Deposit Account Agreement

PLEASE READ THIS DOCUMENT CAREFULLY

 

Table of Contents

  1. Deposit Agreement and Disclosures

    1. Our Agreement
    2. Account Basics
    3. General Rules Governing Deposit Accounts
    4. Electronic Banking Services

  2. Electronic Funds Transfer Disclosure and Special Terms and Conditions

    1. Limits on ACH Debit Transactions
    2. Electronic Funds Transfer Services

  3. Mobile Check Deposit

  4. Fee Schedule

  5. General Funds Availability Policy

  6. Use of Online or Mobile Services Terms

 

 

I. Deposit Account Agreement and Disclosures


  1. A. Our Agreement

    This agreement outlines the Deposit Account Agreement (the “Agreement”) related to the Spending Account (“Account”, “Spending Account”, or “Live Oak Digital Spending Account”) available from Transpecos Banks, San Antonio, TX, member of the Federal Deposit Insurance Corporation (“FDIC”) (“Transpecos Banks” or “Bank”) on behalf of NYMBUS Inc., the program partner responsible for managing the Spending Account (“Transpecos Banks”). “We”, “our”, and “us” refer to the Bank, Transpecos Banks, our successors, affiliates, or assignees. “You”, “your”, “customer” and “Live Oak Digital Accountholder” refer to the owner of the Spending Account.

    You may open the Spending Account at the Live Oak Digital website (the “Website”) by visiting https://liveoak-dev.becomelabs.site. The Spending Account is not designed for business use, and we may close the account if we determine it is being used for business purposes. We may refuse to process any transaction(s) that we believe may violate the terms of this Agreement.

  3. Business Days

  5. Our business days are Monday through Friday, excluding federal holidays, even if we are open. Any references to “days” found in this Agreement are calendar days unless indicated otherwise.

  6. B. Account Basics
    1. Who is Eligible for a Spending Account
      • The Spending Account is available to: U.S. Citizens over the age of 18.
      • We may use information from third parties to help us determine if we should open your account.
    2. Opening an Account

      IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT.

      To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an Account.  What this means for you: When you open an Account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.  We may also ask you to provide a copy of your driver’s license or other identifying documents.

    3. The Spending Account
      Consists of the online transaction demand deposit account used to make payments and transfers to third parties online.
    4. Account Titling and Ownership
      The Spending Account may be owned and titled in the name of one owner who may deposit, transfer, or withdraw funds. The owner of the account may choose to add one (1) joint owner during the account opening process, who also has the ability to deposit, transfer, or withdraw funds. The Spending Account cannot be owned or titled by an organization, as Payable on Death (“POD”) or “In Trust For” (“ITF”).
    5. Death or Incapacitation
      You or your appointed party, designee, or appointed individual agree to notify us promptly if you die or become legally incapacitated. We will continue to accept deposits and process transaction instructions into and from your Spending Account until we are: (a) notified of your death or adjudication of incompetency and (b) have a reasonable opportunity to act. You agree that, even if we have knowledge of your death we may pay or process transactions on your Spending Account on or before the date of death for up to ten (10) days after that date unless ordered to stop payment by someone claiming interest in the Spending Account. We may require additional documentation to confirm any claims made on the Spending Account.
    6. Power of Attorney
      You may give another person authority to make transactions on your Spending Account by giving power of attorney to another individual. The account owner and person executing power of attorney over a deposit account is known as the “Principal.” The person granted power of attorney for the Principal is known as the “Agent.” We may refuse to accept a power of attorney for reasonable cause, and we may require the Agent to sign an affidavit stating that the power of attorney presented to us is a true copy and that, to the best of the Agent’s knowledge, the Principal continues to be alive and competent and that the relevant powers of the Agent have not been amended or terminated. The Principal is responsible to provide us with any information if an affidavit presented to us is untrue or misleading or if the Agent exceeds the authority granted by the Principal in the power of attorney. The Agent is required to notify us in writing if the Principal dies or is declared incompetent. The power of attorney will continue in force until a) we receive written revocation from the Principal; b) we receive written notification of the Principal’s death, or c) we receive written notification of the death or incapacity of the Agent.
    7. Our Relationship With You
      Neither this Agreement nor the deposit relationship creates a fiduciary relationship between us and you.
    8. Privacy Policy
      Our Online Privacy, Security & Information Gathering Policy and Privacy Notice are available at https://liveoak-dev.becomelabs.site and are considered part of this Agreement.
  7. C. General Rules Governing Deposit Accounts
    The Account and your obligations under this Agreement may not be assigned. We may transfer our rights under this Agreement. Use of the Spending Account is subject to all applicable rules and customs of any clearinghouse or other association involved in transactions. We do not waive our rights by delaying or failing to exercise them at any time. If any provision of this Agreement shall be determined to be invalid or unenforceable under any rule, law, or regulation of any governmental agency, local, state, or federal, the validity or enforceability of any other provision of this Agreement shall not be affected. This Agreement will be governed by the law(s) of the State of Florida except to the extent governed by federal law.

