Central Bank MasterCard Gift Card Cardholder Agreement


Terms and Conditions/Definitions for the Central Bank MasterCard Gift Card: This document constitutes the agreement (“agreement”) outlining the terms and conditions of the Central Bank MasterCard Gift Card. By accepting or using the Card, you agree to be bound by the terms and conditions contained in this agreement. You are responsible for understanding the terms and conditions that apply to your use of the card. “Card” means the Central Bank MasterCard Gift Card issued to you by Central Bank. “Issuer” means Central Bank, an FDIC insured member institution. “Card Account” means the records we maintain to account for the value of claims associated with the Card. “You” and “Yours” mean the person or persons who have received the Card and are authorized to use the Card as provided for in the Agreement. “We,” “us,” and “our” means the issuer, our successors, affiliates or assignees. “Inactivity” is defined as no cardholder-initiated purchase transactions.

Fees:  A gift card purchase fee of $4.00 is collected at the time your Card is purchased from us. This is a one time charge. In addition, the fees set forth in the table below will be deducted from your Card Account, except where prohibited by law.

Fee Description Fee Amount
Maintenance Fee
This is a fee that will be deducted from your Card balance monthly after each 12-month period of inactivity or non-use of your Card. An imposition of a fee or an adjustment due to an error or reversal for a prior transaction does not constitute activity. The maintenance fee may diminish the balance of your Card before the “valid thru” date on the front of the Card. You can avoid this fee by using your Card at least once every twelve months.
$4.95 per month (will apply following twelve (12) months of Card inactivity and will be assessed as long as there is a remaining balance on your Card)
Card Replacement Fee
This is a fee that will be deducted from your Card balance if you request a replacement Card prior to the expiration date of your Card; in order to receive a replacement Card, the Card must have been registered. To register the Card contact Customer Service at 1-866-510-2974.
$15.00 per Card
Printed Statement Fee
There is no fee applied when printing your statement via the cardholder website. A fee will be applied each time we mail a printed statement that you request by calling Customer Service.
$5.00 per monthly statement mailed
Currency Conversion Assessment
MasterCard will assess a charge each time you use your Card for a transaction in a currency other than US Dollars.
20 basis points (0.2%) of the amount of any transaction in a currency other than US Dollars
Cross-Border Transaction Fee
MasterCard will assess a fee each time you use your Card for a transaction with a merchant outside of the US.
80 basis points (0.8%) of the amount of any transaction with a merchant outside of the US


Customer Service:  For customer service or additional information regarding your Card, please contact us at:

Central Bank
PO Box 188
Osceola, WI 54020

General Terms: You acknowledge and agree that the value available in the Card Account is limited to the funds that you have loaded into the Card Account or have been loaded into the Card Account on your behalf. You agree to sign the back of the Card immediately upon receipt. The expiration date of the Card is identified on the front of your Card. The Card is a prepaid card. The Card is not connected to any other account. The Card is not a credit card. This Card is not for resale. You will not receive any interest on your funds in the Card Account. The Card will remain the property of the issuer and must be surrendered upon demand. You may not transfer the Card to any other person and it may be canceled, repossessed, or revoked at any time without prior notice subject to applicable law. The Card is not designed for business use, and we may close your Card if we determine that it is being used for business purposes. We may refuse to process any transaction that we believe may violate the terms of this Agreement. Our business days are Monday through Friday, excluding federal holidays. Write down your Card number and the customer service phone number provided in the Agreement on a separate piece of paper in case your Card is lost, stolen, or destroyed. Please read this agreement carefully and keep it for future reference.

Authorized Users: you are responsible for all authorized transactions initiated and fees incurred by use of your Card. If you permit another person to have access to your Card or Card number, we will treat this as if you have authorized such use and you will be liable for all transactions and fees incurred by those persons. You are wholly responsible for the use of each Card according to the terms and conditions of the Agreement.

Secondary Cardholder: You may not request an additional Card for another person.

Activation: Your Card will be active when you receive it. You may begin using the Card as soon as you receive it.

