Terms and Conditions

INTRODUCTION

This Agreement establishes the terms of your deposit account (“Account”) with Redwood Community Credit Union, 3033 Cleveland Avenue Santa Rosa, CA 95403, USA. United States (“redwood” or the “Bank”). Please read it carefully, download it and/or print it, and keep it with your records.

ACCEPTANCE OF THESE TERMS

In establishing a Redwood Community Credit Union Savings Account known as the “Dream Account”, you are required to indicate your agreement to and acceptance of: (1) Redwood Electronic Consent Agreement; (2) this document, Redwood Deposit Account Agreement (the "Agreement"); and (3) Redwood Privacy Policy.

This Agreement is a contract between you and the Bank that sets forth the terms and conditions under which the Redwood Community Credit Union Dream Account(each of which is an "Account") is made available to you. By indicating your acceptance of this Agreement and the Redwood Privacy Policy, and by establishing, using or continuing to have an Account, you agree to be bound by the terms and conditions contained in this Agreement, including the Arbitration and Funds Availability Schedule provisions, as may be amended. You also agree to pay all charges incurred as set forth in the "Truth-in-Savings Disclosure and Fees" section of this Agreement and any other fees applicable to your Account. If you are establishing a joint Account, one accountholder indicating his/her acceptance of this Agreement and acknowledgement of receipt of the Privacy Policy represents affirmative acceptance of this Agreement and acknowledgement of receipt of the Privacy Policy by all accountholders. Similarly, one accountholder accepting the Redwood Electronic Consent Agreement or any other document required to be agreed to by an accountholder represents affirmative acceptance by all accountholders. By establishing an Account, you are confirming that you have read the accompanying account documentation and everything you have stated is true and accurate, and you agree that information you will provide us in the future regarding your Account and any transactions that will be conducted in your Account will also be true and accurate. If any provisions in other account documents are inconsistent with this Agreement, this Agreement governs. Please read this Agreement and all account documents carefully.

GENERAL INFORMATION

Definitions

"Account" means the deposit account product you open with Redwood Community Credit Union including the Redwood Community Credit Union Dream Account-Savings Account.

"Agreement" means this document and any changes we make to this document, from time to time.

"Cut-Off Time" shall mean the time of day that transfers to be processed that day shall be processed, and after which time the earliest possible Payment Date or Withdraw On Date and Due Date or Deliver By Date shall be calculated from the next Business Day.

"Due Date" or "Deliver By Date" or "Delivery Date" shall mean the Business Day on which you schedule the transfer to be delivered to your Payee, unless this date falls on a non-Business Day in which case it shall be the immediately preceding or following Business Day as indicated in the Scheduled Payment instructions. In any case, it is the date you determine to be most appropriate to deliver payment to your Payee considering such factors as the Payee-specified date payment due, grace period, late payment policy or late fee, and/or your knowledge of actual time required for the Payee to receive and process the payment and to credit your account with the Payee, and/or the urgency/criticality of payment delivery, as the case may be.

"EFT" shall mean electronic funds transfer, a service available on your Account, which is described in detail in this Agreement.

"Privacy Policy" shall mean Redwood Privacy Policy, which governs the Bank's customer information-related operations.

“Dream Account" shall mean Redwood Community Credit Union Dream Account online Savings Account.

"You" and "your" shall mean the person or persons to whom an Account is titled and any person(s) who are authorized users on the Account, as provided for in this Agreement.

"We," "us," "our," "redwood," and “the Bank” shall mean Redwood Community Credit Union, our successors, affiliates, assignees and service providers.

Business Days

Our normal business days are Monday through Friday, excluding holidays. Saturday, Sunday, and federal holidays are not considered business days.

Changes to Address, Contact Information or Name

We will use the most recent contact information you have provided to us to communicate with you. You are responsible for notifying us of any change in your name, address, or other contact information (including telephone number and email address). You may notify us of any changes to your address online or by calling us at +1 (707) 545-4001. If your name has changed, you must call us at +1 (707) 545-4001 for instructions on how to change the way your name appears on your Account. Informing us of your address or name change in any other manner is not sufficient. Changes to your telephone number and email address can be communicated to us through our website, via telephone at +1 (707) 545-4001, or by regular mail:

redwood
555 California St San Francisco,
CA 94104, United States

IMPORTANT NOTE: If, in addition to your Account(s), you have another product or service with Redwood, you must follow separate procedures as specified in the documentation for those products and services to inform Redwood of changes to your name and/or contact information.

Communicating with You

As noted above, we will communicate with you using the most recent contact information you have provided to us. To the extent permitted by applicable law, and without limiting any other rights we may have, you consent to our communicating with you, in connection with this Agreement and/or your Account(s) or any other account you may have with us, using any phone number or email address that you provided in your application for such Account, or using any phone number or email address that you provide to us in the future. You authorize us to communicate with you using any current or future means of communication, including, but not limited to, automated telephone dialing equipment, artificial or pre-recorded voice messages, SMS text messages, email directed to you at a mobile telephone service, or email otherwise directed to you. WE MAY USE SUCH MEANS OF COMMUNICATION EVEN IF YOU WILL INCUR COSTS TO RECEIVE SUCH PHONE MESSAGES, TEXT MESSAGES, OR EMAILS.

Phone Calls/Electronic Communications

In the regular course of our business, for quality control and archival purposes, we may monitor and record phone conversations made or received by our employees or our agents. Similarly, we may monitor and record email or conversations on our website between you and our employees or agents. You agree that we will have such right with respect to all phone conversations, email or conversations between you and our employees or agents, whether initiated by you or any of our employees or agents.

Proper Equipment

You are responsible for obtaining and maintaining all telecommunications, broadband and computer hardware, equipment and services needed to access and use your Account online, and paying all charges related thereto. Please also refer to our Electronic Consent Agreement for a description of the technical requirements your computer must satisfy in order to receive electronic disclosures.

Opening Your Account

Identifying You

To help fight the funding of terrorism and money laundering activities, federal law requires financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you apply for an account, we will ask you for your name, address, date of birth, and other information that will allow us to identify you. To open an account with us, you must be at least 18 years old, a U.S. citizen or a resident alien with a valid Social Security Number or other Taxpayer Identification Number, and have a residential address in the United States. Accounts also may be opened for minors so long as the joint account holder is at least 18 years of age. 

Consumer Reporting Agencies

By submitting an application to open your account, you authorize us to obtain information about you from time to time from consumer reporting agencies, from our subsidiaries and affiliates, and other third parties for the purpose of considering your account application or any other legitimate purpose. We may also report the status of or the closure of your account to consumer reporting agencies, our subsidiaries and affiliates, and other third parties.

Social Security Numbers (SSN) / Backup Withholding

Federal law requires us to have a correct Social Security Number (SSN) on every account, and the Internal Revenue Service (IRS) requires you to certify to us whether you are subject to backup withholding. If you are subject to backup withholding, you do not furnish us with the correct SSN, you do not properly certify that you are not subject to backup withholding, or if the IRS notifies us that we do not have a correct SSN for your Account, we may be required to withhold a percentage of interest paid as provided in current IRS regulations (backup withholding) and we may close the Account. Amounts withheld are reported to the IRS as federal income tax withheld, and will be reflected on your year-end 1099-INT Interest Income Statement.

Ownership of Account

An “Individual Account” is an account in the name of one person.

A “Joint Account with Right of Survivorship” is an account in the name of two persons. For such joint accounts, each of you intends that when you die, the balance in the account will belong to the survivor. Other types of account ownership are not available from us at this time.

An “Accounts for Minors with Right of Survivorship” is an account in the name of one (1) minor (under age 18) and 1 adult. The minor is the primary account owner. For such accounts, each person intends when you die, the balance in the account will belong to the survivor. If the survivor is the minor, an adult will need to be added to the account before funds may be withdrawn, or the account will be closed and the funds returned to a linked account, or by check. The minor may (i) make deposits; (ii) endorse and deposit checks payable to either owner; and (iii) access the account online and view balance and other account information. The minor may not make withdrawals, transfer the balance, or close the account (except in the event of death of the adult), without the adult owner’s consent. The adult may: (i) withdraw or transfer the balance without the minor’s consent; (ii) make deposits, (iii) endorse and deposit checks payable to either the minor or the adult, and (iv) close the account. The adult on this account is agreeing to the terms and conditions and account disclosures on behalf of the minor, and the obligations under this agreement are joint and several. Upon the first account login after the minor reaches the age of 18, the minor will be required to confirm acceptance of the Electronic Consent Agreement, the account terms and conditions and other account disclosures, and submit a W-9 Form.

Other types of account ownership are not available from us at this time.

Payable on Death Accounts

Without having to establish a trust, you may, subject to applicable law, designate your account to be payable on your death to one or more designated beneficiaries, known as a “payable on death” or “POD” account. You may designate up to four beneficiaries. If you establish a POD account, the account belongs to you during your lifetime and your beneficiaries have no interest in or any access to the account until your death. Upon your death (or in the case of a joint account, on the death of the last-surviving joint account owner), all of the funds in the POD account will be owned by the beneficiary (or in the case where there is more than one beneficiary, in equal shares by the beneficiaries then living). The funds in your POD account are not governed by your will or inherited by your heirs. If there is more than one beneficiary, in our sole discretion and subject to our right of set-off and security interest, we may pay the funds in a POD account in equal shares to the account’s living beneficiaries or pay the funds by issuing a check in the name of all living beneficiaries and giving the check to any one beneficiary. We have no obligation to notify any beneficiary of the existence of a payable on death account or the vesting of an interest in such an account. Certain state law restrictions may apply to payable on death accounts. You are solely responsible for complying with applicable law in establishing a payable on death account. We make no representation that designating your account as a payable on death account is advisable. You should consult an attorney or other qualified estate planning professional before designating your account as a payable on death account. When establishing a beneficiary you will be required to provide us with the SSN of such beneficiary. Spousal consent is required in community property states (AZ, CA, ID, LA, NV, NM, TX, WA, and WI) if a spouse is not named as the sole primary beneficiary.

Transferring Account Ownership

Accounts are not negotiable and not transferable, except on our books. We are not required to accept any assignment of an account. We may require that changes of ownership of an account be made by closing the account and opening a new account in the name of the new owner of the account. No pledging of an account as security is valid without our approval, and any such pledge is subject to our right of set-off and security interests.

Claims Against or Disputed Ownership of an Account

If we receive any conflicting claims to funds in your Account and we cannot determine the rights of the claimant to any such funds, or if we know of or believe that there is a dispute over the ownership or control of funds in your Account, we may, in our sole discretion: (a) place a hold on your Account; (b) refuse to pay out any funds in the Account until we are satisfied that the dispute is settled; (c) close the Account and send the balance to the accountholder(s) we have on record; (d) decide to rely on our current account records; (e) require a court order to act; or (f) take any other action that we determine will protect us. We will not be liable to you for taking any such action.

Right to Set-Off

By opening an Account with us, you agree that we have the right to set off with respect to your Account(s). If you owe us or any of our affiliates money and that money is due, you agree that we may withhold or withdraw from your Account any amounts you owe to us or any of our affiliates unless prohibited by applicable law. We may exercise our rights of set-off without recourse to other collateral, if any, and even if our action causes you to lose interest, incur an early withdrawal penalty or any other consequence. If we exercise our right of set-off, we will notify you to the extent required by applicable law. Except to the extent prohibited by applicable law, we may set off all of the funds in a multiple party account to pay money owed to us by any owner of the multiple party account, irrespective of who contributed funds to the multiple party account. Our failure to demand payment does not waive our rights hereunder. Please also see the “Insufficient Funds” information in the "Withdrawals" section of this Agreement.

Attorney in Fact/Fiduciary or Agency Account

Any individual acting as attorney-in-fact, agent, guardian, personal representative, trustee, custodian or fiduciary (collectively, an "agent") must be designated as such on our records; otherwise, we will not honor the account instructions of that individual regarding your Account. By requesting that an individual be designated as your agent on our records, you authorize us to honor account instructions of your agent regarding your Account until we receive actual notice that the agency or fiduciary relationship has been terminated or actual notice of death or incompetency. No such notice is effective until we have had a reasonable opportunity to act on it. We will not be liable to you in any way if your agent misapplies any of the funds from your Account. We have the right to review and retain a copy of any power of attorney, agency agreement, trust agreement, court order or other document that has established the agency or other fiduciary relationship.

DEPOSITS

General

You may choose to make deposits into your savings account at any time. Deposits may only be made by electronic funds transfer (EFT), including automated clearing house (ACH) transactions or, by check mailed to us at: Redwood, 3033 Cleveland Avenue Santa Rosa, CA 95403, USA. United States. All deposits must be made in U.K. pounds. We do not accept cash or money orders for deposit.

With respect to check funding, we will not accept certain types of checks, such as third party and starter checks. We may elect to process your check through an electronic check conversion. This means that, if you send us a deposit by check or otherwise make a payment for any amounts you owe under this Agreement utilizing a check, you authorize us either to use information from your check to make a one-time electronic fund transfer from your Account or to process the payment as a check transaction. When we use information from your check to make an electronic fund transfer, funds may be withdrawn from your Account as soon as the same day you make your payment, and you will not receive your check back from your financial institution.

Deposits made by ACH are subject to the rules of the National Automated Clearing House Association and any regional clearing houses we may use from time to time (collectively, the ACH Rules). Before final settlement of any deposit, we act only as your agent, regardless of the form of endorsement or lack of endorsement on the item. We reserve the right to refuse, return or limit any deposit you make to your account. See the Funds Availability Schedule section of this Agreement for information about when you can withdraw funds you deposit.

Account Limitations, Minimum Deposit and Minimum Balance Requirements

You may have up to a maximum of 3 (three) Dream Accounts regardless of how you are titled on the account (Primary or Joint Owner). There is no minimum deposit required to open an Account, but the initial opening deposit cannot exceed $1,000.00. Additionally, there are no minimum balance requirements to maintain an Account. However, if you maintain a balance of less than $1.00 in your Account for a period of 180 days or more, we reserve the right to close the Account. For interest to be posted to your Account you must maintain a minimum balance that would earn you at least $0.01 within the statement cycle. Monthly deposits to the account may not exceed a maximum of $1,000.00.

