Current Interest Terms and Conditions
EFFECTIVE 1/19/2023 - PLEASE READ THIS DOCUMENT CAREFULLY
Table of Contents
1. Our Agreement
2. Incorporation of Other Agreements
3. Current Interest Feature Basics
1. Our Agreement
These Current Interest 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 (“Current Interest”) 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.
Current Interest on Savings Pods is only available to holders of an Account, subject to additional qualifying criteria defined in Section III of these Terms - Current Interest Feature Basics. This feature is not available to Teen Account holders.
An eligible customer may opt into the Current Interest feature by using the Current mobile banking application (the “Mobile App”). This opt-in process is defined in Section III of these Terms - Current Interest Feature Basics.
Current Interest is intended only for users who use an Account for personal and consumer use. We may refuse to provide you with Current Interest 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. Current Interest Feature Basics
A. Who is Eligible for Current Interest
Current Interest 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 (This feature is not available to 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 Current Interest. Your ability to receive Current Interest may be delayed or limited, in Current’s sole discretion.
In addition, to be eligible to enroll in the Current Interest 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. Current Interest 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 Current Interest feature.
B. General Rules Governing Current Interest
The Savings Pod and your obligations under these Terms may not be assigned. We may transfer our rights under these Terms. Use of the Current Interest 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 Current Interest 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 Current Interest 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 Current Interest 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 Current Interest 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 Current Interest 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 Current Interest, 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 Current Interest feature. There are no minimum balance restrictions to participate in the Current Interest feature, but you will only earn Current Interest on any amount over $0.01 in your Savings Pod.
H. Transaction Limitations
Deposits to your Current Interest-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 the Savings Pod to your Current Account.
I. Annual Percentage Yield (“APY”) Information
The Current Interest APY for the Savings Pod appears in the schedule shown below. This is a variable rate and is based on the credited balance of customer deposits into the Savings Pod. We may, at our discretion, change the Current Interest APY for the Savings Pod at any time, including by offering promotional rates to some, but not all, eligible customers. Current Interest begins to accrue no later than the business day the deposit is applied to the Savings Pod where the feature has been enabled.
Current Interest will be compounded daily and credited (where it will become “earned” Current Interest) to the Savings Pod where the feature has been enabled on a daily basis. You will only be able to earn Current Interest on up to $2,000 of your eligible Savings Pod balance, per qualifying eligible Savings Pod. Any amount deposited by a customer beyond $2,000.00 will not earn Current Interest. This method applies a daily periodic interest rate to the principal and Current Interest that has been accrued to the Savings Pod each day. The daily periodic interest rate is calculated by dividing the Current Interest rate by three hundred sixty-five (365) days, or three hundred sixty-six (366) in leap years.
All users who opt-in to Current Interest will receive the “Base” APY of 0.25%. In order to earn the “Boost” APY of 4.00%, a user must receive a qualifying Payroll Direct Deposit of $200 or more, and maintain qualifying Payroll Direct Deposits of $200 or more in a rolling 35 day period from their last qualifying deposit. A Payroll Direct Deposit must be made by an employer or payroll provider by ACH deposit. Transfers from Paypal, Zelle, Venmo, Square, GooglePay, Cash App, or similar peer to peer transfer services, one-time direct deposits (such as tax refunds), mobile check deposits, and cash loads do not qualify as a Payroll Direct Deposit. If 35 days lapse without receiving a qualifying deposit, the user will revert to the “Base” APY of 0.25%. The user can reclaim the “Boost” rate by receiving a qualified direct deposit as described above. A user’s APY will be automatically adjusted based on the above criteria.
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 Current Interest, which may be what was earned through the previous calendar day to the withdrawal request. You will forfeit any Current Interest if your Account is closed before Current Interest is credited.
For the avoidance of doubt, Current Interest refers to the daily payments from Current calculated in accordance with the terms above. Current is not a bank and Current Interest is not an annual percentage yield or a savings account and is solely an obligation of Current. Current Interest is a promotion and can be discontinued, restricted, or modified at any time.
Current Interest 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 Current Interest amounts at closing. To remain enrolled in Current Interest, your Account must remain open and in good standing and you must continue to satisfy the obligations of these Terms.