Varo Believe Program Agreements and
Disclosures

Eﬀective September 23, 2021

PLEASE READ THIS DOCUMENT CAREFULLY AND KEEP A COPY OF IT IN A
SAFE PLACE.

The Varo Believe Program (the “Varo Believe Program” or the “Believe Program”) contains two
components: (1) the Varo Believe Card (which is governed by the Varo Believe Card Agreement and
Disclosures, disclosed in Section I below); and (2) the Varo Believe Secured Account (which is
governed by the Varo Believe Secured Account Agreement and Disclosures, disclosed in Section II
below) (collectively, the Varo Believe Card Agreement and Disclosures along with the Varo Believe
Secured Account Agreement and Disclosures, the “Believe Program Accounts” and “Believe
Program Accounts Agreements”).

The Varo Believe Card (“Believe Card” or “Card”) is a secured Visa® charge card, issued by Varo
Bank, N.A. (the “Bank”). “We,” “our,” and “us” refer to the Bank, our successors, aﬃliates or
assignees. When we say “you” or “your” we mean the owner of the Varo Believe Program Accounts.

The Believe Card is secured by funds (or a portion of funds, as applicable) held in your Varo Believe
Secured Account (the “Believe Secured,” “Secured Account,” or “Believe Secured Account). The
Believe Secured is an account that the Bank establishes to hold the funds as collateral to ensure
prompt and full payment each billing cycle. The Spending Limit for your Believe Card is dictated by
the Available Balance in your Believe Secured Account at any time (as discussed further below).
The Believe Card and Believe Secured  Account are designed to work together to assist you in
building your credit by enabling you to pay your monthly Believe Card Statement balance in full and
on time each month.

THIS AGREEMENT CONTAINS A MANDATORY AND BINDING ARBITRATION PROVISION,
SEE BELOW FOR MORE DETAILS.

By providing an electronic signature or opening or holding an account with us, you agree to the
most recent version of these Believe Program Accounts Agreements, which are available to you at
https://www.varomoney.com/policies/, or within the Varo Mobile Application (the "Mobile App")
or the Varo Web Application (the “Web App”), collectively (the “App”).

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Varo Believe Card Interest Rates and Interest Charges

Annual Percentage Rate (APR) for
Purchases, and Cash Advances

0.00%

Balance Transfer

Not Allowed

Paying Interest

Your payment due date is at least 21 days after the close
of each billing cycle. There is no interest charged on your
account. Your entire balance must be paid in full by the
due date each month.

Minimum Interest Charge

There is no interest charged on your account.

For Credit Card Tips from the
Consumer Financial Protection
Bureau

To learn more about factors to consider when applying
for or using a credit card, visit the website of the
Consumer Financial Protection Bureau at
http://www.consumerﬁnance.gov/learnmore

Varo Believe Card Fees*

Annual Fee

Transaction Fees

Foreign Transaction

Card Replacement Fee

$0.00

$0.00

$0.00

$0.00

Expedited Card Replacement Fee

$25.00

Penalty Fees

Late Payment Fee**

$0.00

$15.00

Over-the-Spending Limit Fee

$0.00

Return Payment Fee

$0.00

ATM Fee, AllPoint ® ATMs only***

$0.00

*Fees subject to change with appropriate notice. See below for further information.

** Late Payment Fees are not charged on any delinquencies where the amount of the delinquency is
less than the amount of the Late Payment Fee. The Late Payment Fees are capped at three times
the amount of the Late Payment Fee per delinquency state.

***Cash withdrawals from non-Allpoint® ATMs are subject to fees. See below for more details. Cash
withdrawals are considered Cash Advances on your Varo Believe Account.

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Table of Contents

I. Varo Believe Card Agreement and Disclosures

A. Eligibility, Introduction, and Deﬁnitions

B. How the Varo Believe Card Works

C. Varo Believe Secured Account

D. Spending Limit and Open to Buy Amount

E. How to Make Payments on the Varo Believe Card Account

F. Fees

G. Card Transaction Limitations and Cash Access

H. Transactions Made In Foreign Currencies

I. Account Opening and Usage

J. Agreement to Terms

K. Available Transactions

L. Account Titling and Ownership

M. Using The Varo Believe Card

N. Activating Your Card

O. Personal Identiﬁcation Number

P. Authorized Card Users

R. Liability For Certain Unauthorized Card Transactions

S. Secondary Cardholder Prohibited

T. Receipts

U. Card Replacement

V. Believe Card Expiration

W. Receipt and Crediting of Payments

X. Furnishing Information to Third Parties

Y. Negative Credit Reports

Z. Obtaining Credit Information

AA. Account Closure and Change in Terms

BB. YOUR BILLING RIGHTS

CC. Disputes With Merchants or Other Financial Institutions

DD. Other Agreement References

II. Varo Believe Secured Account Agreement and Disclosures

A. Introduction and Deﬁnitions

B. How the Varo Believe Secured Account Works

C. Varo Believe Secured Account

D. Account Opening and Usage

E. Agreement to Terms

F. Account Titling and Ownership

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G. Deposit Sweep Program

H. Other Agreement References

III. Other Agreements And Disclosures Applicable To Both The Varo Believe Agreement And Varo
Believe Secured Agreement

A. Statements

B. The Varo Believe Card, Varo Bank Account, and the Believe Secured Account Are Only
Available Electronically

C. Our Rights Upon Default

D. Important Information About Procedures for Opening a New Account

E. No Waiver of Rights

F. Our Communications With You

G. Our Relationship With You

H. Your Representations and Warranties

I. Assignments and Transfers

J. Changing Terms of Your Believe Card and Believe Secured Account

K. Governing Law and Other Rights

L. Conﬁdentiality and Privacy Policy

M. Death or Incapacitation

N. Business Days

O. Force Majeure

P. State Disclosures

Q. ARBITRATION NOTICE

I. Varo Believe Card Agreement and Disclosures

Please read this carefully and retain it for future reference. This Varo Believe Card Agreement and
Disclosures (“the Believe Agreement”) is revised periodically, and may include changes from earlier
versions.

A. Eligibility, Introduction, and Deﬁnitions

In order to be eligible for the Varo Believe Program, you must (at a minimum, other restrictions
apply) have a Varo Bank Account with an available balance equal to or greater than $0.00 and your
Varo Bank Account must not be suspended or closed. Varo reserves the right to suspend or close
your Believe Account and/or Believe Secured Account or take any other action permitted under this
Agreement in the event you become ineligible for the Varo Believe Program at any time.

The Believe Card may be used to make purchases and obtain cash. Your balance must be paid in
full every month and is secured by the balance in your Believe Secured Account, as described in
this Believe Agreement. To calculate your Believe Card balance, we add purchases and
transactions and fees posted to your account to any outstanding balance from the previous month,
and subtract any payments and credits that we receive during the billing cycle. At the end of each
billing cycle, the payment you owe for that billing cycle, due on the Payment Due Date is equal to

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your Believe Card balance. If you have not fully paid this payment after the Payment Due Date, your
account will be considered in default, and funds from your Believe Secured Account (deﬁned below)
may be applied to satisfy the outstanding balance including any applicable fees. Any payments
made will be reﬂected in your Believe Account within three (3) business days of receipt.

Terms used in this Believe Agreement are deﬁned as follows:

● “Varo Believe Card,” “Believe Card” or “Card” mean the Visa Charge Card issued to you

by the Bank that is subject to the terms of this Believe Agreement.

● “Varo Believe Account,” “Varo Believe Card Account,” or “Believe Account” mean the

account underlying the Varo Believe Card that is subject to the terms of this Believe
Agreement.

● “Varo Bank Account” means the existing demand deposit account you have opened with
Varo Bank. A Varo Bank Account is required to open a Believe Account. See Varo Bank
Account Agreement for more details about the Varo Bank Account.

● “Varo Savings Account” means the interest-bearing savings account you have opened

with Varo Bank, if applicable.

● “Available Balance” means the amount you have available to spend in your Varo Believe
Secured Account. Your Available Balance means any funds in your Believe Secured
Account in excess of your Secured Funds which can be calculated by taking the total funds
held in your Believe Secured Account minus the total of outstanding fees and all pending or
settled transactions on your Card.

● “Billing Cycle” means the interval between Statements. Each Statement shows a closing
date. The Statement closing date is the last day of the Billing Cycle for that Statement.

● “Business Day” means every day except Saturday, Sunday and federal holidays. Any
references to “days” found in these Agreements are calendar days unless indicated
otherwise.

● “Cash Access” means cash you obtain using your Believe Card in any of the following

ways: (a) by presenting the Card issued to you at any ﬁnancial institution that accepts Visa
to obtain cash, or (b) by using the Card at an Automated Teller Machine (“ATM”) or other
device available for this purpose to obtain cash.

● “Debt” has the meaning given in Section III.C of this Believe Agreement.

● “Default” has the meaning given in Section III.C of this Believe Agreement.

● “New Balance” or “Statement Balance” means the total outstanding balance of your

Believe Card at the end of any Billing Cycle, as shown on your Statement. The New Balance
is calculated as the sum of any outstanding balance from the previous month and

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purchases and transactions posted to the Believe Card, minus any payments and credits
that we receive.

● “Open to Buy Amount” means the spending limit (the “Spending Limit”) amount on your
Believe Card, which is equal to the Available Balance of your Believe Secured Account, up
to a maximum of $2,500 per day for purchases, $1,000 per day in cash advances, and
$10,000 per billing cycle. For additional information about cash withdrawals from ATMs with
your Believe Card, see Section I.G “Card Transaction Limitations and Cash Access.”

● “Payment Due Date” means the date that the total amount owed is due. Your Payment Due

Date is at least 21 days after the close of each billing cycle.

