CARDHOLDER AGREEMENT


IMPORTANT - PLEASE READ CAREFULLY


Terms and Conditions for the TransferWise ​MasterCard®​ ​Debit Card Program issued by Community Federal Savings Bank (“CFSB“).


How to read this Cardholder Agreement


This Cardholder Agreement is a supplement to, and must be read together with, your TransferWise Customer Agreement (the “​Customer Agreement​”). The Customer Agreement, sets forth the terms in relation to your TransferWise Borderless Account (your “​Borderless Account​”) and is a binding legal contract between you and TransferWise.

The terms set forth in this Cardholder Agreement (“​Agreement​”) also form a binding contract and apply only to your use of your TransferWise ​MasterCard®​ ​Debit Card issued by ​CFSB​ (the “​Card​”). You must maintain a Borderless Account under the terms of the Customer Agreement and hold at least a $20 balance to obtain a Card, as the Card is a means of access to the money in your Borderless Account. You must agree to the terms of this Agreement to use your Card, and if you do not agree, do not use the Card and cancel it. This Agreement is between you and CFSB. TransferWise provides certain services such as customer service on behalf of CFSB in connection with the Card and for this reason, TransferWise is also a beneficiary of this Agreement.

By activating or using the Card, or allowing someone else to use the Card, you agree to the terms of this Agreement under which the Card has been issued to you, and you must affirm or reaffirm, as the case may be, your agreement with the following agreements:

Your Card must be successfully activated in order to be used. For details, see “Activating Your Card” below. You can find a list of all fees on the TransferWise Long Form Disclosure and a summary fee disclosure required by the Consumer Financial Protection Bureau on the TransferWise Short Form Disclosure.

This Agreement requires all disputes to be resolved by way of binding arbitration. The terms of the arbitration clause appear at the end of this Agreement.

You can always see the most current version of this Agreement on our ​Website​. If you want a paper copy of this Agreement, please contact Customer Support.

This Agreement contains 33 sections, including this section. You may go directly to any section by selecting the link provided. The headings are for reference only. Some capitalized terms have specific definitions in the “Glossary,” or are defined in your Customer Agreement. Underlined words in this Agreement contain hyperlinks to further information.

Glossary

“​Access Information​” means your PIN, online user name, password, challenge questions, and any other security or access information required to access or use your Card or Borderless Account.

“​Borderless Account​” means the Borderless Account you have opened with TransferWise in accordance with the Customer Agreement and that you may access with your Card.

“​Borderless Transactions​” means, (a) any and all payments made into your Borderless Account, (b) any currency conversions undertaken in your Borderless Account, whether or not done in connection with a Card Transaction and (c) any payout made from your Borderless Account by methods other than Cards. For the avoidance of doubt, Borderless Transactions are not covered by this Agreement and are services provided by TransferWise pursuant to the Customer Agreement, and not CFSB.

“​Business days​” means Monday through Friday, excluding federal holidays. Any references to "days” found in this Agreement are calendar days unless indicated otherwise.

“​Card​” means your TransferWise ​MasterCard​® ​Debit Card issued by CFSB, e.g., Community Federal Savings Bank.

“​Card Transaction(s)​” means using your Card to pay for goods and services ​online, over the phone or in person​ or to withdraw money from ATMs in the US and overseas.

“Card Number​” means the unique 16-digit number embossed or printed on the front of your Card used to identify your Card.

“​Cardholder​” mention Primary and Secondary Cardholder(s), if any.

“TransferWise”​ means TransferWise Inc., and its successors, assigns and affiliates.

“​You​” and “​your​” mean the person or persons who have received the Card and are authorized to use the Card as provided for in this Agreement.

“​We​,” “​us​,” “​our​,” and “​Issuer​” mean CFSB, e.g., Community Federal Savings Bank, New York, New York, and our successors, affiliates or assignees.

“​Website​” means any webpage, including but not limited to ​www.transferwise.com,​ where TransferWise provides services to you and you can obtain information about your Card.

