MYPAY EMPLOYER PILOT TERMS - AGREEMENT TO AMEND MYPAY LINE OF CREDIT AGREEMENT

These MyPay Employer Pilot (the “Pilot”) Terms (“Pilot Terms”) are by and between you and The Bancorp Bank, N.A. (“Bank”) and its authorized representatives, service providers, successors, and assigns (“we,” “us,” and “our”) and are appended to your MyPay Line of Credit Agreement (“Agreement”) for the Pilot Period. By enrolling in the Pilot, you agree to supplement the terms and conditions in your MyPay Line of Credit Agreement (“Agreement”) as set forth in these Pilot Terms. Where there are inconsistencies between the Agreement and these Pilot Terms, these Pilot Terms will govern while you are enrolled in the Pilot. All other terms and conditions of the Agreement apply. Unless otherwise stated in these Pilot Terms, definitions shall have the same meaning as they do in the Agreement and any capitalized terms not defined in these Pilot Terms shall have the meaning set forth in the Agreement. Please read these Pilot Terms carefully, save a copy, and keep them with your Account records. 

1. Definitions

“Eligible Employer” means Incept Corporation (“Incept”) and Parking Management Corporation (“PMC”).

“Enrollment Period” means the date you are eligible to enroll in the Pilot and no later than [INSERT DATE].

“Gross Earnings” means the total amount of money you earn from an Eligible Employer before any deductions or taxes.

“Pilot Period” means the period which begins when you enroll in the Pilot Terms and continues until so long as you maintain eligibility or until we or you terminate the Pilot.

2. The Pilot. This Pilot is provided as-is and for the sole purpose of piloting an employer version of MyPay. We make no representations that the Pilot will continue for any period of time. We have no obligation to continue to offer the Pilot and may cancel or terminate this Pilot at any time for any reason without notice to you or approval from you, unless required by applicable law. Once the Pilot Period ends, you acknowledge and agree that these Pilot Terms are terminated, and the Agreement applies in its entirety.

3. Pilot Eligibility

a. Initial Eligibility as of the Enrollment Period. To become eligible for the Pilot, you must maintain the eligibility requirements listed in the Agreement and meet all of the following requirements during the Enrollment Period:

i. You are currently enrolled in MyPay; and

ii. You are currently employed by an Eligible Employer.

b. Continued Pilot Eligibility. To continue to be eligible for the Pilot, you must maintain the eligibility requirements listed in the Agreement and all of the following requirements (the “Continued Pilot Eligibility”):

i. Maintain current employment with an Eligible Employer; and

ii. A Qualifying MyPay Direct Deposit from an Eligible Employer is directed to your Chime Checking Account every 36 days.

c. Ineligibility. You understand and agree that failure to maintain the Continued Pilot Eligibility requirements, will result in termination of your access to the Pilot. Loss of access to the Pilot does not mean you will not have access to MyPay. MyPay access is subject to the eligibility requirements in your Agreement.

4. Section 1(B) of your Agreement is deleted and replaced during the Pilot Period with this Section 4 during the Pilot Period:

Credit Limit. Once you have enrolled in the Pilot, your Credit Limit during a pay period is the lesser of fifty percent (50%) of your Gross Earnings up to a maximum advance amount of $1,000. Your entire Credit Limit may not be available for Advances at all times during a pay period. To determine the Advance amount you may request, please see your Available Now amount (as defined in Section 5, below) in the Chime App. You understand and agree that we may reduce or increase your Credit Limit based on your Gross Earnings. You understand and agree that we do not have to provide you with advance notice of changes to your Credit Limit. Requests for increases in Credit Limits are not accepted or permitted. If for any reason the outstanding balance of your Account exceeds your Credit Limit, you promise to immediately repay the amount that exceeds your Credit Limit.

5. Section 4 of the Agreement is deleted and replaced with this Section 5 of the Pilot Terms during the Pilot Period:  

Advances. Once you have enrolled in this Pilot, you may request an advance (“Advance”) to receive a portion of your Credit Limit at a given point in time before your next expected Qualifying MyPay Direct Deposit from an Eligible Employer. The maximum amount we will advance during any pay period is $1,000.

1. Available Now. Your “Available Now” is the amount available to you at any given time, and is equal to your Credit Limit, less any Advances you have already taken in the applicable period. Your Available Now amount at any given time is shown in the Chime App and is updated daily upon receipt and processing of updated hours worked from your Eligible Employer and any Advances taken.

You acknowledge and agree to the fluctuating increase and decrease of Available Now amounts. We may raise or lower Available Now amounts at any time.

We may decline your request for an Advance that would cause your Account to exceed its current Credit Limit; if you are late in making a payment; if you are in Default (as defined in Section 12, of the Agreement); if we have suspended future Advances; if you or we have terminated the Account; or if your request for an Advance has not been properly made. From time to time, Advances may be unavailable to you due to circumstances beyond our control, such as system failures, fires, floods, natural disasters or other unpredictable events. If any such event happens, we will not be responsible or liable to you. You agree not to use, try to use, or permit use of the Account for any transactions that are illegal or that we prohibit. If this happens, you must still pay us for these transactions, and they remain subject to all other terms of our Agreement. You must reimburse us for all damages and expenses associated with these transactions.

6. Section 6 of the Agreement is deleted and replaced with this Section 6 of the Pilot Terms during the Pilot Period. 

Interest Charges and Fees. We will not assess any interest or periodic finance charge on your Account balance. There are no fees during the Pilot. All advances are free and instant; the Instant Advance Fee does not apply during the Pilot Period. We reserve the right, with prior notice to you, to in the future: (1) add or change fees; and (2) impose a finance charge on an outstanding balance. Changes to fees or imposition of a finance charge would not be applied to current or outstanding balances prior to the effective date of the change and would only be imposed after the appropriate notice period required by law.

7.    Your Information. By enrolling in this Pilot, you acknowledge that we may receive human resources information, such as about your wages and hours worked, from your employer for the purpose of offering this Pilot to you. 

8.      Feedback. You may provide general feedback about your experience during the Pilot. Any feedback you provide us related to or as a result of this Pilot will be our sole and exclusive property.

By signing this Agreement electronically, you acknowledge that you received, reviewed, understand, and agree to all of the terms and conditions of these Pilot Terms.