FDIC Deposit Insurance. The funds in your FFB Account will be deposited into Depository Accounts at the Insured Depositories along with funds from other FFB Depositors. StoneCastle as your agent and the FFB Custodian each keeps records of how much each FFB Depositor has on deposit in each Insured Depository. Your Deposits, plus interest earned thereon, are held in those Depository Accounts in a manner designed to currently provide you with FDIC insurance at each Insured Depository. StoneCastle, as your agent, allocates your Deposits among the Depository Accounts to seek to maximize deposit insurance coverage available under the FFB Program, FDIC deposit insurance coverage is normally available for your Deposits up to the SMDIA, which is currently $250,000 per legal category of account ownership at each participating Insured Depository when aggregated with all other deposits held by you in the same Insured Depository and in the same legal category of account ownership. Thus, the maximum amount of Deposits eligible for deposit insurance coverage would not exceed the SMDIA per legal category of account ownership multiplied by the number of participating Insured Depositories that you have not excluded from receiving your Deposits under the FFB Program, less any funds that you may hold in an Insured Depository outside of the FFB Program in the same legal category of account ownership. If you or your customer have funds at an Insured Depository outside of the FFB Program, your deposit insurance coverage for such funds at the Insured Depository may be adversely affected. The Insured Depositories holding your money will be listed on your account statement along with the amount of funds that you have on deposit in such Insured Depositories through the FFB Program. Any amount by which the sum of your direct deposits at an Insured Depository outside the FFB Program plus the amounts that you have on deposit in such Insured Depository through the FFB Program exceeds the applicable insurance limits of the FDIC, will not have deposit insurance. Therefore, if you or your customer do not wish to have FFB Account funds deposited into any specific Insured Depository, you must identify those institutions to StoneCastle using the Insured Depository Exclusion Disclosure Form provided to you with the FFB Account opening documents. You are responsible for providing the completed Insured Depository Exclusion Disclosure form to StoneCastle. StoneCastle will not direct any of the applicable FFB Account fun...
FDIC Deposit Insurance. Subject to applicable regulations, your Card Account is insured by the Federal Deposit Insurance Corporation. When Deposits are Available for Withdrawal.
FDIC Deposit Insurance. We will place your funds at Priority Banks as your agent in a manner that enables up to $250,000 of your deposits or such other greater amount as may be disclosed to you by us from time to time to be eligible for FDIC insurance through the Program (such amount, the “Program Insurance Eligibility Limit”). From time to time, we may increase the amount of available FDIC insurance through the Program, and you will be notified of such an increase. Any other deposits you have at the Priority Banks outside of the Program may reduce FDIC insurance coverage of your deposits through the Program. Moreover, if you have designated one or more Priority Banks as ineligible to receive your funds, the amount of FDIC insurance for which your funds are eligible may be limited. The depositing of your funds into the Sub-Deposit Account may not increase your FDIC deposit insurance coverage, and may in fact reduce insurance coverage depending on any other deposits you may maintain at a Program Bank.
FDIC Deposit Insurance. Operation and Limitations Any Swept Deposits under the Program are deposited into FDIC-insured omnibus deposit accounts at the Program Banks that hold your and our other customers’ funds, and in which you will hold a beneficial interest. Your Swept Deposits are held in those Program Bank account(s) in a manner designed to provide you with FDIC insurance at each Program Bank. Stable, as your agent, allocates your Swept Deposits among the Program Bank accounts to seek to maximize FDIC deposit insurance coverage available under the Program. FDIC deposit insurance coverage is normally available for your Swept Deposits up to the FDIC standard maximum deposit insurance amount (“SMDIA”), which is currently $250,000 per legal category of account ownership at each participating Program Bank when aggregated with all other deposits held by you in the same Program Bank and in the same legal category of account ownership. Thus, the maximum amount of Swept Deposits eligible for FDIC insurance coverage would not exceed the SMDIA per legal category of account ownership multiplied by the number of participating Program Banks, less any funds that you may hold in a Program Bank outside of the Program in the same legal category of account ownership. However, Varo may instruct Stable to limit the total deposit for you at any Program Bank to an amount less than the maximum permitted amount of $250,000, with a view to providing a cushion for any interest earned on the Swept Deposit while at the Program Bank to be covered by FDIC deposit insurance. For example, based on the SMDIA of $250,000 per legal category of account ownership per Program Bank and an assumption that there are at least five (5) Program Banks eligible to receive your deposits through the Program, and provided that you do not have any funds on deposit at a Program Bank outside of the Program, your maximum insured Swept Deposits would be $1,225,000 per legal category of account ownership. Your coverage under the Program will be limited to the extent that you hold deposits directly, or through others, in the same recognized legal category of ownership at the same Program Banks as you hold deposits through the Program. The FDIC protects you against the loss of your insured Swept Deposits in the event a Program Bank fails. FDIC deposit insurance is backed by the full faith and credit of the United States. Specifically, FDIC deposit insurance coverage shall be available for your Swept Deposits up to the SMDIA, which ...
FDIC Deposit Insurance. Subject to applicable regulations, your Card Account is insured by the Federal Deposit Insurance Corporation. When Deposits are Available for Withdrawal. Deposits may be delayed until we have actually received the funds. During such delay, the fund’s value will not be available to the Cardholder. We reserve the right to accept or reject any request to deposit funds to the Card Account at our sole discretion.
FDIC Deposit Insurance. Subject to applicable regulations, your Card Account is insured by the Federal Deposit Insurance Corporation. When Deposits are Available for Withdrawal. Deposits may be delayed until we have actually received the funds. During such delay, the fund’s value will not be available to the Cardholder. We reserve the right to accept or reject any request to deposit funds to the Card Account, at our sole discretion. Use and Purpose of Card and Card Account. Authorization Holds. When you use your Card to pay for goods or services, certain merchants may ask us to authorize the transaction in advance and may estimate its final value. When we authorize the transaction, we commit to make the requested funds available when the transaction finally settles and may place a temporary hold on your Card’s funds for the amount indicated by the merchant. We also may add an amount for certain merchants to ensure that sufficient funds will be available to cover the final transaction. Transactions at certain merchants that authorize high dollar amounts, especially rental car companies and hotels, may cause an “authorization” or “hold” on your available balance for up to 30 days. Until the transaction finally settles or we determine that it is unlikely to be processed, the funds subject to the hold will not be available to you for other purposes. We will only charge your Card for the correct amount of the final transaction, however, and will release any excess amount when the transaction finally settles.
FDIC Deposit Insurance. The deposit accounts of the Bank are insured by the Savings Association Insurance Fund of the Federal Deposit Insurance Corporation to the maximum extent provided by law, and there has not occurred any act or default on the part of the Bank which could materially and adversely affect its status as an insured bank.
FDIC Deposit Insurance. Subject to applicable regulations, your Card Account is insured by the Federal Deposit Insurance Corporation. Use and Purpose of Card and Card Account.
FDIC Deposit Insurance. The FDIC protects the depositors of insured banks against loss of their deposits due to a bank failure. Accounts are eligible for FDIC pass-through deposit insurance if they meet certain requirements. The accounts are eligible only to the extent pass-through insurance is permitted by the rules and regulations of the FDIC, and if the requirements for pass-through insurance are satisfied. The FDIC insurance applies up to 250,000 USD per depositor and is dependent upon account ownership categories. FDIC’s deposit insurance coverage only protects against the failure of an FDIC insured depository institution.
FDIC Deposit Insurance. We will place your funds at Priority Banks as your agent in a manner that enables up to
