Examples of Priority List in a sentence
If Banks on the Priority List have received your cash balances up to the Aggregate Deposit Limit, your next available cash balances (in excess of the Aggregate Deposit Limit) will be swept into a deposit account at one or more Excess Banks for one business day until those excess balances are invested in a money market mutual fund selected by Xxxxx.
As your agent, Xxxxx will sweep cash out of your Xxxxx Account and into a single Bank (the “Intermediary Receiving Bank”) and then immediately to the Banks on the applicable Priority List.
The Priority List of Banks into which your cash balances may be deposited under the Bank Sweep Feature is available on Xxxxx’x website, xxxxxxx.xxx/xxxxxxxxxx.
You can identify the Priority List applicable to you by your state of residence and/or, in some instances, by the type of account you maintain.
The cash is swept into an omnibus account held for the benefit of all Xxxxx clients whose assets are located at a given Bank on the Priority List.