The following Product Terms apply to prepaid card services provided by Bank Partner to Client as set forth in the Covered Banking Services section of the Banking Services Agreement (collectively, the “Prepaid Card Services”). These Product Terms are governed by, and incorporated by reference into, the Banking Services Agreement (“BSA”). Capitalized terms not otherwise defined herein are ascribed the same meaning as set forth in the BSA.

1.1 Prepaid Card Services; Prepaid Cards. If applicable, Bank Partner will provide the Prepaid Card Services as set forth in these Product Terms, the BSA, and End User Documentation (as applicable) including the issuance of prepaid cards (“Prepaid Cards”) to End Users associated with the Client. A Prepaid Card is the access device by which an End User may make a Prepaid Card transaction, subject to the terms set forth herein and in the BSA. Prepaid Cards may be issued physically or virtually. 

End Users will have access via the Prepaid Card to the End Users’ applicable and available funds. Such funds may be held (i) in an Account in the End User’s name, or (ii) in an account for which the End User is an authorized user or permitted cardholder.

Bank Partner will sponsor a unique BIN range which Bank Partner will use to facilitate the issuance of Prepaid Cards for use within the applicable card network. 

If Client permits End Users to designate authorized users or permitted cardholders who are authorized to access such End User’s Account, the term “End User” includes such authorized users or permitted cardholders for purposes of these Product Terms.

In addition to all other rights set forth in the BSA, Bank Partner may decline, reverse, require further authorization for, place a hold on, or take any other lawful action regarding any Prepaid Card transaction in its sole discretion for any reason. Client will require its End Users to use reasonable care to safeguard Prepaid Cards. Client agrees to promptly notify Bank Partner if Client becomes aware of any suspicious activities or loss, theft, or unauthorized use of such Prepaid Cards. Client acknowledges that Prepaid Cards issued by Bank Partner (i) remain the property of Bank Partner and must be returned upon Bank Partner’s request and (ii) will be subject to cancellation or suspension at any time by Bank Partner, in accordance with applicable payment card user and account agreements (if any), as required by Applicable Law or, on a case-by-case basis in Bank Partner’s sole discretion, including, without limitation, if Bank Partner determines that an End User is or may be using the Prepaid Card for fraudulent, illegal, or suspicious purposes.

1.2 Settlement. Prepaid Card transactions will be settled using the End User’s funds in accordance with the Network Rules. 

1.3 PCI DSS. To the extent applicable to Client, Client will comply with all applicable data privacy and security requirements under the Payment Card Industry Data Security Standards (“PCI DSS”). If applicable, upon Bank Partner’s request, Client will provide documentation demonstrating Client’s PCI DSS compliance. If Client is required to be PCI DSS compliant and is not PCI DSS compliant, Bank Partner may suspend the Banking Services. Unless otherwise required by Applicable Law or a Governmental Authority or determined by Bank Partner in its discretion, Bank Partner shall provide Client with thirty (30) days after providing notice to Client to become compliant before enacting such suspension.