Interest Rate will be based on an assumed interest rate that will be fixed following the Issue Date of the product. For each calendar year prior to the year in which the Principal Protected Index CD matures, during which you hold the product, Battle Bank will issue you an IRS Form 1099-OID after the end of each year that will report the amount of interest that you are deemed to receive on the product. These amounts will also be reported to the Internal Revenue Service.
BECAUSE YOU MAY NOT WITHDRAW FUNDS DEPOSITED IN THE PRODUCT PRIOR TO MATURITY AND WILL NOT RECEIVE ACTUAL PAYMENTS OF INTEREST PRIOR TO MATURITY, YOU MUST BE PREPARED TO PAY INCOME TAX ON THIS INTEREST INCOME WITH ANOTHER SOURCE OF FUNDS. BECAUSE OF THE RULES THAT APPLY IF YOU HOLD THE PRODUCT OUTSIDE OF A QUALIFIED TAX DEFERRED ACCOUNT, IT IS POSSIBLE THAT YOU WILL BE REQUIRED TO PAY TAX ON INTEREST INCOME THAT YOU NEVER RECEIVE. IN THIS EVENT, HOWEVER, YOU SHOULD BE ENTITLED TO DEDUCT THE EXCESS AMOUNT AS AN ORDINARY LOSS IN THE YEAR OF MATURITY.
If at maturity the amount of interest actually paid on the Principal Protected Index CD is greater than the OID reported to you as interest on the Principal Protected Index CD in prior years, you must report this amount as income for the year of maturity. You will receive a Form 1099-OID from Battle Bank reporting this amount. If the OID reported to you in prior years exceeds the total interest payable at maturity, you will not report any interest income upon the maturity of the Principal Protected Index CD. You should be entitled to claim an ordinary loss in the year of maturity equal to the excess of the previously reported OID over the amount of interest you actually receive. If this amount exceeds your income after other deductions for the year, the excess may be carried over and deducted in subsequent years.
BATTLE BANK WILL NOT PROVIDE YOU WITH A STATEMENT RECONCILING THE AMOUNTS OF INTEREST YOU ARE DEEMED TO RECEIVE UNDER THE OID RULES ON THE PRODUCT AND THE AMOUNTS OF INTEREST YOU ACTUALLY RECEIVE ON THE PRODUCT, THUS, AS THE OID REPORTED TO YOU IN PRIOR YEARS MAY EXCEED THE TOTAL INTEREST PAYABLE TO YOU AT MATURITY, IT IS CRUCIAL THAT YOU RETAIN FOR YOUR TAX RECORDS EACH FORM 1099-OID YOU RECEIVE OVER THE TERM OF THE PRODUCT OR OTHERWISE MAINTAIN RECORDS THAT WILL ALLOW YOU TO CALCULATE THE AMOUNT OF ANY LOSS YOU MAY CLAIM IN THE YEAR OF MATURITY. YOU WILL NEED TO CONSULT WITH YOUR TAX ADVISOR REGARDING THE APPROPRIATE MANNER TO CLAIM ANY SUCH LOSS IN THE YEAR OF MATURITY.
13. Individual Retirement Accounts; Other Matters
a) Withdrawal Restrictions. Because Principal Protected Index CDs do not permit withdrawals prior to the Maturity Date, if you are considering purchasing a Principal Protected Index CD in connection with a Traditional or Roth Individual Retirement Account (an “IRA”), we strongly encourage you to discuss with your tax or other advisor. Your tax or other advisor can assist you in determining whether you should purchase this Principal Protected Index CD in connection with a Traditional IRA because the Principal Protected Index CD’s withdrawal restrictions might otherwise prevent you from taking any required minimum distributions required under the Internal Revenue Code. In addition, you should consider your and, if applicable, your designated beneficiary’s personal circumstances in determining whether this Principal Protected Index CD is an appropriate Traditional or Roth IRA choice. For example, you may not want to choose this Principal Protected Index CD for your IRA if you expect to need the funds deposited in the IRA for retirement or other needs before the expiration of the Principal Protected Index CD term.
b) Issues upon Death. In the event that a Depositor dies prior to the Maturity Date, and a subsequent beneficial owner and/or authorized holder elects to exercise the Early Withdrawal option, the owner/holder may be precluded from recovering the benefit of any excess taxes paid on this Principal Protected Index CD by the decedent/owner during his/her lifetime.
c) Backup Withholding Tax. Certain non-corporate U.S. holders may be subject to backup withholding tax on payments of the interest on, and the proceeds from a disposition of, Principal Protected Index CDs. Backup withholding tax will be imposed only if the holder (a) fails to furnish its taxpayer identification number (“TIN”) which, for an individual, would be his or her Social Security number, (b) furnishes an incorrect TIN, (c) is notified by the Internal Revenue Service that it has failed to properly report payments of interest or dividends or (d) under certain circumstances, fails to certify, under penalty of perjury, that it has furnished a correct TIN and has not been notified by the Internal Revenue Service that it is subject to backup withholding tax for failure to report interest or dividend payments. Holders of Principal Protected Index CDs should consult their tax advisors regarding their qualification for exemption from backup withholding tax and the procedure for obtaining such an exemption if applicable. The amount of any backup withholding tax imposed on a payment to a holder of a Principal Protected Index CD will be allowed as a credit against such holder’s U.S. federal income tax liability and may entitle such holder to a refund, provided that the required information is furnished to the Internal Revenue Service.
d) State Tax Withholding. Certain states require us to withhold, and/or permit you to make an election to have withheld, a percentage of distributions made from Individual Retirement Accounts (IRAs) or other retirement accounts. Withheld amounts are sent to the relevant state authority and cannot be refunded by us. You should consult your legal and/or tax advisor for additional information and for specific information related to your situation.
e) Non-U.S. Depositors. A beneficial owner of a Principal Protected Index CD that is, with respect to the United States, a nonresident alien individual or foreign corporation should not be subject to any U.S. federal income or withholding tax in respect of income or any payments on a Principal Protected Index CD, provided that income in respect of the Principal Protected Index CD is not effectively connected with the conduct by such foreign depositor of a trade or business within the United States. Such income and payments should also be exempt from information reporting on form 1099-OID and backup withholding tax if the foreign depositor provides Battle Bank (either directly or indirectly through a financial institution holding a Principal Protected Index CD as nominee for the foreign depositor) with an Internal Revenue Service Form W-8BEN (or a substitute statement in a form substantially similar to the Form W-8BEN) in which the foreign depositor states his or its name and address and certifies, under penalty of perjury, that he or it is the beneficial owner of the Principal Protected Index CD and is not an individual citizen or resident of the United States, an entity formed in the United States or otherwise treated as a United States person for U.S. federal income tax purposes. In general, a non-U.S. partnership, trust or other flow-through vehicle will be required to provide such certification (or the TIN referred to in the Backup Withholding Tax itemabove) on behalf of its partners, beneficiaries, or other beneficial owners in order to establish an exemption from information reporting and backup withholding tax. Any gain or income realized upon the sale, exchange or other disposition of a Principal Protected Index CD (including upon an Early Withdrawal or the repayment of the Principal Protected Index CD on the Maturity Date) by a beneficial owner of a Principal Protected Index CD that is, with respect to the United States, a nonresident alien individual or foreign corporation should not be subject to U.S. federal income or withholding tax if (a) such gain or income is not effectively connected with the conduct of a trade or business by the foreign depositor in the United States and (b) in the case of a nonresident alien depositor such depositor is not present in the United States for 183 days or more in the taxable year of the disposition.
