1. Agreement Overview
These Terms of Service ("Terms") constitute a legally binding agreement between you ("Customer," "you," or "your") and Aurex Bank, Inc. ("Aurex Bank," "we," "us," or "our"), a federally chartered bank insured by the Federal Deposit Insurance Corporation (FDIC).
By opening an account, accessing our website at aurexbank.com, or using our mobile applications, you agree to be bound by these Terms, our Privacy Policy, and all applicable laws and regulations. Please read these Terms carefully before using our services.
If you have any questions about these Terms, please contact our legal team at legal@aurexbank.com before proceeding.
2. Eligibility
To open and maintain an Aurex Bank account, you must:
- Be at least 18 years of age (Youth Accounts require parental co-applicant aged 18+)
- Be a US resident or permanent resident (for loan products)
- Have a valid Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN)
- Have a valid, verifiable email address and phone number
- Not have had an Aurex Bank account previously terminated for cause
- Comply with all applicable US federal and state laws
- Not be a designated person on any OFAC sanctions list
3. Account Terms
3.1 Account Opening and Verification
When opening an account, you must provide accurate, current, and complete information. You authorize Aurex Bank to verify your identity using third-party services, including credit bureaus and identity verification platforms, as required by the Bank Secrecy Act and our Know Your Customer (KYC) obligations.
3.2 Account Security
You are responsible for maintaining the confidentiality of your account credentials. You agree to notify Aurex Bank immediately if you suspect unauthorized access to your account. Aurex Bank is not liable for losses resulting from your failure to protect your login credentials.
3.3 Account Maintenance
You agree to maintain at least one active transaction per 12-month period to keep your account in active status. Accounts with no activity for 24 months may be classified as dormant, and we may apply applicable state escheatment laws. We will notify you before any dormancy actions are taken.
4. Banking Services
4.1 Deposits
All deposits are insured by the FDIC up to $250,000 per depositor, per account category, per insured bank. Deposits held in joint accounts are insured up to $250,000 per co-owner. Interest on savings accounts is calculated daily and credited monthly.
4.2 Withdrawals
You may withdraw funds from your account at any time, subject to available balance and any applicable holds. We reserve the right to place holds on deposited items as permitted by Regulation CC. Excessive withdrawal limitations may apply to savings accounts per federal regulations.
4.3 Investment Services
Investment products offered through Aurex Bank are not FDIC insured, not bank guaranteed, and may lose value. Past performance does not guarantee future results. Investment decisions are yours alone, and Aurex Bank's investment tools provide information only, not personalized financial advice unless you are subscribed to our advisory service.
5. Card Services
5.1 Card Usage
Your Aurex Bank debit and credit cards may be used at any merchant that accepts Visa or Mastercard. You are responsible for all authorized transactions. By using your card, you authorize us to charge the purchase amount to your account.
5.2 Zero Fraud Liability
You will not be held liable for unauthorized card transactions provided you: (a) have not acted negligently or fraudulently; (b) report the unauthorized transactions as soon as you become aware; and (c) have not violated these Terms.
5.3 Credit Card Billing
Credit card statements are generated on the last business day of each billing cycle. Payment is due 25 days from the statement closing date. Late payments incur a $25 late fee. The minimum payment is 2% of the outstanding balance or $25, whichever is greater.
6. Transfers & Payments
Electronic fund transfers are governed by the Electronic Fund Transfer Act (EFTA) and Regulation E. You have the right to receive documentation of transfers and to dispute errors. Unauthorized transfer disputes must be reported within 60 days of your statement date to receive full protection.
International wire transfers are subject to OFAC screening and may be delayed or declined if they involve sanctioned individuals, entities, or jurisdictions. Aurex Bank is not liable for delays caused by correspondent banks or regulatory holds.
7. Fees & Charges
Current fees are disclosed in our Schedule of Fees available at aurexbank.com/fees and within the mobile app. We will provide 30 days' advance notice of any fee increases. The following services are always free:
- Account opening and maintenance (Standard tier)
- Incoming domestic and international wires
- Outgoing international wires (all tiers)
- Real-time transaction alerts
- Customer support via chat
- Virtual card issuance (within plan limits)
- Standard ACH transfers
8. Prohibited Activities
You agree not to use your Aurex Bank account for:
- Money laundering, terrorist financing, or any activity that violates the Bank Secrecy Act
- Purchasing, selling, or distributing illegal goods or services
- Unauthorized gambling, Ponzi schemes, or multi-level marketing scams
- Any activities that violate OFAC sanctions regulations
- Fraudulent, deceptive, or misleading transactions
- Circumventing or attempting to circumvent our fraud detection systems
- Commercial use of personal accounts without authorization
- Any activity that violates applicable federal, state, or local law
Violation of this section may result in immediate account suspension and reporting to appropriate law enforcement authorities.
9. Termination
Either party may terminate the banking relationship at any time. You may close your account by contacting customer support. We reserve the right to terminate or suspend your account immediately, without prior notice, if:
- You violate these Terms of Service
- We are unable to verify your identity
- We suspect fraud, money laundering, or illegal activity
- Required by law or regulatory authority
- Your account poses unacceptable legal or financial risk to Aurex Bank
10. Limitation of Liability
To the maximum extent permitted by applicable law, Aurex Bank's total liability for any claim arising from these Terms or your use of our services shall not exceed the greater of: (a) the aggregate fees paid by you to Aurex Bank in the 12 months preceding the claim; or (b) $100.
Aurex Bank shall not be liable for any indirect, incidental, special, consequential, or punitive damages, including but not limited to loss of profits, data, or goodwill, even if advised of the possibility of such damages.
11. Dispute Resolution
Any dispute, claim, or controversy arising from or relating to these Terms shall first be addressed through our internal complaint resolution process by contacting support@aurexbank.com. If unresolved within 30 days, disputes shall be settled by binding arbitration administered by the American Arbitration Association (AAA) under its Consumer Arbitration Rules.
You waive the right to participate in class action lawsuits or class-wide arbitration. This arbitration agreement does not apply to claims for emergency injunctive or other equitable relief.
12. Governing Law
These Terms are governed by the laws of the State of New York and applicable federal banking law, without regard to its conflict of law provisions. Any non-arbitrable disputes shall be submitted to the exclusive jurisdiction of the state and federal courts located in New York County, New York.
13. Contact Us
For questions about these Terms of Service:
- Legal Team Email: legal@aurexbank.com
- Mailing Address: Legal Department, Aurex Bank, 350 Fifth Avenue, Suite 4800, New York, NY 10118
- Customer Service: +1 (800) 287-3900
For general account inquiries and support, please visit our Contact page or FAQ.