Additional Savings Deposit Account Terms

Effective: February 15, 2024

These Additional Savings Deposit Account Terms (the “Deposit Account Terms”) are a legal agreement between you (“you”, “your”) and Square Financial Services, Inc., member FDIC (“Bank” or “SFS” or “us” or “we”), a Utah-chartered industrial bank wholly owned by Block, Inc. (“Square”) and govern your use of this online savings account (“Square Savings Account” or “Account”). These Deposit Account Terms also contain important disclosures and information about your Square Savings Account. By using Square Savings, you agree to be bound by these Deposit Account Terms, the General Terms of Service (“General Terms”), the E-Sign consent, the Privacy Notice, and all other terms, policies, and guidelines applicable to the Savings Account. Defined terms will have the same meaning as those found in the General Terms, unless otherwise defined here. In the event of a conflict between these Deposit Account Terms and the General Terms, the provisions of the General Terms shall prevail.

By using Square Savings, you also acknowledge and agree that you access your Savings Account through your Square Services. Further that your Square Savings Account may be accessed by any persons to whom you have granted access to your Square Account. You are fully responsible for all activity that occurs under your Square Account, including by persons to whom you have granted access to your Square Account and this Square Savings Account.

Specific products and services will be governed by the terms of specific addenda to these Deposit Account Terms. All addenda attached hereto are hereby incorporated by reference and expressly made a part of these Deposit Account Terms as fully as though set forth herein.

I. Eligibility

This section describes who can open a Square Savings Account, and for what purposes.

You must be a resident of the United States and at least 18 years old, have a valid Social Security Number (“SSN”) or Individual Taxpayer Identification Number (“TIN”), and have a physical street address or a military address in the United States of America or District of Columbia.

You must use the Savings Account for business purposes only. By using the Savings Account, you represent to us that you will not use the Service for personal, family, or household purposes. You acknowledge and agree that Square Savings is not a consumer savings account, and that statutory and regulatory protections for consumers, including those under the Electronic Fund Transfer Act and Regulation E, as well as the Truth in Savings Act and Regulation DD, do not apply to your Account.

II. IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT

We are required by law to collect certain information to identify you when you are opening an account.

TO HELP THE GOVERNMENT FIGHT THE FUNDING OF TERRORISM AND MONEY LAUNDERING ACTIVITIES, FEDERAL LAW REQUIRES ALL FINANCIAL INSTITUTIONS TO OBTAIN, VERIFY, AND RECORD INFORMATION THAT IDENTIFIES EACH PERSON WHO OPENS AN ACCOUNT. WHAT THIS MEANS FOR YOU: WHEN AN ACCOUNT OWNER OPENS A SAVINGS ACCOUNT, WE WILL ASK FOR ACCOUNT OWNER’S NAME, PHYSICAL ADDRESS, DATE OF BIRTH, AND OTHER INFORMATION THAT WILL ALLOW US TO IDENTIFY THE ACCOUNT OWNER. WE MAY ALSO ASK ACCOUNT OWNER TO PROVIDE YOUR SOCIAL SECURITY NUMBER. BY APPLYING FOR THE SAVINGS ACCOUNT, YOU CONFIRM YOU HAVE AUTHORIZED SQUARE TO PROVIDE US WITH THIS INFORMATION.

III. Tax Information and Backup Withholding

This section describes the Bank’s U.S. tax information reporting requirements and situations in which certain tax payments may be withheld against your Square Savings Account balance.

The Bank is required to annually report to you and the Internal Revenue Service (“IRS”) interest paid totalling $10 or more during the year for your Square Savings Account on IRS Form 1099-INT. The Bank may also be required to report this information to appropriate state and local tax authorities.

When you open your Square Savings Account, the Bank is required by federal law to obtain your certified TIN as well as information regarding your federal backup withholding status. When you apply for your Square Savings Account, you certify that you have provided your correct TIN and backup withholding status. Your TIN is generally your SSN if you are: (a) a U.S. citizen; (b) a U.S. permanent resident; or (c) a resident alien eligible to receive a SSN from the Social Security Administration. If you do not qualify for a SSN, you are required to provide your TIN.

If you do not give us your certified TIN, or if the IRS notifies us that the name and TIN you provided us are incorrect, or if the IRS notifies us that you failed to report all your interest and dividends on your federal income tax return, or if you notify the Bank that you are subject to backup withholding, we are required under federal law to backup withhold on the interest paid to your Account at the current backup withholding rate and remit it to the IRS. In some cases, a state or local tax authority may also require us to pay state and local backup withholding on interest paid to your Account when we are required to pay federal backup withholding to the IRS. If you are subject to backup withholding, the total annual backup withholding amount will be reported to both you and the IRS on Form 1099-INT, regardless of the amount of the interest payment. You may claim amounts withheld and paid to the IRS as a credit on your federal income tax return.

For more information or if you have questions about how this information applies to you, please consult your U.S. tax advisor as neither the Bank nor its employees provide tax advice.

IV. Account Opening Disclosures

This section describes important details about your Square Savings Account, such as how your interest rate and APY can change, as well as how and when your Account will earn interest. There are no minimum balances required to open an Account. This section also describes the fees you may have to pay for using your Account.

You acknowledge and agree that because your Square Savings Account is not established for personal, family, and household purposes, and is instead established for business purposes only, that the Truth in Savings Act (“TISA”) and Regulation DD do not apply to your account. We are providing this section to you so you may understand certain important information about your Square Savings Account. The Bank providing you the information in this section is not an acknowledgement of any applicability of the TISA and Regulation DD.

1. Variable Rate

Your interest rate and annual percentage yield (“APY”) may change at the Bank’s discretion at any time, without notice to you and without limitation on the amounts by which the interest rate and APY may change.

2. Compounding and Crediting

Interest that accrues will be compounded daily, then earned and credited to your Square Savings Account at the end of a statement period. The Bank will calculate interest using the daily balance method, whereby a daily periodic rate will be applied to all Eligible Balances in your Square Savings Account at the end of each day. Eligible Balances are all funds that satisfy the minimum balance requirement described below. The daily periodic rate will be based on 1/365 of the interest rate in effect at the time of calculation. If, at the end of a statement period, your Square Savings Account has accrued interest equal to or in excess of $0.01 this interest will be credited to your Square Savings Account. Accrued but unearned interest at the end of a statement period will not be rolled over month-to-month.

