RBC Insured Deposits Summary of Terms and Conditions
|
|
- Ariel McGee
- 6 years ago
- Views:
Transcription
1 RBC Insured Deposits Summary of Terms and Conditions A division of RBC Capital Markets, LLC, Member NYSE/FINRA/SIPC.
2 RBC Insured Deposits Summary of Terms and Conditions The following summary provides a general overview of the terms and conditions of RBC Insured Deposits (the Program ), a type of cash sweep option offered to you by RBC Capital Markets, LLC. This summary is provided for your convenience only and must be read in conjunction with the attached terms and conditions. General: Excluding retirement accounts (that is, accounts of any amounts subject to the prohibited transaction provisions of the Internal Revenue Code of 1986, including, but not limited to, an employee benefit plan, as defined in the Employee Retirement Income Security Act of 1974) ( Retirement Accounts ), if you choose to participate in the Program, available cash balances in your account at RBC Capital Markets, LLC ( Account ) are swept on a daily or weekly basis to deposit accounts at various banks ( Program Banks ), including, but not limited to, two RBC Capital Markets, LLC affiliates, RBC Bank Georgia, N.A. and City National Bank (the RBC Affiliate Banks ). If your deposit account balances exceed certain limits, as described herein, additional available cash balances in your Account will be automatically invested in shares of the RBC US Government Money Market Fund (the US Government Fund ) unless you select another available option. The US Government Fund is a money market fund managed by RBC Global Asset Management (U.S.) Inc., an affiliate of RBC Capital Markets, LLC. For Retirement Accounts, available cash balances are swept on a daily basis to deposit accounts at the RBC Affiliate Banks up to the applicable limits of Federal Deposit Insurance Corporation (the FDIC ) insurance coverage, as provided below, and amounts in excess of those limits will be automatically invested in shares of a money market fund which is not affiliated with RBC Capital Markets, LLC (an Unaffiliated Money Market Fund ) unless you select another available option. Your funds are withdrawn from the Program as needed to satisfy your purchases of securities and other debits in your Account. Please refer to Section II of the terms and conditions for more information regarding the operation of the Program. Based on the total amount of FDIC insurance coverage available through the Program, RBC CM has established a limit on the amount of your available cash balances that will be deposited in each Program Bank (the Deposit Threshold ). Interest: Your funds will earn interest while in the deposit accounts at the Program Banks. The interest rate you earn on deposits will vary and is described in more detail in Section III of the terms and conditions. At any time, you may look up the rate of interest earned by your funds in the deposit accounts through your online Account access. Please refer to Section XII of the terms and conditions for the website applicable to your Account. FDIC Deposit Insurance Coverage: Your funds in the deposit accounts at the Program Banks will be eligible for insurance by the FDIC up to $250,000 per depositor, subject to aggregation with all other deposits held by you in the same insurable capacity at each Program Bank. Based on the number of Program Banks, the Program is intended to provide you with potential FDIC deposit insurance coverage of up to $5,000,000 ($10 million for accounts held jointly by two or more persons) per depositor, per insurable capacity (the Total Program Coverage ), though the Total Program Coverage is subject to change as further described below. Deposit accounts in Accounts you hold in the same insurable capacity (e.g., individual, joint, IRA, etc.) will be aggregated for purposes of the Total Program Coverage. FDIC Deposit Insurance Coverage for Retirement Accounts: Cash balances in Retirement Accounts will be deposited up to $249,000 with each of the RBC Affiliate Banks, for a total of $498,000 in FDIC insurance coverage ( Retirement Account Coverage ) unless you elect to designate one or both of the RBC Affiliate Banks as ineligible to receive your funds, in which case the applicable Retirement Account Coverage will be reduced by $249,000 for each RBC Affiliate Bank you designate as ineligible. The Retirement Account Coverage is based on the deposit capacity of the RBC Affiliate Banks. The Total Program Coverage is based on the deposit capacity of the available Program Banks and the number of Program Banks, if any, you have designated as ineligible to receive your funds. Please refer to Section II of the terms and conditions for more information on the Total Program Coverage and factors that may impact it. FDIC insurance protects your funds in the deposit accounts in the event of the failure of any of the Program Banks. Any other deposits you may hold at any of the Program Banks will reduce the FDIC insurance coverage available for your funds in the Program, so you should monitor any such holdings carefully. You are responsible for monitoring the total amount of deposits that you have with each Program Bank in order to determine the extent of FDIC deposit insurance coverage available to you. Please refer to Section V of the terms and conditions for more information on FDIC insurance. Funds in Excess of the Total Program Coverage: If your deposit account balances in the Program reach the Total Program Coverage, funds in excess of the Total Program Coverage will be automatically invested in shares of the US Government RBC CAPITAL MARKETS, LLC, MEMBER NYSE/FINRA/SIPC Page 1 of 14