● “Pending Transactions” has the meaning given in Section I.X “Authorization Holds”.

● “PIN” means a personal identiﬁcation number assigned to your Believe Card. You will need

to set this up when activating your card.

● “Purchase” means your purchase of goods or services with the use of your Believe Card or
Believe Card number (including, without limit, purchases made in person, on the Internet,
through mail order, or over the telephone). Tax payments made with your Believe Card
(including any fees charged by a taxing agency) are Purchases.

● “SafePay” is the method the Bank uses to collect automatic payments from your Believe
Secured Account. By enrolling into SafePay, you authorize  the Bank to automatically pay
your New Balance at the end of your billing cycle from the funds in your Believe Secured
Account, before your actual Payment Due Date.

● “Secured Charge Card” means a secured credit card that requires payment in full every

month. The Believe Card is a secured charge card. Purchases made using the Believe Card
can be made up to the Open to Buy Amount, with a maximum of $10,000 per billing cycle.
Limitations for daily cash access and purchase transactions are outlined in Section I.G
“Card Transaction Limitations and Cash Access”. Since the total of all charges and cash
withdrawals made each billing cycle must be paid in full each month by the Payment Due
Date, there is no interest charged or minimum payment.

● “Secured Funds” means the funds held in your Believe Secured Account necessary to fully
secure the balance of your Believe Card Account, which can be calculated at any time as
the current total of the outstanding fees and all pending or settled transactions on your
Card.

● “Statement” is your monthly bill, which is provided to you electronically at the end of your

billing cycle as described in Section III.A “Statements”.

● “Total Due” means the New Balance due at the end of the billing cycle.

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B. How the Varo Believe Card Works

Before you use your Believe Card, you will have the ability to move funds into your Believe Secured
Account, as described below. When you make a Purchase using the Believe Card, your Purchase
will be approved only if the amount of the Purchase is not greater than the Open to Buy Amount. If
your Purchase is approved, the Purchase amount will appear as a credited amount on your Believe
Account and your Available Balance in your Believe Secured Account will be reduced by the
Purchase amount--this will be held in your Believe Secured Account as security for your
expenditures. A Purchase will be declined if the Purchase amount is greater than the Open To Buy
Amount. You can always move your Available Balance from your Believe Secured Account back to
your Bank Account and/or Savings Account (as applicable). The Secured Funds in the Believe
Secured Account are used to secure the amount of your purchases.

C. Varo Believe Secured Account

Your Believe Card is secured by the Secured Funds held in your Believe Secured Account, which is
established when you are issued a Believe Card. As you make purchases on your Believe Card, the
Purchase amount will be deducted from your Available Balance in the Believe Secured Account. If
you try to make a Purchase that cannot be secured based on the Available Balance of your Believe
Secured Account, the transaction will be declined. After the billing cycle ends, your Statement
Balance can be automatically paid in full from the Believe Secured Account as described herein.
You can only use Secured Funds to pay down your monthly Statement Balance. You will not earn
interest on the funds in the Believe Secured Account. The Believe Secured Account is described
more completely below in Section II (Believe Secured Account Agreement and Disclosures).

D. Spending Limit and Open to Buy Amount

Your Spending Limit (also known as your Open to Buy Amount) is equal to your Available Balance in
your Believe Secured Account, up to a maximum of $10,000 per billing cycle, subject to daily
purchase and cash withdrawal limits as described below. Deposits and withdrawals in your Believe
Secured Account will change your Open to Buy Amount. Pending Purchases, merchant credits for
returns, and authorization holds (“Pending Transactions”) may aﬀect your Open to Buy Amount.
This section describes when and how your Purchases, Pending Transactions, and Believe Card
payments will aﬀect the Open to Buy Amount. Crediting of payments for purposes of your
scheduled payment obligations is described in Section I.W “Receipt and Crediting of Payments.”
For purposes of your Open to Buy Amount, the following will apply:

1. Cash withdrawals and Purchases, including any Authorization Hold below, will decrease

your Open to Buy Amount immediately when the Card is used at an ATM or at a merchant.
As soon as a transaction is approved, the transaction amount will be secured in the Believe
Secured Account.

2. Deposits into the Believe Secured Account will increase your Open to Buy Amount to the

limits described above.

E. How to Make Payments on the Varo Believe Card Account

1. Making Payments. All payments to the Bank must be made in U.S. Dollars. You can pay in the
following ways:

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a. Automatic payments from your Believe Secured Account via SafePay

b. Manual one-time payments from your Believe Secured Account

c. Automatic payments from any bank account you have linked to Varo

d. Manual one-time payments from any bank account you have linked to Varo

e. Mailing a check. Mail a check to: ATTN: Lending Department, P.O. Box 108, Draper, UT

84020. Your check must arrive before 5:00 p.m. Eastern Time on the day it is due. Be sure
to write your Believe Card account number on your check; your account number can be
found on your Statement.

You may enable automatic payments from your Believe Secured Account to your Believe Card by
selecting the SafePay option at enrollment, or by enabling automatic payments at any time
thereafter. You are not required to enable automatic payments to be able to make purchases with
your Believe Card. Your access to credit and Open to Buy Amount will be determined in the same
manner whether or not you enable automatic payments. You may disable automatic payments,
including SafePay, at any time. If you make payments to your Believe Card from any bank account
linked to Varo, the Available Balance in your Believe Secured Account will be increased by the
amount of your payment.

2. General Promise to Pay. You promise to pay us all amounts you owe on your Believe Card
Account, including without limit, the total amount of all Purchases and all other charges and fees
described in this Believe Agreement. You must make a payment every month that your Believe Card
Account reﬂects a New Balance (the New Balance is the entire amount that you owe the Bank at
that time). If we do not receive your Total Due by the Payment Due Date reﬂected on your
Statement, you will be considered in Default of the terms of this Believe Agreement, and if we do
not receive your Total Due within 10 days of the Payment Due Date reﬂected on your Statement,
you will be charged a late fee. See “Our Rights Upon Default”, for consequences of Default.

3. Payment Hierarchy. Payment will be applied to any fees corresponding to your oldest
outstanding balance (per statement period), then to your oldest outstanding balance (per statement
period). This order recurs for each outstanding statement period. For example, your payment will be
applied ﬁrst to fees associated with balances 61-90 days past due, then to balances 61-90 days
past due, then to fees associated with balances 31-60 days past due, then to balances 31-60 days
past due, and then to fees associated with balances 0-30 days past due and ﬁnally to balances
0-30 days past due.

4. Payments Made Using SafePay

a.

If you enable SafePay, funds from your Believe Secured Account in the amount of the Total
Due will be used to automatically pay your New Balance at the close of your Billing Cycle.
This means that your payment in full will be deducted from your Believe Secured Account
automatically prior to your payment due date. You will be notiﬁed of the amount of the
automatic payment from your Believe Secured Account in the same communication where
you are notiﬁed that your Statement is available.

b. By agreeing to SafePay, you agree to opt out of having twenty-one (21) days to make a

payment following the end of each Billing Cycle and instead have your automatic payment
applied within one day of the end of each Billing Cycle, as long as the payment amount falls
within the range between $0.01 and the Total Due on the Statement.

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c.

If the Total Due is greater than the amount in your Believe Secured Account, your payment
will not be made until you deposit the shortage into your Believe Secured Account. You will
have twenty-one (21) days to deposit the shortage into your Believe Secured Account in
order to make your Varo Believe Card payment on time. Failure to make your payment on
time could result in a default.

5. Total Due Payment Requirement. Each month you must pay the Total Due that is shown on
your Statement, and we must receive that payment on or before the Payment Due Date shown on
each Statement. The Payment Due Date will be the same day of each calendar month. If the
Payment Due Date is not a Business Day, we will treat any payment received by us by 5:00 p.m.
Eastern Time on the next Business Day as having been made on the Payment Due Date. See
Section I.W “Receipt and Credit of Payments.” If your Total Due payment is not received by your
Payment Due Date, you will be in Default. See Section III.C “Our Rights Upon Default” for
consequences of Default.

F. Fees

1. Annual Fee. There is no annual fee.

2. Late Payment Fee. There is a late payment fee of $15 if you are more than 10 days late on your
monthly payment. Late Payment Fees are not charged on any delinquencies where the amount of
the delinquency is less than the amount of the Late Payment Fee. The Late Payment Fees are
capped at three times the Late Payment Fee per delinquency state.

3. Foreign Transaction Fees. There is no fee for foreign transactions (see Section I.H “Transactions
Made in Foreign Currencies” for additional restrictions on such transactions).

4. Card Replacement Fee. There is no fee to replace a Card for any reason. You are responsible for
safeguarding your Card. We reserve the right to cancel your Believe Card for excessive requests for
Card replacement. The determination of what constitutes excessive shall be made in our sole
discretion.

5. Expedited Card Replacement Fee. We will impose a $25 fee if you request that we expedite the
delivery of a replacement Card to you.

6. How Fees Are Collected. Any fees due as described in this Believe Agreement will be deducted
from your Believe Secured Account, to be paid with your balance due at the end of your Billing
Cycle. Your Believe Card balance will also increase by the amount of the fee charged. You can use
the Believe Secured Account balance to pay your Believe Card Balance at the close of the Billing
Cycle. Your promise to pay includes any fees charged to your Believe Card Account.

G. Card Transaction Limitations and Cash Access

With your PIN, which you must set up when activating your Believe Card, you can use your Believe
Card to withdraw cash from your Bank Account at any ATM (“Automated Teller Machine") that bears
the Allpoint® or Plus® Acceptance Mark(s). ATM withdrawals with the Believe Card function just
like a purchase transaction on the Believe Card: the amount of the cash you withdraw will be
charged to the Believe Card Account, and the Available Balance in your Believe Secured Account

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will be decreased by the same amount. Your request to withdraw funds will be declined if you do
not have suﬃcient Available Funds in your Believe Secured Account.