Maximum Combined Balance(s)

If at any time you make or attempt to make a deposit which would cause your aggregate balance with us, including balances in jointly owned accounts, to exceed $5,000,000, we may refuse to accept the deposit or accept the deposit and then return the funds to you. If we do so, we will provide notice to you at the time.

Special Dream Account Bonuses

We want to encourage savings and so, from time to time, we may offer special Dream Account bonuses based on the number of deposits and/or withdrawalsmade on the account. For details regarding the Bonuses please see the “Bonuses” section below. Redwood in its discretion may discontinue the special bonuses at any time with or without notice to you.

Linked Accounts

When you establish an Account with us, you will be given the opportunity to link your Account to an account you have with another financial institution. We will call that other account a “linked account.” You may set up a linked account online when you establish your Account with us, or anytime during the life of your Account. Any linked account must be with a financial institution chartered in the U.K. You may link your Redwood Account with up to three linked accounts.

Account Opening – Initial Hold

In order to ensure that we have properly verified your identity and the identities of others associated with your Account as required by federal law, we will place a temporary hold on your deposits until we have completed our verification procedures. Please refer to the Funds Availability Schedule for additional details.

Check Endorsement Instructions or Restrictions

Because of our automated processing of large volumes of checks, we may not inspect or look for special instructions or "restrictive endorsements" on every check. For this reason, we are not able to honor any special instructions or be bound by a restrictive endorsement placed on checks. Further, we are not responsible for any losses, claims, damages or expenses that result from your expectation that we will honor these restrictions.

FUNDS AVAILABILITY SCHEDULE

Your Ability to Withdraw Funds

Funds you deposit in an Account will become available to you in accordance with the timeframes set forth in this section. Between the time that you deposit the funds and when the funds become available to you, you may not withdraw the funds in cash and we will not use the funds to pay withdrawals or debits that you have authorized or made from your Account. All funds electronically deposited after 3:00 p.m. ET via remote deposit capture will be considered received on the next business day and will be subject to standard hold times from such date of receipt.

Determining the Availability of a Deposit

The length of the delay is counted in business days from the day of your deposit.

New Account Deposit Holds

For all deposits made by check or electronically during the first 30 days after account opening, funds will be held for five (5) business days from the day on which we credit your account for that deposit. For new accounts, in order to make any withdrawals from such accounts, you must first verify the receipt of two test deposits, which will be transferred to your external account within approximately 2 to 3 days of account opening. Additional details and instructions regarding the verification process and the actions you must take to verify receipt will be provided to you electronically after account opening.

Deposit Holds

For all deposits made by check or electronically (collection orders), funds will be held for five (5) business days from the effective date for those funds, which is the day that we credit your Account for that deposit.

For all accounts, ACH credits and funds transferred from another of your Accounts at Redwood will be available immediately.

Other Holds

The availability of funds that you deposit by check may be delayed for a longer period under the following circumstances:

• We believe that a check you deposit will not be paid;
• You redeposit a check that has been returned unpaid; or
• There is an emergency, such as failure of computer or communications equipment.

We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the seventh business day after the day we receive your deposit.

To the extent permitted by law, we reserve the right to extend any of the timeframes set forth in the Funds Availability Schedule for certain reasons, including if we suspect fraud. In addition, funds in an Account being closed may be subject to a brief temporary hold in order to allow outstanding transactions to clear and for any necessary processing procedures to be performed.

All deposits accepted from you are subject to verification. Your Account will be credited for the amount shown on your Account statement. Adjustments for errors in addition or subtraction may be posted to your Account. Your Account may also be adjusted for items you have deposited that we determine require special handling (e.g., verification of prior endorsements).

WITHDRAWALS

General

You may withdraw or transfer all or any part of the available account balance at any time, subject to the Funds Availability Schedule of this Agreement, the transaction limitations established under the Truth-in-Savings Disclosures and Fees section of this Agreement, our right of set-off and security interests, any holds that may be placed on funds in the Account, and (for Certificate of Deposit accounts) any applicable early withdrawal penalty. If this is a joint account, each of you (until we receive written notice to the contrary) authorizes each other accountholder to endorse any item payable to you or your order for deposit to this Account or any other transaction.

Withdrawal or Transfer Requests

For all Accounts, you can request a withdrawal or transfer by using our website. A request for a withdrawal or transfer is considered to be received on the same business day if it is received by 10:00 p.m. ET on that day. Requests received by us after 10:00 p.m. ET or on a day that is not a business day will be processed the next business day.

Notice of Withdrawal

We reserve the right to require at least seven (7) days advance written notice of any withdrawals of funds by any means from your Account.

Insufficient Funds

You may not make withdrawals in excess of the funds available in your Account, which includes the Account balance less any holds applicable to funds deposited into your Account. We will not be liable for dishonoring any withdrawals that would exceed the available funds in your Account. Please refer to the Funds Availability Schedule of this Agreement for additional details.

If we receive a withdrawal, transfer, electronic transaction, or other item drawn on your Account, and there are insufficient funds in your Account to pay the item, we will return the item unpaid and you may be charged an Non-Sufficient Funds (NSF) fee. We will process withdrawals, transfers or related requests received on the same day in the order we choose. You understand that we have no obligation to minimize the NSF fees charged as a result of having insufficient funds in the Account, and that the processing order we select may result in your incurring more fees than you would if we were to process the withdrawals, transfers or related requests in a different order.

Waivers

If we honor a nonconforming request for withdrawal or transfer once, we are not required to do so again. We may treat continued abuse of any stated limitation in this Agreement as the basis for closing your account or we may at our option charge you a fee. The fact that we may choose in our sole discretion to honor a withdrawal request that overdraws the available account balance once does not obligate us to do so again.

Payment Processing Restrictions on Internet Gambling Fund Transfers

The Federal Reserve enacted regulations that require U.K. financial firms that participate in designated payment systems to establish and implement policies and procedures reasonably designed to prevent payments connected to unlawful Internet Gambling. In light of the regulations, please be informed that restricted transactions (as defined in Federal Reserve Regulation GG / 12 CFR Part 233) are prohibited from being processed directly or indirectly through any account or relationship maintained with us. Restricted transactions generally include, but are not limited to, those in which credit, electronic fund transfers, checks or drafts are knowingly accepted by gambling businesses in connection with unlawful Internet gambling.

TRUTH-IN-SAVINGS DISCLOSURES AND FEES (BY ACCOUNT TYPE)

Dream Account-Savings Accounts

Minimum Balance to Open a Savings Account. There is no minimum deposit required to open your Savings Account, but the initial deposit cannot exceed $1,000.

Rate Information. The current interest rate and Annual Percentage Yield (APY) on your Savings Account will be disclosed on our website in your account-opening documents, and on your periodic statement.

The interest rate and APY are established at our discretion and, as permitted by law, are variable and subject to change at any time without notice to you. Our APY rates assume that interest earned in your Savings Account remains on deposit. A withdrawal from your Savings Account will reduce earnings.

Compounding Frequency. The interest rate on your Savings Account will be compounded daily according to the Actual/365 (31/365) method.

Crediting Frequency. Interest will be credited to your Savings Account on the monthly cycle date.

Daily Balance Computation Method. Interest earned is calculated on the ledger balance using a variable rate derived from an interest index and is reviewed daily.

Accrual of Interest on Deposits. Interest in your Savings Account will begin to accrue on the business day the deposit is received. If a deposit is received before 10:00 PM ET on a business day we are open, we will consider that day to be the day of your deposit. If your deposit is received after 10:00 PM ET or on a day we are not open, we will consider that the deposit was received on the next business day we are open. For interest to be posted to your Savings Account you must maintain a minimum balance that would earn you at least $0.01 within the statement cycle.

Effect of Closing an Account. If you close your Savings Account before interest is credited, you will receive the accrued interest.

Transaction Limitations. Withdrawals may be made by electronic funds transfer only, and ACH withdrawals are subject to NACHA, ACH and other applicable rules. During any calendar month or statement cycle of at least four weeks, you may make no more than six (6) transfers and withdrawals, or a combination thereof, to another account of yours with us, or directly to us, or to a third party by means of a preauthorized or automatic transfer, or telephonic (including data transmission) agreement, order or instruction, or by draft, or similar order made by the depositor and payable to third parties. A preauthorized transfer includes any arrangement with us to pay funds from your Savings Account to a linked account or a third party at (a) a predetermined time; (b) on a fixed schedule; or (c) upon oral or written orders received through the initiating person or by mail. You may also authorize other persons or another financial institution to initiate preauthorized transfers from your Savings Account on your behalf. If, however, you repeatedly exceed the transaction limitations set forth above, we reserve the right to close your Savings Account at our discretion. We may refuse any withdrawal request that you attempt on forms not approved by us or by any method we do not specifically permit. Further, we may refuse any withdrawal request that is greater in number than the frequency permitted, or which is for any amount that exceeds any withdrawal limitations. We will use the date the withdrawal is completed by us (as opposed to the date you initiate it) to apply the frequency limitations. See the "Funds Availability Schedule" section for information about when you can withdraw funds you deposit. For all Savings Accounts, the maximum amount of any withdrawal or deposit made via electronic fund transfer or ACH is limited to $250,000 per transaction. We may change the amount of this limit at any time.

Fees. The fees set forth below will be charged, as applicable, to your Savings Account unless prohibited by applicable law. You agree that these fees may be deducted from the amount in your Account. We will not be liable for the dishonor of any transaction resulting from deduction of fees from your Savings Account. We may change the amounts of our fees and charges from time to time. If we make a change, we will notify you.

Type of Fee	Fee Description	Fee Amount
Excessive Transaction Charge	Charge assessed for exceeding transaction limits. Transfers from a Savings Account to another account or a third party are limited to a total of six (6) withdrawal transactions per statement cycle	6 free, then $5 for each withdrawal or transfer thereafter
Stop Payment Fee	Charge for placing a stop order on an ACH or other items	$0
Official Check	Commonly known as a Cashier's Check	$5
Returned Deposit Items	Charge assessed for ACH or checks deposited to your account that are returned by the paying bank	$5 per item. Not to exceed $50 per business day.
Non-Sufficient Funds (NSF) Fee	Charge assessed for rejected and/or paid ACH withdrawals for an account with non-sufficient funds	$5 per item
Statement Copy	Charge assessed for paper copies of statements mailed to customer	$0.50 per statement
Express Mail/Rush Delivery Charge	Charge assessed for sending documentation to customer via Express Mail or through rush delivery	$25
Legal Documents	Charge assessed for processing a legal document served upon the bank pertaining to any of your accounts	$0
Account Research	Charge assessed for processing request to research certain transactions or details of any of your accounts	$0

Bonuses. A bonus of 2.5% will be applied to interest accrued and paid in the previous six (6) months, if six (6) consecutive monthly deposits are made to the account in the amount of $1000 or less. A bonus of of2.5% will be applied to interest accrued and paid in the previous six (6) months, if there are no withdrawals from the account in any of the previous six (6) months. Bonuses will be paid to the account at the end of the month in which the applicable conditions have been met.

ELECTRONIC FUNDS TRANSFER SERVICES

General

We may provide you with electronic fund transfer (EFT) services, including direct deposits into your Account, preauthorized transfers from your Account and telephone and on-line transfers.

Availability of Funds

You agree that the amount of any EFT from your Account will not exceed the available funds in your Account(s). If we are unable to complete an EFT or perform any other EFT service for any reason associated with your Account, the EFT or other service may not be completed and we will not notify you unless required by applicable law.

Stopping Preauthorized Transfers

Right and Procedure to Stop Preauthorized Transfers. If you have told us in advance to make regular transfers from your Account, you can stop any of these transfers by calling us at +1 (707) 545-4001 during our service hours 3 business days or more before the transfer is scheduled to be made, or writing to us at Redwood, 3033 Cleveland Avenue Santa Rosa, CA 95403, USA. United States (or such other address as we may provide to you from time to time). If you call, you must tell us the exact dollar amount of the transfer. We may also require that you put your request in writing and get it to us within 14 calendar days after you call. If you order us to stop one of these transfer 3 business days or more before the transfer is scheduled and we do not do so, we will be liable to you for your losses or damages.

Refusal to Pay a Preauthorized Transfer. If we refuse to make a preauthorized transfer because your Account has insufficient funds to cover such transfer, we will mail or deliver to you, on or before the next business day, notice of our refusal to pay the transfer.

Preauthorized Credits (Direct Deposits)

If you have arranged to have direct deposits made to your account at least once every 60 calendar days from the same person or company, the person or company making the deposit will tell you every time they send us the money. You may also log into your Account or call us at +1 (707) 545-4001 to find out whether or not the deposit has been made.

Periodic Statements. Statements for your Account(s) are generated on a monthly basis in electronic format and will be made available at no charge. You may view your statement by accessing your Account . You also may choose to have a paper statement mailed to you, however, there may be a fee for paper statements as set forth in the “Truth-In-Savings Disclosures and Fees” section of this Agreement.

Your Liability for Unauthorized Transfers

During account set-up, you will be invited to create a user name and password to protect your account from unauthorized access. You are responsible for maintaining the confidentiality and security of your user name and password. Tell us immediately if you believe any approved account access information or device, including your internet password, has been lost or stolen, or if you believe an EFT has been made without your permission or that someone has transferred or may transfer money from your account without authorization. If you tell us within two (2) business days, your liability will be limited to $50 if someone accesses your account without your authorization. If you do NOT tell us within two (2) business days after you learn that your account has been accessed without your authorization and we can prove that the unauthorized EFTs could have been prevented if you had notified us, you could lose as much as $500. Also, if your statement shows EFTs that you did not make, tell us AT ONCE. If you do not tell us within sixty (60) days after the statement is mailed to you, you may not get back any funds you lost after the sixty (60) days. If you believe your statement shows EFTs that you did not make or authorize, or if you believe an EFT has been made without your permission, call +1 (707) 545-4001. If you grant authority to make transfers to an Authorized User who exceeds the authority granted, you will be liable for all transfers made by that person including transfers for which you may not have intended to be liable, until you notify us that transfers by that person are no longer authorized. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend these time periods.