Fee and Limit Schedule

You agree to pay the Card Transaction Fees set forth in the ​Fee Schedule below in addition to any TransferWise fees described on the TransferWise Long Form Disclosure and a summary fee disclosure required by the Consumer Financial Protection Bureau on the TransferWise Short Form Disclosure. All the Card Transaction Fees will be withdrawn from your Borderless Account and will be assessed as long as there is a remaining balance on your Borderless Account. If at any time your remaining Borderless Account balance is less than the Card Transaction Fees being assessed, the balance of your Borderless Account will be applied to the Card Transaction Fees resulting in a zero balance on your Borderless Account, and your Card may be declined. The remainder of the Card Transaction Fees due will be collected upon the next upload into your Borderless Account.

In addition to the fees associated with Card Transactions, pursuant to the terms of the Customer Agreement, you can make Borderless Transactions, which may be subject to fees set by and payable to TransferWise. These include fees associated with converting currencies, certain pay-in and pay-out methods and fees for transferring money out of your Borderless Account. You can find a list of all fees on the TransferWise Long Form Disclosure and a summary fee disclosure required by the Consumer Financial Protection Bureau on the TransferWise Short Form Disclosure.

Fees for Spending Money and Using the ATM or Getting Cash with Your Debit Card


Fee Type Fee Amount How to Reduce This Fee
Purchases when you have the currency you are spending in your Borderless Account NO FEE NOT APPLICABLE
Purchases when you ​do not have the currency you are spending in your Borderless Account and the currency you are spending is a currency that ​is supported byTransferWise[​1] In this case, the currency in your account will be converted in accordance with the section below ​Using Your Card/Priority of Currencies and Currency Conversion​ ​and the TransferWise​ ​ pricing page​. You can reduce these fees by spending in a currency that is supported by TransferWise and that is in your Borderless Account.
Also, if you are offered the option to make a payment at a point of sale (POS) terminal to pay in local currency or to pay in your home or another currency, you must choose ​the local currency​ if you want the TransferWise foreign exchange rate to apply to your transaction
Purchases when you ​do not have the currency you are spending in your Borderless Account and the currency you are spending is a currency that is not supported by TransferWise If you withdraw cash or make a purchase in a foreign currency that is NOT supported by TransferWise, MasterCard®​ will convert U.S. dollars or another currency in your Borderless Account to complete your Card Transaction and MasterCard® ​rates will apply. For more details see ​Using your Card/Priority of currencies and currency conversion​ b​elow. Spend in a currency that is supported by TransferWise and that you hold in your Borderless Account

Using Your Card/Priority of Currencies and Currency Conversion

In U.S. dollars

If you withdraw cash or make a purchase in U.S. dollars, TransferWise will use your U.S. dollar balance in your Borderless Account.

In a currency that you hold in your Borderless Account

If you withdraw cash or make a purchase in a foreign currency that is supported by TransferWise, and you hold that currency in your Borderless Account, that balance will be used for your withdrawal or purchase.

In a currency that is supported by TransferWise that you do not hold in your Borderless Account

If you withdraw cash or make a purchase in a currency that is supported by TransferWise and that you do not hold in your Borderless Account, or if you withdraw cash or make a purchase in a currency in an amount that exceeds your balance in that currency in your Borderless Account, TransferWise will convert currency in your Borderless Account to cover that transaction, and TransferWise currency conversion fees will apply.

In determining which currency to convert, TransferWise will use the currency with the lowest conversion fee with respect to the currency needed to complete the cash withdrawal or purchase made by you. For more information on which currencies would be used in the event that you use your Card to withdraw cash or make a purchase in a TransferWise currency that you do not hold in your Borderless Account, please check the TransferWise pricing page or Contact Customer Service.

Please note that if you are offered the option at a point of sale (POS) terminal to pay in local currency or to pay in your home or another currency, ​you must pick the local currency if you want the TransferWise rate to apply to your transaction.

In a Currency that is NOT Supported by TransferWise and you Hold U.S. Dollars in Your Borderless Account.