3 Fund unless you select another available option. Please see the Automated Sweep Investment section of the Client Account Agreement for more information regarding investments in the US Government Fund. Investments in the US Government Fund are not covered by FDIC insurance. However, shares of the US Government Fund held in your Account are covered by the Securities Investor Protection Corporation (SIPC) up to applicable limits. You may access the most recent US Government Fund prospectus by accessing Please refer to Section II of the terms and conditions for more information. Funds in Excess of the Retirement Account Coverage for Retirement Accounts: For Retirement Accounts, account balances in excess of the Retirement Account Coverage amount will be automatically invested in shares of an Unaffiliated Money Market Fund. Investments in an Unaffiliated Money Market Fund are not covered by FDIC insurance. However, shares of the Unaffiliated Money Market Fund are covered by SIPC up to applicable limits. You may access the most recent applicable Unaffiliated Money Market Fund prospectus by contacting your investment professional. Other Information: You should review the entire attached terms and conditions carefully for additional information regarding the Program, including how to obtain information about SIPC coverage (Section VI), a description of the fees paid to RBC Capital Markets, LLC, or other parties under the Program (Section VII), and benefits that RBC Capital Markets, LLC and its affiliated Program Banks receive through the Program (Section VIII). RBC Insured Deposits Terms and Conditions I. INTRODUCTION AND OVERVIEW RBC Insured Deposits (the Program ) is offered as a cash sweep option for eligible accounts. Eligible accounts (the Accounts ) are those opened directly with RBC Capital Markets, LLC, including its RBC Wealth Management division; accounts opened through broker-dealers for which the RBC Correspondent Services division of RBC Capital Markets, LLC acts as clearing broker; and accounts for which the RBC Advisor Services division of RBC Capital Markets, LLC provides custody and execution services for the clients of third party investment advisors (RBC Capital Markets, LLC and its divisions are collectively referred to as RBC CM ). The Program automatically deposits available cash balances in the Accounts into interest bearing Federal Deposit Insurance Corporation ( FDIC ) insured deposit accounts (the Deposit Accounts ) established by RBC CM at certain eligible depository institutions (the Program Banks ), including, but not limited to, two RBC CM affiliated Program Banks, RBC Bank Georgia, N.A. ( RBC Bank ) and City National Bank ( City National ). Clients of introducing brokers that clear transactions through RBC Correspondent Services or clients of RBC Advisor Services may be directed to a different group of Program Banks. Additional disclosure on the participating Program Banks will be made, as required, to these clients. Program Bank participation, including that of our affiliated Program Banks, RBC Bank and City National, will be subject to each Program Bank s eligibility to participate in the Program. A list of the names and location of the Program Banks will be provided through your online Account access on the website you use to access your Account information. For a list of the applicable website addresses, please see Section XII of these terms and conditions. Accounts subject to the prohibited transaction provisions of the Internal Revenue Code of 1986, including an employee benefit plan as defined in the Employee Retirement Income Security Act of 1974, ( Retirement Accounts )participating in the Program will have cash balances directed to only RBC CM affiliate banks, RBC Bank and City National. Your funds in the Deposit Accounts at the Program Banks will be insurable by the FDIC up to $250,000 per depositor, subject to aggregation with all other deposits held by you in the same insurable capacity at each Program Bank. You should read carefully the section of this document titled FDIC Deposit Insurance Coverage, which describes the amount of coverage that may be available to you. These terms and conditions regarding the Program supplement the Client Account Agreement that governs your Account(s). For purposes of these terms and conditions, we or our refers to RBC CM or one of its divisions, and you and your refer to the client. Please see your Client Account Agreement for additional provisions regarding governing law, arbitration, and other important provisions. The Client Account Agreement governs your relationship with RBC CM, except that in the event of a conflict with these terms and conditions, these terms and conditions will control. If your Account was opened through the RBC Correspondent Services division, you may be subject to a different or additional client account agreement between you and the introducing broker. RBC CAPITAL MARKETS, LLC, MEMBER NYSE/FINRA/SIPC Page 2 of 14
4 II. HOW THE PROGRAM WORKS A. ELIGIBILITY AND WITHDRAWAL FROM THE PROGRAM The Program is available to individuals, trusts (so long as all beneficiaries of the trust are eligible), and entities organized to make a profit, such as corporations, partnerships, associations, business trusts, and other organizations ( For Profit Entities ). Custodial accounts are eligible for the Program if each beneficiary is eligible. Please consult your investment professional for details concerning eligibility. RBC CM may in its discretion deem a person to be ineligible for the Program if it becomes aware that the person is prohibited by banking regulations from participating in the Program. RBC CM or you may, in its or your sole discretion, terminate your participation in the Program. Please see section XI of the terms and conditions and your Client Account Agreement for additional information about changing cash sweep options. B. GENERAL