Dama Financial is now part of LeafLink
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Last updated as of December 19, 2024
Important: Please read the following. These are the Terms and Conditions applicable to our Bank Account with OMB BankPay (the “Bank”). Your Bank Account is serviced by LeafLink Financial Services, LLC, providing services under the Dama brand (“Dama” or “Dama Financial”) on behalf of the Bank. By establishing or using your Client Account and/or your Bank Account you are conclusively deemed to have agreed to these Terms and Conditions.
THE FEES ASSOCIATED WITH THE USE OF YOUR ACCOUNTS ARE CONTAINED IN A SEPARATE DOCUMENT (HEREINAFTER REFERRED TO AS THE “FEE SCHEDULE”).
YOUR ACCOUNTS ARE FOR BUSINESS USE ONLY. YOUR ACCOUNTS MAY BE CLOSED IF THEY ARE USED FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES.
THIS AGREEMENT CONTAINS AN ARBITRATION PROVISION REQUIRING ALL CLAIMS TO BE RESOLVED BY WAY OF BINDING ARBITRATION.
Introduction (Including Certain Definitions)
Thank you for opening a Bank Account serviced by Dama. Banking services associated with the Account are provided by the Bank. The Bank is a FDIC-insured member institution. Dama is a financial technology company and not a bank. Your Account is established and maintained by the Bank in coordination with Dama through Dama’s offerings. Deposit insurance covers the failure of an insured bank. Certain conditions must be satisfied for pass-through insurance to apply. The following definitions apply to certain terms used in this Agreement.
“Accounts” means, collectively, your Bank Account and your Client Account.
“Account Number” means the ten-digit number used to identify your Bank Account
“Agreement” means these Terms and Conditions, together with our website privacy policy, terms of use, and the Fee Schedule.
“Approved Partners” means the businesses or persons that we permit you to send money to and receive money from using your Bank Account. All of the other owners of accounts serviced by Dama are considered Approved Partners of yours.
“Authorized Users” means the natural persons who are authorized to access and use your Accounts, including the disbursement of funds therefrom.
“Bank” means Old Missouri Bank, the financial institution providing depository and related financial services to you in connection with your Accounts, and its successors, affiliates, or assignees.
“Bank Account” means the depository account you have established with the Bank for use in connection with your business.
“Client Account” means the online account created on the Dama platform which provides you access to your Bank Account and related services.
“Services” or “Dama Services” means the services provided by Dama Financial pursuant to this Agreement, including but not limited to, servicing of your Bank Account and access to the Dama platform.
“Standard User” means the natural persons who are authorized to access your Accounts, but who are not empowered to disburse funds therefrom absent the additional approval of an Authorized User.
“Users” means your Authorized Users and your Standard Users.
“You” or “Client” means the United States-based business entity (such as, for example, a sole proprietorship, partnership, limited liability company or a corporation) that is identified on your application for a Bank Account as the owner of your Bank Account.
“We, “Us” or “Our “means the Bank and its servicing agent Dama.
Unless it would be inconsistent to do so, words and phrases used in this Agreement should be construed so that the singular includes the plural, and the plural includes the singular.
Your Bank Account is provided to you by the Bank. You acknowledge and agree that the balance available in your Bank Account is limited to the funds that you have deposited into your Bank Account or that have been deposited into your Bank Account by others.
Your Bank Account is not for resale and may not be transferred by you. You are the direct beneficiary of the funds deposited in your Bank Account. The funds in your Bank Account will be FDIC insured upon receipt by the Bank, up to $250,000. You will not receive any interest on the funds in your Bank Account. Your Accounts may be canceled or revoked at any time without prior notice (subject to applicable law). We may refuse to process any transaction associated with your Accounts that we believe may violate the terms of this Agreement or applicable law.
Important information associated with your Bank Account: To help the federal government fight the funding of terrorism and money laundering activities, the USA PATRIOT Act requires the Bank to obtain, verify, and record information that identifies each person who has the ability to access your Bank Account. WHAT THIS MEANS FOR YOU: When you designate someone as a User of your Accounts, we will ask on behalf of the Bank for their name, address, date of birth and government ID number. We may also ask to see their driver’s license or other identifying information. Each User must warrant that all of the personal information they provide to us as part of the identity verification process is true, correct and complete. Identity verification is required before a User can access or use your Accounts. Each User must be at least 21 years of age.
The use of your Accounts is also subject to fraud prevention restrictions at any time, with or without notice.
Please read this Agreement carefully and keep it for future reference.
Business Purposes
Your Accounts may only be used for transactions conducted in connection with your business operations. You acknowledge and agree that because your Accounts may only be used for business-related transactions, your Accounts may not be used for personal, family or household purposes. Your Bank Account will not be treated as an account held by a consumer under state or federal law, and you will not have the benefit of any consumer laws limiting your liability with respect to any unauthorized use of or errors involving your Bank Account.
Deduction of Fees
All of the fees associated with your Accounts are listed in the Fee Schedule. All fee amounts will be automatically withdrawn from your Bank Account when due, except were prohibited by law. NOTE: The withdrawal of fees from your Bank Account may bring your account balance negative or increase any existing negative balance. If your Bank Account has a negative balance, any subsequent deposits will first be applied to the negative balance or be applied to pending or outstanding fees.
