Common use of FDIC Deposit Insurance for FDIC-Recognized Categories of Account Ownership; Multi Clause in Contracts

FDIC Deposit Insurance for FDIC-Recognized Categories of Account Ownership; Multi. Tiered Fiduciary Relationships To ensure that your Program Deposits are protected by FDIC insurance to the fullest extent possible under the Program, you should understand how FDIC insurance applies to each FDIC-recognized category of account ownership. In general, the FDIC-recognized categories of account ownership include single ownership accounts; accounts held by an agent, escrow agent, nominee, guardian, custodian, or conservator; annuity contract accounts; certain joint ownership accounts; certain revocable trust accounts; among other types of accounts. The rules that govern these categories of account ownership are very detailed and very complex, and there are many nuances and exceptions. Complete information can be found at the FDIC’s regulations set forth at 12 C.F.R. Part 330. The FDIC’s regulations impose special requirements for obtaining pass-through FDIC insurance coverage, up to the standard maximum deposit insurance amount (SMDIA) (currently $250,000 for each FDIC- recognized category of account ownership), for multiple levels of fiduciary relationships. In these situations, in order for FDIC insurance coverage to pass through to the true beneficial owners of the funds, it is necessary (i) to expressly indicate, on the records of the insured depository institution that there are multiple levels of fiduciary relationships, (ii) to disclose the existence of additional levels of fiduciary relationships in records, maintained in good faith and in the regular course of business, by parties at subsequent levels, and (iii) to disclose, at each of the level(s), the name(s) and the interest(s) of the person(s) on whose behalf the party at the level is acting. No person or entity in the chain of parties will be permitted to claim that they are acting in a fiduciary capacity for others unless the possible existence of such a relationship is revealed at some previous level in the chain. If your Program Deposits are beneficially owned through multiple levels of fiduciary relationship, you must take steps to comply with these special requirements. For questions about FDIC insurance coverage, you may call the FDIC at 000-000-0000 or visit the FDIC’s web site at xxx.xxxx.xxx. You also may wish to utilize “XXXX The Estimator,” the FDIC’s electronic insurance calculation program, which is found at xxxxx://xxx.xxxx.xxx/xxxx/index.html. Other information regarding FDIC insurance coverage may be found at the “Deposit Insurance” section of the “Quick Links for Consumers & Communities” on the FDIC’s web site at xxxx://xxx.xxxx.xxx/quicklinks/consumers.html E. Withdrawals Withdrawals from your Program Deposits are made through SoFi Bank and cannot be made directly by you through Stable or any of the Receiving Banks. Funds from the Program Deposits will generally not be available to you until the following business day after you make the withdrawal request. In the event that SoFi Bank does not receive enough funds to cover your entire withdrawal request (if, for example, a Receiving Bank fails to send funds as instructed by the Custodian Bank (pursuant to Stable’s instructions) or a Receiving Bank is closed due to holidays or other events, such as a result of a Receiving Bank failure), the funding of all or a portion of your withdrawal requests could be further delayed. If SoFi Bank decides to advance funds to you in anticipation of a Program withdrawal, you will owe the amount of these funds to SoFi Bank, and SoFi Bank will retain from the funds received the amount that it advanced to you. If, in a separate agreement, you have granted SoFi Bank a security interest in your deposit accounts or other interests relating to your deposit accounts as collateral for a loan to you or otherwise, SoFi Bank may decline to honor a request for a Program Deposit withdrawal or a transaction that would give rise to such a withdrawal to the extent that such withdrawal would cause your balance in the Program to fall below the loan amount or other amount that you have agreed to maintain in your deposit accounts or to which the security interest applies. Federal banking regulations have, in the past, and may in the future, limit the transfers from MMDAs to a total of six (6) during a monthly statement cycle, and certain aggregation rules may apply to transfers from such accounts at the Receiving Banks. Receiving Banks may limit the number of withdrawals that you can make from your Program Deposits. SoFi Bank and the Receiving Banks may reserve the right to require you to provide written notice of your intention to make a withdrawal from the Deposit Accounts seven (7) days before the withdrawal is made. By permitting you to make a withdrawal from a Deposit Account without requiring seven (7) days’ notice, neither SoFi Bank nor any Receiving Bank is waiving this right to require the notice.