    1. Deposits to the Account

      Make deposits to your Spending Account using any of these methods:

       

      Direct deposits or ACH Transfers initiated from an outside financial institution**

      No limit to the number of times per day

      No maximum dollar limit

      ** THIRD PARTY MONEY TRANSFER services used to load funds to your Spending Account may impose their own fees, per transaction, daily, weekly or monthly limits on the frequency or amount of cash you may load to the Spending Account.

       

      IMPORTANT: If your Spending Account number changes you must immediately notify your employer or any other payers. You must provide them with the new Spending Account number to ensure that your direct deposit activity continues uninterrupted.

    2. No Cash, Paper Checks or Foreign Currency
      We are not liable for any deposit(s), including cash, lost in the mail, lost in transit, or not received by us.

      • Cash – We do not accept deposits made in cash. If you make a cash deposit, the cash will be sent back to the address we have for you on file.
      • Paper Checks – Personal checks, cashier’s checks, and money orders may not be deposited by mail. All checks and money orders sent to us for deposit will be returned unless the full amount may be applied towards a negative balance, in which case the check or money order may or may not be deposited to the Account at our discretion.
      • Foreign Currency – We do not accept deposits in foreign currency. Any deposits received in foreign currency, cash or check, will be sent back to the address we have for you on file.
    3. Funds Availability
      Please refer to Section V, “GENERAL FUNDS AVAILABILITY POLICY” for additional information.
    4. Preauthorized Transfers
      Your Spending Account number and bank routing number can be used for preauthorized direct debits (“ACH Debits”) from merchants, internet service or other utility service providers (“Merchants”) and for the purpose of initiating direct deposits to your Spending Account. These transfers will be processed under the Operating Rules of the National Automated Clearing House Association (“NACHA”) and you agree to comply with the NACHA rules. Detailed information regarding preauthorized transfers is available in Section II, “ELECTRONIC FUNDS TRANSFER DISCLOSURE AND SPECIAL TERMS AND CONDITIONS.”NOTE: The recipient’s name on any direct deposit(s) we receive must match the name of the Live Oak Digital Account Holder. Any direct deposits received in a name other than the name registered to the Spending Account will be returned to the originator.IMPORTANT: If your Spending Account number changes you must immediately notify the Merchants. You must provide them with the new Spending Account number to ensure that the ACH Debit activity continues uninterrupted.
    5. Overpayments and Reversals
      If funds are deposited or transferred into your Spending Account by mistake or otherwise, we may correct the situation by deducting the amount of the deposit from your Spending Account without prior notice to you. If there are not enough funds in your Spending Account at that time, your Spending Account could become overdrawn. See Section I (C)(6) “No Overdrafts” and Section I (C)(7) “Right to Set Off” for more information about what may occur if your Spending Account has a negative balance.
    6. No Overdrafts
      You are not permitted to overdraw your Spending Account. If the available balance in your Spending Account is not sufficient to cover any payment or withdrawal you have authorized, we can refuse to process the payment or withdrawal. If your Spending Account balance becomes negative for any reason, you must make a deposit immediately to cover the negative balance. If your Spending Account has a negative balance for fifteen (15) days and you have another account with us, we reserve the right to exercise our right to set off. See Section I (C)(7) “Right to Set Off” for details. If your Spending Account has a negative balance for thirty (30) calendar days or more it will be closed.
    7. Right to Set Off
      If your Spending Account balance becomes and remains negative for fifteen (15) days, we can use the funds in any of your other accounts with us to repay the amount owed on the negative balance Spending Account. This means, we have the right to set-off any liability, direct or contingent, past, present or future that you owe against any account you have with us. Further, you grant us a lien on and security interest in the funds on deposit in each of your accounts as security for all of your liabilities and obligations to us, now or in the future. We will notify you if we have exercised our right to set off.
    8. Legal Processes Affecting Accounts
      If legal action, such as a garnishment, levy or other state or federal legal process (“Legal Process”), is brought against your Spending Account, we may refuse to permit (or may limit) withdrawals or transfers from your Spending Account until the Legal Process is satisfied or dismissed. Regardless of the terms of such garnishment, levy or other state or federal process, we have first claim to any and all funds in your Spending Account. We will not contest on your behalf any such Legal Process and may take action to comply with such Legal Process as we determine to be appropriate in the circumstances without liability to you, even if any funds we may be required to pay out leaves insufficient funds to pay a transaction that you have authorized. Payment is made after satisfying any fees, charges or other debts owed to us. You agree that you are responsible for any expenses, including legal expenses and fees we incur due to any Legal Process on your Spending Account. We may charge these expenses to your Spending Account. You will indemnify us for any losses if we do this.
    9. Amendment and Cancellation
      We may amend or change the terms and conditions of this Agreement at any time by posting the amended Agreement on https://liveoak-dev.becomelabs.site, and any such amendment shall be effective upon such posting to the Website. The current Agreement is available at https://liveoak-dev.becomelabs.site. You will be notified of any change in the manner provided by applicable law prior to the effective date of the change. However, if the change is made for security purposes, we can implement such change without prior notice. We may cancel or suspend your Spending Account or this Agreement at any time. You may cancel this Agreement by calling 1-888-269-3871 to close your Live Oak Digital account. Your termination of this Agreement will not affect any of our rights or your obligations arising under this Agreement prior to termination.
      If your Spending Account is cancelled, closed or terminated for any reason, you may request the unused balance be returned to you via ACH. You must provide a valid account and routing number in order for Live Oak Digital to return the unused balance on your account.. For security purposes, you may be required to supply identification and address verification documentation prior to issuing a refund check. Allow fourteen (14) days for processing of the ACH refund . In the event the program is cancelled, closed, or terminated, we will send you prior notice, in accordance with applicable law. Specific information and instructions, including how to receive any remaining Spending Account balance, will be in the notice. We reserve the right to refuse to return any unused balance amount less than $1.00.
    10. Account Dormancy and Escheatment
      An account that is inactive for a period of time may be considered dormant and is
      subject to escheatment. Each state has varying laws as to when an account is subject to escheatment and we may be required to send the balance in your Spending Account to the state of your last known address. We will make all reasonable efforts to contact you before transferring the remaining balance of your Spending Account to the applicable state. For a Spending Account with an international address, the funds will be transferred to the State of Florida.
    11. Statements
      Electronic statements are available to view and print at https://liveoak-dev.becomelabs.site. Spending Account statements are considered to be correct. Carefully review your statements each statement period and notify us of any errors within sixty (60) days of your statement becoming available. You also have a right to obtain a sixty (60) day history your Spending Account transactions by calling us at 1-888-269-3871, sending us an email  at liveoakdigitalbank@nymbus.support, or by writing to us at Live Oak Digital, P.O. Box 279, Powell, OH 43065. You will not receive paper statements.
  8. E. Electronic Banking Services
    • Bill Pay.

