Common use of Xxxxxxxx and FDIC Insurance Clause in Contracts

Xxxxxxxx and FDIC Insurance. Risks of the Program If you have money that is deposited at a Receiving Bank outside the Program (including indirectly through an intermediary, such as a broker-dealer), this may negatively impact the availability of FDIC insurance for the total amount of your funds held at that Receiving Bank. If your deposits at a Receiving Bank, in aggregate, exceed the then current SMDIA, the excess funds are not covered by FDIC deposit insurance. SoFi Bank, the Receiving Banks and Stable are unaware of your funds outside of the Program. As a result, those funds will not be taken into account when allocating your funds to a particular Receiving Bank. For example, the current SMDIA is $250,000 and if you have a non-Program deposit account at Bank A of $200,000 and you also have $60,000 in Program Deposits placed at that same bank in the same legal category of account ownership, only $250,000 of your $260,000 is insured by the FDIC. In this example, the remaining $10,000 is not insured by the FDIC and you may not receive those funds back in the event that bank fails and enters into receivership. SoFi Bank and Stable do not have any obligation to monitor your account or make recommendations about, or changes to, the Program that might be beneficial to you. As interest rates and other factors change, it may be in your financial interest to change your deposit instructions.

Xxxxxxxx and FDIC Insurance. Risks of the Program If you have money that is deposited at a Receiving Bank outside the Program (including indirectly through an intermediary, such as a broker-dealer), this may negatively impact the availability of FDIC insurance for the total amount of your funds held at that Receiving Bank. If your deposits at a Receiving Bank, in aggregate, exceed the then current SMDIA, the excess funds are not covered by FDIC deposit insurance. SoFi Bank, the Receiving Banks and Stable are unaware of your funds outside of the Program. As a result, those funds will not be taken into account when allocating your funds to a particular Receiving Bank. For example, the current SMDIA is $250,000 and if you have a non-Program deposit account at Bank A of $200,000 and you also have $60,000 in Program Deposits placed at that same bank in the same legal category of account ownership, only $250,000 of your $260,000 is insured by the FDIC. In this example, the remaining $10,000 is not insured by the FDIC and you may not receive those funds back in the event that bank a Receiving Bank fails and enters into receivership. SoFi Bank and Stable do not have any obligation to monitor your account or make recommendations about, or changes to, the Program that might be beneficial to you. As interest rates and other factors change, it may be in your financial interest to change your deposit instructions.