If you withdraw cash or make a purchase in a currency that is NOT supported by TransferWise, MasterCard®​ will convert the U.S. dollars in your Borderless Account to complete your Card Transaction and MasterCard®​ rates will apply. This means that the exchange rate between the transaction currency and the U.S. dollars used for processing the transactions is a rate selected by the MasterCard®​ network or one of its affiliates. MasterCard®​ rates are not in the control of TransferWise or CFSB.

In a currency that is NOT supported by TransferWise and you DO NOT hold U.S. dollars in your Borderless Account.

If you withdraw cash or make a purchase in a foreign currency that is NOT supported by TransferWise, and you do not hold U.S. dollars in your Borderless Account, TransferWise will convert a currency in your Borderless Account with the lowest conversion fee with respect to the amount of U.S. dollar equivalent needed to complete the cash withdrawal or purchase made by you, and TransferWise fees will apply. MasterCard®​ will then convert those U.S. dollars to complete your purchase and MasterCard®​ rates will apply. This means that the exchange rate between the transaction currency and U.S. dollars used for processing the Card Transaction is a rate selected by the MasterCard®​ network, or one of its affiliates. MasterCard​® ​rates are not in the control of TransferWise or CFSB.

Fees for getting cash

Fee Type Fee Amount How to Reduce This Fee
ATM Cash Withdrawal anywhere in the world and cash back at point of sale These transactions, counted together, are free for up to $250 (or USD equivalent) in any rolling 30-day period
Above $250 (or USD equivalent) a 2% fee will be assessed on the amount over the $250
The owners of ATMs or other networks may impose an additional charge to use their terminals and you may be charged a fee for a balance inquiry even if you do not complete a funds transfer. The owners of the business providing cash back may impose an additional charge as well.
Limit withdrawals and cash back transactions to $250 in each rolling 30-day period commencing on the date of the first transaction of this type.

Card Limitations Schedule

We may increase or decrease these limits or add additional limits from time to time in our sole discretion without notice to you except as required by law, for security or other reasons.

Limitation Type Limit
Overall Use Limit: $1,000 per transaction and per day
$5,000 per a rolling 30-day period commencing on date of the first ATM transaction
Maximum ATM Cash Withdrawals: $250 per transaction and per day
$1,500 per a rolling 30-day period commencing on date of the first ATM transaction
Maximum Magnetic Stripe Purchases (point of sale): $1,000 per transaction
$1,000 per day
$1,500 per a rolling 30-day period commencing on date of first point of sale transaction
Maximum Online or Card-not-present purchases (e.g., over the phone): $1,000 per transaction
$1,000 per day
$2,000 per a rolling 30-day period commencing on date of first online or card-not-present transaction
Maximum Contactless Card Transaction: $200 per transaction $500 per day $1,500 per a rolling 30-day period commencing on date of first transaction

You can request higher Card limits on the Website or Mobile Application.

How to Contact Customer Service

Customer Service for your Card is handled by TransferWise as a service provider to CFSB. You may contact TransferWise Customer Support in the following ways:

By Telephone​: 1-888-908-3833 from 8 am to 8 pm Eastern Time, Monday – Friday.

By Email​: support@transferwise.com

By Mail​:
TransferWise Inc.
19 W 24th Street, Floor 9
New York, NY 10010
ATTN: TransferWise Compliance

Through our website:​ ​http://www.transferwise.com

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW CARD ACCOUNT

In order to receive and activate your Card, federal law requires that we verify some of your information. You authorize both CFSB and TransferWise to make any inquiries we consider necessary to validate your identity. These may be made directly or through third parties. See the Customer Agreement and Privacy Policy for more details. CFSB reserves the right to close, suspend, or limit access to your Card in the event we are unable to obtain or verify this information.

Address or Name Changes

For legal reasons, all information you provide during the signup process for a Card and/or your Borderless Account, or any time thereafter must be complete, accurate and truthful. You are responsible for keeping your mailing address, email address, telephone number, and other contact information on your TransferWise account up-to-date. To make changes to your profile, ​login here and then go to your account page​. Note that we reserve the right to cancel or suspend your Card at any time for any reason.

