Terms and Conditions of your Account

By subscribing to or using BankPurely^®, a Division of Flushing Bank, you agree to the terms of this Agreement. Please read this Agreement carefully and print a copy for your records. In this Agreement, "you" or "your" refers to the person(s) subscribing to or using BankPurely, a division of Flushing Bank or anyone else with the authority to deposit, withdraw or exercise control over funds in an account, and "we", "us" or "our" refers to BankPurely, a Division of Flushing Bank.

Important information about procedures for opening a new 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 you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.

Agreement

This document, along with any other documents we give you pertaining to your account(s), is a contract that establishes rules, which control your account(s) with us. Please read this carefully. If you sign the e-signature card or open or continue to have your account with us, you agree to these rules. You will receive a separate schedule of rates, qualifying balances and fees if they are not included in this document. If you have any questions, please call or email us.

This Agreement is subject to applicable federal laws and, to the extent not preempted, the applicable laws of the state of New York (except to the extent that this Agreement can and does vary such rules or laws). The body of state and federal law that governs our relationship with you, however, is too large and complex to be reproduced here. The purpose of this document is to:

• Summarize some laws that apply to common transactions;
• Establish rules to cover transactions or events which the law does not regulate;
• Establish rules for certain transactions or events which the law regulates but permits variation by agreement; and
• Give you the disclosures of some of our policies to which you may be entitled or in which you may be interested.

If any provision of this document is found to be unenforceable according to its terms, all remaining provisions will continue in full force and effect.

Electronic Communications

Certain laws require us to provide specific information to you in writing, which means you have a right to receive that information on paper. We may provide such information to you electronically if we first present this disclosure and obtain your consent to receive it electronically. Your consent will also apply to any other person named on your account, product or service, subject to applicable law. At times, we may still present you with paper disclosures, but as a basic proposition we need to know that you are willing to receive disclosures and other information electronically that otherwise must be provided on paper and that you have the hardware and software needed for access to this information.

After you consent to this disclosure, you will:

• Have the right or option to have the information provided or made available on paper
• Have the right to withdraw consent to receive the information electronically
• After your consent, you may request, in writing, a paper copy of your disclosure at no charge to you

The procedure used to withdraw consent applies to all of your transactions or services during your relationship with the bank:

• Subject to applicable law, you may withdraw your consent to the electronic communications by calling the appropriate toll-free customer service phone number
• Your withdrawal of consent is effective only after you have communicated your withdrawal to us by calling the appropriate customer service number and we have had a reasonable period of time to act upon your withdrawal.
• You will not be charged a fee for withdrawal of your consent including withdrawal of your consent should the bank change its hardware or software requirements

Hardware and Software Requirements

In order to use the Service, you must obtain and maintain, at your expense, compatible hardware and software to support the following requirements:

• Access to the internet and the latest version of a supported browser.
• For communications provided in PDF format, a current version of Adobe Acrobat Reader is required.

BankPurely is not responsible for any third party software you may need to use the Service. Any such software is accepted by you as is and is subject to the terms and conditions of the software agreement you enter into directly with the third party software provider a time of download and installation.

Privacy

As a part of signing up with BankPurely, you will be asked to provide us information that will help us better serve your needs. No information is sold to third parties by BankPurely, or provided to any business that is not a partner of BankPurely or has been contracted by BankPurely to provide services relating to this Agreement. For more information read our full privacy policy agreement.

Liability

You agree, for yourself (and the person or entity you represent if you sign as a representative of another) to the terms and conditions of this Agreement and the schedule of charges. You authorize us to deduct these charges directly from the account balance as accrued. You will pay any additional reasonable charges for services you request not covered by this Agreement.

Each of you also agrees to be jointly and individually liable for any account shortage resulting from charges or overdrafts, whether caused by you or another with access to your account. This liability is due immediately, and can be deducted directly from the account balance whenever the sufficient funds are available. You have no right to defer payment of this liability, and you are liable regardless of whether you signed the item or benefited from the charge or overdraft. This includes liability for our costs to collect the deficit including, to the extent permitted by law, our reasonable attorney's fees.

Deposits

Deposits may be made in several ways: 1) direct deposit (instructing a third party that makes periodic payments to you to deposit directly into your account); 2) calling us or using our website to electronically transfer funds from another account or 3) mailing us a check. Cash deposits are not permitted. It is your responsibility to insure that your deposit reaches us; and you inform us of the account to be credited. Otherwise, BankPurely will not be responsible for any loss that results. Any transaction that you conduct on Saturday, Sunday, a Federal holiday, or other days on which we are closed will be handled the following business day.

We may limit, refuse or return all or any part of a deposit without prior notice to you. We may return checks or cash that we receive for deposit into your account if we decide not to accept them. If a check or other deposit is returned to us unpaid or is otherwise charged back to us, we will deduct the amount of the check/deposit from your account. Funds will be available according to our funds availability schedule. You can only use available funds to make a payment.

Withdrawals

Unless clearly indicated otherwise on the account records, any of you, acting alone, who signs in the space designated for signatures on the signature card or e-signature card may withdraw or transfer all or any part of the available, unrestricted account balance at any time. Each of you (until we receive written notice to the contrary) authorizes each other person signing the signature card or e-signature card to endorse any item payable to you or your order of deposit to this account or any other transaction with us. We may refuse any withdrawal or transfer request which you attempt on forms not approved by us, by any method we do not specifically permit, which is greater in number than the frequency permitted, or which is for an amount greater or less than any withdrawal limitations. If you were to physically write a paper check against your e-checking account, we may refuse to pay that check. Even if we honor a nonconforming request, we may treat continued abuse of the stated limitations (if any) as your act of closing the account. The fact that we may honor withdrawal requests that overdraw the available account balance does not obligate us to do so later. Funds will be available for withdrawal as set forth below under "Funds Availability Policy".

We may require not less than 7 days' notice in writing before each withdrawal from an interest-bearing account other than a time deposit, or from any other savings account as defined by Regulations D. Withdrawals from a time account prior to maturity or prior to any notice period may be restricted and may be subject to penalty. See your notice of penalty for early withdrawal.

Early Withdrawal Penalties (and involuntary withdrawals)

We may impose early withdrawal penalties on a withdrawal from a time account even if you don’t initiate the withdrawal. For instance, the early withdrawal penalty may be imposed if the withdrawal is caused by our setoff against funds in the account or as a result of an attachment or other legal process. We may close your account and impose the early withdrawal penalty on the entire account balance in the event of a partial early withdrawal. See your notice of penalty for early withdrawals for additional information.

Ownership of Account and Beneficiary Designation

These rules apply to this account depending on the form of ownership and beneficiary designation, if any, specified on the account records. We make no representations as to the appropriateness or the effect of ownership and beneficiary designations, except as they determine to whom we pay the account funds. Individual Account -is an account in the name of one person.

Joint Account - is owned by two or more persons. Deposits and any additions to the account are the property of the owners as joint tenants with right of survivorship. This means that we may release the entire account to any owner during the lifetime of all owners. We may honor withdrawal requests from any owner during the lifetime of all owners. We may be required to release money in the account to satisfy a judgment against or other valid debt incurred by one owner. We may honor withdrawal requests from any surviving owner after the death of any owner, and may treat the account as the sole property of the surviving owner(s). Unless an owner directs us by written notice not to honor the withdrawal request of an owner, we will not be liable for doing so. After we receive such a notice, we may require written authorizations of any or all joint owners for further payments or deliveries.

Telephone Transfers

A telephone transfer from this account to another account with us, if otherwise arranged for or permitted, may be made by the same persons and under the same conditions generally applicable to withdrawals. Unless a different limitation is disclosed in writing, any transfer made from an Eligible Account must not exceed your Available Balance in the Account on the day the transfer is made. Other account transfer restrictions may be described elsewhere.

