{"_id":"5bc422a3cf6319000ead6328","project":"59f79e3c584eb200345ceafc","version":{"_id":"5ba178b00a916500030c6a21","project":"59f79e3c584eb200345ceafc","__v":24,"forked_from":"59f79e3c584eb200345ceaff","createdAt":"2015-09-17T03:47:20.956Z","releaseDate":"2015-09-17T03:47:20.956Z","categories":["5ba178b00a916500030c69a2","5ba178b00a916500030c69a3","5ba178b00a916500030c69a4","5ba178b00a916500030c69a5","5ba178b00a916500030c69a6","5ba178b00a916500030c69a7","5ba178b00a916500030c69a8","5ba178b00a916500030c69a9","5ba178b00a916500030c69aa","5ba178b00a916500030c69ab","5ba178b00a916500030c69ac","5afb6888212c690003ae3d3b","5ba178b00a916500030c69ad","5ba178b00a916500030c69ae","5ba2dcbc99f53f0003b97e2c","5babd73fa0ab3e0003ead030","5bb4038be7222e000334dd97","5bb55954478c1300031a44c2","5bb665a1607307000327c81e","5bb6f90229a7fb0003a0650d","5bb7f9bc29a7fb0003a07ac1","5bba58bd7ba7710003bd901d","5bba6dac7ba7710003bd908d","5bba6e257ba7710003bd9090","5bbac87810189c0003e619ea","5bbb9d02b5862c00036266b2","5bbbadb6219c3e000376c2de","5bc417751d1b0000182bf7f6","5bc59e3b2a5b4f0044db5b97","5bc7bbce2262cc0041f6eff2","5bce6a3580a7250031199f34","5bcfac2c4082510019f2d91b","5bcfac3757bed90030e45d68","5bcfac45d305bc0049941539","5bd2a43548bb6f00289c8fad","5bd3a42a026ebe001f66259e","5bd9d5afffe003005b02f97b","5becb7ee85c6b300557662b6"],"is_deprecated":false,"is_hidden":false,"is_beta":true,"is_stable":false,"codename":"","version_clean":"3.2.0","version":"3.2"},"category":{"_id":"5bc417751d1b0000182bf7f6","project":"59f79e3c584eb200345ceafc","version":"5ba178b00a916500030c6a21","__v":0,"sync":{"url":"","isSync":false},"reference":false,"createdAt":"2018-10-15T04:28:37.853Z","from_sync":false,"order":13,"slug":"custody-accounts","title":"Custody Accounts"},"user":"5bbfef1d7d1cb0000384bec5","__v":0,"parentDoc":null,"updates":[],"next":{"pages":[],"description":""},"createdAt":"2018-10-15T05:16:19.950Z","link_external":false,"link_url":"","sync_unique":"","hidden":false,"api":{"results":{"codes":[]},"settings":"","auth":"required","params":[],"url":""},"isReference":false,"order":3,"body":"Custodial accounts are held on behalf of the users, by Evolve Bank & Trust. These are non-interest bearing, transactional custodial accounts, and must be marketed as such. \n \n##Marketing Representations\nThe platform will adhere to the following verbiage and placement requirements, also detailed in their spec sheet. Additionally, the Platform will not reference SynapseFI or Evolve Bank & Trust in any other way without express written permission from the respective entity.\n\nThe Platform will not misrepresent their relationship to SynapseFI or Evolve Bank & Trust, nor will they claim a direct relationship with Evolve Bank & Trust. To explain the association, disclosures will include language similar to:\n\n*“The Platform partners with SynapseFI, our third-party bank software provider and agent of Evolve Bank & Trust, Member FDIC, to open these accounts.”*\n\n##Upon opening a Custody\nIf a user is opening a Custody Account (CUSTODY-US), they must agree to Evolve Bank & Trust’s Custodial Account Agreement, with the following language:\n\n*“By establishing a custodial account, you authorize Evolve Bank & Trust, Member FDIC, to hold your deposits for your benefit in an account (“Trust Account”) by agreeing to the Custodial Account Establishment Agreement.”*\n\n“Custodial Account Agreement” shall be a hyperlink to the Platform’s Custom Agreement, this will be provided by SynapseFI.\n\n##Contact Information\nInclude our contact information on your customer support page. \n\n*\"Bank services are provided through our banking software provider, SynapseFI. To report a complaint relating to the bank services, email help:::at:::synapsefi.com.”*\n\n##Truth in Savings Disclosures\nAs stated above, custodial accounts are held by Evolve Bank & Trust, for the benefit of the platform’s end users. Therefore, SynapseFI will not be providing TIS disclosures. Platforms will be responsible for disclosing all terms, conditions, and requirements for these accounts. This should be compiled in a clear and conspicuous manner, similar to a Reg DD compliant, TIS disclosure, as it applies.