TransferWise Customer Agreement (for Non US customers)

Last updated: 18 May 2017

This agreement (the “Agreement”) sets forth the terms and conditions governing your use of the Service (the “Service”) as specifically described herein in Section 4. Please read it carefully as it contains important terms, including terms governing disputes and requiring use of arbitration.

As used herein, the terms “Bank”, “we,” “us,” and “our” mean Community Federal Savings Bank, and “TransferWise” means TransferWise Ltd. “You” and “your” means the person who is using the Services to receive funds from a US bank account. This Agreement is to be read together with the Borderless Customer Agreement between you and TransferWise and, in the event of inconsistency, this Agreement shall control. This Agreement and the Service do not apply to your use of your TransferWise account, which is provided to you by TransferWise. For further details about your TransferWise account, please refer to the Borderless Customer Agreement.

1. This is Your Contract with Us

Read this Agreement and keep it for your records. By using the Service, you agree to the terms of this Agreement and agree that you will comply with all applicable laws.

2. Eligibility and Registration

In order to use the Service, you first must register. As part of your registration and use of the Service, you represent and warrant that:

  • You are not a United States resident (or, in the case of an entity, you are not domiciled in or organized under the laws of the United States), and the United States is not your principal place of business or the primary location where you access the Service.
  • If an individual, you are of the legal age of majority in your jurisdiction, but in all events at least 18 years old;
  • You have full authority to enter into this Agreement;
  • You will not be violating any laws or regulations by registering with us, entering into or by performing any part of this Agreement, or by otherwise using the Service;
  • You are not an agent acting for an undisclosed principal or third party beneficiary. In the event that you are acting for a third party, you agree to provide us with certified copies of identification evidence of such authorizations that you have received from the third party and obtain our express approval before acting on that third party’s behalf;
  • All information provided by you as part of your registration with TransferWise as part of the Borderless program and use of the Service is accurate and complete, and you undertake to promptly notify us of any changes to such information
  • You will ensure that your contact details provided at registration remain accurate and up to date. We will use those contact details to contact you wherever required under this Agreement or in connection with the Service. You may update your contact details at any time by logging in to the TransferWise website (www.transferwise.com/uk).

3. Identity Verification Process

To help the government fight the funding of terrorism and money laundering activities, Federal law requires the Bank to obtain, verify and record information that identifies each person to whom we provide certain types of services. We will require you to provide your name, address, date of birth, phone number, email address, and other information that will allow us to identify you. We may require you to provide documentation, which may include your passport or other government issued photo identification document. We may also contact you if we have additional questions.

4. General Description of the Service

The Service enables the transmission of funds to you by senders (“Senders”) who may be located in the United States and who wish to send funds to you denominated in United States Dollars (“USD”). Funds are transmitted by Senders via electronic funds transfer or wire transfer (each transmission a “Transaction”). The Service, as described herein, may be amended by us at any time, upon notice, as set forth above.

5. Compliance with Office of Foreign Assets Control (“OFAC”)

All U.S. persons, including U.S. banks, bank holding companies, and non-bank subsidiaries, must comply with OFAC’s regulations. This means that we may reject (return) or institute a hold on any funds sent to you if you or the Sender (or any other party related to the Transaction) are a Specially Designated National or fall into the scope of a country-based or other sanction program.

6. Unlawful And Other Impermissible Use

You must abide by the ACCEPTABLE USE POLICY (EEA) BORDERLESS ACCOUNT.

7. Sending Methods

We only accept payment for Transactions via an ACH Push or domestic Wire Transfer. No other payment methods are accepted, including cash, mailed check, or electronic check.

Payments must be made to our specified account via ACH Push or domestic wire transfer. If for any reason your Transaction is cancelled or refused, then we will promptly return the deposit to the account from which it originated. In the event that we are unable to return the deposit, then we will promptly contact you using the most current contact information provided to us by you through your TransferWise registration.

8 .Transaction History

You can access the details of all any Transactions and other information relating to your use of the Service by logging into the TransferWise website (www.transferwise.com/uk).

9. Refused Transactions

We reserve the right in our sole discretion to refuse any Transaction. Reasons for refusal may include but are not limited to an inability to match your registration information with your bank account details, incorrect Recipient details or an insufficient deposit amount. We generally will attempt to notify of you of any refusal, using the contact information provided as part of your registration, stating (where possible) the reasons for the refusal and whether the problem can be corrected. We will not notify you of a refusal where to do so would be unlawful.