Amendments and Termination

We may change any term of this Agreement. Rules governing changes in interest rates are provided separately. For other changes, we will give you reasonable notice in writing or by any other method permitted by law. We may also close this account at any time upon reasonable notice to you and tender the account balance to you by mail. Notice from us to any one of you is notice to all of you.

E-Statements

We will provide you with an e-statement monthly. Your e-statement will be available to you by visiting www.purelydigital.com/bankpurely  and logging on to your account. You must examine your e-statement of account with "reasonable care and promptness". If you discover (or reasonably should have discovered) any unauthorized transactions, you must promptly notify us of the relevant facts. For further information, please refer to the Error Resolution Notice below.

Setoff

You agree that we may (when permitted by law) set off the funds in this account against any due and payable debt you owe us or in the future, by any of you having the right of withdrawal, to the extent of such persons' or legal entity's right to withdraw. If the debt arises from a note, "any due and payable debt" includes the total amount of which we are entitled to demand payment under the terms of the note at the time we set off, including any balance the due date for which we properly accelerate under the note.

This right of offset does not apply to this account if : (a) it is an IRA or other tax-deferred retirement account, or (b) the debt is created by a consumer credit transaction under a credit card plan (but this does not affect our rights under any consensual security interest), or (c) the debtor's right of withdrawal only arises in a representative capacity, or (d) social security or supplemental security income payments are deposited into this account pursuant to an agreement with us which permits such direct deposit without presentation to you at the time of deposit. You agree to hold us harmless from any claim arising as a result of our exercise of our right to setoff.

Notice of Negative Information

Federal law requires us to provide the following notice to customers before any "negative information" may be furnished to a nationwide consumer-reporting agency. "Negative information" includes information concerning delinquencies, overdrafts or any form of default. This notice does not mean that we will be reporting such information about you, only that we may report such information about customers that have not done what they are required to do under our agreement. After providing this notice, additional negative information may be submitted without providing another notice. We may report information about your account to credit bureaus. Late payments, missed payments or other defaults on your account may be reflected in your credit report.

Electronic Fund Transfers Your Rights and Responsibilities

Indicated below are types of Electronic Fund Transfers we are capable of handling, some of which may not apply to your account. Please read this disclosure carefully because it tells you your rights and obligations for the transactions listed. You should keep this notice for future reference.

ACH and Wire Transfers

This agreement is subject to Article 4A of the Uniform Commercial Code - Fund Transfers as adopted in the state in which you have your account with us. If you originate a fund transfer and you identify by name and number a beneficiary financial institution, an intermediary financial institution or a beneficiary, we and every receiving or beneficiary financial institution may rely on the identifying number to make payment. We may rely on the number even if it identifies a financial institution, person or account other than the one named. You agree to be bound by automated clearing house association rules. These rules provide, among other things, that payments made to you, or originated by you, are provisional until final settlement is made through a Federal Reserve Bank or payment is otherwise made as provided in Article 4A-403(a) of the Uniform Commercial Code. If we do not receive such payment, we are entitled to a refund from you in the amount credited to your account and the party originating such payment will not be considered to have paid the amount so credited. Credit entries may be made by ACH. If we receive a payment order to credit an account you have with us by wire or ACH, we are not required to give you any notice of the payment order or credit.

Electronic Funds Transfers Initiated By Third Parties

You may authorize a third party to initiate electronic funds transfers between your account and the third party's account. These transfers to make or receive payment may be onetime occurrences or may recur as directed by you. These transfers may use the Automated Clearinghouse (ACH) or other payments network. Your authorization to the third party to make these transfers can occur in a number of ways. In some cases, your authorization can occur when the merchant posts a sign informing you of their policy. In all cases, the transaction will require you to provide the third party with your account number and bank information. This information can be found on your check as well as on a deposit or withdrawal slip. Thus, you should only provide your bank account information (whether on the phone, the Internet, or via some other method) to trusted third parties whom you have authorized to initiate these electronic funds transfers.

Online Banking Computer Transfers -types of transfers and charges

You may access your account(s) by computer through the internet by logging into BankPurely Online Banking, using your User Name and password, to:

• transfer funds between statement savings accounts, transfer funds between money market savings accounts
• get information about:
• the account balance of statement savings accounts, money market savings accounts and certificates of deposit
• available account balance of statement savings accounts, money market savings accounts and certificates of deposit
• deposits to checking, money market savings and statement savings accounts
• withdrawals from checking, money market savings and statement savings accounts
• ATM and Point of Sale transactions

Hours of Accessibility

You can access your account(s) through BankPurely, seven days a week, 24 hours a day. However, at certain times, some or all of BankPurely’s Online Banking may not be available due to system maintenance or other factors. During these times, you may opt to call the telephone banking facility to conduct your transactions. If a request to transfer funds through BankPurely’s Online Banking is completed before 10:00 PM on a Business Day, the transfer will be posted to your Account the same day. If a request to transfer funds is completed after 10:00PM on a Business Day or on a non-Business Day, the transfer will post to your Account the next Business Day.

Telephone Transfers -types of transfers, frequency and dollar limitations

You may access your account by telephone 24/7 by calling 1.844.8.PURELY using your social security number, and your PIN to get information about:

• the last amount of your deposits to checking/savings/money market savings/ CD account(s)
• the last amount of withdrawals from checking/savings/money market savings/CD account(s)
• to transfer funds between your checking, money market savings and savings accounts

Please also see Limitations on frequency of transfers section regarding limitations that apply to telephone transfers.

Limitations on frequency of transfers

You may use BankPurely Online Banking as often as you want. Any BankPurely Online Banking transfer made from an Eligible Account must not exceed your Available Balance in the Account on the day the transfer is made. If you are a new customer, the following special rules will apply during the first 30 days your account is open.

Funds from electronic direct deposits to your account will be available on the day we receive the deposit. Funds from deposits of cash, wire transfers, and the first $5,525 of a day’s total deposits of cashier’s, certified, teller’s, traveler’s, and federal, state and local government checks will be available on the first business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you (and you may have to use a special deposit slip). The excess over $5,525 will be available on the ninth business day after the day of your deposit. If your deposit of these checks (other than a U.S. Treasury check) is not made in person to one of our employees, the first $5,525 will not be available until the second business day after the day of your deposit.

Funds from all other check deposits will be available on the tenth business day after the day of your deposit.

In addition to the above:

• ACH debit transactions, transfers you initiate through BankPurely from funds you hold in an account at another financial institution, will be available on the tenth day after the date of deposit for the first thirty days after your account is opened.

• Access to Zelle Transfers and External Transfers initiated through our Service will be activated 10 days after enrolling in the Service.

Fees

Except as indicated elsewhere, we do not charge for these electronic funds transfers.

ATM Transactions -Types of transfers, dollar limitations, and charges

You may access your account(s) by ATM using your BankPurely Debit Card (available to checking account holders only) ATM Card and personal identification number to:

• get cash withdrawals from checking, savings and money market savings accounts using your debit card you may withdraw no more than $1000.00 per business day per card
• using your ATM card you may withdraw no more than $1000.00 per business day per card
• transfer funds from checking, money market savings or savings to checking, money market savings or savings account(s)
• get information about: the account balance of your checking, money market savings and savings account (There will be a charge per inquiry at ATMs that are not part of the AllpointTM Network)

Types of BankPurely Debit Card Point-of-Sale Transactions

You may access your checking account to purchase goods, pay for services, get cash from a merchant, if the merchant permits, or from a participating financial institution, and do anything that a participating merchant will accept.

Point-of-Sale Transactions -dollar and frequency limitations

Using your card:

• you may not exceed $1,500.00 in transactions per day
• the number of transactions per business day per card are unlimited up to the maximum dollar amount

Only owners of a CheckingPurely account are eligible to become a BankPurely Debit cardholder.

Card and Pin Security

To reduce the chance that a lost or stolen Card will be used by someone else, you agree not to write your PIN on the Card or to keep them in the same place. If you try to use a Card which has been reported lost or stolen, the ATM may capture (i.e. retain) your Card. If it does so, the Bank will not be liable to you for your failure to complete the attempted transaction.