Card Description

The Card is a Debit card. The Card can be used to access and spend prepaid money stored in your Borderless Account held by TransferWise Inc. The Card is a debit product which can be used to pay for goods and services ​online, over the phone, online, or in person. ​The Card can be used to withdraw money from ATMs in the U.S. and overseas.

The Card is not a guarantee card, charge card or credit card. It is not for resale. The Card will remain the property of CFSB and must be surrendered upon demand. The Card is non-transferable and it may be canceled, repossessed, or revoked at any time without prior notice subject to applicable law.

You acknowledge and agree that the value available to spend with your Card is limited to the funds that you have uploaded into your Borderless Account. Pursuant to the terms of the Customer Agreement, you will not receive any interest on your funds in your Borderless Account, and those funds are not protected by FDIC insurance.

Account Security

You, not CFSB (or TransferWise), are responsible for maintaining adequate security and control of your Card, Pin, or any other details that you use to access your Borderless Account. If you know or suspect that your Card or Card Number has been lost, stolen or otherwise compromised, please ​Contact Customer Support immediately or go on our Website or Mobile Application and freeze or cancel your card.

Activating Your Card

You must activate your Card before it can be used. When you receive your Card, please sign the back of it as soon as you receive it and keep it safe. You can activate your Card by following the instructions in the Mobile Application or on the Website. The Card PIN is a 4-digit code that you may be asked to enter when making a payment using the Card.

Personal Identification Number

You will be required to select a Personal Identification Number (“​PIN​”) for your Card when you activate your Card as a security feature. You will need the PIN for certain Card Transactions. You should not write or keep your PIN with your Card. Never share your PIN with anyone. When entering your PIN, be sure it cannot be observed by others and do not enter your PIN into any terminal that appears to be modified or suspicious. If you believe that anyone has gained unauthorized access to your PIN, you should advise Customer Service immediately following the procedures in the paragraph labeled “​Reporting an Unauthorized Transaction.​” You may change your PIN at any time by logging in to the Website or by ​Contacting Customer Service​.

Authorized Users; Secondary Cards

Subject to the availability of this feature, you may request an additional Card (“​Secondary Card​”) for another person, provided such person is at least 13 years of age and we have been able to verify such person’s identity. The maximum number of Secondary Cards permitted is three (3). If the Secondary Card is for a minor, you must be that cardholder’s parent or legal guardian. You may also permit another person to have access to your Card or Access Information. However, you are liable for all Card transactions made by those persons, including cardholders of Secondary Cards. You must notify us to revoke permission for any person you previously authorized to use your Card or a Secondary Card. You are responsible for all transactions and fees incurred by you or any other person you have authorized to have access to your Card or Borderless Account. If you tell us to cancel another person’s use of your Card or a Secondary Card, we may terminate any or all of the Cards associated with your Borderless Account and issue a new Card to you with a different number. You are wholly responsible for the use of each Card and Secondary Card according to the terms of this Agreement.

Using Your Card

Except as otherwise stated herein, you may use your Card as long as you do not exceed the value available on your Borderless Account and your Borderless Account is in good standing. If you use your Card Number without presenting your Card (such as for a mail order, telephone, or Internet purchase), the legal effect will be the same as if you used the Card itself. In accordance with the TransferWise ​Acceptable Use Policy, which also applies to Cards, and is incorporated herein, there are things you cannot used your card for, including gambling or any illegal transaction.

