Common use of Envelopes Clause in Contracts

Envelopes. With the Deposit Account, you can use the feature in the Mobile App and Website to designate Deposit Account funds for viewing purposes called “Envelopes”. This feature is managed by the Program Manager, not the Bank. Envelopes are not considered separate accounts, and only reflect amounts from the Deposit Account balance that you wish to designate for certain purposes. All debits to the Deposit Account will first be deducted from any undesignated balance. If the amount of the undesignated balance in the Deposit Account is less than a debit, then all Envelopes will be depleted and will show a $0.00 balance. (You will be able to view what the balance was before it was a zero balance, and you will be given the opportunity to reallocate the Envelopes balances.) You may add Envelopes at any time through the Mobile App and Website, choosing a percentage from a direct deposit to be designated automatically, or schedule on a recurring basis. You may cancel any Envelope at any time. There is no limit to how many Envelopes you may set up. You may delete an Envelope at any time by going into the Mobile App or Website. Envelopes will not be separately reflected on Account statements.