POTENTIAL DEPOSITORS SHOULD CONSULT THEIR OWN TAX ADVISORS CONCERNING THE U.S. FEDERAL INCOME TAX CONSEQUENCES OF EXERCISING THE EARLY WITHDRAWAL PROVISION UPON DEATH OR ADJUDICATION OF LEGAL INCOMPETENCE, AS WELL AS ANY OTHER TAX CONSEQUENCES THAT MAY EXIST UNDER THE LAWS OF OTHER JURISDICTIONS RELEVANT TO THIS ISSUE.
C. Specific Terms For Principal Protected Index CD Accounts
1. Interest Rate Information. Refer to the Term Sheet for this product for information on any APY or interest rate. Not all Principal Protected Index CDs pay Interest.
2. Balance Computation Method. Refer to the Term Sheet for this product for information on the balance computation method.
3. Compounding and Crediting Frequency. Refer to the Term Sheet for this product for information on interest compounding and crediting frequency.
4. Early Withdrawal Penalties. Except in the event of death or adjudication of incompetence of the holder of the Principal Protected Index CD, you may not withdraw any part of the Principal Protected Index CD prior to Maturity. Early Withdrawals do NOT receive Principal Protection and are NOT subject to any upside potential of the Reference Index. You also will NOT receive any interest on the Principal Protected Index CD if you make any withdrawal prior to the Maturity Date. The Early Withdrawal Price, which will reflect a penalty for Early Withdrawal, will be determined by Battle Bank in its sole discretion. In determining the Early Withdrawal Price, Battle Bank will consider a number of different variables that may include, but are not limited to: (a) the termination value or cost of liquidating or the volatility of any of the hedges Battle Bank or any of its affiliates entered into in connection with the applicable Principal Protected Index CD; (b) the then-current value of the Reference Index on the date of the Early Withdrawal and its relation to the Initial Market Value; (c) interest rates or anticipated interest rates for the period from the date of Early Withdrawal to the Maturity Date; (d) the projected dividend yield of the Reference Index; (e) the volatility of the Reference Index; and (f) the period of time between the date of the Early Withdrawal and the Maturity Date.
5. Withdrawal of Interest Prior To the Maturity Date. There is no interest earned, credited or available for withdrawal prior to the Maturity Date.
6. Renewal Policies. This Principal Protected Index CD does not renew automatically. Upon the Maturity Date, you may apply for another Principal Protected Index CD Product Issue if we are offering one at the time. Upon maturity, proceeds will be directed to your Cash Account. In the event that you close your Cash Account prior to maturity, you hereby expressly consent to us opening a new Cash Account in your name.
7. Transaction Limitations. You may not make any additional deposits into this Principal Protected Index CD Account after the Funding Deadline. Except in the event of death or adjudication of incompetence of the holder of the Principal Protected Index CD, you may not withdraw any part of the Principal Protected Index CD prior to the Maturity Date. As authorized by federal law, we reserve the right at any time to require not less than seven (7) days’ notice in writing before each withdrawal from this account.
8. Minimum CD Opening Balance Requirements. The minimum balance to open a Principal Protected Index CD series is $1,500.
9. Fees. There are no monthly or other periodic maintenance fees for the Principal Protected Index CD. Other fees may apply for bank services you use in connection with this account. See our Deposit Account Fee Schedule, which is available on our website, for General Service Fees that may apply.
10. Communications and Notices. At the time your Principal Protected Index CD is opened and funded, you will receive a communication of the Principal Protected Index CD(s) purchased, which sets forth your Maturity Date and other important terms. You will receive a maturity notice prior to the expiration of the Principal Protected Index CD term.
11. IRA Principal Protected Index CD Provisions. All withdrawals, including withdrawals that are part of a required minimum distribution, are subject to the Early Withdrawal penalty policy described above. IRAs are also subject to limitations and/or penalties imposed by the IRS. Contact your tax or other advisor for additional information. To avoid penalties, purchase Principal Protected Index CDs only with money you will not need to access prior to the maturity date.
III. Specific Terms—Precious Metals Accounts
These Precious Metals Account Terms are a part of your Account Agreement and include important disclosures and agreements related to your Metals Accounts (defined below). In the event of a conflict between the Account Agreement and these Precious Metals Account Terms, these Terms control to the extent of the conflict.
Refer to the applicable rate sheets and Account Agreement Fee Schedule for more important terms and conditions related to your account.
Precious Metals products:
Are not FDIC insured
Are not bank or government guaranteed
Are not deposits
May lose value
Purchasing or owning metals involves degrees of risk that make them unsuitable for certain individuals. You should carefully consider the suitability of such metals before making any decision. Precious Metals transactions will not occur until your account is approved and sufficient funds are available.
A. Definitions And Meanings Specific to Metals Accounts
Capitalized terms as used with respect to Metals Accounts have the meanings provided in this Section III. Capitalized terms not defined below have the meanings otherwise provided in the Account Agreement.
“Allocated Account” means an account in which you own specific allocated and identified quantities and types of Precious Metals (defined below). An Allocated Account includes an account that temporarily holds your Precious Metals that you have requested be delivered to you, although such accounts can be used again to hold more allocated Precious Metals or to receive Precious Metals for delivery.
“Allocated Cut-Off Time” means 3:00 p.m. Central Time (CT) on a Business Day.
“Business Day” means Monday through Friday, except federal holidays and any day of the week that trading in the Precious Metal that you are attempting to buy, or sell is not open. Holidays in foreign countries and in locations where some Precious Metals are traded do not necessarily coincide with days that businesses are open in the United States. If you have a question about a Business Day, contact the Global Markets Trading Desk for clarification at 855.922.8853 (BATTLE).
“Client Price” means the price at which we sell Precious Metals to you or buy Precious Metals from you. See item C.3 below in this Section III for more information about the Client Price.
“Dealer Fee” means the fee charged to Battle Bank by third-party dealers in connection with the purchase or sale of Precious Metals. The Dealer Fees may vary at the discretion of the dealers without advance notice. The cost of each Dealer Fee is passed on to you and is a component of your Client Price.