FDIC Deposit Insurance for FDIC-Recognized Categories of Account Ownership; Multi. Tiered Fiduciary Relationships To ensure that your Program Deposits are protected by FDIC insurance to the fullest extent possible under the Program, you should understand how FDIC insurance applies to each FDIC-recognized category of account ownership. In general, the FDIC-recognized categories of account ownership include single ownership accounts; accounts held by an agent, escrow agent, nominee, guardian, custodian, or conservator; annuity contract accounts; certain joint ownership accounts; certain revocable trust accounts; among accounts of a corporation, partnership, or unincorporated association; accounts held by a depository institution as the trustee of an irrevocable trust; certain irrevocable trust accounts; certain retirement and other types of employee benefit plan accounts; and certain accounts held by government depositors. The rules that govern these categories of account ownership are very detailed and very complex, and there are many nuances and exceptions. Complete information can be found at the FDIC’s regulations set forth at 12 C.F.R. Part 330. The FDIC’s regulations impose special requirements for obtaining pass-through FDIC insurance coverage, up to the standard maximum deposit insurance amount (SMDIA) then current SMDIA (currently $250,000 for each FDIC- FDIC-recognized category of account ownership), for multiple levels of fiduciary relationships. In these situations, in order for FDIC insurance coverage to pass through to the true beneficial owners of the funds, it is necessary (i) to expressly indicate, on the records of the insured depository institution that there are multiple levels of fiduciary relationships, (ii) to disclose the existence of additional levels of fiduciary relationships in records, maintained in good faith and in the regular course of business, by parties at subsequent levels, and (iii) to disclose, at each of the level(s), the name(s) and the interest(s) of the person(s) on whose behalf the party at the level is acting. No person or entity in the chain of parties will be permitted to claim that they are acting in a fiduciary capacity for others unless the possible existence of such a relationship is revealed at some previous level in the chain. If your Program Deposits are beneficially owned through multiple levels of fiduciary relationship, you must take steps to comply with these special requirements. For questions about FDIC insurance coverage, you may call the FDIC at 000-000-0000 or visit the FDIC’s web site at xxx.xxxx.xxx. You also may wish to utilize “XXXX The Estimator,” the FDIC’s electronic insurance calculation program, which is found at xxxxx://xxx.xxxx.xxx/xxxx/index.html. Other information regarding FDIC insurance coverage may be found at the “Deposit Insurance” section of the “Quick Links for Consumers & Communities” on the FDIC’s web site at xxxx://xxx.xxxx.xxx/quicklinks/consumers.html E. Withdrawals X. Xxxxxxxxxxx Withdrawals from your Program Deposits are made through SoFi Green Dot Bank and cannot be made directly by you through Stable or any of the Receiving BanksInstitutions. Funds from the Program Deposits will generally not be available to you until the following business day after you make the withdrawal requestrequest and subject to the funds availability rules and requirements specified in your Deposit Account Agreement with Green Dot Bank. In the event that SoFi Green Dot Bank does not receive enough funds to cover your entire withdrawal request (if, for example, a Receiving Bank fails Institutions fail to send funds as instructed by the Custodian Bank (pursuant to Stable’s instructions) or a Receiving Bank is Institutions are closed due to holidays or other events, such as a result of a Receiving Bank failure), the funding of all or a portion of your withdrawal requests could be further delayed. If SoFi delayed and if in such case Green Dot Bank decides to advance funds to you in anticipation of a Program withdrawal, you will owe the amount of these funds to SoFi Bank, Green Dot Bank and SoFi Green Dot Bank will retain from the funds received the amount that it advanced to you. If, in a separate agreement, you have granted SoFi Bank a security interest in your deposit accounts or other interests relating to your deposit accounts as collateral for a loan to you or otherwise, SoFi Bank may decline to honor a request for a Program Deposit withdrawal or a transaction that would give rise to such a withdrawal to the extent that such withdrawal would cause your balance in the Program to fall below the loan amount or other amount that you have agreed to maintain in your deposit accounts or to which the security interest applies. Federal banking regulations have, in the past, and may in the future, limit the transfers from MMDAs to a total of six (6) during a monthly statement cycle, and certain aggregation rules may apply to transfers from such accounts at the Receiving Banks. Receiving Banks may limit the number of withdrawals that you can make from your Program Deposits. SoFi Bank and the Receiving Banks may reserve the right to require you to provide written notice of your intention to make a withdrawal from the Deposit Accounts seven (7) days before the withdrawal is made. By permitting you to make a withdrawal from a Deposit Account without requiring seven (7) days’ notice, neither SoFi Bank nor any Receiving Bank is waiving this right to require the notice.