The daily limits for cash withdrawals and purchases using the Believe Card are listed below.

Transaction Type

Varo Bank
Fees

Frequency and/or Dollar Limits

ATM Withdrawal (Allpoint® ATMs)

$0.00

No limit to the number of times per calendar day

ATM Withdrawal Fee (non-Allpoint
ATMs/out-of- network)*

$2.50

No limit to the number of times per calendar day

$1,000 per day, or the Available Balance in your
Believe Secured Account, whichever is less.

Card Purchases

$0.00

$1,000 per day, or the Available Balance in your
Believe Secured Account, whichever is less.

There is a limit of 30 transactions per calendar
day

$2,500 per day, or the Available Balance in your
Believe Secured Account, whichever is less. To a
maximum of $10,000 per billing cycle.

* ATM owner-operators and participating banks may impose their own lower limits on cash
withdrawals as well as their own fees. If you use a non-Allpoint network ATM (out-of-network),
including for a balance inquiry, you may be charged an additional fee on top of the Varo Bank
out-of-network fee by the ATM operator even if you do not complete a withdrawal: such a fee is a
third-party fee assessed by the individual ATM operator only and is not assessed by Varo Bank. The
ATM fee will be charged to your Believe Card Account.

1. Using Your Card. Consistent with applicable law, you may use the Varo Believe Card to
purchase goods or services everywhere where Visa cards are accepted. To initiate a Believe Card
purchase, you may (1) swipe the Card through a POS terminal, (2) insert the Card into a EMV
chip-enabled POS terminal, (3) tap your contactless card at a contactless terminal, (4) pay using a
mobile wallet on your mobile phone to which you have added your Believe Card, or (5) provide your
16-digit Card number for a mail order, telephone, or internet purchase.

Some merchants do not allow customers to conduct split transactions in which the Varo Believe
Card is used as partial payment for goods and services and the remainder of the balance is paid
with another form of legal tender. If you wish to conduct a split transaction and it is permitted by the
merchant, you must tell the merchant to charge at most the exact amount of the Available Balance

10

in the Believe Secured Account to the Varo Believe Card. You must then arrange to pay the
diﬀerence using another payment method. Some merchants may require payment for the remaining
balance in cash. If you fail to inform the merchant that you would like to complete a split transaction
prior to swiping or dipping the Card, the Card may be declined in case of insuﬃcient funds in the
Believe Secured Account. See Section I.B “How the Varo Believe Card Works.”

If you use the Believe Card at an automated fuel dispenser, i.e., “pay at the pump”, the transaction
may be preauthorized for an amount up to $75.00 or more. If you use the Believe Card at a
restaurant, a hotel, for a car rental purchase, or for similar purchases, the transaction may be
preauthorized for the purchase amount plus up to 20% or more to ensure there are suﬃcient funds
available to cover tips or incidental expenses. A preauthorization places a hold on those available
funds until the merchant sends us the ﬁnal payment amount of your purchase. Once the ﬁnal
payment amount is received, the hold on the pre-authorized amount will be removed. It may take up
to seven (7) days for the hold to be removed. During the hold period, you will not have access to the
pre-authorized amount.

All transactions relating to car rentals may result in a hold for that amount of funds for up to sixty
(60) days. In these cases, this will impact both your Believe Card Balance and your Available
Balance in your Believe Secured Account.

2. Card Not Present. If you use the 16-digit Card number without presenting the Believe Card
(such as for a mail order, telephone, or Internet purchase), the legal eﬀect will be the same as if you
had used the Card itself.

3. Use Restrictions. The Believe Card use restrictions include, but are not limited to: restricted
geographic or merchant locations where there is a higher risk of fraud or illegal activity; restrictions
to comply with laws or prevent our liability; and other restrictions to prevent fraud and other losses.
For security reasons, we may, with or without prior notice, limit the type, amount, or number of
transactions you can make with the Card. You may not use the Card for illegal online gambling or
any other illegal transaction.

We may increase, reduce, cancel, or suspend any of the restrictions, or add new ones at any time.

You agree to use your Believe Card only for personal, family, or household purposes. You also
promise that your Believe Card will not be used for purposes that are illegal under state or federal
law, including without limit illegal gambling activity. We reserve the right to deny transactions or
authorizations from merchants that appear to be engaged in illegal activities. We are not
responsible if anyone does not allow you to use your Believe Card or refuses to accept your Card.
We may decline any transaction at any time.

4. Overlimit. Each time you use the Believe Card, you authorize us to reduce the Available Balance
in the Believe Secured Account by the full amount of the transaction and any applicable fees. You
are not allowed to exceed the Available Balance in the Believe Secured Account through an
individual transaction or a series of transactions. If a transaction exceeds the balance of the
Available Balance in the Believe Secured Account, you shall remain fully liable to us for the full
amount.

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5. SECURITY INTEREST IN VARO BANK AND SAVINGS ACCOUNTS. AS A CONDITION OF
THE VARO BELIEVE PROGRAM, YOU HEREBY AGREE TO GRANT VARO A SECURITY
INTEREST IN YOUR VARO BANK ACCOUNT AND VARO SAVINGS ACCOUNT. FURTHER YOU
AGREE THAT, IN THE EVENT ONE OF YOUR TRANSACTIONS ON THE BELIEVE CARD
EXCEEDS THE AVAILABLE BALANCE IN THE BELIEVE SECURED ACCOUNT, THE BANK
WILL REDUCE THE AMOUNT AVAILABLE IN YOUR BANK ACCOUNT OR SAVINGS ACCOUNT
BY THE EXCESS AMOUNT OF THE TRANSACTION AND ANY APPLICABLE FEES. IF THE
FUNDS ARE INSUFFICIENT IN YOUR BANK ACCOUNT, THE BANK RESERVES THE RIGHT TO
MOVE SUCH FUNDS WHEN ADDITIONAL FUNDS BECOME AVAILABLE IN THE BANK
ACCOUNT.

H. Transactions Made In Foreign Currencies

If you withdraw money or make a purchase with your Believe Card in a foreign currency, the amount
deducted from the Available Balance of the Believe Secured Account will be converted by Visa into
the amount in United States Dollars. The exchange rate is set by Visa from the range of rates
available in wholesale currency markets for the applicable central processing date, which may vary
from the rate Visa itself receives, or the government-mandated rate in eﬀect for the applicable
central processing date.

I. Account Opening and Usage

You may open a Varo Believe Card by using the Mobile App. We may refuse to process any
transaction(s) that we believe may violate the terms of this Believe Agreement. Except as prohibited
by law, we may change or restrict your credit ability at any time, including cancelling your account
without advance notice. Consistent with applicable law, written notice will be provided to inform
you of any changes.

J. Agreement to Terms

By applying for a Believe Card, signing the Card, or otherwise using or consenting to the use of the
Believe Card, you agree to the terms and conditions of Believe Program Accounts Agreements and
that this Believe Agreement will govern your Believe Card, the use of your Card, and all credit
extended under this Believe Agreement. You also agree that your use of your Believe Card, whether
by use of your Card or otherwise, will constitute your acceptance of, and will be subject to, this
Believe Program Accounts Agreements.

K. Available Transactions

You may use your Believe Card to make purchases so long as you are not in Default of this Believe
Agreement subject to your Open to Buy Amount. You may not obtain balance transfers from your
Believe Card. You may make Purchases as described in the deﬁnition of Purchase, above. You may
obtain Cash Access in the ways described in the deﬁnition of Cash Access above. When you
activate your card, you will be prompted to choose a PIN, as described in Section I.N “Activating
Your Card.” With this PIN you can obtain Cash Access at any authorized ATM using your Believe
Card.

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L. Account Titling and Ownership

The Believe Card may only be owned and titled in the name of one (1) person who solely retains the
right to use the card for Purchases and cash access transactions. The Believe Card cannot be
owned or titled jointly, by an organization, or under “Power of Attorney.” The Believe Account,
Believe Secured Account, and your obligations under this Believe Agreement may not be assigned.

In the event that your Believe Account or Believe Secured Account comes under a Power of
Attorney or conservatorship, we will work with your legal representatives to handle the disposition
of your Believe Account and Believe Secured Account.

M. Using The Varo Believe Card

You will receive a Varo Believe Card. You acknowledge and agree that the purchases and cash
access accessible through use of the Believe Card are limited to the Available Balance in your
Believe Secured Account. You agree to sign the back of the Believe Card immediately upon receipt.
The expiration date of the Believe Card is identiﬁed on the back of the card. The Varo Believe Card
is the property of the Bank and must be surrendered upon demand. The Believe Card is
nontransferable and it may be cancelled, repossessed, or revoked at any time without prior notice
subject to applicable law. We, a merchant, or any party acting on our behalf, may retain your Card
without prior notice to you. We have the right not to renew your Believe Card. If we have not
terminated your Varo Bank Account or exercised our right not to renew your Believe Card, we will
send you a new Card when your prior Card expires.

N. Activating Your Card

You must activate the Believe Card before it can be used. You may activate it through the Mobile
App, or by calling 1-877-377-8276. If you activate your card by calling us, you will need to provide
personal information in order for us to verify your identity.

O. Personal Identiﬁcation Number

You will be prompted to select a PIN when you activate your card, as described in the activation
instructions in Section I.N “Activating Your Card.” You should not write or keep your PIN with the
Card. Never share your PIN with anyone. When entering your PIN, be sure it cannot be observed by
others and do not enter your PIN into any terminal that appears to be modiﬁed or suspicious. If you
believe that anyone has gained unauthorized access to your PIN, you should advise us immediately
following the procedures in the Section I.R “Liability for Certain Unauthorized Card Transactions.”

