Simple Bank Deposit Agreement
You acknowledge that BBVA USA has the right, unless otherwise prohibited by law, to charge or charge at any time from your account debts or other obligations owed to us by you or an owner, whether the debt or other obligations exist at the time the account is opened, or arise in the future. Debt includes, among other things, all fees and overdrafts on an account you hold with BBVA USA. You agree that BBVA USA may account against the Account for any claims we have against you, regardless of the source or ownership of the funds in the Account and without the claim being owed to us by all Account Holders. You also agree that BBVA USA, to the extent permitted by law, may account for the debt or other obligation you owe us under this Agreement with other accounts or real estate in which you hold an interest owned or controlled by BBVA USA. BBVA USA may be required to transfer the assets to an account that remains inactive or is otherwise considered “abandoned” or “unclaimed”, for the period described by the laws of the state where BBVA USA owns your account (or, where applicable, the laws of the state of your last domicile, as set forth in our records), as “abandoned” or “unclaimed” property. If funds are transferred to the state, you can apply to the state to recover the funds. For security reasons, BBVA USA may refuse to withdraw or transfer accounts considered dormant internally if we cannot contact you in time to confirm the authorization of the transaction. In the case of resting interest-bearing accounts, BBVA USA may also reduce the interest rate or stop paying interest, as set out in the current list and in accordance with applicable national law. Once an account is considered dormant, you should contact Simple at 1-888-248-0632 or send a support message via www.simple.com or Simple`s mobile apps to request that the account be classified as “active.” The mere completion of a transaction on an account considered dormant does not necessarily result in the “active” classification of the account. BBVA USA may create two “sub-accounts” in its books for certain current accounts.
If BBVA USA chooses to create the sub-accounts, this will not affect the other terms of your account or this agreement, the federal deposit protection of your account, interest (if any), interest paid on your account, service fees collected in connection with your account or disclosure of the truth in savings, that has been given to you. Both sub-accounts remain your accounts, but are used internally by BBVA USA to manage your funds. The first sub-account is referred to as a “savings account” within the meaning of federal reserve board regulations and treated as such. They authorize BBVA USA to transfer funds between the two sub-accounts in accordance with the rules of the Federal Reserve Board. BBVA USA must therefore inform you that the rules require BBVA USA to reserve the right to request written notification of the savings sub-account at least seven (7) days prior to the payment or transfer of funds. Common deposits. If an account is a community account, our rights and commitments for the payment of the sums deposited are subject to the laws of the state in which we put your account. . . .