The following Investing Banking Terms (these “Investing Banking Terms”) modify and supplement our General Terms and Investing Platform Service Terms, the terms and conditions of which are hereby expressly incorporated by reference, and together with the General Terms and the Investing Platform Service Terms, collectively governs your access and use of our Investing Platform Service. Capitalized terms used in these Investing Banking Terms, but not defined herein have the meanings given to such terms in the General Terms or Investing Platform Service Terms, as applicable. In the event of any conflict or inconsistency between these Investing Banking Terms and the General Terms or the Investing Platform Service Terms, the applicable terms of these Investing Banking Terms will control with respect to your use of the Investing Banking Service (defined below).
Users may be required to open a bank account with a Bank (as defined below) to utilize the Investing Platform Service. “Investing Banking Services” are the services provided to you by a Bank and, as applicable, us as a Bank partner. By using the Investing Banking Services, you acknowledge the following:
Bank Disclosures and End User Agreements
AngelList is a financial technology company and is not a bank. By using the Investing Platform Service, you agree to open bank accounts with one or more of the following and/or another reputable bank or financial institution as determined by AngelList or an affiliate from time to time with no additional notice to you (a “Bank”) as may be required to facilitate your Investing Banking Service activity:
- Fifth Third Bank, National Association, Member Federal Deposit Insurance Corporation (“FDIC”), and transactions will be processed through an FBO account for your benefit.
- Grasshopper Bank (“Grasshopper”), N.A., Member FDIC / Member Depositors Insurance Fund (“DIF”), and transactions will be processed through an FBO account for your benefit.
- Piermont Bank, Member FDIC, and transactions will be processed through an FBO account for your benefit.
The FDIC insures each depositor up to $250,000, based on deposit insurance rules. FDIC insurance is not provided until the funds arrive at the Bank. The DIF insures all deposits above the FDIC depositor limit when placed with each Bank, where applicable.
In addition, by using the Investing Banking Services offered by each Bank you, and each person you allow to access the Investing Banking Services through your Account, agree to the terms of the agreements with each of the applicable Banks, and us as a Bank partner, as applicable, which constitutes a binding agreement between you and the applicable Bank and are available at:
- Click here to view the Fifth Third Bank End User Agreement
- Click here to view the Grasshopper Bank End User Agreement
- Click here to view the Piermont Bank End User Agreement
To the extent we change providers of your required bank account, you consent to the transfer of your assets to another Bank. Your use of the Investing Platform Service following the date on which such change is made will constitute your consent to such change.
Cash Sweep Account Program
AngelList’s networked banking is a cash sweep account program where AngelList’s banking partners work with companies to automatically spread your deposits across a network of banks, providing up to $250,000 additional FDIC insurance for each account opened at each network bank.
As of the effective date of these Investing Banking Terms, Grasshopper works with American Deposit Management, LLC and its wholly owned subsidiary ADM Consulting, LLC to distribute your deposits across a network of banks, including PNC and Capital One. More information about AngelList’s cash sweep account program is available at https://www.angellist.com/networked-banking.
Account Referral Income from Banks. No Interest on Balances.
AngelList and/or its affiliates receives referral income from one or more of the Banks based on the amount you deposit with such a Bank. Further, you acknowledge that you will not earn any interest, fees, or other remuneration based on balances held in your account at a Bank or through the cash sweep account program.
Neither AngelList nor any of the Banks charge user fees for the Investing Banking Services.
These Investing Banking Terms were last updated on March 17, 2023.
How to Contact Us
If you have any questions about these Investing Banking Terms or related to the Investing Banking Service, please contact us at [email protected].