      With your Spending Account, you will have access to the Bill Pay feature through the Mobile App or Online Banking which allows you to authorize us to make bill payments on your behalf to third parties.

    To initiate a bill payment using the Mobile App or Online Banking, you must provide the name and mailing address of each individual or company you wish to pay. Once a payment is authorized, the payment amount will be immediately deducted from your Spending Account balance. Payments made using Bill Pay take the form of a paper check sent to the payee using standard U.S. Postal Service mail. Please allow three to nine (3-9) business days for delivery of the check. Payments can only be sent to addresses located within the fifty (50) states of the U.S. Bill Pay payments are processed daily by 9 AM EST. Bill Pay payments initiated after this time will be processed by 9 AM EST the next business day. Live Oak Digitalreserves the right to refuse to process payments to any individual or company. If the decision is made to refuse a payment, Live Oak Digital will notify you on or before the next business day.

    These are the limits when using Bill Pay:

    Transaction Type

    Dollar Limits

    Bill Pay Payment

    Maximum Payment Amount: No limit to the number of payments per day up to $100,000 per item

    External Transfer (A2A)

    Maximum Daily Credit: No limit to the number of payments per day up to $10,000
    Maximum Daily Debit: No Limit to the number of payments per day up to $10,000
    Maximum Daily Combined: No limit to the number of payments per day up to $10,000

    PayItNow (P2P)

    Maximum Payment Amount: No limit to the number of payments per day up to $2,500

     

    Bill Pay payments may be refused or returned by the individual or company to whom the payment was issued. The determination to accept this method of payment is at the discretion of the recipient. The U.S. Postal Service may also return payments in cases of expired or invalid addresses. If the Bill Pay payment is returned for any reason, the payment will be voided and the full amount credited to your Spending Account the next business day.

     

  10. Uncashed Bill Pay Payments: Uncashed Bill Pay payments are voided after 180 days. Funds from voided checks will be credited to your Spending Account by 9 AM EST on the next available business day.There is no fee to use the Bill Pay.

     

  12. CANCELLING A BILL PAY PAYMENT: You may cancel a single Bill Pay payment as long as it has not been presented for payment by calling 1-888-269-3871. Funds from any cancelled check will be credited to your Spending Account by 9 AM EST on the next available business day. 

    LIABILITY FOR FAILURE TO STOP PAYMENT OF A BILL PAY PAYMENT: If you request cancellation of a Bill Pay payment within three (3) business days or more before it is scheduled to be made, and Live Oak Digital does not cancel it in time, Live Oak Digital will be liable for your losses or damages.

 

 

II. Electronic Funds Transfer Disclosure and Special Terms and Conditions

Your Spending Account number and bank routing number can be used for preauthorized direct debits (“ACH Debit(s)”) from merchants, internet service or other utility service providers (collectively “Merchants”) and for the purpose of initiating direct deposits (“ACH Credits”) to your Spending Account.