If you close your Square Savings Account, the Bank will pay you interest up to the last full calendar day preceding the day you close the Account. The Bank will credit any such interest to your Square Savings Account at the time you close the Account.

You may view the most current APY that applies to your Square Savings Account by logging into your Square Dashboard.

3. Minimum Balance Requirements

There is no minimum balance required for you to open a Square Savings Account or to avoid any fees charged. However, there is a minimum balance of $10.00 per Folder (see Section V.4 regarding Folder and Folders) required to accrue interest at the daily periodic rate described above. Your Square Savings Account earns interest on a per Folder basis. Thus, for each Folder in Your Square Savings Account, You will accrue interest at the daily periodic rate described above on the daily balance in each Folder where the daily balance in such Folder is equal to or greater than $10.00. For the avoidance of doubt, in the case one of Your Folders in Your Square Savings Account has less than $10.00 on any given day, You will not earn any interest on the balance of such Folder on such day.

4. When Interest Begins to Accrue

Interest will begin to accrue on deposits, such as transfers from your Square Balance, Square Checking Account(s), and/or an external bank Account you have linked to your Square Savings Account, on the business day we receive credit for the deposit.

5. Fees

6. Transaction Limitations

The Bank reserves the right to impose limits on the dollar amounts you can withdraw on a given transaction and/or on a given period.

For additional information regarding the types of electronic transfers you can make, as well as any limitations on the frequency and dollar amount of any such transfers, please refer to the sections on Electronic Fund Transfers (Types of Transfers; Limitations) and Depositing and Withdrawing/Accessing Funds (How to Make Deposits and Withdraw/Access Funds) in these Deposit Account Terms.

V. Electronic Fund Transfers

You acknowledge and agree that because your Square Savings Account is established for business purposes only, and not for personal, family, and household purposes the Electronic Fund Transfer Act (“EFTA”) and Regulation E do not apply to your account. We are providing this section to you so you may understand certain important information about your Square Savings Account. The Bank providing you the information in this section is not an acknowledgement of any applicability of the EFTA and Regulation E.

1. Your Liability for Unauthorized Transactions

Tell us AT ONCE if you believe your Square Savings Account credentials have been lost or stolen or you believe a transaction has been made without your permission, or you could lose all the money in your Square Savings Account. Contact the Bank immediately at 1-855-700-6000 to keep possible losses to a minimum.

You agree that you will be liable for any monetary losses that result from transactions made without your permission. You agree that, as a condition of opening and maintaining your Square Savings Account, you will enroll in two-factor authentication (“2FA”). 2FA is a security process that a user must engage with whenever an attempt is made to log on to the Square Dashboard to access and/or transfer funds from the Square Savings Account. The 2FA process assists the Bank in verifying your authorization to transfer funds.

If you choose not to enable or maintain 2FA security while your Square Savings Account is open, or if you choose to temporarily disable 2FA security (such as by enabling “Remember this device for 30 days” functions and/or other similar functionalities), you agree that the Bank will not be liable for any authorized or unauthorized transfers originated from your Square Savings Account and that are facilitated by the Bank.

You acknowledge that the Bank may, at its discretion, agree to cover monetary losses that result from transactions made without your permission, but that any such action is not an acknowledgement of any legal obligation of the Bank to do so.

2. Contact Information

For customer service, you may contact the Bank at 1-855-700-6000.

3. Business Days

There are cutoff times and dates for when we can receive deposits on the same day.

Every day is a business day, except Saturday, Sunday, and federal holidays.

If you make a deposit before the established cutoff time on a business day that we are open, we will consider that day to be the date we receive the transfer. If you make a deposit after the established cutoff time or on a day we are not open, we will consider the day your deposit is received by the Bank to be the next business day we are open.

Our deposit cutoff time for electronic credits is 3:00 p.m., Central Time.

4. Types of Transfers; Limitations

The Square Savings Account cannot be used to make electronic fund transfers for personal, family, or household purposes. The Account cannot be used for preauthorized electronic transfers from the Account.

As part of your Square Savings Account, you will be able to direct and isolate certain funds you receive using Square into a “Folder” or “Folders”. Any transfers from your Square Savings Account that are initiated by an external bank account will be debited from a Folder that is designated as a default (“Default Folder”). The Default Folder must have sufficient funds to cover the amount of any transfer. A transfer will not be permitted if the Default Folder does not have sufficient funds to cover the transfer amount; any amounts you may have in any other Folder(s) (“Custom-Folder” or “Custom-Folders”) will not be drawn upon to cover the transfer amount.

For additional information regarding the types of electronic transfers you can make, as well as any limitations on the frequency and dollar amount of any such transfers, please refer to the sections on Account Opening Disclosures (Transaction Limitations) and Depositing and Withdrawing/Accessing Funds (How to Make Deposits and Withdraw/Access Funds) in these Deposit Account Terms.

5. Fees

For information on applicable fees for electronic funds transfers or the right to make transfers, please refer to the section on Account Opening Disclosures (Fees).

6. Documentation

We will provide you monthly Account statements. Also, you can contact us if you have automatic transfers sent to your Square Savings Account and want to confirm that funds were deposited.

Your monthly statement for your Account will be available online by logging onto your Square Dashboard. We will send you a notice via email when your monthly statement is available. We will provide a monthly statement every month that your Square Savings Account is open.

If a third party has preauthorized electronic transfers initiated to your account at least once every sixty (60) days, you can contact the Bank at 1-855-700-6000 to find out whether or not the deposit has been made. If the transfer is successful, the Bank will give you written notice within two (2) business days. If the transfer is not successful, the Bank will give you written notice within two (2) business days that the transfer did not occur.

7. Confidentiality

The Bank will provide information to third parties about your Square Savings Account in accordance with the Privacy Notice.

8. Errors or Questions About Your Square Savings Account Transactions

If you think there are mistakes about transfers to/from your Square Savings Account, contact us and we will look into it.

