Terms and Conditions

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Last Updated: January 30, 2014


TERMS AND CONDITIONS



These Terms and Conditions (this "Agreement") govern the program and services available through SmartyPig and Compass Bank ("BBVA Compass") as described in this Agreement. SmartyPig offers a unique way to save for a financial savings goal through the accumulation of deposits in a savings account at BBVA Compass. BBVA Compass is not affiliated with SmartyPig but is SmartyPig's exclusive U.S. bank service provider. In addition to this Agreement, your Savings Account maintained at BBVA Compass is subject to BBVA Compass' Consumer Deposit Account Agreement and Truth In Savings Disclosure.

Please read this Agreement carefully and keep it for your records.

Definitions

The following terms and definitions apply when used in this Agreement.

User - A "User" is an individual with a User Profile, SmartyPig Account or a Limited Access User on a SmartyPig Account.

Account Holder – An "Account Holder" is an individual User that owns a SmartyPig Account.

Limited Access User - A "Limited Access User" is a User named by an Account Holder as a Limited Access User on a SmartyPig Account. Limited Access Users do not have an ownership interest in the SmartyPig Account. A Limited Access User may be designated as a View-Only Limited Access User.

SmartyPig User Profile – A "User Profile" is a collection of information about a User including their individual profile information, and applicable SmartyPig Account information and Savings Goal information.

SmartyPig Account – A "SmartyPig Account" is a collection of Savings Goals, funding sources and Limited Access Users. Account Holders may have one or more Smarty Pig Accounts. Each Smarty Pig Account may have one or more associated Savings Goals.

Savings Goal – A "Savings Goal" is a specific financial goal for which an Account Holder is saving. A Savings Goal is associated with a specific SmartyPig Account. Account Holders may have multiple Saving Goals.

Savings Account – A "Savings Account" is an Account Holder's savings account maintained at BBVA Compass to which funds are deposited with regard to a specific Savings Goal. Account Holders have a Savings Account for each SmartyPig Savings Goal. Account Holders must have a SmartyPig Account and a Savings Goal in order to have a Savings Account.

SmartyPig Gift Card – A "SmartyPig Gift Card" is an electronic or physical gift card that can be purchased on SmartyPig.com. Physical gift cards can be purchased from $25 to $100 and electronic gift cards from $10 to $200 and can be purchased as a gift for redemption in anyone's active SmartyPig Savings Goal.

Retailer Gift Card – A "Retailer Gift Card" is a card that has been issued by one of SmartyPig's retail partners, onto which customers can redeem Savings Goals.

SmartyPig Cash Rewards Card – A "SmartyPig Cash Rewards Card" is a prepaid debit card onto which customers can redeem Savings Goals.

Posted or Collected Funds – Funds are considered "posted" to your Savings Account once collected from the financial institution on which the deposited funds are drawn.

Pending Funds – Funds are considered to be "pending" until posted.

Verified Funds – To ensure reversals do not take place after a transaction has posted, funds are considered "verified" 5 business days after the most recent transaction has posted to your savings account.

You, Your and Yours - Each User.

We, Our, Us – Collectively SmartyPig and BBVA Compass.

Minors (under the age of 18)

You must be 18 years or older to create a SmartyPig Account. However, an Account Holder may invite a minor to be a Limited Access User on their SmartyPig Account. Upon invitation, the minor will receive an invitation via email from SmartyPig and MUST click on the special link in the email to open the SmartyPig Account. A minor can only be designated as a View-Only Limited Access User on a SmartyPig Account. A minor will not be able to create his or her own SmartyPig Account. A minor cannot close a Savings Goal or a SmartyPig Account, or access funds in a Savings Account on which they are a Limited Access User.

USA PATRIOT Act

To help the government fight the funding of terrorism and money laundering activities, U.S. Federal law requires us (as well as any other financial institution that may provide services to you or with which you may establish a relationship in connection with the operation of your SmartyPig Account and/or Savings Account) to obtain, verify and record information that identifies each person who opens a User Profile, SmartyPig Account and a Savings Account. For these purposes, when you open a SmartyPig Account and/or a User Profile, your name, address, date of birth, social security number and other information will be requested in order to identify you. Your driver's license or other identifying documents also may be requested.

Online Verification

We take identification verification of our Users seriously. We use a multi-tiered process to confirm a User's identity. SmartyPig has partnered with a leader in the identification verification industry and also uses government agencies to verify identity. Beyond confirming identity, we scan all Users against OFAC lists at the time of application. OFAC screens are also performed periodically for each User maintaining an active SmartyPig Account.

User Registration

To open a SmartyPig Account, you must be one of the following: 1) U.S. citizen, 2) U.S. permanent resident alien with a green card and social security number or 3) Resident with a social security number. Also, you must be at least 18 years of age and have an existing checking or savings account. If you are under the age of 18, please have your parent or legal guardian open a SmartyPig Account. Once that SmartyPig Account has been created, your parent or legal guardian will be able to add you as a Limited Access User and give you view-only access to the SmartyPig Account. Users are allowed to have only one SmartyPig Account.

Here's what you'll need to create a SmartyPig Account:

  • Driver's license number or state issued ID number and state of issuance
  • Social security number
  • Residential address
  • Previous address if less than two years at current address
  • E-mail address
  • Date of birth
  • Daytime and evening phone number

Business Accounts

SmartyPig does not accept Business Accounts.

