COMMUNITY FEDERAL SAVINGS BANK TERMS OF SERVICE

Welcome to the Community Federal Savings Bank Money Transfer Service.

Before presenting our terms and conditions, it is important to alert you to potential fraud risk you could face and ways you can reduce any risk: 

CONSUMER FRAUD ALERT: PROTECT YOURSELF AND AVOID EMAIL PHISHING. BE CAREFUL WHEN AN UNKNOWN PERSON OR STRANGER ASKS YOU TO SEND MONEY, ESPECIALLY FROM UNSOLICITED EMAILS OR INDIVIDUALS YOU DO NOT KNOW. YOU SHOULD ONLY SEND MONEY TO PEOPLE THAT YOU KNOW PERSONALLY AND YOU SHOULD BE CAUTIOUS OF DEALS OR OFFERS THAT SEEM TOO GOOD TO BE TRUE.

I. THIS IS A CONTRACT BETWEEN YOU AND CFSB

These Terms of Service (the “Agreement”) cover your use of the Community Federal Savings Bank (“CFSB”) international money transfer service (the “Service”) in the Majority App. By using the Service, you agree to be bound by the terms of this Agreement. If there is any conflict between the terms of this Agreement and the Majority terms of service, the terms of this Agreement will control to the extent of the conflict. 

Definitions for capitalized terms used in this Agreement are provided under the “Definitions” heading below and in this Agreement.

II. DEFINITIONS

“Agreement” is defined above in Section I.

“App” means the Majority mobile application offered by Majority USA, LLC.

“Beneficiary” refers to the person that you designate to receive the funds from the International Money Transfer.

“Beneficiary Account” means the account or method of receipt of  International Money Transfers sent to a Beneficiary – this could be a bank account, a mobile wallet or cash pick up.

“Business Day” means any day that is not a Saturday, Sunday or legal holiday.

“International Money Transfer” means the payment or remittance of funds that you request and authorize through the CFSB Money Transfer Service to process and deliver to the Beneficiary.

“Losses” is defined in Section XIII (D).

“Majority” means Majority USA, LLC, a service provider of CFSB.

“Majority Account” refers to your Majority USA, LLC platform account.

“CFSB” “we,” “us,” and “our” refers to Community Federal Savings Bank.

“CFSB Money Transfer Service” or the “Service” means the CFSB service that allows you to request the delivery of an International Money Transfer to the Beneficiary in the country where the Beneficiary is located.

“You” and “your” refer to the person who accepts and agrees to the terms and conditions of this Agreement.

III. ELIGIBILITY REQUIREMENTS FOR USING THE SERVICE

 In order to use the Service, you must have a Majority Account that is in good standing. By using the Service, represent and warrant:

1. You are an individual who is over 18 years of age;
2. You have full capacity and authority to enter into this Agreement;
3. You hold a Majority Account in your own name that is in good standing which you exercise legal authority and control over;
4. You will not be violating any applicable laws or regulations by either using the Service or entering into or performing any part of the Agreement;
5. You are not acting on behalf of any other person or third party;
6. All information provided by you as part of or related to your use of the Service is accurate, true and complete, and that you will continuously keep such information up to date;

 IV. HOW THE SERVICE WORKS

The CFSB Money Transfer Service allows you to use the Majority App to send International Money Transfers to a Beneficiary in another country. The Beneficiary will receive the transferred funds to the Beneficiary Account that you specify when using the Service. 

After you order an International Money Transfer in the App, you will be informed of the status of your request in the App, including if your order has been received. Please be aware that this status information does not mean that your order has been accepted.

Please be aware that we may not contact the Beneficiary to let them know when the money has been sent to their Beneficiary Account, but you may receive a notice in the App confirming that the International Money Transfer is complete. You are responsible for communicating with the Beneficiary regarding the details of the International Money Transfer. We reserve the right to establish identification and verification requirements for a Beneficiary to receive an International Money Transfer.

