DEPOSIT ACCOUNT AGREEMENT
JPMorgan Chase Bank, N.A. Member FDIC
© 2024 JPMorgan Chase & Co.
Page 24 of 26
Eective 3/17/2024
K. Legal Process and Requests for Information
“Legal Process” means any document that appears to have the force of law regarding restricting, holding or paying out funds from your account, including a
garnishment, attachment, execution, levy or similar order. You acknowledge and agree that Legal Process served on us may instruct us to take certain actions with
respect to your account, which may create potential liability or other risks to us if we fail to take any action directed by the Legal Process.
You agree that it is your responsibility to consult with an attorney and/or to initiate, or participate in, legal proceedings related to the Legal Process if you do not believe
that the Legal Process is valid; otherwise dispute any issue related to the Legal Process, and/or seek to claim any additional exemption of funds related to the Legal
Process not otherwise applied by us. You further agree that we will have no obligation to initiate any legal proceedings, or seek clarification, of any kind regarding any
issue related to Legal Process. If you fail to properly seek or obtain judicial relief related to Legal Process within the deadlines provided for in the Legal Process or by
applicable law, you acknowledge and agree that we will continue to comply with the Legal Process, including paying out all funds as directed by the Legal Process.
We do not have to determine whether the legal process was validly issued or enforceable; and we will have no liability for any action we take as directed by the Legal
Process or otherwise permitted by this agreement.
If a hold is in eect, we will continue to charge any applicable fees even though the account cannot be closed. We also may remove your Overdraft Protection if a hold is
placed, but you may ask us to relink your accounts after the hold is removed. As permitted by law, we will deduct from your balance a Legal Processing Fee or costs and
expenses we incur in complying with the order, or both.
You will be liable to us for any loss, cost or expense (including attorneys’ fees that we incur) resulting from our compliance with any Legal Process or any related
litigation.
L. Abandoned Property
If any of your accounts are closed, we will return any balance, less any fees, claims, setos or other amounts if the balance is greater than $1, and we may transfer
this balance from the closed account to any other open account with at least one common owner. Funds that cannot be returned or transferred may be considered
abandoned under state law, and each state has laws that govern when we are required to send a customer’s funds to the state.
M. English Language – Other Language Preferences
The terms of this agreement and the products and services we provide are governed by the English language. As a courtesy, we make some of our forms, disclosures
and documents, including this agreement, available in languages other than English. However, many important bank documents, and some products and services
related to this account, are provided only in English. If there is any dierence in meaning between the English and non-English version of any of our documents, the
English version applies and is available upon request.
N. Referrals
If you request it, our employees may at times provide contact information about third parties, such as lawyers, accountants, or contractors who oer products or services
to the public. Some of these third parties may be our customers. We provide this information only as a courtesy and convenience to you and the third party, but in some
cases we may be compensated for a referral. We do not make any warranties or representations about the third parties or their products or services. If you choose to do
business with any third party, that decision is yours alone, and we are not responsible for the third party’s performance or to help resolve any dispute between you and
the third party. Our employees may also receive compensation when you purchase a Chase product based on their referral.
O. Special Provisions for Pass-Through Accounts
If you have opened a deposit account on behalf of the beneficial owner(s) of the funds in the account (for example as a trustee, agent, nominee, guardian, executor,
custodian or funds held in some other capacity for the benefit of others), those beneficial owners may be eligible for “pass-through” insurance from the FDIC. This
means the account could qualify for more than the standard maximum deposit insurance amount (currently $250,000 per depositor in the same ownership capacity).
If the account has transactional features, you as the account holder must be able to provide a record of the interests of the beneficial owner(s) in accordance with the
FDIC’s requirements as specified below. The FDIC has published a guide that describes the process to follow and the information you will need to provide in the event
Chase fails. That information can be accessed on the FDIC’s website at www.fdic.gov/deposit/deposits/brokers/part-370-appendix.html.
In addition, the FDIC published an Addendum to the guide, section VIII, which is a good resource to understand the FDIC’s alternative recordkeeping requirements
for pass-through insurance. The Addendum sets forth the expectations of the FDIC for pass-through insurance coverage of any deposit accounts, including those with
transactional features. The Addendum will provide information regarding the records you keep on the beneficial owners of the funds, identifying information for those
owners, and the format in which to provide the records to the FDIC upon bank failure. You must be able to provide this information in a timely manner in order to
receive payment for the insured amount of pass-through deposit insurance coverage as soon as possible. You will have an opportunity to validate the capability to
deliver the required information in the appropriate format so that a timely calculation of deposit insurance coverage can be made; further instructions relating to this
opportunity will be communicated at a later time.
You agree to cooperate fully with us and the FDIC in connection with determining the insured status of funds in such accounts at any time. In the event of a bank failure,
you agree to provide the FDIC with the information described above in the required format within 24 hours of a bank failure. As soon as a receiver is appointed, a hold
will be placed on your account and that hold will not be released until the FDIC determines that you have provided the necessary data to enable the FDIC to calculate
the deposit insurance. You understand and agree that your failure to provide the necessary data to the FDIC may result in a delay in receipt of insured funds and may
result in legal claims against you from the beneficial owners of the funds in the account. If you do not provide the required data, your account may be held or frozen
until the information is received, which will cause a delay when the beneficial owners could receive funds. Despite other provisions in this agreement, this section
survives after a receiver is appointed for us, and the FDIC is considered a third party beneficiary of this section.
P. Sub-accounts
For accounting purposes, all checking accounts consist of two sub-accounts: 1) a transaction sub-account where all deposits, withdrawals and fees are posted, and 2)
a savings holding sub-account, where balances above a certain level are transferred daily. Funds will be retransferred to your transaction sub-account to meet your
transactional needs; however, all balances in the holding sub-account will be transferred to the transaction sub-account with the sixth transfer in any calendar month or
monthly statement period.
Both sub-accounts are treated as a single account for purposes of your deposits and withdrawals, earning interest, access and information, tax reporting, fees, etc.
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