Common use of General Rules Governing Savings Accounts Clause in Contracts

General Rules Governing Savings Accounts. The Varo Savings Account and your obligations under this Savings Agreement may not be assigned. We may transfer our rights under this Savings Agreement. Use of the Varo Savings Account is subject to all applicable rules and customs of any clearinghouse or other association involved in transactions. We do not waive our rights by delaying or failing to exercise them at any time. If any provision of this Savings Agreement is 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 the Savings Agreement shall not be affected. The Savings Agreement will be governed by the law of the State of Utah except to the extent governed by federal law. 1. Deposits to the Savings Account You can make deposits to your Varo Bank account by any of the methods below: a. Deposits to the Varo Savings Account may be made by initiating one-time transfers from your Varo Bank Account by using the Mobile App or Web App (such transfers are referred to as "Online Transfers"), by ACH credits initiated from the Varo Mobile or Web app, or by direct deposits or ACH credits initiated from an outside financial institution. b. By choosing to activate the optional Automatic Savings feature you will be authorizing Varo to round up qualifying transactions you make using the Varo Bank Account to the nearest whole U.S. dollar and then initiating deposits of those amounts to your Varo Savings Account on your behalf. As described in the Automatic Savings Agreement, these deposits, referred to as “Save Your Change Transfers,” will range between $0.01 and $0.99 each and will be deducted from your Varo Bank Account balance. The Automatic Savings feature is described in detail below in Section E. If your Varo Savings Account is cancelled, closed, or terminated for any reason, any direct deposits or ACH credits received after the Varo Savings Account closure date will be rejected and returned to the originator. See Section D.2: “Transaction Limitations” for additional information about deposits. 2. Withdrawals from your Savings Account Withdrawals from the Varo Savings Account may be made by transferring funds to your Varo Bank Account using the Mobile App or Web App (such transfers are referred to as “Online Transfers”), by initiating an ACH transfer out from the Varo Mobile or Web app, by initiating an ACH debit from the outside financial institution, or via an ATM withdrawal. 3. Our Right to Set Off and Security Interest If your Varo Savings Account balance remains negative for fifteen (15) days, we can use the funds in any of your accounts with us to repay the negative balance of the Varo Savings Account. Varo has the right to set-off any liability, direct or contingent, past, present or future that you owe against any account you have with us. Further, you grant us a lien on and security interest in the funds on deposit in each of your account(s) as security for all of your liabilities and obligations to us, now or in the future. 4. Our Right to Place a Hold on Funds Under Special Circumstances If Varo Bank detects activity which is believed to be suspicious, unauthorized or unlawful, Varo Bank can restrict access to your Savings account, and any other account(s). Varo Bank may require you and other parties to the activity to produce documents and/or other materials to support a review of the activity. Funds on deposit in any account with us may be held at our discretion until the source of such funds and/or the activity is properly verified.

