Introduction and Definitions

The “ZakiPay® Prepaid {visa/master} Cardholder Agreement,” effective from October 11, 2022, serves to introduce the purpose of the agreement and define crucial terms used throughout the document. 

Card: Refers to the ZakiPay Prepaid Mastercard issued by {bank name inc.}, which is governed by the terms of this agreement.

Card Account: The account associated with the ZakiPay Prepaid Mastercard, where funds are held and managed.

ZakiPay: ZakiPay Financial Technology, Inc., the entity offering the ZakiPay Prepaid Mastercard in collaboration with Community Federal Savings Bank.

ZakiPay Services: The range of services offered by ZakiPay, including but not limited to financial transactions, account management, and customer support.

Primary Account: The main account linked to the ZakiPay Prepaid Mastercard, from which most card operations are conducted.

Secondary Account: Any additional account(s) linked to the ZakiPay Prepaid Mastercard, which may have different features or restrictions compared to the Primary Account.

Understanding these terms is fundamental for the comprehension of the responsibilities, rights, and obligations detailed in the subsequent sections of the agreement. Users must familiarize themselves with these definitions to fully grasp the scope and limitations of the services provided under the ZakiPay Prepaid Mastercard program.

Roles and Responsibilities

Community Federal Savings Bank: As the issuer of the ZakiPay Prepaid Mastercard, Community Federal Savings Bank is responsible for the overall regulatory and legal compliance of the card. The bank oversees the operational aspects of card issuance, account management, and ensures adherence to federal and state banking regulations.

ZakiPay Financial Technology, Inc.: ZakiPay Financial Technology, Inc. is responsible for the technological infrastructure that supports the ZakiPay Prepaid Mastercard. This includes maintaining the software for transaction processing, account management, and user interface. They are also in charge of implementing security measures to protect cardholder data and transaction information.

ZakiPay Advisors: This entity provides advisory services to cardholders. Their responsibilities include offering guidance on financial matters related to the use of the ZakiPay Prepaid Mastercard, such as optimizing card use for financial benefits, understanding the fee structure, and advising on financial planning and budgeting as it relates to the use of the card.

Usage and Limitations

Permitted Uses: The card can be used for a variety of transactions, including purchases at merchants accepting Mastercard, online shopping, bill payments, and cash withdrawals at ATMs. The card is intended for personal, non-commercial use.

Transaction Limits: The agreement sets forth specific limits on the amount and frequency of transactions. These limits may include daily spending caps, maximum ATM withdrawal amounts, and limits on the number and size of deposits. These limitations are in place to ensure secure and regulated use of the card.

Account Loading Methods: Cardholders can load funds onto their ZakiPay Prepaid Mastercard through various methods such as direct deposit, bank transfers, or by using cash at designated loading stations. Each method may have its own terms, such as processing times and potential fees.

Prohibited Activities: The card must not be used for activities that are illegal or not in compliance with Mastercard’s policies. This includes, but is not limited to, gambling, fraudulent transactions, and money laundering. Engaging in such activities can lead to account suspension or closure.

Restrictions on Overdrafts: The ZakiPay Prepaid Mastercard does not allow overdrafts. Transactions that exceed the available balance in the card account will be declined. Cardholders are responsible for monitoring their account balance to avoid such situations.

Card Plans and Services

ZakiPay Core Plan: The basic offering, designed for straightforward financial management with minimal fees. It includes standard features like direct deposit, online shopping, ATM access, and basic customer support. Ideal for users seeking a simple and efficient prepaid card solution.

ZakiPay Max Plan: A more advanced option, offering additional benefits over the Core Plan. This may include higher transaction limits, reduced fees for certain services, and access to premium customer support. Suitable for users who frequently use their card and require more flexibility.

ZakiPay Infinity Plan: The most comprehensive plan, tailored for users seeking an integrated financial management solution. This plan may include investment account services in partnership with DriveWealth, advanced security features, and exclusive customer service options. It’s designed for users who want to maximize their financial management and investment opportunities through their prepaid card.

Investment Account Services and Limitations: Available with certain plans like the ZakiPay Infinity Plan, these services enable cardholders to invest in a range of financial instruments. However, these services are subject to investment risks and regulatory compliance requirements. The agreement provides details on the scope of these services, associated fees, and limitations to help cardholders make informed decisions.

Fees and Charges

Monthly Fees: Depending on the selected card plan (Core, Max, Infinity, etc.), there may be a monthly maintenance fee. This fee covers account management, customer support, and other administrative services provided by ZakiPay.

Load Fees: Fees may be charged for loading funds onto the card. The amount can vary based on the chosen loading method (e.g., direct deposit, bank transfer, cash load at retail locations). Each method’s fees are explicitly detailed to avoid surprises.

ATM Withdrawal Fees: Using the card for cash withdrawals at ATMs may incur fees. These fees can differ based on the type of ATM used (in-network vs. out-of-network) and the card plan.

