Expanded Bank Deposit Sweep Sample Clauses

Expanded Bank Deposit Sweep. The Expanded Bank Deposit Sweep is the primary Cash Sweep Vehicle for eligible customers. The Expanded Bank Deposit Sweep consists of interest bearing deposit accounts at affiliated and unaffiliated Program Banks. The Expanded Bank Deposit Sweep will provide up to $1.25 million in FDIC insurance ($2.5 million for joint accounts with two or more owners). You may, at any time, elect to exclude the unaffiliated Program Banks from the Expanded Bank Deposit Sweep. If you make this election, you will be in the Standard Bank Deposit Sweep and only two Affiliated Banks will receive your un-invested cash. You may not designate that Affiliated Banks be excluded from the Expanded Bank Deposit Sweep or exclude less than all of the unaffiliated Program Banks. Electing to exclude the unaffiliated Program Banks will result in your un- invested cash not being deposited into those banks or, if already deposited to those banks, we will withdraw your funds from those banks and deposit the funds with the Affiliated Banks in the Standard Bank Deposit Sweep. You will have less FDIC insurance coverage available if you choose to exclude the unaffiliated Program Banks and, if you have sweep deposits in excess of $500,000 ($1 million for joint accounts) you may have uninsured deposits at the Affiliated Banks through the Standard Bank Deposit Sweep. You need to contact us if you wish to change to the Standard Bank Deposit Sweep. Eligible customers may select the Standard Bank Deposit Sweep at account opening or subsequently at any time after the account is opened. Retirement accounts in discretionary advisory programs managed by the Clearing Firm are not eligible for the Expanded Bank Deposit Sweep. Standard Bank Deposit Sweep The Standard Bank Deposit Sweep is available as an alternative to the Expanded Bank Deposit Sweep. The Standard Bank Deposit Sweep consists of interest-bearing deposit accounts at two Program Banks affiliated with our Clearing Firm ("Affiliated Banks"). The Standard Bank Deposit Sweep will provide up to $500,000 in FDIC insurance ($1 million for joint accounts with two or more owners). Retirement accounts in discretionary advisory programs managed by the Clearing Firm are eligible only for the Standard Bank Deposit Sweep, thus for such accounts the primary Cash Sweep Vehicle is the Standard Bank Deposit Sweep. If you do not select a Cash Sweep Vehicle, un-invested cash balances will be placed in the FDIC-Insured Bank Deposit Sweep.
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Expanded Bank Deposit Sweep. We and the Program Banks benefit financially from cash balances held in the Expanded Bank Deposit Sweep. With respect to the Banks Affiliated with our Clearing Agent, profitability is determined in large part by the difference or "spread" between the interest they pay on deposits, and the interest or other income they earn on loans, investments, and other assets. Higher rates of interest than the rates credited by the Banks affiliated with our Clearing Agent on Expanded Bank Deposit Sweep deposits may be available outside of the Cash Sweep Program. The participation of the Banks affiliated with our Clearing Agent in the Expanded Bank Deposit Sweep is expected to increase their respective deposits and, accordingly, overall profits. This compensation is subject to change, and we may waive all or any part of this fee at any time without notice. With respect to the Unaffiliated Banks under the Expanded Bank Deposit Sweep Program, the financial benefits available to us may differ as between retirement accounts relative and non-retirement accounts. For retirement accounts (including IRAs), each unaffiliated Program Bank in the Expanded Bank Deposit Sweep program will pay us a uniform fee up to 79% of the Federal Funds Effective Rate of the average daily total retirement account deposit balances at that unaffiliated Program Bank. Because each unaffiliated Program Bank will pay us the same amount on retirement accounts, we have no incentive to make deposits with any particular unaffiliated Program Bank. In the case of non-retirement accounts, each affiliated and unaffiliated Program Bank in the Expanded Bank Deposit Sweep Program will pay us an amount not to exceed a percentage (equivalent to Federal Funds Target plus 30 basis points (0.30%)) of the daily total non-retirement deposit balances at that Program Bank, however the amount of that fee may vary from one Program Bank to the next. This amount includes our fee and interest payable to participating accounts in the Expanded Bank Deposit Sweep. This compensation is subject to change, and we may waive all or any part of this fee at any time without notice. In addition, certain of our employees, including financial professionals, may receive incentive compensation based in part on new assets in the Expanded Bank Deposit Sweep or the profitability of the Expanded Bank Deposit Sweep for the Affiliated Banks and their joint parent company, Xxxxx Fargo & Company. Under the Expanded Bank Deposit Sweep, Clearing Agent ...
Sample 1

Related to Expanded Bank Deposit Sweep

  • Initial Deposit On the Closing Date, the Depositor will deposit, or cause to be deposited, the Required Reserve Amount in the Reserve Account according to Section 4.1 of the Exchange Note Sale Agreement.

