Balance Bonus Terms

Last Updated: June 6, 2023

Welcome to the Found Balance Bonus Program!

These Found Balance Bonus Program Terms (these “Balance Bonus Terms”) govern your (“you” or “your”) participation, access, and use of the Found Balance Bonus Program (“Balance Bonus Program”) and are incorporated into the Found Terms of Service between Indie Technologies, Inc. dba Found (“Found”) and you. For the purposes of these Balance Bonus Terms, the Found Terms of Service, the Found Privacy Policy and any other terms and policies referenced in those documents are referred to together, as the “Found Terms”. For the purposes of these Balance Bonus Terms, “Found”, “we”, or “us” refers to Found.

Found is a financial technology company not a bank. Found provides you with access to products and services provided by third parties, including Piermont Bank, Member FDIC, (“Sponsor Bank”) that offers Found users banking products and services. THIS IS A PROMOTIONAL PROGRAM OFFERED BY FOUND AND YOUR ELIGIBILITY TO PARTICIPATE IN THE BALANCE BONUS PROGRAM IS DEPENDANT ON YOU MAINTAINING FUNDS IN YOUR FOUND ACCOUNT AT THE SPONSOR BANK. IF THERE IS ANY CONFLICT BETWEEN THESE BONUS TERMS AND THE FOUND TERMS, THESE BALANCE BONUS TERMS SHALL GOVERN WITH RESPECT TO THE BALANCE BONUS PROGRAM ONLY, AND THE FOUND TERMS SHALL GOVERN IN ALL OTHER MATTERS. Capitalized terms used in these Balance Bonus Terms without definition shall have the meanings ascribed to them in the Found Terms. 

1. Acceptance of Terms

We urge you to carefully read these Balance Bonus Terms and the Found Terms. By participating in the Balance Bonus Program or receiving any Balance Bonus, you acknowledge that your participation in the Balance Bonus Program is subject at all times to the Found Terms, including these Balance Bonus Terms, and you agree to be bound by them. If you do not accept these Balance Bonus Terms in their entirety you may not participate in the Balance Bonus Program.

You acknowledge and agree that the Dispute Resolution provision of the Found Terms of Service shall apply to any and all claims, disputes, allegations or other controversies arising out of or relating in any way to these Balance Bonus Terms or your participation in the Balance Bonus Program or any related matter.

         2. Balance Bonus Program Overview

The Balance Bonus Program enables Found Plus Members to earn cash (a “Balance Bonus”) based on their Monthly Average Balance (as defined in Section 5 of these Balance Bonus Terms) in connection with their account held by the Sponsor Bank (the “Found Account”). The payment to you of any Balance Bonus amounts is solely an obligation of Found. A “Found Plus Member” is a Found user that is currently enrolled in good-standing in our Subscription Services as described in the Found Terms. 

For the avoidance of doubt, the Found Account (including the use of your debit card) remains subject to the Piermont Business Account and Mastercard Terms. 

        3. Modification or Changes to Balance Bonus Terms or Balance Bonus Program

The Balance Bonus Program, these Balance Bonus Terms, and any aspect thereof are subject to change by Found at any time, with or without advance notice to you. Found may amend or update these Balance Bonus Terms at any time by posting a revised version here or through other communications. By continuing to participate in the Balance Bonus Program after such changes, you are indicating that you accept modifications or changes to the Balance Bonus Program.

        4. Eligibility

You may only participate in the Balance Bonus Program and receive a Balance Bonus if you are:

• A Found Plus Member with a Found Account; 

• Not in violation of any international, national, state, or local law or regulation as applicable to your eligibility to participate in the Balance Bonus Program;

• In compliance with the Found Terms, including without limitation, maintaining one Found Account in good standing for the duration of your participation in the Balance Bonus Program; and

• In compliance with these Balance Bonus Terms.

We have sole direction to determine if you are eligible to participate in the Balance Bonus Program. Your eligibility may change based on your account history, spending activity, or other risk-based factors at Found’s sole discretion. We reserve the right to modify the eligibility requirements, and may suspend, restrict, or otherwise disable your use of the Found Balance Bonus Program at any time.

        5. Earning a Balance Bonus 

(a) General. If you are eligible for participation in the Balance Bonus Program, there is no need to enroll in the Balance Bonus Program. There is no minimum deposit requirement to be eligible for the Balance Bonus Program, and there are no minimum balance restrictions to participate in the Balance Bonus Program, but you will only earn a Balance Bonus on any amount over $0.01 in your Found Account subject to any caps or restrictions described herein. 

(b) Monthly Average Balance. Your “Monthly Average Balance” is the average amount of funds held in your Found Account over the course of that month. Any of the following (collectively, “Ineligible Funds”) are not eligible as part of the Monthly Average Balance and will not count towards your earning of a Bonus: (1) any direct deposit that is canceled, disputed, reversed, or otherwise rejected for any reason, or (2) any direct deposit that in Found’s discretion is in violation of these Balance Bonus Terms, fraudulent, or misleading. Found retains the right to update or revise the types of funds that constitute Ineligible Funds at any time. Balance Bonuses will be calculated on Monthly Average Balances of up to $20,000. If your Monthly Average Balance exceeds $20,000, your Balance Bonus will be calculated as $20,000 for the purposes of the Balance Bonus. For the avoidance of doubt, no Balance Bonus will be earned or accrued on balances over $20,000.

(c) Balance Bonus. 

(i) Calculation. Your Balance Bonus is calculated as 1.5% APY that compounds monthly based on the Monthly Average Balance. We may, at our discretion, change the Balance Bonus APY at any time, including by offering promotional rates to some, but not all, eligible customers. The Balance Bonus will be compounded monthly and released (where it will become an “earned” Found Balance Bonus) to your Found Account as indicated in these Balance Bonus Terms. 