Contact customer service at 1-855-700-6000 as soon as you can if you think an error has occurred involving your Square Savings Account. We must hear from you no later than 60 days after the earlier of the date you electronically access your Square Savings Account, if the error could be viewed in your electronic transaction history, or the date we sent the FIRST written transaction history on which the error appeared. When you send notification of an error involving your Square Savings Account, you will need to tell us: (a) your name and Square Savings Account number; (b) why you believe there is an error and the dollar amount involved; and (c) approximately when the error took place. We will review the information submitted in a commercially reasonable manner, but given that the Bank’s Square Savings Account program implements a commercial product, you are not entitled to and the Bank is not obligated to follow the requirements or obligations of the Electronic Funds Transfer Act and Regulation E promulgated thereunder, which only apply to consumer transfers. If you need more information about our error resolution process, contact customer service at 1-855-700-6000.

VI. Depositing and Withdrawing/Accessing Funds

1. How to Make Deposits and Withdraw/Access Funds

You can transfer money between your Square Savings Account and other accounts you have through Square. You can also transfer money between your Square Savings Account and other accounts you have at other banks.

Funds may be deposited into your Square Savings Account by: (a) transfers of funds from your Square Seller Card Account, subject to applicable terms; (b) transfers of funds from your Square balance, subject to applicable terms; (c) transfers of funds from another account(s) at the Bank; and/or (d) transfers of funds from a linked bank account, subject to your bank’s terms.

For transfers of funds from your Square balance, you may also authorize the Bank to transfer a set percentage of any card receivables you process through Square daily to your Square Savings Account. If you do not process any card receivables on a given day, then no funds will be transferred to your Square Savings Account for that day. You can choose to sign up for this feature, adjust your feature settings, and/or discontinue use of this feature by logging onto your Square Dashboard and following the appropriate prompts. If you choose to discontinue use of this feature, it may take as long as ten (10) business days to complete your request, so any transfers scheduled during this period may be initiated.

Subject to the terms provided in the sections on Account Opening Disclosures (Transaction Limitations) and Electronic Fund Transfers (Types of Transfers; Limitations) in these Account Terms, you may withdraw or access your funds from your Square Savings Account by logging into your Square Dashboard and: (a) transferring funds to your Square Balance, Square Checking Account(s), or otherwise accessing those funds, subject to applicable terms; (b) transferring funds to your Square balance and then accessing those funds, subject to applicable terms; (c) transferring funds to another account(s) at the Bank; and/or (d) transferring funds to a linked bank account then accessing your funds, subject to your bank’s terms.

We do not accept deposit or withdrawal requests not made through your Square Dashboard, including via email, telephone, or mail. We also do not accept cash, money orders, wire transfers, physical or electronic checks, and foreign currency.

For additional information regarding the types of electronic transfers you can make, as well as any limitations on the frequency and dollar amount of any such transfers, please refer to the sections on Account Opening Disclosures (Transaction Limitations) and Electronic Fund Transfers (Types of Transfers; Limitations) in these Deposit Account Terms.

2. Square Savings Account Balances

You need to have enough funds in your Default Folder to transfer money out of it. If you do not have enough money, the transfer will not be permitted.

If you do not have sufficient available funds to transfer out of your Default Folder, the transaction will not be permitted. You are not authorized to use funds added to your Square Savings Account in error. Any transaction that could create a negative balance for your Square Savings Account is not permitted. Adjustments may be made to your Square Savings Account to reverse an error, reflect an adjustment, or to resolve a dispute regarding a transaction posted to your Square Savings Account. These processing and adjustment entries could cause your Square Savings Account to have a negative balance. If your Square Savings Account has a negative balance, you agree: (a) that the Bank may automatically apply any subsequent transfers to your Square Savings Account to satisfy the negative balance and (b) to pay the Bank on demand by a personal check, money order, or other payment method authorized by the Bank for the amount of the negative balance. If no future funds are added to your Square Savings Account, we may send you a notice explaining the reason for the adjustment and requesting payment by a personal check, money order, or other payment method to satisfy the negative balance. Payments should be mailed to us at the address provided below or the address stated in the applicable notice.

VII. Funds Availability

When money is transferred to your Square Savings Account, it will be available for you to use within three (3) business days after the business day we receive the funds.

Funds transfers to your Square Savings Account from your Square Seller Card Account, your Square balance, and/or another account at the Bank will be available in your Square Savings Account on the date we receive the transfer.

Funds transfers to your Square Savings Account from a linked external bank account will be available within three (3) business days from the business day on which such deposits are received by the Bank. ACH Credits and ACH Debits are performed by the Bank in accordance with the National Automated Clearing House Association (“NACHA”) Operating Rules and Guidelines (“NACHA Rules”).

Funds availability may be delayed for a longer period of time if:

• We believe a transfer may be the result of fraud or an unauthorized transfer;
• You have violated the terms of your Account, such as by overdrawing your Account; or
• There is an emergency, such as a failure of computer or communications equipment.

We may notify you if we delay the availability of deposited funds for any of these reasons, or any other reasons, and will tell you when the funds will be available.

If you are a party to an ACH entry (either ACH debit or ACH credit), you agree that we may transmit an entry through the ACH, and you agree to be bound by the NACHA Rules, the rules of any local ACH, and the rules of any other systems through which the entry is made including the rules regarding ACH entries contained herein (the “Origination Agreement”). If you initiate an ACH entry through the Bank you authorize the Bank to originate ACH entries on Your behalf. You agree to not originate ACH entires that violate the laws of the United States, the General Terms, or these Square Savings Account Terms. The Bank has the right to terminate or suspend Your ability to be a party to an ACH entry in the event You breach the NACHA Rules in a manner permitted to us by the Rules and the Bank has the right to audit Your compliance with this Square Savings Account Agreement, this Origination Agreement, and the NACHA Rules. Your rights and obligations concerning an ACH entry are governed and construed in accordance with the laws of the State of Utah.

All electronic deposits are provisional until final settlement for entry is received. In the case of an ACH credit, If we do not receive such payment for an ACH credit, we are entitled to a refund from You in the amount of the credit to Your Square Savings Account and the Originator will not be considered to have paid the amount of the ACH credit to You. We may deduct the amount of any electronic fund transfer credited to your Square Savings Account that is reversed. We may deduct such amount from any account you have with us at any time without notice to you. You agree to promptly repay any overdrafts resulting from the reversed payment. In the case of an ACH debit, credit given to the recipient by the RDFI is provisional until the RDFI has received final settlement through a Federal Reserve Bank or otherwise has received payment as provided in Section 4A-403(a) of Article 4A. Further, if the RDFI does not receive such payment for the ACH entry, the RDFI is entitled to a refund from the recipient in the amount of the credit and You will not be considered to have paid the amount of the credit to the recipient. We are not required to provide You with notice that we have received the ACH entry.