You are required to promptly deposit funds sufficient to eliminate any negative balance in your Bank Account. If you do not deposit funds sufficient to cover any negative balance in your Bank Account within ten (10) days of the creation of the negative balance, we may cancel your Accounts. We also retain the right to apply funds from any other account serviced by Dama that you may have (regardless of the financial institution at which such account is maintained) to the payment of any negative balance in your Bank Account.
Fees paid in respect of your Accounts are not refundable. Please call Client Services with questions about our refund policy.
Business Days
Our business days are Monday through Friday, excluding federal and banking holidays, even if we are open. Any references to “days” found in this Agreement are calendar days unless indicated otherwise.
Changes to Your Information
You are responsible for notifying us of any change in your name, physical address, mailing address, email address or phone number no later than two (2) weeks after any such change goes into effect. Any notice of change of address or name required by this Agreement may be provided to us via email at
ClientServiceTeam@leaflink.com or by telephone at 1-877-401-3262 (DAMA). Requests for address or name changes may be subject to additional verification requirements.
You are also responsible for notifying us of any change in the information that was included in your application for your Accounts (or any updated information supplied by you), including any changes with respect to your business operations and financial transactions, licenses, locations, officers, key employees and ultimate beneficial owners. From time to time, we may ask you to confirm the continued accuracy of the information that was included in your account application or previously updated by you. Notice of any change must be supplied within two (2) weeks of the change. We may suspend your ability to use of your Accounts while we review any change the information contained in your application. In addition, we may close your Accounts if we determine that a change in your application information is not acceptable. We may also suspend your use of your Accounts or close your Accounts, if we become aware of any change in your application information from any other source and you do not promptly notify us of the same.
We will attempt to communicate with you using the most recent contact information you have provided to us. You agree that any notice or communication sent to you at an email or physical address noted in our records shall be effective unless we have received a change in address notice from you.
We cannot accept responsibility for any email messages not received by you or for any delay in the receipt or delivery of any email notifications. If an Authorized User makes their email account available to any other person, you agree that you are responsible for any release of any account information to that person.
Users
You are responsible for all transactions initiated and fees incurred by the Authorized Users associated with your Accounts. Users should never share their access credentials with anyone. If another person obtains the access credentials of one of your Authorized Users, we will treat any transactions initiated by such other person as having been authorized by you and you will be liable for all fees associated with any transactions initiated by them.
You must not disclose any access credentials associated with your Accounts to any person that has not been designated by you, and approved by us, as a User. You must notify us immediately in the event you revoke access privileges for any person you previously designated as a User so that we may take appropriate action for the protection of your Accounts, up to and including closing your Bank Account and replacing it with another account. You are wholly responsible for using your Accounts in accordance with the terms and conditions of this Agreement.
All of the persons you designate as Authorized Users of your Accounts will have access to 100% of the funds in your Bank Account. Standard Users are not authorized to disburse funds from your Bank Account.
Access Credentials
Each of your Users must establish access credentials with us (username and password). Authorized Users may disburse funds from your Bank Account to your Approved Partners. When entering their access credentials, Users should make sure they cannot be observed by others and should not enter their access credentials into any access device that appears to be modified or suspicious. Standard text message or data rates may apply to messages we send to your Users as part of any two-factor identification process. If any of your Users share their Access Credentials with another person, you will be responsible for all transactions initiated by that person, just as if the transaction had been authorized by an Authorized User.
If you believe that anyone has gained unauthorized access to the access credentials of any of your Users, you should advise us immediately by following the procedures described in the section labeled “Unauthorized Transfers.”
Cash Access
You will not be able to withdraw cash from your Bank Account at an ATM or in-person at the Bank. You can only disburse funds from your Bank Account by transferring them to another account serviced by Dama or to your Approved Partners. If you want to withdraw the funds in your Bank Account by any other means, you should contact Client Services to arrange to have your Accounts closed and we will return any remaining funds in the account.
Making Deposits into Your Bank Account
Your funds will be deposited into one or more custodial accounts maintained by Bank for the benefit of account holders at the Bank. If all of the conditions for pass-through deposit insurance are met, your funds will be insured by the FDIC for up to the standard maximum deposit insurance amount (currently $250,000 per depositor in the same ownership capacity). The Bank will hold these funds on your behalf, and you will be the beneficial owner of the funds you place in the account. Your Bank Account may be debited in order to pay fees owed to Dama or the Bank. The minimum dollar value of any deposits will be subject to the terms established by us after we have reviewed your application information. We may also establish limits on the number of times you may make deposits into your Bank Account in a given day, as well as the maximum cumulative amount of deposits you may make over any 24-hour period and the maximum amount you can have on deposit at any one time. We may change these limitations at any time, in our sole discretion.