(ii) Accrual. Your Balance Bonus will start to accrue on the funds in your Found Account starting on the first day that you meet the eligibility requirements indicated in Section 4. For Found Plus Members who are in a trial period and have not paid Subscription Fees, you may accrue a Balance Bonus during your free trial period. 

(iii) Payment and Timing. Any accrued Bonus Balance for the preceding Monthly Average Balance will be paid to you by Found directly into your Found Account on the first day of the month. Please ensure that your Found Account is in good standing and not dormant, canceled, or closed to allow us to deposit any applicable Balance Bonus to your Found Account. We may delay disbursing Balance Bonus for a variety of factors, including without limitation: (i) the number of Balance Bonuses we need to process; (ii) the completeness of any additional documentation we may request to process the Balance Bonus; (iii) other circumstances that may delay disbursements; or (iv) you are no longer eligible to receive the Bonus Balance payment. You will forfeit any unearned Found Balance Bonus, if your Account is closed or terminated before the Found Balance Bonus is paid out.

(iv) Notice: For the avoidance of doubt, the Balance Bonus refers to the monthly payments from Found calculated in accordance with the terms above. Found is not a bank and the Balance Bonus is not an annual percentage yield paid by the Sponsor Bank. It is solely an obligation of Found. 

(d) Discrepancies. You must notify us using the “Contact Us” information of any discrepancies in your Found Account within thirty (30) days of the activity date. Requests must include your name, and supporting documentation as we may request.

(e) Restrictions. 

(i) WE MAY IMPOSE RESTRICTIONS AND LIMITATIONS ON ELIGIBILITY FOR BONUS PROGRAMS INCLUDING ANY OF THE RESTRICTIONS DESCRIBED HEREIN. 

(ii) Your Balance Bonus cannot be combined, accrued, or transferred from multiple Found Accounts (including those of family members) or other sources into a single Found Account.

(iii) The granting of any Balance Bonus as part of the Balance Bonus Program is within Found’s sole discretion and all decisions related to the Balance Bonus Program are final and non-appealable. We may delay, suspend, or restrict any Balance Bonus if we reasonably determine that such action is necessary to comply with applicable law or our internal compliance standards.

        6. Your Responsibilities and Use Restrictions

In additional to other responsibilities and restrictions describe herein or in the Found Terms, you agree not to do any of the following in connection with your participation in the Balance Bonus Program:

• Attempt to or maintain more than one Found Account;

• Execute or attempt to execute any denial of service;

• Commit or attempt to commit any fraud or deception related to a Monthly Average Balance or the Balance Bonus Program; 

• Exploit any vulnerabilities you discover in any way for any reason, including exploitation of any data uncovered by way of such vulnerability;

• Violate any other applicable laws or regulations, including those prohibiting unauthorized access to data;

• Attempt to assign your obligations under these Balance Bonus Terms;

• Physically attempt to gain access to Found property; and

• Disclose any personal, financial, or location information publicly; or

• Violate any other use restriction contained in the Found Terms.

You agree to do all of the following in connection with your participation in the Balance Bonus Program:

• Inform us as soon as possible upon discovery of any error, vulnerability, or other bug (“Errors”) whether such Errors are outside of the scope of the Balance Bonus Program or not; and

• Avoid disruptions to others, including but not limited to unauthorized access to or destruction of data, theft, and interruption or degradation of our services.

If you violate these Balance Bonus Terms, you may be prohibited from participating in the Balance Bonus Program and future Found programs, and any Monthly Average Balance you have provided may be deemed to be ineligible for a Balance Bonus.

        7. Tax Information

The Balance Bonus may be reported on IRS Form 1099-MISC and we may provide you with such documentation, if applicable. You understand that you are responsible for determining and obtaining appropriate tax treatment for any Balance Bonus you receive, and you are solely responsible for any taxes arising from or related to any Balance Bonus you receive as a result of participating in any Balance Bonus Program. By participating in any Balance Bonus Program, you hereby release and indemnify Found from any liability for any such taxes.

        8. Termination; Cancellation

(a) General. The Balance Bonus Program is a promotion and Found shall have the right, in its sole discretion, to terminate or cancel this Balance Bonus Program (or any feature thereof) immediately with or without advanced written notice to you. In addition, these Balance Bonus Terms and the Balance Bonus Program shall terminate automatically upon any termination of the Found Terms between you and Found. 

(b) Effects of Termination. If your Found Account is closed for any reason, any Found Balance Bonus payments YOU HAVE RECEIVED will be aggregated with the remaining funds in your Found Account. The aggregated funds will then be made available for refund in accordance with the terms of the Piermont Business Account and Mastercard Terms where the process of closing YOUR Account and refunding the account balance IS DESCRIBED.

        9. Miscellaneous

Found may transfer its rights under these Balance Bonus Terms. Found’s failure to enforce any right or provision of these Balance Bonus Terms will not be considered a waiver of such right or provision. The waiver of any such right or provision will be effective only if in writing and signed by a duly authorized representative of Found. Except as expressly set forth in these Balance Bonus Terms, the exercise by Found or you of any of remedies under these Balance Bonus Terms will be without prejudice to its other remedies under these Balance Bonus Terms or otherwise.  If any provision of these Balance Bonus Terms shall be determined to be invalid or unenforceable under any rule, law, or regulation of any governmental agency, local, state, or federal, the validity or enforceability of any other provision of these Balance Bonus Terms shall not be affected.

        10. Contact Us

If you have any questions or would like additional information regarding Found Balance Bonus, please contact us through your App or by emailing us at [email protected]. However, we caution that we cannot guarantee the security of personal information sent via unencrypted email.