P. Authorized Card Users

You are responsible for all authorized transactions initiated and fees incurred by use of the Card. If
you permit another person to have access to the Varo Believe Card, Varo Believe Card number(s), or
PIN, we will treat this as if you have authorized such use and you will be liable for all transactions
and fees incurred by those persons. You are wholly responsible for the use of your Varo Believe
Card according to the terms and conditions of this Believe Agreement.

13

R. Liability For Certain Unauthorized Card Transactions

If you believe that your Believe Card has been used without your permission, contact us at once via
the App (if available) or by calling our Customer Service Department at 1-877-377-8276 or you may
write to us at support@varomoney.com. You must provide a written statement that includes your
name, account number, the dollar amount of your suspected error, why you believe it is an error,
type of unauthorized transaction(s) with the date(s) and amount(s) of error. Except as provided
below, your liability for unauthorized transactions that take place on the VISA system is zero dollars
($0). We may require you to provide a written statement regarding claims of unauthorized
transactions. This protection does not apply if we determine that you have been fraudulent or
negligent in the handling of your Varo Believe Card. These provisions limiting your liability also do
not apply to any credit transactions that are not processed by VISA. See Section I.CC “YOUR
BILLING RIGHTS” for more information concerning your rights and our responsibilities under the
Fair Credit Billing Act and your potential liability for transactions that are not covered by this section.

S. Secondary Cardholder Prohibited

You may not request an additional Believe Card for another person.

T. Receipts

You should get a receipt at the time you make a transaction using the Believe Card. You agree to
retain, verify, and reconcile your transactions and receipts.

U. Card Replacement

If you need to replace your Believe Card for any reason except at the Believe Card expiration,
please contact 1-877-377-8276 to request a replacement Believe Card. You will be required to
provide personal information which may include the 16-digit Card number, your full name,
transaction history, copies of acceptable documentation.

V. Believe Card Expiration

When your Believe Card nears its expiration date, the Bank will automatically mail a replacement
Card to you. You will not be able to use the Card after the expiration date. If you need a Card
replacement for any reason other than the Card's expiration, you may request one at any time by
following the procedures in Section I.U “Card Replacement.”

W. Receipt and Crediting of Payments

To ensure a timely payment, we must receive your payment by 5:00 p.m. Eastern Time on a
Business Day in order to be credited to your Believe Card on that day. For purposes of your
payment obligations, the following describes when your payments must be made in order to be
credited to your Believe Card on a timely basis.

1. Believe Secured Account Payments. A Varo Payment received by us by 5:00 p.m. Eastern

Time will be credited to your Believe Card at the time that we receive it.

14

2. Other Payment Options. All “Other Payments” received by us by 5:00 p.m. Eastern Time

on a Business Day will be credited to your Believe Card the day of receipt. “Other
Payments” may include: (a) any payment you make through the bank account linked to
Varo, and (b) any check payment we receive that includes your accurate Believe Card
account number in the payment instructions. See Section I.E.1 “Making Payments” for
instructions on how to make payments via other bank accounts or via check.

3. Non-Conforming Payments. Any payment method that does not meet the requirements of
the “Other Payments” is “non-conforming”. Non-conforming payments will be credited to
your Believe Card within 5 days so long as we can identify your Believe Card.

4. Application of Payments. Subject to applicable law, we will apply and allocate payments
and any credits on your Believe Card as described in Section I.E.3 “Payment Hierarchy.”

X. Furnishing Information to Third Parties

If you believe that we have furnished any inaccurate information relating to your Believe Card to any
consumer-reporting agency, you may notify us at the following address: support@varomoney.com.
To help us respond to your notiﬁcation, you must include your Believe Card number, Social Security
number, the name of the consumer-reporting agency reﬂecting the inaccurate information, and an
explanation of why you believe the information is inaccurate. You understand that you may also
contact the appropriate consumer-reporting agency directly at the following address and toll-free
number: Equifax, P.O. Box 740241, Atlanta, GA 30374, 1.800.685.1111; TransUnion, P.O. Box 1000,
Chester, PA 19022, 1.800.916.8800; or Experian, P.O. Box 2002, Allen, TX 75013, 1.888.397.3742.

Y. Negative Credit Reports

YOU ARE HEREBY NOTIFIED THAT A NEGATIVE CREDIT REPORT REFLECTING YOUR
CREDIT HISTORY WITH US MAY BE SUBMITTED TO A CREDIT-REPORTING AGENCY IF YOU
FAIL TO FULFILL THE TERMS OF YOUR CREDIT OBLIGATIONS. LATE PAYMENTS, MISSED
PAYMENTS, OR OTHER DEFAULTS ON YOUR CARD ACCOUNT MAY BE REFLECTED IN
YOUR CREDIT REPORT.

Z. Obtaining Credit Information

When you applied for your Believe Card, you authorized us to make or have made any credit,
employment, income, or other investigative inquiries we deemed or deem in the future to be
appropriate (including, without limit, obtaining a consumer report) prior to extending credit to you.
You also authorized us to make such inquiries and obtain consumer reports when renewing,
updating, or collecting on your Believe Card in the future. Upon your request, we will tell you
whether we obtained a consumer report and the names and addresses of any consumer-reporting
agencies that provided such reports.

AA. Account Closure and Change in Terms

1. You May Close Your Believe Card. You may close your Believe Card at any time by notifying us at
help@varomoney.com. We will close your Believe Card after we receive notice from you and have a
reasonable opportunity to process your notice. You agree that we are not responsible for any costs,
damages, or inconvenience you may suﬀer as a result of our closing your Believe Card.

15

2. We May Close Your Believe Card. Consistent with applicable law, even if you are not in Default,
we may:

● close your Believe Card;
● cancel or suspend your privileges to make Purchases; or
● otherwise cancel or suspend any Believe Card privileges or beneﬁts (whether or not such
privileges or beneﬁts are described or referred to in these Agreements). We may do so for
any reason, including Believe Card inactivity, at our sole discretion. We will provide you with
notice of any such action if required to do so by applicable law.

3. No More Transactions if the Believe Card is Closed. If either you or we close your Believe Card
you may not make further Purchases with your Believe Card. However, you will remain responsible
and must pay for all credit owed to us (extended to you or arising from use of your Believe Card
prior to or subsequent to closure). We also will return to you the funds from your Believe Secured
Account to your Bank Account.

BB. YOUR BILLING RIGHTS

KEEP THIS DOCUMENT FOR FUTURE USE

This notice tells you about your rights and our responsibilities under the Fair Credit Billing
Act.

What To Do If You Find A Mistake On Your Statement

If you think there is an error on your Statement, contact us: help@varomoney.com OR
1-877-377-8276 OR in the App (if available).

In your communication, give us the following information:

● Account information: Your name and Believe Card number.
● Dollar amount: The dollar amount of the suspected error.
● Description of problem: If you think there is an error on your bill, describe what you believe

is wrong and why you believe it is a mistake.

You must contact us:

● Within 60 days after the error appeared on your Statement.
● At least 3 business days before an automated payment is scheduled, if you want to stop

payment on the amount you think is wrong.

You must notify us of any potential errors in writing. You may call us, but if you do, we may
require you to submit your potential error in writing and we are not required to investigate any
potential errors and you may have to pay the amount in question.

What Will Happen After We Receive Your Communication

When we receive your communication, we must do two things:

16

1. Within 30 days of receiving your communication, we must tell you that we received your

communication. We will also tell you if we have already corrected the error.

2. Within 90 days of receiving your communication, we must either correct the error or explain

to you why we believe the bill is correct.

While we investigate whether or not there has been an error:

● We cannot try to collect the amount in question, or report you as delinquent on that amount.
● The charge in question may remain on your Statement.
● While you do not have to pay the amount in question, you are responsible for the remainder

of your balance.

After we ﬁnish our investigation, one of two things will happen:

● If we made a mistake: You will not have to pay the amount in question or any other fees

related to that amount.

● If we do not believe there was a mistake: You will have to pay the amount in question,
along with applicable fees. We will send you a statement of the amount you owe and the
date payment is due. We may then report you as delinquent if you do not pay the amount
we think you owe.

If you receive our explanation but still believe your bill is wrong, you must write to us within 10 days
telling us that you still refuse to pay. If you do so, we cannot report you as delinquent without also
reporting that you are questioning your bill. We must tell you the name of anyone to whom we
reported you as delinquent, and we must let those organizations know when the matter has been
settled between us.

If we do not follow all of the rules above, you do not have to pay the ﬁrst $50 of the amount you
question even if your bill is correct.

Your Rights If You Are Dissatisﬁed With Your Card Purchases

If you are dissatisﬁed with the goods or services that you have purchased with your Card, and you
have tried in good faith to correct the problem with the merchant, you may have the right not to pay
the remaining amount due on the Purchase.

To use this right, all of the following must be true:

1. The Purchase must have been made in your home state or within 100 miles of your current
mailing address, and the Purchase price must have been more than $50. (Note: Neither of
these are necessary if your Purchase was based on an advertisement we mailed to you, or if
we own the company that sold you the goods or services.)

2. You must have used your Card for the Purchase.

3. You must not yet have fully paid for the Purchase.

If all of the criteria above are met and you are still dissatisﬁed with the Purchase, contact us in
writing at: P.O. Box 108, Draper, UT 84020 or email us at help@varomoney.com or in App (if
available).

17

While we investigate, the same rules apply to the disputed amount as discussed above. After we
ﬁnish our investigation, we will tell you our decision. At that point, if we think you owe an amount
and you do not pay, we may report you as delinquent.

