FDIC Coverage. The parties are informed that the Federal Deposit Insurance Corporation (FDIC) coverage applies only to a maximum amount of One hundred thousand Dollars ($100,000) for each individual depositor, and that the Escrow Agent assumes no responsibility for any loss occurring which arises from the fact that the amount held by the Escrow Agent in any account may cause the aggregate amount of any individual depositor's accounts to exceed One hundred thousand Dollars ($100,000) and that the excess amount is not insured by the Federal Deposit Insurance Corporation.
FDIC Coverage. Savings and Checking Account balances at SoFi Bank are insured by the FDIC for up to standard maximum deposit insurance amount (currently $250,000 per depositor in the same ownership capacity). Additional information on the FDIC’s coverage amounts can be found at xxx.xxxx.xxx/xxxx.
FDIC Coverage. The Federal Deposit Insurance Corporation (“FDIC”) is an agency of the U.S. Government providing insurance against loss to depositors in U.S. banks and savings & loans. The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. The applicable FDIC insurance limit depends upon the ownership capacity in which you hold deposits, and the relevant limit will be applied to all deposits held in the same ownership capacity. Deposits held in different ownership capacities, as provided in FDIC rules, are insured separately. If you have questions regarding basic FDIC insurance coverage, please contact your representative at the Bank. You may also obtain information by contacting the FDIC, Deposit Insurance Outreach, Division of Supervision and Consumer Affairs, by letter (000 00xx Xxxxxx, XX, Xxxxxxxxxx X.X. 00000), by phone (000-000-0000 or 000-000-0000), by visiting the FDIC website at xxx.xxxx.xxx, or by e-mail using the FDIC’s On-line Customer Assistance Form available on its website. Cash deposited in the ICS Program is distributed to Participating Banks in a manner designed to enable the full amount of your ICS Program deposit to be FDIC-insured, without exceeding the applicable FDIC insurance limit at any one bank. In order to achieve this, you will be required to disclose to the Bank all U.S. banking institutions in which you hold deposits, their amounts, and their types (e.g., savings and checking accounts, money market deposit accounts and CDs). For example, if you have other deposits at the Bank held in the same right and legal capacity as your deposit in the ICS Program, the ICS Program will likely distribute little or none of your ICS Program deposit to the Bank. All your deposits at each Participating Bank will be aggregated for purposes of determining applicable FDIC coverage. If your total funds on deposit at any one Participating Bank exceed the applicable FDIC insurance limit, the FDIC will not insure your funds in excess of the limit. Therefore, it is very important for you to disclose all your existing bank deposits to the Bank and update such disclosures promptly in the event of any changes. Requests for transfers of cash from your Xxxxxxx account to your Transaction Account at the Bank submitted by 4:00 P.M. (Eastern Standard Time) will be deposited to Participating Banks by 2:00 P.M. the following business day. Between the time your cash leaves your Xxxxxxx account and the time deposits are c...
FDIC Coverage. Free Credit Balances swept to the Program Banks will be insured by the FDIC up to certain limits. The maximum available FDIC insurance coverage at any single insured depository institution per depositor, per account ownership category, is currently $250,000. The maximum FDIC coverage available at any single Program Bank will be reduced to the extent you hold other deposits, certificates of deposit, money market deposit accounts or other FDIC eligible products (collectively, “FDIC Eligible Assets”), in the same account ownership category (e.g., single account, joint account, etc.), at such Program Bank. Additional information on the FDIC’s account ownership categories and coverage amounts can be found at xxx.xxxx.xxx/xxxx. Please note that once SoFi Securities receives your funds, they will be aggregated with Free Credit Balances from other SoFi Money Customers and deposited into a single account (the “Clearing Account”), at one or more clearing banks designated by SoFi Securities (each, a “Clearing Bank”), in the name of SoFi Securities, for the benefit of SoFi Money Customers. Within two (2) Business Days after deposit at the Clearing Bank (in some cases sooner, depending on the timing and type of deposit), deposits will be swept to the Program Banks through the Clearing Bank and one or more intermediary depositary intuitions. While your Free Credit Balances are on deposit in the Clearing Account, and while such funds are in transit to and from the Program Banks, they will not be subject to SIPC coverage, and only the first $250,000 in aggregate deposits in each such account (which will include deposits from other SoFi Money Customers) will be subject to FDIC coverage. It is your responsibility to monitor the total amount of your FDIC Eligible Assets at each Program Bank to help you determine whether you have reached the maximum FDIC Eligible Assets eligible for FDIC deposit insurance coverage at each Program Bank. It is important to note that for purposes of calculating available FDIC insurance coverage, cash swept to a Program Bank under the SoFi Money Sweep Program will be added to any other FDIC Eligible Assets you may have on deposit at that Program Bank which are held in the same account ownership category (e.g., single account, joint account, etc.). Your Account statement will list your deposits at each Program Bank, however none of SoFi Securities, the Program Administrator nor any of the Program Banks is responsible for monitoring the total amoun...
