Foreign Currency Deposits Terms & Conditions

Amendment to the Deposit Terms and Conditions: Foreign Currency Deposits Effective March 08, 2024

This Amendment to the Deposit Terms and Conditions ("Amendment") becomes effective upon the date of electronic acceptance by the account holder ("Customer"), by and between FV Bank International Inc. ("FV Bank"). This Amendment references and incorporates by this reference the existing Deposit Terms and Conditions ("Original Agreement"), as may be amended from time to time. Except as expressly modified by this Amendment, all terms and conditions of the Original Agreement remain in full force and effect.

1. Foreign Currency Deposits

a. Conversion to USD: When a Customer deposits funds in a currency other than United States Dollars (USD), FV Bank will convert such foreign currency into USD.

b. Determination of Foreign Conversion Rate: The conversion rate ("Foreign Conversion Rate") will be based on a daily rate published by FV Bank, available Monday through Friday, and posted on FV Bank's customer portal. The Foreign Conversion Rate applies to the date the transaction is approved for posting into the Customer's account and not the date received by FV Bank or its correspondents. The posted daily Foreign Conversion Rate is inclusive of any foreign exchange markup determined by FV Bank, which may range from 0% to 2% depending on the foreign currency received.

c. Fee Schedule: The fee schedule, as amended from time to time, will include a one-time fee for enabling foreign currency deposits ("Foreign Deposit Account Enabling Fee") and a fixed fee for processing each deposit in foreign currency ("Foreign Currency Deposits Fee"). The Foreign Deposit Account Enabling Fee and Foreign Currency Deposits Fee shall be disclosed in the fee schedule available on our website, which is located at https://www.fvbank.us/banking-fees

2. Acceptance of Terms

By using FV Bank's services for foreign currency deposits, the Customer electronically agrees to be bound by the terms of this Amendment, including, without limitation, the conversion practices and fee schedule as described herein. The date of electronic acceptance by the Customer is deemed the effective date of this Amendment. Electronic acceptance may be captured through the Customer's use of FV Bank's online banking platform, mobile application, or any other electronic means provided by FV Bank for such acceptance.

3. Amendment to the Original Agreement

This Amendment shall be considered part of the Original Agreement. In the event of any conflict between the terms of this Amendment and the Original Agreement, the terms of this Amendment shall prevail with respect to foreign currency deposits.

4. Governing Law and Jurisdiction

This Amendment and any dispute arising hereunder shall be governed by and construed in accordance with the laws of the Commonwealth of Puerto Rico, USA. The parties agree to submit to the exclusive jurisdiction of the courts located in San Juan, Puerto Rico, USA, for any disputes arising out of this Amendment.

5. Electronic Acknowledgment

The Customer acknowledges that they have read and understood this Amendment, agree to its terms electronically, and acknowledge electronic receipt of a copy of this Amendment for their records.