“Dealer Quote” means the price that a third-party dealer quotes to us for the purchase or sale of a Precious Metal upon request. Dealer Quotes vary at the discretion of the dealers, are not published, and do not include Dealer Fees.
“Fixing” means the LBMA Gold Price AM, the LBMA Gold Price PM, the LBMA Platinum Price AM, the LBMA Platinum Price PM, the LBMA Palladium Price AM, the LBMA Palladium Price PM or the LBMA Silver Price, as applicable.
“LBMA Gold Price AM” means the “London Gold Fix AM” of the Spot Price of gold administered by ICE Benchmark Administration (IBA) at or about 10:30 a.m. London time each Business Day, as made available at www.lbma.org.uk.
“LBMA Gold Price PM” means the “London Gold Fix PM” of the Spot Price of gold administered by ICE Benchmark Administration (IBA) at or about 3:00 p.m. London time each Business Day, as made available at www.lbma.org.uk.
“LBMA Palladium Price AM” means the “London Palladium Fix AM” of the Spot Price of palladium administered by London Metal Exchange (LME) at or about 9:45 a.m. London time each Business Day, as made available at www.lbma.org.uk.
“LBMA Palladium Price PM” means the “London Palladium Fix PM” of the Spot Price of palladium administered by London Metal Exchange (LME) at or about 2:00 p.m. London time each Business Day, as made available at www.lbma.org.uk.
“LBMA Platinum Price AM” means the “London Platinum Fix AM” of the Spot Price of platinum administered by London Metal Exchange at or about 9:45 a.m. London time each Business Day, as made available at www.lbma.org.uk.
“LBMA Platinum Price PM” means the “London Platinum Fix PM” of the Spot Price of platinum administered by London Metal Exchange at or about 2:00 p.m. London time each Business Day, as made available at www.lbma.org.uk.
“LBMA Silver Price” means the “London Silver Fix” of the Spot Price of silver administered by ICE Benchmark Administration (IBA) at or about 12:00 p.m. London time each Business Day, as made available at www.lbma.org.uk.
“London Bullion Market Association” (LBMA) means the trade association that represents the global over-the-counter market for gold, silver, platinum, and palladium, and oversees the publication of the LBMA Precious Metals Prices.
“London Platinum & Palladium Market” means the trade association that represents the global market for platinum and palladium, maintains Good Delivery standards, and oversees the publication of the LBMA Platinum and Palladium Prices.
“Metals Account” means any Precious Metals Account where Precious Metals are held in custody by us, either directly or utilizing a sub-custodian, including an Allocated Account and/or an Unallocated Account (as defined below). A Metals Account may hold any Precious Metals that you buy from us and certain other Precious Metals that we, in our sole discretion, allow to be held in the Metals Account. All transactions involving Metals Account holdings are deemed to be maintained in Utah for purposes of determining the delivery of such holdings for tax purposes.
“Precious Metals” refers to gold, silver, palladium, and platinum products you purchase from or sell to us including, without limitation, bars, ingots, coins and/or bags of coins.
“Pricing Date” means the Request Date, in the case of Allocated Accounts. For Unallocated Accounts, it means the Business Day following the Request Date.
“Quoted Price” means the Client Price for a purchase or sale of Precious Metals for an Allocated Account that we will use if you ask us, and we agree to establish your Client Price.
“Repositories” refers to third-party storage facilities where Precious Metals are held by us in custody for you or for our own inventory and as sub-custodians for Precious Metals stored on behalf of clients. Repositories may be located in the U.S. or outside the U.S. All Metals Account holdings are deemed to be maintained in Utah for purposes of determining the delivery of such holdings for tax purposes.
“Request” means you ask us to sell or buy Precious Metals for your Metals Account.
“Request Date” means the Business Day on which we consider your Request to have been received. Requests received before the Allocated Cut-Off Time, or the Unallocated Cut-Off Time (respectively) are considered received that Business Day. Requests received after the Allocated Cut-Off Time or the Unallocated Cut-Off Time (respectively), or on a day that is not a Business Day, are considered received on the next Business Day.
“Spot Price” means any published price for Precious Metals including, but not limited to, the Fixings and prices published by Bloomberg, Reuters, London Bullion Market, and the Wall Street Journal. Examples of Spot Prices include the LBMA Gold Price AM, the LBMA Platinum Price AM, the LBMA Palladium Price PM, and the LBMA Silver Price. Spot Prices may only be available to a very limited number of commercial parties engaging in extremely large Precious Metals transactions and are generally not the same as Client Prices or the Wholesale Prices available to Battle Bank.
“Spread” means the difference between the Wholesale Price and the Client Price. The Spread will generally be no more than one percent (1%) of the Wholesale Price in effect at the time you buy Precious Metals from us or we buy Precious Metals from you, although we reserve the right for the Spread to be higher if we agree to give you a “Quoted Price for Allocated Precious Metals”, as described in item C.3.e) in this Section III.
“Trading Desk” means the Battle Bank Global Markets trading desk.
“Unallocated Account” means a Metals Account where we hold on your behalf an unallocated or undivided interest in a pool of Precious Metals. In an Unallocated Account, you do not own specific allocated bars or coins of Precious Metals.
“Unallocated Cut-Off Time” means 3:00 p.m. Central Time (CT) on a Business Day.
“We,” “Us,” “Our,” and “Battle Bank” refer to Battle Bank, NA and to any of our successors or assignees.
“Wholesale Market” means the over-the-counter market where participating banks, metals producers, refiners, fabricators, and other metals traders trade Precious Metals.
“Wholesale Price” means the price at which we determine we are able to buy or sell Precious Metals at any specific point in time in order to complete a specific purchase or sale for you, and it is the basis for the Client Price that you receive (after the application of our Spread). Wholesale Prices are not published and are not necessarily the same as any published Spot Price. Wholesale Prices vary with the Wholesale Market and depend on a number of factors, including but not limited to Fixings and applicable Dealer Fees. With Precious Metals, the Wholesale Price may be materially different from the Spot Price depending on many factors including but not limited to fabrication cost, scarcity, and general market demand. The Wholesale Price to sell particular precious metals may also be materially different from the Wholesale Price to buy particular precious metals. Battle Bank makes markets in Precious Metals as a principal and as such may not enter into a specific offsetting transaction to complete your specific request to purchase or sell Precious Metals. In that event, Battle Bank will make reasonable efforts to determine the Wholesale Price based on the Spot Price as quoted by one or more providers at the time of the transaction.
“You” and “Your” refer to the person obtaining the Metals Account from Us.
B. Precious Metals Account Fee Schedule And Details
The Precious Metals Transaction Spread is typically up to 1% of the Wholesale Price
When you buy or sell Precious Metals from or to us, your transaction will be settled using a Client Price. This price is based on the application of our Spread to the prevailing Wholesale Price. The Spread will typically be up to 1% of the Wholesale Price. For more information on our Spread, Wholesale Prices, and Metals Account Client Prices, see item C.3 below in this Section III.
