Deposit Sweep Program Sample Clauses
A Deposit Sweep Program clause outlines the process by which funds held in a customer’s account are automatically transferred, or "swept," into one or more deposit accounts at participating banks. Typically, this mechanism applies to uninvested cash balances, which are periodically moved to maximize FDIC insurance coverage or to earn interest. The core function of this clause is to manage idle cash efficiently and provide customers with enhanced protection and potential returns, addressing the need for both security and optimization of uninvested funds.
Deposit Sweep Program. Section 22 of this Agreement only applies to customers who have opted into the Program (as defined and described below). If you have never opted in or have affirmatively opted out of the Program, then the terms of Section 22 do not apply to any of your Varo Products; however, all other terms in this Agreement do apply (unless otherwise marked).
Deposit Sweep Program. Section F of this Agreement only applies to customers who have opted into the Program (as defined and described below). If you have never opted in or have affirmatively opted out of the Program, then the terms of Section F do not apply to your Varo Savings Account; however, all other terms in this Agreement do apply (unless otherwise marked).
Deposit Sweep Program. When you open the Accounts, you agree to participate in Bank’s Deposit Sweep Program and agree to be bound by the Deposit Sweep Program terms and conditions (the “Sweep Agreement”). Pursuant to the Sweep Agreement, you agree to appoint Bank as your agent and custodian for the limited purpose of depositing the funds in your Accounts into deposit accounts (each a “Deposit Sweep Account”) at one or more other depository institutions (each, a “Network Institution”). Deposits that we place for you in Deposit Sweep Accounts (“Deposit Sweep Balances”) are “deposits,” as defined by Applicable Law, at the Network Institutions. Subject to the terms and conditions of the Sweep Agreement, your Deposit Sweep Balances may be eligible for FDIC insurance coverage at the Network Institutions. Refer to the Sweep Agreement for more details.
Deposit Sweep Program. THE AGREEMENT
Deposit Sweep Program. A. THE AGREEMENT THIS AGREEMENT CONTAINS A MANDATORY AND BINDING ARBITRATION PROVISION, SEE BELOW FOR MORE DETAILS.
Deposit Sweep Program. Section G of this Agreement only applies to customers who have opted into the Program (as defined and described below). If you have never opted in or have affirmatively opted out of the Program, then the terms of Section G do not apply to your Savings Account; however, all other terms in this Agreement do apply (unless otherwise marked).