Common use of About Clause in Contracts

About. If you have opened a depository account (“Account”) with one of our partner financial institutions (“Partner Bank”) through a Platform, as disclosed to you in your Account agreement available through the Platform, your Account may be eligible to participate in a program designed to increase the FDIC insurance coverage for the funds held in your Account. We are offering you a service to increase the FDIC insurance coverage of your funds (“FDIC Multi-Bank Program”). In order to make the FDIC Multi-Bank Program available to you, Synapse acting as agent for your benefit will open custodial accounts (“FBO Accounts”) at one or more financial institutions participating in the FDIC Multi-Bank Program (each, a “Program Bank”), as well as a FBO Account with the Partner Bank. By opting into the FDIC Multi-Bank Program, you authorize Synapse, as your agent, to manage your Account balance in an effort to maximize your potential FDIC coverage by automatically originating ACH items to transfer funds between your Account, the FBO Account with the Partner Bank, and the FBO Accounts with the Program Banks. Synapse, as your Agent, will be performing the following services either independently or simultaneously in order to maximize your potential FDIC coverage. A. If your Account balance exceeds the FDIC insurance limit of $250,000.00, Synapse will automatically transfer the portion of your Account balance exceeding B. If your Account balance falls below the FDIC insurance limit of $250,000.00, Synapse will automatically originate an ACH item to transfer any surplus amounts from the FBO Accounts with the Program Bank to the FBO Account with the Partner Bank and then credit those funds to your Account until your Account balance reached $250,000.00 or you no longer have funds held at the Program Banks. C. If you submit payment instructions to the Platform for a transaction(s) amount(s) exceeding $250,000.00, Synapse will originate an ACH item to transfer any surplus amounts from the FBO Account(s) with the Program Bank(s) to the FBO Account with the Partner Bank and then credit those funds to your Account until your Account balance has sufficient balances to pay for transaction(s). After the transaction(s) has settled, Synapse will automatically perform the service detailed in section 1.B.