ATM Unavailability

Should an ATM be unavailable at any time due to malfunction, repair, servicing, or any other reason, the Bank will not be liable to you for your failure to complete the attempted transaction.

Currency Conversion

When you use your Debit Card at a merchant that settles in currency other than US Dollars, MasterCard will convert the charge into a US Dollar amount. The MasterCard currency conversion procedure includes use of either a government-mandated exchange rate or a wholesale exchange rate selected by MasterCard. The exchange rate MasterCard uses will be a rate in effect on the day the transaction is processed. This rate may differ from the rate in effect on the date of purchase or the date the transaction was posted to your account.

Advisory Against Illegal Use

You agree not to use your card(s) for illegal gambling or other illegal purpose. Display of a payment card logo by, for example, an online merchant does not necessarily mean that transactions are lawful in all jurisdictions in which the cardholder may be located.

ATM Operator/Network Fees

You have surcharge free access to your account at over 55,000 ATMS in all 50 states through our partnership with the Allpoint™ Network. When you use an ATM not in the network you may be charged a fee by the ATM operator or any network used. (You will be charged a fee for a balance inquiry even if you do not complete a funds transfer).

Documentation

• Terminal transfers. You can get a receipt at the time you make any transfer to or from your account using an automated teller machine or point-of-sale terminal. However, you may or may not get a receipt if the amount of the transfer is $15 or less, depending on the law of the state in which the transaction is conducted.
• Periodic Statements -You will receive a monthly account eStatement for your checking account, statement savings account, money market savings account, or certificate of deposit account. IRA accounts will receive 2 statements annually.

Preauthorized Payments

• Right to stop payment and procedure for doing so. If you have told us in advance to make regular payments out of your account, you can stop any of these payments. Here is how:

Call or write us at the telephone number or address listed below in time for us to receive your request 3 business days or more before the payment is scheduled to be made. If you call, we require you to put your request in writing and get it to us within 14 days of your call.

• Notice of varying amounts. If these regular payments may vary in amount, the person you are going to pay will tell you, 10 days before each payment, when it will be made and how much it will be. (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.)
• Liability for failure to stop payment of preauthorized transfer. If you order us to stop one of these payments 3 business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.

Financial Institution Liability

Liability for failure to make transfers.

If we do not complete a transfer to or from your account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable, for instance:

• If, through no fault of ours, you do not have enough money in your account to make the transfer.
• If the terminal or system was not working properly and you knew about the breakdown when you started the transfer.
• If circumstances beyond our control (such as fire or flood) prevent the transfer, despite reasonable precautions that we have taken.
• There may be other exceptions stated in our agreements with you.

Confidentiality

We will disclose information to third parties about your account or the transfers you make:

• where it is necessary for completing transfers; or
• in order to verify the existence and condition of your account for a third party, such as a credit bureau or merchant; or
• in order to comply with government agency or court orders; or
• as explained in the separate Privacy Disclosure.

Unauthorized Transfers

(a) Consumer liability

• Generally. Tell us AT ONCE if you believe your password has been lost or stolen. Telephoning is the best way of keeping your possible losses down. You could lose all the money in your account. If you tell us within 2 business days, you can lose no more than $50 if someone used your password without your permission. (If you believe your password has been lost or stolen, and you tell us within 2 business days after you learn of the loss of theft, you can lose no more than $50 if someone used your password without your permission.)

If you do NOT tell us within 2 business days after you learn of the loss or theft of your card or password, and we can prove we could have stopped someone from using your password without your permission if you had told us, you could lose as much as $500.

Also, if your e-statement shows transfers, including those by card that you did not make, tell us at once. If you do not tell us within 60 days after the eStatement was made available to you, you may not get back any money you lost after the 60 days if we can prove that we could have stopped someone from taking the money if you had told us in time.

If a good reason (such as a long trip or a hospital stay) kept you from telling us, we may extend the time periods.

Additional Limits on Liability for Debit Card when used for point of sale transactions

You will not be liable for any unauthorized transactions using your Debit Card when used for point-of-sale transactions, if: (i) you can demonstrate that you have exercised reasonable care in safeguarding your card from the risk of loss or theft, (ii) you have not reported to us two or more incidents of unauthorized use within the prior twelve-month period, and (iii) your account is in good standing. If any of these conditions are not met, your liability is the lesser of $50 or the amount of money, property, labor, or services obtained by the unauthorized use before notification to us. “Unauthorized use” means the use of your debit card by a person other than you, who does not have actual, implied, or apparent authority for such use, and from which you receive no benefit. This additional limitation on liability does not apply to PIN-based transactions or transactions not processed by MasterCard.

(b) Contact in event of unauthorized transfer. If you believe your password has been lost or stolen or that someone has transferred or may transfer money from your account without your permission, e-mail, call or write us at the telephone number or address listed in this Agreement.

Error Resolution Notice

In case of errors or questions about your electronic transfers, email, call or write us at the telephone number or address listed in this Agreement, as soon as you can, if you think your e-statement or receipt is incorrect or if you need more information about a transfer listed on your e-statement or receipt. We must hear from you no later than 60 days after we send the FIRST e-statement on which the problem or error appeared.

• Tell us your name and account number
• Describe the error or transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information.
• Tell us the dollar amount of the suspected error.

If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days.

We will determine whether an error occurred within 10 business days (20 business days if the transfer involved a new account) after we hear from you and we will correct any error promptly. If we need more time, however, we may take up to 45 days (90 days if the transfer involved a new account, a point of sale transaction, or a foreign-initiated transfer) to investigate your complaint or question. If we decide to do this, we will credit your account within 10 business days (20 business days if the transfer involved a new account) for the amount you think is in error, so that you will have use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not credit your account. Your account is considered a new account for the first 30 days after the first deposit is made, unless each of you already has an established account with us before this account is opened.

We will tell you the results within three business days after completing our investigation. If we decide that there was not error, we will send you a written explanation.

You may ask for copies of the documents that we used in our investigation.

BankPurely
P.O. Box 9000
East Meadow, NY 11554
Attention: BankPurely claims

Checking Accounts

CheckingPurely^®

Account description- The CheckingPurely account is a noninterest-bearing checkless checking account.

Minimum balance to open the account - You must open this account with a minimum deposit of $100.

Minimum balance to avoid imposition of fees - There is no low balance fee or minimum balance requirement on this account.

Transaction limitations - You may make an unlimited number of transactions without incurring any additional charge.

Fees - Please refer to our fee schedule for additional information about charges.

CheckingPurely^® Plus - No Longer Offered

Account description - The CheckingPurely Plus account is an interest-bearing checkless checking account. The account type is no longer offered. Previously existing accounts will remain operational at the account holder(s) discretion.

Rate Information - Your interest rate and annual percentage yield (APY) may change after the account is opened. This is a variable rate account.

Frequency of rate changes - We may change the interest rate on your account at any time.

Determination of rate - At our discretion, we may change the interest rate on your account at any time without notice.

Compounding and crediting frequency - Interest will accrue and compound daily. Interest will be credited to your account monthly at the end of your statement cycle.

Effect of closing an account - If you close your account before interest is credited, you will not receive the accrued interest.

Minimum balance to open the account - This account is no longer offered but initially required a minimum opening deposit of $100.

Minimum balance to avoid imposition of fees - There is no low balance fee or minimum balance requirement on this account.

Balance computation method - We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.

Accrual of interest on non-cash deposits - Interest begins to accrue on the day you deposit non-cash items (for example, checks).

Transaction limitations - You may make an unlimited number of transactions without incurring any additional charge.

Fees - Fees may reduce earnings. Please refer to our fee schedule for additional information about charges.

Savings Accounts

SavingPurely^®

Rate information - Your interest rate and annual percentage yield (APY) may change after the account is opened. This is a variable rate account. For current rates, visit the web page specific to this product, check your current statement, or call the Customer Service Solutions Center.

Frequency of rate changes - We may change the interest rate on your account at any time.