User Conduct

You understand and agree not to use your SmartyPig Account or the SmartyPig Website to:

  • Post or upload images, content or initiate communications which are unlawful, libelous, abusive, obscene, discriminatory, or otherwise objectionable.
  • To violate any laws or for any illegal purpose.
  • Contribute funds to an Account Holder's Savings Goal, or create a Savings Goal to which others could make contributions, for the purpose of money laundering or other illegal transferring of funds.
  • Falsely state, impersonate, or otherwise misrepresent your identity, including but not limited to the use of a pseudonym, or misrepresenting your current or previous positions and qualifications, or your affiliations with a person or entity, past or present.
  • Upload, post, e-mail, transmit or otherwise make available any content, or initiate communications which include information, that you do not have the right to disclose or make available under any law or under contractual or fiduciary relationships (such as insider information, or proprietary and confidential information learned or disclosed as part of employment relationships or under nondisclosure agreements).
  • Upload, post, e-mail, transmit or otherwise make available any content, or initiate communication that infringes upon patents, trademarks, trade secrets, copyrights or other proprietary rights.
  • Upload, post, e-mail, transmit or otherwise make available any unsolicited or unauthorized advertising, promotional materials, "junk mail," "spam," "chain letters," "pyramid schemes," or any other form of solicitation. This prohibition includes but is not limited to: a) Using SmartyPig invitations to send messages to people who don't know you or who are unlikely to recognize you as a known contact; b) Using SmartyPig to connect to people who don't know you and then sending unsolicited promotional messages to those direct connections without their permission; and c) Sending messages to distribution lists, newsgroup aliases, or group aliases.
  • Upload, post, e-mail, transmit or otherwise make available any material that contains software viruses or any other computer code, files or programs designed to interrupt, destroy or limit the functionality of any computer software or hardware or telecommunications equipment.
  • Stalk or harass anyone.
  • Forge headers or otherwise manipulate identifiers in order to disguise the origin of any communication transmitted through SmartyPig.
  • Post content in fields that are not intended for that content. Example: Putting an address in a name or title field.
  • Interfere with or disrupt SmartyPig or servers or networks connected to SmartyPig, or disobey any requirements, procedures, policies or regulations of networks connected to SmartyPig.

Savings Goals - Not Accepting Contributions

When establishing a Savings Goal, you may elect to keep your SmartyPig Saving Goal private by indicating you do not wish to accept contributions. Savings Goals that are designated to not accept contributions will only be viewable by the Account Holder and Limited Access Users. Private SmartyPig Savings Goals will not be viewable under the "Find Users" tab of the home page (https://www.smartypig.com/find-users).

Savings Goals - Accepting Contributions

In the course of using SmartyPig, you may provide information about your Savings Goals which may be visible to other Users. You understand that by designating your Savings Goal to accept contributions, you are granting to SmartyPig a royalty-free, perpetual, irrevocable license to display your Savings Goal page and individual Savings Goal information you provided until the Savings Goal has been met or you specify the Savings Goal as not accepting contributions (see the SmartyPig Privacy Policy to learn more about information displayed on Shared Savings Goals). Users can locate your Savings Goal by searching on your name, city, state, e-mail address or the e-mail address of a Limited Access User assigned to that Savings Goal under the “Find Users” tab of the home page (https://www.smartypig.com/find-users). Furthermore, you understand that SmartyPig reserves the right to reformat, excerpt, or translate any information unsuitable for public viewing.

You understand that all information publicly posted or privately transmitted through SmartyPig is the sole responsibility of the person from which such content originated and that SmartyPig will not be liable for any errors or omissions in any content. You understand that SmartyPig cannot guarantee the identity of any other Users with whom you may interact in the course of using SmartyPig. Additionally, we cannot guarantee the authenticity of any data that Users may provide about themselves or their Savings Goals.

Limited Access Users

A SmartyPig Account is held by one individual referred to as the Account Holder. An Account Holder can invite Limited Access Users to their SmartyPig Account. As an example, an Account Holder can invite a spouse or child to view and/or manage the Account Holder's SmartyPig Account. The Account Holder may designate Limited Access Users as "View-Only". Limited Access Users added to a SmartyPig Account have restricted access to the SmartyPig Account and do not have access to the Savings Account. They do not have access to, or ownership of, the funds or interest earned on the Savings Account. Limited Access Users must follow the same User registration steps as the Account Holder and will setup their own unique access to SmartyPig before being matched to the Account Holder's SmartyPig Account. Invitations to Limited Access Users expire within 30 days.

  • View-Only Limited Access Users have a "View-Only" access to the SmartyPig Account and will not be allowed to add/edit or delete funding sources, Savings Goals or other Limited Access Users within the Account Holder's SmartyPig Account. View-Only Limited Access Users cannot stop or close a Savings Goal at anytime or access funds.
  • Limited Access Users can add/edit or delete funding sources, add or edit Savings Goals or add or remove Limited Access Users within the Account Holder's SmartyPig Account. They cannot delete the Account Holder or close a Savings Goal from the SmartyPig Account.
  • Limited Access Users do not have any ownership interest in the funds in the Savings Account. See "Stop/Close A Savings Goal" for more information.

Delete A Limited Access User

Account Holders and Limited Access Limited Access Users may, at any time, log on to their SmartyPig User Profile and delete other Limited Access Users of the SmartyPig Account (s) on which they are the Account Holder or a Limited Access Limited Access User. Account Holders may not be deleted from their own SmartyPig Account or Savings Goal.

Contribute To A Savings Goal - Not Accepting Contributions

If a Savings Goal is marked as private (not accepting contributions), only the Account Holder and Limited Access Limited Access Users can contribute.

