At Rain, we are advancing the accessibility of stablecoins and stablecoin-based applications. Stablecoins are a special type of cryptographic digital asset that are designed to maintain a stable value relative to currency (“Stablecoins”) issued by a government (“Fiat Currency”). These Virtual Account User Terms of Service (the “User Terms”) is an agreement between you and Rain (“Rain,” “we,” or “us” refers to Rain Products, Inc.) and covers the Virtual Account Services (as defined in Exhibit A) that Rain may provide to you through Rain’s third-party service providers (“Third-Party Providers”) and made accessible to you through Elios’ platform.
Our Privacy Policy (please see https://legal.raincards.xyz/legal/privacy-policy) explains how we collect and use any Personal Information you share with us. Each time you visit our website, apply for a Virtual Account with us, or use the Virtual Account Services, you are giving us your consent to collect, use, and disclose your Personal Information, as that term is defined in our Privacy Policy. Your consent applies for as long as you use the Virtual Account Services.
Certain features of Virtual Accounts may be provided by our Third-Party Providers. By using the Virtual Account Services, you agree to comply with each of these User Terms, and the terms and conditions of our Third-Party Providers (the “Third-Party Provider Agreements”), which can be found under Exhibit D to these User Terms, and to any other terms we link to in this document that become applicable to you after you begin using the Virtual Account Services.
ARBITRATION NOTICE: THESE TERMS REQUIRE YOU TO RESOLVE ANY DISPUTES WITH US IN SMALL CLAIMS COURT OR IN ARBITRATION, AND TO WAIVE YOUR RIGHT TO A JURY TRIAL IN A COURT. YOU ARE ALSO PROHIBITED FROM JOINING A CLASS ACTION LAWSUIT AGAINST US. SECTION 7.8 CONTAINS MORE DETAILS ABOUT THESE WAIVERS AND HOW YOU CAN OPT-OUT OF ARBITRATION.
IMPORTANT: You agree to receive all communications from us and from our Third-Party Providers electronically. This means you cannot contact us about the Virtual Account Services by telephone or by regular mail. For more details about our E-Sign Policy, read Section 7.2.
IMPORTANT: Rain and Elios are financial technology companies and not banks. Banking services are provided by SSB, Member FDIC. Customer funds are deposited at SSB in one or more custodial accounts established for the benefit of customers. Funds on deposit at SSB are eligible for FDIC insurance up to $250,000 per depositor, per insured bank, for each ownership category, subject to applicable limitations and aggregation rules. Pass-through FDIC insurance coverage applies only to the extent permitted by FDIC regulations and only if the applicable requirements for pass-through coverage are satisfied, including proper account titling and recordkeeping. FDIC insurance protects against the failure of SSB. It does not protect against the failure of Rain or Elios and does not cover non-deposit products.
1.1. To be eligible to apply for and use the Virtual Account Services, you must: (a) be at least 18 years old (if you are a natural person) and (b) have the legal capacity to agree to these User Terms.
1.2. We cannot provide the Virtual Account Services to you if you live in or do business in an U.S. state or country where we or our Third-Party Providers do not provide service (“Restricted Locations”). We can add or remove Restricted Locations from the list at any time without notifying you. We also comply with all U.S. sanctions laws, so we are unable to provide the Virtual Account in connection with people in a country or on a list of persons from which we are prohibited by the U.S. government from doing business.
1.3. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record certain personal information (“Personal Information”) from you to verify your identity and the identity of your customers to provide Virtual Account Services. Personal Information may include name, email address, residential address, phone number, date of birth, and taxpayer identification number, copies of a passport, driver’s license, military identification card or other government-issued photo identification, bank account statements, account or digital wallet addresses, the purpose of the use of the Virtual Account Services, the source of funds used to exchange Stablecoins or Fiat Currency, and related information we request. We may keep records of Personal Information if required by a Bank Partner or by Applicable Law. The Personal Information provided to us must always be accurate, complete and up to date. We may also, from time to time, require updates to the Personal Information provided or inquire as to the nature or purpose of a particular transaction or transactions. You must comply with all information requests of Rain, or our Third-Party Providers, in a timely manner. Requests not answered in a timely manner may subject the relevant Virtual Account to limitations including freeze or closure.
1.4 NEITHER WE NOR OUR THIRD-PARTY PROVIDERS ARE LIABLE FOR ANY UNAUTHORIZED ACCESS TO OR ACTIVITY FROM YOUR RAIN VIRTUAL ACCOUNT. We will treat any unauthorized access or activity as potentially fraudulent, and you must notify Rain within 24 hours if you become aware of or suspect potentially fraudulent activity. When you notify Rain of potentially fraudulent activity, Rain will temporarily restrict access to the Virtual Account Services, suspend any pending Orders, and take any other reasonable steps to prevent misuse of the Virtual Account Services. You must also (a) promptly report any potentially fraudulent activity to legal authorities; (b) provide Rain with a copy of any report prepared by such legal authorities; (c) cooperate fully with the legal authorities and Rain in the investigation; (d) complete any required affidavits promptly, accurately and thoroughly; and (e) allow Rain or any third party designated by us access to your mobile device, computer, and network if relevant to the investigation.
2.1. When you submit instructions to exchange Stablecoins for Fiat Currency, or Fiat Currency for Stablecoins, and deliver the corresponding value to a Bank Account or Blockchain Address, as applicable, (“Orders”) you are giving us your permission to transmit your Orders to our Third-Party Providers for execution. A description of the service can be found in Exhibit A.
2.2. As part of our legal compliance program (“AML Compliance Program”), we will monitor use of your Virtual Account Services and review information associated with transactions related to your Virtual Account Services on an ongoing basis to prevent financial crimes pursuant to the policies and procedures of our Third-Party Providers.
2.3. You are responsible for monitoring your Orders for unauthorized activity, and we are not liable to you if you lose your funds due to unauthorized activity. To protect your Virtual Account Services from unauthorized activity, you must: (a) review your Order history on an ongoing basis; (b) immediately review Order receipts or other related confirmations or notices sent to you; and (c) notify Rain within 24 hours of the Order if you do not receive an Order confirmation.
3.1. You may close your Virtual Account Services at any time and for any reason unless we or our Third-Party Providers suspect that you are doing so to avoid Applicable Law, law enforcement or otherwise avoid an investigation. Closing your Virtual Account Services will not affect the rights we owe to you or the obligations you have to us before closure. We will complete any active Orders by transferring Fiat Currency through your Virtual Account and Stablecoins through your Virtual Account before closing your Virtual Account Services.
3.2. We may immediately reject transactions to or from, suspend or terminate, your Virtual Account Services and/or freeze any funds in the possession of our Third-Party Providers without prior notice if: (a) we suspect you have violated these terms, our AML Compliance Program, or any Applicable Laws; (b) we are required to do so by Applicable Law, a Bank Partner, a Third-Party Provider, or by any valid order we receive from law enforcement officials; (c) we, a Bank Partner, or a Third-Party Provider suspect any suspicious or unauthorized activity or any actual or attempted unauthorized access to your Virtual Account Services; (d) Virtual Account Services have been suspended or terminated or you no longer have access to your Virtual Account Services; (e) you no longer reside in a jurisdiction where we are authorized to provide the Virtual Account Services; and/or (g) you have not processed any Orders or you have not accessed your Virtual Account Services for more than 1 year. We will notify you through email if we suspend or terminate your Virtual Account Services.