Determination of rate - At our discretion, we may change the interest rate on your account at any time without notice.

Compounding and crediting frequency - Interest will accrue and compound daily. Interest will be credited to your account monthly at the end of your statement cycle.

Effect of closing an account - If you close your account before interest is credited, you will not receive the accrued interest.

Minimum balance to open the account - You must open this account with a minimum deposit of $100.

Minimum balance to avoid imposition of fees - There is no low balance fee or minimum balance requirement on this account.

Balance computation method - We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.

Accrual of interest on non-cash deposits - Interest begins to accrue on the day you deposit non-cash items (for example, checks).

Transaction limitations - You may make an unlimited number of transactions without incurring any additional charge.

Fees - Fees may reduce earnings. Please refer to our fee schedule for additional information about charges.

Money Market Accounts

PurelyInsuredMoneyMarket

BankPurely® is a division of Flushing Bank, Member FDIC. Flushing Bank including each of its divisions, BankPurely and iGObanking®, are all part of a single FDIC-insured bank. The FDIC insurance coverage applicable to deposit customers is shared across the deposits held at Flushing Bank and each division, as applicable.

The PurelyInsuredMoneyMarket account provides additional FDIC insurance through the Purely Insured Deposit Program (“Program") offered by BankPurely as an arrangement to sweep deposits that exceed $250,000 on deposit at BankPurely in the PurelyInsuredMoneyMarket account to other insured accounts at FDIC member banks. Please refer to the Purely Insured Deposit Program section of the Terms and Conditions for full program details.

Rate information – Your interest rate and annual percentage yield (APY) may change after the account is opened. This is a tiered variable rate account. For current rates, visit the web page specific to this product, check your current statement, or contact the Customer Service Solutions Center.

Frequency of rate changes - We may change the interest rate on your account at any time.

Determination of rate - At our discretion, we may change the interest rate on your account at any time without notice. This is a tiered rate account that earns interest based on the following minimum daily balances:

Tier 1:      $0 - $24,999
Tier 2:      $25,000 - $249,999
Tier 3:      $250,000 - $2,499,999
Tier 4:      $2,500,000 +

Compounding and crediting frequency - Interest will accrue daily and compound monthly. Interest will be credited to your account monthly at the end of your statement cycle.

Effect of closing an account - If you close your account before interest is credited, you will receive the accrued interest.

Minimum balance to open the account - You must open this account with a minimum deposit of $100.

Minimum balance to earn the annual percentage yield (APY) – You must maintain a minimum daily balance of at least $25,000 to earn the APY disclosed.

Minimum balance to avoid imposition of fees - There is no low balance fee or minimum balance requirement on this account.

Maximum balance - The maximum balance for this account is $2,750,000.

Balance computation method - We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.

Accrual of interest on non-cash deposits - Interest begins to accrue on the day you deposit non-cash items (for example, checks).

Transaction limitations - You may make an unlimited number of transactions without incurring any additional charge.

Fees - Fees may reduce earnings. Please refer to our fee schedule for additional information about charges.

PurelyIndexMoneyMarket

Rate information - Your interest rate and annual percentage yield (APY) may change after the account is opened. This is a tiered variable rate account. For current rates, visit the web page specific to this product, check your current statement, or call the Customer Service Solutions Center.

Determination of rate - At our discretion, we may change the interest rate on your account at any time without notice. The rate is based on the Bloomberg FDTR, which represents the upper bound of the Federal Funds Target Rate (Index). Your interest rate and annual percentage yield (APY) may change monthly on the first calendar day of each month, based on changes to the Index. This is a tiered variable rate account that earns interest based on the Index and the following minimum daily balances:

Tier 1 - If your balance is $0 - $24,999, your rate is 0% of the Index
Tier 2 - If your balance is $25,000 - $99,999, your rate will be 85% of the Index
Tier 3 - If your balance is $100,000 +, your rate will be 85% of the Index

Compounding and crediting frequency - Interest will accrue and compound daily. Interest will be credited to your account monthly at the end of your statement cycle.

Effect of closing an account - If you close your account before interest is credited, you will not receive the accrued interest.

Minimum balance to open the account - You must open this account with a minimum deposit of $100.

Minimum balance to avoid imposition of fees - There is no low balance fee or minimum balance requirement on this account.

Maximum balance - The maximum balance for this account is $5,000,000.

Balance computation method - We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.

Accrual of interest on non-cash deposits - Interest begins to accrue on the day you deposit non-cash items (for example, checks).

Transaction limitations - You may make an unlimited number of transactions without incurring any additional charge.

Fees - Fees may reduce earnings. Please refer to our fee schedule for additional information about charges.

PurelyMoneyMarket™ – No Longer Offered

Rate information - Your interest rate and annual percentage yield (APY) may change after the account is opened.This is a variable rate account. For current rates, visit the web page specific to this product, check your current statement, or call the Customer Service Solutions Center.

Frequency of rate changes - We may change the interest rate on your account at any time.

Determination of rate - At our discretion, we may change the interest rate on your account at any time without notice.

Compounding and crediting frequency - Interest will accrue and compound daily. Interest will be credited to your account monthly at the end of your statement cycle.

Effect of closing an account - If you close your account before interest is credited, you will not receive the accrued interest.

Minimum balance to open the account - You must open this account with a minimum deposit of $100.

Minimum balance to avoid imposition of fees - There is no low balance fee or minimum balance requirement on this account.

Maximum balance - The maximum balance for this account is $500,000.

Balance computation method - We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.

Accrual of interest on non-cash deposits - Interest begins to accrue on the day you deposit non-cash items (for example, checks).

Transaction limitations - You may make an unlimited number of transactions without incurring any additional charge.

Fees - Fees may reduce earnings. Please refer to our fee schedule for additional information about charges.

Certificates of Deposit 

PurelyCD^®

Rate information -Please see your Certificate of Deposit receipt for rate, annual percentage yield (APY), and maturity details. You will be paid this rate until first maturity. For current rates, visit the web page specific to this product, check your current statement, or call the Customer Service Solutions Center.

Compounding and crediting frequency - Interest will be compounded every day. Interest will be credited to your account every month.

Effect of closing an account - If you close your account before interest is credited, you will not receive the accrued interest.

Minimum balance to open the account - You must open this account with a minimum deposit of $1,000.

Minimum balance to obtain the annual percentage yield disclosed - You must maintain a minimum balance of $1,000 in the account each day to obtain the disclosed annual percentage yield.

Balance computation method - We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.

Accrual of interest on non-cash deposits - Interest begins to accrue on the day you deposit noncash items (for example, checks).

Transaction limitations:
You may not make deposits into your account before maturity. You can only withdraw interest credited to your account before maturity without penalty. You can withdraw interest anytime during the term of the certificate of deposit after it is credited to your account. IRS rules and regulations apply to all Individual Retirement Accounts (IRAs).

Early withdrawal penalties - A penalty may be imposed for withdrawals before maturity. Penalty may reduce principal.

• If your account has an original maturity of three months to less than one year: The fee we may impose will equal three months simple interest on the amount withdrawn subject to penalty.
• If your account has an original maturity between one year and less than three years: The fee we may impose will equal six months simple interest on the amount withdrawn subject to penalty.
• If your account has an original maturity between three years and less than seven years: The fee we may impose will equal one-year simple interest on the amount withdrawn subject to penalty.
• If your account has an original maturity of seven years or greater: The fee we may impose will equal the loss of either all interest earned on the amount withdrawn or half the interest amount that would have been earned on the amount withdrawn during the entire term of the certificate, whichever is greater.

In certain circumstances such as the death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty.

Withdrawal of interest prior to maturity - The annual percentage yield (APY) assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.

