{"_id":"5bda8a153927eb002336e3f0","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":"5bb6f90229a7fb0003a0650d","project":"59f79e3c584eb200345ceafc","version":"5ba178b00a916500030c6a21","__v":0,"sync":{"url":"","isSync":false},"reference":false,"createdAt":"2018-10-05T05:39:14.461Z","from_sync":false,"order":10,"slug":"interest-bearing-accounts","title":"Interest Bearing Accounts"},"user":"5bbfeeea7f922a0003f04c65","__v":0,"parentDoc":null,"updates":[],"next":{"pages":[],"description":""},"createdAt":"2018-11-01T05:07:33.546Z","link_external":false,"link_url":"","sync_unique":"","hidden":false,"api":{"results":{"codes":[]},"settings":"","auth":"required","params":[],"url":""},"isReference":false,"order":6,"body":"Fiduciary accounts are deposit accounts established by the platform for the benefit of one or more other parties, also known as principals. Interest bearing sub accounts accrue interest on account daily balances. Due to the nature of fiduciary accounts on behalf of multiple users, these accounts will be transactional.\n\n##Marketing Representations\nMarketing of interest bearing sub-accounts must comply and follow all guidelines of the appropriate regulatory bodies. Enforcement actions may be brought upon by:\n* The Federal Trade Commission (“FTC”)\n* Consumer Financial Protection Bureau (“CFPB”)\n\nThe platform will adhere to the following verbiage and placement requirements, also detailed in the Marketing/Disclosure Guidelines. 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’s disclosures will include language describing their relationship to SynapseFI and Evolve Bank & Trust similar to:\n\n*“The Platform uses SynapseFI, our third-party bank software provider and agent of Evolve Bank & Trust, Member FDIC, to open these accounts.”*\n\n##Upon opening Sub-Accounts\nIf a User is opening an IB-SUBACCOUNT-US Node, include a checkbox and the following verbiage on the page the User is created:\n\n*\"By using our services, you agree to SynapseFI's Terms of Service and Privacy Policy.\"*\n\nThe following words shall be hyperlinks:\n\n* [Terms of Service](https://synapsefi.com/tos­evolve](https://synapsefi.com/tos%C2%ADevolve)\n* [Privacy Policy](https://synapsefi.com/privacy)\n\n**Note:** Your platform's FBO account is a Fiduciary Deposit Account with Bank titled in Platform's legal name for benefit of Platform's Users. The FBO account is subject to the Deposit Account Agreement, Privacy Policy, and related agreement for Evolve Bank & Trust found [here](https://synapsefi.com/legal).\n\n##Contact Information\nInclude our contact information on your customer support page.\n\n*\"Bank services are provided by Evolve Bank & Trust, Member FDIC, through our banking software provider, SynapseFI. To report a complaint relating to the bank services, email [help:::at:::synapsefi.com](mailto:[email protected]).\"*\n\n##Truth in Savings Disclosure\n\nFiduciary deposit accounts are established by the platform, for the benefit of their end users. Therefore, SynapseFI will not provide a TIS disclosure for end users. The platform is responsible for disclosing all terms, conditions, and requirements for these account. This should be compiled in a clear and conspicuous manner, similar to a Reg DD compliant, TIS disclosure.\n\n- 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)\n\nIf platform intends to provide users a portion of the interest they receive for this account, the following terms **cannot** be used, as it is not truly paid by the bank:\n\n* Interest\n* Yield\n* Annual Percentage Rate ("APR")\n* Annual Percentage Yield ("APY")\n\nAs an alternative, platform **may use** the following:\n\n* Reward\n* Rebate\n* Bonus - provided that [CFPB qualifications](https://www.consumerfinance.gov/eregulations/1030-2/2011-31727#1030-2-b-2) are met\n\n##Legal Agreements Accessibility\n\nAll disclosures, agreements, and policies required for creating a new IB Fiduciary Account must be compiled in a central location, and easily accessed by the Users. This may be accomplished by one of the following:\n\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\n\nFiduciary accounts maybe eligible for Pass-Through FDIC Insurance. However, coverage is subject to FDIC rules and limitations and spec sheet requirements must be met to be eligible. The platform will not claim to be FDIC insured directly, the accounts are insured through Evolve Bank & Trust, if eligible.\n\nFor all pages including references to transactions or funds held in a User's Deposit Account, or bank services in the Deposit Agreement, include the following the the footer of the webpage and/or application screen.\n\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 the interest bearing subaccount","slug":"legal-disclosures-ib-subaccount-us","type":"basic","title":"Legal Disclosures (IB-SUBACCOUNT-US)"}