10. Fees

There are no Transaction fees applied to the Services. See Borderless Pricing Page and the Borderless Customer Agreement for fees that may apply.

11. Service Providers

We use agents and service providers to help us deliver the Service to you. All services provided by TransferWise or other agents or service providers are performed at our direction and subject to our supervision and control.

12. Errors and Compromised User Credentials

Once Transactions have been sent, they cannot be reversed, and, except as expressly set out in this Agreement, we will not be liable in any way for any loss you suffer as a result of a Transaction being carried out in accordance with your or a Sender’s instructions. If you believe there to be an error in connection with a Transaction or other problem as set out in this Section 15, then you should notify TransferWise Support at support@transferwise.com or 1-888-908-3833.

  • 1. If you think there has been an error or problem with a Transaction, you must contact TransferWise Support no later than 180 days of the date the relevant funds were sent by the Sender. When you do, please tell us as much of the following information as possible: (1) Your name and address; (2) The error or problem with the Transaction, and why you believe it is an error or problem; (3) The name of the Sender, and if you know it, his or her or its telephone number or address; (4) The dollar amount of the Transaction; and (5) The confirmation code or number of the Transaction, if any.
  • 2. The law generally requires us to investigate and determine whether an error occurred within 45 days after you contact us, but typically we will conduct this investigation and make a determination within ten Business days. We will inform you of our determination within three 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 any documents we used in our investigation.
  • 3. If your Transaction history shows Transactions that you did not expect or authorize, please contact TransferWise Support at once to let us know. TransferWise Support must hear from you no later than sixty days after the date we make available to you the periodic statement in which the error appears. Errors or disputes involving your TransferWise account are not within the scope of this Agreement. Please visit the Borderless Customer Agreement for more information on dispute and error resolution procedures involving that account.

13. “Business Day"

“Business Day" for purposes of this Agreement means any day, other than a Saturday, Sunday, federal or New York state holiday, on which the Bank’s offices are open for business.

14. Limitations of Liability

Neither we nor any of our agents, affiliates, holding companies, subsidiaries, employees, officers, directors, service providers, or subcontractors will be liable:

  • For losses or damages alleged to result from our failure to properly complete a Transaction (other than as noted in this Agreement);
  • For losses or damages alleged to result from our delay in completing a Transaction;
  • If, through no fault of ours, the Sender does not have enough money in to complete the Transaction or has not timely deposited sufficient funds to make the Transaction;
  • If your system or device was not working properly during your use of the Service and you knew about the breakdown when you started the Transaction;
  • For errors made by you or a Recipient, such as making a transfer to an unintended person or transferring an unintended amount;
  • For errors by the Sender’s bank;
  • The provision of incorrect bank account information for you provided by the Sender;
  • For losses or damage arising from your misuse or inability to use the TransferWise website, whether due to reasons within our control or not;
  • For losses or damage to you from our inability to complete a Transaction because we are prohibited by law or for losses or damage caused as a result of actions taken due to our obligations under applicable law or order; or
  • Due to circumstances beyond our control (such as failure or interruption of telecommunications or data transmission systems) that prevent or affect the Transaction, despite reasonable precautions that we have taken.

15. Disclaimer of Liability

IN PROVIDING THE SERVICE TO YOU, NEITHER WE NOR ANY OF OUR AFFILIATES, HOLDING COMPANIES, SUBSIDIARIES, EMPLOYEES, OFFICERS, DIRECTORS, AGENTS, SERVICE PROVIDERS OR SUBCONTRACTORS, MAKES ANY EXPRESS WARRANTIES OR REPRESENTATIONS TO YOU WITH RESPECT TO THE SERVICE EXCEPT AS SET OUT IN THIS AGREEMENT, AND ALL IMPLIED AND STATUTORY WARRANTIES AND REPRESENTATIONS, INCLUDING WITHOUT LIMITATION ANY WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE, MERCHANTABILITY OR NON-INFRINGEMENT ARE HEREBY EXPRESSLY DISCLAIMED TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW.