Automatically renewable time account - This account will automatically renew at maturity. You may prevent renewal if you withdraw the funds in the account at maturity (or within any grace period mentioned below) or we receive written notice from you within any grace period mentioned below. We can prevent renewal if we mail notice to you at least 30 calendar days before maturity. If either you or we prevent renewal, interest will continue to accrue after the final maturity for up to seven calendar days. The interest rate will be the prevailing renewal rate in effect immediately at maturity. Each renewal term will be the same as the original term, beginning on the maturity date. The interest rate will be the prevailing renewal rate on the maturity date, which has the same term and minimum balance (if any) as the original time deposit. You will have seven calendar days after maturity to withdraw the funds without a penalty.

Fees - Fees may reduce earnings. Please refer to our fee schedule for additional information about charges.

Common Features
Please refer to our fee schedule for additional information about charges.

Please refer to our separate rate schedule for information about current rates.

We reserve the right to require not less than 7 days’ notice in writing before each withdrawal from an interest-bearing account other than a time deposit or demand deposit, or from any other savings account as defined by Regulation D. (The law requires us to reserve this right, but it is not our general policy to use it.) Withdrawals from a time account prior to maturity or prior to any notice period may be restricted and may be subject to penalty. See your notice of penalty for early withdrawal.

Funds Availability Policy

Your Ability to Withdraw Funds

This policy statement applies to savings and checking accounts. Our policy is to delay the availability of funds from your cash and check deposits. During the delay, you may not withdraw the funds in cash and, for transaction accounts; we will not use the funds to pay checks that you have written.

Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.

Determining The Availability of a Deposit

The length of the delay is counted in business days from the day of your deposit. Every day is a business day except Saturdays, Sundays, and federal holidays. The length of the delay varies depending on the type of deposit and is explained below.

Transaction Accounts

Same Day Availability

Funds from electronic direct deposits to your account will be available on the day we receive the deposit.

Next Day Availability

Funds from checks drawn on Flushing Bank are available on the first business day after the day of your deposit. Funds from deposit of ACH (automatic clearing house) transactions will be available on the first business day after the day of your deposit. International wire transfers will not be accepted.

Your deposit of cashier's, certified, teller's, federal, state and local government checks will be available on the first business day after the day of your deposit. Any other check deposit will be available according to the provision below entitled “Other Check Items.” U.S. Treasury Checks are not accepted. We are not responsible for transactions by mail or outside depository until we actually record them. We will treat and record all transactions received after our 3:00pm "daily cutoff time" on a business day we are open as if initiated on the following business day that we are open.

Other Check Items

Our policy is to make funds from other checks available as follows:

The first $225 from a deposit of checks that are subject to Second-Day Availability will be available on the first business day after the day of your deposit. The remaining funds will be available on the second business day after the day of your deposit.

Longer Delays May Apply

• Funds you deposit by check may be delayed for a longer period under the following circumstances:
• We believe a check you deposit will not be paid.
• You deposit checks totaling more than $5,525 on any one day.
• You redeposit a check that has been returned unpaid.
• You have overdrawn your account repeatedly in the last six months.
• There is an emergency, such as failure of computer or communications equipment.
• We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the seventh business day after the day of your deposit.
• In addition to the above, ACH debit transactions, transfers you initiate through BankPurely.com from funds you hold in an account at another institution, will be available on the tenth day after the date of deposit for the first thirty days after your account is opened.
• If you have any questions on Funds Availability please contact the Customer Solutions Center at 1.844.878.7359(855.858.0999 TTY/TDD), or email us at customerservice@bankpurely.com

The Purely Insured Deposit Program

Terms and Conditions

The Purely Insured Deposit Program (“Program") is offered by BankPurely® as an arrangement to sweep any amount on deposit in a PurelyInsuredMoneyMarket Account at BankPurely that exceeds $250,000.00 (“Target Balance”) to other insured accounts at FDIC member banks. Your funds will be deposited in money market deposit accounts (“MMDAs”) and demand deposit accounts (“DDAs”; MMDAs together with DDAs, “Deposit Accounts”) at receiving banks (“Receiving Banks” or “banks”), subject to the limitations described herein. Your funds that are deposited through the Program into the Receiving Banks are hereinafter referred to as “Program Deposits.”  You hereby agree that you appoint BankPurely as your authorized agent pursuant to the Terms and Conditions set forth herein. Stable Custody Group II LLC (“Stable”) operates the Program as an administrator and acts as BankPurely’s agent. 

The Program is administered by Stable. Stable and its affiliates are not depositories, banks or credit unions, and the Program is NOT, itself, FDIC-insured. Rather, under the Program, your funds are swept into deposit accounts at participating banks or other financial institutions that are insured by the FDIC for up to the current standard maximum deposit insurance amount (SMDIA) of $250,000 per eligible depositor, per insured participating institution, for each ownership capacity or category, including any other balances the depositor may hold at that institution directly or through other intermediaries, including broker-dealers.  Demand Deposit Marketplace®, DDM®, Reich & Tang® and R&T® are registered marks of Reich & Tang Deposit Networks, LLC (“R&T”). Stable is a subsidiary of R&T.

This Program is designed to enable you to increase the FDIC protection on your deposit while continuing to process all your transactions with BankPurely. From time to time, BankPurely will notify you of the maximum amount of FDIC insurance protection available on your Program Deposits. Such maximum amount will depend on the number of Receiving Banks in the Program and the number of Receiving Banks that you exclude from holding your Program Deposits, and so may change from time to time.

YOU UNDERSTAND THAT BY ENROLLING IN THE PROGRAM, YOU ARE INSTRUCTING BANKPURELY TO DIRECT THE AMOUNT OF YOUR FUNDS ON DEPOSIT WITH BANKPURELY THAT EXCEEDS YOUR TARGET BALANCE INTO THE PROGRAM.

YOU ACKNOWLEDGE THAT YOU HAVE RECEIVED AND CAREFULLY READ THESE TERMS AND CONDITIONS. 

BY APPOINTING BANKPURELY TO SERVE AS YOUR AGENT FOR PARTICIPATION IN THE PROGRAM, THESE TERMS & CONDITIONS BECOME A BINDING CONTRACT BETWEEN YOU AND BANKPURELY.

BANKPURELY IS A DIVISION OF FLUSHING BANK, MEMBER FDIC. FLUSHING BANK, INCLUDING EACH OF ITS DIVISIONS, BANKPURELY AND IGOBANKING, ARE ALL PART OF A SINGLE FDIC-INSURED BANK. THE FDIC INSURANCE COVERAGE APPLICABLE TO DEPOSIT CUSTOMERS IS SHARED ACROSS THE DEPOSITS HELD AT FLUSHING BANK AND EACH DIVISION, AS APPLICABLE.

THE LIST OF RECEIVING BANKS MAY CHANGE FROM TIME TO TIME. THE MOST UPDATED LISTING MAY BE FOUND AT https://www.rnt.com/files/ddm/bank-list/pbl-rnt.pdf.

Stable operates the Program, and BankPurely acts as your agent. BankPurely will sweep any amount on deposit in the PurelyInsuredMoneyMarket Account that exceeds the Target Balance up to $2,500,000 into the Program. Your Program Deposits are deposited into Deposit Accounts at multiple Receiving Banks in a manner designed to remain within the FDIC insurance limit at each Receiving Bank, which in the aggregate increases the amount of FDIC protection available to you.  FDIC insurance coverage is available up to its standard maximum deposit insurance amount, which is $250,000, per legal category of account ownership at each bank (“SMDIA”). You will receive interest on your Program Deposits at the rate established by BankPurely. 

Your Program Deposits are allocated among the Receiving Banks to maximize FDIC coverage. The amount of FDIC insurance coverage available through the Program is based, generally, on the number of Receiving Banks. The level of insurance may change from time to time.  Ask BankPurely if you want to know the current level of FDIC insurance coverage available to you under the Program.     

Access to Funds: You will access Program Deposits through your deposit accounts at BankPurely. 

Determination of Interest Rates: Your interest rate on Program Deposits is set by BankPurely. Contact BankPurely with any questions about your rate. See Section J, Interest. 