OPERATION Under the Program, RBC CM has established Deposit Accounts consisting of (1) a transaction account, which includes either a negotiable order of withdrawal account or a demand deposit account (the negotiable order of withdrawal account and demand deposit account are collectively referred to herein as Transaction Account ), and (2) a related money market deposit account ( MMDA ) at each Program Bank. Upon your election of the Program and after we complete our normal processing of your request, available cash balances in your Account will be automatically deposited into Deposit Account(s) at one or more of the Program Banks. Unless your Account is a Standard Account or Standard Checking Account, available cash balances will be swept to Deposit Accounts on a daily basis. Based on the total amount of FDIC insurance coverage available through the Program, RBC CM has established a limit on the amount of your available cash balances that will be deposited in each Program Bank (the Deposit Threshold ). The current Deposit Threshold for each client at each Program Bank is $249,000 for Deposit Accounts held individually and IRAs, and $498,000 for Deposit Accounts held jointly by two or more persons. All Deposit Accounts established for trust accounts will be treated by RBC CM as individual accounts for purposes of applying the Deposit Threshold. If the Maximum Applicable Deposit Insurance Limit (as defined in Section V, FDIC Deposit Insurance Coverage ) changes, RBC CM may change the Deposit Threshold without prior notice to you. You will be informed of such change through a confirming letter, an entry on your RBC CM account statement or by other means. If a change to the Deposit Threshold results in your Deposit Account balances at a Program Bank exceeding the new Deposit Threshold, amounts over the new Deposit Threshold will be withdrawn from your Deposit Accounts at that Program Bank and deposited into Deposit Accounts at other available Program Banks in accordance with order of priority set forth below. C. DEPOSIT PROCEDURES When cash becomes available in your Account for reasons such as a deposit of funds, dividend and interest payments, or the sale of a security, RBC CM, as your agent, will deposit your available cash balances at the Program Banks in the order of priority set forth below. Please note, the order of priority applicable to Accounts owned by For Profit Entities differs from the order of priority for all other Accounts. The order of priority for Retirement Accounts will also differ as deposits are only allocated to RBC CM affiliated Program Banks, RBC Bank and City National. Deposits will generally be made into the MMDA at a Program Bank. However, we may make deposits into the Transaction Account at a Program Bank as described below under Withdrawal Procedures. Each Program Bank may, in its discretion, determine a minimum amount to be maintained in the Transaction Account at the Program Bank to satisfy debits in your Account, and funds may be transferred from the MMDA at the Program Bank to the related Transaction Account to maintain the minimum balance. Transfers from the MMDA to the Transaction Account and withdrawals from the Transaction Account and MMDA are discussed below under Withdrawal Procedures. If, as a result of credited interest on your Deposit Accounts at a Program Bank, your Deposit Account balances at that Program Bank exceed the Deposit Threshold, amounts over the Deposit Threshold will be withdrawn from your Deposit Accounts at that Program Bank and deposited into Deposit Accounts at other available Program Banks up to the Deposit Threshold at each Program Bank in the order of priority set forth below. Order of Priority for Deposits. For Accounts not owned by For Profit Entities, deposits will first be made into Deposit Accounts established at the two RBC CM affiliated Program Banks, RBC Bank and City National, up to the Deposit Threshold at each affiliated Program Bank. Next, for Accounts other than Retirement Accounts, additional available cash balances will be deposited into Deposit Accounts at unaffiliated Program Banks with committed deposit balances (as described below) up to the Deposit Threshold at each Program Bank. Finally, RBC CAPITAL MARKETS, LLC, MEMBER NYSE/FINRA/SIPC Page 3 of 14
5 additional available cash balances will be deposited into Deposit Accounts at other unaffiliated Program Banks up to the Deposit Threshold at each Program Bank by applying a nondiscretionary algorithm for allocating deposits. For Accounts owned by For Profit Entities, deposits will first be made into Deposit Accounts at unaffiliated Program Banks with committed deposit balances (as described below) up to the Deposit Threshold at each Program Bank. Next, additional available cash balances will be deposited into Deposit Accounts at other unaffiliated Program Banks up to the Deposit Threshold at each Program Bank by applying a nondiscretionary algorithm for allocating deposits. Available cash balances in Accounts owned by For Profit Entities will not be deposited into Deposit Accounts at affiliated Program Banks. For Retirement Accounts, available cash balances are swept only to Deposit Accounts at RBC affiliated Program Banks, RBC Bank and City National, up to the applicable Deposit Thresholds. Pursuant to the priority order of Program Banks described above, your deposits may be allocated to one or more Program Banks. If the current deposit capacity of a Program Bank is less than the Deposit Threshold, deposits will be made into Deposit Accounts up to the Program Bank s current deposit capacity. As a result, your Deposit Account balances at a Program Bank may not reach the Deposit Threshold before deposits are made into Deposit Accounts at the next Program Bank in the order of priority. You