Balance Recognition Clause Samples
Balance Recognition. Under this authorization, funds are automatically withdrawn from your demand deposit Account and used to pay down your loan at Bank. Any funds in your deposit Account(s) are a deposit of Bank and will be insured by the FDIC to the extent of its deposit insurance limits. As to any swept funds, in the event of the failure of Bank, your reduced loan balance will be recognized by either the FDIC or a successor institution to Bank. MONEY MARKET SAVINGS SWEEP
Balance Recognition. Under this authorization, funds are automatically withdrawn from Third-Party Sender’s designated Account and used to pay down your loan at Bank. Any funds in your Account(s) are a deposit of Bank and will be insured by the FDIC to the extent of its deposit insurance limits. As to any swept funds, in the event of the failure of Bank, your reduced loan balance will be recognized by either the FDIC or a successor institution to Bank.