Avoiding Holds on Your Funds

If you use your Card at a gas station it is recommended that you pay inside. Paying inside will avoid having an additional portion of your Card balance (these could be $100.00 or more outside of the United States) held and unavailable for use for a period of time after the use of the Card at the pump. If you use your Card at a restaurant or other merchant where tipping is common, the merchant may preauthorize an amount greater than the purchase amount. For hotels, car rentals, or similar purchases where a deposit is commonly collected in advance, the merchant may request a preauthorization of the estimated final transaction amount. Any preauthorization of the amount will place a “hold” on your available funds in your Borderless Account until the merchant sends the final payment amount of your purchase. Once the final payment amount is received, the preauthorization amount on hold will be removed. It may take up to 7-10 Business Days for the hold to be removed. During the hold period, you will not have access to the preauthorized hold amount.
Except as otherwise stated herein, you do not have the right to stop payment on any purchase or payment transaction originated by use of your Card. If you authorize a transaction and then fail to make a purchase of that item as planned, the approval may result in a hold for that amount of funds for up to thirty (30) days. All transactions relating to car rentals may result in a hold for that amount of funds for up to sixty (60) days.

Negative Account Balances

You must not undertake or attempt to undertake Card Transactions that exceed the amount of prepaid money available in your Borderless Account. If any purchase takes you over your available funds or the card limits in force from time to time the transaction will be declined. If for some reason the amount available in your Borderless Account becomes negative, the terms of the Customer Agreement shall apply, see ​Negative Account Balances​, see also ​Fee Schedule​ above.

Cash Access

Once your identity has been verified, you may use your Card and PIN to obtain cash from any Automated Teller Machine (“​ATM​”) bearing one of the network brand logos on your Card, or at merchants and participating financial institutions that have agreed to provide cash back at POS terminals bearing one of the network brand logos on your Card. All such transactions are treated as cash withdrawal transactions. There may be limits and fees associated with certain cash access transactions which may be found in the ​Card Limitations Schedule​ above.

No Warranty Regarding Goods or Services as Applicable; Returns and Refunds

TransferWise and CFSB are not responsible for the quality, safety, legality, or any other aspect of any goods or services you purchase with your Card. Any disputes or issues with any goods or services you purchase with your Card should be addressed to the merchants or individuals from whom the goods and services were purchased.
If you are entitled to a refund for any reason for goods or services obtained with your Card, you agree to accept credits to your Borderless Account for such refunds and agree to the refund policy of that merchant. Merchant refunds in an amount the same or less than the amount of the corresponding debit will be provided to TransferWise for posting to the Borderless Account when they are received. Neither we nor TransferWise has any control over when a merchant sends a refund transaction; there may be a delay between the date of the refund transaction and the date the refund amount is credited into your Borderless Account.

Card Replacement

If you need to replace your Card for any reason, please ​Contact Customer Service​. You will be required to provide personal information which may include your Card number, full name, transaction history, copies of accepted identification, etc.

Card Expiration

Subject to applicable law, you may use your Card only through the Card expiration date. The expiration date is identified on the front of your Card. The funds in your Borderless Account will not expire, regardless of the expiration date on the front of your Card, and you will be subject to TransferWise’s policy for unclaimed funds, which can be found in the ​Customer Agreement​, see Escheat​.

Receipts

You should get a receipt at the time you make a transaction using your Card. You should retain, verify, and reconcile your transactions and receipts. Some merchants may not provide a receipt for small dollar purchases.

Borderless Account Balance, Periodic Statements and Card Use

You are responsible for keeping track of your available Borderless Account balance, which is maintained by TransferWise and not CFBS.
Merchants generally will not be able to determine your available balance. It is important to know your available balance before making any Card Transactions. You may obtain information about the amount of money remaining in your Borderless Account anytime by ​Contacting Customer Service or checking in on our Website or Mobile Application.
In accordance with the TransferWise ​Electronic Communications Policy​, you will not receive paper statements, or any other correspondence or notice, other than a paper copy of this Agreement upon request.

Privacy

Please review our ​​Consumer Policy Statement as well as the TransferWise ​Privacy Policy that you agreed to when you signed up for your Borderless Account, in order to better understand our and TransferWise’s commitment to maintaining your privacy, as well as our use and disclosure of your information. For the avoidance of doubt, we may disclose information to third parties about your Card or the transactions you make where it is necessary for completing transactions:

  • In order to verify the existence and condition of your Card for a third party, such as a merchant;
  • In order to comply with government agency or court orders, or other legal reporting requirements;
  • If you give us your written permission; or
  • To TransferWise, our employees, auditors, affiliates, service providers, or attorneys, as needed.