may have Deposit Account balances at multiple Program Banks even if your total Deposit Account balances through the Program are less than the Deposit Threshold. Program Banks with Committed Deposit Balances. RBC CM may enter into agreements with certain Program Banks that establish committed deposit balances. In such instances, RBC CM will deposit your available cash balances into Deposit Accounts at these Program Banks to meet their committed deposit balances before depositing your available cash balances into Deposit Accounts at Program Banks that have not established committed deposit balances. A Program Bank receiving these deposits may pay a higher fee to RBC CM. The committed deposit balances will have no impact on your ability to withdraw funds from your Account. RBC CM may be required to pay Program Banks a fee in the event that a committed deposit balance is not maintained for a specified period of time. RBC CM will bear sole responsibility for paying any such fee, and you will not be charged any additional fee. Nondiscretionary Algorithm for Allocating Deposits. Excluding Retirement Accounts, which will only have deposits directed to affiliated Program Banks, RBC Bank and City National, and deposits to Program Banks with committed deposit balances, the Program uses an algorithm licensed from a third party to allocate deposits among the remaining Program Banks so as to maximize potential FDIC insurance coverage of your Deposit Accounts. The algorithm is mathematical and nondiscretionary, and allocates deposits to Program Banks based on each Program Bank s current deposit balances compared to such Program Bank s target deposit balances, without regard to rates or fees. Program Banks with smaller percentages of their targets are filled before Program Banks with higher percentages of their targets are filled, taking into consideration the account type (accounts that can be aggregated and those that cannot be) and opt out information at the account level (since you may opt out of Program Banks). The algorithm allocates deposits to each Program Bank based upon a minimum, maximum and target balance set by each Program Bank. Excluding Retirement Accounts, once available cash balances from an Account are deposited into Deposit Accounts at a particular Program Bank, the algorithm will reallocate those deposits to other Program Banks when (1) you designate a Program Bank as ineligible or a Program Bank ceases to participate in the Program; (2) a Program Bank changes its target balance; (3) the Program allocates deposits among Program Banks to meet maximum and target balances set by the Program Banks; (4) funds are moved from a Program Bank to avoid exceeding restrictions under applicable law on the maximum number of automated withdrawals that can be made during any month. Total Program Coverage. Excluding Retirement Accounts, based on the number of Program Banks, the Program is intended to provide you with potential FDIC deposit insurance coverage of up to $5,000,000 ($10 million for accounts held jointly by two or more persons) per depositor, per insurable capacity (the Total Program Coverage ), though the Total Program Coverage is subject to change as further described below. Deposit Account balances in Accounts you hold in the same insurable capacity (e.g., individual, joint, IRA, etc.) will be aggregated for purposes of the Total Program Coverage. The Total Program Coverage is based on the deposit capacity of the available Program Banks and the number of Program Banks, if any, you have designated as ineligible to receive your funds. In the event one or more Program Banks are no longer willing or able to accept deposits, the Total Program Coverage may be reduced. Therefore, the Total Program Coverage for your Deposit Accounts will be the lesser of $5,000,000 ($10 million for accounts held RBC CAPITAL MARKETS, LLC, MEMBER NYSE/FINRA/SIPC Page 4 of 14
6 jointly by two or more persons) or the current deposit capacity of the Program Banks available to accept your funds, up to a maximum of $249,000 per Program Bank ($498,000 for accounts held jointly by two or more persons). If you designate a Program Bank as ineligible to receive your funds, the Total Program Coverage available on your Deposit Accounts will be determined by the current deposit capacity of the Program Banks you have not designated as ineligible, up to $249,000 ($498,000 for accounts held jointly by two or more persons) per Program Bank. We will provide you with notice of a change in the Total Program Coverage due to Program Bank capacity constraints. You will be informed of such change by letter, an entry on your RBC CM account statement or by other means. Retirement Account Coverage. Cash balances in Retirement Accounts will be deposited only with RBC Bank and City National up to the Deposit Threshold at each affiliate bank and will be eligible for up to $498,000 of FDIC insurance coverage ( Retirement Account Coverage ), provided you do not designate one or both of RBC Bank and/ or City National as ineligible to receive your funds. Funds in Excess of the Total Program Coverage. If your Deposit Account balances at the Program Banks reach the Total Program Coverage, additional available cash balances will be automatically invested in shares of the US Government Fund. If, as a result of credited interest on your Deposit Accounts, your Deposit Account balances at all of the Program Banks exceed the Total Program Coverage (as defined below), amounts over the Total Program Coverage will be withdrawn and automatically invested in shares of the US Government Fund. For Retirement Accounts, balances in excess of the Retirement Account Coverage will be automatically invested in shares of a money market fund not affiliated with RBC CM (an Unaffiliated Money