Common use of Bank Failure Clause in Contracts

Bank Failure. The Federal Deposit Insurance Corporation (“FDIC”) requires us to disclose information to you on how your funds would be treated if a bank failure would occur. Funds that have been swept from an account(s) into the holding account at the bank will be treated as if they have not left the bank and will be insured up to the amount of the FDIC deposit insurance limit. Funds swept from the money market mutual fund to this account are deposits and will be insured up to the amount of the FDIC deposit insurance limit. Any funds in excess of the FDIC insurance limits will be treated as uninsured deposits. For funds still invested in the external money market mutual fund, you will be considered to have an ownership interest in shares in the money market mutual fund and such invested funds will either be available to your account the following business day or you will receive payment for the value of such shares in the money market mutual fund.