Our Liability for Failure to Complete Transactions

If we do not properly complete a transaction from your Card on time or in the correct amount according to our Agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable in the following instances:

  1. If through no fault of ours, you do not have enough funds available on your Card to complete the transaction;
  2. If a merchant refuses to accept your Card;
  3. If an ATM where you are making a cash withdrawal does not have enough cash;
  4. If an electronic terminal where you are making a transaction does not operate properly, and you knew about the problem when you initiated the transaction;
  5. If access to your Card has been blocked after you reported your Card lost or stolen or your Borderless Account compromised;
  6. If there is a hold or your funds are subject to legal or administrative process or other encumbrance restricting their use;
  7. If we have reason to believe the requested transaction is unauthorized;
  8. If circumstances beyond our control (such as fire, flood, or computer or communication failure) prevent the completion of the transaction, despite reasonable precautions that we have taken; or
  9. Any other exception stated in our Agreement with you.

Card Not Accepted, Account Suspended or Account Closed

CFSB and TransferWise are not responsible and have no liability if your Card is not accepted for a charge. TransferWise can close or suspend your Borderless Account at any time for any reason (see ​Customer Agreement​) and we can suspend or cancel your Card, including if the activity on your Card appears suspicious, fraudulent or we believe it to be associated with criminal activity or inconsistent with this Agreement. Unusual or multiple purchases may prompt a merchant inquiry or Card suspension to allow us to investigate such unusual activity. We reserve the right, in our sole discretion, to limit your use of the Card. We may refuse to issue a Card or may revoke Card privileges with or without cause or notice, other than as required by applicable law. You agree not to use or allow others to use an expired, revoked, cancelled, suspended or otherwise invalid Card. Neither We or TransferWise will incur liability to you because of the unavailability of the funds that may be associated with your Card or Borderless Account.

Other Miscellaneous Terms

You may not assign or transfer your Card and your obligations under this Agreement. We may assign or transfer our rights under this Agreement. Use of your Card 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. Notwithstanding the foregoing, this Agreement shall be binding on you, your authorized users, your heirs, your executors, administrators, guardians, personal representatives, or trustee in bankruptcy.

Severability

If a court finds any provision of this Agreement invalid or unenforceable such finding shall not make the rest of this Agreement invalid or unenforceable. To the fullest extent possible, any such provision shall be deemed to be modified so as to be rendered enforceable or valid; however, if such provision cannot be so modified, it shall be stricken and all other provisions of this Agreement in all other respects shall remain valid and enforceable.

Amendment and Cancellation

We may amend or change the terms and conditions of this Agreement at any time, subject to applicable law. You will be notified of any change in the manner provided by applicable law. If the change is made for security purposes, we may implement such change without prior notice. You may end this Agreement and cancel your Card at any time by ​Contacting Customer Service.
Your cancellation of this Agreement will not affect any of our rights or your obligations arising under this Agreement prior to termination.

Information About Your Right to Dispute Errors

If you think your electronic transaction history or receipt is wrong with respect to a Card Transaction, or if you need more information about a Card Transaction listed on the electronic transaction history or receipt, call 1-888-908-3833 or email at support@transferwise.com or write TransferWise Inc., 19 W 24th Street, Floor 9, New York, NY 10010, ATTN: TransferWise Compliance (see section above entitled “​How to Contact Customer Service​”). For other Errors or potential Errors in your Borderless Account, please consult the Customer Agreement, (“​What is an Error and how Errors will be addressed by us​”).
“​Card Errors​” include the following:

  • A transfer of funds that you or a secondary card holder (if any) did not authorize.
  • A duplicate transaction that you or a secondary card holder (if any) did not authorize.
  • A recurring transfer that you had cancelled prior to the occurrence of the transaction.
  • An incorrect transfer amount
  • An ATM transaction that appears to have occurred by where the funds were not dispensed.

