Current Boost Terms and Conditions
Last updated: 9/14/2023
PLEASE READ THIS DOCUMENT CAREFULLY
Table of Contents
1. Our Agreement
2. Incorporation of Other Agreements
3. Boost Feature Basics
1. Our Agreement
These Current Boost Terms and Conditions (“Terms”) between you and Finco Services, Inc. dba Current (“Current”) set forth the terms governing the optional feature to earn additional funds (“Boost”) on eligible Savings Pod(s) (as defined in Section III-A of these Terms) in connection with your Current Account (the “Account”) made available to eligible consumers by Choice Financial Group, member Federal Deposit Insurance Corporation (“Choice,” the “Bank,” or “Issuer”). “We,” “our,” and “us” refer to Current, our successors, affiliates, or assignees. “You,” “your,” and “member” refer to the owner of the Account. The Boost feature is provided by Current, which is a financial technology company, not a bank.
Boost on Savings Pods is only available to holders of an Account, subject to additional qualifying criteria defined in Section III of these Terms - Boost Feature Basics. This feature is not available to Teen Account holders.
An eligible customer may opt into the Boost reward feature by using the Current mobile banking application (the “Mobile App”). This opt-in process is defined in Section III of these Terms -Boost Feature Basics.
Boost is intended only for users who use an Account for personal and consumer use. We may refuse to provide you with Boost on any transaction(s) we believe may violate these Terms or the Additional Agreements (as defined below).
There are no additional fees tied to the usage of this feature.
Our business days are Monday through Friday, excluding federal holidays, even if we are open. Any references to “days” found in these Terms are calendar days unless indicated otherwise.
2. Incorporation of Other Agreements
3. Boost Feature Basics
A. Who is Eligible for Boost
Boost is available only to citizens and permanent residents of the fifty (50) United States and the District of Columbia who are at least 18 years of age with a valid Social Security number who are holders of a Current Account. Boost is not available for Teen Account holders. Your eligibility may change based on your account history, spending activity, or other risk-based factors at Current’s sole discretion. Current reserves the right to limit the number of participants in Boost. Your ability to receive Boost may be delayed or limited, in Current’s sole discretion.
In addition, to be eligible to enroll in the Boost feature, you must presently be in compliance with, and continue to be in compliance with, these Terms and the Additional Agreements, as well as any other agreement governing your Account. Boost is not available to those whose Account has been closed within 90 days or closed with a negative balance within the last three (3) years.
Disqualification: If you do not meet the eligibility and qualifying requirements outlined in this section, Current may disable your use of the Boost feature at any time, at Current’s sole discretion.
B. General Rules Governing Boost
The Savings Pod(s) and your obligations under these Terms may not be assigned. We may transfer our rights under these Terms. Use of the Boost feature 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 these Terms 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 these Terms shall not be affected.
You can enable Boost on up to three (3) of your Savings Pods.
C. Deposits to the Savings Pod
If you activate the optional Round-Up feature, as described in detail in the Current Account Agreement, Current can initiate deposits to your Savings Pods on your behalf. Such deposits include “Round Up Transfers” which can be between $0.01 and $0.99 each, to be deducted from your Current Account balance, with the particular amount of the Round-Up Transfer to be based on the amount of the underlying eligible purchase you made with the Spending Account.
You may be offered additional automatic savings methods and bonuses besides those described in the Current Account Agreement that have additional eligibility requirements and disclosures.
We will not be liable to you for our failure to transfer funds under any Round-Up Feature that you select, for any reason, including system outages or defects. In particular, we will not be liable for any Boost you might have earned on the Savings Pod if the funds were not transferred.
Electronic statements are available to view and print within the Mobile App. Savings Pod statements are considered to be correct. Carefully review your statement each statement cycle 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 of your Savings Pod transactions by chatting with us in the Mobile App. You will not automatically receive paper statements.
E. Amendment and Cancellation
We may amend or change these Terms at any time by posting amended Terms at Current.com, and any such amendment shall be effective upon such posting to the Website. These Terms are also available at Current.com. You will be notified of any amendment(s) in the manner provided by applicable law prior to the effective date of the amendment(s). However, if the amendment(s) is made for security purposes, we can implement it without prior notice.
We may cancel or suspend your use of the Boost feature or these Terms at any time. You may cancel these Terms by chatting with us in the Mobile App to opt-out of the Boost feature. Your cancellation of these Terms will not affect any of our rights or your obligations arising under these Terms prior to cancellation.