If you want to view Square Savings Account activity, including ACH credits, you may do so by logging onto your Square Dashboard.

VIII. Closing or Suspending Your Account

If your Square Savings Account is closed but you still have money in the Account, we will send the money to your linked bank account or mail it to you.

We may close or suspend your Account or these Deposit Account Terms at any time. You may close your Square Savings Account and terminate these Deposit Account Terms by following the instructions provided to you in the customer experience. The closing of your Square Savings Account and the termination of these Deposit Account Terms will not affect any of our rights or your obligations arising under these Deposit Account Terms prior to cancellation.

If your Square Savings Account is closed or terminated for any reason, any outstanding balance will be returned to your linked bank account or mailed to you. If your Account is closed prior to the end of the statement cycle, any accrued interest earned for that cycle will be paid to your Square Savings Account at the time you close the Account.

For security purposes, you may be required to supply identification, external account, and address verification documentation prior to issuing a refund. If you do not have a linked bank account at the time of Account closing, allow up to fourteen (14) days for processing of such balance return; specific information and instructions, including how to receive any remaining Account balance, will be provided to you when you contact us. We reserve the right to refuse to return any unused balance amount less than $1.00.

IMPORTANT: If you terminate your relationship with Square, your Square Savings Account will automatically be closed. Upon closure, any remaining funds in the Account will be returned to you per this section.

IX. Other Terms

1. FDIC Insurance

Some or all of the deposits in your Square Savings Account will be insured by the FDIC.

The Square Savings Account is made available by Square Financial Services, Inc., member FDIC. The Federal Deposit Insurance Corporation (“FDIC”) insures deposits according to the ownership category (i.e., individual or joint) in which the funds are insured. Deposits are insured by the FDIC up to the standard maximum deposit insurance amount per depositor, per FDIC-insured bank, and per ownership category. To determine how much insurance is applicable to your Account with us and for any other FDIC insurance requirements that may apply, please visit the FDIC’s website at www.fdic.gov/deposit/deposits or call the FDIC directly at 1-877-ASKFDIC (1-877- 275-3342). You can also use the FDIC’s Electronic Deposit Insurance Estimator (EDIE) at www.fdic.gov/edie. For the avoidance of doubt, the amount of FDIC deposit insurance applicable to Your Account with us is calculated based on the total amount of funds held in your Square Savings Account without regard to Your Eligible Balance.

2. Stop Payments

You may request a stop payment on a transfer that the Bank has not yet completed. In order to process a request, you must provide us with sufficient information - including the payee name, the transaction amount, and the date of payment - to identify and stop the transfer. To request a stop payment, please contact the Bank at 1-855-700-6000.

Pursuant to NACHA guidelines, we must honor a stop payment order regarding any ACH debit initiated or to be initiated to Your Square Savings Account that is provided by You at such time and in such manner as to allow the Bank a reasonable opportunity to act upon the stop payment order prior to acting on the ACH debit. We must reasonably comply with a verbal stop payment order only for a period of fourteen days unless the order is confirmed in writing within that fourteen-day period.

A written stop payment order regarding any ACH debit initiated or to be initiated to a Your Square Savings Account will remain in effect until the earliest of: (a) The withdrawal of the stop payment order by You; (b) the return of the ACH debit; or, (c) six months from the date of the stop payment order. We may extend the effective period of a stop payment order beyond the minimum period described above.

3. Recovery Authorizations and Security Interest

You authorize the Bank and/or Square and its subsidiaries and affiliates to recover funds from your Square Savings Account when needed.

You grant the Bank and/or Square and its subsidiaries and affiliates a security interest in and lien on, as well as a right of setoff and/or debit against, and assign, convey, deliver, pledge and transfer to the Bank and/or Square and its subsidiaries and affiliates, as security for repayment of any obligations (past, present, or future) due under these Deposit Account Terms and any other agreement you have with the Bank and/or Square and its subsidiaries and affiliates, all of your right, title, and interest in and to all of your accounts with the Bank and/or Square and its subsidiaries and affiliates regardless of the source of funds. You grant the Bank and/or Square and its subsidiaries and affiliates “Recovery Authorizations” concerning funds you are obligated to repay the Bank and/or Square and its subsidiaries and affiliates. Recovery Authorizations include your authorization of the Bank and/or Square and its subsidiaries and affiliates to debit, charge, setoff against and otherwise recover funds from any other Square Savings Account you have with the Bank, any connected Square Account, any Balance (as defined in the Payment Terms), any Reserve (as defined in the Payment Terms), any payment instrument, linked bank, depository and other account registered in your Square Account and/or your Square Savings Account. You also authorize the Bank to administratively freeze your Square Account and/or Square Savings Account to protect the security interest, collection, charge, debit, and setoff rights as provided for in this section. In the case of a linked bank account and/or depository and other account registered in your Square Account and/or your Square Savings Account, you authorize the Bank to administratively freeze or direct any third party bank holding the account to freeze all such accounts to allow us to protect the security interest, collection, charge and setoff rights as provided for in this section.

Further, in the event that any attempt to recover funds from you should fail, Recovery Authorizations include your grant to the Bank and/or Square and its subsidiaries and affiliates of new, original authorizations to recover all or less than all of the amount you owe the Bank and/or Square and its subsidiaries and affiliates and/or belong to them. You are responsible for fees resulting from unsuccessful attempts. You also authorize the Bank and/or Square and its subsidiaries and affiliates to reverse any debit or credit to your Square Account and/or Square Savings Account in the event of an erroneous debit or credit. Recovery Authorizations include all authorizations to take the above steps without prior notice to you and irrespective of (i) whether Bank and/or Square and its subsidiaries and affiliates have made demand under these Deposit Account Terms or any other agreement you have with the Bank and/or Square and its subsidiaries and affiliates; and (ii) whether the obligation is contingent, matured or unmatured. Recovery Authorizations include all authorizations to take the above steps in complete compliance with the Network Rules (as defined in the Payment Terms) and the NACHA Rules for business-related ACH debits and credits. You agree that your grant of Recovery Authorizations has the same legal effect as if you had signed a paper containing the same terms.