Metals Delivery Fees
Gold: 1.00%
Silver: 1.50%
Platinum: 1.00%
Palladium: 1.00%
Delivery Fees are calculated as follows:
§ If you take immediate delivery of your Precious Metals order from us, then your Delivery Fee will be calculated as a percentage of your Client Price.
§ If you did not take immediate delivery of your Precious Metals and we have, therefore, stored those Precious Metals for you, then your Delivery Fee will be calculated as a percentage of what the Client Price would be if you purchased your Precious Metals from us on the date you make your delivery request.
§ If you choose to deliver Precious Metals to Battle Bank that are being held elsewhere, there will typically be costs associated with this transfer. After contacting the Global Markets trade desk and receiving instructions about how to deliver metals, you can make your own arrangements, at your own cost, to accomplish the delivery. As an alternative, you can contact the Global Markets trade desk and request Battle Bank arrange for the delivery on your behalf, which may take the form of a shipping label that we generate for the transfer. If you request Battle Bank to provide you with a shipping label, then your Delivery Fee will be calculated as a percentage of what the Client Price would be if you purchased your Precious Metals from Battle Bank on the date you make your delivery request. Not all Precious Metals are eligible to be delivered in, and Battle Bank may, in its sole discretion, reject a request to deliver in metals.
§ We may impose a minimum Delivery Fee in the case of small transactions in our sole discretion.
§ Delivery of metals in certain jurisdictions may be subject to sales tax in those jurisdictions. In the event that we determine sales tax is due on any transaction or delivery, we will undertake to inform you at the time of the transaction. When applicable, calculated sales tax will be collected by us prior to shipping. In some cases, we may not be legally required to collect sales tax in your jurisdiction even though sales taxes are due. In those cases, we will inform you that it is your responsibility to calculate and remit use tax, along with the required tax forms, to the appropriate jurisdiction.
For more information on Metals Account Delivery Fees, see item D.6 below in this Section III.
Precious Metals Allocated Account Details
Minimum Transaction Value to Open Account: $7,500 USD
Allocated Storage Fees – Annual Rates (storage fee based on average daily account values)
Gold: 0.50%
Silver: 0.50%
Platinum: 0.50%
Palladium: 0.50%
The foregoing fees accrue daily and are charged quarterly on or about Jan 1, April 1, July 1, and Oct 1 by applying the above periodic rates to the Average Daily Value (calculated in accordance with item D.6.a)1)) in this Section III. For more information on this Fee, see item D.6 in this Section III.
Precious Metals Unallocated Account Details
Minimum Transaction Value to Open Account: $5,000 USD*
* In lieu of the minimum opening transaction value amount of $5,000, the Precious Metals Unallocated Recurring Purchase Plan is available starting at a minimum amount of $100 per month. For more information on the Recurring Purchase Plan, see item D.4 in this Section III. There are no Storage Fees for Unallocated Accounts.
C. Precious Metals Pricing Disclosures
1. Buying And Selling Precious Metals
a) No obligation. We are not obligated to sell Precious Metals to you or buy Precious Metals from you or accept an incoming Precious Metals delivery from you. In addition, there is no guarantee that we will be able to execute any request by you to buy Precious Metals from us or sell Precious Metals to us.
b) Metals Account Necessary for Us to Buy Precious Metals. We will buy Precious Metals from you only if you hold such Precious Metals in a Metals Account immediately prior to the time of your sale to us.
c) Cash Account. In order to facilitate your Precious Metals transactions, you will have a U.S. dollar-denominated Cash Account in your name.
d) Repurchase of Precious Metal Coins. We may, but are not obligated to, repurchase from you Precious Metal coins or bars that we originally sold to you, even if you have taken delivery of such Precious Metals. However, you will need to pay the cost of shipping such coins or bars to us if we decide to buy them from you. You may request a shipping label from Battle Bank to deliver Precious Metals to Battle Bank and will incur a shipping fee as outlined in item B in this Section III. You may also need to pay us certain other costs, including, without limitation, assay fees, to determine the authenticity and purity of the coins or bars.
e) Special Provisions for Joint Accounts and Joint Account Holders. Following the opening of a joint Global Markets Portfolio or a Global Markets Portfolio where joint holders are added, each joint Account Holder of any joint Currency Account, Principal Protected Index CD, and/or Precious Metals Account (collectively, “Global Markets Account”) acknowledges and agrees that either joint Account Holder may open additional joint Global Markets Accounts within that joint Global Markets Portfolio in the joint Account Holders’ names and may conduct transactions within such joint Global Markets Accounts. In addition, each joint Account Holder expressly consents to the opening of any such additional joint Global Markets Accounts, to the transactions conducted in such additional joint Global Markets Accounts, and to any additional products or services provided in connection with such additional joint Global Markets Accounts.
2. No Central Trading Exchange
Precious Metals do not trade on a centralized exchange. Instead, Precious Metals trade primarily in an over-the-counter Wholesale Market among participating banks, metals producers, refiners, fabricators, and other metals traders.
3. How We Determine Your Client Price
a) In General. We will determine your Client Price each time we sell Precious Metals to you or buy Precious Metals from you. Upon request, we will explain our pricing to you. We base your Client Price on the application of our Spread to Wholesale Prices available to us at the time of the transaction. Due to the variability of supply of precious metals, there may be times when certain forms of precious metals are not available and as a result Wholesale Prices are not available. In this event we may not be able to acquire the precious metals that you have requested. If there is not a sufficient supply of a particular form of precious metals, we may not be able to fulfill your request.
b) Spot Prices. Generally, we cannot buy or sell Precious Metals at Spot Prices, and Spot Prices are not available to you through us. They are typically not the same as Wholesale Prices available to us. Examples of Spot Prices include the LBMA Gold Price AM, the LBMA Platinum Price AM, the LBMA Palladium Price PM, and the LBMA Silver Price. Information about Spot Prices for gold and silver is available to the public at the London Bullion Market Association’s website located at www.lbma.org.uk and through other sources. Information about Spot Prices for platinum and palladium is available to the public at the London Platinum & Palladium Market’s website at www.lppm.com. Spot Prices are often quoted to provide the market with a general reference point as to what the pricing for gold, silver, platinum, or palladium might be as of a specific point in time. Actual Wholesale Prices change through the course of each Business Day and also vary depending on the size of the transaction. Spot Prices may only be available to a very limited number of commercial parties engaging in extremely large Precious Metals transactions. Spot Price refers only to metals bought or sold by weight. Fabricated metals such as coins, bars, and other forms may have Wholesale Prices that vary significantly from Spot Prices. In addition, the Wholesale Prices for sale of fabricated metals may vary significantly from the Wholesale Price to buy fabricated metals.