Personal Identification Number: A Personal Identification Number (“PIN”) will be necessary to process certain point-of-sale transactions with your Card.  Your PIN is the last four digits of your card number.  You may change your PIN online at www.thecardcenter.com or by calling 1-866-510-2974.

Cash Access: You may not use your Card to obtain cash from an Automated Teller Machine (“ATM”), Point-of-Sale (“POS”) device, or by any other means.
Loading Your Card: Additional funds may not be added to your Card, called “value loading.” The minimum amount of the initial value load is $20.00. The maximum amount of the initial value load is $1,000.00. Your Card is non-reloadable. You will have access to your funds immediately.

Using Your Card/Features: Each time you use your Card, the value available in your Card Account will be reduced by the amount of the transaction and any applicable fees. You are not allowed to exceed the available amount in your Card Account through an individual transaction or series of transactions. Nevertheless, if a transaction exceeds the balance of the funds available on your Card, you remain fully liable for the amount of the transaction and any applicable fees.  Your Card cannot be redeemed for cash.  You do not have the right to stop payment on any purchase or payment transaction originated by the use of your Card.  For security reasons, we may limit the number or amount of transactions you can make with the Card.  The maximum amount that can be spent on your Card per day is $1,000.00. The maximum value of your Card is restricted to $1,000.00.

  • Split Transactions:  Some merchants do not allow cardholders to conduct split transactions where you would use the Card as partial payment for goods and services and pay the remainder of the balance with another form of payment. If you wish to conduct a split transaction and it is permitted by the merchant, you must tell the merchant the specific amount to charge to the Card, which may not exceed the amount of funds available on the Card. You must then arrange to pay the difference using another payment method. Some merchants may require payment for the remaining balance in cash. If you fail to inform the merchant that you would like to complete a split transaction prior to swiping your Card, your Card is likely to be declined if the total transaction amount exceeds the amount available on your Card.
  • Pay at the Pump Transactions:  If you use your Card at an automated fuel dispenser (“pay at the pump”), the merchant may preauthorize the transaction amount up to $125.00 or more. If your Card is declined, even though you have sufficient funds available, pay for your purchase inside with the cashier.
  • Mail, Telephone and Internet Transactions:  If you use your Card number without presenting your Card (such as for a mail order, telephone, or internet purchase), the legal effect will be the same as if you presented the Card in person. You may not use your Card for online gambling or illegal transactions.
  • Authorization Holds:  Transactions with certain merchants such as hotels may cause an “authorization” or “hold” on your available balance for up to 30 days.  When the transaction settles or we determine that it is unlikely to be processed, the funds subject to the hold will become available to you.  During the hold period, you will not have access to the amount. Also, if you authorize a transaction and then fail to make a purchase of that item as planned, the approval my result in a hold for that amount of the funds for up to thirty (30) days.

Certain Limitations on the Use of Your Card:  You may not use your Card for any of the following types of transactions:

  • Automobile Rental Transactions
  • ATM or Other Cash Transactions
  • Preauthorized, Recurring Transactions
  • Online Gambling Transactions
  • Illegal Transactions

We may restrict additional types of transactions without prior notice to you.

Returns and Refunds: If you are entitled to a refund for any reason for goods or services obtained with your Card, you agree to accept credits to your Card for such refunds and agree to the refund policy of that merchant. If you have a problem with a purchase that you made with your Card, or if you have dispute with the merchant, you must handle it directly with the merchant.

Card Replacement: If you need to replace your Card for any reason, please contact us at 1-866-510-2974 to request a replacement Card. You will be required to provide personal information which may include your Card number, full name, transaction history, and other information. There is a fee for replacing your Card.  You may avoid this fee by requesting a refund of any balance remaining on your Card.

Expiration: Your Card will expire no sooner than five (5) years from the date it was purchased from us. You will not be able to use your Card after it expires.  Funds in your Card Account will expire when the Card expires.