The debit or charge authorizations you have provided to the Bank and/or Square and/or its subsidiaries or affiliates in this section continue until your obligations are fully satisfied and/or until you revoke these authorizations by calling 1-855-700-6000. It may take as long as 10 business days to process your revocation request. All debits scheduled before your revocation request is processed will still be attempted. If you revoke your debit or charge authorizations, you will still be responsible for any unpaid amount, you must establish an alternative way to pay any obligation owed, and the Bank and/or Square and its subsidiaries and affiliates will no longer be able to credit your linked bank account when the need arises.

Your failure to fully pay amounts that you owe on demand will be a breach of these terms. You are liable for any of our costs associated with collection in addition to any amounts owed, including attorneys’ fees and expenses, collection agency fees, and any applicable interest. Our rights herein are in addition to any available by law; to the extent the law imposes conditions or limits on our ability to take or setoff funds, to the extent you may do so by contract, you waive those conditions and limits.

4. Death or Incapacity

In the event of Account owner death or incapacity, we will need to get some official documents to talk to any successor.

If we have reason to believe the Account owner has died or has been declared legally incompetent, we may place a hold on the Account to retain funds and refuse to accept deposits or to permit withdrawals until we know and have verified the identity of the successor. We will require proof of death or adjudication of incompetence (e.g., certified copy of court order, death certificate, or official record). Until we receive notice and any required proof of death or incompetence, we may act as if all owners are alive and competent. In the event we receive written notice from a personal representative, executor, administrator, conservator, or guardian purporting to represent you or your estate, we shall be entitled to rely on all information supplied and representations made in such written notice to the full extent permitted by applicable law.

5. Legal Processes that May Affect Your Square Savings Account

We will comply with any law or legal action that requires us to limit your usage of your Square Savings Account.

The Bank may limit or refuse to permit transfers from your Square Savings Account if there is pending legal action that affects your Account. This includes attachments, garnishments, levies, liens, and/or other legal processes. The Bank may also comply with any notices, claims, and/or court orders, among others, to pay claims and/or freeze your Square Savings Account. You acknowledge and agree that the Bank will not be liable to you for any actions it takes pursuant to this section.

6. Unclaimed Property

If you stop using your Square Savings Account but it still has money in it, we will try to find you to give you the money. If we cannot find you, we will send the funds to your state government.

If your Square Savings Account becomes inactive (e.g., if you do not access your Square Savings Account for a certain period of time), applicable law may require us to report the funds in your Square Savings Account as unclaimed property. If this occurs, we may try to locate you at the address shown in our records. If we are unable to locate you, we may be required to deliver any funds in your Square Savings Account to the applicable state as unclaimed property. The specified period of time to report and send funds in an inactive Square Savings Account to a state varies by state, but usually ranges between two and five years.

Square Financial Services, Inc. Deposit Sweep Program Disclosure Addendum

This Addendum governs the Deposit Sweep Program offered to you by Square Financial Services, Inc.

This Square Financial Services, Inc. Deposit Sweep Program Disclosure Document (the “Disclosure Document”) sets forth the terms and conditions of the Square Financial Services, Inc. Deposit Sweep Program (the “Program”).

This Disclosure Document contains information, terms, conditions, and disclosures about the Program. This Disclosure Document supplements the terms and conditions in your Deposit Account Terms with the Bank governing your Square Savings Account. In the event of a conflict between your Deposit Account Terms and the terms of this Disclosure Document, the terms of this Disclosure Document will govern the Program and related deposit sweep services.
The Program is offered by us to you as an option for you to automatically deposit, or “sweep”, certain deposits in your Square Savings Account into interest-bearing deposit accounts (the “Deposit Accounts”) at participating banks (each a “Program Bank”) whose deposits are insured by the FDIC in order to increase your access to FDIC insurance on Your funds placed in the Program (up to the Deposit Limit (as defined below), subject to applicable FDIC deposit insurance limits and this Disclosure Document. There is no minimum amount required as an initial or subsequent deposit into the Program.

You are automatically eligible for the Program unless you affirmatively opt out and you hereby agree to the terms and conditions in this Disclosure Document and you appoint us as your authorized agent and custodian pursuant to this Disclosure Document for purposes of the Program. You understand and agree that we may engage third parties to provide us with various custodial, recordkeeping, administrative, and other services with respect to the operation and administration of the Program.

1. Introduction

The Bank offers the Program to automatically deposit, or “sweep”, certain deposits in your Square Savings Account into the Deposit Accounts at Program Banks whose deposits are insured by the FDIC in order to increase your access to FDIC insurance on your funds placed in the Program. Program Banks are set forth in the Square Financial Services, Inc. Bank Priority List (as discussed below) that can be accessed on our FAQ Page.

The Bank will act as your agent and custodian in establishing and maintaining the Deposit Accounts at each Program Bank. Although the Deposit Accounts are obligations of the Program Banks and not the Bank, you will not have a direct relationship with the Program Banks. However, your funds will be insured by the FDIC up to $250,000 per Program Bank as if you had established the Deposit Accounts with the Program Bank yourself. All deposits and withdrawals will be made promptly by the Bank on your behalf. Information about your Deposit Accounts may be obtained from the Bank, not the Program Banks.

FDIC Deposit Insurance Available on Deposit Accounts. The FDIC deposit insurance limit for most insurable capacities (i.e., individual or joint) is $250,000 per owner, including principal and accrued interest per depositor when aggregated with all other deposits held in the same insurable capacity at a Program Bank. For example, balances in the Deposit Accounts at a Program Bank held by an individual are insured up to $250,000 and balances in the Deposit Accounts at a Program Bank held jointly by two or more individuals are insured up to $250,000 per joint owner.

We will deposit, as your agent, available cash balances in your Square Savings Account into Deposit Accounts in each Program Bank on the Priority List up to the deposit limit of $248,000 (the “Deposit Limit”) per Program Bank. (The Deposit Limit is less than the maximum FDIC deposit insurance amount of $250,000 to allow interest to be accrued in each Deposit Account.) One or more Program Banks on the Priority List may become unavailable to accept your funds for a period of time. In such cases your funds may not be placed up to the Deposit Limit in each Program Bank before placed in the next Program Bank on the Priority List.

