Maven Wallet with Debit Card
Attachment 1 to Appendix A
Maven Wallet will be enabled to support Participant reimbursements for eligible expenses pursuant to Customer’s applicable employee benefit plans.
- Customer shall complete Maven’s Wallet onboarding survey to confirm the design of its applicable benefit plan(s), including but not limited to member enrollment eligibility requirements, eligible expense types that Participants can have reimbursed, and tax treatment.
- Customer shall provide Maven an eligibility file on an agreed upon cadence, but at a minimum on a monthly basis. If Customer offers Maven Card, Customer shall provide Maven with an eligibility file on an agreed upon cadence, but at a minimum on a weekly basis, and shall timely notify Maven of Participant terminations as required by Attachment #2.
- Each Wallet-enrolled Participant is responsible for timely submitting valid proofs of payment, itemized invoices for services, applicable bank account information, and any requested substantiation documentation to Maven and/or its designated agent for all reimbursement claims, including claims initiated by a Maven Card transaction, if applicable.
- Customer and Maven will set up payment funding instructions during the implementation process. Customer shall be responsible for providing appropriate funds in advance for Maven Wallet reimbursements in order to complete the fund transfer to reimburse Participants in a timely fashion. If Customer offers Maven Card to it’s eligible employees, Customer agrees to be bound by the additional funding requirements described in Attachment #2 for the operation of Maven Card.
- Maven will collect expense reimbursement information from Wallet-enrolled Participants using its online platform.
- Maven will review expense reimbursement requests received from Wallet-enrolled Participants against the applicable benefit plan rules confirmed by the Customer, and will defer to the Customer for resolution of any questions that arise which are not clearly determined by the applicable benefit plan rules.
- Customer shall promptly respond to any questions from Maven regarding clarification of applicable benefit plan rules.
- Customer understands, acknowledges, and agrees that any Eligible Customer Beneficiary included in the Eligibility File will be considered eligible for Wallet reimbursements unless otherwise indicated by Customer in writing.
- Maven will compile receipts and expenses provided by Wallet-enrolled Participants and prepare aggregated Wallet expense reports and invoices (“Wallet Invoices”), which it will send to Customer on a weekly basis for any week in which a Wallet-enrolled Participant submits a reimbursement request.
- Customer shall confirm which Wallet Invoice expenses are approved to be reimbursed and ensure that sufficient funds are available for Maven or its designated agent to process approved reimbursement payments within 3 business days of Customer’s receipt of a Wallet Invoice. If Customer offers Maven Card, Customer agrees to be bound by the funding requirements described in Attachment #2 for daily settlement of Maven Card transactions.
- Maven will, at its discretion, either: (1) remit Customer-provided reimbursement funds to the applicable Participant’s bank account within 5 business days of Customer approving the reimbursement, provided that sufficient Customer funds have been made available for reimbursement and the applicable Participant has provided their bank account information; (2) provide a report of approved reimbursement amounts, type, and tax treatment to facilitate Customer’s direct reimbursement of the applicable Participant(s) via its payroll system; or (3) if Customer offers Maven Card, facilitate daily ACH settlement of Maven Card transactions and provide reporting of reimbursement amounts, type, and tax treatment to for Customer’s approval and payroll processing as necessary.
- Customer’s obligations under this Attachment shall continue for a minimum of 90 days beyond the termination of the Agreement, to facilitate Maven’s provision of its administrative reimbursement services for Participants enrolled in Wallet prior to termination of the Agreement who wish to submit reimbursement requests for eligible expenses incurred prior to the termination of the Agreement. If Customer offers Maven Card, Customer acknowledges that Wallet-enrolled Participant’s access to Maven Card will end at termination of the Agreement.
- Customer acknowledges and agrees that it is solely responsible for any communications to members about its employer-sponsored benefit plans, including any communications necessary to inform members of alternative claim submission procedures upon the termination or expiration of this Agreement, including termination of access to Maven Card, if applicable.
- Customer, as the fiduciary, plan sponsor, and plan administrator of its employee benefit plan(s), acknowledges that it is fully responsible, and Maven shall have no liability, for the establishment, design and administration of Customer’s employee benefit plan(s) and all tax compliance and payroll reporting associated with any such employee benefit plan(s). Customer understands, acknowledges and agrees that: (A) Maven is not a plan sponsor, plan administrator or fiduciary with respect to any Customer plan supported by Maven Wallet (inclusive of any Maven Card Services, if applicable); (B) Maven shall have no responsibility or liability with respect to any Customer plan supported by Maven Wallet (inclusive of any Maven Card Services, if applicable); (C) to the extent that Maven provides any administrative or other services with respect to a Customer plan, (I) all such services shall be non-discretionary, ministerial services taken on behalf of Customer and at Customer’s specific direction, (II) Maven shall not take on any fiduciary or other obligations as a result of such services under the Employee Retirement Income Security Act of 1974, as amended (ERISA), or any other law, and (III) Customer shall remain solely responsible and liable for such services and any underlying obligations; (D) Customer will defend and hold harmless Maven and its owners, employees, officers, managers and directors from and against all liability, demands, damages, costs or expenses (including reasonable attorney’s fees) (collectively, “Liabilities”) arising from any claim, action or proceeding, in each case brought by a third party (each, a “Claim”) to the extent such Claim is related to any Customer plan supported by Maven Wallet (inclusive of any Maven Card Services, if applicable), including, but not limited to, Liabilities that arise from any state or federal law, regulation, or judicial proceeding which may restrict or prohibit access to or the provision of certain counseling or medical care, including the provision of services or conduct in support of obtaining such counseling or medical care.