Charges Made in Foreign Currencies: If you use your Card for a transaction in a currency other than US Dollars, MasterCard will convert the charge into a US Dollar amount.  The MasterCard currency conversion procedure includes use of either a government-mandated exchange rate, or a wholesale exchange rate selected by MasterCard.  The exchange rate MasterCard uses will be a rate in effect on the date of purchase or the date the transaction was posted to your account.  MasterCard charges a Currency Conversion Assessment of 20 basis points (0.2%) of the transaction) for performing the currency conversion.  In addition, MasterCard charges an Issuer Cross-Border transaction fee of 80 basis points (0.8%).  A cross-border transaction is a transaction processed through the Global Clearing Management System or the MasterCard Switch in which the country of the merchant is different than the country of the cardholder.

Receipts: You should get a receipt at the time you make a transaction using your Card. You agree to retain, verify, and reconcile your transactions and receipts.

Card Account Balance/Periodic Statements: You are responsible for keeping track of your Card Account available balance. Merchants generally will not be able to determine your available balance. It is important to know your available balance before making any transaction. You may access your available balance by accessing your Card Account online at www.thecardcenter.com or by calling 1-866-510-2974. Statements in electronic format will be made available free of charge at www.thecardcenter.com  during each month in which a transaction occurs. You will not automatically receive paper statements. You may choose to have a paper statement mailed to you by contacting us each time at 1-866-510-2974. There is a fee for each paper statement mailed to you.

Confidentiality: We may disclose information to third parties about your Card or the transactions you make:

  1. Where it is necessary for completing transactions;
  2. In order to verify the existence and condition of your Card for a third party, such as merchant;
  3. In order to comply with government agency, court order, or other legal reporting requirements;
  4. If you give us your written permission;
  5. To our employees, auditors, affiliates, service providers, or attorneys, as needed; or
  6. To the extent otherwise allowed by law.

Our Liability for Failure to Complete Transactions: If we do not properly complete a transaction from your Card on time or in the correct amount according to our Agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable, for instance:

  1. If, through no fault of ours, you do not have enough funds available on your Card to complete the transactions;
  2. If a merchant refuses to accept your Card;
  3. If an electronic terminal where you are making a transaction does not operate properly, and you knew about the problem when you initiated the transaction;
  4. If access to your Card has been blocked after you reported your Card lost or stolen;
  5. If there is a hold or your funds are subject to legal process or other encumbrance restricting their use;
  6. If we have reason to believe the requested transaction is unauthorized;
  7. If circumstances beyond our control (such as fire, flood, or computer or communication failure) prevent the completion of the transaction, despite reasonable precautions that we have taken; or
  8. Any other exception stated in this Agreement.

Your Liability for Unauthorized Transfers: Contact us at once if you believe your Card has been lost or stolen. Telephoning is the best way to minimize your possible losses. If you believe your Card has been lost or stolen, or that someone has transferred or may transfer money from your Card Account without your permission, call us at 1-866-510-2974. Under MasterCard rules, your liability for unauthorized transactions on your Card Account is $0.00 if you notify us within two (2) business days and you are not grossly negligent or fraudulent in the handling of your Card. If you notify us within two (2) business days of any unauthorized transactions, you can lose no more than $50.00 if someone used your Card without your permission. If you do not notify us within two (2) business days after you learn of the loss or theft of your Card and we can prove that we could have stopped someone from using your Card without your permission if you had promptly notified us, you could lose as much as $500.00.

Also, if you become aware of and/or your statement shows transactions that you did not make, notify us at once following the procedures stated in the paragraph labeled “Information About Your Right to Dispute Errors.” If you do not notify us in writing within sixty (60) days after you become aware of the transactions and/or after the statement was made available to you, you may not get back any value you lost after the sixty (60) days if we can prove that we could have stopped someone from taking the value if you had notified us in time and you are grossly negligent or fraudulent in your handling of your Card. If your Card had been lost or stolen, we will close your Card Account and keep losses down.