c) Calculating the Client Price; Our Spread. We calculate Client Prices by applying our Spread to the Wholesale Prices we determine are available to us for the specific Precious Metal purchase or sale you request of us. When we sell Precious Metals to you, the Client Price will be the Wholesale Price plus the Spread. When we buy Precious Metals from you, the Client Price will be the Wholesale Price minus the Spread. Wholesale Prices are a function of several variables, including the applicable Fixings, Dealer Quotes, and/or Dealer Fees, as well as the volume and nature of Precious Metals transactions in which we are engaging on behalf of other clients at that time.
d) Special Pricing. From time to time, we may price Precious Metals in other ways through special offers. Any special offer that we make will describe the details of the pricing associated with the offer.
e) Quoted Price for Allocated Precious Metals. If you ask us, we may, but are not obligated to, agree in advance to give you a specific Client Price for Precious Metals for an Allocated Account before the execution of your purchase or sale on a given Pricing Date. If we do so, your Client Price will be this Quoted Price. We do not provide a Quoted Price for unallocated Precious Metals.
f) When We Determine Your Client Price. We will not know your actual Client Price until the Pricing Date. Your Pricing Date will depend on the type of Request you make and when we receive the request as described below.
g) Allocated Accounts. Generally, Requests to purchase or sell Precious Metals held in an Allocated Account received by us before the Allocated Cut-Off Time will be considered received on that Business Day, and that Business Day will be the Request Date. Requests to purchase or sell Precious Metals held in an Allocated Account received by us after the Allocated Cut-Off Time will be considered to be received on the following Business Day, which will be considered the Request Date. The Pricing Date for Requests to purchase or sell Precious Metals held in an Allocated Account will be on the applicable Request Date.
h) Unallocated Accounts. Generally, requests to purchase or sell Precious Metals held in an Unallocated Account received before the Unallocated Cut-Off Time will be considered received on that Business Day, and that Business Day will be the Request Date. Requests to purchase or sell Precious Metals held in an Unallocated Account received by us after the Unallocated Cut-Off Time will be considered to be received on the following Business Day, which will be considered the Request Date. The Pricing Date for Requests to purchase or sell Precious Metals held in an Unallocated Account will be one Business Day after the applicable Request Date.
4. There Are No Published Wholesale Or Client Prices
Wholesale Prices and Client Prices are not published in any newspaper, website, or other publicly available source. Wholesale Prices and Client Prices are determined on a transaction-by-transaction basis as described in item C.3 above in this Section III. Spot Prices are only one factor used in calculating Wholesale Prices and generally do not reflect Client Prices actually available to you at any point in time. Published Spot Prices may be available to a very limited number of commercial parties engaging in extremely large Precious Metals transactions.
5. Risk Of Loss
You retain full ownership of the Precious Metals at all times. Battle Bank agrees to provide custodial services for the safekeeping and secure storage of the Precious Metals on your behalf. Battle Bank does not assume any ownership interest or market risk related to the Precious Metals.
a) YOU CAN LOSE YOUR PRINCIPAL. PRECIOUS METALS IN YOUR METALS ACCOUNT ARE NOT INSURED OR GUARANTEED BY THE FDIC OR ANY OTHER GOVERNMENT AGENCY, DO NOT CONSTITUTE DEPOSITS WITH US, AND ARE NOT GUARANTEED BY BATTLE BANK TO HAVE OR RETAIN ANY VALUE. PURCHASING OR OWNING PRECIOUS METALS INVOLVES RISKS AND YOU CAN LOSE SOME OR ALL OF THE VALUE OF YOUR METALS ACCOUNT. THE VALUE OF PRECIOUS METALS WILL CHANGE OVER TIME AND MAY NOT BE WORTH AS MUCH AS YOUR ORIGINAL PURCHASE COST. IF YOU SELL PRECIOUS METALS, YOU MAY HAVE A CORRESPONDING GAIN OR LOSS RESULTING FROM THAT SALE. PRECIOUS METALS PRODUCTS PROVIDE NO INTEREST OR YIELD SO THAT METALS PRICES MUST GENERALLY RISE DURING THE HOLDING PERIOD TO REALIZE A RETURN EQUAL TO THAT OF INCOME-PRODUCING ASSETS. YOU SHOULD CONSIDER THESE RISKS BEFORE OPENING A METALS ACCOUNT. PURCHASING OR OWNING PRECIOUS METALS INVOLVES DEGREES OF RISK THAT MAKE THEM UNSUITABLE FOR CERTAIN INDIVIDUALS.
b) YOU SHOULD MAKE YOUR DECISIONS CAREFULLY. YOU ARE SOLELY RESPONSIBLE FOR ANY DECISION THAT YOU MAKE, INCLUDING BUT NOT LIMITED TO A DECISION TO (A) OPEN, CLOSE, MAINTAIN OR RENEW A METALS ACCOUNT OR (B) ENGAGE IN ANY TRANSACTION RELATING TO A PRECIOUS METAL. YOU SHOULD CAREFULLY CONSIDER THE SUITABILITY OF PRECIOUS METALS BEFORE MAKING ANY DECISION TO ESTABLISH A METALS ACCOUNT OR PURCHASE PRECIOUS METALS.
c) YOU SHOULD CONSULT YOUR OWN ADVISORS BECAUSE WE DO NOT PROVIDE INVESTMENT OR OTHER ADVICE. WE DO NOT PROVIDE LEGAL, TAX OR INVESTMENT ADVICE, OR OPINIONS ON THE MERITS OR SHORTCOMINGS OF (A) ANY METALS ACCOUNT; (B) THE MERITS OR SHORTCOMINGS OF PURCHASING OR OWNING PRECIOUS METALS OR (C) ANY OTHER TRANSACTION IN ANY PRECIOUS METAL. YOU SHOULD NOT CONSIDER ANY STATEMENT BY ANY OF OUR EMPLOYEES, INCLUDING ANY MEMBER OF OUR TRADING DESK, TO BE INVESTMENT ADVICE OR OPINIONS ABOUT ANY PRECIOUS METALS OR RELATED TRANSACTION. YOU SHOULD CONSULT YOUR OWN LEGAL, TAX, OR INVESTMENT ADVISOR CONCERNING THE RISKS OF PURCHASING OR OWNING PRECIOUS METALS.
d) PRECIOUS METALS MARKETS ARE VOLATILE AND UNPREDICTABLE. THIS MEANS THAT THE VALUE OF PRECIOUS METALS MAY FLUCTUATE WIDELY. YOUR METALS ACCOUNT COULD LOSE SIGNIFICANT VALUE IF THE VALUE OF PRECIOUS METALS FALLS.
