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.
View Source

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.

Related to Specialized Account

  • Collections Account has the meaning given to such term in Section 3.01(a) hereof.

  • AAVS Account means the account to which your Automatic Add Value Service is linked, as defined or specified in the relevant Application Form or such other account as notified to us by the Financial Institution or by the AAVS Account Holder from time to time;

  • frozen account means an account with a relevant institution which is held or controlled (directly or indirectly) by a designated person;

  • Authorized account means a deposit account of a customer in a bank designated by the customer as a source of payment of payment orders issued by the customer to the bank. If a customer does not so designate an account, any account of the customer is an authorized account if payment of a payment order from that account is not inconsistent with a restriction on the use of that account.

  • Medical savings account means an account exempt from federal income taxation pursuant to Section 220 of the United States Internal Revenue Code (26 U.S.C. § 220).