Minnesota law further reduces your maximum liability for losses related to the unauthorized use of your Card to $50.00.  This liability limitation does not apply if you do not notify us within 60 days of receipt of the statement that first shows the unauthorized charge.

Call Monitoring and Recording: We may monitor and/or record telephone calls for quality and training purposes. This includes calls you make to us and calls we make to you.

Other Terms: Your Card and your obligations under this Agreement may not be assigned. We may transfer our rights under this Agreement. Use of your Card is subject to all applicable rules and customs of any clearinghouse or other association involved in transactions. We do not waive our rights by delaying or failing to exercise them at anytime. If any provision of this Agreement shall be determined to be invalid or unenforceable under any rule, law or regulation of any governmental agency, local, state, or federal, the validity or enforceability of any other provision of this Agreement shall not be affected. This Agreement will be governed by the law of the State of Minnesota except to the extent governed by federal law.

Amendment and Cancellation: We may amend or change the terms and conditions of the Agreement at any time as allowed by law. The fees and expiration terms and conditions will not be changed. We may cancel or suspend your Card or this Agreement at any time. You may cancel this Agreement by returning the Card to us. Your termination of the Agreement will not affect any of our rights or your obligations arising under this Agreement prior to termination.

In the event that your Card Account is cancelled, closed, or terminated for any reason and you have registered your Card with your personal information, you may request unused balance to be returned to you via a check to mailing address we have in our records. There is no fee for this service. We may refuse to return any unused balance amount of less then $1.00.

Information About Your Right to Dispute Errors: In case of errors or questions about your electronic transactions, call 1-866-510-2974 or write to us at PO Box 188, Osceola, WI 54020 if you think your statement or receipt is wrong or if you need more information about a transaction listed on the statement or receipt. You must contact us no later than sixty (60) days after the FIRST statement was made available to you on which the problem or error appeared.

  1. Provide your name and Card number (if any).
  2. Describe the error of the transaction you are unsure about, and explain why you believe it is an error or why you need more information.
  3. Provide the dollar amount of the suspected error.

If you provide this information orally, we may require that you send your complaint or question in writing within ten (10) business days. We will determine whether an error occurred within ten (10) business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to forty-five (45) days to investigate your complaint or question. If we decide to do this, we will credit your Card within ten (10) business days for the amount you think is in error, so that you will have the use of the money during the time it takes to complete the investigation. If we ask you to put your complaint or question in writing and you do not provide it within ten (10) business days, we may not credit your Card. For errors involving new Cards, POS transactions, or foreign-initiated transactions, we may take up to ninety (90) days to investigate your complaint or question. We will tell you the results within three (3) business days after completing the investigation. If we decide that there was no error, we will send you a written explanation. Copies of the documents used in the investigation may be obtained by contacting us at the phone number or address listed at the beginning of this section.

ARBITRATION AND LITIGATION: This Arbitration Provision (“Provision”) facilitates the prompt and efficient resolution of any disputes that may arise between you and us. Arbitration is a form of private dispute-resolution in which persons with a dispute waive their rights to file a lawsuit, to proceed in court and to a jury trial, and instead submit their disputes to a neutral third person (an arbitrator) for a binding decision. You have the right to opt out of this Provision, which means you would retain your right to litigate your disputes in a court, either before a judge or jury. To exercise your right to opt out you must provide us with written notice no later than 30 days after your Card Account is first funded. If we do not receive your written notice within that time frame, your rights to opt out will terminate, and you agree that this Provision will apply.


Parties and Matters Subject to Arbitration: For purposes of this Provision, “Claim” means any claim, dispute or controversy by either you or us, arising out of or relating in any way to this Contract, this Provision (including claims regarding the applicability, enforceability or validity of this Provision), your Card Account, any transaction on your Card Account and our relationship. “Claim” also refers to any interaction or communication between you and us that occurred prior to or concurrent with entering into this Contract, including those now in existence, regardless of present knowledge. “Claim” shall refer to claims of every kind and nature, including, but not limited to, initial claims, counterclaims, cross-claims and third party claims. All Claims are subject to arbitration, regardless of legal theory and remedy sought, including, but not limited to, claims based in contract, tort (including negligence, intentional tort, fraud and fraud in the inducement), agency, statutory law (federal and state), administrative regulations or any other source of law (including equity).