We must hear from you no later than sixty (60) days after the earlier of the date you electronically access your Borderless Account regarding a Card Error, if the Card Error could be viewed in your electronic transaction history, or the date that you first received written history from us or TransferWise on which the error appeared.

  1. Your name, address and Card number;
  2. Why you believe there is an error, and the dollar amount involved; and
  3. Approximately when the error took place.

We will determine whether an error occurred within ten (10) business days of hearing from you and will correct any error promptly. If we need more time, however, we may take up to forty five (45) days to investigate your complaint or question. If we decide to do this, we will credit your Borderless Account within ten (10) Business Days for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 Business Days, we may not credit your account. For new Cardholders (those who made their first transfer to their Borderless Account less than 30 days before the potential Card Error occurred)​, we may take up to 20 Business Days to credit your Borderless Account for the amount you think is in error. For point-of-sale transactions, or foreign-initiated transactions, we may take up to ninety (90) days to investigate your complaint or question. We will tell you the results within three (3) Business Days after completing our investigation. If we decide that no Card Error occurred, we will send you a written explanation and debit any provisional credit we may have given you. You may ask for copies of the documents that we used in our investigation.

Card Errors do not include buyer’s remorse, issues with the quality, safety, legality, or any other aspect of any goods or services you purchase with your Card or if you do not receive those goods or services, or routine inquiries about the balance in your Borderless Account or a request for documentation or for other information for your record keeping or tax purposes.

Your Liability for Unauthorized Card Transactions

An Unauthorized Card Transaction occurs when your Card is used and it was not authorized by you and did not benefit you. For example, if someone steals your Card, and uses your Card to access prepaid money in your Borderless Account, an unauthorized Card Transaction has occurred. The following are not considered unauthorized Card Transactions: (i) if you give someone access to your Card and they use your Card without your knowledge or permission. You are responsible for transactions made in this situation.

You agree to exercise reasonable control over your Card and Access Information. Tell Customer Support right away if you believe your Card or Access Information has been lost or stolen, or if you believe that transactions have been made in your Borderless Account without your permission using your Card. You could lose all the money in your Borderless Account.

If you notify Customer Support within two (2) business days of any unauthorized transactions, you can lose no more than $50.00 if someone used your Card without your permission. If you do not notify Customer Support within two (2) business days after you learn of the loss or theft of your Card and we can prove that we could have stopped someone from using your Card without your permission if you had promptly notified Customer Support, you could lose as much as $500.00.

For other Errors or potential Errors in your Borderless Account, please consult the Customer Agreement, (“​What is an Error and how Errors will be addressed by us​”).

Your Liability for Unauthorized MasterCard®​ ​ Debit Card Transactions

In addition to your limitations of liability under the section above entitled “​Your Liability for Unauthorized Transfers​,” your liability for the unauthorized use of your Card Account may also be limited by MasterCard®​ ​.

Under the MasterCard®​ rules, you will have no liability for a transaction that was not authorized by you if you exercised reasonable care in safeguarding the Card from risk of loss or theft, and, upon becoming aware of such loss or theft, promptly reported such loss or theft to Customer Service by calling us at our Customer Service Number (the “​MasterCard®​ Zero Liability Policy​”). The MasterCard®​ ​Zero Liability Policy is subject to change without notice and changes made by MasterCard®​ ​ will automatically apply to you.

These provisions limiting your liability do not apply to Card Transactions not processed by MasterCard.®​

Communications

You agree that we may communicate with you through TransferWise, who acts as our service provider with respect to this Agreement and that the ​Electronic Communications Policy applies to such communications.

