FDIC Deposit Insurance. Subject to applicable regulations, your Card Account is insured by the Federal Deposit Insurance Corporation. You may obtain information about the amount of money you have remaining in your card account by calling TransCard Customer Service at 0-000-000-0000; a charge may apply for balance inquiries that are made by telephone (see the Schedule of Fees and Charges). This information, along with a 60-day history of account transactions, is also available on- line at xxx.xxxxxxxxxxx.xxx You also have the right to obtain a 60-day written history of account transactions by calling 0- 000-000-0000 or by writing us at TransCard Customer Service, 0000 Xxxxxxx Xx., Ste 200, Chattanooga, TN 37421 (we may assess a fee for providing a written history of the account to you). When Deposits are Available for Withdrawal. Deposits may be delayed until we have actually received the funds. During such delay, the fund’s value will not be available to the Cardholder. We reserve the right to accept or reject any request to deposit funds to the Card Account, at our sole discretion. We will give only provisional credit until collection is final for any items, other than cash, we accept for deposit (including items drawn “on us”). Actual credit for deposits of, or payable in, foreign currency will be at the exchange rate in effect on final collection in U.S. dollars. We are not responsible for transactions by mail or outside depository until we actually record them. We will treat and record all transactions received after our “daily cut-off time” on a business day we are open, or received on a day we are not open for business, as if initiated on the next following business day that we are open. Our policy is to make funds from your cash and certain check deposits available to you on the first business day after the day we receive the actual funds. However, funds from electronic deposits will be available on the day we receive settlement for the deposit. For determining the availability of your deposits, every day is a business day, except Saturday, Sundays, and federal holidays. Our earliest cut-off is 4:00 PM CST. If you make a deposit before our cut-off hour on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after our cut-off hour or on a day we are not open, we will consider that the deposit was made on the next business day we are open.
FDIC Deposit Insurance. The funds in your Account will be deposited into Depository Accounts at the Insured Depositories along with funds from other FFB Depositors. The Account Custodian keeps records of how much each FFB Depositor has on deposit in each Insured Depository based on information supplied to the Account Custodian by StoneCastle. The amount of money that any FFB Depositor has on deposit in any single Insured Depository through its account in the FFB program will never exceed the insurance limits per depositor of the FDIC. Accordingly, each FFB Depositor will be entitled to FDIC insurance on all of its Account funds on deposit in each Insured Depository in the event of the failure of an Insured Depository unless insurance coverage is impacted by any money such Depositor holds at an Insured Depository outside of its account in the FFB program. If you or your customer have funds at an Insured Depository outside of the Account, the FDIC insurance coverage for such funds at the Insured Depository may be adversely affected. The Insured Depositories holding your money will be listed on your Account statement providing the amount of funds that you have on deposit in such Insured Depositories through the Account. Any amount by which the sum of your direct deposits at an Insured Depository outside of the Account plus the amounts that you have on deposit in such Insured Depository through the Account exceeds the applicable insurance limits will not have FDIC insurance. Therefore, if you or your customer does not wish to have Account funds deposited into any specific Insured Depository, you must identify those institutions using the Insured Depository Exclusion Disclosure form provided to you with the Deposit Agreement. You are responsible for providing the completed Insured Depository Exclusion Disclosure to StoneCastle. StoneCastle will not direct any of the applicable Account funds into any such Insured Depository that you have elected to exclude unless you notify StoneCastle in writing that such exclusion request is no longer in effect. Neither StoneCastle nor the Account Custodian or Sub-Custodians monitors or takes any responsibility for money you or your customer may have at an Insured Depository outside of the Account. You are solely responsible for monitoring your deposit insurance coverage at any Insured Depository to ensure that your funds at any Insured Depository do not exceed applicable insurance limits. Therefore, you should review the Insured Depositories holding...
FDIC Deposit Insurance. Operation and Limitations Any Swept Deposits under the Program are deposited into FDIC-insured omnibus deposit accounts at the Program Banks that hold your and our other customers’ funds, and in which you will hold a beneficial interest. Your Swept Deposits are held in those Program Bank account(s) in a manner designed to provide you with FDIC insurance at each Program Bank. Stable, as your agent, allocates your Swept Deposits among the Program Bank accounts to seek to maximize FDIC deposit insurance coverage available under the Program. FDIC deposit insurance coverage is normally available for your Swept Deposits up to the FDIC standard maximum deposit insurance amount (“SMDIA”), which is currently $250,000 per legal category of account ownership at each participating Program Bank when aggregated with all other deposits held by you in the same Program Bank and in the same legal category of account ownership. Thus, the maximum amount of Swept Deposits eligible for FDIC insurance coverage would not exceed the SMDIA per legal category of account ownership multiplied by the number of participating Program Banks, less any funds that you may hold in a Program Bank outside of the Program in the same legal category of account ownership. However, Varo may instruct Stable to limit the total deposit for you at any Program Bank to an amount less than the maximum permitted amount of $250,000, with a view to providing a cushion for any interest earned on the Swept Deposit while at the Program Bank to be covered by FDIC deposit insurance. For example, based on the SMDIA of $250,000 per legal category of account ownership per Program Bank and an assumption that there are at least five (5) Program Banks eligible to receive your deposits through the Program, and provided that you do not have any funds on deposit at a Program Bank outside of the Program, your maximum insured Swept Deposits would be $1,225,000 per legal category of account ownership. Your coverage under the Program will be limited to the extent that you hold deposits directly, or through others, in the same recognized legal category of ownership at the same Program Banks as you hold deposits through the Program. The FDIC protects you against the loss of your insured Swept Deposits in the event a Program Bank fails. FDIC deposit insurance is backed by the full faith and credit of the United States. Specifically, FDIC deposit insurance coverage shall be available for your Swept Deposits up to the SMDIA, which ...
FDIC Deposit Insurance. We will place your funds at Priority Banks as your agent in a manner that enables up to $250,000 of your deposits or such other greater amount as may be disclosed to you by us from time to time to be eligible for FDIC insurance through the Program (such amount, the “Program Insurance Eligibility Limit”). From time to time, we may increase the amount of available FDIC insurance through the Program, and you will be notified of such an increase. Any other deposits you have at the Priority Banks outside of the Program may reduce FDIC insurance coverage of your deposits through the Program. Moreover, if you have designated one or more Priority Banks as ineligible to receive your funds, the amount of FDIC insurance for which your funds are eligible may be limited. The depositing of your funds into the Sub-Deposit Account may not increase your FDIC deposit insurance coverage, and may in fact reduce insurance coverage depending on any other deposits you may maintain at a Program Bank.
FDIC Deposit Insurance. The deposit accounts of the Bank are insured by the Savings Association Insurance Fund of the Federal Deposit Insurance Corporation to the maximum extent provided by law, and there has not occurred any act or default on the part of the Bank which could materially and adversely affect its status as an insured bank. Section 3.35