NOTE: The recipient’s name on any direct deposit(s) or ACH Credit(s) we receive must match the name on the Spending Account. Any direct deposits received in a name other than the name registered to the Spending Account will be returned to the originator.

  1. A. Limits on ACH Debit Transactions

    Cut-off Time – The cut-off time for scheduling ACH transfers is midnight Eastern Standard Time (EST). Any transfer scheduled after the cut-off time will be treated as if it were scheduled on the next business day.

    ACH Debit Limits – The limitations to the amount of funds that can be transferred from your Spending Account per day are as follows:

    Transaction Type

    Frequency and/or Dollar Limits

    ACH Debits

    No limits to the number of times per day
    Limited to the available Spending Account balance

     

  2. B. Electronic Funds Transfer Services
    The following terms are used to describe Electronic Funds Transfer (“EFT”) services. “Automated credits Electronic Funds Transfer Services” or “direct deposits” are deposits made to your Spending Account by electronic means. “Automated debits” and “automated payments” indicate payments authorized by you to be made from your Spending Account by electronic means. “Online Transfers” are the movement of funds between your Account by the use of the Mobile App or the Website.When you accept direct deposits or authorize automatic payments/debits or transfers to or from your Spending Account, you agree to these terms and conditions.Other relevant terms and conditions described elsewhere in the Agreement also apply as long as they are consistent with the Federal Reserve Bank Regulation E and this Section II.

    1. Types of Electronic Funds Transfers Available
      1. You may arrange with another party, such as your employer or a government agency, to electronically deposit funds on a one-time or recurring basis directly to your Spending Account.
      2. You may authorize another party, such as a merchant, to make a one-time or recurring payment(s) using the Spending Account and bank routing numbers, directly from your Spending Account subject to the established limitations on withdrawals and transfers.
      3. You may also direct that funds be transferred from your Spending Account to other external accounts you own using the transfer option in the Mobile App or Website.
    2. Limitations on Transfers, Amounts and Frequency of Transactions
      1. You may make cash withdrawals and POS purchases, not to exceed the established limits for your Spending Account. See Section I (D)(6), “Cash Access” and “Transaction Limitations” for details about the limits.
    3. Right to Receive Documentation of Electronic Funds Transfers
      1. Statements. You will have access to an electronic monthly statement that can be viewed on the Website.
      2. Direct Deposits or Automated Credits. If you have arranged to have direct deposits made to your Spending Account at least once every sixty (60) days from the same person or company, call 1-888-269-3871 to find out if the deposit has been made.
    4. Right to Stop Payment of Preauthorized Transfers and Procedures for Doing So
      If you scheduled a one-time ACH transfer over the phone or recurring ACH transfers using a written authorization form, you can stop any of these payments. Here’s how:To stop a recurring ACH transfer to a merchant you preauthorized to debit your Spending Account, please contact the merchant to request cancellation of the recurring payment.If the merchant with whom you arranged recurring ACH transfers from your Spending Account is unable or unwilling to stop the transfer, write to Customer Service, PO Box 1437, Westerville, OH 43086 or email liveoakdigitalbank@nymbus.support to request a stop on such payment. Your request to stop payment must be received at least three (3) business days before the payment is scheduled to be made. Such a stop payment request will cancel a single, i.e. one (1) recurring payment. If you want to permanently stop all recurring payments to a specific merchant you will be required to put your request in writing and send it to Customer Service, P.O. Box 279, Powell, OH 43065. You will need to tell us the name of the payee, the dollar amount of the payment and the date of the payment. If written stop payment notification is not received at least fourteen (14) days before the payment is scheduled to be made, the payment in question will be honored as originally authorized and future payments will not be permanently stopped.
    5. Liability for Failure to Stop Payment of Preauthorized Transfer
      If you order us to stop a pre-authorized payment three (3) business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.
    6. Truth in Savings Disclosures
      This is not an interest-bearing account.  No interest will be paid.

      • Minimum Balance Requirements – There is no initial deposit required to open a Spending Account. You may deposit any amount you wish when opening the Spending Account.
      • Minimum and maximum withdrawal limitations apply. See Section I (D)(6), “Cash Access and Transaction Limitations” for full information regarding these limits.
    7. English Language Controls
      The meaning of the terms, conditions and representations herein are subject to the definitions and interpretations in the English language. Any translation of this Agreement may not accurately represent the information in the original English.
    8. Customer Service
      For customer service assistance or additional information regarding your Spending Account, please contact:Live Oak Digital Bank

      liveoakdigitalbank@nymbus.support
      P.O. Box 279
      Powell, OH 43065
      833.682.3827

      Customer Service agents are available to answer your calls 24/7/365.