IN NO EVENT SHALL WE OR ANY OF OUR AFFILIATES, HOLDING COMPANIES, SUBSIDIARIES, EMPLOYEES, OFFICERS, DIRECTORS, AGENTS, SERVICE PROVIDERS OR SUBCONTRACTORS BE LIABLE TO YOU OR ANY THIRD PARTY FOR ANY INDIRECT, SPECIAL, CONSEQUENTIAL, PUNITIVE, EXEMPLARY OR INCIDENTAL DAMAGES, WHETHER BASED ON NEGLIGENCE, WILFUL MISCONDUCT, TORT, CONTRACT OR ANY OTHER THEORY OF LAW, OR FOR ANY DAMAGES FOR LOSS OF DATA, LOSS OF INCOME, FAILURE TO REALIZE EXPECTED REVENUES OR SAVINGS, LOSS OF PROFITS OR ANY ECONOMIC OR PECUNIARY LOSS.

WE FURTHER DISCLAIM ANY AND ALL LIABILITY FOR ANY GOODS OR SERVICES BOUGHT OR SOLD BY YOU THAT ARE SETTLED THROUGH YOUR PARTICIPATION IN THE SERVICE.

16. Right of Set-Off

You agree that we are authorized at any time to set-off the funds deposited with us against your debts or liabilities owed to us. We may exercise this right of set-off without notice to you.

17. Changes to this Agreement

We may amend this Agreement at any time by posting a revised version on the TransferWise website (a “Change”). In the event that there is a Change which happens during the time which we have agreed to perform a Service for you but the Service has yet to be fully completed, the original terms and conditions (prior to any such Change) shall apply until such Service has been fully completed or has been cancelled or terminated in accordance with this Agreement, except where a Change is required by applicable law to take effect sooner. For the avoidance of doubt, any Change relating to the addition of a new service, extra functionality or any such change which we believe in our reasonable opinion neither reduces your rights nor increases your responsibilities shall be deemed to be effective immediately. You are recommended to retain a copy of this Agreement at the time a Service is requested for your records. You also may request a copy from us of the version of the Agreement in effect at the time of a particular Transaction that you have requested by emailing support@transferwise.com.

18. Consent for Electronic Disclosures

The Service is an electronic commerce relationship. In order for the Service to be provided to you, we must have your consent to provide access to required disclosures in electronic format. If you do not consent to electronic disclosure of these documents, then you may not use the Service. Your consent applies to all of the documents we provide to you electronically in connection with the Service, including receipts and notices.

Access to electronic disclosures will be provided by way of the Internet. Your history of use of the Service is available for viewing online from your account on the TransferWise website. In order to view these disclosures, you will need a hardware device that can access the Internet via modem or other form of connection. Your hardware device must run on an appropriate operating system. You must be able to access the Internet to access our website. Additionally, Internet browser software is required to access the disclosures from a personal computer.

If you require a printed copy of your full printed copy of your transaction history, you can request this by emailing support@transferwise.com.

We recommend you download or print a copy of this Agreement for your records. You may download a copy of this Agreement in PDF format. This document requires Adobe Acrobat Reader for viewing.

If you consent to electronic access to documents, we are not required to provide you with paper copies. You may obtain these documents in paper form without charge by printing them yourself. If you decide to withdraw your consent for electronic disclosures, you must notify TransferWise at support@transferwise.com or via telephone at 1-888-908-3833. Such notice will constitute notice of termination of your registration with us and preclude future use of the Service.

19. Privacy

We treat your privacy seriously. We share your personal information provided in connection with the Service with our agents and service providers to provide you with the Service. Please see our Privacy Policy, available at http://www.cfsb.com/privacy/, for comprehensive information concerning our collection, use and disclosure of your personal information. For information concerning the privacy of your TransferWise account, you should consult TransferWise’s privacy policy at transferwise.com/privacy-policy. That policy does not form part of this Agreement.

20. Limiting the Service and Termination

  • 1. We may limit the Service or suspend or refuse a Transaction at any time, without notice, if we reasonably suspect any security risk associated with your registration or Transaction, or if we terminate your registration for the reasons set out in this Agreement. We will do our best to notify you prior to taking any such action. However, if prior notification is not practicable, we will promptly notify you by email after the suspension. We have no obligation to notify you should such a notification be impossible or unlawful.
  • 2. Termination
    • 1. We may immediately terminate this Agreement and your ability to use the Service at any time without prior notice if in our reasonable opinion:
      • we determine in our sole discretion that you are not eligible to use the Services or that you or a Sender are using them for an impermissible purpose;
      • you have materially breached the law, the terms of the Agreement or the terms of our referral or promotional programs;
      • you engage in behavior that we in our sole discretion view as suspicious or otherwise of concern;
      • duplicate accounts are opened for the same person;
      • it is impossible to get in touch with you by the telephone number and email address you have provided;
      • you or your bank initiate a chargeback or rejection of an attempted transfer;
      • you are a charitable or non-profit organization.
    • 2. You may terminate your registration with TransferWise at any time by contacting TransferWise Support at support@transferwise.com or 1-888-908-3833. Termination, whether by you or by us, shall not affect prior Transactions or (except where required by law) obligations under this Agreement existing at the time of termination, but it will terminate your ability to continue to use the Service. Upon termination, TransferWise will retain records of your Transaction history in accordance with regulatory requirements and our and TransferWise’s retention policies.

