SoFi Bank Vault Program Terms and Conditions Sample Clauses

The SoFi Bank Vault Program Terms and Conditions set out the rules and requirements governing participation in SoFi Bank's Vault Program. These terms detail how customers can use the Vault feature, including eligibility, account management, and any associated fees or limitations. For example, the terms may specify how funds are deposited, withdrawn, or transferred within the Vault, and outline any restrictions on access or usage. The primary purpose of this clause is to ensure that customers understand their rights and obligations when using the Vault Program, thereby promoting transparency and reducing the risk of misunderstandings or disputes.
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SoFi Bank Vault Program Terms and Conditions. In the event you choose to participate in the SoFi Bank Vault Program and create one or more Vaults, the following terms and conditions apply to your Vaults: By enrolling in the SoFi Bank Vault Program you have the option to allocate cash to Vaults designated by you to help you save towards a particular goal, such as a down-payment or a vacation. The Vaults established by you are not separate “accounts,” but rather they represent internal allocations of the cash which is already in your SoFi Savings Account. Within your SoFi Savings Account, you may at any time transfer amounts between Vaults or back to your SoFi Savings Account. However, since Vaults are not separate “accounts,” you may not withdraw cash directly from a Vault. Funds must first be transferred to your SoFi Checking Account or Savings Account before they can be accessed. The deposits to your SoFi Savings Account, whether or not allocated to a Vault, will be eligible to earn interest if the criteria for earning interest, if any, as set forth in the SoFi Bank Rate Sheet have been satisfied. From time to time, SoFi Bank may change the interest rate(s) paid on deposits and may establish or change the criteria required to be met to receive available interest rates. In some cases, the rate of interest earned on your SoFi Savings Account may change based on your Account activity or other criteria established by SoFi Bank. At any given time, the then applicable criteria, if any, required to earn interest on deposits will be set forth in the SoFi Bank Rate Sheet. Your Monthly Statements will describe the aggregate amount in your SoFi Savings Account and, separately, the amount you have allocated to each Vault. Monthly Statements will also indicate the total interest earned on your SoFi Savings Account during the preceding month, and it will separately indicate the amount of such interest which is attributable to the funds in each Vault. The percentage of total interest allocated to each Vault will equal the quotient of the amount on deposit in such Vault divided by the aggregate amount on deposit in your SoFi Savings Account, then multiplied by 100. For the avoidance of doubt, in no event will the sum of the amounts allocated to each of your Vaults exceed the aggregate balance in your SoFi Savings Account for the same period, likewise, in no event will the sum of the interest allocated to each of your Vaults exceed the aggregate interest earned on your SoFi Savings Account for the same period. For ex...
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