Program Bank definition

Program Bank. Barclays Bank PLC, as Program Bank, under the Program Credit Agreement.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Program Bank means any bank within the network of FDIC insured depository institutions that has agreed to accept deposits of Free Credit Balances from SoFi Securities as part of the Sofi Money Sweep Program and to pay interest on such deposits. SoFi Securities may in the future designate one of its affiliates as a Program Bank.

Program Bank means with respect to any SPCPC each liquidity provider and credit support provider for such SPCPC.

Examples of Program Bank in a sentence

• In the Expanded Bank Deposit Sweep, any available cash in excess of $248,000 will be deposited up to $248,000 at each other Program Bank.

• If you do not wish to establish a direct relationship with the bank, your funds will be transferred to another available Program Bank.

• Once your funds in a Deposit Account at any of the individual Program Banks reach 95% of the applicable FDIC insurance limit, any additional funds will be deposited at another Program Bank.

• If your total funds on deposit at any Program Bank exceed the applicable FDIC insurance limit, the FDIC will not insure your funds in excess of the limit.

• If a Program Bank no longer makes the Standard Bank Deposit Sweep or Expanded Bank Deposit Sweep available, you may establish a direct depository relationship with that bank, if the bank is accepting such relationships and subject to its policies and procedures with respect to maintaining deposit accounts.

• The Deposit Accounts established for The Program will be evidenced by a book entry on the account records of each such Program Bank.

• In the Expanded Bank Deposit Sweep, deposits from each account will be made initially at ▇▇▇▇▇ Fargo Bank, N.A. up to $248,000, and then any available cash in excess of $248,000 will be deposited up to $248,000 at each other Program Bank.

• If your total funds on deposit at any individual Program Bank exceed the maximum deposit insurance limit, the FDIC will not insure your funds in excess of the limit.

• Your Program Bank deposit accounts may not be transferred by you to another owner except by a change in ownership of your brokerage account.

• If the amounts deposited in The Program exceed the maximum deposit insurance limit, the excess funds will be deposited at a Program Bank and not be insured by the FDIC.

More Definitions of Program Bank

Program Bank means insured depository institution that is a liquidity provider or participant in the Program.

Program Bank means Community Federal Savings Bank or such other financial institution as notified to the Client from time to time that partners with Nium to provide the Services to the Client;

Program Bank means the FDIC-insured bank selected by MetaBank, as custodian, to hold the funds in your Spruce Spending Account.