Market Fund ). Investments in the US Government Fund and an Unaffiliated Money Market Fund are not covered by FDIC insurance. However, shares of the US Government Fund and an Unaffiliated Money Market Fund held in your Account are covered by Securities Investor Protection Corporation (SIPC) up to applicable limits. Please see the Automated Sweep Investment section of the Client Account Agreement for more information regarding the operation of your investment in the US Government Fund or an Unaffiliated Money Market Fund and how the appropriate share class of the US Government Fund is determined for your Account(s). You may access the most recent US Government Fund prospectus by accessing Allocation Methodology for Multiple Accounts Held in the Same Insurable Capacity. As noted above, Deposit Account balances in Accounts you hold in the same insurable capacity (e.g., individual, joint, IRA, etc.) will be aggregated for purposes of the Total Program Coverage. If you have two or more Accounts in the same insurable capacity, RBC will utilize an allocation methodology to determine the amount of each Account s Program balances that will be deposited in Deposit Accounts at the Program Banks and will be invested in shares of the US Government Fund, or, in the case of Retirement Accounts, an Unaffiliated Money Market Fund, on any business day on which any of the Accounts has available cash balances to be swept and your Deposit Account balances have reached, or would reach as a result of the deposit of the available cash balances, the Total Program Coverage. The application of this allocation methodology will result in each Account having shares of US Government Fund or, where applicable, each Retirement Account having shares of an Unaffiliated Money Market Fund that reflects the Program balance in the Account as a percentage of the aggregate Program balances for all Accounts, after accounting for the day s activity. Please note, the allocation methodology will not be applied on any business day on which the sole activity in the Accounts are withdrawals. As a result, if withdrawals in one or more Accounts on any business day reduce the total Deposit Account balances below the Total Program Coverage, we will not liquidate shares of the US Government Fund or an Unaffiliated Money Market Fund and deposit the funds in Deposit Accounts in order to bring the total Deposit Account balances up to the Total Program Coverage. Funds will be deposited in Deposit Accounts only on business days on which any of the Accounts has available cash balances to be swept and the Total Program Coverage has not been reached. In order for each Account to have shares of the US Government Fund or an Unaffiliated Money Market Fund that reflect the Program balance in the Account as a percentage of the aggregate Program balance for all Accounts, we may be required to withdraw funds that were on deposit at a Program Bank from your Deposit Accounts held through one or more Accounts and invest those funds in shares of the US Government Fund or an Unaffiliated Money Market Fund. The following example illustrates the allocation methodology. In this example, the customer holds three Accounts in an individual insurable capacity, with the following balances: RBC CAPITAL MARKETS, LLC, MEMBER NYSE/FINRA/SIPC Page 5 of 14
7 Account Account #1 $3,000,000 Account #2 $1,000,000 Account #3 $1,000,000 Deposit Account Balances $5,000,000 On the next business day, Account #1 has a deposit of $100,000, Account #2 has a withdrawal of $50,000, and Account #3 has a deposit of $65,000. Taking into account the results of that day s activity, the allocation methodology will determine each Account s percentage share of the aggregate Program balances by dividing the Account s Program balance by the aggregate Program balances of all Accounts. This percentage will then be used to determine the amount of shares of the US Government Fund to be purchased by the Account so that the Account has shares of the US Government Fund that reflect the Program balance in the Account as a percentage of the aggregate Program balance for all Accounts. Aggregate Program Balances Including Daily Activity Percentage Share of Total Program Balances Account #1 $3,100, % $69, Account #2 $950, % $21, Account #3 $1,065, % $23, $5,115, % $115,000 Per-Account Allocation to US Government Fund In this example, the allocation methodology would require us to withdraw $21, from Deposit Account balances in Account #2 and invest those funds in shares of the US Government Fund. Aggregate Program Balances Including Daily Activity Per Account Allocation to US Government Fund Amount Withdrawn from Deposit Accounts and Invested in US Government Fund Shares Deposit Account Balances after Allocation to US Government Fund Account #1 $3,100,00 $69, $3,030, Account #2 $950,000 $21, $21, $928, Account #3 $1,065,000 $23, $1,041, $5,115,000 $115,000 21, $5,000,000 Please note that this allocation methodology will not be applied on any business day on which the sole activity in the Accounts are withdrawals. As a result, if withdrawals in one or more Accounts on any business day reduce the total Deposit Account balances below the Total Program Coverage, we will not liquidate shares of the US Government Fund and deposit the funds in Deposit Accounts in order to bring the total Deposit Account balances up to the Total Program Coverage. Funds will be deposited in Deposit Accounts only on business days on which any of the Accounts has available cash balances to be swept and the Total Program Coverage has not been reached. Designating Program Banks or the US Government Fund as Ineligible to Receive Your Funds. You may at any time designate a Program Bank as ineligible to receive your funds. In addition, you may at any time instruct us