You may deposit funds into your Bank Account: (a) by tendering cash at your approved business location to the armored car courier designated by us for this purpose; (b) by arranging to have all or a portion of electronic funds transfers originated by Approved Partners directly deposited into your Bank Account using the Automated Clearing House (“ACH”) system (“ACH Deposit”) or wire transfers; (c) by receiving funds from other holders of bank accounts serviced by Dama (including additional account held by you); (d) by mailing checks to the P.O. Box we maintain for this purpose; or (e) by depositing an endorsed, eligible check using our Mobile Deposit feature available through our Dama Mobile (“Remote Deposit”). In order to receive ACH Deposits, you must provide each of your Approved Partners with the Bank’s routing number and your assigned Account Number (see below for details about routing information). We reserve the right to impose dollar limits, frequency and other restrictions on Remote Deposit from time to time without notice for the sole purpose of protecting us. The front and back of checks to be deposited through Remote Deposit must be clearly and accurately photographed on the front and the back and properly endorsed the back of your check prior to submission by notating the full name of your business and “For Deposit Only.” You must also notate “Mobile Deposit” and the date on the front of your check prior to Remote Deposit and you are solely responsible for any errors, including numerical or deposit data entry in photographs of submitted checks. Submission through Remote Deposit constitutes your agreement that we may process eligible checks. Eligible checks for Remote Deposit may be personal and business checks and US issued money orders and cashier’s checks and must be payable in US dollars and drawn from a US bank and properly endorsed by the account owners prior to deposit. You may not use Remote Deposit to deposit international checks, non-US issued money orders or cashier’s checks, savings bonds, postal orders, remotely create paper or electronic checks, electronic checks, convenience checks, checks draw against lines of credit, traveler’s checks, cash or illegible checks. Dama reserves the right to reject any check submitted for Remote Deposit for any reason. Checks deposited through Remote Deposit may take longer to process and may be subject to a longer hold period. Remote Deposit services may be subject to our mobile carrier’s message and data rates and terms and conditions. There may be fees associated with these above methods of deposits. See the Fee Schedule for more information about the fees.
All transactions to/from your Bank Account, including ACH transactions, are considered originated and approved by you; therefore, authorizing Dama (as Program Manager) to notify the Bank to process the transaction pursuant to your instructions. The Bank will act as both an Originating Depositary Financial Institution and a Receiving Depositary Financial Institution, as appropriate depending on the circumstances.
IMPORTANT: We may reject or suspend any ACH or other form of deposit that is submitted with a name that does not match the name that we have on file for your Accounts. We will also reject any deposit that was sent by a person that is not one of your Approved Partners.
We will not accept any cash mailed to us for deposit. All deposits of cash must be made using the armored car courier designated by us. We are not liable for any cash mailed to us. All cash mailed to us for deposit into your Bank Account will be returned unless your Bank Account has a negative balance at the time such cash is received, in which case we may in our sole discretion choose to apply the cash to the negative balance owed.
Using Your Accounts
Subject to the limitations set forth in this Agreement, you may (1) deposit funds to your Bank Account (see the section labeled “Making Deposits into Your Bank Account”); (2) transfer funds between your Bank Accounts on the Dama Financial platform; (3) transfer funds from your Bank Account to a Bank account owned by another, where the Account is serviced by Dama; and (4) pay bills owed to Approved Partners via ACH directly from your Bank Account in the amounts and on the days you request. There may be limitations and fees associated with some of these transactions. See the Fee Schedule for more information about the associated fees.
Limitations on Frequency and Dollar Amounts of Transfers
For security reasons, we may suspend your ability to make transactions or limit the amount or number of transactions you can make with your Accounts. We will use the information contained in your application, and other information as we deem, in our sole discretion, to be relevant, to determine (1) the maximum amount that may be held in your Bank Account at any given time and (2) the maximum amount you may transmit to an Approved Partner or that an Approved Partner may transmit to you in a given transaction or within a prescribed time period. You cannot transfer funds from your Bank Account to a business or person who is not one of your Approved Partners.
Each time you use your Accounts, you authorize us to reduce the value available in your Bank Account by the amount of the transaction and any applicable fees. You may not exceed the available balance in your Bank Account through an individual transaction or a series of transactions. If you do incur a negative balance, you shall remain fully liable to the Bank for the amount of the transaction(s) and any applicable transaction or other fee(s). You agree to pay us promptly for the negative balance and any related fee.
You may not use your Accounts for online gambling or any illegal transactions.
Preauthorized Debits and Credits
Your assigned Account Number and the Bank’s routing number can be used for arranging direct deposits and wire transfers from and recurring payments to your Approved Partners.
Right to Stop Payment and Procedure for Doing So
To stop a recurring payment to an Approved Partner that you have preauthorized to debit your Bank Account, you must first contact the Partner to request the recurring payment be cancelled.
If the Approved Partner with whom you have arranged recurring payments from your Bank Account is unable or unwilling to stop your payment, you can call us at 1-877-401-3262 (DAMA) or write us at: LeafLink Financial Services, LLC, P.O. Box 5730 South San Francisco, CA 94083 to request a stop on such payment. We must receive your request at least three (3) business days before the payment is scheduled to be made. Such a stop payment request will cancel one (1) recurring payment. If you want to permanently stop all recurring payments to a specific Partner, we will require you to put your request in writing and email it to us within fourteen (14) days after you first tell us you want to stop such payments.
If the Partner with whom you have arranged recurring payments from your Bank Account is unable or unwilling to stop your payment, you can request that your Bank Account be cancelled and replaced with a different account.
You do not have the right to stop a payment transaction originated by use of your Accounts, except as otherwise permitted in this Agreement.