Fees: Stable earns fees based on the amount of money in the Program, including your Program Deposits. BankPurely may also earn fees for its services with respect to the Program.  See Section K, Fees. 

Risks of the Program: By participating in the Program, you consent to have BankPurely automatically sweep the excess funds over the Target Balance to the Program on the following business day. 

If you have funds at a Receiving Bank outside the Program, this may negatively impact the availability of FDIC insurance at such Receiving Bank.  If your deposits in a Receiving Bank exceed the then current SMDIA of such bank, the excess funds are not covered by the FDIC deposit insurance. You are solely responsible for monitoring your deposits in Receiving Banks outside of the Program. As such, you should review the list of Receiving Banks carefully. The list of Receiving Banks may change from time to time, and you may contact BankPurely directly to obtain the most recent list. You are responsible for instructing BankPurely to exclude certain Receiving Banks from the banks that hold your Program Deposits. See Sections D, Deposits and FDIC Insurance, and G, Ability to Exclude Receiving Banks.

To the extent that BankPurely is not able to implement your request to exclude a particular Receiving Bank at which you have existing balances, there is a risk that all or portion of your funds allocated to such Receiving Bank by the Program will not be FDIC insured. In the event of a failure of a Receiving Bank, there may be a time period during which you may not be able to access your money. Where your funds are held in MMDAs, the return of your funds to your account at BankPurely may be delayed. Receiving Banks are permitted to, but rarely do, impose a delay of up to seven days on any withdrawal request from an MMDA. 

A. Account Eligibility 

This Program is available to individuals and all other entities, including corporations, public entities and not-for-profit entities, eligible to maintain an PurelyInsuredMoneyMarket Account. It is your responsibility to ensure that the Program satisfies your particular objectives or guidelines and/or applicable law. In order to obtain FDIC insurance in the Program, you must provide proper tax and other identification information to BankPurely.

B. Agency Relationships 

BankPurely is acting as your agent in establishing and maintaining bank deposit accounts at Receiving Banks and BankPurely appoints Stable as its agent. When you enroll in the Program, you appoint BankPurely as your custodial agent to effect deposits to and withdrawals from the Deposit Accounts. The allocation process administered by Stable determines into which Receiving Bank(s) your money will be deposited to maximize the amount of FDIC insurance available to you. See Section I, Allocations to Receiving Banks The custodian bank for the overall Program (currently Huntington National Bank) (“Custodian Bank”) is solely responsible for the movement of funds within the Program to and from Receiving Banks. All Program funds remain under the custodial control of either BankPurely or the Custodian Bank at all times.

C. Information about Stable 

Stable is a Delaware limited liability company. Stable is not a bank, credit union, broker-dealer, or investment adviser.  None of the Receiving Banks is an affiliate of Stable. Stable administers the Program.

D. Deposits and FDIC Insurance

Your funds intended for deposit into the Program must be placed through BankPurely and cannot be placed directly by you with any of the Receiving Banks.  

Once in the Program, your Program Deposits will be allocated to one or more omnibus Deposit Accounts maintained at the Receiving Banks held in the name of "Stable Custody Group II LLC, as Agent, for the Exclusive Benefit of its DDM Participating Banks, as Agent, for the Exclusive Benefit of its DDM Customers, Acting for Themselves and/or Acting in a Fiduciary Capacity for Others” or a similar name that preserves the eligibility of Program Deposits for pass-through FDIC insurance. See Section I, Allocations to Receiving Banks.

Your Program Deposits are swept into accounts at the Receiving Banks to provide you with up to $250,000 of FDIC insurance per Receiving Bank, subject to certain exceptions described herein. The $250,000 limit (i.e., the SMDIA) includes your principal and accrued interest, when aggregated with all other deposits held by you directly, or through others, in the same recognized legal category of ownership at the same Receiving Bank. FDIC deposit insurance protects you against the loss of your insured deposits in the event a Receiving Bank fails. FDIC deposit insurance is backed by the full faith and credit of the United States.  

If you have money at a Receiving Bank outside the Program, this may negatively impact the availability of FDIC insurance for the total amount of your funds held at that bank. If your deposits at a Receiving Bank, in aggregate, exceed the then current SMDIA, the excess funds are not covered by the FDIC deposit insurance. BankPurely, the Receiving Banks and Stable are unaware of your funds outside of the Program.  As a result, these funds will not be taken into account when allocating your funds to a particular Receiving Bank. You are solely responsible for monitoring your deposits in Receiving Banks outside of the Program and for notifying BankPurely to exclude any particular Receiving Bank from receiving your funds. You should review the list of Receiving Banks carefully. The list of Receiving Banks may change from time to time, and you may contact BankPurely directly to obtain the most recent list.  

While Stable will cooperate with BankPurely to select appropriate Receiving Banks, in general, once funds of customers are allocated, Stable will not be able to modify the selection of Receiving Banks due to the needs of any particular customer without making the same change for all customers.  For this reason, BankPurely may not be able to implement your request to exclude a particular Receiving Bank on a timely basis, or at all.  See Section “Risks of the Program” above.  

For example, if the then current SMDIA is $250,000 and you have a non-Program deposit account at Bank A of $200,000 and you also have $60,000 in the Program Deposits account at the same bank in the same legal category of ownership, only $250,000 of your $260,000 is insured by the FDIC. 

 In the event that a Receiving Bank that holds your Program Deposits fails, payments of principal plus unpaid and accrued interest up to the then current SMDIA per legal category of account ownership will be made available to you. Although the FDIC normally makes these payments within a few days of taking possession of a bank as receiver, there is no specific time period during which the FDIC must make insurance payments available. Furthermore, you may be required to provide certain documentation to the FDIC before insurance payments are made.

Your account ownership will be evidenced by an entry on records maintained by Stable acting on behalf of BankPurely for each of the Receiving Banks at which your funds are on deposit. You will not be issued any evidence of ownership of a Program Deposit account, such as a passbook or certificate. However, BankPurely will provide you with a summary of all Program deposits and withdrawals, the name of each Receiving Bank that holds your Program Deposits, deposit balance(s) and interest rate either on your periodic statements, via an online portal, upon request, or a combination thereof.

E. FDIC Deposit Insurance for FDIC-Recognized Categories of Account Ownership; Multi-Tiered Fiduciary Relationships 

To ensure that your Program Deposits are protected by FDIC insurance to the fullest extent possible under the Program, you should understand how FDIC insurance applies to each FDIC-recognized category of account ownership. 

In general, the FDIC-recognized categories of account ownership include single ownership accounts; accounts held by an agent, escrow agent, nominee, guardian, custodian, or conservator; annuity contract accounts; certain joint ownership accounts; certain revocable trust accounts; accounts of a corporation, partnership, or unincorporated association; accounts held by a depository institution as the trustee of an irrevocable trust; certain irrevocable trust accounts; certain retirement and other employee benefit plan accounts; and certain accounts held by government depositors. 

The rules that govern these categories of account ownership are very detailed and very complex, and there are many nuances and exceptions. Complete information can be found at the FDIC’s regulations set forth at 12 C.F.R. Part 330. 

The FDIC’s regulations impose special requirements for obtaining pass-through FDIC insurance coverage, up to the SMDIA (currently $250,000 for each FDIC-recognized category of account ownership), for multiple levels of fiduciary relationships. In these situations, in order for FDIC insurance coverage to pass through to the true beneficial owners of the funds, it is necessary (i) to expressly indicate, on the records of the insured depository institution that there are multiple levels of fiduciary relationships, (ii) to disclose the existence of additional levels of fiduciary relationships in records, maintained in good faith and in the regular course of business, by parties at subsequent levels, and (iii) to disclose, at each of the level(s), the name(s) and the interest(s) of the person(s) on whose behalf the party at the level is acting. No person or entity in the chain of parties will be permitted to claim that they are acting in a fiduciary capacity for others unless the possible existence of such a relationship is revealed at some previous level in the chain. If your Program Deposits are beneficially owned through multiple levels of fiduciary relationship, you must take steps to comply with these special requirements.

