Program Banks and the Program Bank List Sample Clauses

Program Banks and the Program Bank List. The Program Banks appear on the Program Bank List in the order in which the Deposit Accounts will be opened for the Account Owner and the Account Owner’s funds will be deposited. The Account Owner may not change the order of the Program Banks on the Program Bank List. However, the Account Owner may at any time designate a Program Bank as ineligible to receive the Account Owner’s funds by contacting the HSA Administrator at the phone number identified for such purpose on the HSA Website. If the Account Owner designates a Program Bank as ineligible, such Program Bank will be treated as having been removed from the Program Bank List as such list is applicable to the Account Owner. In addition, the Account Owner may at any time instruct the Custodian to remove the Account Owner’s funds from a Program Bank, close the Account Owner’s Deposit Account with the Program Bank and designate the Program Bank as ineligible to receive future deposits. In such case, the Account Owner’s funds from a closed Deposit Account will be deposited in Deposit Account at the next available Program Bank set forth on the Program Bank List. Under the Deposit Program, the Account Owner’s deposit limit for each Program Bank is $246,500.00 (the “Program Bank Deposit Limit”). Once the Account Owner’s Deposit Account balances reach the Program Bank Deposit Limit at a particular Program Bank, any additional deposits from the Account Owner will be allocated to Deposit Accounts at the next available Program Bank set forth on the Program Bank List. The Program Bank List may change from time to time. One or more of the Program Banks included on the Program Bank List may be replaced with a Program Bank not previously included on the Program Bank List, a Program Bank may be deleted from the Program Bank List or the order of Program Banks on the Program Bank List may change. Generally, the Account Owner will receive notification in advance of changes that result in the addition of a Program Bank to the Program Bank List or a change in the sequence of the Program Bank List. Under certain circumstances, such as if a Program Bank is no longer able to accept deposits for regulatory or other reasons, the Custodian may be unable to provide advance notice of changes to the Program Bank List. In such cases, the Custodian will provide notice as soon as practicable. Information regarding changes to the Program Bank List will be will be posted to the HSA Website or communicated to the Account Owner via email ...