If we receive your International Money Transfer request on a day that is not a Business Day or on a Business Day after our cut-off time for processing, we will process your International Money Transfer request on the next Business Day. The applicable cut-off time may vary from time to time.

Your use of the Service does not establish a checking account or any other form of a bank account for you or the Beneficiary with CFSB or any of its distribution agents. CFSB is not an escrow agent pursuant to this Agreement, and the Service does not constitute or create a fiduciary relationship between you and CFSB. Funds held while processing an International Money Transfer request are not insured by the Federal Deposit Insurance Corporation or any other government authority.

 V. BENEFICIARY IDENTITY VERIFICATION

You may be required to provide information or documentation related to the identity of the Beneficiary. You agree and acknowledge that we have the right to decline an International Money Transfer if we cannot verify the Beneficiary’s identity or otherwise determine in our sole discretion that delivering the International Money Transfer to the Beneficiary presents a high risk or violates applicable law. Although we have the right to establish identification and verification requirements, we are not required to do so and the Beneficiary’s failure to comply with our verification requirements is a basis to decline the delivery of the International Money Transfer. If a Beneficiary cannot be located and identified, the International Money Transfer funds may be canceled or returned to you by a credit to your Majority Account.

We rely on the information that you submit to make an International Money Transfer. You represent and warrant that all information that you enter regarding the International Money Transfer is accurate, true and complete. You acknowledge that any errors in the information that you submit are your responsibility and that we will have no liability for executing an International Money Transfer based on inaccurate information.

If we are unable to complete disbursement of the International Money Transfer to the Beneficiary because you provided incorrect information about the Beneficiary, you will be liable for any costs, fees, expenses and losses that we incur in returning the International Money Transfer to you, such as processing costs, losses arising due to exchange rate fluctuations, service charges and exchange commissions.

You may be contacted if we have additional questions related to your identity or the identity of the Beneficiary.

 VI. CURRENCY, EXCHANGE RATES AND FEES

International Money Transfers to Beneficiaries are generally made in the currency of the country where the Beneficiary is located. If permitted or required by applicable law and the Service, an International Money Transfer may be made in U.S. dollars. 

We and our designated service providers will convert a U.S. dollar International Money Transfer to the local currency at the exchange rate for an International Money Transfer in effect at the time the International Money Transfer is placed in the system. The actual amount that the Beneficiary receives may be reduced by charges we, other intermediary banks and/or our designated service providers impose for converting the U.S. dollar payment to the local currency, including a service fee for currency conversion that the local bank in the destination country or the bank of the Beneficiary may charge.

We also reserve the right to charge you a transfer fee when using the Service. Any transfer fee will be charged directly to your Majority Account and will be displayed to you prior to you finally submitting your request for an International Money Transfer. If we charge a transfer fee for an International Money Transfer, you must have enough funds in your Majority Account to cover both the transfer fee and the requested International Money Transfer amount. Transfer fees are subject to change and may be imposed on any International Money Transfer, in our sole discretion.

VII. UNLAWFUL AND OTHER IMPERMISSIBLE USE

You agree not to use the Service for any unlawful activity, and we reserve the right to investigate any suspicious activity or in response to any complaints or reported violations. When investigating any such activity, we reserve the right to report suspected unlawful activity to any appropriate regulatory or law enforcement authority and to provide such authority any relevant information, including personal data.

Additionally, the Service is for personal use only and may not be used for business purposes. You may not use the Service on behalf of any other person or business. You may not resell the Service. You acknowledge that we are not liable for your use of the Service for commercial purposes, including all risks associated with the purchase of goods or payment for services of any kind, such as losses you suffer for undelivered or defective goods and services you pay for using the Service.

