Transfer Sweep Program Sample Clauses

Transfer Sweep Program. Client hereby elects to participate in the Transfer Sweep Program (the “TSP”) as described in this section. By participating in the TSP, Client directs Betterment Securities to deposit, at such practical times as Betterment Securities shall determine, Eligible TSP Funds (as defined below) contributed to or received into the Account into an FDIC insured deposit account (a “TSP Deposit-Account”) at one or more participating banks (a “TSP Bank”). Funds eligible for the TSP are limited to funds arising in connection with deposits, withdrawals, dividends, or such other circumstances as Betterment Securities shall determine, in its sole discretion (“Eligible TSP Funds”). Eligible TSP Funds are typically, but not necessarily, free credit balances that are expected to be maintained in the Account for temporary periods while transfers or trades settle or when there has been a delay in completing transfers or trades. Betterment Securities shall sweep Eligible TSP Funds into a TSP Deposit- Account when practical, as determined by Betterment Securities in its sole discretion. Betterment Securities shall hold swept Eligible TSP Funds in a TSP Deposit-Account for such time periods as are practical, as determined by Betterment Securities in its sole discretion, while awaiting the settlement and/or completion of transactions. Betterment Securities shall withdraw swept Eligible TSP Funds from a TSP Deposit-Account when practical, as determined by Betterment Securities in its sole discretion, in anticipation of settlement and/or completion of transactions. TSP Deposit-Accounts do not bear interest and sweep funds held in the TSP do not earn interest. Although Betterment Securities will sweep Eligible TSP Funds into a TSP Deposit-Account at a TSP Bank, Client understands and agrees funds may only be accessed through the Program. Client understands and agrees that funds swept under the TSP, together with any non-TSP deposits Client may have at the same TSP Bank, which include deposits arising in connection with similar programs offered to Client by Betterment Securities, as well as savings and checking accounts, money market deposit accounts, and CDs issued directly to you by the TSP Bank, are insured by the FDIC, an independent agency of the U.S. government, up to a standard maximum amount in accordance with the rules of the FDIC. The applicable FDIC insurance limit depends upon the ownership capacity in which Client holds the TSP Deposit, and the relevant limit will be appl...
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