\nFor guidelines and model forms see: [12 CFR 230](https://www.gpo.gov/fdsys/granule/CFR-2012-title12-vol4/CFR-2012-title12-vol4-sec230-4 )\n\nIf platform intends to provide users with financial incentives to maintain balances, on a non interest bearing account, it must be clear that the incentive is being paid by the Platform. The following terms cannot be used:\n* Interest\n* Yield\n* Annual Percentage Rate (“APR”)\n* Annual Percentage Yield (“APY”)\n\nAs an alternative, platform may use the following:\n* Reward\n* Rebate\n* Bonus - provided that [CFPB’s definition](https://www.consumerfinance.gov/eregulations/1030-2/2011-31727#1030-2-b-2) is met\n\n##Legal Agreements Accessibility\nAll disclosures, agreements, and policies required for creating a new Custodial Account must be compiled in a central location, and easily accessed by the Users. This may be accomplished by one of the following:\n* Include links to each document in a header or footer within your website or application.\nCompile all documents on a legal landing page, clearly labeled and easily found on the website or application.\n* Compile all documents within a “settings”, or similar, page under the User’s profile.\n\nIf a User must have login credentials to access this information, the TOS, Privacy Policies, and Agreements must be emailed to the User, once they agree, so that they maintain access to the documents in the event they close their account.\n\n##FDIC Insurance \nThe platform will not claim to be FDIC insured directly, the accounts are insured through Evolve Bank & Trust. Account insurance coverage is subject to FDIC rules and limitations. \n\nFor all pages including references to transactions or funds held in a User’s Custodial Account, or bank services in the Deposit Agreement, include the following the the footer of the webpage and/or application screen.\n\t\t\t\t\t\t\n*“Banking services are provided by Evolve Bank & Trust, Member FDIC.”*\n\n##Endorsements\nThe use of endorsements and testimonials in advertising is subject to the same UDAAP laws as any direct marketing by the Platform. The FTC has released additional guidance, to which the Platform is required to adhere. SynapseFI strongly suggests screening procedures are put implemented to ensure any endorsements or testimonials comply with the FTC’s final guide. See: [16 CFR Part 255](https://www.ftc.gov/sites/default/files/attachments/press-releases/ftc-publishes-final-guides-governing-endorsements-testimonials/091005revisedendorsementguides.pdf).\n\nAdditionally, the FTC has responded to questions regarding endorsements. [See here for guidance.](https://www.ftc.gov/tips-advice/business-center/guidance/ftcs-endorsement-guides-what-people-are-asking)\n\n##Monthly Statements\nTo give users full visibility into their account activity, please send monthly statements to users using our [Statements API](https://docs.synapsefi.com/v3.2/docs/statements-intro).","excerpt":"Legal Disclosures for custody accounts","slug":"legal-disclosures-7","type":"basic","title":"Legal Disclosures"}

Legal Disclosures

Legal Disclosures for custody accounts

Custodial accounts are held on behalf of the users, by Evolve Bank & Trust. These are non-interest bearing, transactional custodial accounts, and must be marketed as such. ##Marketing Representations The platform will adhere to the following verbiage and placement requirements, also detailed in their spec sheet. Additionally, the Platform will not reference SynapseFI or Evolve Bank & Trust in any other way without express written permission from the respective entity. The Platform will not misrepresent their relationship to SynapseFI or Evolve Bank & Trust, nor will they claim a direct relationship with Evolve Bank & Trust. To explain the association, disclosures will include language similar to: *“The Platform partners with SynapseFI, our third-party bank software provider and agent of Evolve Bank & Trust, Member FDIC, to open these accounts.”