Common use of Not FDIC Insured Clause in Contracts

Not FDIC Insured. Under your money fund account agreement with Bank, funds are automatically swept to purchase and redeem shares of money market funds as ordered pursuant to terms of the agreement. Any funds in your deposit Account(s) are a deposit of the institution and will be insured by the FDIC to the extent of its deposit insurance limits. The funds that have been swept out of Bank into your money market mutual fund are not a deposit of the institution and are not FDIC insured. In the event of the failure of Bank, any funds that have been swept out of Bank into your money market mutual fund will not be swept back into Bank and will not be insured. Nor will such amounts be subject to claims by the FDIC as receiver to pay other depositors or creditors of Bank. Company agrees to prominently mark the item as “Electronically Presented” or “VOID” and to properly dispose of the item after fourteen (14) calendar days to ensure that it is not re-presented for payment. Company agrees never to re-present the item. Company will provide any retained item, or a sufficient copy of the front and back of the item, to Bank as requested to aid in the clearing and collection process, to resolve claims by third parties with respect to any item, or for Bank’s audit purposes. PERSONAL ACCOUNTS LINKED TO ONLINE BANKING