Your Liability for Incorrect Payment Information

If you give us a payment order that identifies a beneficiary (the person to whom you are sending funds) by name and account number or some other identifying number (such as a Social Security, Taxpayer I.D. or driver’s license number), we may pay the beneficiary on the basis of the number provided to us by you and consider that number to be proper identification. This will be true even if the number you provided to us identifies a person different from the named beneficiary, unless otherwise provided by law or regulation. If you give us a payment order that identified the beneficiary’s financial institution in the funds transfer by name and Routing and Transit (“R/T”) or other identifying number, we, as well as the receiving financial institution, may rely on the number provided to us by you as the proper identification. This will be true even if the number provided identifies a financial institution that is different from the named financial institution, unless otherwise provided by law or regulation.

Our Liability for Failure to Transfer

If we do not complete a transaction to or from your Account on time or in the correct amount according to our agreement with you, we may be responsible for losses or damages. However, we will not be liable if:

1. Through no fault of ours, you do not have sufficient funds in your account to complete the transaction;
2. Circumstances beyond our control (fire, flood, etc.) prevent the transaction, despite reasonable precautions we have taken;
3. The terminal or system was not working properly and you knew about the breakdown before you started the transaction;
4. The funds in your account are subject to legal restrictions or right of set-off; or
5. For any other exceptions in our agreement with you.

Disclosure of Account Information to Third Parties

In order that your privacy may be protected, we will not disclose any information to third parties about you or your account or the EFTs you make, except where it is necessary for completing transfers or as otherwise provided in Redwood Privacy Policy.

In Case of Errors or Questions About Your EFTs

If you think your statement or receipt is wrong or if you need more information about a transfer listed on your statement or receipt, telephone us at once at +1 (707) 545-4001, or write to us as soon as possible at Redwood, P.O. Box 1934, Cranberry Twp., PA 16066 (or such other address as we may provide to you from time to time). We must hear from you no later than 60 calendar days after we sent the FIRST statement on which the problem or error appeared.

• Tell us your name and account number.
• Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information.
• Tell us the dollar amount of the suspected error and, if possible, the date it appeared on your statement or receipt.
• It will be helpful to us if you also give us a telephone number at which you can be reached in case we need any further information.

If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days following the date you notified us. We will tell you the results of our investigation within 3 business days after completing our investigation following the date you notified us and will correct any error within one business day of determining that an error occurred.

We will try to determine whether an error occurred within 10 business days after we hear from you. If we need more time, however, we may take up to 45 calendar days to investigate your complaint or question following the date you notified us. If we decide to do this, we will provisionally credit your account within 10 business days following the date you notified us for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not provisionally credit your account.

For errors involving new accounts, we may take up to 90 calendar days to investigate your complaint or question. Also, for new accounts, we may take up to 20 business days to credit your account for the amount you think is in error. For purposes of this paragraph, your account is considered a “new account” for the first 30 calendar days after the first deposit is made.

If we decide that there was no error, we will send you a written explanation within 3 business days after we finish our investigation. You may, at no cost, examine and inspect all documents that we used in our investigation. You may also, for a reasonable fee to cover our related photocopying costs, ask for copies of the documents that we used in our investigation. If your alleged error concerns a transfer to or from a third party (for example, a Social Security payment), our investigation may be limited to a review of our own records. If we decide that there was no error, you may want to contact such third party to pursue the matter further.

Types of Available EFTs

On-line Transfers. You may request fund transfers on-line between your account and another account of yours (at another depository institution or maintained with us) that you have linked to your account.

Preauthorized Payments. Subject to the transaction limitations disclosed in this Agreement, you may arrange to have preauthorized payments made from your account.

Preauthorized Credits (Direct Deposits). You may arrange to have direct deposits made to your savings account.

Other EFTs. You may perform other transactions if and as we expand the types of available EFTs in the future.

Limits on the Type and Frequency of EFTs

For security reasons, there may be limitations on the number and dollar amounts of EFTs that you may perform. Please also see the Truth-in-Savings Disclosure and Fees section of this Agreement for applicable limitations.

Termination

We reserve the right to terminate your use of our EFT services for any reason and at any time without notifying you. You also have the right to terminate your use of the EFT services described in this agreement at any time by calling us at +1 (707) 545-4001 at any time during our normal business hours, or writing to us at Redwood, 3033 Cleveland Avenue Santa Rosa, CA 95403, USA. United States (or such other address as we may provide to you from time to time). If you call, we may require you to put your request in writing and get it to us within 10 calendar days after you call. If you terminate your use of our EFT services and you have arranged for preauthorized transfers involving third parties, you are required to inform any third parties that the transfers will cease. Any termination of your use of our EFT services, whether initiated by you or us, will not affect any of your or our rights and obligations under this Agreement that have arisen before the effective date of such termination.

CLOSING AND RE-OPENING AN ACCOUNT

Closing an Account

We may close your Account at any time and terminate this Agreement without prior notice to you if we deem your use of the Account to be inconsistent with the terms of this Agreement including, but not limited to:

• Providing incorrect or misleading data when opening the account;
• Maintaining an Account with a balance of less than $1.00 for a period of 180 days or more;
• Overdrawing the account;
• Suspected illegal or fraudulent activity;
• Transactions that may cause us loss or liability;
• Residing outside a state, territory, or U.K. possession where the account is being offered;
• Failing to fund the account within 90 days after receiving approval of application;
• Using the account for business or commercial purposes; or
• Exceeding the transaction limitations for Savings Accounts on an ongoing or regular basis.

We may also close this Account at any time for any reason upon reasonable notice to you and tender of the Account balance (less any amounts due to us or for transfers in process) electronically or by mail. Any debits presented or represented for payment after the account is closed may be dishonored, but we are not under any obligation to do so and will not be liable if we fail to dishonor any item or other debit presented. Reasonable notice depends on the circumstances, and in some cases it might be reasonable for us to give you notice after the change or account closure becomes effective. For instance, if we suspect fraudulent activity with respect to your account, we might immediately freeze or close your account and then give you notice.

You may close your Account at any time. If you do, you may be subject to an early withdrawal penalty if you are closing a Certificate of Deposit Account prior to maturity. See the Truth-in-Savings Disclosure and Fees section of this Agreement. If you make a request to close your Account by calling us, we may require that you confirm your termination in writing.

Your obligations under this Agreement continue even after the Account is closed.

Re-Opened Accounts

We reserve the right to re-open an account; any re-opened account will be subject to all the terms and conditions then in effect for that type of account.

Death of an Accountholder

If you die or are declared legally incompetent, we can continue to accept and process deposits to your Account until we have actual notice of the death/incompetency and have a reasonable chance to act. Upon notification, we will freeze individual accounts (disallowing any withdrawals or transfers); multiple party accounts may remain unfrozen for up to thirty (30) days after we have been notified of the death of an accountholder. By law, certain documents must be presented to us before funds in such an Account can be paid out and the Account closed. These documents may include: a certified copy of the death certificate; letters testamentary or letters of administration; decrees of probate court; and documents evidencing that estate taxes are paid or not owed; if applicable. Additional documents may be required depending on the ownership of the Account.

Assignment

We may at any time transfer or assign your Account to another FDIC-insured financial institution. The person(s) to whom we make any such transfer or assignment shall be entitled to all of our rights under this Agreement, to the extent assigned.

Escheat & Unclaimed Property Laws

State laws require us to close all your deposit accounts and transfer your money to the state if your accounts are dormant for a certain period of time. If your account becomes dormant, we may try to locate you at the address and telephone number shown in our records. After a specified period of time, if we are still not able to locate you, we will be required to surrender the funds in the account to the state, in accordance with state law, as unclaimed property. If this occurs, you may be able to reclaim them, but you may be required to apply to the state for return of your funds. To the extent permitted by law, we may charge you a reasonable service charge for processing unclaimed property. Once your funds are surrendered, we no longer have any liability or responsibility with respect to the funds.

PRIVACY & ACCOUNT SECURITY

You are solely responsible for controlling the safekeeping of and access to your user identification, password or other means to access your Account. You agree not to give out or make available your user identification, password, access code, authenticating image or other means to access your Account to any unauthorized individuals. You are responsible for all transactions authorized by you or by anyone to whom you provide access to your account.

Unauthorized Activity

If you believe that your user identification, password, access code, authenticating image or other means to access your account has been lost, stolen or otherwise compromised, or that someone may attempt to use the account without your consent or has transferred money without your permission, or if you suspect any fraudulent activity in your account(s), you must notify us at once at +1 (707) 545-4001.

Protecting Your Privacy

The privacy and security of your information is important to us as noted in Redwood Privacy Policy.

LEGAL

Governing Law

THIS AGREEMENT AND YOUR ACCOUNT WILL BE GOVERNED BY THE LAWS OF THE UNITED STATES OF AMERICA AND, AS APPLICABLE, FEDERAL LAW.

Continuation of Our Legal Rights

Our failure or delay in exercising any of our rights under this Agreement does not mean that we are unable to exercise those rights later.

Amendment, Cancellation and Change in Terms

We may amend or cancel this Agreement at any time in accordance with applicable law. Amendments to this Agreement will be communicated to you in a manner consistent with applicable law. Also, this Agreement, as amended will be made available on our website.

Enforceability/Severability

If any provision of this Agreement 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 this Agreement shall not be affected.

Notice and Cure

Prior to initiating a lawsuit or arbitration regarding a legal dispute or claim relating in any way to this Agreement or your Account (a "Claim"), the party asserting the Claim (the "Claimant") shall give the other party written notice of the Claim (a "Claim Notice") and a reasonable opportunity, not less than thirty (30) days, to resolve the Claim. Any Claim Notice to you will be sent in writing by mail to the address you have provided us (or any updated address you have subsequently provided to us). Any Claim Notice to us shall be sent by mail to the following address: Redwood, 3033 Cleveland Avenue Santa Rosa, CA 95403, USA. United States. Any Claim Notice you send must give your Account number(s), address and telephone number. Any Claim Notice must explain the nature of the Claim and the relief that is demanded. The Claimant must reasonably cooperate in providing any information about the Claim that the other party reasonably requests.

Claims of Third Parties and Legal Action Taken Against Your Account

Except as otherwise provided herein, we are not required to recognize any claim to your Account, or any claim of authority to exercise control over your Account, made by a person or persons other than you or an individual you have authorized to access the Account pursuant to a written agreement, in a form and content acceptable to us, on file with us. If an attachment, garnishment, levy, order, decree or other state or federal legal process ("Legal Process") is brought against your Account, we may refuse to permit or we may limit withdrawals or transfers from your Account until the Legal Process is satisfied or dismissed. If we receive any document that appears or is purported to be Legal Process issued out of any court or governmental agency, you hereby authorize us to accept and comply with it, no matter how it was received by us. You hereby direct us not to contest on your behalf any such document or Legal Process and to comply with such process as we determine to be appropriate in the circumstances without liability of us to you, even if the Legal Process or document purports to affect the interest of only one owner of a multiple party account and even if any funds we may be required to pay out leave insufficient funds to pay a check you have written or any other withdrawal or debit you have authorized or initiated. If we incur any damages, losses, costs or expenses, including, without limitation, reasonable attorneys' fees, in connection with any such document or Legal Process, you are liable to us in such amount and we may (i) charge any expenses and fees to your Account or any other account you may have with us without prior notice to you, (ii) bill you directly for such expenses and fees or (iii) to the extent permitted by law, deduct such expenses and fees from the amount levied. Any garnishment, attachment or other levy against your Account is subject to our right of setoff.

Waiver of Liability

Unless we have acted in bad faith or are otherwise prohibited by applicable law, we will not be liable to you for performing or failing to perform services under or in connection with this Agreement. Without limiting the foregoing, we will not be liable for delays or mistakes that happen due to reasons beyond our control, including, without limitation, acts of civil, military or banking authorities, national emergencies, insurrection, war, riots, acts of terrorism, failure of transportation, communication or water supply, or malfunction of or unavoidable difficulties with our equipment. If a court finds that we are liable to you for what we did or did not do under or in connection with this Agreement, you may recover from us only your actual damages, in an amount not to exceed the total interest paid by us to you under and in connection with this agreement during the six-month period immediately preceding the event giving rise to our liability. You agree that the dollar limitation described in the preceding sentence is reasonable, to the extent permitted by applicable law. In no event will we be liable for consequential damages (including lost profits), extraordinary damages, or special or punitive damages.

ARBITRATION

At the election of either you or us, any claim, dispute or controversy (“Claim”) by either you or us against the other, arising from or relating in any way to this Agreement or your Account, or their establishment, or any transaction or activity on your Account, including (without limitation) Claims based on contract, tort (including intentional torts), fraud, agency, negligence, statutory or regulatory provisions or any other source of law and (except as otherwise specifically provided in this Agreement) Claims regarding the applicability of this arbitration provision or the validity of the entire Agreement, shall be resolved exclusively by arbitration.

For purposes of this provision, “you” includes yourself, any authorized user on the Account, and any of your agents, beneficiaries or assigns, or anyone acting on behalf of the foregoing, and “we” or “us” includes our employees, parents, subsidiaries, affiliates, beneficiaries, agents and assigns, and to the extent included in a proceeding in which Redwood is a party, its service providers and marketing partners. Any Claims sought to be made or remedies sought to be obtained as part of any class action, private attorney general or other representative action (hereafter all included in the term “class action”) shall be subject to arbitration, and arbitrated on an individual basis between you and us, not on a class or representative or other collective basis. The arbitrator shall not have any authority to entertain a claim, or to award any relief, on behalf of or against anyone other than a named party to the arbitration proceeding. If any Claim is advanced in a court, arbitration may be elected under this provision instead, and the right to elect arbitration shall not be deemed to have been waived if the election is made at any time before commencement of trial.

A party can file with the Administrator a written appeal of a single arbitrator’s award within 30 days of award issuance, requesting a new arbitration in front of three neutral arbitrators designated by the Administrator. The panel will reconsider all factual and legal issues, following the same rules of procedure, and will make decisions based on majority vote. Any final arbitration award will be binding on the named parties and enforceable by any court having jurisdiction. Judgment upon any arbitration award may be entered in any court having jurisdiction.