Contribute To A Savings Goal - Accepting Contributions

When contributing to an Account Holder's Savings Goal, the contributor acknowledges that it is illegal to contribute funds to an Account Holder's Savings Goal for the purpose of money laundering or other illegal transferring of funds. The recipient of a contribution will not receive notification via email of the contribution until the contributor's funds have been collected. Credit card contributions generally take one business day and contributions made with a SmartyPig funding source generally will take two business days to be collected. SmartyPig will email the contributor when the recipient accepts the contribution. Contributions must be accepted or denied by the recipient before the contribution is transferred to the recipient's Savings Account. Contributions expire in 90 days if not accepted by the recipient. If the recipient does not accept the contribution or the contribution expires, the funds minus any transaction fee(s) will be credited back into the contributor's payment method used to make the contribution. Contributions via credit card are charged a 2.9% processing fee per transaction. SmartyPig Account Holders can contribute to a Savings Goal that accepts contributions using their existing funding source checking or savings account (ACH) and the processing fee is waived.

SmartyPig Gift Cards (Electronic and Physical)

Anyone can purchase SmartyPig gift cards: current Smarty Pig Account Holders, non-SmartyPig users, corporations, holiday shoppers, etc. When purchasing a SmartyPig Gift Card(s), the purchaser acknowledges that it is illegal to contribute funds to an Account Holder's Savings Goal for the purpose of money laundering or other illegal transferring of funds. To redeem a gift card, the purchaser acknowledges that the recipient of the card must either have an existing SmartyPig Account or must create a SmartyPig Account (and a Savings Goal) in order to redeem the gift card. A SmartyPig Gift Card is redeemable only on the SmartyPig.com website for U.S. customers. To redeem the SmartyPig gift card the recipient must have an active SmartyPig Account and Savings Goal, subject to prior acceptance of the terms and conditions and disclosure agreements. SmartyPig Gift Cards can only be redeemed using an active SmartyPig Savings Goal. If you have a SmartyPig Account, but do not have an active Savings Goal, you will need to create one in order to redeem your gift. SmartyPig gift cards are not redeemable for cash (except if required by law). No refunds or exchanges allowed, and the SmartyPig gift card may not be used to purchase any other merchandise, allowances or SmartyPig gifting. Data collected in connection with the purchase and use of a SmartyPig gift card is subject to the SmartyPig Privacy Policy, unless stated otherwise. Risk of loss and title for cards passes to purchaser upon purchase. SmartyPig is not responsible for any loss or damage resulting from lost or stolen cards or use without holder's permission. SmartyPig and its licensees, affiliates, and licensors make no warranties, express or implied, with respect to prepaid cards or the SmartyPig website and disclaim any warranty to the fullest extent available. These limitations may not apply to you. Void where prohibited. Not for resale. Subject to full terms and conditions and disclosure agreements available at www.smartypig.com/disclosures. Cards have no value until activated on SmartyPig.com.

Electronic Gift Cards: Can be purchased on SmartyPig.com in whole dollar increments from $10 to $200. The recipient will not receive notification via email of the contribution until the purchaser's funds have been collected. Credit card purchases generally take one business day and purchases made with a SmartyPig funding source generally will take two business days to be collected. SmartyPig will email the purchaser when the recipient accepts this contribution. Contributions must be accepted or denied by the recipient before the funds are transferred to the recipient's Savings Goal. Contributions expire in 90 days if not accepted by the recipient.

Physical Gift Cards: Can be purchased on SmartyPig.com in denominations of $25, $50, and $100; and shipped to the purchaser or recipient via UPS or USPS. Physical gift cards do not expire.

SmartyPig permits one credit card gift or contribution per 24 hours. SmartyPig does not permit the purchasing of gift cards to fund your own goal. There is a 30-day maximum of $1000 in electronic gift cards and contributions per credit card.

SmartyPig Cash Rewards Card

You must be a registered SmartyPig account holder and have had at least 30 days of successful contributions from a verified funding source to a goal before you may request a card. When closing a Savings Goal online, the Account Holder has the option to receive the funds in his/her Savings Account on the SmartyPig Cash Rewards Card (goal requirements do apply - please see Stop/Close A Savings Goal). Use of the SmartyPig Cash Rewards Card constitutes acceptance of the complete Terms and Conditions governing the SmartyPig Cash Rewards Card. The card can be used anywhere MasterCard® is accepted, and cash, subject to daily limits, can be withdrawn from ATMs. Funds remaining on your card do not earn interest. If your purchase is more than your available balance, it may be declined unless you process it as "split tender". By selecting the SmartyPig Cash Rewards Card redemption option, you agree to:

  • Sign the back of your Cash Rewards Card before use.
  • Write down the card number to reference if the card is lost or stolen.
  • Safeguard the card as cash.
  • If your Cash Rewards Card is lost or stolen, you should contact SmartyPig Customer Support at 888-567-6278 to report your card lost or stolen.

The SmartyPig Cash Rewards Card pays cash back on qualified purchases. Qualified purchases include signature and online purchase. PIN transactions, returned purchases and chargebacks are not eligible for cash back. Cash back is calculated on every eligible transaction and then aggregated for the period. Cash back is paid the 1st of the second month following the date of the transactions. (E.g.: cash back earned on transactions from January 1st to January 31st would be paid on March 1st.) Cash back can be paid to a SmartyPig goal or the SmartyPig Cash Rewards Card. SmartyPig reserves the right to pull back without notice or collect previously paid cash back rewards on transactions that are returned or charged back after the cash back was paid. In the event the return takes place before cash back has been paid, the pending transaction balance will be adjusted to remove the pending cash back associated with the returned purchase. SmartyPig is not responsible for working with the retailer on disputed transactions for cash back purposes. All questions about returns, exchanges and back orders of merchandise should be handled directly by the user with the retailer.The maximum cash back that can be earned in one calendar year is $300. The percent paid cash back on eligible purchases is subject to change without notice. The percent paid cash back can be found by visiting www.smartypig.com. If a SmartyPig Rewards Card is canceled, all unpaid cash rewards are forfeited.