Legal Disclosures (IB-SUBACCOUNT-US)

Legal disclosures for the interest bearing subaccount

Fiduciary accounts are deposit accounts established by the platform for the benefit of one or more other parties, also known as principals. Interest bearing sub accounts accrue interest on account daily balances. Due to the nature of fiduciary accounts on behalf of multiple users, these accounts will be transactional. ##Marketing Representations Marketing of interest bearing sub-accounts must comply and follow all guidelines of the appropriate regulatory bodies. Enforcement actions may be brought upon by: * The Federal Trade Commission (“FTC”) * Consumer Financial Protection Bureau (“CFPB”) The platform will adhere to the following verbiage and placement requirements, also detailed in the Marketing/Disclosure Guidelines. 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’s disclosures will include language describing their relationship to SynapseFI and Evolve Bank & Trust similar to: *“The Platform uses SynapseFI, our third-party bank software provider and agent of Evolve Bank & Trust, Member FDIC, to open these accounts.”* ##Upon opening Sub-Accounts If a User is opening an IB-SUBACCOUNT-US Node, include a checkbox and the following verbiage on the page the User is created: *"By using our services, you agree to SynapseFI's Terms of Service and Privacy Policy."* The following words shall be hyperlinks: * [Terms of Service](https://synapsefi.com/tos­evolve](https://synapsefi.com/tos%C2%ADevolve) * [Privacy Policy](https://synapsefi.com/privacy) **Note:** Your platform's FBO account is a Fiduciary Deposit Account with Bank titled in Platform's legal name for benefit of Platform's Users. The FBO account is subject to the Deposit Account Agreement, Privacy Policy, and related agreement for Evolve Bank & Trust found [here](https://synapsefi.com/legal). ##Contact Information Include our contact information on your customer support page. *"Bank services are provided by Evolve Bank & Trust, Member FDIC, through our banking software provider, SynapseFI. To report a complaint relating to the bank services, email [[email protected]](mailto:[email protected])."* ##Truth in Savings Disclosure Fiduciary deposit accounts are established by the platform, for the benefit of their end users. Therefore, SynapseFI will not provide a TIS disclosure for end users. The platform is responsible for disclosing all terms, conditions, and requirements for these account. This should be compiled in a clear and conspicuous manner, similar to a Reg DD compliant, TIS disclosure. - 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 a portion of the interest they receive for this account, the following terms **cannot** be used, as it is not truly paid by the bank: * Interest * Yield * Annual Percentage Rate ("APR") * Annual Percentage Yield ("APY") As an alternative, platform **may use** the following: * Reward * Rebate * Bonus - provided that [CFPB qualifications](https://www.consumerfinance.gov/eregulations/1030-2/2011-31727#1030-2-b-2) are met ##Legal Agreements Accessibility All disclosures, agreements, and policies required for creating a new IB Fiduciary 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 Fiduciary accounts maybe eligible for Pass-Through FDIC Insurance. However, coverage is subject to FDIC rules and limitations and spec sheet requirements must be met to be eligible. The platform will not claim to be FDIC insured directly, the accounts are insured through Evolve Bank & Trust, if eligible. For all pages including references to transactions or funds held in a User's Deposit 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).