FDIC Deposit Insurance. Subject to applicable regulations, your Card Account is insured by the Federal Deposit Insurance Corporation. You may obtain information about the amount of money you have remaining in your card account by calling TransCard Customer Service at 0-000-000-0000; a charge may apply for balance inquiries that are made by telephone (see the Schedule of Fees and Charges). This information, along with a 60-day history of account transactions, is also available on- line at xxx.xxxxxxxxxxx.xxx You also have the right to obtain a 60-day written history of account transactions by calling 0- 000-000-0000 or by writing us at TransCard Customer Service, 0000 Xxxxxxx Xx., Ste 200, Chattanooga, TN 37421 (we may assess a fee for providing a written history of the account to you). When Deposits are Available for Withdrawal. Deposits may be delayed until we have actually received the funds. During such delay, the fund’s value will not be available to the Cardholder. We reserve the right to accept or reject any request to deposit funds to the Card Account, at our sole discretion. We will give only provisional credit until collection is final for any items, other than cash, we accept for deposit (including items drawn “on us”). Actual credit for deposits of, or payable in, foreign currency will be at the exchange rate in effect on final collection in U.S. dollars. We are not responsible for transactions by mail or outside depository until we actually record them. We will treat and record all transactions received after our “daily cut-off time” on a business day we are open, or received on a day we are not open for business, as if initiated on the next following business day that we are open. Our policy is to make funds from your cash and certain check deposits available to you on the first business day after the day we receive the actual funds. However, funds from electronic deposits will be available on the day we receive settlement for the deposit. For determining the availability of your deposits, every day is a business day, except Saturday, Sundays, and federal holidays. Our earliest cut-off is 4:00 PM CST. If you make a deposit before our cut-off hour on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after our cut-off hour or on a day we are not open, we will consider that the deposit was made on the next business day we are open.
FDIC Deposit Insurance. Your Sub-Deposit Accounts (including principal and accrued interest) are insured by the FDIC, an independent agency of the U.S. Government, up to $250,000 for all deposits held in the same insurable capacity as recognized by the FDIC at any one bank. According to the FDIC, no depositor has ever lost a xxxxx of FDIC-insured funds. Your funds become eligible for FDIC insurance immediately upon placement into your Sub- Deposit Account at a Priority Bank. Generally, any accounts or deposits that you maintain directly with a particular bank, or through any other intermediary, in the same insurable capacity in which the accounts or deposits are maintained would be aggregated with the accounts or deposits for purposes of the $250,000 Deposit Limit. You are responsible for monitoring the total amount of deposits that you hold with any one bank, directly or through an intermediary, in order to determine the extent of FDIC insurance coverage available to you on your deposits. Bank is not responsible for any insured or uninsured portion of any deposits. In the event a Priority Bank fails, your Deposit Account at that Priority Bank is insured, up to $250,000, for principal and interest accrued to the day the Priority Bank is closed. Under certain circumstances, if you become the owner of deposits at a Program Bank because another depositor dies, beginning six months after the death of the depositor the FDIC will aggregate those deposits for purposes of the $250,000 Deposit Limit with any other deposits that you own in the same insurable capacity at the bank. Examples of deposit accounts that may be subject to this FDIC policy include joint accounts, “payable on death” accounts and certain trust accounts. The FDIC provides the six-month “grace period” to permit you to restructure your deposits to obtain the maximum amount of deposit insurance for which you are eligible. In the event that FDIC deposit insurance payments become necessary, payments of principal plus unpaid and accrued interest will be made to Bank as your custodian. There is no specific time period during which the FDIC must make insurance payments available. Bank will not be obligated to you for amounts not covered by deposit insurance nor will Bank be obligated to make any payments to you in satisfaction of a loss you might incur as a result of a delay in insurance payouts. Bank will not be obligated to credit your account with funds in advance of payments received from the FDIC. Furthermore, you may be...
FDIC Deposit Insurance. Operation and Limitations Any Swept Deposits under the Program are deposited into FDIC-insured omnibus deposit accounts at the Program Banks that hold your and our other customers’ funds, and in which you will hold a beneficial interest. Your Swept Deposits are held in those Program Bank account(s) in a manner designed to provide you with FDIC insurance at each Program Bank. Stable, as your agent, allocates your Swept Deposits among the Program Bank accounts to seek to maximize FDIC deposit insurance coverage available under the Program. FDIC deposit insurance coverage is normally available for your Swept Deposits up to the FDIC standard maximum deposit insurance amount (“SMDIA”), which is currently $250,000 per legal category of account ownership at each participating Program Bank when aggregated with all other deposits held by you in the same Program Bank and in the same legal category of account ownership. Thus, the maximum amount of Swept Deposits eligible for FDIC insurance coverage would not exceed the SMDIA per legal category of account ownership multiplied by the number of participating Program Banks, less any funds that you may hold in a Program Bank outside of the Program in the same legal category of account ownership. However, Varo may instruct Stable to limit the total deposit for you at any Program Bank to an amount less than the maximum permitted amount of $250,000, with a view to providing a cushion for any interest earned on the Swept Deposit while at the Program Bank to be covered by FDIC deposit insurance. For example, based on the SMDIA of $250,000 per legal category of account ownership per Program Bank and an assumption that there are at least five (5) Program Banks eligible to receive your deposits through the Program, and provided that you do not have any funds on deposit at a Program Bank outside of the Program, your maximum insured Swept Deposits would be $1,225,000 per legal category of account ownership. Your coverage under the Program will be limited to the extent that you hold deposits directly, or through others, in the same recognized legal category of ownership at the same Program Banks as you hold deposits through the Program. The FDIC protects you against the loss of your insured Swept Deposits in the event a Program Bank fails. FDIC deposit insurance is backed by the full faith and credit of the United States. Specifically, FDIC deposit insurance coverage shall be available for your Swept Deposits up to the SMDIA, which ...
FDIC Deposit Insurance. Bank will place your funds at Priority Banks as your agent in a manner that enables up to $250,000 of your deposits or such other greater amount as may be disclosed to you by Bank from time to time to be eligible for FDIC insurance (such amount, the “Insurance Eligibility Limit”). From time to time, Bank may increase the amount of available FDIC insurance through the Program, and you will be notified by of such an increase. Any other deposits you have at the Priority Banks outside of the Program may reduce FDIC insurance coverage of your deposits through the Program. Moreover, if you have designated one or more Priority Banks as ineligible to receive your funds, the amount of FDIC insurance for which your funds are eligible may be limited. The depositing of your funds into the Sub-Deposit Account may not increase your FDIC deposit insurance coverage and may in fact reduce insurance coverage depending on any other deposits you may maintain at a Program Bank.
FDIC Deposit Insurance. The deposit accounts of the Bank are insured by the Bank Insurance Fund of the Federal Deposit Insurance Corporation to the maximum extent provided by law, and there has not occurred any act or default on the part of the Bank which could materially and adversely affect its status as an insured bank.