21. Applicable Law and Arbitration

This Agreement is entered into in order to receive payments at the Bank, which you acknowledge is located in the United States, in the State of New York. This Agreement and any claim or controversy arising out of or relating thereto, including any claim against TransferWise in connection with the Service (collectively, a “Claim”) is therefore governed by the laws of the United States and the state of New York, without regard to conflicts or choice of laws principles, whether or not you live in New York.

YOU HEREBY CONSENT TO ARBITRATION OF ALL CLAIMS BEFORE A SINGLE ARBITRATOR. THE ARBITRATOR WILL BE SELECTED AND THE ARBITRATION CONDUCTED PURSUANT TO THE COMMERCIAL ARBITRATION RULES OF THE AMERICAN ARBITRATION ASSOCIATION (AND, IF APPLICABLE, THE CONSUMER ARBITRATION RULES THEREOF), AS THEN IN EFFECT (OR ANY SUCCESSOR RULES). NO “CLASS” OR SIMILAR GROUP ARBITRATION SHALL BE PERMITTED. ALL ARBITRATION HEARINGS OR SIMILAR PROCEEDINGS SHALL BE HELD IN NEW YORK, NEW YORK, ALTHOUGH YOU MAY ELECT TELEPHONIC PROCEEDINGS OR WAIVE ANY HEARING. The AAA Commercial Arbitration Rules and Consumer Arbitration Rules are available for review at: https://www.adr.org/aaa/faces/rules (click Rules, then click Commercial Arbitration Rules and Mediation Procedures, or Consumer Arbitration Rules, respectively).

Any arbitral award shall be final and binding and may be enforced by any court of competent jurisdiction.

You understand that, in return for your agreement to this Section, we are able to offer you the Service at the terms designated, and that your assent to this Section is an indispensable consideration to this Agreement. You also acknowledge and understand that, with respect to any Claim:

  • YOU ARE GIVING UP YOUR RIGHT TO HAVE A TRIAL BY JURY;
  • YOU ARE GIVING UP YOUR RIGHT TO HAVE A COURT RESOLVE ANY SUCH DISPUTE; and
  • YOU ARE GIVING UP YOUR RIGHT TO SERVE AS A REPRESENTATIVE, AS A PRIVATE ATTORNEY GENERAL, OR IN ANY OTHER REPRESENTATIVE CAPACITY, OR TO PARTICIPATE AS A MEMBER OF A CLASS OF CLAIMANTS, IN ANY ARBITRATION OR LAWSUIT INVOLVING ANY SUCH DISPUTE.

This Section is made pursuant to a transaction involving interstate commerce and will be governed by the Federal Arbitration Act, 9 U.S.C.1-16.

22. Severability

If any provision of this Agreement is held to be invalid or unenforceable, such provision will be deemed to be modified to the minimum extent necessary to make it valid and enforceable and the rest of this Agreement will not be affected.

23. Assignment

You may not transfer or assign this Agreement to any other person without our prior written consent. We may assign our obligations to you under this Agreement without your consent or any prior notice.

24. English Language

This Agreement may be provided to you in English or any other language that we support. For the avoidance of doubt, any non-English version of the Agreement is provided for translation purposes only. In the event that any conflict arises between the English and non-English versions of the Agreement, the English version shall prevail.

25. Entire Agreement

This Agreement and any document expressly referred to in it constitutes the whole agreement between us and supersedes any previous discussions, correspondence, arrangements or understandings between us.

26. Notices to Us

If you have any problems using the Service, you should contact TransferWise Support at 1-888-908-3833 (tel) or support@transferwise.com. Any notice of legal claim or other process pursuant to this Agreement shall be delivered via email to support@transferwise.com or via post to:

Community Federal Savings Bank

89-07 Jamaica Avenue

Woodhaven, New York 11421

Attn: CFSB Compliance