NOTICE OF CHANGE IN TERMS TO MYBAMBU PREPAID VISA CARD AGREEMENT (“NOTICE”) AND PROCEDURE FOR THE TRANSFER OF THE BALANCE UNDERLYING YOUR ACCOUNT TO OUR PROGRAM MANAGER’S NEW SPONSOR BANK, COMMUNITY FEDERAL SAVINGS BANK (“CFSB”)
Dear Valued MyBambu Customer,
Thank you for being a valued MyBambu customer. This Notice highlights important changes to the terms of your MyBambu Prepaid Visa® Card Agreement and the procedure for the transfer of the balance underlying your Account to Community Federal Savings Bank (“CFSB”) on December 6, 2023 and accompanying closure of your existing Account. The transition to CFSB will become effective on the Transfer Date if you do not opt-out of such transfer (as described below).
Capitalized terms have the meanings provided in the MyBambu Prepaid Visa® Card Agreement (“Agreement”).
Please review this Notice carefully. If you have questions about this Notice:
Call: (833) 882-2628
Write to: MyBambu, P.O. Box 171, West Palm Beach, FL 33402
CHANGES TO YOUR MYBAMBU PREPAID VISA®CARD AGREEMENT
The changes to the Agreement are summarized below.
Please refer to the Agreement for the complete terms. You can review the updated Agreement by visiting mybambu.com, clicking on the “Terms and Conditions” link located at the bottom of the homepage and selecting the MyBambu Prepaid Visa Card Agreement you wish to view or by opening the MyBambu App and clicking “Terms and Conditions” under Profile.
The Agreement is being amended to permit the transfer of the rights of the Bank and MyBambu to a new alternative issuing FDIC-insured bank subject to providing vou twenty-one (21) days’ notice (“Notice Period”). This Notice Period begins on November 15 and ends on the Transfer Date. During the Notice Period, MyBambu will provide you with the ability to opt-out of the transfer of the balances underlying your Account to CFSB. You can either (i) accept the move by MyBambu of the balances underlying your Account to CFSB and accept the required disclosures regarding your new account with CFSB (which will result in your existing Account being closed); or (i) can affirmatively object to and opt-out of such transfer of the balances underlying your Account to CFSB, which will result in your Account being closed and your funds being returned to you. If you do not exercise such right to opt-out of the transfer during the Notice Period, MyBambu will, as your agent, (a) provide you with appropriate disclosures related to your new account from CFSB, (b) open a new account on your behalf with CFSB, (c) provide you with a new payment card issued by CFSB which enables access to your new account at CFSB, (d) cause the transfer of the funds underlying your Account to the new CFSB account, and (e) close your Account at Bank, as provided above.
NO ADVERSE CHANGES TO YOUR BALANCE LIMIT, FEES AND OTHER LIMITS.
The new CFSB account and card will not have any adverse changes to the account or card fees, the balance limit, or daily, weekly, or monthly limits.
While your funds are at CFSB, they are eligible to be insured up to $250,000 by the FDIC in the event CFSB fails, assuming specific deposit insurance requirements are met, and depending if you have other funds at CFSB in the same deposit category. Upon receipt of the notice that MyBambu intends to transfer balances underlying your Account to CFSB, it is your responsibility to determine if you already have a relationship with CFSB, and, if so, whether your aggregate balances at CFSB exceed the limit for FDIC deposit insurance (currently $250,000).
Your account at CFSB will be a demand deposit (checking) account and your CFSB Visa® card will be a debit card. Because your CFSB account is not a prepaid account, you will receive more detailed forms of disclosure and fees in the CFSB account agreement, and no longer will be eligible to receive a Short Form Disclosure of fees. Otherwise, the rights you have as a prepaid cardholder will not diminish as a CFSB checking accountholder or using a debit card.
Thank you for being a valued MyBambu customer!
MyBambu Customer Care Member Services.