    9. Telephone Monitoring/Recording
      Telephone calls between you and us are recorded for Quality Assurance purposes.
    10. No Warranty Regarding Goods or Services as Applicable
      We are not responsible for the quality, safety, legality, or any other aspect of any goods or services you purchase using your Spending Account.
    11. Arbitration
      This Agreement shall be governed by and construed in accordance with the laws of the State of Texas.  The state and federal courts located in San Antonio, Texas shall be the exclusive venue for, and have exclusive venue jurisdiction over, the Parties hereto with respect to any matter arising out of or relating to this Agreement, and the Parties hereby submit to such courts’ jurisdiction over the Parties with respect to any matter arising out of or relating to this Agreement. Each Party hereby irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the jurisdiction and laying of the venue of any such proceeding brought in such a court and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum. The prevailing party in any such action shall be entitled to recover reasonable attorney’s fees and costs incurred therein. No part of this Agreement shall be construed against a Party because that part or any part was drafted or revised by or on behalf of such Party.  The Parties expressly disclaim the application of the United Nations Convention on the International Sale of Goods to this Agreement and the Uniform Information Computer Transactions Act, as they may be adopted by the State of Texas.

 

 

III. Mobile Check Deposit


A. Description of Service and Consent
Mobile check deposit (“Mobile Deposit”) allows you to make deposits to your Spending Account remotely by using the Mobile App to take a legible picture of the front and back of the negotiable check(s) and transmitting images of such instruments to us in compliance with our requirements (“Check Image(s)”). If the Check Image is accepted for deposit, Live Oak Digital will notify you electronically through the communication method(s) you have elected as preference (“Electronic Notice”). The Bank will then attempt to collect the item by presenting the image or converting the image into a digital representation of the original check (“Substitute Check”). Unlike traditional check deposits, you retain the original paper check when you use Mobile Deposit. See Section III(9), “Retention of Original Check” for retention requirements. The manner in which Substitute Checks are cleared, presented for payment and deposited will be determined by the Bank, in our sole discretion. Live Oak Digital, acting as an agent of the Bank, may change, modify, add or remove functionality from Mobile Deposit at any time, with or without notice to you.

B. Mobile Deposit Eligibility; Termination of Spending Account Relationship
Live Oak Digital, acting as an agent of the Bank, will determine whether you are eligible for the Mobile Deposit feature at its discretion or at the request of the Bank. Live Oak Digital may suspend or terminate your use of Mobile Deposit at any time and without prior notice to you. If you violate the terms of Mobile Deposit, such actions may be used as a basis to terminate your Spending Account.

C. Mobile Deposit Technical Requirements
In order to use Mobile Deposit, you must have an Apple iOS or Android smartphone capable of installing and running the Live Oak Digital Mobile App (see relevant app store details for specific hardware and OS requirements) that is additionally equipped with a camera capable of taking photos with at least a resolution of 1600 x 1200 pixels (“2 Megapixels”).

D. Fees
There is no fee for depositing a check via Mobile Deposit. In the event that a check you deposit using Mobile Deposit is returned by the bank upon which it was drawn (for any reason), there may be a fee of $25.00 charged by Live Oak Digital. Please note that your mobile carrier may charge you for sending and receiving data to upload Check Images using the Mobile App. Please check your mobile service agreement for details on applicable fees.

E. Limits and Funds Availability
Limits may be imposed on the dollar amount or number of deposits you make through Mobile Deposit, and we may change such limits at any time at our discretion.

Frequency and/or Dollar Limits

Funds Availability

Spending Account(s)

Maximum of $10,000.00 per check
Maximum of $10,000.00 per day
Maximum of $25,000.00 per week
Maximum of $50,000.00 per month

$225.00 available on the 1st business day after the date of deposit, the remainder of the deposit available on the 2nd business day after the date of the deposit. Deposits in excess of $5,525.00 will be made available on the 5th business day after the date of deposit. New accounts are subject to holds of up to 9 business days.

May be subject to additional holds and cut-off times, see Section III (11). “Mobile Deposit Funds Availability”

F. Prohibited Checks
We may decline to accept any Check Image you submit through Mobile Deposit at our sole discretion. You agree that you will not scan and attempt to deposit any of the following:

    • Checks payable to any person or entity other than you (i.e., third party checks);
    • Checks payable jointly to you and any other person (i.e. made out to ‘John *and* Jane Doe’)
    • Checks containing alterations, illegible items, fraudulent checks, or checks that you should have known or have reason to believe were fraudulent;
    • Checks that have been previously deposited at another institution via physical item, image or electronic funds transfer;
    • Checks from financial institutions located outside of the United States;
    • Checks that are not payable in U.S. dollars;
    • Checks that are more than six (6) months old (i.e. stale-dated);
    • Checks that are post-dated, or payable on a date in the future;
    • Substitute Checks (a digital reproduction of the front and back of an original check);
    • Remotely created checks (a check created by a merchant with a buyer’s account number on it, but without the buyer’s original signature);
    • Travelers checks and savings bonds;
    • Non-negotiable instruments, such as promissory notes; or
    • Starter checks or counter checks (checks from a teller window).

G. Third-Party Checks
Third-party checks deposited through Mobile Deposit may be rejected. All Check Images submitted for deposit must be payable to you and not to a third-party. In the event a third-party Check Image is received, a Substitute Check will be returned to you through the U.S. Postal Service mail and the deposit will not be processed. Neither Live Oak Digital nor the Bank will be liable for any Substitute Checks that may become lost in the mail.