Foreign Transaction Fees: Transactions made in a foreign currency or at international merchants may attract additional fees. This includes purchases made online from international vendors.

Card Replacement Fees: In case of a lost or stolen card, a replacement fee may be charged for issuing a new card. Urgent card replacement may incur higher fees.

Other Service Fees: Additional fees may apply for services such as paper statements, customer service inquiries beyond the standard offering, or expedited shipping for card delivery.

Card Account Management

Card Activation: Upon receiving the ZakiPay Prepaid Mastercard, cardholders must activate it following the provided instructions. This may involve verifying personal information and setting up a secure PIN.

Setting Up a PIN: A Personal Identification Number (PIN) is required for certain transactions, like ATM withdrawals. Cardholders must create a unique PIN during activation and keep it confidential to prevent unauthorized use.

Handling Unauthorized Transactions: If a cardholder suspects unauthorized transactions on their account, they must report them immediately to ZakiPay customer service. The agreement outlines the process for disputing transactions, including timeframes and cardholder responsibilities.

Dispute Resolution Processes: In case of disputes related to transactions or account management, the agreement provides a clear process for resolution. This may include contacting customer service, providing necessary documentation, and following specific steps to challenge or rectify transactions.

Monitoring Account Activity: Cardholders are responsible for regularly monitoring their account activity. They can track their balances, transactions, and any fees charged through the ZakiPay online portal or mobile application.

Reporting Lost or Stolen Cards: Immediate reporting of lost or stolen cards is imperative to prevent fraudulent activities. The agreement explains the steps to report and replace the card, along with any associated fees.

Privacy and Information Handling

Data Collection: The agreement specifies the types of personal and financial information collected by ZakiPay. This includes information provided during the application process, transaction details, and other relevant data required for managing the card account.

Use of Information: The primary use of collected information is for account management, transaction processing, and providing customer service. The agreement clarifies how this information supports the operation and administration of cardholder accounts.

Information Sharing: The agreement delineates the circumstances under which ZakiPay may share cardholder information. This typically includes sharing with partners like Community Federal Savings Bank and DriveWealth for operational purposes, as well as with regulatory bodies as required by law.

Data Security: ZakiPay commits to maintaining robust security measures to protect cardholder data from unauthorized access, alteration, or misuse. The agreement details the security protocols and data encryption techniques employed to safeguard sensitive information.

Privacy Policy Changes: If there are any changes to the privacy policy, cardholders will be notified in accordance with the agreement’s terms. This ensures that cardholders are always informed about how their information is being handled.

Cardholder Rights: The agreement also informs cardholders of their rights regarding their personal information, including the right to access their data, request corrections, and understand how their information is used.

Legal Provisions

Governing Law: The agreement specifies the jurisdiction under which legal issues will be resolved. This usually involves adherence to the laws of the state where the issuing bank or financial institution is located, in this case, Community Federal Savings Bank.

Amendments to the Agreement: The terms of the agreement may be amended or modified by ZakiPay at any time. The process for making such amendments, including notification to cardholders and the effective date of changes, is outlined in this section.

Arbitration: In the event of disputes arising from the use of the ZakiPay Prepaid Mastercard, the agreement typically requires arbitration as the first method of dispute resolution. The specifics of the arbitration process, including how it is initiated and conducted, are detailed in this section.

Waiver: This part of the agreement addresses the conditions under which ZakiPay or the cardholder may waive rights outlined in the agreement. A waiver by either party does not imply a waiver of any other terms or future rights under the agreement.

Severability: If any part of the agreement is found to be invalid or unenforceable, the severability clause ensures that the remaining parts of the agreement continue to be in effect.

Miscellaneous Terms

Card Replacement: This subsection details the procedure for replacing a card in case it is lost, stolen, or damaged. It includes information on how to request a replacement, any associated fees, and the expected time frame for receiving the new card.

Receipts and Transaction Verification: Cardholders are encouraged to obtain and retain receipts for each transaction made with their ZakiPay Prepaid Mastercard. This practice is essential for record-keeping and useful in verifying transactions, especially when disputing charges.

Balance Statements: The agreement provides information on how cardholders can access their account balance and transaction history. This may include online account access, mobile app functionality, and the availability of paper statements upon request.

Customer Service Information: Details about how to contact ZakiPay customer service for assistance, inquiries, and dispute resolution are provided. This includes contact numbers, email addresses, and operational hours.

Account Closure: The terms regarding voluntary account closure by the cardholder are outlined. This includes the process for closing an account, how remaining balances are handled, and any applicable fees or penalties.

Inactivity Fees: If applicable, the agreement describes any fees charged due to inactivity on the card account over a specified period.

Change of Terms Notification: This part explains the protocol for notifying cardholders about changes to the terms of service, fees, or other important aspects of the cardholder agreement.