* ##Upon opening a Custody If a user is opening a Custody Account (CUSTODY-US), they must agree to Evolve Bank & Trust’s Custodial Account Agreement, with the following language: *“By establishing a custodial account, you authorize Evolve Bank & Trust, Member FDIC, to hold your deposits for your benefit in an account (“Trust Account”) by agreeing to the Custodial Account Establishment Agreement.”* “Custodial Account Agreement” shall be a hyperlink to the Platform’s Custom Agreement, this will be provided by SynapseFI. ##Contact Information Include our contact information on your customer support page. *"Bank services are provided through our banking software provider, SynapseFI. To report a complaint relating to the bank services, email [email protected]”* ##Truth in Savings Disclosures As stated above, custodial accounts are held by Evolve Bank & Trust, for the benefit of the platform’s end users. Therefore, SynapseFI will not be providing TIS disclosures. Platforms will be responsible for disclosing all terms, conditions, and requirements for these accounts. This should be compiled in a clear and conspicuous manner, similar to a Reg DD compliant, TIS disclosure, as it applies. For guidelines and model forms see: [12 CFR 230](https://www.gpo.gov/fdsys/granule/CFR-2012-title12-vol4/CFR-2012-title12-vol4-sec230-4 ) If platform intends to provide users with financial incentives to maintain balances, on a non interest bearing account, it must be clear that the incentive is being paid by the Platform. The following terms cannot be used: * Interest * Yield * Annual Percentage Rate (“APR”) * Annual Percentage Yield (“APY”) As an alternative, platform may use the following: * Reward * Rebate * Bonus - provided that [CFPB’s definition](https://www.consumerfinance.gov/eregulations/1030-2/2011-31727#1030-2-b-2) is met ##Legal Agreements Accessibility All disclosures, agreements, and policies required for creating a new Custodial Account must be compiled in a central location, and easily accessed by the Users. This may be accomplished by one of the following: * Include links to each document in a header or footer within your website or application. Compile all documents on a legal landing page, clearly labeled and easily found on the website or application. * Compile all documents within a “settings”, or similar, page under the User’s profile. If a User must have login credentials to access this information, the TOS, Privacy Policies, and Agreements must be emailed to the User, once they agree, so that they maintain access to the documents in the event they close their account. ##FDIC Insurance The platform will not claim to be FDIC insured directly, the accounts are insured through Evolve Bank & Trust. Account insurance coverage is subject to FDIC rules and limitations. For all pages including references to transactions or funds held in a User’s Custodial Account, or bank services in the Deposit Agreement, include the following the the footer of the webpage and/or application screen. *“Banking services are provided by Evolve Bank & Trust, Member FDIC.”* ##Endorsements The use of endorsements and testimonials in advertising is subject to the same UDAAP laws as any direct marketing by the Platform. The FTC has released additional guidance, to which the Platform is required to adhere. SynapseFI strongly suggests screening procedures are put implemented to ensure any endorsements or testimonials comply with the FTC’s final guide. See: [16 CFR Part 255](https://www.ftc.gov/sites/default/files/attachments/press-releases/ftc-publishes-final-guides-governing-endorsements-testimonials/091005revisedendorsementguides.pdf). Additionally, the FTC has responded to questions regarding endorsements. [See here for guidance.](https://www.ftc.gov/tips-advice/business-center/guidance/ftcs-endorsement-guides-what-people-are-asking) ##Monthly Statements To give users full visibility into their account activity, please send monthly statements to users using our [Statements API](https://docs.synapsefi.com/v3.2/docs/statements-intro).