Both Live Oak Digital and the Bank reserves the right to reject a Mobile Deposit if it is made payable to the Bank and contains no means to identify the Spending Account to which it should be credited.

H. Receipt of Check
Neither Live Oak Digital nor the Bank is responsible for Check Images not received or dropped during transmission. A Check Image will be deemed received only when Live Oak Digital provides you with Electronic Notice confirming receipt of the Check Image. After receipt of your Check Image is confirmed, the Check Image will be subject to review before it is submitted for deposit and may still be rejected for any reason at the discretion of Live Oak Digital and the Bank. An Electronic Notice confirmation is not a representation, warranty or other indication that the Check Image will be presented for deposit or will be honored by any collecting or paying bank. If Live Oak Digital or the Bank rejects a Check Image received through the Mobile Deposit feature, you may contact the individual or company who issued the check, to request a new or reissued check be provided to you. If you do submit the original check for processing, Live Oak Digital and the Bank reserves the right to refuse to process it and may instead require you to have the check reissued.

I. Retention of Original Check
Once the funds from the Check Image have been credited to your Spending Account, you must mark the original check as “VOID” and retain it for sixty (60) days. You may not present the original check or any Substitute Check created from the original check for payment at any other financial institution. During this sixty (60) day period, you must store the original paper check securely using precautions at least as secure as those you would use to protect a blank check. You must make the original paper check available to Live Oak Digital or the Bank for review at any time during this sixty (60) day period as necessary to facilitate the clearing and deposit process, to address third-party claims or for our own audit purposes. Should you fail to produce the original paper check, you authorize Live Oak Digital or the Bank to deduct the amount of the check in question from your Spending Account, regardless of whether such action may cause your Spending Account to not have sufficient funds. Immediately after this sixty (60) day period, you must destroy the original paper check.

J. Endorsements
You will endorse any check or other item submitted for deposit exactly as it was made payable to you. You warrant that all endorsements on items deposited to your Spending Account are genuine. Any endorsement must be placed in the one-inch area starting at the left side on the back of an item and the remaining area on the back of the item may not contain any pre printed, stamped or handwritten information. If you fail to do this, you may be required to reimburse Live Oak Digital for losses incurred. For any check deposited as a Check Image through Mobile Deposit, you must endorse the check by signing or stamping the back and writing “For deposit only to Spending Account #XXXXXXXXXX” or as otherwise instructed by Live Oak Digital before you take a picture of the check. In the absence of endorsement, you authorize Live Oak Digital or the Bank to supply any missing endorsements if items are made payable to you or your order and you have not endorsed them.

K. Mobile Deposit Funds Availability
Business Days and Cutoff Time: We are open Monday through Friday excluding federal holidays. Check Images received and accepted for processing prior to 4:00 PM ET on a business day that we are open are considered received as of that day. Otherwise, the Check Images will be considered the work of the next business day.

Same Day Availability:

    • U.S. Treasury Checks that are payable to you
    • Other checks drawn on a bank in the United States, including:
      • Personal and Business Checks
      • State and Local Government Checks
      • Treasurer’s/Cashier’s Checks
      • Certified Checks
      • Federal Reserve Bank Checks
      • Federal Home Loan Bank Checks
      • U.S. Postal Service Money Orders

Other Check Deposits

The first $225 from a deposit of other checks will be available on the first business day after the day of your deposit. The remaining funds will be available on the second business day after the day of your deposit.

Longer Delays May Occur

Under certain circumstances, a longer hold period may apply before funds deposited by check are available. A longer delay may apply if, for instance:

    • Live Oak Digital or the Bank believe a deposited check will not be paid.
    • You deposit checks totaling more than $5,5250.00 in one (1) day.
    • You redeposit a check that has been previously returned unpaid.
    • Your Spending Account has had a negative balance anytime in the last six (6) months.
    • Live Oak Digital or the Bank experiences an emergency, such as failure of communications or computer delays.

Live Oak Digital will send an Electronic Notice informing you if your ability to withdraw funds is delayed for any reason, including information on when the funds will be available. Generally, funds will be available no later than the ninth (9th) business day after the deposit is accepted for processing.

 

IV. Fee Schedule

All fee amounts will be withdrawn from your Spending Account and will be assessed as long as there is a remaining balance in your Spending Account, except where prohibited by law. Any time your remaining balance is less than the fee amount being assessed, the balance of your Spending Account will be applied to the fee amount resulting in a zero balance on your Spending Account.

 

Fee Description

Fee Amount and Frequency

Returned ACH/Check Fee (Mobile Deposit Only)

Stop Payment Fee (ACH Only)

$25.00 per item

$25.00 per stop placed

 

*If you use an ATM outside of our network for any transaction, including a balance inquiry, you may be charged a fee by the ATM operator even if you do not complete a withdrawal. This ATM fee is a third party fee amount assessed by the individual ATM operator only and is not assessed by us. This ATM fee amount will be charged to your Spending Account.