CC. Disputes With Merchants or Other Financial Institutions

We are not responsible for refusal by any merchant, ﬁnancial institution, or automated equipment to
honor or accept your Card, and we have no responsibility for merchandise or services obtained by
you with your Card except as provided in Section I.CC “YOUR BILLING RIGHTS” of the Believe
Agreement. You agree to use your best eﬀorts to resolve any dispute concerning merchandise or
services with the merchant concerned.

DD. Other Agreement References

All of the provisions of Section III (Other Agreements and Disclosures Applicable to Both the Varo
Believe Agreement and Varo Believe Secured Agreement) are incorporated herein by reference as if
set forth in full.

II. Varo Believe Secured Account Agreement and Disclosures

Please read this carefully and retain it for future reference. This Varo Believe Secured Agreement
and Disclosures (“the Believe Secured Agreement”) is revised periodically, and may include
changes from earlier versions.

A. Introduction and Deﬁnitions

The Varo Believe Secured Account is an account at the Bank used in partnership with the Believe
Card and Believe Account; however, it is an independent account. The purpose of the Believe
Secured Account is to act as security to ensure payment of any charges to the Believe Account.
You may make deposits into the Believe Secured Account and, up to the Available Balance, you
may make withdrawals from the Believe Secured Account. The Secured Funds in your Believe
Secured Account may not be withdrawn from the Believe Secured Account. Your Total Due must be
paid in full every month and is secured by the Secured Funds in your Believe Secured Account
Account. At the end of each billing cycle, your Believe Card balance may equal the payment you
owe for that Billing Cycle, due on the Payment Due Date.

This Agreement is about your Believe Secured Account issued by the Bank. “We”, “our” and “us”
refer to the Bank, our successors, aﬃliates or assignees. When we say “you” or “your” we mean the
holder of the Believe Secured Account. The Believe Secured Account or Believe Secured Account
is the collateral account the Bank establishes as security to enable you to make prompt and full
payment each billing cycle. After you have added funds to your Believe Secured Account, when you
make purchases with your Believe Card, the amount of the purchase is deducted from your
Available Balance in the Believe Secured Account. Funds in the Believe Secured Account can then
be used by you to pay the Total Due at the close of the billing cycle. You will not earn interest on the
balances in the Believe Secured Account. Other terms used in this Believe Secured Agreement are
deﬁned in the Believe Agreement and are incorporated herein.

18

Interest Rates

Annual Percentage Yield

0.00%

Balance Transfer

Not Allowed

Fees

Monthly Maintenance Fee

Transaction Fees

Overdraft Fees

$0.00

$0.00

$0.00

B. How the Varo Believe Secured Account Works

In order to use the Varo Believe Card, you must have an open Varo Bank Account and also an open
Believe Secured Account. When you make a Purchase using the Believe Card, your Purchase will
be approved only if (1) you have suﬃcient Available Balance in your Believe Secured Account, and
(2) the amount of the Purchase is not greater than the Open to Buy Amount. If your Purchase is
approved, the Purchase amount will appear as a credited amount on your Believe Account, the
Available Balance in your Believe Secured Account will be reduced by the Purchase amount, and
the Secured Funds in the Believe Secured Account will be increased by the Purchase amount as
security for your expenditures. A Purchase will be declined if the Purchase amount is greater than
(1) your Available Balance in the Believe Secured Account or (2) the Open To Buy Amount. Secured
Funds cannot be withdrawn from the Believe Secured Account, only funds up to your Available
Balance may be withdrawn from the Believe Secured Account. The Secured Funds in the Believe
Secured Account are used to secure the amount of your purchases and cash advances, and can be
used to pay your monthly Statement balance.

C. Varo Believe Secured Account

The Secured Funds in the Believe Secured Account, which are securing an outstanding balance on
the Believe Card, cannot be utilized by you for any purpose. You will not earn interest on the funds
in the Believe Secured Account. After the billing cycle ends, your Statement Balance on your
Believe Card can be automatically paid from the Believe Secured Account by selecting the SafePay
option at enrollment, or by enabling automatic payments at any time thereafter.

You can move funds between your Varo accounts by depositing additional funds in your Believe
Secured Account or by withdrawing, up to your Available Balance, funds from your Believe Secured
Account. If, at the end of a billing cycle, you choose to pay your Believe Card’s Statement Balance
by a means permitted under the Believe Agreement other than by using funds in your Believe
Secured Account, the Available Balance in your Believe Secured Account will be increased by the
amount of your payment.

19

D. Account Opening and Usage

You must open a Believe Secured Account through the Mobile App in conjunction with opening a
Varo Believe Card Account. We may refuse to process any transaction(s) that we believe may
violate the terms of this Believe Secured Agreement. To the extent permitted by law, we may
change or restrict your credit availability at any time, including cancelling your Believe Secured
Account without advance notice. Consistent with applicable law, written notice will be provided to
inform you of any changes.

E. Agreement to Terms

By applying for a Believe Card, signing the Card, or otherwise using or consenting to the use of the
Believe Card, you agree to the terms and conditions of this Believe Secured Agreement as well as
the Believe Agreement and that these Agreements will govern your Believe Card, the use of your
Card, all credit extended under this Believe Agreement, and transactions with the Believe Secured
Account. You also agree that your use of your Believe Card, whether by use of your Card or
otherwise, will constitute your acceptance of, and will be subject to, the Believe Secured
Agreement.

F. Account Titling and Ownership

The Believe Secured Account may only be owned and titled in the name of one (1) person who
solely retains the right to use the card for purchase and cash access transactions. The Believe
Secured Account cannot be owned or titled jointly, by an organization, or under “Power of
Attorney.” The Believe Secured Account and your obligations under this Believe Secured
Agreement may not be assigned.

In the event that your Believe Secured Account comes under a Power of Attorney or
conservatorship, we will work with your legal representatives to handle the disposition of your
Believe Secured Account.

G. Deposit Sweep Program

1. Introduction

The Varo Insured Deposit Sweep Program (“Program”) is oﬀered to you by Varo as a sweep option
and is intended for the deposit of your Available Balance in your Believe Secured Account into bank
deposit accounts at FDIC-insured Program Banks, as deﬁned below, (these accounts at Program
Banks will be either money market deposit accounts or demand deposit accounts). This will not
impact your access to your Available Balance in your Believe Secured Account, subject to FDIC
insurance. You have been automatically enrolled in the Program; however, you may aﬃrmatively opt
out as described below.

Varo has appointed Stable Custody Group II LLC (“Stable”) to allocate your money to deposits in
deposit accounts at insured banks that are participating in the Program (“Program Banks”) to seek
to maximize the amount of FDIC insurance available to you up to $1,225,000 per category of legal
ownership, subject to certain exceptions. Stable is not, itself, a bank, broker-dealer, or investment
adviser and does not hold any of your Swept Deposits (as deﬁned below). Varo may from time to

20

time appoint diﬀerent entities to allocate your money to deposits in deposit accounts at Program
Banks.
If you are enrolled in the Program, Varo may sweep all or part of your Available Balance to deposit
accounts at Program Banks. If you have more than $250,000 in Available Balance in your Believe
Secured Account, total funds in your Varo Savings Account and total funds in your Bank Account
combined, we will always sweep funds held in your Varo accounts above $250,000 to provide FDIC
insurance up to the maximum insured deposits. A list of the current Program Banks is available at
https://faq.varomoney.com/hc/en-us/sections/360010069031-Deposits, this list is subject to
change and Varo may add or eliminate any Program Banks at any time without notice to you.

You may withdraw cash held at Program Banks at any time. At any time after enrolling, you may
opt-out of the Program by contacting us at support@varomoney.com or at 1-877-377-8276. If you
opt-out of the Program at any time, you will opt-out of the Program for your Believe Secured
Account and any other Varo accounts you may have (as applicable). Such an opt-out election shall
take eﬀect after Varo receives such notice and Varo has had a reasonable opportunity to act on that
notice.

YOU UNDERSTAND THAT BY ENROLLING IN THE PROGRAM, YOU ARE INSTRUCTING
VARO TO DIRECT THE PLACEMENT OF YOUR DEPOSITS IN YOUR ACCOUNT UP TO THE
AMOUNT OF DEPOSIT INSURANCE COVERAGE PROVIDED BY THE PROGRAM. YOU
ACKNOWLEDGE THAT YOU HAVE RECEIVED AND CAREFULLY READ THESE TERMS AND
CONDITIONS BEFORE ENROLLING IN THE PROGRAM. YOU MAY OPT OUT OF THE
PROGRAM AT ANY TIME BY CONTACTING US support@varomoney.com OR AT
1-877-377-8276.

2. Detailed Terms and Conditions of Deposit Sweep Program

A. Account Eligibility

This Program is available to the Available Balance of your Believe Secured Account and not
Secured Funds held in your Believe Secured Account.

B. Deposits

Except as otherwise provided herein, each business day, Varo, utilizing the services of Stable, may
deposit the Available Balance in your Believe Secured Account that Varo desires to sweep to one or
more omnibus deposit accounts maintained at the Program Banks held in the name of “Stable
Custody Group II LLC, as Agent, for the Exclusive Beneﬁt of its Demand Deposit Marketplace
Participating Institutions, as Agent, for the Exclusive Beneﬁt of its Demand Deposit Marketplace
Customers, Acting for Themselves and/or Acting in a Fiduciary Capacity for Others” or a similar
title. The amount of your deposit balances in your Believe Secured Account that are swept to
Program Banks (the “Swept Balances”) is based on the cumulative balance of your Available
Balance in your Believe Secured Account, the total funds in your Bank Account, and the total funds
in your Savings Account (if applicable) on the prior business day and the Swept Balances are
transferred and deposited with the Program Bank accounts on the same business day. Your
ownership of Swept Deposits will be evidenced by an entry on records maintained by Varo and
Stable for each of the Program Banks at which your funds are on deposit. You will not be issued
any evidence of ownership of a Program Bank account, such as a passbook or certiﬁcate.