Any deposits (including certificates of deposit) that you maintain in the same insurable capacity directly with a Program Bank or through an intermediary (such as the Bank or through a broker-dealer) will be aggregated with funds in your Square Savings Account for purposes of the FDIC deposit insurance limit. YOU ARE RESPONSIBLE FOR MONITORING THE TOTAL AMOUNT OF DEPOSITS THAT YOU HAVE WITH EACH PROGRAM BANK IN ORDER TO DETERMINE THE EXTENT OF FDIC INSURANCE COVERAGE AVAILABLE TO YOU.

You should review carefully Section 4, “Information About FDIC Insurance.”

Each Deposit Account constitutes a direct obligation of the respective Program Bank and is not directly or indirectly an obligation of the Bank or Square. You can obtain publicly available financial information concerning each Program Bank at https://www.ffiec.gov/NPW or https://banks.data.fdic.gov/bankfind-suite/bankfind or by contacting the FDIC Public Information Center by mail at 3501 North Fairfax Drive, Room E-1005, Arlington, Virginia 22226, by phone at (877) 275-3342 or (703) 562-2200, or by email at publicinfo@fdic.gov. Neither the Bank nor Square guarantees or warrants in any way the financial condition of the Program Banks, the accuracy of any publicly available financial information concerning the Program Banks, or the interest rates that any of the Program Banks may pay.

Interest on the deposit accounts. Interest rates on the Deposit Accounts will vary based upon prevailing economic and business conditions. The Program Banks do not have a duty to offer the highest rates available or rates that are comparable to money market mutual funds. By comparison, money market mutual funds generally seek to achieve the highest rate of return consistent with their investment objectives, which can be found in their prospectuses. However, the interest rate that You will receive on deposits in Your Square Savings Account will be equal to the current advertised rate, which is available on Your dashboard or https://squareup.com/us/en/banking/savings.

Fees and conflicts of interest. The Program provides benefits to the Bank and Square. All Program Banks participating in the Program, except the Bank, will pay the Bank a fee equal to a percentage of the average daily deposit balance in your Deposit Accounts at the Program Bank. The Bank reserves the right to increase, decrease or waive all or part of these fees at any time. The amount of the fee received by the Bank will affect the interest rate paid by the Program Bank on your Deposit Accounts. You should review carefully the section of this Disclosure Document titled “Information About Your Relationship with Square Financial Services, Inc. and the Program Banks.”

The information in this Disclosure Document applies, unless otherwise indicated, to each Square Savings Account for which you are a client of record, whether as an individual, trustee, executor, custodian or in any other capacity, and is furnished to you in each of such capacities in respect of all such accounts.

2. Operation of the Program

Priority List. The Priority List of available Program Banks into which your funds may be deposited is available at all times on our FAQ Page no later than the date we make the Program available to you. Other clients may be assigned different Priority Lists. You should review carefully the Priority List.

Program Banks on the Priority List may be temporarily unavailable to accept your funds. In such cases your funds may not be placed up to the Deposit Limit in each Program Bank before being placed in the next Program Bank on the Priority List. You may not change the order of the Program Banks on the Priority List. However, you may, at any time, designate a Program Bank as ineligible to receive your funds by contacting customer service at 1-855-700-6000 or online with our Contact Form. This will result in your funds being deposited into Deposit Accounts at the next Program Bank on the Priority List. In addition, you may at any time instruct us to remove your funds from a Program Bank and designate the Program Bank as ineligible to receive future deposits. Unless you withdraw your funds from your Account, your funds from a closed Deposit Account will be deposited in Deposit Accounts at the first available Program Bank set forth on the Priority List, as amended by you.

If you wish to designate a Program Bank as ineligible to receive your funds, please contact customer service at 1-855-700-6000 or online with our Contact Form.

The Priority List may change. Please review the section “Changes to the Priority List.”

Establishment of, and Deposits into, the Deposit Accounts. The Bank has established a money market deposit account (“MMDA”) – a type of savings deposit – and a linked transaction account (“TA”) at one or more of the Program Banks for your benefit. The MMDAs and TAs are non-transferable.
For existing customers, the Bank, as your agent, will use a MMDA and a linked TA on your behalf at one or more of the Program Banks on the then-current Priority List in the order set forth on the Priority List. For new customers, the Bank, as your agent, will use a MMDA and a linked TA on your behalf at one or more of the Program Banks on the then-current Priority List in the order set forth on the Priority List when you deposit funds in your Square Savings Account. Once your funds in the Deposit Accounts at a Program Bank reach the Deposit Limit, the Bank, as your agent, will use a MMDA and TA for you at the next Program Bank on the Priority List and place your additional funds in that Program Bank.

Withdrawal Procedures. All withdrawals necessary to satisfy net debits in your Square Savings Account will be made by the Bank as your agent. A net debit is created when there is insufficient cash available in your Square Savings Account to satisfy a request for a withdrawal of funds from your Account.

All withdrawals will be made from your TAs (even if the Bank has opened an MMDA at a Program Bank on your behalf). If a withdrawal of funds from your Deposit Accounts is necessary to satisfy a net debit in your Square Savings Account, the Bank, as your agent, will withdraw funds from your TAs at the Program Banks on the Priority List beginning with the lowest priority Program Bank on the Priority List at which your funds have been deposited in order to satisfy the debit. If there are insufficient funds at that Program Bank, funds will be withdrawn from each Program Bank in the sequence (lowest priority to highest priority) until the debit is satisfied. If funds in the TA at a Program Bank from which funds are being withdrawn are insufficient to satisfy a debit, funds in the related MMDA at that Program Bank will be transferred to the TA to satisfy the debit, plus funds to maintain any TA minimum, or “threshold,” amount, as determined by the Program Bank and the Bank in their discretion to satisfy debits in your Square Savings Account. You will always have access to your funds even though they have been deposited at the Program Banks. At any point during a month in which transfers from an MMDA at a Program Bank have reached a total of six (6), all funds will be transferred from that MMDA to the linked TA at the Program Bank until the end of the month. Deposits for the remainder of the month into this Program Bank will be made to the TA. At the beginning of the next month, funds on deposit in the TA will be transferred to the MMDA, minus any threshold amount to be maintained in the TA. The limits on MMDA transfers will not limit the number of withdrawals you can make from funds on deposit at a Program Bank or the amount of FDIC insurance coverage for which you are eligible.