 

 

V. General Funds Availability Policy

 

Information contained in this section is provided to assist you in understanding our Funds Availability Policy. All deposits into accounts opened through the Bank are processed at a Bank processing facility. This policy does not apply to checks deposited through the Mobile Deposit feature. For Mobile Deposit Funds availability, see Section III (11), “Mobile Deposit Funds Availability”.

We make funds available according to the type of deposit and when the funds are applied, or credited to your Spending Account. Some types of deposits may not be available for immediate use. When we delay the availability of funds or place a hold on a deposit made to your Spending Account, you may not withdraw those funds, and we will not use them to pay any debit(s), such as ACH transfers or payments during the hold period. We have the right to refuse any deposit.

If final payment is not received on any item you have deposited into your Spending Account, or if any direct deposit, ACH transfer credit is returned to us for any reason, you agree to pay us the amount of the returned item.

  1. A. Availability
    The length of the delay in the availability of funds varies depending on the type of deposit.
  2. B. Business Days
    The length of the delay in the availability of funds is counted in business days from the day your deposit is applied to your Spending Account. For purposes of these disclosures, our business days are Monday through Friday. Federal holidays are not included. Deposits received by 4:00 PM Eastern Standard Time will be considered current-day deposits. Any deposits received after that time may be processed the following business day.

C. Same Day Availability
Funds received from preauthorized electronic payments such as payroll direct deposits, or other preauthorized electronic payments will be available on the day the deposit is applied to your Spending Account.

  • ACH Credits received from an external bank account will be applied to the Spending Account when we have verified the external account and received payment on collected funds. Once the funds are applied to the Spending Account, they will have same day availability.
  • D. Longer Availability
    Electronic transfers depositing into the Spending Account initiated through the Mobile App or Website may take up to five (5) business days from the date of the initial request, but will post on the payment date of the deposit once the money has reached the Bank and/or Live Oak Digital.

 

VI. Live Oak Digital Bank Mobile Terms of Use

Effective Date: May 29, 2020

  1. A. Live Oak Digital Bank Online & Mobile Application Terms and Conditions.
    Please read the following terms and conditions very carefully. If you do not agree with the following terms and conditions, do not download or install this software. By downloading, installing or using this software or any portion thereof, you agree to the following terms and conditions.
  1. Use of the Live Oak Digital Bank Application
    This agreement (“Terms”) is entered into between you and Nymbus, Inc. (“Nymbus”), the program partner responsible for managing the Live Oak Digital Spending Account (“Live Oak Digital”). Subject to the provisions of these Terms, you are hereby granted the non-transferable right to use this software (“Live Oak Digital Application”) solely for personal, non-commercial purposes.

You may not use the Live Oak Digital Application in any manner that may impair, overburden, damage, disable or otherwise compromise (i) Nymbus’ services; (ii) any other party’s use and enjoyment of Nymbus’ services; or (iii) the services and products of any third parties including, without limitation, any device through which you access the Live Oak Digital Application (the “Authorized Device”). You agree to comply with all local laws and regulations governing the downloading, installation and/or use of the Live Oak Digital Application, including, without limitation, any usage rules set forth in the online application store terms of service.

From time to time, Nymbus may automatically check the version of Live Oak Digital Application installed on the Authorized Device and, if applicable, provide updates for the Live Oak Digital Application (“Updates”). Updates may contain, without limitation, bug fixes, patches, enhanced functionality, plug-ins and new versions of the Live Oak Digital Application. By installing the Live Oak Digital Application, you authorize the automatic download and installation of Updates and agree to download and install Updates manually if necessary. Your use of the Live Oak Digital Application and Updates will be governed by these Terms (as amended by any terms and conditions that may be provided with Updates).

Nymbus reserves the right to temporarily disable or permanently discontinue any and all functionality of the Live Oak Digital Application at any time without notice and with no liability to you.

For the avoidance of doubt, agreement to these Terms is solely between Nymbus and you. If you need to contact Nymbus about the Live Oak Digital Application, you may do so by calling 1-888-269-3871 or by emailing liveoakdigitalbank@nymbus.support.

  • Privacy Policy
    As a condition of using the Live Oak Digital Application, you acknowledge that additional agreements may be in place that govern your relationship with Nymbus, including but not limited to the Live Oak Digital Account Agreement, Surety Bank Privacy Policy, and Online Privacy, Security & Information Gathering Policy, each of which is hereby incorporated by reference. You acknowledge and agree that these agreements may be updated from time to time, without prior notice. Any such change(s) will be effective as soon as Nymbus posts a revised version of the applicable agreement. In the event of an otherwise irreconcilable conflict between these Terms and other agreements, these Terms will govern, solely with regard to the conflicting provisions and solely to the extent of such conflict.