We are not liable for your losses if we or the Bank fail to execute a recurring payment that you have arranged.
Notice of Varying Amounts
If the recurring payments you make might vary in amount, the Approved Partner you are going to pay will tell you the payment date and the amount of the payment ten (10) days before each payment is scheduled to take place. (You may choose instead to get this notice only when the payment would differ by more than a certain amount from the previous payment, or when the amount would fall outside certain limits that you set.) We are not responsible and shall have no liability to you if one of your Approved Partners does not notify you in advance of any variation in a recurring payment and we process the payment.
Fraudulent or Criminal Account Activity
We reserve the right to block, suspend or cancel your Accounts if, as a result of our policies and processes, we detect what we reasonably believe to be fraudulent, suspicious or criminal activity or any activity that is inconsistent with this Agreement. We may temporarily suspend your Accounts in the event we detect unusual or suspicious account activity. If we exercise this right, we will incur no liability to you because of any resulting unavailability of the funds in your Bank Account or your inability to transfer funds using your Accounts.
Returns and Refunds
If you have a problem with a transaction that you made using your Accounts, or if you have a dispute with an Approved Partner, you must attempt to resolve the matter directly with the Partner. Refunds from Approved Partners will post to your Bank Account when they are received, although there may be a delay between the date of the refund transaction and the date the refund amount is credited to your Bank Account. We have no control over whether or when an Approved Partner sends you refund for a transaction undertaken using your Accounts.
No Transactions in Foreign Currencies or With Persons Located in Foreign Countries
You cannot use your Bank Account to make transactions in currencies other than U.S. dollars and you may not send funds from your Bank Account to any account or persons located outside of the United States. You cannot receive funds from an account or persons located outside of the United States without our express prior consent.
Bank Account Balance/Periodic Statements
You are responsible for keeping track of the available balance of your Bank Account. It’s important to know your available balance before initiating any transaction. If you attempt to initiate a transaction for which you do not have sufficient funds, it will be denied.
You may obtain information about the amount of money you have in your Bank Account, along with a 12-month history of the transactions made using your Bank Account by logging into your Client Account at leaflink.com/banking.
You will not automatically receive paper statements. Statements will be available via your Client Account in the online account center at leaflink.com/banking. You may request a written history of your transactions at any time by emailing us at ClientServiceTeam@leaflink.com, calling us at 1-877-401-3262, Option 1, or writing us at LeafLink Financial Services, LLC, P.O. Box 5730 South San Francisco 940. Fees apply for requesting written transaction histories and statements.
Confidentiality
We may disclose information to third parties about your Bank Account and/or the transactions you make:
Our Liability for Failure to Complete Transactions
If We do not properly complete a transaction to or from your Bank Account on time or in the correct amount according to your instructions, our sole responsibility for failing to properly complete the transaction will be to undertake commercially reasonable efforts to correct the error.
In addition, we will not be liable to you or any other person:
Information About Your Right to Dispute Errors
Email us at ClientServiceTeam@leaflink.com, telephone us at 1-877-401-3262 (DAMA) or write us at LeafLink Financial Services, LLC, P.O. Box 5730 South San Francisco, CA 94083 as soon as you can if you think an error has occurred with respect to your Accounts. We will allow you to report an error until thirty (30) days after the date we make your Account information electronically available to you where the error could be viewed or the date, we sent you the FIRST written transaction history in which the error appeared.
In your error report, you will need to tell us:
If you tell us orally, we may require that you send us your complaint or question in writing.
We may, in our discretion, undertake to determine whether an error in fact occurred after we hear from you. If we determine that an error occurred by reason of our actions or inactions, our sole responsibility will be to take commercially reasonable efforts to correct it. You agree to provide reasonable cooperation to assist us in investigating any errors you assert.
For disputes concerning the condition or receipt of goods or services you purchased, we are not required to undertake any efforts to investigate the dispute. ALL QUESTIONS ABOUT TRANSACTIONS MADE WITH YOUR ACCOUNTS MUST BE DIRECTED TO DAMA FINANCIAL, AND NOT TO THE BANK. The Bank has made Dama Financial responsible for managing the program in which you participate, which can include our assistance to help resolve any errors with respect to transactions made using your Bank Account.
Unauthorized Transfers
IF YOU BELIEVE YOUR ACCESS CREDENTIALS HAVE BEEN STOLEN OR OTHERWISE COMPROMISED, NOTIFY DAMA FINANCIAL AT ONCE BY EMAILING CLIENTSERVICETEAM@LEAFLINK.COM OR CALLING 1-877-401-3262, Option 1.
If you call to report an unauthorized transfer, we may ask for your Account Number and other identifying details about the transaction and we reserve the right to request that you send us your complaint or question in writing. We reserve the right to investigate any claim you may make with respect to compromised Access Credentials or an otherwise unauthorized transaction, and you agree to fully and promptly cooperate with any investigation we may undertake. If you report that the access credentials of one or more of your Users have been compromised, we may cancel your Bank Account and issue you a new one.
Unauthorized transactions do not include transactions made by an Authorized User that exceed the authority you granted to that User, or other actions of an Authorized User.
