Banking Partner Disclosures
Effective date: January 1, 2025
Third-Party Providers
Chek partners with Stripe Payments Company for money transmission services and account services with funds held at Fifth Third Bank and Evolve Bank and Trust, Members FDIC.
Our Services include payment processing facilitated by Stripe, Inc., and its associated banking partners, including Fifth Third Bank. By using our Services, you agree to comply with the applicable Stripe terms of service, service terms for connected accounts, and terms and policies of these third-party providers, which may be updated from time to time.
Fees
By using Chek, you acknowledge that we may charge a platform fee for accessing our services. Additionally, certain services, such as ACH transactions, may incur separate fees. These fees will be communicated to you during the service agreement process and are subject to change.
FDIC pass-through insurance eligibility disclosures
Chek partners with Stripe Payments Company, Fifth Third Bank and Evolve Bank for the storage and distribution of money.
Stripe Treasury Accounts are eligible for FDIC pass-through deposit insurance if they meet certain requirements. The accounts are eligible only to the extent passthrough insurance is permitted by the rules and regulations of the FDIC, and if the requirements for pass-through insurance are satisfied. The FDIC insurance applies up to 250,000 USD per depositor, per financial institution, for deposits held in the same ownership capacity.
Compliance with Applicable Laws
By using our Services, you represent and warrant that you comply with all applicable laws and regulations, including those related to banking, payment processing, and anti-money laundering. Any violation of such laws may result in the suspension or termination of your account.
Data Sharing with Service Providers
In order to process payments, we may share your data with third-party providers, including Stripe and its banking partners such as Fifth Third Bank. These providers are obligated to maintain the confidentiality and security of your data in accordance with applicable laws.
Acceptance of Updated Terms
By continuing to use our Services, you acknowledge and agree to the updated terms and conditions of our payment processing providers, including Fifth Third Bank, as communicated to you.
Disclaimer
Chek provides payment services in collaboration with Stripe, Inc., and its banking partners, including Fifth Third Bank. Chek is not a bank and does not provide banking services directly. All funds are processed and held in accordance with the terms of Stripe and Fifth Third Bank.
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Frequently Asked Questions
Chek is a digital payment platform designed specifically for nonprofits. It allows organizations to easily distribute funds through digital cards, track transactions, and gain valuable insights through detailed analytics and reporting.
Chek provides nonprofits with control over spending, eliminates unauthorized spending, enables quick fund transfers, and offers transparent management of funds.
Chek is designed for nonprofit organizations providing financial assistance. It helps improve operations and increase impact.
Chek allows nonprofits to control spending, recover unused funds, track transactions, disburse funds efficiently, improve donor relations, and boost transparency and compliance.
"Chek has been a game changer in our ability to quickly distribute funds to our families, along with giving us controls to ensure money is used specifically to pay for sports registration fees. They continue to support us in our mission. Appreciate everything you all do!" - Michael Price, Executive Director, Every Kid Sports