Examples of Receiving Banks in a sentence
Any movements of funds within the Program among Receiving Banks are executed by the Custodian Bank pursuant to instructions from Stable.
Neither Stable nor SoFi Bank will be able to modify the selection of Receiving Banks due to the needs of any particular customer.
Stable establishes Deposit Accounts at the Receiving Banks as agent on behalf of SoFi Bank and other Program participant institutions.
Once funds of customers are allocated, neither Stable nor SoFi Bank will be able to modify the selection of Receiving Banks due to the needs of any particular customer.
Receiving Banks may limit the number of withdrawals that you can make from your Program Deposits.
Federal banking regulations have, in the past, and may in the future, limit the transfers from MMDAs to a total of six (6) during a monthly statement cycle, and certain aggregation rules may apply to transfers from such accounts at the Receiving Banks.
Your account ownership will be evidenced by an entry on records maintained by SoFi Bank for each of the Receiving Banks at which your funds are on deposit.
You agree to indemnify, defend and hold Stable, SoFi Bank, and the Receiving Banks harmless from all actions, claims, liabilities, losses, costs, attorneys’ fees, and damages associated with their compliance with any process that such party believes reasonably and in good faith to be valid.
The Receiving Banks may be required by law to turn over (escheat) your Program Deposits to a state, typically your state of residence, based on account inactivity for a certain time period established by applicable state law.
You cannot specify an amount of funds to be allocated to specific Receiving Banks.