Agreement to Arbitrate: Any Claim arising out of or relating to this Contract, or the breach of this Contract or your Card Account, shall be resolved and settled exclusively and finally by binding arbitration, in accordance with this Provision. Binding arbitration shall not be required, however, and both you and we retain the right to pursue in a small claims court any Claim that is within that court’s jurisdiction, provided the Claim proceeds on an individual basis. However, only a court of law, not an arbitrator, shall determine the validity and effect of this Provision’s prohibition of class arbitration. For any Claims covered by this Provision, a party who asserted a Claim in a lawsuit in court may elect arbitration with respect to any Claim subsequently asserted in that lawsuit by any other party.

Voluntary Waiver of the Right to a Jury Trial and Class Action Participation: As a result of this Provision, neither you nor we have the right to litigate any Claim in court or the right to a jury trial on any Claim, except as provided above. YOU AGREE THAT YOU ARE VOLUNTARILY AND KNOWINGLY WAIVING ANY RIGHT YOU MAY HAVE TO GO TO COURT OR TO HAVE A JURY TRIAL. FURTHERMORE, NEITHER YOU NOR WE MAY SERVE AS A REPRESENTATIVE, A PRIVATE ATTORNEY GENERAL, OR IN ANY OTHER REPRESENTATIVE CAPACITY. SIMILARLY, NEITHER YOU NOR WE MAY PARTICIPATE AS A MEMBER OF A CLASS OF CLAIMANTS IN A LAWSUIT OF ANY CLAIM.

Prohibition of Class Arbitration: All Claims shall be resolved by binding arbitration on an individual basis. Claims made and remedies sought as part of a class action, private attorney general or other representative action are subject to arbitration on an individual (non-class, non-representative) basis. Therefore, the arbitrator has no authority to conduct class-wide proceedings and will be restricted to resolving individual Claims. UNDER THIS ARBITRATION PROVISION THERE IS NO RIGHT OR AUTHORITY FOR ANY CLAIMS TO BE ARBITRATED ON A CLASS BASIS. Arbitration will only be conducted on an individual Claim basis and there is no right or authority to consolidate or join any of your Claims with any other Claims. YOU AGREE THAT YOU ARE VOLUNTARILY AND KNOWINGLY WAIVING ANY RIGHT TO PARTICIPATE AS A REPRESENTATIVE OR MEMBER OF ANY CLASS OF CLAIMANTS PERTAINING TO ANY CLAIM SUBJECT TO ARBITRATION UNDER THIS PROVISION.

Governing Law: This agreement to arbitrate is made pursuant to a transaction involving interstate commerce and shall be governed by the Federal Arbitration Act (“FAA”), 9 U.S.C. §§ 1-16, as it may be amended. If for any reason the Federal Arbitration Act does not apply, the substantive law of the state of Minnesota shall govern this Provision.

Arbitration Location and Procedure: Any arbitration hearing at which you wish to appear will take place at a location within the federal judicial district that includes your billing address at the time the Claim is filed. The party bringing the Claim may file its Claim with the American Arbitration Association (“AAA”).  If the AAA is not available to adjudicate the matter, or if the AAA is not convenient or acceptable to you, you and we may agree on a neutral arbitrator.  If you and we cannot agree on an arbitrator, an arbitrator will be appointed by a court with competent jurisdiction over the matter pursuant to the FAA. The arbitrator will administer the arbitration pursuant to its procedures in effect at the time of filing, subject to this Provision. In the event of a conflict or inconsistency between arbitrator’s rules and this Provision, this Provision shall govern. The arbitration will be conducted before a single arbitrator, whose authority is limited solely to individual Claims between you and us. The arbitration will not be consolidated with any other arbitration proceeding. Any decision rendered in such arbitration proceeding will be final and binding on the parties and judgment may be entered in a court of competent jurisdiction. The rules and forms of AAA may be obtained from:  American Arbitration Association, (1-800-778-7879), 335 Madison Avenue, Floor 10, New York, New York 10017, website at www.adr.org.