More specifically, you are not allowed to use the Service:

1. In connection with the sale or distribution of any prohibited or illegal good or service, including but not limited to counterfeit goods and services, stolen goods, illegal gambling, ponzi and/or pyramid schemes, money laundering, controlled substances or substances that pose a risk to consumer safety (including synthetics, “potpourri not for human consumption”, and other similar items);
2. In connection with an activity that requires a governmental license where you lack such a license;
3. In connection with the sale or distribution of any material that promotes violence or hatred;
4. In connection with transactions involving escort services;
5. In connection with the sale or distribution of goods or services that violate the intellectual property rights of a third party;
6. In connection with transactions involving debt collection services;
7. In connection with transactions involving the purchase, sale, or exchange of virtual currency;
8. In connection with transactions involving the purchase and/or sale of lottery tickets;
9. In violation of applicable law, including but not limited to the economic sanctions administered by the U.S. Treasury Department Office of Foreign Assets Control and the U.S. anti-money laundering laws. 

VIII. OTHER RESTRICTIONS ON TRANSACTIONS

The Service may not be available in whole or in part in different countries as determined by applicable foreign laws. We may also determine that providing the Service in a particular country presents too many risks to us, our users or our systems.

You may execute up to a maximum dollar amount per International Money Transfer and/or a maximum number of International Money Transfers using the Service. In addition, you may execute up to a certain maximum dollar amount in total for International Money Transfers over a specified period of time using the Service. We may change the maximum dollar amount at any time and in our sole discretion. Our service providers also may limit the maximum dollar amount of an International Money Transfer, or reject a proposed International Money Transfer, in their sole discretion. We also may refuse to send the International Money Transfer if we believe that by doing so we might break any applicable law or other duty that applies to us, that doing so may expose us to action from any government or regulator or that the International Money Transfer may be linked with fraudulent or illegal activity.

The Service is not intended for use by any person in any jurisdiction or country where such use would be contrary to applicable law. You agree that you will only request an International Money Transfer that complies with this Agreement, applicable United States federal and state law, and applicable law in the country of the Beneficiary.

IX. REFUNDS AND TRANSACTION REVERSALS

Generally, because the Beneficiary is paid promptly upon processing your International Money Transfer, cancellation of that International Money Transfer and/or a refund of a previously requested International Money Transfer will not be processed, and we are under no obligation to honor such a request. If, for some unforeseen reason, the Beneficiary has not been paid, you can contact us at [email protected] or call (855)-553-3388 and cancel for a full refund within 30 minutes of when we authorize the International Money Transfer if the Beneficiary has not received the International Money Transfer. In this case, we will issue a refund within three Business Days of your request. We will also provide a refund that you request after this 30-minute period if we verify that the Beneficiary did not receive the International Money Transfer.

We are not liable to you for any loss resulting from our inability to cancel or refund an International Money Transfer. If we decide to refund International Money Transfer funds to you, we will do so by a credit to your Majority Account;

X. ERROR RESOLUTION

Once an International Money Transfer has been executed, it cannot be reversed, and, except as expressly set out in this Agreement, we will not be liable in any way for any loss you suffer as a result of an International Money Transfer being carried out in accordance with your instructions.

If you believe there was an error in connection with an International Money Transfer or other problem as set out in this Section X, then you should notify Customer Support at [email protected] or (855)-553-3388. 

If you think there has been an error or problem with your transfer, you must contact Customer Support no later than 180 days from the date we indicated that the funds would be made available to the Beneficiary. When you do, please tell us as much of the following information as possible: 

1. Your name and address;
2. The error or problem with the transfer, and why you believe it is an error or problem;
3. The name of the person receiving the funds, and if you know it, his or her telephone number or address;
4. The dollar amount of the transfer; and
5. The transaction number.

 XI. REJECTION OF TRANSACTIONS

We reserve the right in our sole discretion to reject any International Money Transfer. Reasons for refusal may include but are not limited to a determination that the International Money Transfer presents us with a high level of risk, incorrect Recipient details or for insufficient funds. We generally will attempt to notify you of any refusal, stating (where possible) the reasons for the refusal and whether the problem can be corrected. We will not notify you of a refusal when doing so would be unlawful.