We will pay, or reimburse you for, all fees or costs to the extent required by law or the rules of the arbitration Administrator. Whether or not required by law or such rules, if you prevail at arbitration on any Claim against us, we will reimburse you for any fees paid to the Administrator in connection with the arbitration proceedings. Under no circumstances will we seek from you payment or reimbursement of any fees that we incur in connection with arbitration. In addition, in any arbitration that you elect to file that could be heard in small claims court in your jurisdiction, we will pay the filing fees and other arbitration fees above the cost of filing in that small claims court. If you are required to advance any fees or costs to the arbitration Administrator, but you ask us to do so in your stead, we will consider and respond to your request.

This arbitration agreement applies to all Claims now in existence or that may arise in the future, and it survives the termination of this Agreement and the Account relationship, including your withdrawal of funds in the Account and your payment in full of any amounts owed under this Agreement, and your filing of bankruptcy. Nothing in this Agreement shall be construed to prevent any party’s use of (or advancement of any claims, defenses, or offsets in) bankruptcy or repossession, replevin, judicial foreclosure or any other prejudgment or provisional remedy relating to any collateral, security or property interests for contractual debts now or hereafter owed by either party to the other under this Agreement.

ARBITRATION WITH RESPECT TO A CLAIM IS BINDING AND NEITHER YOU NOR WE WILL HAVE THE RIGHT TO LITIGATE THAT CLAIM THROUGH A COURT. IN ARBITRATION YOU AND WE WILL NOT HAVE THE RIGHTS THAT ARE PROVIDED IN COURT INCLUDING THE RIGHT TO A TRIAL BY JUDGE OR JURY AND THE RIGHT TO PARTICIPATE OR BE REPRESENTED IN PROCEEDINGS BROUGHT BY OTHERS SUCH AS CLASS ACTIONS OR SIMILAR PROCEEDINGS. IN ADDITION, THE RIGHT TO DISCOVERY AND THE RIGHT TO APPEAL ARE ALSO LIMITED OR ELIMINATED BY ARBITRATION. ALL OF THESE RIGHTS ARE WAIVED AND ALL CLAIMS MUST BE RESOLVED THROUGH ARBITRATION.

Redwood Remote Deposit Capture Addendum

INTRODUCTION

This Remote Deposit Capture Addendum, together with the Agreement, governs the provision of remote deposit capture services (referred to herein as “Remote Deposit”) by Redwood and use of Remote Deposit services. This Addendum modifies and supplements the Redwood Deposit Account Agreement. Accordingly, applicable provisions of the Agreement shall apply to the Remote Deposit services.

ACCEPTANCE OF THESE TERMS

By using Redwood’ Remote Deposit services, you affirm your agreement to and acceptance of this Remote Deposit Capture Addendum and applicable provisions of the Agreement.

This Addendum sets forth certain terms and conditions under which Remote Deposit services are made available to you. By indicating your acceptance of this Addendum, and by establishing, using or continuing to use Remote Deposit services, you agree to be bound by the terms and conditions contained in this Addendum, as may be amended. By using Remote Deposit services, you are confirming that you have read the accompanying account documentation and everything you have stated is true and accurate, and you agree that information you will provide us in the future regarding your Account and any transactions that will be conducted in your Account will also be true and accurate. Please read this Addendum and all account documents carefully.

GENERAL INFORMATION

Definitions

"Addendum" means this document and any changes we make to this document, from time to time.

“Remote deposit capture” means a deposit transaction delivery system which allows the Bank to receive digital information from deposit documents captured at remote locations. Remote deposit capture is described in detail in this Agreement.

Proper Equipment

We will provide you with the software needed to use remote deposit capture services. However, you are responsible for obtaining and maintaining all other equipment, telecommunications, broadband, and computer hardware, equipment and services needed to use remote deposit capture services, and paying all charges related thereto. Please also refer to our Electronic Consent Agreement for a description of the technical requirements your computer must satisfy in order to receive electronic disclosures.

Funds Availability

The use of Remote Deposit is subject to the funds availability terms contained in the Redwood Deposit Account Agreement. In additions to the exceptions specified in the Deposit Account Agreement, Redwood in its sole discretion may delay availability of funds from any deposit you make through Remote Deposit , including due to any concern Redwood may have about its ability to collect based on the check image that you present through Remote Deposit.

REMOTE DEPOSIT CAPTURE SERVICES

Description

redwood’ Remote Deposit services allow you to make deposits electronically with your home scanner, or iPhone, Android, or BlackBerry smartphone. To deposit a check with a scanner, you will be required to scan the front and back of the item. To make a deposit via a smartphone, you will have to take front and back pictures of the item. Camera and check images are securely processed the same as paper checks. Checks deposited after 3:00 pm ET will not be processed until the next business day. Standard hold times for check deposits apply.

All items submitted for Remote Deposit shall be subject to Redwood’ verification and final inspection and may be rejected by Redwood in its sole discretion without liability. If Redwood accepts the image for collection, it will then attempt to collect the item by presenting the image or converting the image to a substitute check. Unlike traditional check deposits, you retain the original paper check when you use Remote Deposit services. The manner in which these substitute checks or images are cleared, presented for payment, and collected will be determined by Redwood in its sole discretion.

Eligibility

Redwood will determine in its sole discretion whether you are eligible to use Remote Deposit services. Redwood may suspend or terminate your use of Remote Deposit services at any time and without prior notice to you. If you violate the terms of this Addendum, Redwood may use such actions as a basis for terminate your Account.

Remote Deposit Capture Fees

There is no fee for Remote Deposit services, but other fees, such as those listed in Redwood Deposit Account Agreement, may apply.

Limits

Redwood may limit the dollar amount or number of checks that you may deposit through remote deposit capture services. In using Redwood’ remote deposit capture services, you agree to the following limits:

Individual check amount maximum $5,000.00

Daily amount maximum $10,000.00
Maximum number of checks permitted per day 10

10-day amount maximum $50,000.00
Maximum number of checks permitted per 10 day period 20

Redwood may change such limits at any time. Please note, there is a maximum monthly deposit limit of $1000 for Dream Accounts, so these limits would not apply.

Prohibited Checks

Redwood may, in its sole discretion, decline to accept a check image that you submit through Remote Deposit services. Without limiting that discretion, you agree only to deposit “checks,” as that term is defined in the Federal Reserve’s Regulation CC, 12 C.F.R. Part 229, that are collectible through Remote Deposit services. You may not scan or attempt to deposit any of the following:

Checks payable to any person other than you;
Checks containing alterations to any fields on the front of the check;
Fraudulent checks, or checks that you should have known were fraudulent;
Checks that have been previously deposited at another institution via physical item, image or electronic funds transfer;
Checks from financial institutions located outside of the U.K.;
Checks that are not payable in U.K. pounds;
Checks that are more than six (6) months old;
Substitute checks (as defined in Regulation CC, 12 C.F.R. Part 229);
Remotely created checks, as defined in Regulation CC (checks that, among other things, do not bear the signature of the person on whose account the check is drawn);
Money orders or postal money orders;
Non-negotiable instruments, such as promissory notes; or
Checks drawn on any of your Redwood accounts.

Your Representations and Warranties

Each time you submit check images through Remote Deposit services, you represent and warrant that:

Each check image is a complete and accurate representation of the front or back of a negotiable check;
The image is NOT of any of the prohibited items listed above;
Each check image satisfies our image quality standards, as specified by us from time to time;
The original check used to create the image has not been previously deposited, duplicated or used to create another image or electronic fund transfer;
No subsequent transferees of your check image, or any substitute check created from your check image, including but not limited to Redwood, a collecting or returning bank, drawer, drawee, payee or endorser, shall sustain a loss as the result of the fact that the check image or substitute check was presented for payment or returned instead of the original paper check;
All information you have provided to us is complete, accurate and true;
You are entitled to enforce the image;
All signatures on the image are authentic and authorized;
The image has not been altered;
The image is not subject to a defense or claim in recoupment of any party which can be asserted against you;
You have no knowledge of any insolvency proceeding commenced with respect to the maker or acceptor or, in the case of an unaccepted image, the drawer; and
If the image is a demand draft, creation of the image according to the terms on its face was authorized by the person identified as drawer.

Document Retention

Once a check image has been credited to your account, you must mark the original check as “VOID” and retain the check for sixty (60) days. You may not present the original check or any image or substitute check created from the original check for payment at any other financial institution. During this 60-day period, you must store the original paper check securely using precautions at least as secure as those you would use to protect a blank check and you must make the original paper check available to Redwood for review at any time and as necessary for Redwood to facilitate the clearing and collection process, to address third party claims, or for our own audit purposes. Should you fail to produce the original paper check, you authorize Redwood to deduct the amount of the check in question from your Account, regardless of whether such action may cause your Account to not have sufficient funds, and to pay any associated fees. Immediately after this 60-day period, you must destroy the original paper check.

Endorsement

For any check deposited as an image through Remote Deposit, you must endorse the check as
“[signature] For Redwood Deposit Only [account #]” or as otherwise instructed by us before you scan the check. Checks received that are not endorsed in accordance with this provision may be rejected.

Technical Requirements

You agree that in order to use Remote Deposit, your computer, scanner, smartphone, and/or other equipment must meet the current technical requirements as Redwood may specify, as such may change from time to time, and you must have access to the internet. When using Remote Deposit services, you may experience technical or other difficulties, including, without limitation, problems with your scanner or transmission problems. Redwood is not responsible for such technical or other difficulties. In particular, each image of a check you attempt to deposit using Remote Deposit services must be legible, as determined by Redwood. If your scanning equipment produces check images that Redwood determines are not of acceptable quality, Redwood may reject your deposit. Redwood is not responsible for problems arising out of your equipment or internet connections even if you are using equipment that meets Redwood’ technical requirements.

Please note that, at the time of this agreement, wireless scanners and MAC computers are not compatible with the Redwood Remote Deposit software.

Image Quality

When submitting a check to Redwood for processing through remote deposit capture, you must submit an image of both the front and bank of the check. Each image of each check must be of such quality that the following information can clearly be read by sight review of the image:

The amount of the check;
The payee of the check;
The signature of the drawer of the check;
The date of the check;
The check number;
The information identifying the drawer and the pre-printed information on the check, including the MICR line; and
All other information placed on the check prior to the time an image of the check is captured, such as any required identification written on the front of the check and any endorsements applied to the back of the check.

Redwood in its sole discretion will decide whether to accept an image for processing, and may decline to process a remotely captured check for, among other reasons, failing to meet image quality requirements.

Receipt of Items

Redwood reserves the right to reject any item transmitted through Remote Deposit services in its sole discretion. Redwood is not responsible for items we do not receive or for images that are dropped during transmission. An image of an item shall be deemed received when you receive a confirmation from Redwood that we have received the image. Receipt of such confirmation does not mean that the transmission was error-free or complete.

Errors

You agree to notify Redwood of any suspected errors regarding items deposited through remote deposit capture services right away, and in no event later than sixty (60) days after the applicable Redwood account statement is sent. Unless you notify Redwood within sixty (60) days, such statement regarding all deposits made through the services shall be deemed correct, and you are prohibited from bringing a claim against Redwood for such alleged error.

Presentment

The manner in which the items are cleared, presented for payment, and collected shall be in Redwood’ sole discretion, subject to the Redwood Deposit Account Agreement governing your Account.

Ownership and License

You agree that Redwood retains all ownership and proprietary rights in the Remote Deposit services, associate content, technology, and website(s). Your use of Remote Deposit services is subject to and conditioned upon your complete compliance with this Addendum. Without limiting the effect of the foregoing, any breach of this Addendum immediately terminates your right to use Remote Deposit services. Without limiting the restriction of the foregoing, you may not use Remote Deposit services (i) in any anti-competitive manner, (ii) for any purpose which would be contrary to Redwood’ business interest, or (iii) to Redwood’ actual or potential economic disadvantage in any aspect. You may use Remote Deposit services only for non-business, personal use in accordance with this Addendum. You may not copy, reproduce, distribute or create derivative works from the content and agree not to reverse engineer or reverse compile any of the technology used to provide Remote Deposit services.

LEGAL

Governing Law

THIS ADDENDUM AND YOUR ACCOUNT WILL BE GOVERNED BY THE LAWS OF THE UNITED STATES OF AMERICA AND, AS APPLICABLE, FEDERAL LAW.

Continuation of Our Legal Rights

Our failure or delay in exercising any of our rights under this Addendum does not mean that we are unable to exercise those rights later.

Amendment, Cancellation and Change in Terms

We may amend or cancel this Addendum at any time in accordance with applicable law. Amendments to this Addendum will be communicated to you in a manner consistent with applicable law. Also, this Addendum, as amended, will be made available on our website.

Enforceability/Severability

If any provision of this Addendum 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 this Addendum shall not be affected.

Indemnification

You agree to indemnify, defend, and hold us harmless from and against any and all claims, demands, damages, liabilities, expenses (including reasonable attorneys’ fees), or other loss that arises from or relates to your use of Remote Deposit services or your breach of the representations, warranties or covenants set forth in this Addendum, including without limitation your attempt to duplicate the presentation of a check image via presentation of the original check or an image or substitute check derived from the original check and any liability that we may incur for processing an image or substitute check rather than the original paper check.

No Warranty

YOUR USE OF REMOTE DEPOSIT SERVICES IS AT YOUR SOLE RISK. REMOTE DEPOSIT SERVICES ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS. WE EXPRESSLY DISCLAIM ALL WARRANTIES OF ANY KIND AS TO REMOTE DEPOSIT SERVICES, WHETHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT, COMPATIBILITY OF BANK SOFTWARE, EQUIPMENT, OR COMMUNICATIONS INTERFACES WITH THOSE OF THE CUSTOMER, AND RESULTS TO BE DERIVED FROM THE USE OF ANY SOFTWARE, SERVICES, HARDWARE, OR OTHER MATERIALS IN CONJUNCTION WITH REMOTE DEPOSIT SERVICES.

