Common use of Electronic Banking Services Clause in Contracts

Electronic Banking Services. 1. Varo to Varo Transfers With the Varo Bank Account, you will have access to Varo to Varo Transfers via the Mobile App. Varo to Varo Transfers allow you to send money to other Varo customers and receive money from other Varo customers. To send funds to another Varo customer you will provide the intended recipient’s email address and the dollar amount you would like to send. Varo to Varo Transfers are applied to the Varo Bank Account associated with the recipient’s email address. Approved Varo to Varo Transfers are automatically debited from the sender’s Varo Bank Account and deposited to the recipient’s Varo Bank Account. To send money: You will not have access to Varo to Varo Transfers until you activate your Varo Bank debit card. You may only send a Varo to Varo Transfer to an existing Varo customer. If you wish to send money to a non-Varo customer, the intended payee must sign up and be approved for a Varo Bank Account before you can initiate a Varo to Varo Transfer. To receive money: You must have an open Varo Bank Account. Your Varo Bank debit card does not need to be activated to receive money from a Varo to Varo Transfer. Until such time as your Card is activated you may access any transferred money using ACH transfer. Using Varo to Varo Transfers To send Varo to Varo Transfers, login to the Mobile App and select “Varo to Varo Transfers.” You xxx choose the intended recipient either by selecting from the list of prior recipients, or by entering the intended recipient’s email address. You must be sure the recipient’s email address is entered accurately to be sure a Varo to Varo Transfer is sent to the correct recipient. The obligation to pay a Varo to Varo Transfer will not be excused by an error in the information you enter. Once you have initiated a Varo to Varo Transfer in the Mobile App, you will not be able to cancel it. The amount you enter for the Varo to Varo transfer must not exceed the available balance in your Varo Bank Account, and must be within the limits described below under “Limits on Varo to Varo Transfers.” By using Varo to Varo Transfers, you are representing you are the owner of the email address registered for the Varo Bank Account and you are giving your consent for the email address to be used as the identifier by which you send and receive transfers. When you receive money: Your email address will be entered in full by the sending Varo customer and your full name and email address will be added to their payee list. When you send money: In addition to the recipient’s email address you entered being displayed in your transaction history and on your monthly statement, the first name and first letter of the receiving Varo customer’s surname will display in your transaction history after the Varo to Varo Transfer has been processed. Before you complete a Varo to Varo Transfer you will be asked to enter a note or description of the transaction. The note will be visible to both you and the recipient in the online transaction history, but will not be included on your monthly statement or the recipient’s monthly statement. Fees: There are no fees associated with the use of Varo to Varo Transfers. Limits on Varo to Varo Transfers Varo to Varo Transfers may be initiated at any time as long as the transfer request does not exceed the available balance in the Varo Bank Account. Varo may refuse to process any transaction that exceeds any of the limits described below. If the Varo to Varo Transfer is denied because the Varo Bank Account balance is not sufficient, you are responsible for making alternate payment arrangements with the intended recipient. These are the limits associated with Varo to Varo Transfers: Transaction Type Frequency and/or Dollar Limits* Varo to Varo Transfers Up to fifty (50) individual payments per calendar day Up to $2,000 per rolling 30-day period *Varo to Varo Transfer limits may be reduced with or without notice in order to protect the security of all Varo Bank Accounts.

Electronic Banking Services. 1. Varo to Varo Transfers With the Varo Bank Account, you will have access to Varo to Varo Transfers via the Mobile App. Varo to Varo Transfers allow you to send money to other Varo customers and receive money from other Varo customers. To send funds to another Varo customer you will provide the intended recipient’s email address and the dollar amount you would like to send. Varo to Varo Transfers are applied to the Varo Bank Account associated with the recipient’s email address. Approved Varo to Varo Transfers are automatically debited from the sender’s Varo Bank Account and deposited to the recipient’s Varo Bank Account. To send money: You will not have access to Varo to Varo Transfers until you activate your Varo Bank debit card. You may only send a Varo to Varo Transfer to an existing Varo customer. If you wish to send money to a non-Varo customer, the intended payee must sign up and be approved for a Varo Bank Account before you can initiate a Varo to Varo Transfer. To receive money: You must have an open Varo Bank Account. Your Varo Bank debit card does not need to be activated to receive money from a Varo to Varo Transfer. Until such time as your Card is activated you may access any transferred money using ACH transfer. transfer Using Varo to Varo Transfers To send Varo to Varo Transfers, login to the Mobile App and select “Varo to Varo Transfers.” You xxx may choose the intended recipient either by selecting from the list of prior recipients, or by entering the intended recipient’s email address. You must be sure the recipient’s email address is entered accurately to be sure a Varo to Varo Transfer is sent to the correct recipient. The obligation to pay a Varo to Varo Transfer will not be excused by an error in the information you enter. Once you have initiated a Varo to Varo Transfer in the Mobile App, you will not be able to cancel it. The amount you enter for the Varo to Varo transfer must not exceed the available balance in your Varo Bank Account, and must be within the limits described below under “Limits on Varo to Varo Transfers.” By using Varo to Varo Transfers, you are representing you are the owner of the email address registered for the Varo Bank Account and you are giving your consent for the email address to be used as the identifier by which you send and receive transfers. .When you receive money: Your email address will be entered in full by the sending Varo customer and your full name and email address will be added to their payee list. When you send money: In addition to the recipient’s email address you entered being displayed in your transaction history and on your monthly statement, the first name and first letter of the receiving Varo customer’s surname will display in your transaction history after the Varo to Varo Transfer has been processed. Before you complete a Varo to Varo Transfer you will be asked to enter a note or description of the transaction. The note will be visible to both you and the recipient in the online transaction history, but will not be included on your monthly statement or the recipient’s monthly statement. Fees: There are no fees associated with the use of Varo to Varo Transfers. Limits on Varo to Varo Transfers Varo to Varo Transfers may be initiated at any time as long as the transfer request does not exceed the available balance in the Varo Bank Account. Varo may refuse to process any transaction that exceeds any of the limits described below. If the Varo to Varo Transfer is denied because the Varo Bank Account balance is not sufficient, you are responsible for making alternate payment arrangements with the intended recipient. These are the limits associated with Varo to Varo Transfers: Transaction Type Frequency and/or Dollar Limits* Varo to Varo Transfers Up to fifty (50) individual payments per calendar day Up to $2,000 per rolling 30-day period *Varo to Varo Transfer limits may be reduced with or without notice in order to protect the security of all Varo Bank Accounts.