to remove your funds from a Program Bank and designate the Program Bank as ineligible to receive future deposits. Please allow five business days to process your request. Unless you direct us to place your funds in a different investment, your funds will be deposited in Deposit Accounts at other available Program Banks in accordance with the order of priority set forth above. You may not designate all of the Program Banks as ineligible to receive your funds. Please note, designating a Program Bank as ineligible to receive your funds will reduce the Total Program Coverage for your Deposit Accounts. You may at any time designate the US Government Fund or an Unaffiliated Money Market Fund as ineligible to receive your funds. Please allow five business days to process your request. If you designate the US Government Fund or an Unaffiliated Money Market Fund as ineligible to receive your funds and you do not direct us to place your funds in a different investment, available cash balances in excess of the Total Program Coverage or Retirement Account Coverage will remain in the Program and be allocated to a Program Bank and may not be fully covered by FDIC insurance. If you wish to designate a Program Bank or the US Government Fund or Unaffiliated Money Market Fund as ineligible to receive your funds, please contact your investment professional. RBC CAPITAL MARKETS, LLC, MEMBER NYSE/FINRA/SIPC Page 6 of 14
8 IMPORTANT: Certain transfers into the Program will NOT be covered by FDIC insurance until the following business day: 1. If you change your cash sweep option from a money market fund cash sweep option or RBC Cash Sweep to the Program, the money market fund shares plus accrued dividends or deposit balances plus accrued interest will be redeemed or withdrawn and the total proceeds will be placed into your Account on the transaction date. However, the funds will not be deposited in Deposit Accounts at the Program Banks until the following business day with the result that the funds will be covered only by SIPC until the funds are deposited in the Deposit Accounts. 2. If the Program is your cash sweep option and you transfer funds to your Account using a Letter of Authorization, those funds will be placed into your Account on the transaction date. However, the funds will not be deposited in Deposit Accounts at the Program Banks until the following business day with the result that the funds will be covered only by SIPC until the funds are deposited in the Deposit Accounts In both of the above cases, the amounts in the Program will begin accruing interest at the appropriate Program interest rate on the transaction date (the date the funds are deposited into your Account). Interest will accrue up to, but not including, the day on which funds are withdrawn from the Deposit Accounts. Funds in the DBTCA settlement account representing amounts that are in transit to or from the Deposit Accounts and your Account are not subject to the Deposit Threshold. This means that your funds in the DBTCA settlement account may exceed the Maximum Applicable Deposit Insurance Limit until such time as the funds clear. Available cash balances in your Accounts are also not covered by FDIC deposit insurance but instead are considered covered only under the SIPC as a cash balance. See Section VI, SIPC Protection, for further information. D. WITHDRAWAL PROCEDURES A debit in your Account may result for many reasons, including but not limited to, the following examples: you make a securities purchase or, if your Account has such services, you write a check, withdraw funds or make purchases using your debit card, or make payments pursuant to bill payment services. If the available cash balances in your Account are insufficient to satisfy a debit, funds will be withdrawn in the order set forth in your Client Account Agreement. With respect to all Accounts except those owned by For Profit Entities and Retirement Accounts, funds will be withdrawn from the Program in the following order: If you have funds in excess of the Total Program Coverage invested in the US Government Fund, shares in the US Government Fund will be redeemed to satisfy a debit in your Account before funds are withdrawn from the Deposit Accounts. If you do not have funds in excess of the Total Program Coverage invested the US Government Fund, or those funds are insufficient to satisfy the debit in your Account, funds will be withdrawn from Deposit Accounts at unaffiliated Program Banks. If there are insufficient funds in Deposit Accounts at unaffiliated Program Banks, funds will be withdrawn from Deposit Accounts at the RBC CM affiliated Program Banks. With respect to Accounts owned by For Profit Entities, funds will be withdrawn from the Program in the following order: If you have funds in excess of the Total Program Coverage invested in the US Government Fund, shares in the US Government Fund will be redeemed to satisfy a debit in your Account before funds are withdrawn from the Deposit Accounts.. If you do not have funds in excess of the Total Program Coverage invested the US Government Fund, or those funds are insufficient to satisfy the debit in your Account, funds will be withdrawn from Deposit Accounts at unaffiliated Program Banks. With respect to all Retirement Accounts, funds will be withdrawn from the Program in the following order: If you have funds in excess of the Retirement Account Coverage invested in an Unaffiliated Money Market Fund, shares in the Unaffiliated Money Market Fund will be redeemed to satisfy a debit in your Account before funds are withdrawn from the Deposit Accounts. If you do not have funds in excess of the Retirement Account Coverage invested in an Unaffiliated Money RBC CAPITAL MARKETS, LLC, MEMBER NYSE/FINRA/SIPC Page 7 of 14