General Rules Governing Savings Accounts. The Varo Savings Account and your obligations under this Savings Agreement may not be assigned. We may transfer our rights under this Savings Agreement. Use of the Varo Savings Account is subject to all applicable rules and customs of any clearinghouse or other association involved in transactions. We do not waive our rights by delaying or failing to exercise them at any time. If any provision of this Savings Agreement is 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 the Savings Agreement shall not be affected. The Savings Agreement will be governed by the law of the State of Utah except to the extent governed by federal law. 1. Deposits to the Savings Account You can make deposits to your Varo Bank account by any of the methods below:Account a. Deposits to the Varo Savings Account may be made by initiating one-time transfers from your Varo Bank Account by using the Mobile App or Web App (such transfers are referred to as "Online Transfers"), by ACH credits initiated from the Varo Mobile or Web app, or by direct deposits or ACH credits initiated from an outside financial institution. b. a. By choosing to activate the optional Automatic Savings feature you will be authorizing Varo to round up qualifying transactions you make using the Varo Bank Account to the nearest whole U.S. dollar and then initiating deposits of those amounts to your Varo Savings Account on your behalf. As described in the Automatic Savings Agreement, these deposits, referred to as “Save Your Change Transfers,” will range between $0.01 and $0.99 each and will be deducted from your Varo Bank Account balance. The Automatic Savings feature is described in detail below in Section E. If your Varo Savings Account is cancelled, closed, or terminated for any reason, any direct deposits or ACH credits received after the Varo Savings Account closure date will be rejected and returned to the originator. See Section D.2D, paragraph 2: “Transaction Limitations” for additional information about deposits. 2. Withdrawals from your Savings Account Withdrawals from the Varo Savings Account may be made by transferring funds to your Varo Bank Account using the Mobile App or Web App (such transfers are referred to as “Online Transfers”), by initiating an ACH transfer out from the Varo Mobile or Web app, by initiating an ACH debit from the outside financial institution, or via an ATM withdrawal. 3. Our Right to Set Off and Security Interest If your Varo Savings Account balance remains negative for fifteen (15) days, we can use the funds in any of your accounts with us to repay the negative balance of the Varo Savings Account. Varo has the right to set-off any liability, direct or contingent, past, present or future that you owe against any account you have with us. Further, you grant us a lien on and security interest in the funds on deposit in each of your account(s) as security for all of your liabilities and obligations to us, now or in the future. 4. Our Right to Place a Hold on Funds Under Special Circumstances If Varo Bank detects activity which is believed to be suspicious, unauthorized or unlawful, Varo Bank can restrict access to your Savings account, and any other account(s). Varo Bank may require you and other parties to the activity to produce documents and/or other materials to support a review of the activity. Funds on deposit in any account with us may be held at our discretion until the source of such funds and/or the activity is properly verified.

General Rules Governing Savings Accounts. The Varo Savings Account and your obligations under this Savings Agreement may not be assigned. We may transfer our rights under this Savings Agreement. Use of the Varo Savings Account is subject to all applicable rules and customs of any clearinghouse or other association involved in transactions. We do not waive our rights by delaying or failing to exercise them at any time. If any provision of this Savings Agreement is 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 the Savings Agreement shall not be affected. The Savings Agreement will be governed by the law of the State of Utah except to the extent governed by federal law. 1. Deposits to the Savings Account You can make deposits to your Varo Bank account by any of the methods below: a. Deposits to the Varo Savings Account may be made by initiating one-time transfers from your Varo Bank Account by using the Mobile App or Web App (such transfers are referred to as "Online Transfers"), by ACH credits initiated from the Varo Mobile or Web app, or by direct deposits or ACH credits initiated from an outside financial institution. b. By choosing to activate the optional Automatic Savings feature you will be authorizing Varo to round up qualifying transactions you make using the Varo Bank Account to the nearest whole U.S. dollar and then initiating deposits of those amounts to your Varo Savings Account on your behalf. As described in the Automatic Savings Agreement, these deposits, referred to as “Save Your Change Transfers,” will range between $0.01 and $0.99 each and will be deducted from your Varo Bank Account balance. The Automatic Savings feature is described in detail below in Section E. If your Varo Savings Account is cancelled, closed, or terminated for any reason, any direct deposits or ACH credits received after the Varo Savings Account closure date will be rejected and returned to the originator. See Section D.2: “Transaction Limitations” for additional information about deposits. 2. Withdrawals from your Savings Account Withdrawals from the Varo Savings Account may be made by transferring funds to your Varo Bank Account using the Mobile App or Web App (such transfers are referred to as “Online Transfers”), by initiating an ACH transfer out from the Varo Mobile or Web app, by initiating an ACH debit from the outside financial institution, or via an ATM withdrawal. 3. Our Right to Set Off and Security Interest If your Varo Savings Account balance remains negative for fifteen (15) days, we can use the funds in any of your accounts with us to repay the negative balance of the Varo Savings Account. Varo has the right to set-off any liability, direct or contingent, past, present or future that you owe against any account you have with us. Further, you grant us a lien on and security interest in the funds on deposit in each of your account(s) as security for all of your liabilities and obligations to us, now or in the future. 4. Our Right to Place a Hold on Funds Under Special Circumstances If Varo Bank detects activity which is believed to be suspicious, unauthorized or unlawful, Varo Bank can restrict access to your Savings account, and any other account(s). Varo Bank may require you and other parties to the activity to produce documents and/or other materials to support a review of the activity. Funds on deposit in any account with us may be held at our discretion until the source of such funds and/or the activity is properly verified.