Retailer Gift Cards

When closing a Savings Goal online, the Account Holder has the option to receive the funds in his/her Savings Account on a Retailer Gift Card. In order to be eligible to purchase retail gift cards, the goal must have had a verified contribution from all funding sources that have contributed to the goal for at least 60 days. The use of your Retailer Gift Card constitutes your acceptance of the complete terms and conditions governing the Retailer Gift Card. Upon closing a Savings Goal and redeeming via Retailer Gift Card, you will be required to read and agree to the terms and conditions pertaining to your specific Retailer Gift Card. Terms and conditions are retailer specific and will vary. Upon receipt of your Retail Gift Card, write down the card number (important if the card is replaceable if lost or stolen). Retailer Gift Cards cannot be redeemed for cash. SmartyPig is not responsible for lost or stolen Retailer Gift Cards, and no exchanges or refunds will be given by SmartyPig for unused Retailer Gift Cards. Delivery methods of gift cards vary amongst retailers from physical to electronic. Shipping options are available on Retail Cards requiring physical delivery. SmartyPig is not responsible for items lost or stolen in the mail. Retail partners, cash back savings and their terms and conditions are subject to change at any time. Savings Goals and redeeming via a Retailer Gift Card after 10 a.m. CST will be processed the following business day. Funds are no longer FDIC insured once placed on a Retailer Gift Card.

Interest

Interest on deposits to your Savings Account begins to accrue no later than the business day on which BBVA Compass receives credit for the deposit.

Your Savings Account is a tiered rate account, meaning the applicable interest rate and annual percentage yield (APY) on the Savings Account is based on balance of your account. For purposes of determining the applicable rate tier for your Savings Account, the balance in each of your Savings Accounts will be added together to determine your total daily collected balance and your applicable rate tier. Therefore, if you have more than one Savings Account, the balance of each Savings Account will be added together and your applicable interest rate and APY will be based on the total balance of all of your Savings Accounts.

Editing A Savings Goal

The Account Holder or Limited Access Limited Access User of the SmartyPig Savings Account can edit Savings Goals without penalty at anytime.

Editing Your Profile

Users may edit their User profile at anytime. For security reasons, limited information may be modified in the User profile. Users may change their email address by contacting SmartyPig Customer Support at 888-567-6278. For security reasons, if a User changes their email address, SmartyPig will send a confirmation email to both the old and new email address specified. If at any time a User chooses to change any information in their User profile, a security email and notification will be sent to the User.

Editing Your Avatar

Users may upload their own avatar image. All avatar image uploads are placed into pending status and reviewed by SmartyPig staff. Your image will be re-sized to 48 x 48 if it isn't already. The following file formats will be accepted: .jpeg, .jpg and .gif. You agree not to upload images, which are unlawful, libelous, abusive, obscene, discriminatory, or otherwise objectionable. SmartyPig reserves the right to reject your image upload for any reason, in its sole discretion. SmartyPig reserves the right to deactivate your avatar image from your User Profile at any time.

Inviting Friends

In order to invite others to your "friends" list, you must initiate a request from SmartyPig that they be added as a friend to your Smarty Pig Account. This information will be used by SmartyPig to send your invitation including a message that you write. Your friend can then accept or deny the request. The names and e-mail addresses of people that you invite will be used only to send your invitation. Invitations to friends expire within 30 days if not accepted.

Refer a Friend Program

For each referral sent, you agree to the following: to receive a SmartyPig electronic gift card for the referral reward amount for each friend you invite, you must invite a friend who does NOT have a SmartyPig account. Your friend will receive a referral code to enter during registration. Referral codes may only be entered during registration and cannot be redeemed, nor will be credited, once the registration process is completed. Upon your friend setting up a SmartyPig account and goal, once their initial deposit posts and is verified, you will receive a SmartyPig electronic gift card for the referral reward amount which can only be redeemed into one of your active SmartyPig goals. Referral reward amounts are determined by SmartyPig, are subject to change at SmartyPig’s discretion, and are based on the reward amount at the time the original invitation was sent. Invites to your friends expire after 60 days. SmartyPig electronic gift cards expire after 90 days. A SmartyPig user may not have two profiles setup on SmartyPig. Referral Codes are not eligible to be redeemed if the user has had a SmartyPig profile previously closed. Invites can only be sent to 1) U.S citizens, 2) U.S. permanent resident aliens with a green card and social security number or 3) Residents with a social security number. To setup an account on SmartyPig, you must be at least 18 years of age and have an existing checking or savings account. SmartyPig reserves the right to void this offer for suspected fraudulent activity or if terms and conditions are deemed to have not been met. Fraudulent activity will be reported to the FDIC. Promotions run involving the "Refer a Friend Program" will be subject to these terms and conditions.

Funding Sources

Users can establish multiple funding sources for a Smarty Pig Account. Goals funded by multiple funding sources may be subject to an additional review period before the goal is eligible to be closed. The additional review period may require the user to provide proof of ownership of all funding sources that contributed to the goal, and may be subject to manual goal closure or funds reversal by our banking partner. Funding sources can be added at anytime by the Account Holder or Limited Access User to the SmartyPig Account. A funding source cannot be edited or changed while there are pending transactions associated to that funding source. A funding source cannot be deleted once it has been used to fund an active Savings Goal unless a new funding source has been added to fund the Savings Goal.