9 Market Fund, funds will be withdrawn from Deposit Accounts at the RBC Affiliate Banks, RBC Bank and City National. For withdrawals from Deposit Accounts, we may make withdrawals to satisfy debits in your Account from an MMDA or Transaction Account at a Program Bank, and such withdrawals may be instructed by a messenger. We have established the MMDA and Transaction Account at each Program Bank to satisfy certain federal banking limitations on withdrawals from MMDAs. We may transfer your funds in the Program during a given month from the MMDAs to the Transaction Accounts at the Program Banks to comply with these limits and to administer the Program. These limits on MMDA transfers from the Program Banks will not limit the number of withdrawals from the Deposit Accounts at the Program Banks we may make on your behalf, the interest rate you earn, or the amount of FDIC insurance coverage for which you are eligible. As required by federal banking regulations, the Program Banks reserve the right to require seven (7) days prior notice before permitting a transfer of funds out of a negotiable order of withdrawal account or MMDA. While the Program Banks have indicated that they have no present intention of exercising their right to require such notice, the Program Banks may exercise this right at any time in their sole discretion. In the event that RBC CM has extended or provided funds to you in connection with your request to withdraw all or a portion of funds from the Program, such funds are extended or provided to you with the express understanding and agreement that RBC CM shall have full rights of offset for the entire amount of such funds advanced to you to the extent that the transfer of such funds to RBC CM, out of one or more Deposit Accounts maintained by RBC CM on behalf of its clients, was not completed prior to the failure of a Program Bank. In the unlikely event of the failure of a Program Bank where such Deposit Accounts are transferred to another insured depository institution in connection with the resolution of the failed Program Bank, to the extent that RBC CM has advanced funds to you pursuant to a withdrawal of funds from the Program and the transfer of such funds out of the subject account to RBC CM was not completed prior to the failure of the failed Program Bank, you hereby acknowledge, agree and consent to the right of RBC CM to withdraw the full amount of the funds previously provided to you by RBC CM from the Deposit Account transferred to the successor institution. In an event involving either the liquidation of a failed Program Bank or circumstances in which a portion of your deposit was not paid out in connection with the failure of a Program Bank, you hereby acknowledge, agree and consent to the full repayment to RBC CM of any amounts extended or provided to you where the transfer of such funds out of the Deposit Account to RBC CM was not completed prior to the failure of the Program Bank. Although Deposit Account balances in Accounts you hold in the same insurable capacity (e.g., individual, joint, IRA, etc.) will be aggregated for purposes of the Total Program Coverage, withdrawals to satisfy debits in an Account will not be made from Deposit Account balances in other Accounts you hold in the same insurable capacity, or from shares of the US Government Fund or an Unaffiliated Money Market Fund held through other Accounts you hold in the same insurable capacity, except as set forth in your Client Account Agreement. RBC CAPITAL MARKETS, LLC, MEMBER NYSE/FINRA/SIPC Page 8 of 14
10 III. INTEREST ON THE DEPOSIT ACCOUNTS AND YIELDS ON THE US GOVERNMENT FUND A. INTEREST RATE SEGMENTS 1. Direct Clients of RBC Wealth Management The interest rates on the Deposit Accounts will be tiered. Clients qualify for a particular interest rate based on the total assets in Accounts held at RBC Wealth Management ( RBC WM ) or the total commissions and fees paid from the client s Accounts to RBC WM over the previous 12 months, aggregated by household. Clients with greater total household assets or commissions/fees may qualify for higher rates than clients with lower total household assets or commissions/fees. In determining household values, RBC WM takes into consideration multiple pieces of client information, including street address, tax ID, last name, telephone number, zip code and account type to determine householding of Accounts. RBC WM reserves the right to modify how it households Accounts and the right to amend the definition of eligible assets, commissions/fees. The following total household asset and twelve-month trailing commission and fee levels will determine a client s interest rate: Interest Rate Segment Total Household Assets -or- 12-Month Trailing Commissions 1 $5,000,000 or more $50,000 or more 2 $1,000,000 $4,999,999 $10,000 $49,999 3 Under $999,999 Under $10,000 Employees of RBC Capital Markets and its affiliates who hold Accounts at RBC Capital Markets are eligible for Interest Rate Segment 1 of the Program. Eligibility for a Higher Interest Rate Segment: Existing Client Accounts. On a monthly basis, RBC WM will review a client s total household assets and trailing twelve-month commissions and fees to determine if the client is eligible for a higher interest rate segment. If the client is eligible for a higher interest rate segment, the interest rate segment will automatically be changed to the eligible segment (for example, move from Interest Rate Segment 3 to Interest Rate Segment 2). New Client Accounts. All new Accounts that select the Program will be automatically assigned to the Interest Rate Segment 3. During the monthly review process outlined previously, any Accounts that are eligible for a higher interest rate segment will be automatically changed to the eligible segment. Disqualification: On an annual basis, RBC WM will review a client s total household assets and trailing twelve-month commissions and fees to determine if the client is still eligible for his current interest rate segment. If the client has experienced a reduction in household assets or commissions and fees, and is no longer eligible for his current interest rate segment, the client s interest rate segment will be changed to the highest interest rate segment for which the client is eligible. If this is the case, the client will receive a 30-day advance written notice and will have the opportunity to increase his assets at RBC WM in order to maintain his current segment. If the client is unable to increase his assets, his interest rate segment will be changed to the highest interest rate segment for which he is eligible. 