Check Banking Services Addendum
Last Updated: July 3, 2023
This Check Banking Services Addendum (this “Addendum”) is incorporated into and made a part of the Payroll User Service Terms (the “Agreement”) between you (“you” or “Check User”) and Check Technologies, Inc. and/or any of its subsidiaries and affiliates (“Check”). Capitalized terms used in this Addendum that are not otherwise defined will have the meaning provided in the Agreement.
1. Definitions
“Bank” means any financial institution partner where Check maintains a "for benefit of" account for the benefit of a Check User.
“Bank Account” means a bank depository account provided by the Bank.
“Banking Services” means bank depository, payment and money movement services provided by Bank
2. The Bank Account. The Bank has established a deposit account for the benefit of Check’s Users. Bank will hold title to all funds deposited in the Bank Account for the proportionate benefit of Check’s Users as shown on the records maintained by Check and/or the Bank (or its third-party service provider), as applicable. The funds will be held in the Bank Account until such time as a Check User directs a transfer from the Bank Account. By providing transfer information to Check, Check User authorizes Check, acting as its designated agent, to instruct the Bank to make transfers to and from the Bank Account.
3. Check User Relationship with Bank. Check is not a bank. Check partners with the Bank to provide Banking Services to you. The Bank is an intended third party beneficiary of the Agreement, including this Addendum, and will provide the Banking Services and act as custodian of the funds in the Bank Account for the benefit of all Check Users who have deposited funds in the Bank Account. The funds deposited in the Bank Account will be held in the name of the Bank, as custodian. Check User acknowledges and agrees that funds transferred into the Bank Account may be pooled and commingled with funds of Check and other Check Users. Fees related to the Banking Services, if any, will be outlined in a fee schedule provided separately by Check or the Bank.
4. Check User Relationship with Check. Check User hereby appoints Check to act as Check User’s agent for the purpose of the fulfillment of the Banking Services, including without limitation, to: (i) receive and provide notices and communications on Check User’s behalf; (ii) maintain records of the Bank Account and transactions on the Bank Account; (iii) authorize and direct the Bank to debit and credit accounts at other financial institutions; (iv) make individual transaction information available to Check end users; (v) collect the information necessary to establish Check User’s interests in the Bank Account; (vi) disclose such information to the Bank; and (vii) take any other action that Check deems necessary or desirable to carry out the transactions constituting the Banking Services. Check User hereby authorizes the Bank to follow the instructions of Check (whether electronic, written or oral) and agrees that the Bank may completely rely on such instructions without further investigation or authorization.
5. Check’s Relationship with Bank. Check User acknowledges and agrees that Check provides certain services to and acts on behalf of the Bank, including without limitation marketing Banking Services, delivering communications on behalf of the Bank, collecting information from customers and authorizing, authenticating and completing transactions. Check User acknowledges and expressly agrees to Check acting as both Check User’s agent and as the agent for the Bank for purposes of the Agreement and the Banking Services. Check User hereby waives any conflict resulting from such relationships.
6. Identity; Cooperation. You authorize Check and Bank, directly or through third parties, to make any inquiries they consider necessary to validate your identity. This may include asking you for further information, including requiring you to provide a taxpayer identification number and other information that will allow them to reasonably identify you, requiring you to take steps to confirm ownership of your email address or financial accounts, ordering a credit report, and verifying your information against third-party databases or through other sources. The Bank reserves the right to close, suspend or limit access to the Banking Services in the event Check or Bank is unable to obtain or verify this information.
7. Disclaimer. THE BANKING SERVICES ARE PROVIDED "AS IS" AND WITHOUT ANY REPRESENTATION OR WARRANTY, WHETHER EXPRESS, IMPLIED OR STATUTORY. CHECK AND BANK SPECIFICALLY DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. Neither Bank nor Check guarantees continuous, uninterrupted or secure access to the Banking Services. Check and Bank will make reasonable efforts to ensure that requests for electronic transactions are processed in a timely manner but make no representations or warranties regarding the amount of time needed to complete processing because the Banking Services are dependent upon many factors outside of Check and Bank’s control, such as delays in the banking system or the U.S. or international mail service.