D. Other Specific Terms and Services
1. Storage
a) Storage in Repositories. Precious Metals that you purchase through Battle Bank or Precious Metals that you deliver to Battle Bank are credited to your Metals Account and, unless you elect to take delivery in accordance with item D.2 in this Section III are held by us at Repositories we utilize as sub-custodians which we may from time to time select in our sole discretion. You may elect to have your entitlement to the Precious Metals you purchase maintained through an Allocated Account or through an Unallocated Account.
b) Allocated Accounts. If you open an Allocated Account and do not take delivery of the Precious Metals, or if you deliver Precious Metals to Battle Bank, the specific quantity and type of Precious Metals to which you are entitled, as shown on your account statement, is stored together with the Precious Metals holdings to which other clients of ours are entitled and are separately identified by us or the designated Repository as an Allocated Account maintained for us for the benefit of our clients.
c) Unallocated Accounts. If you choose an Unallocated Account, the Precious Metals shown on your account statement are stored by us or the Repository under circumstances where Battle Bank, solely for the benefit of its clients, is the owner in common of a proportionate, undivided interest in a pool of Precious Metals that is maintained by us or the Repository in unsegregated bulk form with other Unallocated Account owners, including holdings of ours or the Repository itself, without the designation of particular types of Precious Metals to a particular owner. We may from time to time change the form of holdings in the pool of Precious Metals but will make every effort to ensure that there are always as much or more ounces of Precious Metals in the pool of Precious Metals as are owned by clients.
d) Minimum Transaction Value. The minimum transaction value of Precious Metals through an Allocated Account is $7,500 U.S.D, and, unless enrolled in our Recurring Purchase Plan, the minimum holding through an Unallocated Account is $5,000 U.S.D. We reserve the right to execute orders and hold Precious Metals for you below these minimums at our sole discretion, but any decision to do so does not, in any way, imply a continuing waiver of these stated minimums.
2. Delivery
When you request your Precious Metals to be delivered to you, our responsibility for safeguarding your metals ends upon delivery of the metals to the carrier, unless otherwise agreed in writing. Battle Bank shall not be liable for any loss, damage, or delay occurring after such transfer of risk. You assume all responsibility for insurance and safeguarding of the Precious Metals once Battle Bank has delivered the metals to the carrier.
When you deliver Precious Metals to Battle Bank, our responsibility for safeguarding your metals begins upon receipt of the metals to Battle Bank’s storage facility. Precious Metals delivered to Battle Bank will be credited to your account after the metals have been received and inspected for authenticity by Battle Bank and/or our Repository.
a) Allocated Accounts. Only Precious Metals in an Allocated Account are available for delivery, and deliveries may only be made to you at your address of record with us. If you wish to take delivery of Precious Metals you have purchased and hold in your Allocated Account, we must receive instructions from you that are acceptable to us. We are not obligated to deliver Precious Metals to you unless all amounts due to us have been paid and the minimum transaction value has been satisfied for the Allocated Account. You acknowledge that our liability to deliver Precious Metals will be discharged by delivering the Precious Metals in accordance with your instructions, subject to the Terms and Conditions set forth herein. We will not be liable or responsible for failures or delays in delivery that are due to government acts, wars, strikes, mechanical failure, unusual market behavior or activity, other “acts of God,” or other causes beyond our control. We will also not be liable or responsible for failures or delays attributable to compliance with reporting or other provisions of anti-money laundering or similar laws governing financial transfers.
b) Unallocated Accounts. Precious Metals in an Unallocated Account cannot be delivered. However, you may convert your Unallocated Account to an Allocated Account, and Precious Metals in an Allocated Account may then be delivered as described above. See item D.3 “Converting an Unallocated Account” of this Section III for details and information on applicable costs.
3. Converting An Unallocated Account
You may convert some or all the Precious Metals in your Unallocated Account into an Allocated Account at any time, subject to the availability of bars or coins and the minimum transaction value for an Allocated Account. In order to convert Precious Metals in your Unallocated Account to an Allocated Account, we will sell the Precious Metals in your Unallocated Account at the then-current Wholesale Price and use the proceeds to purchase Precious Metals in bars or coins, also at the applicable Wholesale Price. On conversion, you will be charged the difference in cost between the Wholesale Price for the purchase of the allocated Precious Metals and the Wholesale Price for the sale of the unallocated Precious Metals. You will not be required to pay a Spread in connection with the sale of the unallocated Precious Metals or the purchase of the allocated Precious Metals. We reserve the right to determine the number and size of the bars or coins purchased. On conversion, you may incur Storage Fees applicable to Allocated Accounts.
4. Recurring Purchase Plan
As described in the Precious Metals Account Fee Schedule and Details, item B above in this Section III, Unallocated Accounts have a required minimum opening transaction amount. This minimum opening transaction amount may be satisfied as part of a Recurring Purchase Plan, which requires the following:
a) you must have a Battle Bank Cash Account to serve as your funding source for the Recurring Purchase Plan;
b) you must set-up an automatic purchase of Precious Metals that occurs at least monthly and that is set-up to purchase at least $100 each month (with the funds coming from the Battle Bank Cash Account serving as your funding source); and
c) your recurring purchases must be made timely and consistently.
By setting up an Unallocated Account Recurring Purchase Plan, you understand and agree that the price you pay for the Precious Metals each month will vary depending on the then-current Client Price and that we are under no obligation to attempt to time your acquisition (whether between days or intra-day) in an effort to obtain a better price on your behalf. You further understand and agree that we will acquire the Precious Metals each month at a date and time conducive to our internal operations, without regard to price or market fluctuation. A Recurring Purchase Plan is not appropriate for all people, and Battle Bank makes no recommendation that a Recurring Purchase Plan is either appropriate or suitable for you.
Battle Bank reserves the right, without notice, to terminate your Recurring Purchase Plan or your involvement in the plan at any time, for any reason, including but not limited to overdrafts on your Battle Bank Cash Account serving as the funding source or failure to meet the requirements described above. If we terminate your Recurring Purchase Plan or your involvement in the plan at any time, for any reason, then we will provide you notice of the termination, and no additional recurring purchases of Precious Metals will be made, unless you set-up a new Recurring Purchase Plan.