 

Nymbus may track and archive certain information regarding your use of the Live Oak Digital Application (“Use Information”). Use Information does not reveal your personal identity. Use Information may be stored and processed in the United States or any other country in which Nymbus or its agents maintain facilities. By using the Live Oak Digital Application, you consent to the collection of your Use Information and to any transfer of your Use Information outside of your country.

  • Proprietary Rights
    You hereby acknowledge that Nymbus owns all rights, titles and interest in and to the Live Oak Digital Application and to any and all proprietary and confidential information contained therein (“Live Oak Digital Information”). The Live Oak Digital Application and Transpecos Banks Information are protected by applicable intellectual property and other laws, including patent law, copyright law, trade secret law, trademark law, unfair competition law, and any and all other proprietary rights, and any and all applications, renewals, extensions and restorations thereof, now or hereafter in force and effect worldwide. You agree that you will not (and will not allow any third party to) (i) modify, adapt, translate, prepare derivative works from, decompile, reverse engineer or disassemble the Live Oak Digital Application or otherwise attempt to derive source code from the Live Oak Digital Application; (ii) copy, distribute, transfer, sell or license the Live Oak Digital Application; (iii) transfer the Live Oak Digital Application to, or use the Live Oak Digital Application on, a device other than the Authorized Device; (iv) take any action to circumvent, compromise or defeat any security measures implemented in the Live Oak Digital Application; (v) use the Live Oak Digital Application to access, copy, transfer, retransmit or transcode Content (as defined below) or any other content in violation of any law or third party rights; (vi) remove, obscure, or alter Nymbus’ (or any third party’s) copyright notices, trademarks, or other proprietary rights notices affixed to or contained within or accessed through the Live Oak Digital Application.

 

Content made available through the Live Oak Digital Application (“Content”) is protected by applicable intellectual property rights and is the property of Nymbus, its third party licensors and partners (as applicable), and other entities that provide such content to Nymbus. You may not (or enable others to) copy, distribute, display, modify, or otherwise use the Content except as it is provided to you through the Live Oak Digital Application hereunder. Nymbus and its licensors make no representations or warranties regarding the accuracy or completeness of the Content.

  • Export Restrictions
    Nymbus does not represent that the Live Oak Digital Application is appropriate or available for use in any geographical location. Any entity choosing to use the Live Oak Digital Application is solely responsible for compliance with all applicable laws. The Live Oak Digital Application is subject to U.S. export controls and may not be downloaded, exported or re-exported: (i) into (or to a national or resident of) Burma, Cuba, Iran, North Korea, Sudan, Syria, Libya, or any other country with respect to which the United States maintains trade sanctions prohibiting the shipment of goods; or (ii) to anyone on or acting on behalf of an entity on the U.S. Treasury Department’s list of Specially Designated Nationals and Blocked Persons or the U.S. Commerce Department’s Denied Persons List or Entities List or included in General Order 3 (15 C.F.R. Part 736, Supplement 1), which prohibits exports to Mayrow General Trading, affiliated entities and persons, and specified persons involved in the manufacture or sale of Improvised Explosive Devices (together referred to as “U.S. Prohibited Party Lists”). By downloading and/or using the Live Oak Digital Application, you represent and warrant that you are not (a) located in or a national or resident of any country noted above that is subject to U.S. trade sanctions, or (b) on any U.S. Prohibited Party List or acting on behalf of any person or entity on any such list.
  • Termination
    You may terminate acceptance of these Terms at any time by permanently deleting the Live Oak Digital Application in its entirety from the Authorized Device, whereupon (and without notice from Nymbus) any rights granted to you herein will automatically terminate. If you fail to comply with any provision of these Terms, any rights granted to you herein will automatically terminate. In the event of such termination, you must immediately delete the Live Oak Digital Application from the Authorized Device.
  • Indemnity
    You agree to hold harmless and indemnify Nymbus and its subsidiaries, affiliates, officers, agents, and employees (and their subsidiaries, affiliates, officers, agents, and employees) from and against any claim, suit or action arising from or in any way related to your use of the Live Oak Digital Application or your violation of these Terms, including any liability or expense arising from all claims, losses, damages, suits, judgments, litigation costs and attorneys’ fees, of every kind and nature. In such a case, Nymbus will provide you with written notice of such claim, suit or action.
  • Entire Agreement; Revisions to Terms.
    Nymbus may, from time to time, modify these Terms. Such modifications shall be effective as soon as the modified version of the “Live Oak Digital Mobile Terms of Use” is posted in the online application store or any other authorized Live Oak Digital Application distribution location. You can determine when these Terms were last revised by referring to the “LAST UPDATED” legend at the top of the then-current version of the “Live Oak Digital Mobile Terms of Use” in the online application store or any other authorized Live Oak Digital Application distribution location. Your use of the Live Oak Digital Application following such changes constitutes your acceptance of the revised version of the “Live Oak Digital Mobile Terms of Use” in the online application store or any other authorized Live Oak Digital Application distribution location.

 

 

  • This Agreement is effective as of May 29, 2020

 

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