DEPOSIT NETWORK SERVICE ACKNOWLEDGEMENT Sample Clauses

DEPOSIT NETWORK SERVICE ACKNOWLEDGEMENT. By utilizing Services offered in partnership with a Partner Bank, your beneficial funds may be held at Partner Bank in an omnibus custodial account (“Omnibus Account”). In its ordinary course of business, Partner Bank may utilize a “Deposit Network Service” to deposit funds from the Omnibus Account into other FDIC insured banks (“Network Banks”). In the event funds from the Omnibus Account are deposited into Network Banks via the Deposit Network Service, Partner Bank will deliver funds to a custody bank (“Custodian Bank”) participating in the Deposit Network Service. In the event any of your beneficial funds from the Omnibus Account arrive at a Network Bank through a Deposit Network Service, they may be eligible for FDIC insurance, however, in the event you or Partner Bank have funds, either directly or indirectly, at any of the Network Banks, such deposit insurance coverage may be adversely affected, and the principal and any accrued interest may not benefit from FDIC insurance, even if the total amount deposited in that Network Bank through the Deposit Network Service is less than the Standard Maximum Deposit Insurance Amount, as then provided by the FDIC. In addition, in the event of a failure of a Network Bank, you may be requested to provide certain personal information for the purposes of processing a claim to seek the associated FDIC insurance. In the event you do not provide such information on a timely basis, it is possible the beneficial funds will not benefit from FDIC insurance. By utilizing the Services, to the extent applicable, you authorize Partner Bank to utilize a Deposit Network Service as described and acknowledge that any associated beneficial principal balance and any accrued interest may or may not benefit from FDIC insurance. The use of the Network Banks will not impact the timing or availability of funds for completing the ACH transactions under these Terms.
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DEPOSIT NETWORK SERVICE ACKNOWLEDGEMENT. By utilizing the services, your beneficial funds may be held at Bigkoko Group bank accounts in an escrow/omnibus custodial account (“Escrow/Omnibus account”) in ordinary course of business, Bigkoko Group Inc. may utilize a deposit network services” to deposit funds from the escrow/omnibus account into other FDIC insured banks (“Network Banks”). In the event funds from the escrow/omnibus account are deposited into network banks via the deposit network services, Bigkoko Group Inc. will deliver funds to custody bank (“custodian bank”) participating in the deposit network service. By utilizing the services, you authorize Bigkoko Group Inc. to utilize a deposit network service as described. if you do not agree to your finds being held by us at any commercial bank please immediately spend all the funds on your e- gift card. E-Gift Card funds are not FDIC insured.
Sample 1

Related to DEPOSIT NETWORK SERVICE ACKNOWLEDGEMENT

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