Pursuant to federal banking regulations, the Program Banks must reserve the right to require seven days’ prior written notice before you withdraw or transfer funds from an MMDA. TAs are not subject to this restriction. The Program Banks have informed us that they do not currently intend to exercise this right against MMDAs.

Changes to the Priority List. One or more of the Program Banks included on the Priority List may be replaced with a Program Bank not previously included on the Priority List, a Program Bank may be deleted from the Priority List or the order of Program Banks on the Priority List may change. Information regarding the current Priority List can be found on our FAQ Page. Deposits and withdrawals of your funds made after a change to the Priority List will occur as described above under “Establishment of, and Deposits into, the Deposit Accounts” and “Withdrawal Procedures,” respectively.

On any day, one or more Program Banks may be closed for business or otherwise temporarily unable to accept your funds. In such event, your funds will be placed at the next Program Bank on the Priority List that is available to accept your funds. When the Program Bank that could not accept your funds is again able to accept your funds, available cash balances in your account will be placed in that Program Bank.

If a Program Bank at which you have Deposit Accounts no longer makes the Deposit Accounts available, your funds will be transferred to the next available Program Bank on the Priority List on the day that the Program Bank is no longer included on the Priority List. The consequences of maintaining a direct depository relationship with a Program Bank are discussed below under “Information About Your Relationship with Square Financial Services, Inc. and the Program Banks - Relationship with Square Financial Services, Inc.”

Interest on Balances in the Deposit Accounts. Interest will accrue daily and be credited monthly. Deposit balances in each MMDA and TA at each Program Bank will earn the same interest rate and all Program Banks will pay the same interest rate. The interest rates on the Deposit Accounts will be determined by the amount the Program Banks are willing to pay on the Deposit Accounts minus the fees, if any, paid to the Bank as set forth below under “Fees.” For clarity, the interest rate that You will receive on deposits in Your Square Savings Account will be equal to the current advertised rate, which is available on Your dashboard or https://squareup.com/us/en/banking/savings.

The interest rate on the Deposit Accounts will be the same for all clients of the Bank. Interest rates on Deposit Accounts may change daily and will be available on the business day the rates are set. Interest will accrue on Deposit Account balances from the day funds are deposited into the Deposit Accounts at a Program Bank through the business day preceding the date of withdrawal from the Deposit Accounts at the Program Bank.

The interest rates paid with respect to the Deposit Accounts at a Program Bank may be higher or lower than the interest rates available to depositors making deposits directly with the Program Bank or other depository institutions in comparable accounts. You should compare the terms, interest rates, required minimum amounts, and other features of the Program with other accounts. The Bank is not responsible for negotiating interest rates on your behalf. If, on the last day of any month, the interest credited to your Deposit Account at a Program Bank has caused your deposits at such Program Bank to exceed the maximum FDIC deposit insurance amount of $250,000, the Bank, as your agent, may (but shall not be required to) withdraw the excess from that Program Bank and deposit it into the next Program Bank on the Priority List in which your existing deposits, combined with the excess amount being deposited, would be less than or equal to the maximum FDIC deposit insurance amount of $250,000. If there are no Deposit Accounts at Program Banks on the Priority List for which such a deposit would result in your deposits being less than or equal to the maximum FDIC deposit insurance amount of $250,000, then the excess amount will be deposited into your Square Savings Account.

Information About Your Deposit Accounts. No activity with respect to your Deposit Accounts will appear on your Account statement. For each statement period, your Account statement will reflect only deposits to and withdrawals from Your Square Savings Account excluding any transfers made through the Program. The Bank is responsible for your Account statement, not the Program Banks. You may contact us by visiting if you have any questions about Deposit Account transactions on your statement.

Limitation of Liability. TO THE MAXIMUM EXTENT PERMITTED BY LAW, IN NO EVENT SHALL THE BANK, SQUARE, OR ANY THIRD PARTIES ENGAGED BY US OR THEIR RESPECTIVE AFFILIATES BE LIABLE FOR ANY INDIRECT, CONSEQUENTIAL, EXEMPLARY, SPECIAL, INCIDENTAL OR PUNITIVE DAMAGES OF ANY NATURE, WHETHER SUCH LIABILITY IS ASSERTED ON THE BASIS OF CONTRACT, TORT (INCLUDING NEGLIGENCE OR STRICT LIABILITY) OR OTHERWISE, INCLUDING WITHOUT LIMITATION, LOSS OF PROFITS, GOODWILL OR BUSINESS INTERRUPTION.

Notices. All notices described in this Disclosure Document may be made in accordance with the notice provisions of your Deposit Account Terms.

Changes to the Program. From time to time, circumstances, such as described in this Disclosure Document or otherwise, may require that we modify the Program. If we make any change, there is no guarantee that such change will provide an equal or greater rate of return to you during any given period, and the rate of return may be lower. You will receive notification in advance of any such material change as may be required by applicable law or regulation. Changes to the Program may also be posted our FAQ Page. If advance notice of such a material change is not practical due to the circumstances, you will be notified as soon as is reasonably practical of the change. You should direct any questions you may have about any Program changes to customer service at 1-855-700-6000. If you do not take any action in response to a change, you are deemed to have consented to the change to the Program. If you object to Program modifications or the Program no longer meets your needs due to the modifications that we made, you may terminate your participation in the Program and/or close your Account with the Bank.

Terminations - You may, at any time, designate a Program Bank as ineligible to receive your funds by contacting customer service at 1-855-700-6000 or online with our Contact Form. This will result in your funds being deposited into Deposit Accounts at the next Program Bank on the Priority List. In addition, you may at any time instruct us to remove your funds from a Program Bank and designate the Program Bank as ineligible to receive future deposits.

You may also terminate your participation in the Program by providing notice to the Bank. However, if you terminate your participation in the Program, we will not be able to offer You a Square Savings Account, see Section VIII for more information on closure of Your Account.

If we terminate the Program, we will provide you notice as may be required by law. In either case, your Program deposits will be promptly transferred to your Square Savings Account at the Bank.

