Common use of Bank Deposits Clause in Contracts

Bank Deposits. Under the FDIC Insured Deposit Program your free credit balances will be swept into interest-bearing deposit accounts at up to 12 participating Program Banks, providing eligibility for up to $2.5 million in deposit insurance coverage ($5 million for joint accounts of two or more), subject to applicable limitations. The insurance limit applicable to each insurable capacity will be referred to as the “Maximum Applicable Deposit Insurance Amount.” Pershing, as your agent, will deposit the available cash in your account into deposit accounts in each Program Bank on the Priority List up to the deposit limit of $246,500 ($493,000 for joint accounts of two or more) (the “Deposit Limit”) in order to permit your funds to be eligible for the greatest possible FDIC insurance coverage. Once $246,500 ($493,000 for joint accounts of two or more) has been deposited in each Program Bank on the Priority List, and you have reached the Program limit of $2.5 million ($5 million for joint account of two or more), any additional funds will be deposited in designated “Excess Banks” without limit and without regard to maximum available FDIC insurance coverage. The list of “Excess Banks” can be found at the bottom of the Priority List, which can be obtained by visiting the Royal Alliance website at xxx.xxxxxxxxxxxxx.xxx, as mentioned above.

Bank Deposits. Under the FDIC Insured Deposit Program your free credit balances will be swept into interest-bearing deposit accounts at up to 12 participating Program Banks, providing eligibility for up to $2.5 million in deposit insurance coverage ($5 million for joint accounts of two or more), subject to applicable limitations. The insurance limit applicable to each insurable capacity will be referred to as the “Maximum Applicable Deposit Insurance Amount.” PershingXxxxxxxx, as your agent, will deposit the available cash in your account into deposit accounts in each Program Bank on the Priority List up to the deposit limit of $246,500 ($493,000 for joint accounts of two or more) (the “Deposit Limit”) in order to permit your funds to be eligible for the greatest possible FDIC insurance coverage. Once $246,500 ($493,000 for joint accounts of two or more) has been deposited in each Program Bank on the Priority List, and you have reached the Program limit of $2.5 million ($5 million for joint account of two or more), any additional funds will be deposited in designated “Excess Banks” without limit and without regard to maximum available FDIC insurance coverage. The list of “Excess Banks” can be found at the bottom of the Priority List, which can be obtained by visiting the Royal Alliance website at xxx.xxxxxxxxxxxxx.xxx, as mentioned above.

Bank Deposits. Under the FDIC Insured Deposit Program your free credit balances will be swept into interest-bearing interest−bearing deposit accounts at up to 12 participating Program Banks, providing eligibility for up to $2.5 million in deposit insurance coverage ($5 million for joint accounts of two or more), subject to applicable limitations. The insurance limit applicable to each insurable capacity will be referred to as the “Maximum Applicable Deposit Insurance Amount.” PershingNFS, as your agent, will deposit the available cash in your account into deposit accounts in each Program Bank on the Priority List up to the deposit limit of $246,500 ($493,000 for joint accounts of two or more) (the “Deposit Limit”) in order to permit your funds to be eligible for the greatest possible FDIC insurance coverage. Once $246,500 ($493,000 for joint accounts of two or more) has been deposited in each Program Bank on the Priority List, and you have reached the Program limit of $2.5 million ($5 million for joint account of two or more), any additional funds will be deposited in designated “Excess Banks” without limit and without regard to maximum available FDIC insurance coverage. The list of “Excess Banks” can be found at the bottom of the Priority List, which can be obtained by visiting the Royal Alliance website at xxx.xxxxxxxxxxxxx.xxx, as mentioned above.