Funding Source Verification

The funding source verification process is in place to ensure a funding source is compatible with SmartyPig and supports ACH transfers, and to prevent user’s goals from being closed to unknown funding sources. To verify a funding source, SmartyPig will credit the funding source with two small transactions that will immediately be debited out of the funding source and returned to SmartyPig. User’s will then log into their SmartyPig profile and verify the funding by entering the deposit amounts in the required fields. Contributions to a goal from an unverified funding source will take place as scheduled. SmartyPig goals cannot be closed if a funding source used to contribute to the goal has not been verified. Goals cannot be closed until all contributing funding sources have been verified, even if attempting to close a goal to a verified funding source. Users will not be charged any fees by SmartyPig for this process. Regulation D limits the number of electronic ACH transfers that can be made from a savings account to six per statement cycle. If a funding source added is a savings account, these transactions may be included within Regulation D restrictions. SmartyPig is not responsible for any fees or penalties assessed by a financial institution that may occur by validating this funding source. By choosing to add this funding source, you are acknowledging you understand and agree to this policy.

Initial Deposit

All goals must be funded by an initial deposit. Initial deposits must be a minimum of $10.00 and will be withdrawn immediately from the funding source you specify at the time of goal creation. Initial deposits are not considered the first scheduled contribution, and will take place regardless of the time chosen for the first scheduled contribution. Funding sources do not need to be verified prior to the initial deposit taking place.

Scheduled Contributions

When creating a Savings Goal the User must select the frequency of his/her scheduled contributions. Funding frequency options are monthly (once a month), twice-monthly, every 14 days, or none. A User will establish his/her own funding frequency and the amount of each contribution. A User can choose the amount of each contribution, or allow SmartyPig to suggest a contribution amount. A User is responsible for confirming the date and amounts of his/her contributions before saving the Savings Goal. Savings Goals may be changed at any time before the time a Savings Goal is closed. Scheduled contributions will take place even if the designated funding source has not been verified.

Scheduled contributions will automatically stop when a Savings Goal amount has been reached regardless of the designated goal end date. The full scheduled contribution will initiate even if it exceeds the Savings Goal amount. SmartyPig will never automatically adjust a User's scheduled contribution. Funds in the Savings Account will continue to earn interest until the Savings Goal has been closed and the funds withdrawn from the Savings Account by the Account Holder.

Stop or Change a Recurring Transaction

If you wish to stop or change a scheduled contribution, you may edit your goal prior to the day the contribution initiates. Pending transactions may not be edited after they have been initiated. An ACH transaction can be voided for a limited time on the day in which it was initiated. If a scheduled recurring contribution is voided, your next recurring contribution will continue to draft as you have specified. SmartyPig is not responsible for fees charged by banks for NSF or Stop Transaction. If you wish to change the funding source of a recurring contribution, you must have first created a replacement funding source.

Scheduled contributions will automatically stop when a Savings Goal amount has been reached regardless of the designated goal end date. The full scheduled contribution will initiate even if it exceeds the Savings Goal amount. When a Savings Goal is reached, it is the responsibility of the Account Holder to close his/her Savings Goal and request the withdrawal of funds from the Savings Account. Funds in the Savings Account will continue to earn interest until the funds are withdrawn from the Savings Account.

Transfer Funds

Funds may be transferred from one Savings Goal to another within the same SmartyPig Account or to a SmartyPig Cash Rewards Card. Funds are not eligible for transfer until 10 business days after the funds have posted to a Savings Goal. Funds can be transferred in any amount; however, a minimum balance of $10 is required in each Savings Goal. There is a limit of five outgoing transfers per calendar month per Savings Goal.

Fees

The following fees may apply:

  • Contributing funds to an Account Holder's Savings Goal via Credit/Debit Card, a 2.9% processing fee per transaction will be charged to the purchaser. SmartyPig Account Holders can contribute to a friend or family member's Savings Goal using their existing checking or savings account (ACH) and the processing fee is waived.
  • Purchasing a physical or electronic gift card via Credit/Debit Card, a 2.9% processing fee per transaction will be charged to the purchaser. SmartyPig Account Holders can purchase a physical or electronic gift card using their existing checking or savings account (ACH) and the processing fee will be waived. For physical gift cards, shipping charges may apply.
  • When closing a Savings Goal online, the Account Holder has three options to receive his/her funds. The Account Holder can choose to place his/her savings plus interest on a SmartyPig Cash Rewards Card, a Retailer Gift Card, transfer the funds back to the funding account, or a combination using all three. Goals can be closed to a SmartyPig Cash Rewards Card or transferred back to the funding source at no cost to the Account Holder.
  • Overdrawn Savings Accounts will be charged applicable overdraft fees as set forth in the BBVA Compass Fee Schedule.

Limitations, Minimums and Maximums

  • Minimum requirement for a Savings Goal is $50.00.
  • Maximum amount of a Savings Goal cannot exceed $250,000.00.
  • Initial deposit is required to start a Savings Goal. The minimum is $10.00 and the maximum is $50,000.00.
  • Each Savings Goal may have a recurring contribution. The minimum is $10.00 and the maximum is $50,000.00.
  • Maximum aggregate daily contribution to one or more Savings Goal(s) by an individual is $50,000.00.
  • Physical gift cards are offered in $25.00, $50.00, and $100.00 increments.
  • Electronic gift card minimum is $10.00 and the maximum is $200.00. You cannot send an electronic gift to the same email using the same credit card within a 24-hour time period.
  • The minimum to contribute to a friend or family member's Savings Goal is $10.00. The maximum is $200.00. You cannot contribute to a friend or family member's Savings Goal using the same credit card within a 24-hour time period.
  • For security reasons, you may not close a Savings Goal until all funds have been verified. Funds are considered verified 5 business days after all pending transactions have posted and been collected. Goals funded by multiple funding sources may be subject to an additional review period before the goal is eligible to be closed. Waived when required by law.