5. Metals Accounts
a) Your Instructions. We will endeavor to buy or sell on your behalf Precious Metals products in accordance with your reasonable written (including electronic) or oral instructions pursuant to these Precious Metals Account Terms. We may justifiably rely upon your instructions, and you hereby authorize us to act on your instructions. We reserve the right, in our sole judgment and discretion, to refuse to buy or sell for you if your instructions are unreasonable or if we are otherwise unable to comply with your instructions in a commercially reasonable manner.
b) Confirmation. Confirmation of each buy order or sell order execution will be provided to you on your transaction listing within your mobile or online account portfolio. If you believe that any such information contained in your portfolio or statement inaccurately describes a transaction, you agree to notify us promptly. The statement will be considered correct unless we are notified to the contrary in writing no later than sixty (60) days after the statement date.
c) Joint Accounts. If your Metals Account is a joint account, you acknowledge that you are joint owners of the Metals Account that you have opened in your names with us, and of the Precious Metals described in your account statement. Each of you acknowledges that you have full power, either before or after the death of the other, to take any action with regard to the Metals Account. Upon the death of either, you agree that the balance then remaining in such Metals Account shall be the absolute property of the surviving Account Holder and we are hereby authorized and directed to deal with the surviving Account Holder as sole and absolute owner of the Metals Account.
d) UCC. Each asset in your Metals Account will be deemed to be a “financial asset” for purposes of determining the applicability of Article 8 of the UCC. Your Metals Account with us will constitute a “securities account” within the meaning of UCC Section 678.5011. We hold your Metals Account on your behalf and you are entitled to exercise all the rights that comprise your Metals Account. We further acknowledge that we are acting in our capacity as a “securities intermediary” within the meaning of UCC Section 678.1021(1)(m) with respect to your Metals Account and will act in accordance with the provisions of UCC Article 8 while acting in such capacity. We agree that we shall not transfer your Metals Account to an account maintained by a third party without your consent. However, your consent will be deemed given if we provide you with thirty (30) days prior written notice of a proposed transfer and you do not object to such transfer in writing during such thirty (30) day period.
NOTE: METALS ACCOUNTS DO NOT HOLD AND DO NOT CONSTITUTE “SECURITIES” WITHIN THE MEANING OF THE SECURITIES EXCHANGE ACT OF 1933 OR STATE SECURITIES LAWS.
e) Statements. Statements will be available to you not less than monthly if there are active and open Global Markets Accounts in the Global Markets Portfolio. The Current USD Value and the Current Price displayed in the Account Summary section of these statements are an estimate as of the statement date. They are for reference purposes only and do not necessarily reflect prices that we can obtain for your transaction and does not include our Spread. Statements will be considered correct unless you notify us to the contrary in writing within sixty (60) days after the statement date.
f) Unable to Settle Buy Order. If you are unable to settle a buy order by reason of your failure to make timely payment for Precious Metals ordered, you authorize us to sell the Precious Metals you purchased and you agree to reimburse us for all costs, losses, penalties, interest, or liabilities incurred as a result of such failure to pay timely.
g) Assets Held in an IRA. Battle Bank’s policy is that Metals Account holdings within a Traditional or Roth Individual Retirement Account (IRA) may consist only of “not-ineligible” forms of precious metals according to most recent IRS guidance; generally, this includes gold and silver American Eagle Coins and other forms of precious metals may be deemed to be not-ineligible.
6. Fees And Other Charges
a) Allocated Storage Fee. A “Storage Fee” will be charged for your Allocated Account as stated in the Precious Metals Account Fee Schedule. There is no Storage Fee for Unallocated Accounts. This Allocated Storage Fee is calculated daily based on the Average Daily Value of your Allocated Account, beginning when your Precious Metals are purchased. The Storage Fee will be paid quarterly, except that if you sell or take delivery of all or a portion of your Allocated Account, at which point any accrued and unpaid Account Fees will be collected at the time of the sale or delivery.
(1) How We Calculate the Storage Fee. The Storage Fee will be calculated each day by applying a Daily Periodic Rate to the Average Daily Value of the Precious Metals in your Allocated Account each month. The Daily Periodic Rate will be 1/365th (or 1/366 in leap years) of the Annual Rate provided below. The Daily Value of your Allocated Account is calculated by multiplying the number of ounces of Precious Metals in the Allocated Account by the end of day Spot Price per ounce applicable to your Precious Metals. For the purposes of this calculation, the Spot Price will be determined by Battle Bank using a third-party data provider who is in the business of providing this type of data. There is no Storage Fee for temporary accounts opened for purposes of immediate delivery of Precious Metals.
Allocated Storage Fees – Annual Rates
Gold: 0.50%
Silver: 0.50%
Platinum: 0.50%
Palladium: 0.50%
(2) Quarterly Storage Fee Billing. Each quarter, on or about Jan 1, April 1, July 1, and Oct 1, we will withdraw the total Storage Fee that has accrued during the prior quarter from your Cash Account. The Storage Fee is charged in arrears. If a client takes delivery or sells all or a portion of their position, then the applicable pro-rated Storage Fee is collected at the time of sale/delivery of that metals amount. If there is not sufficient balance in your Cash Account when the Storage Fee is due and the outstanding balance is not cured within ten (10) business days, we may sell, in our sole discretion, all or a portion of your Precious Metals to cover the outstanding balance.
(3) Payment on Sale or Delivery. When you sell or take delivery of all of the Precious Metals in your Allocated Account, any unpaid Storage Fees that have accrued become due and payable at the time of sale or delivery request. We will deduct the accrued Storage Fees from your Cash Account. All Storage Fees that are due must be paid before any delivery order will be processed.
(4) Delivery Fee. We will assess a Delivery Fee when you request Precious Metals from your Allocated Account to be delivered to you, or if you request Battle Bank to provide a shipping label to have Precious Metals delivered in to Battle Bank. As described in the Precious Metals Account Fee Schedule, the Delivery Fee calculation depends on whether you take immediate delivery of your Precious Metals or if you did not take immediate delivery of your Precious Metals and we have, therefore, stored your Precious Metals. If you take immediate delivery of your Precious Metals order from us, then your Delivery Fee will be calculated as a percentage of your Client Price. If you did not take immediate delivery of your Precious Metals and we have, therefore, stored those Precious Metals for you, then your Delivery Fee will be calculated as a percentage of what the Client Price would be if you were purchasing your Precious Metals from us on the date you make your delivery request. If you choose to deliver Precious Metals to Battle Bank that are being held elsewhere, there will typically be costs associated with this transfer. After contacting the Global Markets trade desk and receiving instructions about how to deliver metals, you can make your own arrangements, at your own cost, to accomplish the delivery. As an alternative, you can contact the Global Markets trade desk and request that Battle Bank arrange for delivery on your behalf, which may take the form of a shipping label that we generate for the transfer. If you request Battle Bank to provide you with a shipping label, then your Delivery Fee will be calculated as a percentage of what the Client Price would be if you purchased your Precious Metals from Battle Bank on the date you make your delivery request. Delivery Fees due for shipping labels associated with the deliver in of metals to your Battle Bank account will be charged to your Cash Account. If there is not a sufficient balance in your Cash Account when the Delivery Fee is due and the outstanding balance is not cured within ten (10) business days, we may sell, in our sole discretion, all or a portion of your Precious Metals to cover the outstanding balance. Not all Precious Metals are eligible to be delivered in, and Battle Bank reserves the right, in its sole discretion, to reject a request to deliver in metals. The Delivery Fee covers our shipping, insurance and handling costs and is charged as set forth in the Precious Metals Account Fee Schedule. The applicable Delivery Fee will be deducted from your Battle Bank Cash Account.
