Deposit Network Service. From time to time, we may, but are not obligated to, deposit some or all the funds in your Account with one or more other depository institutions through a deposit network program (a “Deposit Network Service”) administered by us or by a third-party service provider (a “Third-Party Service Provider”). In order for you to participate in a Deposit Network Service, we may ask you to enter into additional agreement(s) with us with respect to the Deposit Network Service. All depository institutions that participate in a Deposit Network Service (each a “Network Bank” and, together, the “Network Banks”) are insured by the Federal Deposit Insurance Corporation (“FDIC”) or the National Credit Union Administration (“NCUA”). Each account at a Network Bank in which any of the funds in your Account are deposited as part of a Deposit Network Service shall be titled in the Bank’s name or Bank’s agent’s name as custodian and beneficially held to provide deposit insurance coverage to Account customers of Bank. Bank may transfer funds from your Account directly to a Network Bank, or your funds may be placed in the custody of a FDIC-insured or NCUA insured custodian bank (a "Custodian Bank") prior to being transferred to a Network Bank. If any of your funds are held at a Custodian Bank, they shall be placed in an account that is titled and beneficially held to provide deposit insurance coverage to Account customers of Bank. Your funds that are held at a Network Bank will be governed by the terms of this Agreement in the same manner and to the same extent as funds held in your Account at Bank, including with respect to interest rates, fee schedules, and the Funds Availability Policy, but you will not have direct access to any account that is established at a Network Bank or Custodian Bank and may not take any direct action with respect to a Deposit Network Service. You appoint Bank as your limited agent to provide the Deposit Network Service. Bank may at any time and in its sole discretion effect deposits to and withdrawals from your Account(s) at Bank and any accounts established at the Network Banks as part of the Deposit Network Service. You authorize Bank to use one or more Third-Party Service Providers selected solely by Bank to act as your limited agent(s) to provide the Deposit Network Service, including the selection of one or more Network Banks and one or more Custodian Banks as Bank deems suitable for the purpose of providing the Deposit Network Service. Any funds in...
Deposit Network Service