3. Information About Your Relationship with Square Financial Services, Inc. and the Program Banks.

Relationship with Square Financial Services, Inc. - The Bank is acting as your agent in establishing the Deposit Accounts at each Program Bank, depositing funds into the Deposit Accounts, withdrawing funds from the Deposit Accounts and transferring funds among the Deposit Accounts. Deposit Account ownership will be evidenced by a book entry on the account records of each Program Bank and by records maintained by the Bank as your custodian. No evidence of ownership, such as a passbook or certificate will be issued to you. You may at any time obtain information about your Deposit Accounts by contacting customer service at 1-855-700-6000. The Program Banks have no obligation to accept instructions from you with respect to your Deposit Accounts or provide you with information concerning your Deposit Accounts.

Bank may, in its sole discretion, terminate your use of the Deposit Accounts. If Bank terminates your use of the Deposit Accounts, you may establish a direct depository relationship with each Program Bank, subject to its rules with respect to maintaining deposit accounts.

Relationship with the Program Banks - As described above, you will not have a direct account relationship with the Program Banks with respect to your Deposit Accounts established under the Program. All transactions in Deposit Accounts must be made through the Bank. However, each Deposit Account constitutes an obligation of a Program Bank and is not directly or indirectly an obligation of the Bank or Square. You can obtain publicly available financial information concerning each Program Bank at https://www.ffiec.gov/NPW or https://banks.data.fdic.gov/bankfind-suite/bankfind or by contacting the FDIC Public Information Center by mail at 3501 North Fairfax Drive, Room E-1005, Arlington, Virginia 22226, by phone at (877) 275-3342 or (703) 562-2200, or by email at publicinfo@fdic.gov. Neither the Bank nor Square guarantees or warrants in any way the financial condition of the Program Banks, the accuracy of any publicly available financial information concerning the Program Banks, or the interest rates that any of the Program Banks may pay.

Fees - Each Program Bank will pay the Bank a fee equal to a percentage of the average daily deposit balance in your Deposit Accounts at the Program Bank. In its discretion, the Bank may reduce its fee and may vary the amount of the reductions between clients. The fee may vary from Program Bank to Program Bank. The amount of the fee received by the Bank will affect the interest rate paid by the Program Bank on your Deposit Accounts.

Other service providers may receive fees from us or the Program Banks.
Other than applicable fees imposed by the Bank on your Account, there will be no charges, fees or commissions imposed on your Account with respect to the Program.

4. Information About FDIC Insurance

General Information - The Deposit Accounts (including principal and accrued interest) are insured by the FDIC, an independent agency of the U.S. Government, up to $250,000 for all deposits held in the same insurable capacity at any one Program Bank. Your funds become eligible for deposit insurance immediately upon placement into a Deposit Account at a Program Bank. Generally, any accounts or deposits that you may maintain directly with a particular Program Bank, or through any other intermediary, in the same insurable capacity in which the Deposit Accounts are maintained would be aggregated with the Deposit Accounts for purposes of the $250,000 federal deposit insurance limit.

YOU ARE RESPONSIBLE FOR MONITORING THE TOTAL AMOUNT OF DEPOSITS THAT YOU HOLD WITH ANY ONE PROGRAM BANK, DIRECTLY OR THROUGH AN INTERMEDIARY, IN ORDER TO DETERMINE THE EXTENT OF DEPOSIT INSURANCE COVERAGE AVAILABLE TO YOU ON YOUR DEPOSITS, INCLUDING THE DEPOSIT ACCOUNTS. NEITHER THE BANK NOR SQUARE IS RESPONSIBLE FOR ANY INSURED OR UNINSURED PORTION OF THE DEPOSIT ACCOUNTS OR ANY OTHER DEPOSITS.

In the event a Program Bank fails, the Deposit Accounts at that Program Bank are insured, together with all other deposits you maintain, directly or indirectly at that Program Bank in the same insurable capacity, up to $250,000, for principal and interest accrued to the day the Program Bank is closed.

Under certain circumstances, if you become the owner of deposits at a Program Bank because another depositor dies, beginning six months after the death of the depositor the FDIC will aggregate those deposits for purposes of the $250,000 federal deposit insurance limit with any other deposits that you own in the same insurable capacity at the Program Bank. Examples of deposit accounts that may be subject to this FDIC policy include joint accounts, “payable on death” accounts and certain trust accounts. The FDIC provides the six-month “grace period” to permit you to restructure your deposits to obtain the maximum amount of deposit insurance for which you are eligible.

In the event that federal deposit insurance payments become necessary, payments of principal plus unpaid and accrued interest will be made to you. There is no specific time period during which the FDIC must make insurance payments available, and the Bank is under no obligation to credit your account with funds in advance of payments received from the FDIC. Furthermore, you may be required to provide certain documentation to the FDIC and the Bank before insurance payments are made. For example, if you hold deposits as trustee for the benefit of trust participants, you may be required to furnish affidavits and provide indemnities regarding an insurance payment.

If your Deposit Accounts or other deposits at the Program Bank are assumed by another depository institution pursuant to a merger or consolidation, such deposits will continue to be insured separately, up to the FDIC insurance coverage limits, from the deposits that you might have established with the acquiror until (i) the maturity date of any time deposits (including certificates of deposit) that were assumed, or (ii) with respect to deposits that are not time deposits, the expiration of a six month period from the date of the acquisition. Thereafter, any assumed deposits will be aggregated with your existing deposits with the acquiror held in the same capacity for purposes of FDIC insurance coverage. Any deposit opened at the acquiror after the acquisition will be aggregated with deposits established with the acquiror for purposes of FDIC insurance coverage.

Questions About FDIC Deposit Insurance Coverage. If you have questions about basic FDIC insurance coverage, please contact your financial advisor. You may wish to seek advice from your own attorney concerning FDIC insurance coverage of deposits held in more than one insurable capacity. You may also obtain information by contacting the FDIC, Deposit Insurance Outreach, Division of Depositor and Consumer Protection, by letter (550 17th Street, N.W., Washington, D.C. 20429), by phone (877-275-3342 or 800-925-4618 (TDD)), by visiting the FDIC website at www.fdic.gov/deposit/index.html, or by e-mail using the FDIC’s On-line Customer Assistance Form available on its website. Disclosures regarding FDIC insurance coverage in this Disclosure Document are summary only, do not state all of the requirements and conditions of FDIC insurance, and are subject to, and qualified in their entirety by, regulations and guidance of the FDIC.