21

There is no minimum deposit amount required to participate in the Program and no minimum
balance to maintain your participation in the Program. There also is no minimum period that your
money must remain on deposit in the Program and no limitations on the number or dollar amount of
withdrawals from, or deposits to, the Program accounts. There are no penalties or fees for
withdrawal of your entire balance, or any part thereof, at any time.

C. Withdrawals

By enrolling in the Program, you consent to have the money you have in accounts administered
through the Program on deposit at the Program Bank(s) automatically withdrawn from the Program
Bank accounts in the event of a transaction on your Believe Card. Each business day as needed,
Varo will withdraw your cash from the Program Bank accounts.

You may make withdrawals from the Program, in any amount, not to exceed your total account
balance in the Program, through your Believe Secured Account or Bank Account. Withdrawals from
the Program cannot be made directly by you from any of the Program Banks. In the unlikely event of
the failure of Varo, you may seek to access your funds by contacting Stable at 866-237-2752 or the
Program Banks. The Program Banks reserve the right to require you to present any information,
identiﬁcation, certiﬁcation or any other documentation reasonably deemed necessary by the
Program Banks to establish your entitlement to funds prior to disbursing any funds to you.

D. FDIC Deposit Insurance: Operation and Limitations

Any Swept Deposits under the Program are deposited into FDIC-insured omnibus deposit accounts
at the Program Banks that hold your and our other customers’ funds, and in which you will hold a
beneﬁcial interest. Your Swept Deposits are held in those Program Bank account(s) in a manner
designed to provide you with FDIC insurance at each Program Bank. Stable, as your agent,
allocates your Swept Deposits among the Program Bank accounts to seek to maximize FDIC
deposit insurance coverage available under the Program. FDIC deposit insurance coverage is
normally available for your Swept Deposits up to the FDIC standard maximum deposit insurance
amount (“SMDIA”), which is currently $250,000 per legal category of account ownership at each
participating Program Bank when aggregated with all other deposits held by you in the same
Program Bank and in the same legal category of account ownership. Thus, the maximum amount of
Swept Deposits eligible for FDIC insurance coverage would not exceed the SMDIA per legal
category of account ownership multiplied by the number of participating Program Banks, less any
funds that you may hold in a Program Bank outside of the Program in the same legal category of
account ownership. However, Varo may instruct Stable to limit the total deposit for you at any
Program Bank to an amount less than the maximum permitted amount of $250,000, with a view to
providing a cushion for any interest earned on the Swept Deposit while at the Program Bank to be
covered by FDIC deposit insurance. For example, based on the SMDIA of $250,000 per legal
category of account ownership per Program Bank and an assumption that there are at least ﬁve (5)
Program Banks eligible to receive your deposits through the Program, and provided that you do not
have any funds on deposit at a Program Bank outside of the Program, your maximum insured
Swept Deposits would be $1,225,000 per legal category of account ownership.

Your coverage under the Program will be limited to the extent that you hold deposits directly, or
through others, in the same recognized legal category of ownership at the same Program Banks as
you hold deposits through the Program. The FDIC protects you against the loss of your insured
Swept Deposits in the event a Program Bank fails. FDIC deposit insurance is backed by the full faith

22

and credit of the United States. Speciﬁcally, FDIC deposit insurance coverage shall be available for
your Swept Deposits up to the SMDIA, which is currently $250,000 per legal category of account
ownership at each participating Program Bank when aggregated with all other deposits held by you
in the same Program Bank and in the same legal 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 FDIC’s regulations impose special requirements for obtaining pass-through FDIC insurance
coverage 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 Swept
Deposits are beneﬁcially owned through multiple levels of ﬁduciary relationship, you must take
steps to comply with these special requirements.

Until your funds are actually received in investable form and processed by the Program Banks, your
funds may be insured at Varo up to $250,000 in total and not at the Program Banks. Your Swept
Deposits are allocated among Program Banks to seek to maximize the potential FDIC deposit
insurance coverage up to the Program limit. Varo may instruct Stable to limit the total deposit for
you at any Program Bank to an amount less than the maximum permitted amount of $250,000. In
the aggregate, the maximum amount of Swept Deposits eligible for FDIC deposit insurance
coverage shall not exceed the SMDIA per legal category of account ownership multiplied by the
number of participating Program Banks in the Program that you have not excluded from receiving
your deposits, less any funds that you may hold on deposit in the Program Banks outside of the
Program in the same legal category of account ownership but not in excess of the Program limit.

Varo and Stable will use all commercially reasonable eﬀorts to ensure that no more than $245,000
of your swept funds will be deposited in any single Program Bank. If you have any money on
deposit in a Program Bank outside of the Program, that money will not be taken into account in
determining whether to allocate your money in the Program to a particular Program Bank. Because
Varo and Stable would not be aware of deposits made by you outside of this Program, you are
solely responsible for monitoring the total amount of all deposits you have at each Program Bank
for purposes of calculating your FDIC coverage and evaluating your participation in the Program
based on your deposits outside of Varo.  You may obtain a current list of Program Banks by visiting
https://faq.varomoney.com/hc/en-us/sections/360010069031-Deposits. For more information,
please call us at 1-877-377-8276 or email us at support@varomoney.com.

23

If for any reason the amount deposited in any Program Bank account exceeds the applicable
SMDIA, the excess funds would not be insured by the FDIC. Neither Varo nor Stable, shall have any
liability for any insured or uninsured portion of your deposits in any of the Program Banks.
In the event that FDIC deposit insurance payments become necessary, payments of principal plus
unpaid and accrued interest up to the SMDIA per legal category of account ownership multiplied by
the number of Program Banks shall be made to you. However, 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.

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.

E. Program Banks

Each Program Bank is a separate FDIC-insured depository institution. You can obtain publicly
available ﬁnancial information for all Program Banks at the FDIC’s website at www.fdic.gov; or by
contacting the FDIC Division of Depositor and Consumer Protection by letter at 550 17th Street,
N.W., Washington, D.C. 20429-9990 or by phone at 877-275-3342. Neither Varo nor Stable
guarantee the ﬁnancial condition of any Program Bank, or the accuracy of any publicly available
information concerning a Program Bank. You expressly consent to Varo, Stable and their service
providers providing your customer account information to Program Banks for purposes of your
involvement in the Program, as required by applicable law or FDIC regulations.

The Program Bank accounts established by Varo as your agent constitute direct obligations of the
Program Bank(s) and are not directly or indirectly an obligation of Varo or Stable. In the event a
Program Bank rejects additional deposits, withdraws entirely, or is terminated from participation,
then you hereby authorize and direct Varo, as your agent, to move, or direct Stable to move, your
Swept Deposits to another FDIC-insured Program Bank.

Under federal regulations, Program Banks may reserve the right to require seven (7) days’ notice
before permitting a transfer of funds out of a money market deposit account. While the Program
Banks have not indicated their intention to implement such a policy, a Program Bank may, at any
time, choose to do so.

F.

Interest, Compensation, and Fees

Interest

The Available Balance in your Believe Secured Account does not accrue interest.

Compensation and Fees

Each Program Bank may proﬁt from the diﬀerence between the interest it pays on Deposit Accounts
and the income it earns on loans, investments, and other business operations.
Each Program Bank may pay Varo and/or Stable fees for its services related to your Swept Deposits
equal to a percentage of the average daily deposit balance in the Deposit Accounts at the Program
Bank. The fees paid to Varo and/or Stable by each Program Bank may vary.

24

G. Account Statements

All your activity on your Believe Secured Account will appear on your periodic account statement,
including the total of your opening and closing balances. You will not receive a separate statement
from the Program Banks and your period account statement will not indicate any sweep activity that
occurred during the period.

H. Risks of the Program

You may receive a lower rate of return on money deposited through the Program than on other
types of investments, including money market mutual funds. While this will not impact your access
to your Available Balance in your Believe Secured Account, subject to FDIC insurance, Program
Banks are permitted to impose a seven (7) day delay on any withdrawal request. In the unlikely
event of a failure of a Program Bank, there may be a time period during which you may not be able
to access your money. If you have money at a Program Bank outside the Program, this may reduce
the availability of FDIC insurance for the total amount of your funds held within and outside the
Program.

I. Other Terms

Closing of Account: If you or Varo, for any reason, close your Believe Account or Believe Secured
Account, your participation in the Program also will be terminated and your funds will be distributed
out through your Believe Secured Account according to the terms and conditions of these
Agreements.

Ordinary Care: Any failure by Varo or any Program Bank to act or any delay by such party beyond
time limits prescribed by law or permitted by this Agreement is excused if caused by your
negligence, interruption of communication facilities, suspension of payments by another ﬁnancial
institution, war, act of terrorism, emergency conditions or other circumstances beyond the control
of such party. You agree that any act or omission made by Varo or any Program Bank in reliance
upon or in accordance with any provision of the Uniform Commercial Code as adopted in Utah, or
any rule or regulation of the State of Utah, or a federal agency having jurisdiction over such party
shall constitute ordinary care.

Personal Information: You agree that Varo and the Program Banks and their respective service
providers, including Stable, may share information concerning you and your accounts in connection
with your participation in the Program and this Agreement with any aﬃliate of such entity or
otherwise in accordance with applicable laws and regulations including Varo’s Privacy Policy. You
agree that Varo, the Program Banks and their respective service providers, including Stable, may
obtain such information as may be necessary for legitimate business needs in connection with the
operation of the Program. 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
refer to the Varo’s Privacy Policy.

