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") are 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 TECH S.A.'s ("Partner") 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.
Partner provides you access to the Virtual Account Services through its platform. Partner provides platform and technology services in connection with the Virtual Account Services and is not a party to these User Terms. You acknowledge and agree that Partner: (a) is an express third-party beneficiary of these User Terms, with the limited right to enforce obligations that directly relate to its role; (b) has no liability for Rain's obligations under these User Terms; (c) does not control and is not responsible for the operation, security, or performance of any blockchains or Third-Party Provider systems used in connection with the Virtual Account Services; and (d) is not responsible for the availability or performance of the Virtual Account Services. To the extent you have any dispute with Partner relating solely to services provided to you under your separate agreement with Partner, such dispute will be governed exclusively in accordance with that agreement.
Certain features of Virtual Accounts may be provided by our Third-Party Providers. By using the Virtual Account Services, you acknowledge that certain Virtual Account Services are provided by Third-Party Providers, and you agree to comply with any applicable requirements that Rain communicates to you in connection with such Third-Party Providers' 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 Partner are technology companies and not banks. Banking services are provided by SSB, Member FDIC, or another bank that is a Third-Party Provider ("Bank Partner"), as applicable. Customer funds are deposited at SSB or other Bank Partner in one or more custodial accounts established for the benefit of customers. Funds on deposit at SSB or other Bank Partner 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 or other Bank Partner. It does not protect against the failure of Rain or Partner 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 a 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, the law in many jurisdictions 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. If you deposit or receive Fiat Currency in the form of physical cash at retail locations or ATMs, you acknowledge that: (a) in the U.S., federal law requires the reporting of cash transactions exceeding $10,000 (individually or in aggregate within a single business day), and this obligation applies independently to cash deposits and cash pickups; (b) in the U.S., it is a federal crime to structure cash transactions, whether deposits or pickups, for the purpose of evading currency transaction reporting requirements. Structuring includes, without limitation, breaking a single transaction into two or more smaller transactions, conducting transactions at multiple locations, or conducting transactions over multiple days, in each case to avoid the reporting threshold; (c) Rain and its Third-Party Providers will monitor cash transactions in both directions for potential structuring activity, and Rain reserves the right to file Suspicious Activity Reports and to suspend or terminate your Virtual Account Services if Rain suspects structuring or other suspicious cash activity; and (d) you may be required to present valid government-issued identification when depositing or picking up cash, and the retail location operator or cash collection network may record your identification information for regulatory compliance purposes.
1.5. 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 for delivery of the corresponding value to a Bank Account, Blockchain Address, or Cash Pickup Point, as applicable, ("Orders") you are giving us your permission to submit your Orders to our Third-Party Providers for execution. Where Rain elects to advance its own funds to fulfill an Order, such advance does not constitute acceptance or transmission of your funds. 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.