IMPORTANT: If your Current Account is closed for any reason, the Savings Pod(s) will automatically be closed. Upon closure, any remaining funds in the Savings Pod(s), including any Boost payments due to you, will be aggregated with the remaining funds in your Account. The aggregated funds will then be made available for refund in accordance with the terms of the Current Deposit Account Agreement where we describe the process of closing the Account and refunding the account balance.
F. Member Services
For member services or additional information regarding Boost, please contact us by chatting with us in the Mobile App or emailing us at email@example.com. You can chat with us in the Mobile App 24/7.
G. Opening Deposit and Balance Requirements
There is no minimum deposit requirement to be eligible to opt into the Boost feature. There are no minimum balance restrictions to participate in the Boost feature, but you will only earn Boost on any amount over $0.01 in your Savings Pod.
H. Transaction Limitations
Deposits to your Boost-earning Savings Pod may be made from your Current Account by using the Mobile App. These are the Online Transfer limits that apply to your deposit activity:
Withdrawals can be made from Savings Pods to your Current Account.
I. Boost Calculation Information
The Boost reward is calculated as a percentage of your eligible Savings Pod balance. To reduce confusion, the reward is calculated like an Annual Percentage Yield (“APY) for Savings Pods as described below; however, Boost is not a savings account product, nor is it interest paid by a financial institution. The Boost APY is a variable rate and is based on the credited balance of customer deposits into Savings Pods. We may, at our discretion, change the Boost reward APY for Savings Pods at any time, including by offering promotional Boost rates to some, but not all, eligible customers. Boost reward calculations begin to accrue no later than the business day the deposit is applied to the Savings Pod where the feature has been enabled.
Boost rewards will be compounded daily and credited (where it will become “earned”) to the Savings Pod where the feature has been enabled on a daily basis. You will only be able to earn Boost on any portion of your eligible Savings Pod balance up to $2000.00, per qualifying eligible Savings Pod. Any amount deposited by a customer in a Savings Pod beyond $2,000.00 will not earn Boost. This method applies a daily periodic interest rate to the principal and Boost that has been accrued to the Savings Pod each day. The daily periodic interest rate is calculated by dividing the Boost rate by three hundred sixty-five (365) days.
All users who opt-in to Boost will receive the “Base” reward APY of 0.25%. In order for a user to earn the “Boost” APY of 4.00%, a Payroll Direct Deposit of $200 or more must be posted to the user’s account. To continue receiving the “Boost” APY of 4.00%, at least one additional Payroll Direct Deposit of $200 or more must be posted to that user’s account over a rolling 35-day period from the date of their last qualifying Payroll Direct Deposit. A Payroll Direct Deposit includes Automated Clearing House (ACH) direct deposits from your employer, payroll provider, or government payer. Payroll Direct Deposits do not include Bank ACH transfers, inter- or intra-bank peer-to-peer transfers, transfers made to debit cards from digital 16 wallets or P2P services (PayPal, Venmo, Cash App, Zelle, Google Pay, Facebook Pay, or other similar services), mobile check deposits, and cash deposits. If 35 days lapse without a qualifying Payroll Direct Deposit being posted to a user’s account, the user will revert to the “Base” APY of 0.25% within five (5) days after the aforementioned 35-day lapse period. The user can reclaim the “Boost” rate by receiving and maintaining a qualifying Payroll Direct Deposit as described above. A user’s APY will be automatically adjusted based on the above criteria within 48 hours of receiving and maintaining the qualifying Payroll Direct Deposit.
When you withdraw funds from your Savings Pod, the amount available for withdrawal is limited to the available balance of the Savings Pod inclusive of Boost, which may be what was earned through the previous calendar day to the withdrawal request. You will forfeit any Boost if your Account is closed before Boost is credited.
For the avoidance of doubt, Boost refers to the daily payments from Current calculated in accordance with the terms above. Current is not a bank and Boost is not an annual percentage yield product as defined under the regulations or a savings account and is solely an obligation of Current. Boost is a promotion and can be discontinued, restricted, or modified at any time.
Boost will be reported on IRS Form 1099-MISC (or Form 1042-S, if applicable). If your Account is closed for any reason within six months after enrollment, we will deduct Boost amounts at closing. To remain enrolled in Boost, your Account must remain open and in good standing and you must continue to satisfy the obligations of these Terms.