Days of Operation: The Program will only initiate sweeps on days when both Varo and the Federal
Reserve Banks are open for business.

Tax Withholding: Varo may be required to withhold U.S. federal income tax at the prevailing rate on
all taxable distributions payable to certain depositors who fail to provide their correct taxpayer
identiﬁcation number or to make required certiﬁcations or who have been notiﬁed by the Internal

25

Revenue Service that they are subject to backup withholding. Interest earned on accounts held by
entities (individuals or corporations) that are neither citizens nor residents of the United States,
except for Canadian residents, is not subject to withholding tax.

Limitation of Liability. TO THE MAXIMUM EXTENT PERMITTED BY LAW, IN NO EVENT SHALL
VARO 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.

Tax Identiﬁcation Information. You acknowledge that the Program uses your tax identiﬁcation
information in order to allocate your Swept Deposits across Program Banks under the Program. If
you do not provide, or if you do not have, a tax identiﬁcation number, your funds may not be
allocated across Program Banks to provide you with expanded FDIC insurance under the provisions
of this Agreement.

Aggregation of Funds in Multiple Accounts. If you have more than one account in the Program
with the same tax identiﬁcation information, the funds in all such accounts are aggregated for the
purpose of calculating the FDIC insurance available under the Program. Depending on the individual
facts and the ownership rights and capacities in which funds are held, additional FDIC insurance
may be available. Refer to sections above for further information about FDIC insurance.

Legal Process: Varo and the Program 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. Varo may notify you of such process by
telephone, electronically or in writing. If Varo is not fully reimbursed for its record research,
photocopying and handling costs by the party that served the process, Varo may charge such costs
to your Believe Secured Account, in addition to its minimum legal process fee. You agree to
indemnify, defend and hold Varo, Stable, and the Program Banks harmless from all actions, claims,
liabilities, losses, costs, attorney’s 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
Varo, Stable, and the Program 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 Swept Deposit records are maintained.

H. Other Agreement References

All of the provisions of Section III (Other Agreements and Disclosures Applicable to Both the Varo
Believe Agreement and Varo Believe Secured Agreement) are incorporated herein by reference as if
set forth in full.

26

III. Other Agreements And Disclosures Applicable To Both The
Varo Believe Agreement And Varo Believe Secured Agreement

NOTICE: THIS AGREEMENT REQUIRES ALL DISPUTES TO BE RESOLVED BY WAY OF
BINDING ARBITRATION. THE TERMS OF THE ARBITRATION CLAUSE APPEAR AT THE END
OF THIS AGREEMENT.

The following provisions are applicable to both the Believe Agreement and the Believe Secured
Agreement and are incorporated by reference therein. Together the Believe Agreement and the
Believe Secured Agreement are collectively referred to as the “Agreements” herein.

A. Statements

Each month, your Believe Account and Believe Secured Account Statement (the “Statement”) will
be provided to you showing your Believe Account and Believe Secured Account Balances and
transactions that are posted to your Believe Account and Believe Secured Account. We will provide
the Statement to you electronicallyWe may discontinue sending billing Statements to you if we
deem your Believe Account balance and Believe Secured Account balance are uncollectible or if we
have sent your Believe Card to an attorney or other third party for collection purposes.

B. The Varo Believe Card, Varo Bank Account, and the Believe Secured
Account Are Only Available Electronically

The Varo Believe Card, Varo Bank Account, and the Believe Secured Account are only available
electronically. By establishing a Varo Bank Account and by applying for the Believe Card, you
agreed to receive all disclosures electronically. See in Section III.G “Consent to Electronic
Communications.” If you do not have the systems needed to receive disclosures electronically, we
cannot provide this Believe Card and the Believe Secured Account to you.

C. Our Rights Upon Default

Our rights stated in these Agreements are in addition to any others we have under the law. You
represent that no insolvency proceeding or general assignment for creditors is pending that would
aﬀect the Bank’s security interest(s). To the extent permitted by law, you waive any defense you
may have against the Bank. The Bank can exercise its rights against the Believe Secured Account
even if you are no longer liable on the Debt, as deﬁned in Section III.C.1 “Events of Default” below,
because of a statute of limitations or because of other reasons. Until the Debt is fully repaid and
you have no further obligations under these Agreements, you will subordinate in favor of the Bank
any right of subrogation and any right to enforce a remedy the Bank now has or may later have.

1. Events of Default. We may consider your Believe Account and Believe Secured Account to
be in default if any of the following occurs (“Default”): (i) you fail to meet the conditions
(including eligibility requirements listed in Section I.A of this Agreement), to perform any
obligation, or to make any required payment under these Agreements or any other
agreement that you make with us relating to the Debt; (ii) you have given us false or
misleading information or misrepresentations; (iii) you die; (iv) any government authority
takes action that we believe adversely aﬀects your ﬁnancial condition or ability to repay the
Debt; (v) any guaranty or other agreement required in connection with the Debt is violated or

27

ineﬀective; or (vi) you ﬁle a bankruptcy petition, a bankruptcy petition is ﬁled against you, or
you make a general assignment for the beneﬁt of creditors. If you Default, the Bank may
declare all of the Debt immediately due and payable. The Bank may also exercise all the
rights of an owner of the Believe Secured Account. “Debt” includes all amounts you owe to
the Bank, including but not limited to fees and charges that may accrue under your Believe
Card, as well as each extension, reﬁnance or renewal of such obligations, and any expenses
that the Bank incurs in enforcing your obligations under these Agreements, including fees
for independent and/or in-house counsel, where allowed by law. Your Believe Secured
Account does not secure any obligations to us other than the Debt, as deﬁned above. Once
you are 7 days past due on your payment, you will not be able to transact with the Believe
Card until you pay the amount due.

2. Our Rights Upon Your Default. Once you are 31 days late on your payment on your

Believe Account, we are authorized to exercise all of our rights under the security interest
that you have granted to us in the Secured Funds in your Believe Secured Account. Without
limiting the foregoing and to the extent permitted by law, we may act as owner of the
Believe Secured Account, withdraw Secured Funds from the Believe Secured Account, and
apply all or any portion of the Secured Funds at any time(s) to repayment of the Debt and
our costs in enforcing our rights hereunder and under the Believe Secured Account
Agreement. Your Believe Card privileges may also be suspended, subject to reinstatement
at our discretion. We are irrevocably appointed as attorney-in-fact for the limited purpose of
executing any instruments required to satisfy the Debt.

D. Important Information About Procedures for Opening a New Account

You must have an open and active Varo Bank Account prior to opening a Believe Account and a
Believe Secured Account. You must agree to accept electronic, rather than paper statements. We
may, at our option, provide certain documents in paper form at our sole discretion. This means (i)
you must keep us supplied with your valid email address and (ii) you must agree to accept
electronic delivery of all account communications (like end-of-year tax forms and electronic
statements).

E. No Waiver of Rights

We do not waive our rights by delaying or failing to exercise them at any time. We may delay in
enforcing our rights under these Agreements without losing those rights or any other rights. We may
waive enforcement of our rights in one or more instances without waiving those rights or any other
rights in other instances.

F. Our Communications With You

You expressly authorize us (which includes, for purposes of this paragraph, our aﬃliates, agents,
and contractors) may monitor or record any calls between you and us. If we need to contact you to
service your Believe Card or to collect amounts you owe to us, you authorize us to contact you at
any number (a) you have provided to us (b) from which you called us, or (c) which we obtained and
believe we can reach you at (including wireless, landline and Voice Over Internet Protocol numbers).
We may contact you in any way, such as calling, texting, or email. We may contact you using an
automated dialer or using artiﬁcial or pre-recorded messages. You understand that anyone with
access to your telephone may listen to or read the messages we leave or send you, and you agree

28

that we will have no liability for anyone accessing such messages. You further agree that we may
contact you on a mobile, wireless, or similar device, even if you are charged for it by your provider
of telecommunications, wireless and/or data services, and you agree that we will have no liability for
such charges. You agree that you are the owner and/or primary user of any telephone number or
email address you provide to us and that you will promptly notify us if this is no longer true as to
any such telephone number or email address.

G. Our Relationship With You

These Agreements and the deposit relationship with your Varo Bank Account do not create a
ﬁduciary relationship.

H. Your Representations and Warranties

By activating the Believe Card or by retaining, using, or authorizing the use of the Believe Card or
the Believe Secured Account, or by opening a Believe Secured Account when you open a Believe
Card Account, you represent and warrant to us that: (i) you are at least 18 years of age (or older if
you reside in a state where the majority age is older); (ii) you reside (with a physical address) in the
ﬁfty (50) United States, or the District of Columbia ("U.S."). (iii) you have provided us with a veriﬁable
U.S. or District of Columbia street address (not a P.O. Box); (iv) the personal information that you
provide to us in connection with these Agreements is true, correct and complete; (v) you received a
copy of these Agreements and agree to be bound by and to comply with their terms; and (vi) you
accept the Card.

I. Assignments and Transfers

Your rights under these Agreements may not be transferred by operation of law or otherwise.
However, your obligations under these Agreements shall be binding upon your estate or personal
representatives. The Bank may sell your Believe Card and Believe Secured Account and/or assign
or transfer these Agreements and our related rights and obligations without prior notice to you and
without your consent.

J. Changing Terms of Your Believe Card and Believe Secured Account

We may amend the terms of these Agreements, including the amount of any Believe Card fees,
from time to time in our sole discretion. Depending on the nature of the change, the amendment to
these Agreements may, on or after the date on which it becomes eﬀective, apply to all of your
then-outstanding unpaid indebtedness to us under your Believe Card. If required by applicable law,
we will (a) send notice of the changes to you at the address shown on our records for you and (b)
give you the right to opt out of the change. If you opt out of the change you will be unable to initiate
any further transactions on the Believe Card and you will be required to repay the amount that you
owe us under the terms and conditions of the then existing Agreements.

