Last updated: August 20, 2024
The following Thread Bank Consumer Deposit Account Agreement Disclosures (the “Disclosures”) apply to the interest -bearing demand deposit account (the “Account”) issued by Thread Bank (the “Bank”), member of the Federal Deposit Insurance Corporation (“FDIC”) and chartered under the laws of the State of Tennessee. These Disclosures are incorporated by reference into the Thread Bank Consumer Deposit Account Agreement (the “Agreement”) and Thread Bank Consumer Debit Cardholder Agreement (the “Cardholder Agreement”). Retirable, Inc. (“Program Partner”) is responsible for assisting the Bank with the administration of the Retirable Consumer Deposit Account Program (the “Program”). Capitalized terms not otherwise defined herein are ascribed the same meaning as set forth in the Agreement.
For questions or concerns about any debit card-related transactions, including, but not limited to: (i) if your debit card, debit card number, or PIN is lost, stolen, or misplaced; (ii) the fraud alerts program or support or (iii) if you would like us to stop a recurring debit to your debit card, please contact us at 1- 833-333-0417.
We offer two (2) types of Account tiers: Tier 1 and Tier 2.
You will be placed in a Tier 1 Account if you held an account with us before August 1, 2024. All accounts opened after August 1, 2024, will be placed in a Tier 2 Account.
The Tier that you are placed in may affect your interest as set forth in the Disclosures. Unless otherwise stated in the Disclosures, all terms contained in the Agreement apply equally to both Tiers.
Your Account may be opened as a joint account.
You may also open an Account by downloading the Retirable mobile application and following the instructions within the application.
There is no minimum deposit required to open an Account and no minimum balance you need to maintain in your Account.
Tier 1: Until January 1, 2025, the interest rate on your Account is variable and will initially be equal to 3.87% with an annual percentage yield of 3.94%. This interest rate and annual percentage yield may change from time to time. The interest rate on your Account is based on the midpoint of the federal funds rate target range as established by the Federal Open Market Committee of the Federal Reserve multiplied by 0.9 and then that percentage multiplied by 0.93. You can access the current interest rate applicable to your Account through the Online Banking Application or by contacting us as specified in Section 1.1 above.
Interest on your Account will be compounded and credited on a monthly basis. If you close your Account, you will receive any interest that has accrued as of the date your Account is closed. We use the daily balance method to calculate the interest on your Account. This method applies a daily periodic rate equal to 1/365 of the interest rate to the collected balance in the account each day. Interest will begin to accrue no later than the next business day following the banking day on which the funds were deposited.
Tier 2: The interest rate on your Account is variable and will initially be equal to 3.23% with an annual percentage yield of 3.27%. This interest rate and annual percentage yield may change from time to time. The interest rate on your Account is based on the midpoint of the federal funds rate target range as established by the Federal Open Market Committee of the Federal Reserve multiplied by 0.75 and then that percentage multiplied by 0.93. You can access the current interest rate applicable to your Account through the Online Banking Application or by contacting us as specified in Section 1.1 above.
Interest on your Account will be compounded and credited on a monthly basis. If you close your Account, you will receive any interest that has accrued as of the date your Account is closed. We use the daily balance method to calculate the interest on your Account. This method applies a daily periodic rate equal to 1/365 of the interest rate to the collected balance in the account each day. Interest will begin to accrue no later than the next business day following the banking day on which the funds were deposited.
You may make deposits into your Account using any of these methods described below. We do not charge you any fees for making deposits.
* The recipient’s name on any direct deposit, ACH, or deposited check must match the name on the Account or the deposit may be returned to the originator. ** You may transfer funds between your Account and another bank account. The connected bank account must be located in the United States.
It is our policy to make deposits to your Account available for withdrawal according to the table provided in the “Our Funds Availability Policy” section of the Agreement, except where limited by us pursuant to the “Transfers To or From Connected U.S. Bank Accounts” section of the Agreement.
Your Account supports the following types of deposits and cut-off times:
You, or, if applicable, an Authorized User, may withdraw funds up to the amount of your Available Balance less applicable fees using any of the methods below and subject to the following limits:
*You may transfer funds between your Account and another bank account. The connected bank account must be located in the United States
We do not offer overdraft services or charge fees for overdrafts or non-sufficient funds. We typically will return or decline to process a transaction (including, where applicable, ATM and debit card transactions) if it exceeds your Available Balance.
However, it is still possible for you to overdraft your Account, such as when you write checks (since there is a delay between when you write the check and when we receive it for processing), when we settle authorized debit card transactions, as discussed in the “Debit Card Authorization” section of the Agreement, or if a deposit you make is returned.
You must make a deposit immediately to cover any negative balance, including a negative balance resulting from an overdraft, without notice or other demand from us. If your Account has a negative balance for sixty (60) calendar days or more, we may close your Account. We reserve the right to close your Account at an earlier date, as permitted by law.