Miscellaneous
This Agreement sets forth the entire understanding between you and us with respect to its subject matter and supersedes any prior or contemporaneous, whether written or oral, understandings or agreements with respect to the same. Your Accounts and your obligations under this Agreement may not be assigned or otherwise transferred (including any transfer by means of any merger or similar business combination). We may transfer our rights under this Agreement. Use of your Bank Account is subject to the terms of this Agreement as well as all applicable rules and customs of any clearinghouse or other network or association involved in your transactions. We do not waive our rights by delaying or failing to exercise them at any time. If any provision of this Agreement is determined to be invalid or unenforceable under any rule, law or regulation of any local, state, or federal governmental agency, the validity or enforceability of any other provision of this Agreement shall not be affected. This Agreement will be governed by the laws of the State of California, except to the extent governed by federal law.
Suspension, Amendment and Cancellation
We may amend or change the terms and conditions of this Agreement at any time without prior notice to you except as required by applicable law. If required, you will be notified of any change to this Agreement in the manner provided by applicable law prior to the effective date of the change. However, if a change is made for security purposes, we can implement it without prior notice to you. You may cancel this Agreement by closing your Accounts. Your termination of this Agreement will not affect any of our rights or your obligations arising under this Agreement prior to its termination.
We reserve the right to limit your use of your Accounts. We also may cancel or suspend the use of one or more of your Accounts with or without cause or notice, other than as required by applicable law.
In the event your Bank Account is cancelled, closed or terminated for any reason, so long as you used your Accounts in accordance with the terms of this Agreement, you may request the unused balance to be returned to you via a check to the mailing address we have in our records.
We may request documents or other information to verify and authenticate your identity and address at any time, in our sole discretion. Any unused balance on your Bank Account may be withheld until any requested documents or other information is provided or until the funds escheat to the state in accordance with applicable state law.
In the event any federal or state governmental agency, including the Internal Revenue Service or Social Security Administration, requests the return of funds deposited to your Bank Account that originated from such governmental agency, such funds may be remitted to the issuing agency in lieu of returning such funds to you. In the event funds are remitted to an issuing governmental agency, any effort by you to recoup such funds must be directed to the governmental agency in question and we will have no liability to you with regard thereto.
For any remaining account balances, the Bank will comply with unclaimed property laws and appropriately engage in escheatment activities as required by state law.
English Language Controls
Any translation of this Agreement is provided as a convenience only. The meaning of the terms, conditions and representations contained in this Agreement are to be defined and interpreted using only the English language. A translation of this Agreement may not accurately reflect the information contained in the original English language version of this Agreement. In the event of any discrepancy between the English language version of this Agreement and any translation, the English language version shall control.
Client Services
For client services or additional information regarding your Accounts, please contact us at:
LeafLink Financial Services, LLC
P.O. Box 5730
South San Francisco, CA 94083
Email: ClientServiceTeam@leaflink.com
Phone: 1-877-401-3262 (DAMA)
Client Services agents are available to answer your calls:
Monday through Friday, 9 a.m. to 5 p.m. PT
You can leave a message on our Telephone Automated Service 24 hours a day.
Telephone Monitoring/Recording
From time to time, we may monitor telephone calls between you and us to assure the quality of our client services or as required by applicable law. We will record all of the calls between you and us for our records. You agree that we or our agents may contact you at any telephone number you provide to us, including cell phone numbers for any informational, non-telemarketing purpose related to your Accounts. You agree to receive these calls via an automatic telephone dialing system; messages, such as pre-recorded or artificial voice messages, or text messages sent via an automated texting system. You understand your service provider may charge you for these calls/messages.
No Warranty Regarding Goods and Services
We are not responsible for the quality, safety, legality or any other aspect of any goods or services you purchase using your Bank Account.
Legal Process
Regardless of where or how we are served, we will comply with any state or federal legal process, including without limitation any writ of attachment, adverse claim, execution, garnishment, tax levy, restraining order, subpoena or warrant we believe to be valid relating to you or your Accounts. You agree that we will honor legal process that is served personally, by mail or by facsimile transmissions to any of our offices (including locations other than where our records or property are held), even if the law requires personal delivery at the office where your account records are maintained. You agree that we will have no liability to you for honoring any such legal process.
You further agree that we will have no obligation to assert on your behalf any applicable exemptions to execution or attachment under any applicable law. We will enforce a right of security interest against any of your Bank Account in order to reimburse us for our fees and expenses, including attorneys’ fees and court costs and expenses, in complying with any legal process asserted against you.
We may refuse to permit withdrawals or transfers from your Bank Account until any such legal process is satisfied or dismissed, even if such action results in insufficient funds to satisfy an obligation you may have incurred. We may deduct such expenses from any Bank Account you have that is serviced by us without prior notice to you or we may bill you directly for such expenses and fees.
You agree to indemnify, defend and hold us harmless from all actions, claims, liabilities, losses, costs and damages, including without limitation attorneys’ fees, associated with our compliance with any legal process asserted against you. If we receive an order instructing us to restrict access to any or all of the funds in your Bank Account(s), we may remove the restricted funds from your Bank Account(s) and maintain them separately.
DISCLAIMER OF WARRANTIES
EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, WE MAKE NO REPRESENTATIONS OR WARRANTIES OF ANY KIND TO YOU AND WE HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES, WHETHER EXPRESS OR IMPLIED, REGARDING YOUR ACCOUNTS, INCLUDING WITHOUT LIMITATION ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.