K. Governing Law and Other Rights

Use of the Believe Card is subject to all applicable rules and customs of any clearinghouse or other
association involved in transactions. If any provision of these Agreements shall be determined to be
invalid or unenforceable under any rule, law, or regulation of any governmental agency, local, state,

29

or federal, the validity or enforceability of any other provision of these Agreements shall not be
aﬀected. These Agreements will be governed by the law of the State of Utah except to the extent
governed by federal law.

L. Conﬁdentiality and Privacy Policy

Our confidentiality obligations to you and our privacy policies are contained in our US Consumer
Privacy Notice and US Online and Mobile Privacy Policy, which are incorporated herein by
reference, available at: https://www.varomoney.com/policies/.

M. Death or Incapacitation

You or your appointed party, designee, or appointed individual agree to notify us promptly if you die
or become legally incapacitated. We will continue to process transaction instructions into and from
your Believe Account and Believe Secured Account until we are: (a) notiﬁed of your death or
adjudication of incompetence and (b) have a reasonable opportunity to act. We may require
additional documentation to conﬁrm any claims made on the Believe Account and Believe Secured
Account.

N. Business Days

Our business days are Monday through Friday, excluding federal holidays, even if we are open. Any
references to “days” found in these Agreements are calendar days (Monday through Sundays)
unless indicated otherwise.

O. Force Majeure

Unless otherwise required by applicable law, we are not responsible and will not incur liability to you
for any failure, error, malfunction or any delay in carrying out obligations under these Agreements if
such failure, error or delay results from causes that are beyond our reasonable control (including,
but not limited to inclement weather, epidemics, pandemics, ﬁre, ﬂood, acts of war or terrorism, and
earthquakes).

P. State Disclosures

● Ohio Residents: The Ohio laws against discrimination requires that all creditors make credit
equally available to all creditworthy customers, and that credit reporting agencies maintain
separate credit histories on each individual upon request. The Ohio Civil Rights Commission
administers compliance with this law.

● Married Wisconsin Residents: If you are married, by submitting your Card application you
are conﬁrming that this Card obligation is being incurred in the interest of your marriage and
your family. No provision of a marital property agreement, unilateral statement under
Section 766.59 of the Wisconsin Statutes, or court order under Section 766.70 of the
Wisconsin Statutes adversely aﬀects the interest of the creditor unless the creditor, prior to
the time the credit is granted, is furnished a copy of the agreement, statement or decree or
has actual knowledge of the adverse provision when the obligation to the creditor is

30

incurred. If the Card for which you are applying is granted, you will notify the Bank if you
have a spouse who needs to receive notiﬁcation that credit has been extended to you.

● Washington: In accordance with the Revised Code of Washington Statutes, Section

63.14.167, you are not responsible for payment of any interest charges or service charges
that result solely from a merchants failure to transmit to us within seven working days a
credit for goods or services accepted for return or forgiven if you have notiﬁed us of the
merchant’s delay in posting such credit, or our failure to post such credit to your account
within three working days of our receipt of the credit.

Q. ARBITRATION NOTICE

Any claim, dispute, or controversy ("Claim") between Varo and you (each a “Party” and together
“Parties”) arising out of or relating in any way to: i) these Believe Account Agreement and Believe
Secured Account Agreement; ii) the Believe Account or Believe Secured Account; iii) your
establishment of the Believe or Believe Secured Account; iv) your use of the Believe or Believe
Secured Account; v) the amount of available funds in the Believe Secured or Believe Account; vi)
advertisements, promotions or oral or written statements related to the the Believe or Believe
Secured Account; vii) the beneﬁts and services related to the Believe or Believe Secured Account;
or viii) transactions made using the Believe or Believe Secured Account, whether they arose in the
past, may currently exist, or may arise in the future, no matter how described, pleaded or styled,
shall be governed exclusively by this Arbitration Clause (the “Arbitration Clause”) which is made
pursuant to a transaction involving interstate commerce, and shall be governed by the Federal
Arbitration Act (9 U.S.C. 1-16) notwithstanding any state law to the contrary and regardless of the
nature of the Claims at issue. All Claims must be ﬁled within one year of when the Claim arises.
Otherwise, it is permanently barred.

Before starting a lawsuit or arbitration, the complaining party must give the other party written
notice describing in reasonable detail the Claim and the supporting facts (the “Claim Notice”). The
Claim Notice must be mailed to Varo ATTN: Legal Department, at PO Box 108, Draper, UT 84020.
Please include your account number and phone number where you (or your attorney) can be
reached. We will mail any Claim Notice to you at the mailing address we have on ﬁle for you. Once
a Claim Notice is sent, the complaining party must give the other party a reasonable opportunity
over the next 30 days to resolve the Claim on an individual basis.

Any unresolved Claim must be resolved FINALLY and EXCLUSIVELY by binding individual
arbitration conducted by the American Arbitration Association (“AAA”) under its Consumer
Arbitration Rules (except for matters that may be taken to a small claims court). Further, if a Party
brings a Claim in arbitration, the other Party may also remove that Claim to small claims court (or
the equivalent court with jurisdiction over the Claim) if the amount at issue (exclusive of attorneys’
fees and costs if applicable law so provides) is properly within the jurisdiction of such court. In such
case, the opposing Party must provide notice of intent to remove to small claims (or equivalent)
court within 30 days after the arbitration demand is acknowledged by the AAA. In any event, if the
Claim is removed, appealed or transferred from small claims (or equivalent) court to another court, it
shall be subject to arbitration at the election of either Party. The Parties also reserve the right to
demand arbitration if the small claims (or equivalent) court case contains any class or representative
claims.

31

Arbitration will proceed on an INDIVIDUAL BASIS, so class actions and similar proceedings will
NOT be available. The arbitrator shall have no authority to entertain any Claim as a class action or
on any similar representative basis, nor shall the arbitrator have any authority to consolidate Claims
brought by separate claimants.

The arbitrator shall have the authority to award all remedies available in an individual lawsuit under
applicable law, including, for example, compensatory, statutory and punitive damages (which shall
be governed by the same standards that would apply in court), declaratory, injunctive and other
equitable relief, and attorneys’ fees and costs.

All determinations as to the scope, interpretation, enforceability and validity of the Bank Account
Agreement shall be made ﬁnal exclusively by the arbitrator, which award shall be binding and
Final; provided, however, the enforceability of the waiver of the right to bring a Claim on behalf of a
class or in a representative capacity shall be determined by exclusively by a court of competent
jurisdiction. Judgment on the arbitration award may be entered in any court having jurisdiction.

For a copy of the procedures, to ﬁle a Claim or for other information about this organization,
contact the association at: AAA, 335 Madison Avenue, New York, NY 10017, or at www.adr.org.

You may opt out of this Arbitration Clause for all purposes by mailing a written arbitration opt out
notice to Varo ATTN: Legal Department, PO Box 108, Draper, UT 84020 via Certiﬁed U.S. Mail,
Return Receipt Requested. The opt out notice will not be eﬀective and you will be deemed to have
consented to this Arbitration Clause unless the notice is received by us within 60 days of the date
the Arbitration Clause was provided to you. The opt out notice must clearly state that you are
rejecting arbitration; identify the Agreement to which it applies by date; provide your name, address,
and social security number; and be signed by you. You must present the return receipt received
from the U.S. Postal Service in the event there is a dispute over whether your opt out notice was
sent, or whether it was sent and received in a timely manner, in accordance with this Arbitration
Clause. No other methods can be used to opt out of this Arbitration Clause. Rejection notices sent
to any other address, or sent by electronic mail or sent in a manner without return receipt proof of
delivery or communicated orally, will not be accepted or eﬀective. Opting out will not aﬀect the
other provisions of this Agreement. If you opt out of this Arbitration Clause, it will not operate to
reject any prior or future Arbitration Clause between you and us.

UNLESS YOU OPT OUT OF THIS AGREEMENT TO ARBITRATE AS PROVIDED HEREIN, YOU
ARE WAIVING THE RIGHTS TO (I) HAVE A CLAIM DECIDED BY A COURT (EXCEPT SMALL
CLAIMS COURT); AND (II) ASSERT OR PARTICIPATE IN A CLASS ACTION, OR ANY
REPRESENTATIVE OR CONSOLIDATED PROCEEDING IN COURT.

Varo will pay any ﬁling, administration, and arbitrator fees imposed by the AAA. Each Party shall
bear the expense of its own attorneys' fees, except as otherwise provided by law. If a statute gives
you the right to recover any of these fees, these statutory rights shall apply in the arbitration
notwithstanding anything to the contrary herein.

If you are covered by the Military Lending Act, then you are not bound by this Arbitration Clause,
and to the extent required by the Military Lending Act, nothing in this Agreement will be deemed a
waiver of the right to legal recourse under any otherwise applicable provision of state or federal law.

32

This arbitration provision shall survive: i) the termination of this Bank Account Agreement; ii) the
bankruptcy of any party; iii) any transfer, sale or assignment of your Bank Account, or any
amounts owed on your Bank Account, to any other person or entity; or iv) closing of the
Bank Account. If any portion of this arbitration provision is deemed invalid or unenforceable,
the remaining portions shall remain in force except that if the waiver of the right to proceed as a
class or in a representative capacity is declared unenforceable in a proceeding between you and us,
and that determination becomes ﬁnal after all appeals have been exhausted, this entire Arbitration
Clause (except for this one sentence) shall be null and void in such proceeding.

33