Arbitrator’s Authority: The arbitrator shall apply the applicable substantive law, consistent with the Federal Arbitration Act; shall apply statutes of limitation; and shall honor claims of privilege recognized at law. In conducting the arbitration proceeding, the arbitrator shall not apply any federal or state rules of civil procedure or evidence. PURSUANT TO THIS ARBITRATION PROVISION, THERE IS NO RIGHT TO ENGAGE IN PREARBITRATION DISCOVERY EXCEPT AS PROVIDED FOR IN THE RULES AND PROCEDURES OF THE RESPECTIVE CHOSEN NATIONAL ARBITRAL ORGANIZATION. Either party may, however, request to expand the scope of discovery. If a request is made, within 15 days of the requesting party’s notice, the objecting party may submit objections to the arbitrator with a copy of the objections provided to the party requesting expansion. The grant or denial of a party’s request will be in the sole discretion of the arbitrator, who shall notify the parties of the final decision within 20 days of the objecting party’s submission.

The Arbitrator’s Award: The arbitrator has the ability to award to the prevailing party all remedies available at common law, by statute or in equity, including injunctive relief, declaratory relief, arbitration costs and attorney fees. The arbitrator shall not, however, have authority to award any punitive damages. YOU AND WE AGREE THAT PUNITIVE DAMAGES ARE NOT RECOVERABLE IN ANY ARBITRATION OR OTHER PROCEEDING UNDER THIS CONTRACT. For awards not in excess of $5,000.00, upon the timely request of any party, the arbitrator shall provide a brief written explanation of the basis for the award. In the event an award exceeds $5,000.00, or in which there is a request for equitable relief with a potential financial impact or value in excess of $5,000.00, the award of the arbitrator shall be in writing and shall specify the facts and the law on which it is based. In such case, the arbitrator’s findings of fact must be supported by substantial evidence and the arbitrator’s conclusions of law must not be based on legal error or be erroneous under the applicable substantive law. Further, in addition to the Federal Arbitration Act’s grounds for vacation, modification or correction of the arbitrator’s award, the parties shall have the right to judicial review of the arbitrator’s award to determine whether the arbitrator’s findings of fact are supported by substantial evidence and whether the arbitrator’s conclusions of law are based on legal error or are erroneous under the applicable substantive law. Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. However, if the award is in excess of $5,000.00, judgment may be entered only upon determination by the court that the award is supported by substantial evidence and is not erroneous or based on legal error.

Expenses: Regardless of who demands arbitration, we will pay all expenses of arbitration, including the filing, administrative, hearing and arbitrator’s fees (“Arbitration Fees”), to the extent that the Arbitration Fees exceed the amounts you would be required to pay for filing a lawsuit in a court. Throughout the arbitration, each party shall bear his or her own attorney fees and expenses, such as witness and expert witness fees. If you prevail in the arbitration of any Claim against us, we will reimburse you for any fees you paid to the arbitration organization in connection with the arbitration.

Binding Effect and Survival: You and we agree that, except as specifically provided for above, the arbitrator’s decision will be final and binding on all parties subject to this Provision. This Provision is binding upon you, us, and the heirs, successors, assigns and related third parties of you and us. This Provision shall survive termination of your account.

Severability: If any portion of this Provision is deemed invalid or unenforceable under any law or statute consistent with the FAA, such a finding shall not invalidate any remaining portion of this Provision, the Contract or any other agreement entered into by you with us. However, the prohibition on class arbitration is not severable from the remainder of this Provision. In the event that a court deems the prohibition on class arbitration to be invalid and unenforceable, any subsequent class action or representative proceeding shall be in a court of law and will not be subject to binding arbitration.

Revision Date: 10/2013