In addition, if you provide Customer Support or TransferWise with your mobile phone number or contact us from your mobile number, you are providing this phone number for us or any third party acting on our behalf to contact you at this number. You agree that we may use this phone number to contact you for any business purpose about your Card and you agree to be responsible for any fees or charges you incur as a result of providing this information. You may request this number not be used. We may offer options that allow you to receive or access text messages or other electronic communications from your mobile phone. By enrolling for these types of communications, you understand and agree to be responsible for any fees or charges you incur as a result of this enrollment. You agree that we may contact you from time to time regarding your Card in any manner we choose unless the law says we cannot. For example, we may contact you by mail, telephone, email, fax, recorded message, text message, by using an automated dialer device. We may contact you at home, at your place of employment, on your mobile telephone, at any time including weekends and holidays, at any frequency and leave prerecorded messages or messages with others. When we attempt to contact you, we may identify ourselves, our relationship and our purpose for contacting you even if others might hear or read it. Our contacts with you about your Card are not unsolicited. We may monitor or record any conversation or other communication with you.

English Language Controls

The meanings of terms, conditions and representations herein are subject to definitions and interpretations in the English language. Any translation provided may not accurately represent the information in the original English.

Waiver

We do not waive our rights by delaying or failing to exercises them at any time. To the extent permitted by law and as permitted by the Agreement to Arbitrate ​below, you agree to be liable to us and TransferWise for any loss, costs, or expenses that we may incur as a result of any dispute or legal proceeding involving your Card or your Borderless Account.

Governing law and Agreement to Arbitrate

THIS AGREEMENT REQUIRES ALL DISPUTES BE RESOLVED BY WAY OF BINDING ARBITRATION.

You agree that, except to the extent inconsistent with or preempted by federal law and except as otherwise stated in this Agreement, the laws of the State of New York, without regard to principles of conflict of laws, will govern this Agreement and any claim or dispute that has arisen or may arise between you and CFSB (or TransferWise), regardless of your location. Except for disputes that qualify for small claims court, all disputes arising out of or related to this Agreement or any aspect of the relationship between you and CFSB, whether based in contract, tort, statute, fraud, misrepresentation or any other legal theory, will be resolved through final and binding arbitration before a neutral arbitrator instead of in a court by a judge or jury and you agree that CFSB and you are each waiving the right to trial by a jury. You agree that any arbitration under this Agreement will take place on an individual basis; class arbitrations and class actions are not permitted, and you are agreeing to give up the ability to participate in a class action. The arbitration will be administered by the American Arbitration Association (“​AAA​”) under its Consumer Arbitration Rules, as amended by this Agreement. The Consumer Arbitration Rules are available online at https://www.adr.org/sites/default/files/Consumer%20Rules.pdf​. The arbitrator will conduct hearings, if any, by teleconference or videoconference, rather than by personal appearances, unless the arbitrator determines upon request by you or by us that an in-person hearing is appropriate. Any in-person appearances will be held at a location which is reasonably convenient to both parties with due consideration of their ability to travel and other pertinent circumstances. If the parties are unable to agree on a location, such determination should be made by the AAA or by the arbitrator. The arbitrator’s decision will follow the terms of this Agreement and will be final and binding. The arbitrator will have authority to award temporary, interim or permanent injunctive relief or relief providing for specific performance of this Agreement, but only to the extent necessary to provide relief warranted by the individual claim before the arbitrator. The award rendered by the arbitrator may be confirmed and enforced in any court having jurisdiction thereof. Notwithstanding any of the foregoing, nothing in this

Agreement will preclude you from bringing issues to the attention of federal, state or local agencies and, if the law allows, they can seek relief against us for you.

If any portion of this Arbitration Provision is deemed invalid or unenforceable, such a finding shall not invalidate any remaining portion of this Arbitration Provision, this Agreement, or any other agreement entered into by you with us. However, notwithstanding any language in this Arbitration Provision or this Agreement to the contrary, the Class Action Waiver is not severable from the remainder of this Arbitration Provision and, in the event that the Class Action Waiver is held to be invalid and unenforceable, and subject to any right of appeal that may exist with respect to such determination, any class action or representative proceeding shall be determined in a court of law and will not be subject to this Arbitration Provision.


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