Limitation of Liability

Redwood will not be liable for any direct, special, indirect, punitive or consequential damages, including without limitation lost profits or revenues resulting from your use or inability to use Remote Deposit services, even if Redwood is advised in advance of the possibility of such damages. Under no circumstances shall Redwood be responsible for any liability, loss, or damage resulting from any delay in performance of or failure to perform Remote Deposit services that is caused by interruption of telephone, facsimile, or communication facilities and networks, delay in transportation, equipment breakdown or mechanical malfunction, electrical, power or computer failure, accidents, fire, flood, explosion, theft, natural disaster, or other catastrophe, acts or failure to act by the customer or any third party, strikes or lockouts, emergency conditions, riots, war, acts of government, or other circumstances which are unavoidable or beyond Redwood’ control. If Redwood fails to credit your Account utilized in connection with Remote Deposit services, upon discovery or notification of such error, Redwood will credit such account, but Bank shall not incur any liability for the failure to credit your Account, including any loss resulting from your failure to invest the amount of funds not properly credited to the Account.

CONTACT INFORMATION

You may address any inquiries or questions regarding our Remote Deposit services by sending us an email using the secure mailbox facility, calling us at +1 (707) 545-4001 seven days a week from 8am to 8pm ET, or writing us at:

redwood
555 California St San Francisco,
CA 94104, United States

INTRODUCTION

This Agreement establishes the terms of your deposit account (“Account”) with Redwood Community Credit Union, 3033 Cleveland Avenue Santa Rosa, CA 95403, USA. United States (“redwood” or the “Bank”). Please read it carefully, download it and/or print it, and keep it with your records.

ACCEPTANCE OF THESE TERMS

In establishing a Redwood Community Credit Union Certificate of Deposit, you are required to indicate your agreement to and acceptance of: (1) Redwood Electronic Consent Agreement; (2) this document, Redwood Deposit Account Agreement (the "Agreement"); and (3) Redwood Privacy Policy.

This Agreement is a contract between you and the Bank that sets forth the terms and conditions under which the Redwood Community Credit Union Certificate of Deposit (each of which is an "Account") is made available to you. By indicating your acceptance of this Agreement and the Redwood Privacy Policy, and by establishing, using or continuing to have an Account, you agree to be bound by the terms and conditions contained in this Agreement, including the Arbitration and Funds Availability Schedule provisions, as may be amended. You also agree to pay all charges incurred as set forth in the "Truth-in-Savings Disclosure and Fees" section of this Agreement and any other fees applicable to your Account. If you are establishing a joint Account, one accountholder indicating his/her acceptance of this Agreement and acknowledgement of receipt of the Privacy Policy represents affirmative acceptance of this Agreement and acknowledgement of receipt of the Privacy Policy by all accountholders. Similarly, one accountholder accepting the Redwood Electronic Consent Agreement or any other document required to be agreed to by an accountholder represents affirmative acceptance by all accountholders. By establishing an Account, you are confirming that you have read the accompanying account documentation and everything you have stated is true and accurate, and you agree that information you will provide us in the future regarding your Account and any transactions that will be conducted in your Account will also be true and accurate. If any provisions in other account documents are inconsistent with this Agreement, this Agreement governs. Please read this Agreement and all account documents carefully.

GENERAL INFORMATION

Definitions

"Account" means the deposit account product you open with Redwood Community Credit Union including the Redwood Community Credit Union Certificate of Deposit.

"Agreement" means this document and any changes we make to this document, from time to time.

"CD" means the Redwood Community Credit Union Certificate of Deposit product.

"Cut-Off Time" shall mean the time of day that transfers to be processed that day shall be processed, and after which time the earliest possible Payment Date or Withdraw On Date and Due Date or Deliver By Date shall be calculated from the next Business Day.

"Due Date" or "Deliver By Date" or "Delivery Date" shall mean the Business Day on which you schedule the transfer to be delivered to your Payee, unless this date falls on a non-Business Day in which case it shall be the immediately preceding or following Business Day as indicated in the Scheduled Payment instructions. In any case, it is the date you determine to be most appropriate to deliver payment to your Payee considering such factors as the Payee-specified date payment due, grace period, late payment policy or late fee, and/or your knowledge of actual time required for the Payee to receive and process the payment and to credit your account with the Payee, and/or the urgency/criticality of payment delivery, as the case may be.

"EFT" shall mean electronic funds transfer, a service available on your Account, which is described in detail in this Agreement.

"Privacy Policy" shall mean Redwood Privacy Policy, which governs the Bank's customer information-related operations.

"You" and "your" shall mean the person or persons to whom an Account is titled and any person(s) who are authorized users on the Account, as provided for in this Agreement.

"We," "us," "our," "redwood," and “the Bank” shall mean Redwood Community Credit Union, our successors, affiliates, assignees and service providers.

Business Days

Our normal business days are Monday through Friday, excluding holidays. Saturday, Sunday, and federal holidays are not considered business days.

Changes to Address, Contact Information or Name

We will use the most recent contact information you have provided to us to communicate with you. You are responsible for notifying us of any change in your name, address, or other contact information (including telephone number and email address). You may notify us of any changes to your address online or by calling us at +1 (707) 545-4001. If your name has changed, you must call us at +1 (707) 545-4001 for instructions on how to change the way your name appears on your Account. Informing us of your address or name change in any other manner is not sufficient. Changes to your telephone number and email address can be communicated to us through our website or via telephone at +1 (707) 545-4001, or by regular mail:

redwood
555 California St San Francisco,
CA 94104, United States

IMPORTANT NOTE: If, in addition to your Account(s), you have another product or service with Redwood, you must follow separate procedures as specified in the documentation for those products and services to inform Redwood of changes to your name and/or contact information.

Communicating with You

As noted above, we will communicate with you using the most recent contact information you have provided to us. To the extent permitted by applicable law, and without limiting any other rights we may have, you consent to our communicating with you, in connection with this Agreement and/or your Account(s) or any other account you may have with us, using any phone number or email address that you provided in your application for such Account, or using any phone number or email address that you provide to us in the future. You authorize us to communicate with you using any current or future means of communication, including, but not limited to, automated telephone dialing equipment, artificial or pre-recorded voice messages, SMS text messages, email directed to you at a mobile telephone service, or email otherwise directed to you. WE MAY USE SUCH MEANS OF COMMUNICATION EVEN IF YOU WILL INCUR COSTS TO RECEIVE SUCH PHONE MESSAGES, TEXT MESSAGES, OR EMAILS.

Phone Calls/Electronic Communications

In the regular course of our business, for quality control and archival purposes, we may monitor and record phone conversations made or received by our employees or our agents. Similarly, we may monitor and record email or conversations on our website between you and our employees or agents. You agree that we will have such right with respect to all phone conversations, email or conversations between you and our employees or agents, whether initiated by you or any of our employees or agents.

Proper Equipment

You are responsible for obtaining and maintaining all telecommunications, broadband and computer hardware, equipment and services needed to access and use your Account online, and paying all charges related thereto. Please also refer to our Electronic Consent Agreement for a description of the technical requirements your computer must satisfy in order to receive electronic disclosures.

Opening Your Account

Identifying You

To help fight the funding of terrorism and money laundering activities, federal law requires financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you apply for an account, we will ask you for your name, address, date of birth, and other information that will allow us to identify you. To open an account with us, you must be at least 18 years old, a U.S. citizen or a resident alien with a valid Social Security Number or other Taxpayer Identification Number, and have a residential address in the United States. Accounts also may be opened for minors so long as the primary account holder is at least 18 years of age.

Consumer Reporting Agencies

By submitting an application to open your account, you authorize us to obtain information about you from time to time from consumer reporting agencies, from our subsidiaries and affiliates, and other third parties for the purpose of considering your account application or any other legitimate purpose. We may also report the status of or the closure of your account to consumer reporting agencies, our subsidiaries and affiliates, and other third parties.

Social Security Numbers (SSN) / Backup Withholding

Federal law requires us to have a correct Social Security Number (SSN) on every account, and the Internal Revenue Service (IRS) requires you to certify to us whether you are subject to backup withholding. If you are subject to backup withholding, you do not furnish us with the correct SSN, you do not properly certify that you are not subject to backup withholding, or if the IRS notifies us that we do not have a correct SSN for your Account, we may be required to withhold a percentage of interest paid as provided in current IRS regulations (backup withholding) and we may close the Account. Amounts withheld are reported to the IRS as federal income tax withheld, and will be reflected on your year-end 1099-INT Interest Income Statement.

Ownership of Account

An “Individual Account” is an account in the name of one person. A “Joint Account with Right of Survivorship” is an account in the name of two persons. For such joint accounts, each of you intends that when you die, the balance in the account will belong to the survivor. Other types of account ownership are not available from us at this time.

Payable on Death Accounts

Without having to establish a trust, you may, subject to applicable law, designate your account to be payable on your death to one or more designated beneficiaries, known as a “payable on death” or “POD” account. You may designate up to four beneficiaries. If you establish a POD account, the account belongs to you during your lifetime and your beneficiaries have no interest in or any access to the account until your death. Upon your death (or in the case of a joint account, on the death of the last-surviving joint account owner), all of the funds in the POD account will be owned by the beneficiary (or in the case where there is more than one beneficiary, in equal shares by the beneficiaries then living). The funds in your POD account are not governed by your will or inherited by your heirs. If there is more than one beneficiary, in our sole discretion and subject to our right of set-off and security interest, we may pay the funds in a POD account in equal shares to the account’s living beneficiaries or pay the funds by issuing a check in the name of all living beneficiaries and giving the check to any one beneficiary. We have no obligation to notify any beneficiary of the existence of a payable on death account or the vesting of an interest in such an account. Certain state law restrictions may apply to payable on death accounts. You are solely responsible for complying with applicable law in establishing a payable on death account. We make no representation that designating your account as a payable on death account is advisable. You should consult an attorney or other qualified estate planning professional before designating your account as a payable on death account. When establishing a beneficiary you will be required to provide us with the SSN of such beneficiary. Spousal consent is required in community property states (AZ, CA, ID, LA, NV, NM, TX, WA, and WI) if a spouse is not named as the sole primary beneficiary.

Transferring Account Ownership

Accounts are not negotiable and not transferable, except on our books. We are not required to accept any assignment of an account. We may require that changes of ownership of an account be made by closing the account and opening a new account in the name of the new owner of the account. No pledging of an account as security is valid without our approval, and any such pledge is subject to our right of set-off and security interests.

Claims Against or Disputed Ownership of an Account

If we receive any conflicting claims to funds in your Account and we cannot determine the rights of the claimant to any such funds, or if we know of or believe that there is a dispute over the ownership or control of funds in your Account, we may, in our sole discretion: (a) place a hold on your Account; (b) refuse to pay out any funds in the Account until we are satisfied that the dispute is settled; (c) close the Account and send the balance to the accountholder(s) we have on record; (d) decide to rely on our current account records; (e) require a court order to act; or (f) take any other action that we determine will protect us. We will not be liable to you for taking any such action.

Right to Set-Off

By opening an Account with us, you agree that we have the right to set off with respect to your Account(s). If you owe us or any of our affiliates money and that money is due, you agree that we may withhold or withdraw from your Account any amounts you owe to us or any of our affiliates unless prohibited by applicable law. We may exercise our rights of set-off without recourse to other collateral, if any, and even if our action causes you to lose interest, incur an early withdrawal penalty or any other consequence. If we exercise our right of set-off, we will notify you to the extent required by applicable law. Except to the extent prohibited by applicable law, we may set off all of the funds in a multiple party account to pay money owed to us by any owner of the multiple party account, irrespective of who contributed funds to the multiple party account. Our failure to demand payment does not waive our rights hereunder. Please also see the “Insufficient Funds” information in the "Withdrawals" section of this Agreement.

Attorney in Fact/Fiduciary or Agency Account

Any individual acting as attorney-in-fact, agent, guardian, personal representative, trustee, custodian or fiduciary (collectively, an "agent") must be designated as such on our records; otherwise, we will not honor the account instructions of that individual regarding your Account. By requesting that an individual be designated as your agent on our records, you authorize us to honor account instructions of your agent regarding your Account until we receive actual notice that the agency or fiduciary relationship has been terminated or actual notice of death or incompetency. No such notice is effective until we have had a reasonable opportunity to act on it. We will not be liable to you in any way if your agent misapplies any of the funds from your Account. We have the right to review and retain a copy of any power of attorney, agency agreement, trust agreement, court order or other document that has established the agency or other fiduciary relationship.

DEPOSITS

General

Additional deposits (other than credited interest) are not permitted during the term of the account. Deposits may only be made by electronic funds transfer (EFT), including automated clearing house (ACH) transactions or, by check mailed to us at: Redwood, 3033 Cleveland Avenue Santa Rosa, CA 95403, USA. United States. All deposits must be made in U.K. pounds. We do not accept cash or money orders for deposit.

With respect to check funding, we will not accept certain types of checks, such as third party and starter checks. We may elect to process your check through an electronic check conversion. This means that, if you send us a deposit by check or otherwise make a payment for any amounts you owe under this Agreement utilizing a check, you authorize us either to use information from your check to make a one-time electronic fund transfer from your Account or to process the payment as a check transaction. When we use information from your check to make an electronic fund transfer, funds may be withdrawn from your Account as soon as the same day you make your payment, and you will not receive your check back from your financial institution.

Deposits made by ACH are subject to the rules of the National Automated Clearing House Association and any regional clearing houses we may use from time to time (collectively, the ACH Rules). Before final settlement of any deposit, we act only as your agent, regardless of the form of endorsement or lack of endorsement on the item. We reserve the right to refuse, return or limit any deposit you make to your account. See the Funds Availability Schedule section of this Agreement for information about when you can withdraw funds you deposit.

Minimum Deposit & Minimum Balance Requirements

There is no minimum deposit required to open an Account. Additionally, there are no minimum balance requirements to maintain an Account. However, if you maintain a balance of less than $1.00 in your Account for a period of 180 days or more, we reserve the right to close the Account. For interest to be posted to your Account you must maintain a minimum balance that would earn you at least $0.01 within the statement cycle. If you have not funded your CD Account within fourteen (14) calendar days of opening, we reserve the right to close your Account.

Maximum Combined Balance(s)

If at any time you make or attempt to make a deposit which would cause your aggregate balance with us, including balances in jointly owned accounts, to exceed $5,000,000, we may refuse to accept the deposit or accept the deposit and then return the funds to you. If we do so, we will provide notice to you at the time.