Limitation of Liability
NEITHER THE BANK NOR ITS SERVICE PROVIDER, DAMA FINANCIAL, WILL BE LIABLE TO YOU FOR DELAYS OR MISTAKES RESULTING FROM ANY CIRCUMSTANCES BEYOND THEIR CONTROL INCLUDING, WITHOUT LIMITATION, ACTS OF GOVERNMENTAL AUTHORITIES, WAR OR RIOTS, TERRORIST ACTS, THE FAILURE OF PERSONS TO ACCEPT PAYMENTS FROM YOUR BANK ACCOUNT, COMMUNICATION SYSTEM FAILURES OR FAILURES OR MALFUNCTIONS ATTRIBUTABLE TO YOUR EQUIPMENT, ANY INTERNET SERVICE OR ANY PAYMENT SYSTEM.
IN THE EVENT THAT THE BANK OR DAMA FINANCIAL IS HELD LIABLE TO YOU, YOU WILL ONLY BE ABLE TO RECOVER YOUR ACTUAL DAMAGES. IN NO EVENT SHALL YOU BE ENTITLED TO RECOVER ANY INDIRECT, CONSEQUENTIAL, EXEMPLARY OR SPECIAL DAMAGES (WHETHER IN CONTRACT, TORT OR OTHERWISE) EVEN IF YOU HAVE ADVISED US OF THE POSSIBILITY OF SUCH DAMAGES. THIS PROVISION SHALL NOT BE EFFECTIVE TO THE EXTENT, AND ONLY TO THE EXTENT, REQUIRED BY LAW. TO THE EXTENT PERMITTED BY LAW, YOU AGREE THAT YOUR RECOVERY OF ANY DAMAGES FOR ANY ALLEGED NEGLIGENCE OR MISCONDUCT BY THE BANK OR DAMA SHALL BE LIMITED TO THE TOTAL AMOUNT DEPOSITED INTO YOUR BANK ACCOUNT DURING THE TWELVE (12) MONTH PERIOD PRIOR TO THE ACTIONS OR INACTIONS GIVING RISE TO SUCH DAMAGES.
Website Operation and Our Availability
Although we devote considerable effort to make our website (including the Online Account Center) and other operational and communications channels available around the clock, we do not warrant that these channels will be available and functioning correctly at all times. You agree that we will not be responsible for temporary interruptions in service due to maintenance requirements, website changes or failures. In addition, we are not liable for extended interruptions due to failures beyond our control, including but not limited to the failure of interconnecting and operating systems, computer viruses, forces of nature, labor disputes and armed conflicts.
You agree that you and your Users will act responsibly when accessing and using our website. Neither you nor your Users will violate any laws, interfere with or otherwise attempt to disrupt our computer networks, impersonate another person, gain or attempt to gain any unauthorized entry into our systems or otherwise seek to interfere with the integrity of our systems. We will not have any liability whatsoever for any damages, losses or interruptions caused by any computer viruses or malware that may affect your computers or other equipment.
Jury Trial Waiver
YOU AND WE ACKNOWLEDGE AND AGREE THAT THE RIGHT TO TRIAL BY JURY IS A CONSTITUTIONAL RIGHT THAT MAY BE WAIVED IN CERTAIN CIRCUMSTANCES. TO THE EXTENT PERMITTED BY LAW, YOU AND WE KNOWINGLY AND VOLUNTARILY WAIVE ANY RIGHT TO TRIAL BY JURY IN THE EVENT OF LITIGATION ARISING OUT OF OR RELATED TO THIS AGREEMENT. THIS JURY TRIAL WAIVER WILL NOT AFFECT, OR BE INTERPRETED TO MODIFY IN ANY FASHION THE ARBITRATION CLAUSE SET FORTH BELOW, WHICH ITSELF CONTAINS ITS OWN JURY TRIAL WAIVER.
ARBITRATION
We have put this Arbitration Clause in question-and-answer form to make it easier for you to follow. However, this Arbitration Clause is part of this Agreement and is legally binding. For purposes of this section, our “Notice Address” will be specific to the Financial Institution where your money is held.