XII. YOUR OTHER RESPONSIBILITIES

When you request an International Money Transfer through the Service, you agree to pay for the amount of the International Money Transfer and any associated transaction and currency conversion service fees and other charges for each International Money Transfer initiated or requested under the Service.

If your International Money Transfer request fails or is canceled for any reason, and we have already processed your International Money Transfer request, you will be responsible for the amount of the International Money Transfer. You agree to pay the International Money Transfer amount plus any applicable fees related to returning the International Money Transfer amount to you. You also authorize us to debit your Majority Account for any of the amounts discussed in this paragraph.

XIII. OTHER IMPORTANT INFORMATION

A. Delays or Non-Execution of International Money Transfer Requests

You agree that we are not responsible for any delay, failure to execute, or an error in the execution of your International Money Transfer request due to circumstances beyond our reasonable control, whether caused by strikes, power failures, equipment malfunctions, acts or omissions of any intermediary bank, war, riots, governmental or court orders, work stoppages or similar occurrences or circumstances. You further agree that we may refuse to process or delay processing any request if it would violate any guideline, rule, policy or regulation of any government authority or funds transfer system.

 B. No Warranty

THE CFSB MONEY TRANSFER SERVICE IS PROVIDED TO YOU ON AN “AS IS” AND “AS AVAILABLE” BASIS. WE MAKE NO WARRANTIES, EXPRESS OR IMPLIED WITH RESPECT TO THE CFSB MONEY TRANSFER SERVICE. WE DO NOT WARRANT THE FUNCTIONALITY OF THE CFSB MONEY TRANSFER SERVICE OR THE ACCURACY, ADEQUACY OR COMPLETENESS OF ANY RELATED INFORMATION AND EXPRESSLY DISCLAIM LIABILITY FOR NON-FUNCTIONALITY OF THE CFSB MONEY TRANSFER SERVICE OR ERRORS OR OMISSIONS OF THE CFSB MONEY TRANSFER SERVICE OR ANY RELATED INFORMATION. NO WARRANTY OF ANY KIND, IMPLIED, EXPRESSED OR STATUTORY, INCLUDING THE WARRANTIES OF NONINFRINGEMENT OF THIRD PARTY RIGHTS, TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND FREEDOM FROM COMPUTER VIRUS, IS GIVEN IN CONJUNCTION WITH THE CFSB MONEY TRANSFER SERVICE.

 C. Limitation of Liability

Our liability is limited to, and can never exceed, the amount of the International Money Transfer and applicable CFSB fees and charges, irrespective of the circumstances or the reasons for your loss. IN NO EVENT WILL WE BE RESPONSIBLE FOR ANY PUNITIVE, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES OR EXPENSES ARISING IN CONNECTION WITH AN INTERNATIONAL MONEY TRANSFER OR THE CFSB MONEY TRANSFER SERVICE EVEN IF WE OR OUR REPRESENTATIVES ARE ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, LOSSES OR EXPENSES.

The foregoing will constitute your exclusive remedy under or in connection with this Agreement and the CFSB Money Transfer Service. You agree that the foregoing limitation is a reasonable limitation on your remedy under the circumstances of this Agreement and the CFSB Money Transfer Service.

D. Indemnity

In consideration of the agreement by us to provide you with the CFSB Money Transfer Service, you agree to indemnify and hold us harmless from and against any and all losses, claims, suits, actions, judgments, settlements, liabilities, damages, penalties, fines, costs, fees, and expenses, including reasonable attorney’s fees (collectively, “Losses”) in connection with or arising out of your use of the CFSB Money Transfer Service, your breach of this Agreement or our acting on your request for an International Money Transfer pursuant to this Agreement. Without limiting the generality of the foregoing indemnification obligation, you will indemnify CFSB for any Losses caused due to any inaccurate, non-current or incomplete information that you provided to CFSB, for any Losses due to your failure to maintain the secrecy and confidentiality of all your account information, and for any Losses due to the unauthorized use of your Majority Account or account information. You will pay for all Losses attributable to your misrepresentation or fraud. You will not file a chargeback, reversal or dispute with your bank for International Money Transfers that have been made to the Beneficiary. You authorize your bank to make payment to us for completed International Money Transfers.  You also authorize us to charge your Majority Account or any of your other accounts or payment cards for any amounts you owe us, including amounts owed under this Section XIII (D).