For questions about FDIC insurance coverage, you may call the FDIC at 877-275-3342 or visit the FDIC’s web site at www.fdic.gov. 

You also may wish to utilize “EDIE The Estimator,” the FDIC’s electronic insurance calculation program, which is found at https://www.fdic.gov/edie/index.html. Other information regarding FDIC insurance coverage may be found at the FDIC’s Consumer Resource Center section of the FDIC’s website at https://www.fdic.gov/resources/consumers/index.html.

F. Withdrawals 

Withdrawals from your Program Deposits are made through BankPurely and cannot be made directly by you through Stable or any of the Receiving Banks. Checks, ACH payments, debit cards, ATM withdrawals, direct deposits, credits and other transactions and items for your deposit account at BankPurely are processed through your deposit account held at BankPurely rather than through the Program Deposit Accounts. If your withdrawals from your account at BankPurely reduce the balance in your account below your Target Balance, your funds on deposit at the Receiving Bank(s) will be automatically withdrawn from the Receiving Bank accounts and deposited in your account at BankPurely on the following business day. It will be your responsibility to make arrangements with BankPurely to have such funds withdrawn from the Program and deposited into your account at BankPurely on a “same-day” basis.  In the event that BankPurely does not receive enough funds to cover your entire withdrawal request (if, for example, the Receiving Bank fails to send funds as instructed by the Custodian Bank (pursuant to Stable’s instructions) or the Receiving Bank is closed due to holidays or other events), the funding of all or a portion of your withdrawal requests could be further delayed.  If BankPurely decides to advance funds to you in anticipation of a Program withdrawal, you will owe the amount of these funds to BankPurely and BankPurely will retain from the funds received the amount that it advanced to you. 

If, in a separate agreement, you have granted BankPurely a security interest in your Deposit Accounts or other interests relating to your Deposit Accounts as collateral for a loan to you or otherwise, BankPurely may decline to honor a request for a Program withdrawal or a transaction that would give rise to such a withdrawal to the extent that such withdrawal would cause your balance in the Program to fall below the loan amount or other amount that you have agreed to maintain in your Deposit Accounts or to which the security interest applies.

G. Ability to Exclude Receiving Banks 

You will have access to the list of Receiving Banks that hold your deposits either on your periodic statements, via an online portal, upon request, or a combination thereof. You may also contact BankPurely to obtain the most recent list of Receiving Banks. You may exclude any Receiving Bank from receiving funds from you under the Program by notifying BankPurely using the form attached as EXHIBIT A. Your exclusions typically become effective within one (1) business day of receipt and acknowledgment by BankPurely. 

You can obtain publicly available financial information concerning any of the Receiving Banks at https://www.ffiec.gov/NPW or by contacting the FDIC Public Information Center by mail at 3501 North Fairfax Drive, Room E-1005, Arlington, VA 22226 or by phone at 877-ASK-FDIC (877-275-3342). Neither Stable nor BankPurely is responsible for any insured or uninsured portion of any deposits at any Receiving Bank or guarantees the financial condition of any Receiving Bank or the accuracy of any publicly available financial information concerning a Receiving Bank.   

If, on a Business Day, you have outstanding deposits that BankPurely has placed for you using the Certificate of Deposit MarketplaceSM program (the “CDM program”) also administered by Stable, and you have provided the same taxpayer or other identification number for purposes of the Program and the CDM program, the allocation of your funds for that Business Day in the Program will not cause the balance in your Deposit Accounts at a Receiving Bank, together with the outstanding deposits, if any, that we placed for you at that Receiving Bank in the same FDIC category of ownership through the CDM program, to exceed the SMDIA.

H. Your Responsibility to Monitor Your Deposit or Investment Options 

BankPurely does not have any obligation to monitor your account or make recommendations about, or changes to, the Program that might be beneficial to you. As interest rates and other factors change, it may be in your financial interest to change your deposit instructions. In such cases, you should call BankPurely to learn about other options.

I. Allocations to Receiving Banks 

Stable establishes Deposit Accounts on behalf of BankPurely and other Program participants. You authorize BankPurely to act as your agent and BankPurely authorizes Stable to act as its agent at each Receiving Bank holding your funds. The Deposit Account constitutes a direct obligation of the Receiving Bank and is not directly or indirectly an obligation of Stable, BankPurely or the Custodian Bank. You authorize BankPurely to sweep all of your funds in excess of the Target Balance into the Program.  Your funds are then allocated each Business Day by Stable to Receiving Banks based on an objective allocation algorithm that takes into consideration any Receiving Banks excluded by you as described in Section G above. Any movement of funds within the Program among Receiving Banks are executed by the Custodian Bank pursuant to instructions from Stable.  Stable’s instructions are based on an objective allocation algorithm that takes into consideration various factors, including the target level of Program deposits for each Receiving Bank.  Stable may include additional Receiving Banks to expand the capacity available to underlying customers of the sending institutions, including BankPurely.  Receiving Banks may decide to discontinue their participation in the Program, or may be removed by Stable for no longer satisfying Program requirements.

J. Interest 

The interest rate paid to you is determined by BankPurely. The interest rate applicable to your Program Deposits will be stated on your account statement. Contact BankPurely to obtain the current interest rate being paid to customers and other account information. The rate you earn on your Program Deposits may be higher or lower than the rates available to depositors making non-Program Deposits with Receiving Banks directly, through other types of accounts at BankPurely, or with other depository institutions in comparable accounts. In the event of the failure of a Receiving Bank, no interest is earned on Program Deposits from the time such a Receiving Bank closes until insurance payments are received. You should compare the terms, rates of return, required minimum amounts, charges and other features of a Program Deposit with other accounts and investment alternatives. There is generally no minimum period that your money must remain on deposit, and there is no penalty for withdrawal of your entire balance, or any part thereof, at any time. Payment of the full amount of all accrued interest with respect to your Program Deposit at a Receiving Bank will be solely the responsibility of, and solely enforceable against, that Receiving Bank. BankPurely will have no indebtedness to you for any such amount.

K. Fees 

Each Receiving Bank pays to Stable a fee for its services related to your Program Deposits at that particular Receiving Bank. BankPurely may also receive a fee for its services. The fees may be different for different Receiving Banks.

L. Account Statements 

All activity with respect to your Program Deposits, including interest earned for the period covered will appear on your statement, including the total of your opening and closing Program Deposit balances. You should retain all account statements. 

You must notify BankPurely immediately of any discrepancies noted in your account statement and in no event later than thirty (30) days after the date of the account statement in which the problem or error first appeared.

BankPurely will provide you with the name of each Receiving Bank that holds your funds either on your periodic statements, via an online portal, upon request, or a combination thereof. You will not receive a separate statement from the Receiving Banks. Your periodic BankPurely account statement will be provided to you periodically in accordance with BankPurely’s policies.

M. Tax Reporting 

The interest that you receive from your Program Deposits is generally fully subject to state and federal tax. An IRS Form 1099 will be sent to you by BankPurely each year, showing the amount of interest income you have earned from your Program Deposits. You will not receive a Form 1099 if you are not a citizen or resident of the United States.

N. Business Continuity 

In the event you are unable to contact BankPurely due to a business interruption event, such as a natural disaster, you may contact Stable or its agent at 866-237-2752 for account information.

O. Other Terms 

Sweep Account Disclosure of “Deposits”.  Funds swept from BankPurely into Deposit Accounts at the Receiving Banks under the Program are “deposits” within the meaning of 12 U.S.C. § 1813(l) and are insured by the FDIC up to the then current SMDIA for all deposits that you hold at each Receiving Bank in the same legal category of ownership.  

Inactive Accounts: BankPurely and the Receiving Banks may be required by law to turn over (escheat) your Program Deposits to a state, typically your state of residence, based on account inactivity for a certain time period established by applicable state law. If Program Deposits are remitted to the state, you may file a claim with the state to recover the funds. 