Attachment 2 to Appendix A
Maven Card Services
Maven Wallet will be enabled to support reimbursements for eligible expenses pursuant to Customer’s applicable employee benefit plans. Maven or its contracted administrator will make available to Wallet-enrolled Participants and administer a debit-like card for the sole purpose of facilitating Customer’s Maven Wallet reimbursements (“Maven Card”) as well as related program management services (the “Maven Card Services”).
- Transaction Funding. Customer and Maven will set up payment funding instructions during the implementation process for Maven Card. Customers shall be responsible for making available funds in advance for all Maven Card transactions.
1.1. Administrative Fee Deposit.
1.1.1. Customer shall fund 3% of total funding available on carded accounts upfront and deposited into a designated bank account. Following the expiration or termination of the Agreement, any unused funds will be returned to Customer within 120 days after such expiration or termination, less any outstanding Maven Card settlement transactions.
1.1.2. Customer agrees that all amounts paid, including the Administrative Fee Deposit, are not “Plan assets” of any employee benefit plan, consist solely of general assets of the Customer, do not consist of contributions made by any employee or Participant of an underlying Plan, and that amounts paid to under the Maven Card program will not be segregated or set aside in a trust or escrow account.
1.2. Daily Settlement. Customer acknowledges and agrees that it assumes all risks and liabilities associated with Maven Card transactions and transaction funding in accordance with the Agreement. Customer agrees that pursuant to the Maven Card funding processes, sufficient amounts shall be paid in advance for Maven Card transactions arising under all Maven Wallet plans supported by the program.
1.3. Failed ACH Fee.
1.3.1. Customer assures that amounts entered into the Maven Wallet program as available balance amounts for Wallet-enrolled Participants will be available for payment of Maven Card transactions, via the daily settlement ACH process. If Maven receives notification that any ACH request has been denied due to failures including, but not limited to, insufficient funds, invalid account information, or filter restrictions, Customer will be charged an ACH return fee of $25 for each return subject to the then applicable fee schedule. Maven may change the amount of such fee upon thirty (30) days’ written notice.
1.3.1. Maven reserves the right, in its sole discretion, to terminate Customer and/or Wallet-enrolled Participant access to Maven Card Services if payment obligations are not paid in full in a timely manner, as determined by Maven.
2. Debit Card Benefits Processing.
2.1 Maven Card Eligibility.
2.1.1. Customer agrees to provide notice of the termination of eligible Customer employees and Wallet-enrolled Participants (within one (1) business day of termination) to deactivate such Participant’s Maven Card.
2.1.2. In the event that Customer does not notify Maven within the aforementioned timeline, Customer will be responsible for all costs incurred for subsequent Maven Card transactions made by the terminated employee.
2.2. Benefits Payment.
2.2.1. Claims shall be paid from a Customer designated bank account. Customer is responsible for all amounts paid on behalf of its employees even in the event of fraud or Customer’s inability to collect amounts from their employees for ineligible expenses.
2.2.2. The Maven Card Services program will cooperate with Customer and law enforcement in recovering Maven Card transaction amounts reported as fraudulent transaction activity by Wallet-enrolled Participants provided that (i) Wallet-enrolled Participants comply with the cardholder agreement, which is distributed or made available at the time of mailing of the Maven Card, for the timely reporting of such fraudulent activity and (ii) complies with Maven’s policies and procedures for reporting such fraudulent transaction activity.
2.2.3. All promotional and educational materials referencing the Maven Card, the bank issuing the Maven Card, or the Maven Card association/network must comply with all applicable laws and rules, and must be submitted to Maven for review to ensure compliance with such laws and/or rules, and cannot be distributed or otherwise used by Customer without prior consent. Maven reserves the right to terminate use of the Maven Card, upon notice to Customer, if it is reasonably suspected or determined that use of the Maven Card or the promotion thereof is not in compliance with applicable laws and rules.
2.3. Data Sharing. Customer consents to Maven and its contracted administrator sharing required data with the bank issuing the Maven Card in compliance with applicable laws and rules.
3. Customer Benefit Plans.
3.1. Customer acknowledges that Maven is not providing tax or legal advice regarding the Maven Card Services, nor is Maven exercising discretionary authority or control over Customer’s employer-sponsored benefit plan design or use of Customer’s monies. Customer retains the exclusive responsibility for compliance with any applicable laws.
3.2. Customer, as the fiduciary, plan sponsor, and plan administrator of its employee benefit plan(s), acknowledges that it is fully responsible, and Maven shall have no liability, for the establishment, design and administration of Customer’s employee benefit plan(s) and all tax compliance and payroll reporting associated with any such employee benefit plan(s) supported by Maven Card Services.
Last updated: December 5, 2022