PC2 Bank Insured Funds Sample Clauses

PC2 Bank Insured Funds. SWST anticipates receiving fees based on your sweep account balance, including intercompany credits, and other financial benefits based on the amount of sweep funds on deposit with the Bank. SWST anticipates the Bank will receive a financial benefit from the use of sweep funds, such as net interest income. A portion of fees received may be paid to your Broker. The FDIC insures bank deposit accounts such as checking, interest-bearing checking and savings accounts, money market deposit accounts, and certificates of deposit (CDs) if an insured bank or savings association fails. Your bank deposits are generally insured up to $100,000 per account, while your XXX and other qualifying self-directed retirement funds on deposit are separately insured up to $250,000. The FDIC does not insure the money you invest in stocks, bonds, mutual funds, life insurance policies, annuities, or municipal securities, even if you purchased those products from an insured bank. Prior or additional bank accounts at the Bank may affect insurance coverage. If your funds on deposit exceed the applicable FDIC insurance limit of $100,000 ($250,000 for qualifying retirement accounts), the FDIC will not insure your funds in excess of the limit. Account balances in excess of $99,000 ($248,000 for qualifying retirement accounts) will be swept by SWST either to the CIP account or to a money market fund, dependent on the type of account. Additional information regarding FDIC coverage is available at xxx.xxxx.xxx. An interest-bearing bank deposit account, such as the PC2 Bank Insured Fund, is available only to individuals, certain non-profit organizations and to certain fiduciaries and trusts, provided that the beneficiaries are individuals or otherwise eligible. Accordingly, accounts in the name of business entities, including corporations, employee benefit plans, limited liability corporations and partnerships, are not eligible for a deposit account. A bank deposit account is also not available to clients with ERISA or XXX accounts participating in any of SWST’s investment advisory programs or accounts held by government entities. Interest on funds in a bank deposit account is accrued daily, compounded monthly and credited to your account monthly. Interest begins to accrue on the date of deposit in the Bank up to, but not including, the date of withdrawal. The daily balance method is used to calculate the interest on these accounts. The daily rate is 1/365 (or 1/366 in a leap year) of the inte...
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