Linked Accounts

When you establish an Account with us, you will be given the opportunity to link your Account to an account you have with another financial institution. We will call that other account a “linked account.” You may set up a linked account online when you establish your Account with us, or anytime during the life of your Account. Any linked account must be with a financial institution chartered in the U.K. You may link your Redwood Account with up to three linked accounts.

Account Opening – Initial Hold

In order to ensure that we have properly verified your identity and the identities of others associated with your Account as required by federal law, we will place a temporary hold on your deposits until we have completed our verification procedures. Please refer to the Funds Availability Schedule for additional details.

Check Endorsement Instructions or Restrictions

Because of our automated processing of large volumes of checks, we may not inspect or look for special instructions or "restrictive endorsements" on every check. For this reason, we are not able to honor any special instructions or be bound by a restrictive endorsement placed on checks. Further, we are not responsible for any losses, claims, damages or expenses that result from your expectation that we will honor these restrictions.

FUNDS AVAILABILITY SCHEDULE

Your Ability to Withdraw Funds

Funds you deposit in an Account will become available to you in accordance with the timeframes set forth in this section. Between the time that you deposit the funds and when the funds become available to you, you may not withdraw the funds in cash and we will not use the funds to pay withdrawals or debits that you have authorized or made from your Account. All funds electronically deposited after 3:00 p.m. ET via remote deposit capture will be considered received on the next business day and will be subject to standard hold times from such date of receipt.

Determining the Availability of a Deposit

The length of the delay is counted in business days from the day of your deposit.

New Account Deposit Holds

For all deposits made by check or electronically during the first 30 days after account opening, funds will be held for five (5) business days from the day on which we credit your account for that deposit. For new accounts, in order to make any withdrawals from such accounts, you must first verify the receipt of two test deposits, which will be transferred to your external account within approximately 2 to 3 days of account opening. Additional details and instructions regarding the verification process and the actions you must take to verify receipt will be provided to you electronically after account opening.

Deposit Holds

For all deposits made by check or electronically (collection orders), funds will be held for five (5) business days from the effective date for those funds, which is the day that we credit your Account for that deposit.

For all accounts, ACH credits and funds transferred from another of your Accounts at Redwood will be available immediately.

Other Holds

The availability of funds that you deposit by check may be delayed for a longer period under the following circumstances:

• We believe that a check you deposit will not be paid;
• You redeposit a check that has been returned unpaid; or
• There is an emergency, such as failure of computer or communications equipment.

We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the seventh business day after the day we receive your deposit.

To the extent permitted by law, we reserve the right to extend any of the timeframes set forth in the Funds Availability Schedule for certain reasons, including if we suspect fraud. In addition, funds in an Account being closed may be subject to a brief temporary hold in order to allow outstanding transactions to clear and for any necessary processing procedures to be performed.

All deposits accepted from you are subject to verification. Your Account will be credited for the amount shown on your Account statement. Adjustments for errors in addition or subtraction may be posted to your Account. Your Account may also be adjusted for items you have deposited that we determine require special handling (e.g., verification of prior endorsements).

WITHDRAWALS

General

You may withdraw or transfer all or any part of the available account balance at any time, subject to the Funds Availability Schedule of this Agreement, the transaction limitations established under the Truth-in-Savings Disclosures and Fees section of this Agreement, our right of set-off and security interests, any holds that may be placed on funds in the Account, and (for Certificate of Deposit accounts) any applicable early withdrawal penalty. If this is a joint account, each of you (until we receive written notice to the contrary) authorizes each other accountholder to endorse any item payable to you or your order for deposit to this Account or any other transaction.

Withdrawal or Transfer Requests

For all Accounts, you can request a withdrawal or transfer by using our website. A request for a withdrawal or transfer is considered to be received on the same business day if it is received by 10:00 p.m. ET on that day. Requests received by us after 10:00 p.m. ET or on a day that is not a business day will be processed the next business day.

Notice of Withdrawal

We reserve the right to require at least seven (7) days advance written notice of any withdrawals of funds by any means from your Account.

Insufficient Funds

You may not make withdrawals in excess of the funds available in your Account, which includes the Account balance less any holds applicable to funds deposited into your Account. We will not be liable for dishonoring any withdrawals that would exceed the available funds in your Account. Please refer to the Funds Availability Schedule of this Agreement for additional details.

If we receive a withdrawal, transfer, electronic transaction, or other item drawn on your Account, and there are insufficient funds in your Account to pay the item, we will return the item unpaid and you may be charged an Non-Sufficient Funds (NSF) fee. We will process withdrawals, transfers or related requests received on the same day in the order we choose. You understand that we have no obligation to minimize the NSF fees charged as a result of having insufficient funds in the Account, and that the processing order we select may result in your incurring more fees than you would if we were to process the withdrawals, transfers or related requests in a different order.

Waivers

If we honor a nonconforming request for withdrawal or transfer once, we are not required to do so again. We may treat continued abuse of any stated limitation in this Agreement as the basis for closing your account or we may at our option charge you a fee. The fact that we may choose in our sole discretion to honor a withdrawal request that overdraws the available account balance once does not obligate us to do so again.

Payment Processing Restrictions on Internet Gambling Fund Transfers

The Federal Reserve enacted regulations that require U.K. financial firms that participate in designated payment systems to establish and implement policies and procedures reasonably designed to prevent payments connected to unlawful Internet Gambling. In light of the regulations, please be informed that restricted transactions (as defined in Federal Reserve Regulation GG / 12 CFR Part 233) are prohibited from being processed directly or indirectly through any account or relationship maintained with us. Restricted transactions generally include, but are not limited to, those in which credit, electronic fund transfers, checks or drafts are knowingly accepted by gambling businesses in connection with unlawful Internet gambling.

TRUTH-IN-SAVINGS DISCLOSURES AND FEES (BY ACCOUNT TYPE)

Certificates of Deposit

Minimum Balance to Open a Certificate of Deposit (CD). There is no minimum deposit required to open your CD Account.

Rate Information. The current interest rate and Annual Percentage Yield (APY) on your CD Account will be disclosed on our website in your account-opening documents, and on your periodic statement. The interest rate is fixed and is established when your CD Account is opened. You will be paid this rate until first maturity. Our APY rates assume that interest earned in your CD Account remains on deposit until maturity. The CD Account maturity date will be disclosed online in the Account Summary section of your account and on the periodic statement.

Compounding Frequency. The interest rate on your CD Account will be compounded daily according to the Actual/365 (31/365) method.

Crediting Frequency. Interest will be credited to your CD Account on the monthly cycle date.

Daily Balance Computation Method. Interest earned is based on the rate of return for the term of the CD Account. Interest is calculated according to the ledger balance with the interest rate tiers based on the balance and term of the account.

Accrual of Interest on Deposits. Interest in your CD Account will begin to accrue on the business day the deposit is received. If a deposit is received before 10:00 PM ET on a business day we are open, we will consider that day to be the day of your deposit. If your deposit is received after 10:00 PM ET or on a day we are not open, we will consider that the deposit was received on the next business day we are open. For interest to be posted to your CD Account you must maintain a minimum balance that would earn you at least $0.01 within the statement cycle.

Effect of Closing an Account. If you close your CD Account before interest is credited, you will receive the accrued interest.

Transactions Limitations. You will not be permitted to make any additional deposits into your CD Account before maturity. You may, subject to an early withdrawal penalty, make withdrawals of principal from your CD Account before maturity. However, the APY assumes interest remains on deposit until maturity and a withdrawal of interest prior to maturity will reduce earnings.

Withdrawals of Interest. You may request that interest be withdrawn from your CD Account on a monthly basis and transferred to either your Redwood Online savings account or a verified external account. You may not make withdrawals of principal until maturity. If you choose to transfer interest to a verified external account, you will receive a notice 10 days prior to the transfer date with the anticipated interest amount. During that 10 day period, any changes you make to your disbursement preferences will not take effect until the next interest disbursement period.

Penalties for Early Withdrawal. A penalty will be imposed for any withdrawal of principal from your CD Account before maturity. If the amount required to be forfeited is greater than the interest earned or paid on your CD Account, we will deduct the difference from principal. For a CD Account with a term of 24 months or less, a penalty equaling 90 days simple interest on the amount withdrawn subject to penalty will be imposed, and for a CD Account with a term of greater than 24 months, a penalty equaling 180 days simple interest on the amount withdrawn subject to penalty will be imposed. In certain circumstances, such as the death or incompetence of a CD Account holder, the law permits, and in some cases requires, the waiver of the early withdrawal penalty.

Automatic Renewal. Your CD Account automatically renews at maturity, unless we are no longer offering a CD Account with the same term as your maturing CD Account. At maturity, you will have a fourteen (14) calendar day grace period (which begins on the first day of maturity and includes the following thirteen (13) days) in which you can withdraw funds from your Account without penalty. You may prevent renewal if you withdraw the funds in your CD Account at maturity or within the grace period, or if we receive notice from you within the grace period. You may notify us by telephone at +1 (707) 545-4001. If you prevent renewal of your CD Account, interest will accrue until the day within the grace period that you withdraw your funds or that we receive notice. Each renewal term will be the same as the original term, beginning on the maturity date. We will set the interest rate on your renewing CD Account at our discretion. To determine your rate on renewal, please check our rate schedule available online .

Fees. The fees set forth below will be charged, as applicable, to your Certificate of Deposit Account unless prohibited by applicable law. You agree that these fees may be deducted from the amount in your Account. We will not be liable for the dishonor of any transaction resulting from deduction of fees from your Certificate of Deposit Account. We may change the amounts of our fees and charges from time to time. If we make a change, we will notify you.

Type of Fee	Fee Description	Fee Amount
Early Withdraw Penalty	Charge assessed for any withdrawal of principal before maturity	For a CD Account with a term of 24 months or less, 90 days simple interest on the amount withdrawn subject to penalty. For a CD Account with a term greater than 24 months, 180 days simple interest on the amount withdrawn subject to penalty.
Statement Copy	Charge assessed for paper copies of statements mailed to customer	$0.50 per statement
Express Mail/Rush Delivery Charge	Charge assessed for sending documentation to customer via Express Mail or through rush delivery	$25
Legal Documents	Charge assessed for processing a legal document served upon the bank pertaining to any of your accounts	$0
Account Research	Charge assessed for processing request to research certain transactions or details of any of your accounts	$0

ELECTRONIC FUNDS TRANSFER SERVICES

General

We may provide you with electronic fund transfer (EFT) services, including direct deposits into your Account, preauthorized transfers from your Account and telephone and on-line transfers.

Availability of Funds

You agree that the amount of any EFT from your Account will not exceed the available funds in your Account(s). If we are unable to complete an EFT or perform any other EFT service for any reason associated with your Account, the EFT or other service may not be completed and we will not notify you unless required by applicable law.

Stopping Preauthorized Transfers

Right and Procedure to Stop Preauthorized Transfers. If you have told us in advance to make regular transfers from your Account, you can stop any of these transfers by calling us at +1 (707) 545-4001 during our service hours 3 business days or more before the transfer is scheduled to be made, or writing to us at Redwood, 3033 Cleveland Avenue Santa Rosa, CA 95403, USA. United States (or such other address as we may provide to you from time to time). If you call, you must tell us the exact dollar amount of the transfer. We may also require that you put your request in writing and get it to us within 14 calendar days after you call. If you order us to stop one of these transfer 3 business days or more before the transfer is scheduled and we do not do so, we will be liable to you for your losses or damages.

Refusal to Pay a Preauthorized Transfer. If we refuse to make a preauthorized transfer because your Account has insufficient funds to cover such transfer, we will mail or deliver to you, on or before the next business day, notice of our refusal to pay the transfer.

Preauthorized Credits (Direct Deposits)

If you have arranged to have direct deposits made to your account at least once every 60 calendar days from the same person or company, the person or company making the deposit will tell you every time they send us the money. You may also log into your Account or call us at +1 (707) 545-4001 to find out whether or not the deposit has been made.

Periodic Statements. Statements for your Account(s) are generated on a monthly basis in electronic format and will be made available at no charge. You may view your statement by accessing your Account . You also may choose to have a paper statement mailed to you, however, there may be a fee for paper statements as set forth in the “Truth-In-Savings Disclosures and Fees” section of this Agreement.

Your Liability for Unauthorized Transfers

During account set-up, you will be invited to create a user name and password to protect your account from unauthorized access. You are responsible for maintaining the confidentiality and security of your user name and password. Tell us immediately if you believe any approved account access information or device, including your internet password, has been lost or stolen, or if you believe an EFT has been made without your permission or that someone has transferred or may transfer money from your account without authorization. If you tell us within two (2) business days, your liability will be limited to $50 if someone accesses your account without your authorization. If you do NOT tell us within two (2) business days after you learn that your account has been accessed without your authorization and we can prove that the unauthorized EFTs could have been prevented if you had notified us, you could lose as much as $500. Also, if your statement shows EFTs that you did not make, tell us AT ONCE. If you do not tell us within sixty (60) days after the statement is mailed to you, you may not get back any funds you lost after the sixty (60) days. If you believe your statement shows EFTs that you did not make or authorize, or if you believe an EFT has been made without your permission, call +1 (707) 545-4001. If you grant authority to make transfers to an Authorized User who exceeds the authority granted, you will be liable for all transfers made by that person including transfers for which you may not have intended to be liable, until you notify us that transfers by that person are no longer authorized. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend these time periods.

Your Liability for Incorrect Payment Information

If you give us a payment order that identifies a beneficiary (the person to whom you are sending funds) by name and account number or some other identifying number (such as a Social Security, Taxpayer I.D. or driver’s license number), we may pay the beneficiary on the basis of the number provided to us by you and consider that number to be proper identification. This will be true even if the number you provided to us identifies a person different from the named beneficiary, unless otherwise provided by law or regulation. If you give us a payment order that identified the beneficiary’s financial institution in the funds transfer by name and Routing and Transit (“R/T”) or other identifying number, we, as well as the receiving financial institution, may rely on the number provided to us by you as the proper identification. This will be true even if the number provided identifies a financial institution that is different from the named financial institution, unless otherwise provided by law or regulation.

