Specialized Account definition
Specialized Account. A scholarship account funded by a tax-exempt organization described in section 501(c)(3) of the Code or trust and administered by FAME. In the case of a Specialized Account, recordkeeping and certain other services described in this Program Description are provided by the Program Manager or an affiliate thereof, and not by the Recordkeeping Agent, and the administration of a Specialized Account may differ in some respects from that generally applicable to Accounts as described in this Program Description.
Examples of Specialized Account in a sentence
The securities and cash held in an Account (other than a Specialized Account) are protected by the Securities Investor Protection Corporation (SIPC) for up to $500,000 (inclusive of up to a maximum of $250,000 cash).
SIPC protection does not apply to deposits made through a bank deposit program, to a Specialized Account or other Account not held by a broker-dealer, or to other assets that are not securities.