Customer Funds Account definition

Customer Funds Account the segregated bank account where we hold relevant funds corresponding to your Available Balance in accordance with the safeguarding provisions of the Electronic Money Regulations 2011;
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Customer Funds Account means any Deposit Account or Securities Account held in the name of Borrower or any Subsidiary for the purpose of holding cash or Cash Equivalents on behalf of and as a custodian of any Customers for purposes of making payments to employees and/or tax payments or payments of withholding taxes required under any applicable laws on behalf of such Customers, including those laws concerning F.I.C.A., F.U.T.A., and state disability.
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Customer Funds Account the segregated bank account where we hold relevant funds corresponding to your Available Balance in accordance with the safeguarding requirements of the EU 2015/2366 Directive (“PSD2”) “E-money” monetary value issued by us to your Account on receipt of funds on your behalf in our Customer Funds Account, equal to the amount of funds received;
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Examples of Customer Funds Account in a sentence

  • All relevant funds corresponding to your Available Balance are segregated from our funds and held in the Customer Funds Account in accordance with the safeguarding requirements of the Electronic Money Regulations 2011 by law.


More Definitions of Customer Funds Account

Customer Funds Account means one or more segregated bank accounts maintained by us separately from our own funds in accordance with Applicable Law;
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Customer Funds Account means any account set forth on Schedule 4.6(c) in which any Customer Funds are maintained, kept, credited or debited.
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Customer Funds Account means any account set forth onSchedule 4.6(c) in which any Customer Funds are maintained, kept, credited or debited. “Customer Funds Shortfall” has the meaning set forth in Section 10.6 below.
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Related to Customer Funds Account

  • Client Account means the unique personalized account of the Client consisting of all Completed Transactions, Open Positions and Orders on the Platform, the Balance of the Client money and deposit/withdrawal transactions of the Client money. It is understood that the Company may use the term Trading Account or Account on its Website or communications, which shall mean your Client Account.

  • Concentration Account has the meaning provided in Section 6.13(c).

  • Operating Account means a demand deposit account maintained at the Funding Bank in Borrower's name and designated for funding that portion of each Eligible Loan not funded by a Warehousing Advance made against that Eligible Loan and for returning any excess payment from an Investor for a Pledged Loan or Pledged Security.

  • Clearing Account has the meaning set forth in Section 2.7.1 hereof.

  • Project Account means the account referred to in Section 3.04 (a) of this Agreement;

  • Business Account means an Account used primarily for business purposes and not for personal, family, or household purposes.

  • Funding Account has the meaning assigned to such term in Section 4.01(h).

  • Deposit Account means a demand, time, savings, passbook or like account with a bank, savings and loan association, credit union or like organization, other than an account evidenced by a negotiable certificate of deposit.

  • Collection Account means the account designated as such, established and maintained pursuant to Section 5.1.

  • Clearing Account Agreement means that certain agreement relating to clearing account services by and among Mortgage Borrower, Lender and Clearing Account Bank, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, relating to the operation and maintenance of, and application of funds in, the Clearing Account.

  • Trading Account means the unique personified registration system of all Completed Transactions, Open Positions, Orders and deposit/withdrawal transactions in the Trading Platform.

  • Excluded Account means (a) any deposit account specifically and exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of any Loan Party’s employees and (b) any Xxxxx Cash Accounts.

  • Collection Accounts As defined in Section 3.10(a).

  • Billing Account is the checking account from which all Service fees will be automatically debited.

  • Disbursement Account means an account established and owned by Company and held at the Disbursement Institution against which wire transfers and ACH transfers are settled for payment of Loan Proceeds to Borrowers.