Our Liability for Failure to Transfer

If we do not complete a transaction to or from your Account on time or in the correct amount according to our agreement with you, we may be responsible for losses or damages. However, we will not be liable if:

1. Through no fault of ours, you do not have sufficient funds in your account to complete the transaction;
2. Circumstances beyond our control (fire, flood, etc.) prevent the transaction, despite reasonable precautions we have taken;
3. The terminal or system was not working properly and you knew about the breakdown before you started the transaction;
4. The funds in your account are subject to legal restrictions or right of set-off; or
5. For any other exceptions in our agreement with you.

Disclosure of Account Information to Third Parties

In order that your privacy may be protected, we will not disclose any information to third parties about you or your account or the EFTs you make, except where it is necessary for completing transfers or as otherwise provided in Redwood 
Privacy Policy.

In Case of Errors or Questions About Your EFTs

If you think your statement or receipt is wrong or if you need more information about a transfer listed on your statement or receipt, telephone us at once at +1 (707) 545-4001, or write to us as soon as possible at Redwood, P.O. Box 1934, Cranberry Twp., PA 16066 (or such other address as we may provide to you from time to time). We must hear from you no later than 60 calendar days after we sent the FIRST statement on which the problem or error appeared.

• Tell us your name and account number.
• Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information.
• Tell us the dollar amount of the suspected error and, if possible, the date it appeared on your statement or receipt.
• It will be helpful to us if you also give us a telephone number at which you can be reached in case we need any further information.

If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days following the date you notified us. We will tell you the results of our investigation within 3 business days after completing our investigation following the date you notified us and will correct any error within one business day of determining that an error occurred.

We will try to determine whether an error occurred within 10 business days after we hear from you. If we need more time, however, we may take up to 45 calendar days to investigate your complaint or question following the date you notified us. If we decide to do this, we will provisionally credit your account within 10 business days following the date you notified us for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not provisionally credit your account.

For errors involving new accounts, we may take up to 90 calendar days to investigate your complaint or question. Also, for new accounts, we may take up to 20 business days to credit your account for the amount you think is in error. For purposes of this paragraph, your account is considered a “new account” for the first 30 calendar days after the first deposit is made.

If we decide that there was no error, we will send you a written explanation within 3 business days after we finish our investigation. You may, at no cost, examine and inspect all documents that we used in our investigation. You may also, for a reasonable fee to cover our related photocopying costs, ask for copies of the documents that we used in our investigation. If your alleged error concerns a transfer to or from a third party (for example, a Social Security payment), our investigation may be limited to a review of our own records. If we decide that there was no error, you may want to contact such third party to pursue the matter further.

Types of Available EFTs

On-line Transfers. You may request fund transfers on-line between your account and another account of yours (at another depository institution or maintained with us) that you have linked to your account.

Preauthorized Payments. Subject to the transaction limitations disclosed in this Agreement, you may arrange to have preauthorized payments made from your account.

Preauthorized Credits (Direct Deposits). You may arrange to have direct deposits made to your savings account.

Other EFTs. You may perform other transactions if and as we expand the types of available EFTs in the future.

Limits on the Type and Frequency of EFTs

For security reasons, there may be limitations on the number and dollar amounts of EFTs that you may perform. Please also see the Truth-in-Savings Disclosure and Fees section of this Agreement for applicable limitations.

Termination

We reserve the right to terminate your use of our EFT services for any reason and at any time without notifying you. You also have the right to terminate your use of the EFT services described in this agreement at any time by calling us at +1 (707) 545-4001 at any time during our normal business hours, or writing to us at Redwood, 3033 Cleveland Avenue Santa Rosa, CA 95403, USA. United States (or such other address as we may provide to you from time to time). If you call, we may require you to put your request in writing and get it to us within 10 calendar days after you call. If you terminate your use of our EFT services and you have arranged for preauthorized transfers involving third parties, you are required to inform any third parties that the transfers will cease. Any termination of your use of our EFT services, whether initiated by you or us, will not affect any of your or our rights and obligations under this Agreement that have arisen before the effective date of such termination.

CLOSING AND RE-OPENING AN ACCOUNT

Closing an Account

We may close your Account at any time and terminate this Agreement without prior notice to you if we deem your use of the Account to be inconsistent with the terms of this Agreement including, but not limited to:

• Providing incorrect or misleading data when opening the account;
• Maintaining an Account with a balance of less than $1.00 for a period of 180 days or more;
• Overdrawing the account;
• Suspected illegal or fraudulent activity;
• Transactions that may cause us loss or liability;
• Residing outside a state, territory, or U.K. possession where the account is being offered;
• Failing to fund the account within 90 days after receiving approval of application;
• Using the account for business or commercial purposes; or
• Exceeding the transaction limitations for Savings Accounts on an ongoing or regular basis.

We may also close this Account at any time for any reason upon reasonable notice to you and tender of the Account balance (less any amounts due to us or for transfers in process) electronically or by mail. Any debits presented or represented for payment after the account is closed may be dishonored, but we are not under any obligation to do so and will not be liable if we fail to dishonor any item or other debit presented. Reasonable notice depends on the circumstances, and in some cases it might be reasonable for us to give you notice after the change or account closure becomes effective. For instance, if we suspect fraudulent activity with respect to your account, we might immediately freeze or close your account and then give you notice.

You may close your Account at any time. If you do, you may be subject to an early withdrawal penalty if you are closing a Certificate of Deposit Account prior to maturity. See the Truth-in-Savings Disclosure and Fees section of this Agreement. If you make a request to close your Account by calling us, we may require that you confirm your termination in writing.

Your obligations under this Agreement continue even after the Account is closed.

Re-Opened Accounts

We reserve the right to re-open an account; any re-opened account will be subject to all the terms and conditions then in effect for that type of account.

Death of an Accountholder

If you die or are declared legally incompetent, we can continue to accept and process deposits to your Account until we have actual notice of the death/incompetency and have a reasonable chance to act. Upon notification, we will freeze individual accounts (disallowing any withdrawals or transfers); multiple party accounts may remain unfrozen for up to thirty (30) days after we have been notified of the death of an accountholder. By law, certain documents must be presented to us before funds in such an Account can be paid out and the Account closed. These documents may include: a certified copy of the death certificate; letters testamentary or letters of administration; decrees of probate court; and documents evidencing that estate taxes are paid or not owed; if applicable. Additional documents may be required depending on the ownership of the Account.

Assignment

We may at any time transfer or assign your Account to another FDIC-insured financial institution. The person(s) to whom we make any such transfer or assignment shall be entitled to all of our rights under this Agreement, to the extent assigned.

Escheat & Unclaimed Property Laws

State laws require us to close all your deposit accounts and transfer your money to the state if your accounts are dormant for a certain period of time. If your account becomes dormant, we may try to locate you at the address and telephone number shown in our records. After a specified period of time, if we are still not able to locate you, we will be required to surrender the funds in the account to the state, in accordance with state law, as unclaimed property. If this occurs, you may be able to reclaim them, but you may be required to apply to the state for return of your funds. To the extent permitted by law, we may charge you a reasonable service charge for processing unclaimed property. Once your funds are surrendered, we no longer have any liability or responsibility with respect to the funds.

PRIVACY & ACCOUNT SECURITY

You are solely responsible for controlling the safekeeping of and access to your user identification, password or other means to access your Account. You agree not to give out or make available your user identification, password, access code, authenticating image or other means to access your Account to any unauthorized individuals. You are responsible for all transactions authorized by you or by anyone to whom you provide access to your account.

Unauthorized Activity

If you believe that your user identification, password, access code, authenticating image or other means to access your account has been lost, stolen or otherwise compromised, or that someone may attempt to use the account without your consent or has transferred money without your permission, or if you suspect any fraudulent activity in your account(s), you must notify us at once at +1 (707) 545-4001.

Protecting Your Privacy

The privacy and security of your information is important to us as noted in Redwood Privacy Policy.

LEGAL

Governing Law

THIS AGREEMENT AND YOUR ACCOUNT WILL BE GOVERNED BY THE LAWS OF THE UNITED STATES OF AMERICA AND, AS APPLICABLE, FEDERAL LAW.

Continuation of Our Legal Rights

Our failure or delay in exercising any of our rights under this Agreement does not mean that we are unable to exercise those rights later.

Amendment, Cancellation and Change in Terms

We may amend or cancel this Agreement at any time in accordance with applicable law. Amendments to this Agreement will be communicated to you in a manner consistent with applicable law. Also, this Agreement, as amended will be made available on our website.

Enforceability/Severability

If any provision of this Agreement 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 this Agreement shall not be affected.

Notice and Cure

Prior to initiating a lawsuit or arbitration regarding a legal dispute or claim relating in any way to this Agreement or your Account (a "Claim"), the party asserting the Claim (the "Claimant") shall give the other party written notice of the Claim (a "Claim Notice") and a reasonable opportunity, not less than thirty (30) days, to resolve the Claim. Any Claim Notice to you will be sent in writing by mail to the address you have provided us (or any updated address you have subsequently provided to us). Any Claim Notice to us shall be sent by mail to the following address: Redwood, 3033 Cleveland Avenue Santa Rosa, CA 95403, USA. United States. Any Claim Notice you send must give your Account number(s), address and telephone number. Any Claim Notice must explain the nature of the Claim and the relief that is demanded. The Claimant must reasonably cooperate in providing any information about the Claim that the other party reasonably requests.

Claims of Third Parties and Legal Action Taken Against Your Account

Except as otherwise provided herein, we are not required to recognize any claim to your Account, or any claim of authority to exercise control over your Account, made by a person or persons other than you or an individual you have authorized to access the Account pursuant to a written agreement, in a form and content acceptable to us, on file with us. If an attachment, garnishment, levy, order, decree or other state or federal legal process ("Legal Process") is brought against your Account, we may refuse to permit or we may limit withdrawals or transfers from your Account until the Legal Process is satisfied or dismissed. If we receive any document that appears or is purported to be Legal Process issued out of any court or governmental agency, you hereby authorize us to accept and comply with it, no matter how it was received by us. You hereby direct us not to contest on your behalf any such document or Legal Process and to comply with such process as we determine to be appropriate in the circumstances without liability of us to you, even if the Legal Process or document purports to affect the interest of only one owner of a multiple party account and even if any funds we may be required to pay out leave insufficient funds to pay a check you have written or any other withdrawal or debit you have authorized or initiated. If we incur any damages, losses, costs or expenses, including, without limitation, reasonable attorneys' fees, in connection with any such document or Legal Process, you are liable to us in such amount and we may (i) charge any expenses and fees to your Account or any other account you may have with us without prior notice to you, (ii) bill you directly for such expenses and fees or (iii) to the extent permitted by law, deduct such expenses and fees from the amount levied. Any garnishment, attachment or other levy against your Account is subject to our right of setoff.

Waiver of Liability

Unless we have acted in bad faith or are otherwise prohibited by applicable law, we will not be liable to you for performing or failing to perform services under or in connection with this Agreement. Without limiting the foregoing, we will not be liable for delays or mistakes that happen due to reasons beyond our control, including, without limitation, acts of civil, military or banking authorities, national emergencies, insurrection, war, riots, acts of terrorism, failure of transportation, communication or water supply, or malfunction of or unavoidable difficulties with our equipment. If a court finds that we are liable to you for what we did or did not do under or in connection with this Agreement, you may recover from us only your actual damages, in an amount not to exceed the total interest paid by us to you under and in connection with this agreement during the six-month period immediately preceding the event giving rise to our liability. You agree that the dollar limitation described in the preceding sentence is reasonable, to the extent permitted by applicable law. In no event will we be liable for consequential damages (including lost profits), extraordinary damages, or special or punitive damages.

ARBITRATION

At the election of either you or us, any claim, dispute or controversy (“Claim”) by either you or us against the other, arising from or relating in any way to this Agreement or your Account, or their establishment, or any transaction or activity on your Account, including (without limitation) Claims based on contract, tort (including intentional torts), fraud, agency, negligence, statutory or regulatory provisions or any other source of law and (except as otherwise specifically provided in this Agreement) Claims regarding the applicability of this arbitration provision or the validity of the entire Agreement, shall be resolved exclusively by arbitration.

For purposes of this provision, “you” includes yourself, any authorized user on the Account, and any of your agents, beneficiaries or assigns, or anyone acting on behalf of the foregoing, and “we” or “us” includes our employees, parents, subsidiaries, affiliates, beneficiaries, agents and assigns, and to the extent included in a proceeding in which Redwood is a party, its service providers and marketing partners. Any Claims sought to be made or remedies sought to be obtained as part of any class action, private attorney general or other representative action (hereafter all included in the term “class action”) shall be subject to arbitration, and arbitrated on an individual basis between you and us, not on a class or representative or other collective basis. The arbitrator shall not have any authority to entertain a claim, or to award any relief, on behalf of or against anyone other than a named party to the arbitration proceeding. If any Claim is advanced in a court, arbitration may be elected under this provision instead, and the right to elect arbitration shall not be deemed to have been waived if the election is made at any time before commencement of trial.

We will pay, or reimburse you for, all fees or costs to the extent required by law or the rules of the arbitration Administrator. Whether or not required by law or such rules, if you prevail at arbitration on any Claim against us, we will reimburse you for any fees paid to the Administrator in connection with the arbitration proceedings. Under no circumstances will we seek from you payment or reimbursement of any fees that we incur in connection with arbitration. In addition, in any arbitration that you elect to file that could be heard in small claims court in your jurisdiction, we will pay the filing fees and other arbitration fees above the cost of filing in that small claims court. If you are required to advance any fees or costs to the arbitration Administrator, but you ask us to do so in your stead, we will consider and respond to your request.

This arbitration agreement applies to all Claims now in existence or that may arise in the future, and it survives the termination of this Agreement and the Account relationship, including your withdrawal of funds in the Account and your payment in full of any amounts owed under this Agreement, and your filing of bankruptcy. Nothing in this Agreement shall be construed to prevent any party’s use of (or advancement of any claims, defenses, or offsets in) bankruptcy or repossession, replevin, judicial foreclosure or any other prejudgment or provisional remedy relating to any collateral, security or property interests for contractual debts now or hereafter owed by either party to the other under this Agreement.

