Pooled Accounts definition
Examples of Pooled Accounts in a sentence
As between the parties, and except as required by Law, you are responsible for reviewing your Transaction history for accuracy and completeness, and reconciling your Transaction history with the history of transfers from the Pooled Accounts to the User Bank Accounts.
If any or all Plan investment Accounts are Pooled Accounts, each Participant's Account has an undivided interest in the assets comprising the Pooled Account.
PayPal will obtain the funds first by debiting your funds in the Pooled Accounts or redeeming your shares in the Money Market Fund, if any.
By receiving payments through the Service, you appoint PayPal as your agent to cause the funds to be deposited on your behalf in the Pooled Accounts until you further instruct PayPal with respect to the transmission of your funds.
You agree that you will not receive interest or other earnings on the funds that PayPal handles as your agent and places in Pooled Accounts.
In addition to or instead of earning interest on Pooled Accounts, PayPal may receive a reduction in fees or expenses charged for banking services by the banks that hold your funds.
If you do carry a U.S. Dollar balance in your PayPal account and do not enroll in the PayPal Money Market Fund, PayPal will pool your funds together with funds from other Users, and will place those funds in accounts at one or more non-interest bearing FDIC-insured banks ("Pooled Accounts").
Pooled Budgets cannot be adjusted during the financial year and they will be merged into the Pooled Accounts but they will be recorded separately in the year-end accounts.
Interest rates applicable to the Pooled Accounts are set by the Banks and any interest on the Client Money of each Client will be paid only by the Banks.
Any Settlement Sum paid in respect of the Client on the next Settlement Date following withdrawal of the balance held in the Pooled Accounts, will be transferred directly to a designated account held in the Client’s own name on that Settlement Date.