  • 217 Extension Deposits In the event of Contract Term Extension, Forest Service shall divide the difference between Current Contract Value as of the start of any Contract Term Extension and the credit balance of any deposit made pursuant to B4.213 by the number of whole months remaining in Normal Operating Season(s) within the extension period to determine the amount of each “Extension Deposit.” Purchaser shall make the initial Extension Deposit prior to Forest Service executing the contract modifica- tion. In response to Forest Service billing under B4.21, Purchaser shall make advance cash deposits. Such de- posits shall at least equal each Extension Deposit re- quired for each whole month remaining in Normal Operat- ing Season(s) during the extension period. Extension De- posits shall be due by the last day of each month during Normal Operating Season whether or not the volume that is covered by such deposits has been Scaled. Due dates for Extension Deposits during the exten- sion period may be delayed when Purchaser earns Con- tract Term Adjustment if Termination Date, as adjusted, results in one or more additional complete months within Normal Operating Season(s).

  • Operating Account To the extent funds are not required to be placed in a lockbox pursuant to any Loan Documents, Property Manager shall deposit all rents and other funds collected from the operation of the Property in a reputable bank or financial institution in a special trust or depository account or accounts for the Property maintained by Property Manager for the benefit of the Company (such accounts, together with any interest earned thereon, shall collectively be referred to herein as the “Operating Account”). Property Manager shall maintain books and records of the funds deposited in and withdrawals from the Operating Account. With funds from Company, Property Manager shall maintain the Operating Account so that an amount at least as great as the budgeted expenses for such month is in the Operating Account as of the first of each month. From the Operating Account, Property Manager shall pay the operating expenses of the Property and any other payments relative to the Property as required by this Agreement. If more than one account is necessary to operate the Property, each account shall have a unique name, except to the extent any Lender requires sub-accounts within any account. Within three (3) months after receipt by Property Manager, all rents and other funds collected in the Operating Account, after payment of all operating expenses, debt service and such amounts as may be determined by the Property Manager to be retained for reserves or improvements, shall be paid to the Company.

  • Mobile Deposit Service Pursuant to the terms of this Agreement, you may use the Service to deposit Items to your Account by creating an Image of the Item using a Mobile Device, and transmitting that Image to us for deposit. You may transmit Images to us only from a Mobile Device located in the United States.

  • Direct Deposit If you have arranged to have a direct deposit made to your account at least once every 60 days from the same source and you do not receive a receipt (such as a pay stub), you can find out whether or not the deposit has been made by calling (000) 000-0000. This does not apply to transactions occurring outside the United States.

  • Deposit Services 14.1.1 Deposit service implies opening of a deposit account upon the client’s (hereinafter the “depositor”) application and accrual of interest on the funds standing to the credit of such deposit account.

  • Mobile Deposit Security You will complete each deposit promptly. If you are unable to complete your deposit promptly, you will ensure that your mobile device remains securely in your possession until the deposit has been completed. It is your responsibility to establish and maintain procedures to safeguard against unauthorized deposits. You will notify us immediately by telephone with written confirmation if you learn of any loss or theft of original checks. You will ensure the safety and integrity of original checks from the time of receipt until the time of destruction. If warranted in our reasonable judgment, we may audit and monitor you, and you agree to cooperate with us to permit such monitoring, to confirm that you have satisfied your obligations under this Agreement.

  • Appointment Above Entrance Rate Subject to the Controller’s certification of available funds and procedures to be established by DHR, appointments may be made by an appointing officer at any step in the compensation grade under any of the following conditions:

  • Security Deposits The Owner hereby grants the Agent power to collect security deposits from the tenants on the Property. Returning said security deposit shall be the responsibility of the: (check one) ☐ - Agent for returning to vacating tenants. ☐ - Owner for returning to vacating tenants.

  • The Deposit The Tenant shall pay to Choose an item £0.00 (zero pounds) in cleared funds not less than 72 hours prior to the commencement of this Tenancy as a Deposit*. The Deposit to be held by the Choose an item as Stakeholder. At the end of the Tenancy the Landlord’s Agent shall return the Deposit to the Tenant subject to the rules set out in this Agreement. *Funds to include the first rental payments and the Deposit monies (if any) are required as cleared funds not less than 72 hours before the Landlord’s Agent is due to Complete this Tenancy Agreement. Upon the Landlord’s Agent Completing this Agreement it becomes legally binding on the parties. Payment can be made via our on-line payment facility, «D0000_11590_0#Property_Branding_Portal_U». Alternatively, please see Terms and Conditions for bank details. Please ensure you quote your unique ID «D4_1_0#Tenant_Reference_Number» when making any payments. In the event that funds should not be so received the Landlord is under no obligation to subsequently enter into this Tenancy Agreement.

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