ARBITRATION WITH RESPECT TO A CLAIM IS BINDING AND NEITHER YOU NOR WE WILL HAVE THE RIGHT TO LITIGATE THAT CLAIM THROUGH A COURT. IN ARBITRATION YOU AND WE WILL NOT HAVE THE RIGHTS THAT ARE PROVIDED IN COURT INCLUDING THE RIGHT TO A TRIAL BY JUDGE OR JURY AND THE RIGHT TO PARTICIPATE OR BE REPRESENTED IN PROCEEDINGS BROUGHT BY OTHERS SUCH AS CLASS ACTIONS OR SIMILAR PROCEEDINGS. IN ADDITION, THE RIGHT TO DISCOVERY AND THE RIGHT TO APPEAL ARE ALSO LIMITED OR ELIMINATED BY ARBITRATION. ALL OF THESE RIGHTS ARE WAIVED AND ALL CLAIMS MUST BE RESOLVED THROUGH ARBITRATION.

Redwood Remote Deposit Capture Addendum

INTRODUCTION

This Remote Deposit Capture Addendum, together with the Agreement, governs the provision of remote deposit capture services (referred to herein as “Remote Deposit”) by Redwood and use of Remote Deposit services. This Addendum modifies and supplements the Redwood Deposit Account Agreement. Accordingly, applicable provisions of the Agreement shall apply to the Remote Deposit services.

ACCEPTANCE OF THESE TERMS

By using Redwood’ Remote Deposit services, you affirm your agreement to and acceptance of this Remote Deposit Capture Addendum and applicable provisions of the Agreement.

This Addendum sets forth certain terms and conditions under which Remote Deposit services are made available to you. By indicating your acceptance of this Addendum, and by establishing, using or continuing to use Remote Deposit services, you agree to be bound by the terms and conditions contained in this Addendum, as may be amended. By using Remote Deposit services, you are confirming that you have read the accompanying account documentation and everything you have stated is true and accurate, and you agree that information you will provide us in the future regarding your Account and any transactions that will be conducted in your Account will also be true and accurate. Please read this Addendum and all account documents carefully.

GENERAL INFORMATION

Definitions

"Addendum" means this document and any changes we make to this document, from time to time.

“Remote deposit capture” means a deposit transaction delivery system which allows the Bank to receive digital information from deposit documents captured at remote locations. Remote deposit capture is described in detail in this Agreement.

Proper Equipment

We will provide you with the software needed to use remote deposit capture services. However, you are responsible for obtaining and maintaining all other equipment, telecommunications, broadband, and computer hardware, equipment and services needed to use remote deposit capture services, and paying all charges related thereto. Please also refer to our Electronic Consent Agreement  for a description of the technical requirements your computer must satisfy in order to receive electronic disclosures.

Funds Availability

The use of Remote Deposit is subject to the funds availability terms contained in the Redwood Deposit Account Agreement. In additions to the exceptions specified in the Deposit Account Agreement, Redwood in its sole discretion may delay availability of funds from any deposit you make through Remote Deposit, including due to any concern Redwood may have about its ability to collect based on the check image that you present through Remote Deposit.

REMOTE DEPOSIT CAPTURE SERVICES

Description

redwood’ Remote Deposit services allow you to make deposits electronically with your home scanner, or iPhone, Android, or BlackBerry smartphone. To deposit a check with a scanner, you will be required to scan the front and back of the item. To make a deposit via a smartphone, you will have to take front and back pictures of the item. Camera and check images are securely processed the same as paper checks. Checks deposited after 3:00 pm ET will not be processed until the next business day. Standard hold times for check deposits apply.

All items submitted for Remote Deposit shall be subject to Redwood’ verification and final inspection and may be rejected by Redwood in its sole discretion without liability. If Redwood accepts the image for collection, it will then attempt to collect the item by presenting the image or converting the image to a substitute check. Unlike traditional check deposits, you retain the original paper check when you use Remote Deposit services. The manner in which these substitute checks or images are cleared, presented for payment, and collected will be determined by Redwood in its sole discretion.

Eligibility

Redwood will determine in its sole discretion whether you are eligible to use Remote Deposit services. Redwood may suspend or terminate your use of Remote Deposit services at any time and without prior notice to you. If you violate the terms of this Addendum, Redwood may use such actions as a basis for terminate your Account.

Remote Deposit Capture Fees

There is no fee for Remote Deposit services, but other fees, such as those listed in Redwood Deposit Account Agreement, may apply.

Limits

Redwood may limit the dollar amount or number of checks that you may deposit through remote deposit capture services. In using Redwood’ remote deposit capture services, you agree to the following limits:

Individual check amount maximum $5,000.00

Daily amount maximum $10,000.00
Maximum number of checks permitted per day 10

10-day amount maximum $50,000.00
Maximum number of checks permitted per 10 day period 20

Redwood may change such limits at any time. Please note, there is a maximum monthly deposit limit of $1000 for Dream Accounts, so these limits would not apply

Prohibited Checks

Redwood may, in its sole discretion, decline to accept a check image that you submit through Remote Deposit services. Without limiting that discretion, you agree only to deposit “checks,” as that term is defined in the Federal Reserve’s Regulation CC, 12 C.F.R. Part 229, that are collectible through Remote Deposit services. You may not scan or attempt to deposit any of the following:

Checks payable to any person other than you;
Checks containing alterations to any fields on the front of the check;
Fraudulent checks, or checks that you should have known were fraudulent;
Checks that have been previously deposited at another institution via physical item, image or electronic funds transfer;
Checks from financial institutions located outside of the U.K.;
Checks that are not payable in U.K. pounds;
Checks that are more than six (6) months old;
Substitute checks (as defined in Regulation CC, 12 C.F.R. Part 229);
Remotely created checks, as defined in Regulation CC (checks that, among other things, do not bear the signature of the person on whose account the check is drawn);
Money orders or postal money orders;
Non-negotiable instruments, such as promissory notes; or
Checks drawn on any of your Redwood accounts.

Your Representations and Warranties

Each time you submit check images through Remote Deposit services, you represent and warrant that:

Each check image is a complete and accurate representation of the front or back of a negotiable check;
The image is NOT of any of the prohibited items listed above;
Each check image satisfies our image quality standards, as specified by us from time to time;
The original check used to create the image has not been previously deposited, duplicated or used to create another image or electronic fund transfer;
No subsequent transferees of your check image, or any substitute check created from your check image, including but not limited to Redwood, a collecting or returning bank, drawer, drawee, payee or endorser, shall sustain a loss as the result of the fact that the check image or substitute check was presented for payment or returned instead of the original paper check;
All information you have provided to us is complete, accurate and true;
You are entitled to enforce the image;
All signatures on the image are authentic and authorized;
The image has not been altered;
The image is not subject to a defense or claim in recoupment of any party which can be asserted against you;
You have no knowledge of any insolvency proceeding commenced with respect to the maker or acceptor or, in the case of an unaccepted image, the drawer; and
If the image is a demand draft, creation of the image according to the terms on its face was authorized by the person identified as drawer.

Document Retention

Once a check image has been credited to your account, you must mark the original check as “VOID” and retain the check for sixty (60) days. You may not present the original check or any image or substitute check created from the original check for payment at any other financial institution. During this 60-day period, you must store the original paper check securely using precautions at least as secure as those you would use to protect a blank check and you must make the original paper check available to Redwood for review at any time and as necessary for Redwood to facilitate the clearing and collection process, to address third party claims, or for our own audit purposes. Should you fail to produce the original paper check, you authorize Redwood to deduct the amount of the check in question from your Account, regardless of whether such action may cause your Account to not have sufficient funds, and to pay any associated fees. Immediately after this 60-day period, you must destroy the original paper check.

Endorsement

For any check deposited as an image through Remote Deposit, you must endorse the check as
“[signature] For Redwood Deposit Only [account #]” or as otherwise instructed by us before you scan the check. Checks received that are not endorsed in accordance with this provision may be rejected.

Technical Requirements

You agree that in order to use Remote Deposit, your computer, scanner, smartphone, and/or other equipment must meet the current technical requirements as Redwood may specify, as such may change from time to time, and you must have access to the internet. When using Remote Deposit services, you may experience technical or other difficulties, including, without limitation, problems with your scanner or transmission problems. Redwood is not responsible for such technical or other difficulties. In particular, each image of a check you attempt to deposit using Remote Deposit services must be legible, as determined by Redwood. If your scanning equipment produces check images that Redwood determines are not of acceptable quality, Redwood may reject your deposit. Redwood is not responsible for problems arising out of your equipment or internet connections even if you are using equipment that meets Redwood’ technical requirements.

Please note that, at the time of this agreement, wireless scanners and MAC computers are not compatible with the Redwood Remote Deposit software.

Image Quality

When submitting a check to Redwood for processing through remote deposit capture, you must submit an image of both the front and bank of the check. Each image of each check must be of such quality that the following information can clearly be read by sight review of the image:

The amount of the check;
The payee of the check;
The signature of the drawer of the check;
The date of the check;
The check number;
The information identifying the drawer and the pre-printed information on the check, including the MICR line; and
All other information placed on the check prior to the time an image of the check is captured, such as any required identification written on the front of the check and any endorsements applied to the back of the check.

Redwood in its sole discretion will decide whether to accept an image for processing, and may decline to process a remotely captured check for, among other reasons, failing to meet image quality requirements.

Receipt of Items

Redwood reserves the right to reject any item transmitted through Remote Deposit services in its sole discretion. Redwood is not responsible for items we do not receive or for images that are dropped during transmission. An image of an item shall be deemed received when you receive a confirmation from Redwood that we have received the image. Receipt of such confirmation does not mean that the transmission was error-free or complete.

Errors

You agree to notify Redwood of any suspected errors regarding items deposited through remote deposit capture services right away, and in no event later than sixty (60) days after the applicable Redwood account statement is sent. Unless you notify Redwood within sixty (60) days, such statement regarding all deposits made through the services shall be deemed correct, and you are prohibited from bringing a claim against Redwood for such alleged error.

Presentment

The manner in which the items are cleared, presented for payment, and collected shall be in Redwood’ sole discretion, subject to the Redwood Deposit Account Agreement governing your Account.

Ownership and License

You agree that Redwood retains all ownership and proprietary rights in the Remote Deposit services, associate content, technology, and website(s). Your use of Remote Deposit services is subject to and conditioned upon your complete compliance with this Addendum. Without limiting the effect of the foregoing, any breach of this Addendum immediately terminates your right to use Remote Deposit services. Without limiting the restriction of the foregoing, you may not use Remote Deposit services (i) in any anti-competitive manner, (ii) for any purpose which would be contrary to Redwood’ business interest, or (iii) to Redwood’ actual or potential economic disadvantage in any aspect. You may use Remote Deposit services only for non-business, personal use in accordance with this Addendum. You may not copy, reproduce, distribute or create derivative works from the content and agree not to reverse engineer or reverse compile any of the technology used to provide Remote Deposit services.

LEGAL

Governing Law

THIS ADDENDUM AND YOUR ACCOUNT WILL BE GOVERNED BY THE LAWS OF THE UNITED STATES OF AMERICA AND, AS APPLICABLE, FEDERAL LAW.

Continuation of Our Legal Rights

Our failure or delay in exercising any of our rights under this Addendum does not mean that we are unable to exercise those rights later.

Amendment, Cancellation and Change in Terms

We may amend or cancel this Addendum at any time in accordance with applicable law. Amendments to this Addendum will be communicated to you in a manner consistent with applicable law. Also, this Addendum, as amended, will be made available on our website.

Enforceability/Severability

If any provision of this Addendum 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 this Addendum shall not be affected.

Indemnification

You agree to indemnify, defend, and hold us harmless from and against any and all claims, demands, damages, liabilities, expenses (including reasonable attorneys’ fees), or other loss that arises from or relates to your use of Remote Deposit services or your breach of the representations, warranties or covenants set forth in this Addendum, including without limitation your attempt to duplicate the presentation of a check image via presentation of the original check or an image or substitute check derived from the original check and any liability that we may incur for processing an image or substitute check rather than the original paper check.

No Warranty

YOUR USE OF REMOTE DEPOSIT SERVICES IS AT YOUR SOLE RISK. REMOTE DEPOSIT SERVICES ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS. WE EXPRESSLY DISCLAIM ALL WARRANTIES OF ANY KIND AS TO REMOTE DEPOSIT SERVICES, WHETHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT, COMPATIBILITY OF BANK SOFTWARE, EQUIPMENT, OR COMMUNICATIONS INTERFACES WITH THOSE OF THE CUSTOMER, AND RESULTS TO BE DERIVED FROM THE USE OF ANY SOFTWARE, SERVICES, HARDWARE, OR OTHER MATERIALS IN CONJUNCTION WITH REMOTE DEPOSIT SERVICES.

Limitation of Liability

Redwood will not be liable for any direct, special, indirect, punitive or consequential damages, including without limitation lost profits or revenues resulting from your use or inability to use Remote Deposit services, even if Redwood is advised in advance of the possibility of such damages. Under no circumstances shall Redwood be responsible for any liability, loss, or damage resulting from any delay in performance of or failure to perform Remote Deposit services that is caused by interruption of telephone, facsimile, or communication facilities and networks, delay in transportation, equipment breakdown or mechanical malfunction, electrical, power or computer failure, accidents, fire, flood, explosion, theft, natural disaster, or other catastrophe, acts or failure to act by the customer or any third party, strikes or lockouts, emergency conditions, riots, war, acts of government, or other circumstances which are unavoidable or beyond Redwood’ control. If Redwood fails to credit your Account utilized in connection with Remote Deposit services, upon discovery or notification of such error, Redwood will credit such account, but Bank shall not incur any liability for the failure to credit your Account, including any loss resulting from your failure to invest the amount of funds not properly credited to the Account.

CONTACT INFORMATION

You may address any inquiries or questions regarding our Remote Deposit services by sending us an email using the secure mailbox facility, calling us at +1 (707) 545-4001 seven days a week from 8am to 8pm ET, or writing us at:

redwood
555 California St San Francisco,
CA 94104, United States/strong>