(5) Sales Tax. Delivery of metals in certain jurisdictions may be subject to sales tax in those jurisdictions. In the event that we determine sales tax is due on any transaction or delivery, we will undertake to inform you at the time of the transaction. When applicable, calculated sales tax will be collected by us prior to shipping. In some cases, we may not be legally required to collect sales tax in your jurisdiction even though sales taxes are due. In those cases, we will inform you that it is your responsibility to calculate and remit use tax, along with the required tax forms, to the appropriate jurisdiction.
7. General Terms
a) You hereby grant us a security interest in your Metals Account and entitlement to assets therein to secure any debt you owe to us. You agree to execute such documents as we may require to perfect a security interest in your Metals Account and the entitlement to assets therein, and you grant us a limited power of attorney to sign such documents on your behalf. We may liquidate assets in your Metals Account, close your Metals Account, and/or debit other accounts you have with us in an amount sufficient to pay any amount you owe hereunder. We shall have the right, at any time and without notice, to set off any liability or obligation of you to us and, in furtherance thereof, to convert Precious Metals to United States dollars at the prevailing market price at the time of setoff.
b) Neither your Battle Bank Metals Account nor the assets it contains may be pledged or assigned by you without our prior written consent.
c) We reserve the right to change the terms of these Precious Metals Account Terms upon notification to you. Your continued use of our services will constitute acceptance of those changes. We may monitor and electronically record any conversation between you and us, our employees, and our agents.
d) Notwithstanding anything to the contrary in these Precious Metals Account Terms or the Account Agreement, neither you nor we shall be liable in damages for any delay or default in performing hereunder, if such delay or default is caused by conditions beyond your or our control including, but not limited to, acts of God, government restrictions (including, without limitation, the denial or cancellation of any export or other necessary license), wars, insurrections and/or any other cause beyond the reasonable control of the party whose performance is affected. We may close your Battle Bank Metals Account(s) or convert Precious Metals to United States dollars at any time, if we deem such action prudent, necessary or appropriate, in our sole discretion, in response to acts of God, government restrictions (including, without limitation, the denial or cancellation of any export or other necessary license), wars, insurrections and/or any other cause beyond our reasonable control. If we do close your Battle Bank Metals Account(s) or convert the Precious Metals in such Metals Account(s) to United States dollars as described above, we will not have any liability to you resulting from changes in the value of those Precious Metals resulting from the timing of our closing the Metals Account or converting the Precious Metals to United States dollars.
e) You understand that we provide no investment advice in connection with your Metals Account, nor do we give advice or offer any opinion with respect to the suitability of any transaction in Precious Metals for you. If you request delivery, you acknowledge that once out of our control, the condition, authenticity, and/or integrity of the Precious Metals can no longer be guaranteed by us or our designated Repositories. Precious Metals in your personal possession normally must be physically presented to us at the time you wish to sell it. This may involve a time-consuming delivery process through a commercial shipper, during which time the value of the Precious Metals may change due to market fluctuations. Furthermore, we or our Repositories may require that Precious Metals out of their control and re-presented to them be assayed and/or refined by a qualified party to ensure its authenticity, before agreeing either to purchase it or to accept it as an Allocated Account for storage on your behalf. If any assay or refinement is required, it normally will be performed at your expense and may delay completion of the desired sale or transaction. Under these circumstances, you may assume additional price risk, as the market value of the Precious Metals could change significantly during the time in which the required assay or refinement process is being performed.
f) Metals Accounts that are inactive for a period of time prescribed by the law in your State of residence may be subject to that State’s provisions governing unclaimed property. Although we will endeavor to contact you at the last known address of record to provide notice of unclaimed property, you authorize us to deal with the Precious Metals reflected on your account statement in accordance with the law in you State of residence, which may include selling the Precious Metals in accordance with the terms described in these Precious Metals Account Terms and remitting the net proceeds (less any fees, including but not limited to accrued storage fees, if applicable) to the applicable State.
Fees and Charges. Please refer to the Fee Schedule provided to you in these Terms for information about fees and charges associated with this account. A Fee Schedule is provided to you at the time you open an account, periodically when fees or charges change, and upon request.
Fee Schedule
General Service Fees
Fees and Charges. The following fees and charges may be assessed against your account:
Check printing fees vary by the style of check ordered.
| Fee Description | Fee Amount |
|---|---|
| Account Research Fee (per hour, 1 hour minimum; Fee charged for extensive research on transaction histories. Client will be advised before research begins if fee will apply) | $50.00 |
| Account verification letter | $0.00 |
| ACH/EFT transaction out, with our assistance | $0.00 |
| ATM transaction fees (Additional charges may be imposed by other financial insitutions' ATMs)* | $0.00 |
| Copies (Checks, Statements; You can view and print checks and statements in online banking) | $0.00 |
| Items sent for collection, Domestic (In addition to fees charged by other financial institutions)^ | $20.00 |
| Items sent for collection, Foreign (In addition to fees charged by other financial institutions)^ | $55.00 |
| Legal process fees, Garnishments and Levies | $50.00 |
| Mastercard Debit Card International Transaction Service Fee: 3% of the amount of each transaction | |
| Mastercard Debit Card Replacement | $0.00 |
| Mastercard Debit Card Replacement expedited shipping or handling charges will reflect the actual costs incurred and will be billed directly to the client. | |
| Minimum Balance Fee: monthly Minimum Balance Fee waived if you maintain an average daily balance of $5,000. Global Markets Portfolio: The monthly Minimum Balance Fee of $5.00 will be waived if you hold a Global Markets Cash Account | $5.00 |
| Mobile Check Deposit | $0.00 |
| Official Check | $10.00 |
| Official Check expedited shipping or handling charges will reflect the actual costs incurred and will be billed directly to the client. | |
| Online Bill Pay Service - Expedited electronic bill payment | $10.00 |
| Online Bill Pay Service - Expedited overnight bill payment | $15.00 |
| Online Bill Pay Service, generally | $0.00 |
| Overdraft automated transfer from linked Battle Bank account | $0.00 |
| Paper Statements mailed (monthly) | $5.00 |
| Returned deposited item | $0.00 |
| Stop payment item | $25.00 |
| Wire Foreign Currency out of Battle Bank to an international location, with a currency exchange** | $30.00 |
| Wire Foreign Currency out of Battle Bank to an international location, without a currency exchange** | $65.00 |
| Wire funds into Battle Bank (from an international or domestic location)** | $0.00 |
| Wire U.S. Dollars out of Battle Bank to a domestic location** | $25.00 |
| Wire U.S. Dollars out of Battle Bank to an international location, with or without a currency exchange** | $50.00 |
^Intermediate banks and/or the paying bank may charge a fee to process any of the deposited drafts, whether sent for collection or sent for immediate credit. Battle Bank does not know the amount of and does not benefit from an such fees. The amount of any such fees will be deducted from the funds deposited to your account.
*ATM and other transactions may also be limited in amount by the ATM owner or merchant.
