Creating an Independent Graduate Account Sample Clauses

Creating an Independent Graduate Account. By choosing this Graduation option, the Authorized User chooses to create their own individual Step Account with us (“Independent Graduate Account”) and transfer all of the assets held in the Sub-Account under your Step Account, which you authorized the Authorized User to use under this Agreement, to their Independent Graduate Account, including, but not limited to, (1) all cash in the Secured Account and assets in Savings Goals and investment accounts; (2) all data associated with the Sub-Account that we and our service providers have on file, including, but not limited to, your and the Authorized User’s nonpublic personal information and transaction history associated with the Sub-Account; and (3) any other assets to which the Authorized User had access in connection with the Sub- Account the Authorized User was authorized to use (“Authorized User Assets”). They will also receive all other features of a Step Account, including their own line of credit being associated with their Step Card, for which they will be personally liable in their individual capacity. You give express permission to legally and beneficially transfer ownership of all such Authorized User Assets over to the Authorized User when they choose to Graduate through this option, and you relinquish all title, ownership, access, and other rights to the Authorized User Assets. The Authorized User Assets are subject to our right of offset described in this Agreement. Prior to transferring any Authorized User Assets to the Independent Graduate Account, you and your Authorized User authorize us to liquidate and apply the Authorized User Assets to any outstanding balance on the Authorized User’s Step Card associated with their Sub-Account, and any other balance or amount you owe us under this Agreement. We may refuse to transfer any Authorized User Assets to an Independent Graduate Account until all amounts you owe us under this Agreement are satisfied and paid in full. Once the transfer of Authorized User Assets and establishment of an Independent Graduate Account is complete, you will no longer have beneficial or legal ownership of, nor visibility or viewing access to, the Authorized User Assets transferred from their Sub-Account to their new Independent Graduate Account. Independent Graduate Accounts shall be governed by an agreement between us and the Authorized User that owns the Independent Graduate Account, and will not be governed by this Agreement.
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Related to Creating an Independent Graduate Account

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