| Background and Scope | ||
| Question | Short Answer | Further Detail |
| What is arbitration? | An alternative to court proceedings | In arbitration, a third-party arbitrator (“Arbitrator”) resolves Disputes in an informal hearing. |
| Is it different from court and jury trials? | Yes | The hearing is private. There is no jury. It is usually less formal, faster and less expensive than a lawsuit. Pre-hearing fact finding is limited. Appeals are limited. Courts rarely overturn arbitration awards. |
| Can you opt-out of this Arbitration Clause? | Yes, within 60 days of opening your Accounts | If you do not want this Arbitration Clause to apply to you, you must send us a signed notice within 60 calendar days after you open your Accounts. You must send the notice in writing (and not electronically) to our Notice Address provided above. Provide your name, address and account number. State that you “opt out” of the Arbitration Clause of this Agreement. |
| What is this Arbitration Clause about? | The parties’ agreement to arbitrate Disputes | Unless prohibited by applicable law and unless you opt out, you and we agree that you or we may elect to arbitrate or require arbitration of any “Dispute” as defined below. |
| Who does the Arbitration Clause cover? | You, us and certain “Related Parties” | This Arbitration Clause governs you and us. It also covers certain “Related Parties”:
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| What Disputes does the Arbitration Clause cover? | All Disputes (Except certain Disputes about this Arbitration Clause) | This Arbitration Clause governs all “Disputes” that would usually be decided in court and are between us (or any Related Party) and you. In this Arbitration Clause, the word “Disputes” has the broadest reasonable meaning. It includes all claims even indirectly related to your Accounts or this Agreement. It includes claims related to the validity in general of this Agreement. However, it does not include disputes about the validity, coverage or scope of this Arbitration Clause or any part of this Arbitration Clause. (This includes a Dispute about the rule against class arbitration) All such disputes are for a court and not an Arbitrator to decide. |
| Who handles the arbitration? | Usually, AAA or JAMS | Arbitrations are conducted under this Arbitration Clause and the rules of the arbitration administrator in effect when the arbitration is started. However, arbitration rules that conflict with this Arbitration Clause do not apply. The arbitration administrator will be either:
• The American Arbitration Association (“AAA”), 1633 Broadway, 10th Floor, New York, NY 10019, www.adr.org. • JAMS, 620 Eighth Avenue, 34th Floor, New York, NY 10018, www.jamsadr.com • Any other company picked by agreement of the parties. If none of the above options are available, a court will pick the administrator. No arbitration may be administered without our consent by any administrator that would permit a class arbitration under this Arbitration Clause. The arbitrator will be selected under the administrator’s rules. However, the arbitrator must be a lawyer with at least ten years of experience or a retired judge unless you and we otherwise agree. |
| Can Disputes be litigated? | Sometimes | Either party may bring a lawsuit if the other party does not demand arbitration. We will not demand arbitration of any lawsuit you bring as an individual action in small-claims court. However, we may demand arbitration of any appeal of a small-claims decision or any small-claims action brought on a class basis. |
| Are you giving up any rights? | Yes | For Disputes subject to this Arbitration Clause, you give up your right to:
We also give up the right to a jury trial and to have courts decide Disputes you wish to arbitrate. |
| Can you or another consumers start a class arbitration? | No | The Arbitrator is not allowed to handle any Dispute on a class or representative basis. All Disputes subject to this Arbitration Clause must be decided in an individual arbitration or an individual small-claims action. This Arbitration Clause will be void if a court rules that the Arbitrator can decide a Dispute on a class basis and the court’s ruling is not reversed on appeal. |
| What law applies? | The Federal Arbitration Act (“FAA”) | This Agreement and your Accounts involve interstate commerce. Thus, the FAA governs this Arbitration Clause. The Arbitrator must apply substantive law consistent with the FAA. The Arbitrator must honor statutes of limitation and privilege rights. Punitive damages are governed by the constitutional standards that apply in judicial proceedings. |
| Will anything, I do make this Arbitration Clause ineffective? | No | This Arbitration Clause stays in force even if:
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| Process | ||
| What must a party do before start a lawsuit or arbitration? | Send a written Dispute notice and work to resolve the Dispute | Before starting a lawsuit or arbitration, the complaining party must give the other party written notice of the Dispute. The notice must explain in reasonable detail the nature of the Dispute and any supporting facts. If you are the complaining party, you must send the notice in writing (and not electronically) to our Notice Address. You or an attorney you have hired must sign the notice and must provide the account number and a phone number where you (or your attorney) can be reached. A letter from us to you will serve as our written notice of a Dispute. Once a Dispute notice is sent, the complaining party must give the other party a reasonable opportunity over the next 30 days to resolve the Dispute on an individual basis. |
| How does an arbitration start? | Mailing a notice | If the parties do not reach an agreement to resolve the Dispute within 30 days after notice of the Dispute is received, the complaining party may commence a lawsuit or an arbitration, subject to the terms of this Arbitration Clause. To start an arbitration, the complaining party picks the administrator and follows the administrator’s rules. If one party begins or threatens a lawsuit, the other party can demand arbitration. This demand can be made in court papers. It can be made if a party begins a lawsuit on an individual basis and then tries to pursue a class action. Once an arbitration demand is made, no lawsuit can be brought, and any existing lawsuit must stop. |
| Will any hearing be held nearby? | Yes | The Arbitrator may decide that an in-person hearing is unnecessary and that he or she can resolve a Dispute based on written filings and/or a conference call. However, any in-person arbitration hearing must be held at a place reasonably convenient to you. |
| What about appeals? | Very limited | Appeal rights under the FAA are very limited. The Arbitrator’s award will be final and binding. Any appropriate court may enter judgment upon the arbitrator’s award. |
| Arbitration Fees and Awards | ||
| Who bears arbitration fees? | Usually, we do. | We will pay all filing, administrative, hearing and Arbitrator fees if you act in good faith, cannot get a waiver of such fees and ask us to pay. |
| When will we cover your legal fees and costs? | If you win | If you win an arbitration, we will pay the reasonable fees and costs for your attorneys, experts and witnesses. We will also pay these amounts if required under applicable law or the administrator’s rules or if payment is required to enforce this Arbitration Clause. The Arbitrator shall not limit his or her award of these amounts because your Dispute is for a small amount. |
| Will you ever owe us for arbitration or attorneys’ fees? | Only for bad faith | The Arbitrator can require you to pay our fees if (and only if):
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| Can an award be explained? | Yes | A party may request details from the Arbitrator, within 14 days of the ruling. Upon such request, the Arbitrator will explain the ruling in writing. |
ADDENDUM- USE OF CHECKS
This Addendum supplements the Terms and Conditions Applicable to Accounts Managed by Dama Financial (the “Terms and Conditions”) and is hereby incorporated therein. By writing checks on your Bank Account, you are conclusively deemed to have accepted and agreed to the terms of this Addendum. Capitalized terms used without definition in this Addendum will have the meanings assigned to such term in the Terms and Conditions.