Business Days or Banking Days

Business days or banking days are Monday – Friday, excluding federal holidays.

Timelines

  • Time allowed to verify an email address during SmartyPig Account setup before expiration is 14 days.
  • Time allowed for a User to create their SmartyPig Account once they pass the online verification is 14 days.
  • Time allowed to complete an application is 60 days. After the 60-day period, the application will expire.
  • Funds can be transferred from one Savings Goal to another Savings Goal within the same SmartyPig Account or to a SmartyPig Cash Rewards Card 10 business days after the funds have posted to the Savings Goal.
  • A Savings Goal can be closed once all funds are verified, which is 5 business days after the last transaction posts into the Savings Goal. A Savings Goal cannot be closed if there are pending transactions. Goals funded by multiple funding sources may be subject to an additional review period before the goal is eligible to be closed.
  • Time to process and receive a SmartyPig Cash Rewards Card is 7-10 business days.
  • Time to process and receive a Retailer Gift Card is 4 -6 business days for a physical retail card and within 24 hours for an electronic retail card once all pending transactions have posted.
  • Time to process and receive the transfer of funds back to a User's existing checking or savings account (ACH) is 2 business days once all pending transactions have posted.

Timetable for Typical ACH Transactions

  • ACH transactions are considered "pending" in your SmartyPig Account until posted to your Savings Account.
  • ACH transactions generally take 2 banking business days to post to your Savings Account.
  • Funds are considered verified 5 business days after a pending transaction has posted and been collected.
  • Interest on deposits to your Savings Account begins to accrue no later than the business day on which BBVA Compass receives credit for the deposit.
  • "Pending" transactions can be viewed in the Transaction History section of your Savings Goal.

Timetable for Typical Credit Card Transactions

  • Credit Card transactions are considered “pending” in your SmartyPig account until posted to your Savings Account.
  • Credit Card transactions generally take 1 banking business day to post to your Savings Account.
  • Interest on deposits to your Savings Account begins to accrue no later than the business day on which BBVA Compass receives credit for the deposit.
  • "Pending” transactions can be viewed in the Transaction History section of your Savings Goal.

An additional 5-banking day pending period may apply to reverse transactions.


Voiding Policy

An ACH transaction can be voided for a limited time on the day in which it was initiated. If your transaction is voidable, you can find the void button under the "Transaction History" tab of your Savings Goal. If a scheduled recurring contribution is voided, the contribution will continue to draft the following scheduled date. SmartyPig is not responsible for fees charged by banks for NSF or Stop Payment Transaction.

Stop/Close A Savings Goal

A Savings Goal can be closed once all funds are verified, which is 5 business days after the last transaction posts into the Savings Goal. Goals funded by multiple funding sources may be subject to an additional review period before the goal is eligible to be closed. The additional review period may require the user to provide proof of ownership of all funding sources that contributed to the goal, and may be subject to manual goal closure or funds reversal by our banking partner. A Savings Goal cannot be closed if there are pending transactions. In most instances, credit card transactions post in 1 banking business day and ACH transactions post in 2 banking business days. In the case that there are outstanding gifts or contributions to a Savings Goal, it is the responsibility of the User to accept or deny any gifts or contributions before closing the Savings Goal. Only the Account Holder may close a SmartyPig Savings Goal. Any money or interest earned in a Savings Account is the property of the Account Holder. In the case that there are Limited Access Users assigned to the SmartyPig Account (View-Only or Limited Access) the Limited Access User has no access to or ownership of the funds in the Savings Account. When closing a Savings Goal online, the Account Holder has the option to receive their savings plus interest on the SmartyPig Cash Rewards Card, a Retailer Gift Card, transfer the funds back via ACH to their existing checking or savings account, or a combination using all three. If ACH is selected, funds can only be returned via ACH to a funding source that has been used to fund the Savings Goal and has been verified.

Delete A Savings Account

A SmartyPig Account cannot be deleted from your User Profile until all Savings Goals have been closed as detailed above. To delete a SmartyPig Account, you must contact SmartyPig Customer Support to verify your identity. Upon verification of your identity, your SmartyPig Account will be deleted from your profile.

Deactivate Your SmartyPig User Profile

To deactivate your SmartyPig User Profile, you must contact SmartyPig Customer Support at 888-567-6278. Your User Profile cannot be deactivated until all Savings Goals have been closed as detailed above. Customer Support will verify your identity. Upon verification of your identity, your User Profile will be locked and processed for deactivation. This process may take 2-4 weeks. By law, we must retain your account information on file for up to 7 years. Any personal and sensitive information pertaining to your User Profile will be encrypted and masked and stored according to appropriate security standards.

Overdrawn Accounts

In the event that deposited funds are returned or rejected or a Savings Account becomes overdrawn, the Account Holder is responsible for all overdrawn funds and associated fees. See the BBVA Compass Consumer Deposit Account Agreement, Truth In Savings Disclosure and Fee Schedule for fees and terms and conditions related to your Savings Account.

Inactive SmartyPig Account

Your SmartyPig Account will be considered inactive if you have not logged in to your SmartyPig Account or not made a contribution to your Savings Goal for a period of one year. Contributions can be in the form of an automatic recurring transaction, one time transaction, or acceptance or denial of a gift or contribution. Once a SmartyPig Account is deemed inactive, SmartyPig will make an attempt to contact the Account Holder. Funds in your Savings Account that are considered "unclaimed" or "abandoned" under applicable state law will be escheated as required by applicable state law.