 E. Privacy

We may disclose information to third parties about your use of the CFSB Money Transfer Service: (i) where it is necessary for completing your transfers, or (ii) in order to verify the existence and condition of your account for a third party when appropriate, or (iii) in order to comply with government agency or court orders, or (iv) if you give us your written permission. For additional information, please see our privacy policy:  CFSB Bank’s Privacy Policy .

F. Termination of Account and Suspension of Service

You acknowledge and agree that you must remain a Majority customer and have a Majority Account that is in good standing to receive the Service. The closure of your Majority Account and/or termination of the Majority Terms of Service (or the suspension of the Majority services) also has the immediate effect of terminating this Agreement (or suspending the Service, as applicable).

We may, without notice (except as required by applicable law), terminate or suspend your access to the CFSB Money Transfer Service at any time, including if:

• You attempt to transfer or charge funds from an account that does not belong to you or from an account that does not have sufficient available funds.

• You provide incorrect or false information about yourself, your Majority Account details or a Beneficiary.

• You attempt to tamper, hack, modify or otherwise corrupt the security or functionality of the CFSB Money Transfer Service.

• We receive conflicting claims regarding ownership of, or the right to withdraw, funds from a Majority Account.

• You have breached a term or condition of this Agreement, or any representation or warranty that you make under this Agreement is false.

• Your Majority Account is inactive.

• We believe that the International Money Transfer may expose us to action from any government or regulator.

If your Majority Account is closed for any reason, we may, in our sole discretion, cancel your pending International Money Transfer request(s).

G. Security

We take security very seriously at CFSB. We advise you to consider very carefully before sending money to anyone that you do not know well. In particular, you should be very cautious of deals or offers that seem too good to be true - they may be scams. If you are aware of any person that is using the Service inappropriately, please email us at [email protected]. Similarly, if you receive any emails purporting to be from CFSB that you suspect may be “phishing” (fake) emails, please forward them to us at [email protected].

H. Applicable Law

This Agreement will be governed by U.S. federal law and, where not in conflict with or preempted by such federal law, the laws of the state of Delaware, as applicable, without regard to conflict of law principles.

I. Amendments to this Agreement

CFSB may in its sole discretion modify this Agreement from time to time without any prior notice to you. Unless otherwise specified by CFSB, all modifications take effect automatically and will become part of this Agreement and be binding on you beginning on the day they are posted on the Majority website or the App. By continuing to access or use the CFSB Money Transfer Service, you will be deemed to have agreed to accept and be bound by any modifications to this Agreement.

J. Miscellaneous

Severability. If any provision of this Agreement is held to be invalid or unenforceable, such provision will be deemed to be modified to the minimum extent necessary to make it valid and enforceable and the rest of this Agreement will not be affected.

Assignment. You may not transfer or assign this Agreement to any other person without our prior written consent. We may assign our obligations to you under this Agreement without your consent or any prior notice.

English Language. This Agreement may be provided to you in English or any other language that we support. For the avoidance of doubt, any non-English version of the Agreement is provided for translation purposes only. In the event that any conflict arises between the English and non-English versions of the Agreement, the English version shall prevail.

Entire Agreement. This Agreement and any document expressly referred to in it constitutes the whole agreement between us and supersedes any previous discussions, correspondence, arrangements or understandings between us.

version dated: September 20, 2023