You and we agree that all checks drawn on your Account will be processed in accordance with all applicable laws, rules and regulations governing checks and check processing (“Applicable Laws”). Applicable Laws include but are not limited to the Uniform Commercial Code, Regulation CC and Check 21. Bank may subtract from the balance of
your Account the amount of any check or other item that you create. You acknowledge and agree that you bear the sole responsibility of ensuring that all checks issued by you are funded.
All checks must be created in the Online Account Center, except payroll checks used by your payroll provider, if any. When you create a check in the Online Account Center you irrevocably authorize our representatives to sign the check on your behalf (per procuration).
There is no overdraft feature associated with your Bank Account. Any checks presented to us that exceed the available balance in your Bank Account will be declined and you may be subject to insufficient funds fees as set forth on the Fee Schedule. You may only write checks to your Approved Partners. Checks written to persons who are not one of your Approved Partners will not be honored. We will provide you with any checks that are declined.
The Bank will accept for processing all checks presented to it in compliance with this Addendum. We will utilize a positive pay (matching of checks issued against those presented for payment) cash-management service in connection with our check processing services.
We are not responsible for losses or delays that result from your use checks or other account documents that you obtain from a provider other than Dama Financial. We may refuse to accept for deposit or pay checks that we cannot process or photograph using our customary equipment.
We will not return any checks that have been paid against your Bank Account to you. If you request, we will provide you with photocopies or images of checks that have been paid against your Bank Account, if such documents are available to us under our record retention policies.
You must protect your checks and other account documents and information from theft and unauthorized use. Checks must be written in a way that prevents someone else from completing, altering or adding to them without authorization. If you become aware that any checks or other documents and information, such as statements, have been lost or stolen, you must notify Dama Financial immediately
You must secure all processed items to ensure that they are not subsequently represented. You will refrain from presenting terms a second time unless expressly authorized to do so by Dama Financial.
You may not write a check that is incomplete or tries to limit the time or method of payment with a condition, such as “Void after 180 days” or “Valid only for $1,000 or less.” We have no duty to discover, observe or comply with such conditions. If the Bank pays a conditional check, the conditions do not apply to the Bank. The Bank may choose to pay or not to pay a stale-dated check (dated more than six months before it is presented), regardless of how old it is. If the Bank pays such a check, your Bank Account will be debited for the amount of such payment. The Bank may also pay any future-dated check submitted to it for payment.
You will not submit for processing any item dated 90 days or later from the date of its transmittal to us or any checks written out to entities or persons that are not your Approved Partners.
We are not required to comply with any multiple-signature requirement even if the signature card associated with your Bank Account specifies that multiple signatures are required, or you have otherwise instructed us to do so. A multiple-signature requirement is for your internal control purposes only and is not binding on us.
The Bank may pay a check bearing any form of facsimile or computer-generated signature.
If a person who is not a deposit or loan customer of the Bank tries to cash a check written on your Bank Account at any of the Bank’s branches, the Bank may charge them a fee or refuse to cash it. The Bank may also require that they provide it with identification that it deems acceptable.
The Parties agree and acknowledge that check payment is highly automated. You further agree that reasonable commercial standards do not require us to inspect every check, although we will employ a positive pay fraud prevention system. If we return a check because the signature on the check does not match the signatures on file with the Bank, we will not be liable to you even if the check was in fact properly authorized. If the numeric amount on a check doesn’t match the amount written out in words, we may select either amount when paying the check.
If you request that the payment on a check drawn on your Bank Account, be stopped, we must receive your request at a time and in a manner that gives us a reasonable opportunity to act on it prior to payment. A stop payment will not be effective if the Bank has already certified, paid or otherwise become responsible for the check.
A stop payment order is effective for six (6) months from the day we receive it, unless you notify us to terminate it sooner. If you wish to extend a stop payment order, you must contact us prior to the expiration of the original stop payment period. We may pay any check that is presented to us after your original stop payment order has expired.
To request a stop payment, you must provide Dama Financial with:
Stop payment orders are processed by computer. Unless the amount of the check and other information are reported absolutely accurately, no assurances can be given that the check you want to stop will not be paid. We will not be responsible if a stop payment order is not honored in these circumstances.
We may rely on the information in the stop payment request unless notified of any errors.
The Bank is not required to accept a stop payment order on a cashier’s check, teller’s check (official check) or certified check.
You warrant that all checks deposited into your Account will be endorsed to the Bank’s specifications. This Agreement is effective December 2024.