Placing Your Savings Goal On Hold

All Savings Goals remain active (unless considered inactive) until the Account Holder closes them. Once an automatic recurring contribution has been set up, it will continue until the Savings Goal has been met or is closed. The frequency of an automatic recurring contribution may be edited to "none" if there is not a pending transaction.

Freezing a SmartyPig User Account

We reserve the right to freeze a SmartyPig Account and a Savings Account when suspicious activity is suspected or when required to do so by law.

We Reserve The Right

SmartyPig Savings Goals are designed for those Users who want to regularly save for a future need. SmartyPig reserves the right to close Savings Goals that exhibit a transaction pattern inconsistent with the purpose of SmartyPig goals. If SmartyPig determines that a User's transaction pattern does not conform to the purpose of SmartyPig, the Savings Goal will be closed and funds will be returned to the user at SmartyPig’s discretion through either a check being mailed to the Account Holder for the balance of the Savings Goal including any accrued interest, or all funds will be reversed back to the originating funding source. The Account Holder will be prohibited from opening another Savings Goal. SmartyPig also reserves the right to reject, not process, or return any gift card purchases.

Maintenance

SmartyPig reserves the right to perform maintenance, updates and/or lock the SmartyPig.com website as necessary at anytime.

Changing Your Name

If a user wishes to change their legal name, they must contact SmartyPig Customer Support at 888-567-6278 to be mailed a name change affidavit. Documents that are required to provide are:

  • Updated Social Security Card
  • - AND -
  • Proof of name change (one of the three items)
    • Marriage License
    • Divorce Papers
    • Court orders of name change
  • - AND -
  • Confirm name change with a signed and dated signature

Once the information is received, SmartyPig will review the documentation. Users may be contacted during the review process if any questions arise. Name changes should be implemented and reflected in your User Profile within 10 business days.

Payable On Death Policy (POD)

The Account Holder of the SmartyPig Account is the only person that has an ownership interest in the SmartyPig Account and the Savings Account. The Account Holder may designate a Payable on Death (POD) Beneficiary on his/her SmartyPig Account and Savings Account. Upon the death of the Account Holder, SmartyPig will require proper identification of the POD beneficiary together with a certified copy of the Account Holder's death certificate in order to allow the POD beneficiary to withdraw the funds from the Savings Account. Only one (1) U.S. Citizen over eighteen (18) years of age is eligible to be a POD beneficiary on a SmartyPig Account and Savings Account. You should consult with your legal counsel and/or tax advisor to discuss the legal consequences of this type of account designation and the applicability of federal, state or local rules.

Sensitive Account Information

SmartyPig takes your security very seriously. Sensitive information such as your social security number, driver's license, state ID, funding source account numbers and routing numbers will be immediately masked once registered on SmartyPig.com. Account Holders and Limited Access Users to a SmartyPig Account will not be able to view these numbers once submitted to SmartyPig.com. An example of a masked social security number will look like this: xxx-xx- 6789.

Download & Integration Option

SmartyPig allows you to download certain account activity into a Comma Separated Value (.csv) or Microsoft Excel Worksheet (.xls) file which can be used with other software you have installed on your computer or integrate with online personal financial sites such as Yodlee®, or Mint.com® (collectively “Personal Financial Management Software”).

You are responsible for obtaining a valid and separate license agreement with the provider of the Personal Financial Management Software. The following is a brief description of the various features of and requirements for using the download/integration option. From time to time, we may add to, modify, or delete any feature of the download option in our sole discretion.

You understand and agree that:

  • not all of the information in your SmartyPig Account can be downloaded/integrated into your Personal Financial Management Software;
  • information you can download/integrate may not include all of your account activity;
  • statements generated by us are the official record of account transactions, positions and balances, and that the information you download/integrate is for tracking purposes only and should not be considered an official record;
  • the account information will not necessarily reflect banking, financial, or investment activities and transactions that have not yet been completed or settled and will only reflect the account information in your SmartyPig Account at the exact point in time that you download/integrate the information;
  • account information in your SmartyPig Account may reflect transactions as of a prior time period and may not be current as of the point in time that you download/integrate such information;
  • we are not liable for any loss, damages or expenses of any kind as a result of your reliance upon the SmartyPig Account information in your Personal Financial Management Software, which, for example, as stated above, may not be the most updated information and it may not include pending transactions which have not settled.

You agree and understand that:

  • you assume all risk that any SmartyPig Account information you download/integrate and store in your Personal Financial Management Software may be accessed by unauthorized third parties;
  • if you send the information in a manner that is not secure, or if you take the SmartyPig Account information out of our secure computers by downloading it, we are no longer responsible for the security and confidentiality of that information, and that the responsibility is now yours (or may be shared with others, such as your Personal Financial Management Software provider); and
  • we are not responsible for the security and confidentiality of the SmartyPig Account information if you: (i) use wireless connections to download/integrate your account information, in which case you acknowledge such connection may permit other persons to access the information being downloaded, or (ii) allow other persons access to your Personal Financial Management Software.

You agree that any SmartyPig Account information that you download/integrate is done at your own risk and you are solely responsible for any damage that might occur to the computer (or other electronic device) to which you download/integrate any information, or any loss or corruption of data that might occur as a result of the downloading or its storage in a computer or other electronic device.

You agree and understand that we make no warranties, express or implied and have no liability as to:

  • The accuracy, completeness, availability or timeliness of the SmartyPig Account information, text, graphics, or other items in the SmartyPig Account information that you can download/integrate through the download/integrate option;
  • Any errors or omissions in the delivery or transmission of the SmartyPig Account information from us to you (and "you" includes delivery to your Personal Financial Management Software and/or your computer); and
  • The download/integrate option's fitness for a particular purpose and non-infringement of any third party rights.