Transferability: Your Program Deposits may not be transferred by you except in connection with a change in ownership of the deposit account with BankPurely that is linked to your participation in the Program. A transfer that occurs due to death, incompetence, marriage, divorce, attachment or otherwise by operation of law shall not be binding unless and until sufficient, acceptable documentation has been received. 

Termination: BankPurely may, at its sole discretion, and without any prior notice, terminate your participation in the Program. If you close your deposit account at BankPurely, your associated Program Deposit account will also be closed and your funds will be distributed from the Program through your deposit account at BankPurely. 

Ordinary Care: Any failure by Stable or any Receiving Bank to act or any delay by such party beyond time limits prescribed by law or permitted by these Terms and Conditions is excused if caused by your negligence, interruption of communication facilities, suspension of payments by another financial institution, war, emergency conditions or other circumstances beyond the control of such party, provided such party exercised such diligence as such circumstances would normally require. You agree that any act or omission made by Stable or any Receiving Bank in reliance upon or in accordance with any provision of the Uniform Commercial Code as adopted in New York, any rule or regulation of the State of New York, the Federal Reserve or FDIC, or a federal agency having jurisdiction over such party shall constitute ordinary care. 

Personal Information: The use of your information is governed by the privacy policy of BankPurely.  With respect to the Program, you understand and agree that Stable, including its affiliates, the Receiving Banks, BankPurely and their service providers may obtain such information as may be necessary for legitimate business needs in connection with the operation of the Program. Such information will be shared among the parties only for use in providing the services hereunder and as otherwise legally required. For information regarding the collection, processing and use of your personal information and your rights to limit the use and disclosure of such information, you should contact BankPurely. Stable will never use your personal information for any purpose other than to perform its role as administrator of the Program.  Stable’s privacy policy is available online at www.ReichandTang.com.

Alternatives to the Program: You understand that, at any time, you may terminate your participation in the Program. 

Days of Operation: The Program will operate on all days when the Federal Reserve Bank of New York is open for business.

Limitation of Liability. TO THE MAXIMUM EXTENT PERMITTED BY LAW, IN NO EVENT SHALL BANKPURELY, STABLE OR ITS 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. 

Legal Process: Stable, BankPurely, and the Receiving Banks may comply with any writ of attachment, execution, garnishment, tax, levy, restraining order, subpoena, warrant or other legal process, which such party reasonably and in good faith believes to be valid. BankPurely may notify you of such process by telephone, electronically or in writing. You agree to indemnify, defend and hold Stable, BankPurely, and the Receiving Banks harmless from all actions, claims, liabilities, losses, costs, attorneys’ fees, and damages associated with their compliance with any process that such party believes reasonably and in good faith to be valid. You further agree that Stable, BankPurely, and the Receiving Banks may honor legal process that is served personally, by mail, or by facsimile transmission at any of their respective offices (including locations other than where the funds, records or property sought is held), even if the law requires personal delivery at the office where your Program Deposit records are maintained.

P. General

Amendment: BankPurely may modify these Terms and Conditions at any time, upon notice to you.

Waiver: Any provision of these Terms and Conditions may be waived if, but only if, such waiver is in writing and is signed by the party against whom the waiver is to be effective. No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. 

Severability: If any term, provision, covenant or restriction of these Terms and Conditions is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of these Terms and Conditions shall remain in full force and effect and shall in no way be affected, impaired or invalidated

Entire Agreement: These Terms and Conditions and any other documents provided by BankPurely to you in connection with the Program constitute the entire agreement between BankPurely and you, and supersede all prior and contemporaneous agreements and understandings, both oral and written, between BankPurely and you with respect to the subject matter hereof. EXCEPT AS EXPRESSLY SET FORTH IN THESE TERMS AND CONDITIONS, BANKPURELY MAKES NO REPRESENTATIONS OR WARRANTIES (ORAL OR WRITTEN, STATUTORY, EXPRESS, IMPLIED OR OTHERWISE) INCLUDING, WITHOUT LIMITATION, AS TO MERCHANTABILITY, FITNESS FOR PURPOSE, CONFORMITY TO ANY DESCRIPTION OR REPRESENTATION, NON-INTERFERENCE OR NON-INFRINGEMENT. 

Binding Effect: These Terms and Conditions shall inure to the benefit of and be binding upon the parties hereto and their respective permitted heirs, successors, legal representatives and assigns. Nothing in these Terms and Conditions, expressed or implied, is intended to confer on any person other than the parties hereto, and their respective permitted heirs, successors, legal representatives and assigns, any rights, remedies, obligations or liabilities under or by reason of these Terms and Conditions; provided that Stable shall be a third party beneficiary hereof.

Governing Law: These Terms and Conditions are to be construed in accordance with and governed by the internal laws of the State of New York and the United States of America without giving effect to any choice of law rule that would cause the application of the laws of any other jurisdiction to the rights and duties of the parties. Unless otherwise provided herein, Your Bank and Stable may comply with applicable clearinghouse, Federal Reserve and correspondent bank rules in processing transactions for your Program Deposits. You agree that Your Bank and Stable are not required to notify you of a change in those rules, except to the extent required by applicable law.

Disputes: EXCEPT TO THE EXTENT OTHERWISE PROVIDED BY APPLICABLE LAW, ANY DISPUTES ARISING OUT OF OR IN CONNECTION WITH THESE TERMS AND CONDITIONS WILL BE GOVERNED BY THE TERMS OF THE AGREEMENT THAT GOVERN THE DEPOSIT ACCOUNT AT YOUR BANK THAT IS LINKED TO THE PROGRAM, INCLUDING THE DISPUTE RESOLUTION TERMS, ARBITRATION TERMS, CHOICE OF LAW, VENUE, WAIVER OF JURY TRIAL, AND COSTS RELATED TO DISPUTE RESOLUTIONS, IF ANY.  

Interpretative Provisions: The headings herein are included for convenience of reference only and shall be ignored in the construction or interpretation hereof. All Exhibits annexed hereto or referred to herein are hereby incorporated in and made a part of these Terms and Conditions as if set forth in full herein. Any singular term in these Terms and Conditions shall be deemed to include the plural, and any plural term the singular. Whenever the words “include”, “includes” or “including” are used in these Terms and Conditions, they shall be deemed to be followed by the words “without limitation”, whether or not they are in fact followed by those words or words of like import. References to any document provided by BankPurely to you or to any agreement or contract are to that document, agreement or contract as amended, modified or supplemented from time to time in accordance with the terms hereof or thereof. In any construction of the terms of these Terms and Conditions, the same shall not be construed against either party on the basis of that party being the drafter of such terms. 

Legal Disclosure:

All rights reserved. Reich & Tang Deposit Networks, LLC, Reich & Tang Deposit Solutions, LLC, Stable Custody Group II LLC and Total Deposit Solutions, LLC (each, d/b/a R&T Deposit Solutions) and/or any of their affiliates (together, “us”, “we”) provide administrative and/or recordkeeping services to participating financial institutions with respect to sweep and other programs administered by us - Demand Deposit Marketplace (DDM®), Reich & Tang Insured Deposits (RTID®) and Insured Deposit Program (IDP) – as well as other services. We are not a depository, bank or credit union and the sweep and other programs administered by us are NOT, themselves, FDIC-insured or NCUSIF-insured products.  Click here for a list of the banks and savings associations with which we have a business relationship for the placement of deposits under the programs we administer, and into which a participating institution may place deposits (subject to the terms of those programs and any opt-outs by the participating institution).  All of our products and services are provided by us subject to the terms of the written agreements entered into by us with respect thereto, and we provide no representations or warranties, express or implied, except as expressly set forth in those agreements. 

BANKPURELY®

EXHIBIT A

The Demand Deposit Marketplace® Program
Banks to Exclude from Placement of Your Funds

Banks to Exclude from Placement. (If additional space is required, please attach a separate sheet.) There is no need to exclude institutions that currently hold your funds through the DDM or CDM Programs. These institutions will automatically be excluded from future placements.