Program Banks. Each Program Bank is a separate FDIC-insured depository institution. You can obtain publicly available financial information for all Program Banks at the FDIC’s website at xxx.xxxx.xxx; or by contacting the FDIC Division of Depositor and Consumer Protection by letter at 000 00xx Xxxxxx, X.X., Xxxxxxxxxx, X.X. 00000-9990 or by phone at 000-000-0000. Neither Varo nor Stable guarantee the financial condition of any Program Bank, or the accuracy of any publicly available information concerning a Program Bank. You expressly consent to Varo, Stable and their service providers providing your customer account information to Program Banks for purposes of your involvement in the Program, as required by applicable law or FDIC regulations. The Program Bank accounts established by Xxxx as your agent constitute direct obligations of the Program Bank(s) and are not directly or indirectly an obligation of Varo or Stable. In the event a Program Bank rejects additional deposits, withdraws entirely, or is terminated from participation, then you hereby authorize and direct Varo, as your agent, to move, or direct Stable to move, your Swept Deposits to another FDIC-insured Program Bank. Under federal regulations, Program Banks may reserve the right to require seven (7) days’ notice before permitting a transfer of funds out of a money market deposit account. While the Program Banks have not indicated their intention to implement such a policy, a Program Bank may, at any time, choose to do so.
Program Banks. Each Program Bank is a separate FDIC-insured depository institution. You can obtain publicly available financial information for all Program Banks at the FDIC’s website at xxx.xxxx.xxx; or by contacting the FDIC Division of Depositor and Consumer Protection by letter at 000 00xx Xxxxxx, X.X., Xxxxxxxxxx, X.X. 00000-9990 or by phone at 000-000-0000. Neither Varo nor Stable guarantee the financial condition of any Program Bank, or the accuracy of any publicly available information concerning a Program Bank. You expressly consent to Varo, Stable and their service providers providing your customer account information to Program Banks for purposes of your involvement in the Program, as required by applicable law or FDIC regulations. The Program Bank accounts established by Xxxx as your agent constitute direct obligations of the Program Bank(s) and are not directly or indirectly an obligation of Varo or Stable. In the event a Program Bank rejects additional deposits, withdraws entirely, or is terminated from participation, then you hereby authorize and direct Varo, as your agent, to move, or direct Stable to move, your Swept Deposits to another FDIC-insured Program Bank. Under federal regulations, Program Banks may reserve the right to require seven (7) days’ notice before permitting a transfer of funds out of a money market deposit account. While the Program Banks have not indicated their intention to implement such a policy, a Program Bank may, at any time, choose to do so. Interest, Compensation, and Fees Interest: You will receive the interest rate as indicated in your Product Terms for each Sweep Account (as applicable). Any interest rate paid to you in your Sweep Accounts as part of the Program is determined pursuant to agreements with the Program Banks and is subject to change at any time. The interest rate on the Deposit Accounts is determined by the amount that Program Banks are willing to pay on the Deposit Accounts less any fees that may be paid to Stable and Varo as set forth below under “Compensation and Fees.” The interest rate may fluctuate daily. Interest will be accrued daily and posted monthly to the Program Bank account. Interest will accrue on deposits from the day they are received in investable form by the Program Bank through the business day preceding the date of withdrawal from the Program Bank. The “daily balance method” is used to calculate interest. This method applies a daily periodic interest rate to the principal in the account for...
Program Banks. Currently, First Horizon Bank participates in this FDIC Multi-Bank Program as a Program Bank. To the extent additional banks agree to participate in this FDIC Multi-Bank Program, Synapse will inform you of the additional Program Banks at least 30 days in advance of any additional bank coming onboard. If Synapse ends its relationship with a Program Bank, Synapse will inform you and will transfer your funds to another Program Bank or to your Account. Your continued participation in the FDIC Multi-Bank Program after being informed of any changes to the participating Program Bank(s) constitutes your acceptance of such changes and transfers.
Program Banks. Xxxxx that agree to accept funds into FDIC-insured deposit accounts through Betterment Cash Reserve. Neither Betterment, nor any of its affiliates, is a bank.
Program Banks. Xxxxx that agree to accept funds into FDIC-insured deposit accounts through Betterment Cash Reserve. Neither Betterment, nor any of its affiliates, is a bank. Sub-Account. A designated grouping of Assets within an Account that corresponds to a specific Goal. Each Goal corresponds to one Sub-Account.