You understand that some states do not allow limitations on how long an implied warranty lasts, so that the above limitations may not apply to you, and that you may also have other rights, which vary from state to state.

You agree that we will not be liable to you for:

  • your inability to use the download/integrate option;
  • the accuracy, timeliness, loss or corruption, or misdelivery, of any SmartyPig Account information or any other information;
  • unauthorized access to your SmartyPig Accounts or to your account information and any misappropriation, or alteration, of your account information or data, to the extent the unauthorized access results from your acts or omissions;
  • your inability to access your SmartyPig Account (including but not limited to, failure of electronic or mechanical equipment, interconnect problems with telephone providers or Internet service providers (“ISPs”), acts of God, strikes, or other labor problems); or
  • any other matter relating to the download/integrate option.

Miscellaneous Fees

Should a third-party require, by law, SmartyPig, LLC to supply any User or Account Holder related information, the following fees will apply:

  • Research/Account Reconciliation - $20 per hour, $20 minimum
  • Copies - $5 per copy
  • Proof or explanation of redemption - $10 per Savings Goal
  • Faxes - $1 per page

Should a third-party require, by law, that BBVA Compass supply any User or Account Holder related information, the fees set forth in the BBVA Compass Fee Schedule shall apply.

Governing Law

You agree that the laws of the State of Iowa and any applicable federal laws of the United States govern your use of SmartyPig's website. For individual products and services offered by SmartyPig, the applicable customer agreements and disclosures may specify that the laws of another jurisdiction will govern your use of the account and/or service, and the terms of those disclosures and agreements will continue to apply. You agree to give the state of Iowa jurisdiction over any litigation that may arise with SmartyPig.

You agree and acknowledge that your Savings Account is subject to acceptance in the State of Alabama and shall be opened and maintained in the State of Alabama. Your Savings Account shall be governed by the laws of the State of Alabama and applicable federal law, and regulations in effect from time to time and is subject to any applicable automated or other clearinghouse rules and regulations.

Copyright and Trademark Information

The trademarks, trade names, and service marks (the "Marks") used on SmartyPig's website belong to SmartyPig, LLC, BBVA Compass, or to various other parties respectively. No one is authorized to use any of the Marks in any manner without the prior expressed written permission of the owner of the Marks. The materials displayed on SmartyPig's website are protected by U.S. and international copyright law and treaties, and shall not be transmitted, broadcast, copied, adapted, displayed, or performed without the prior expressed permission of SmartyPig.

Limitations

None of the information on SmartyPig's website may be used, distributed, or reproduced for commercial purposes without our prior express written permission. No third party is authorized to solicit SmartyPig's products or services without SmartyPig's prior express written permission.

No Warranties

From time to time SmartyPig's website may include information from third parties, and/or links to other websites. SmartyPig does not make any warranties, expressed or implied, regarding any third party information or any links to other websites, and SmartyPig assumes no responsibility for the accuracy, completeness, reliability or suitability of the information provided by third parties or information, software (if any), offers or activity found on other websites which may be linked to our website.

Limitation of Liability

SmartyPig and BBVA Compass disclaims liability for any and all claims, losses, costs, expenses (including attorney fees), and damages of whatever kind or nature including without limitation general, special, incidental, consequential, punitive, exemplary or treble damages ("Damages") based on any theory of liability, in connection with any use of SmartyPig's website and the information contained therein, even if SmartyPig or BBVA Compass have been advised of the possibility of such Damages.

Monitoring and Enforcement

While we have the right to monitor activity and content associated with SmartyPig, we are not obligated to do so. Since we may not have the ability to control or actively monitor content, we do not guarantee its accuracy, integrity or quality. In as much as community standards vary and individuals sometimes choose not to comply with our policies and practices, in the process of using our website, you may be exposed to content that you find offensive or objectionable. You can contact our Customer Service Department to let us know of content that you find objectionable. We may investigate the complaints and violations of our policies that come to our attention and may take any action that we believe is appropriate, including, but not limited to issuing warnings, removing the content, or terminating accounts and/or subscriptions. However, because situations and interpretations vary, we also reserve the right to take no action. Under no circumstances will we be liable in any way for any content, including, but not limited to, any errors or omissions in any content, or any loss or damage of any kind incurred as a result of the use of, access to, or denial of access to any content on the website.

Indemnification

By accepting these Terms and Conditions, you agree to indemnify and otherwise hold harmless SmartyPig, LLC, BBVA Compass, their officers, employees, agents, subsidiaries, affiliates and other partners from any direct, indirect, incidental, special, consequential or exemplary damages resulting from i) your use of SmartyPig; ii) unauthorized access to or alteration of your communications with or through SmartyPig, or iii) any other matter relating to SmartyPig. Any business transactions that may arise between Users from their use of SmartyPig are the sole responsibility of the Users involved. Without limitation of the terms and conditions set forth in the SmartyPig Privacy Policy, you understand and agree that SmartyPig and its affiliates may disclose personally identifiable information if required to do so by law or in the good faith belief that such disclosure is reasonably necessary to comply with legal process, to enforce this Agreement, to effect transactions requested by you, or to protect the rights, property, or safety of SmartyPig and its affiliates, its users, and the public.

Changes

SmartyPig reserves the right to change these terms and conditions, or the content of any portion of our website at any time without notice. Your continued access of SmartyPig's website will be subject to the terms and conditions in effect at the time you access our website.