2. Retirement Accounts Retirement accounts will earn an interest rate equal to segment Clients of Introducing Brokers that Clear Transactions through RBC Correspondent Services Clients of introducing brokers that clear transactions through RBC Correspondent Services will be placed in an interest rate segment designated by RBC Correspondent Services. Certain introducing brokers may utilize a separate interest rate schedule and if this is the case you will, if necessary, receive an additional disclosure document that describes the separate interest rate schedule. At any time, you may look up the rate of interest earned by your deposit balances in the Deposit Accounts by accessing your appropriate Account website. (See Section XII of these terms and conditions). 4. Clients of RBC Advisor Services Clients of RBC Advisor Services will be placed in an interest rate segment designated by RBC Advisor Services. At any time, you may look up the rate of interest earned by your deposit balances in the Deposit Accounts by accessing your appropriate Connect Website. (See Section XII of these terms and conditions). RBC CAPITAL MARKETS, LLC, MEMBER NYSE/FINRA/SIPC Page 9 of 14
11 B. INTEREST RATES ON THE DEPOSIT ACCOUNTS Deposit balances in the MMDA and Transaction Account at each Program Bank will earn the same rate of interest. Interest rates on the Transaction Account and the MMDAs are variable and subject to change without notice. The Program Banks determine the interest rate earned on balances in the Deposit Accounts. RBC CM then determines its fee and the resulting rate paid to you for your Account balances in the Program. The Program Banks generally set their rates on a monthly basis, but may set the rate more or less frequently. The rate is generally based on a variety of factors including, but not limited to, current market conditions and competitive rates. The interest rate you ultimately receive will be determined by RBC CM based upon the rate the Program Banks pay on the Deposit Accounts and the fees paid to RBC CM, DBTCA and other parties as determined by RBC CM and DBTCA, respectively, as set forth below in Section VII Fees to RBC CM and Other Parties. Funds deposited into Deposit Accounts at a Program Bank will begin to accrue interest on the business day of receipt by the Program Bank up to but not including the day of withdrawal. Interest will be accrued daily and credited monthly to the Deposit Accounts at a Program Bank. Interest will be credited on or about the 26th day of each month. Interest will also be credited on the date that a Deposit Account is closed. The Program Banks use the daily balance method to calculate interest on the Deposit Accounts. This method applies a daily periodic rate to the principal in the Deposit Accounts each day. The interest rates you receive on your funds in the Deposit Accounts may be higher or lower than the interest rates available on other deposit accounts offered by a Program Bank or on deposit accounts offered by other depository institutions or on any money market funds you may have previously designated as your cash sweep option pursuant to your Client Account Agreement. You should compare the terms, interest rates, required minimum amounts, and other features of the Deposit Accounts with other deposit accounts and alternative cash sweep options. You may obtain information with respect to the current Program interest rates and interest rate segments by contacting your investment professional or consulting your appropriate Connect Website. RBC CM and the Program Banks reserve the right to change the interest rates and interest rate segments, which, from time to time, could result in there being no difference between the interest rates for the different segments. By participating in the Program, you are approving the interest rates credited on your deposits. Interest rates paid on your Account balances in the Program are ultimately determined by RBC and DBTCA and may fluctuate. The interest rate payable to you is based on the interest rate paid by the Program Bank, less the fee paid to DBTCA and RBC CM. Such fees paid to DBTCA and RBC CM by each Program Bank are determined by DBTCA and RBC CM, respectively. The fee paid to DBTCA (not to exceed 35 basis points) by each Program Bank will not vary. By continuing to permit your Account s assets to be swept into the Program, you are continually approving the fees paid to DBTCA and RBC CM and the interest rate earned by you as reasonable. C. RBC WM AFFILIATE RELATIONSHIP AND YIELDS ON THE US GOVERNMENT FUND The US Government Fund is a money market fund managed by RBC Global Asset Management (U.S.) Inc., an affiliate of RBC Capital Markets, LLC. Information regarding current yields for the US Government Fund is available at or by contacting your investment professional. You may obtain a copy of US Government Fund s prospectus from your investment professional or online at Yields on the US Government Fund may be less than the interest rates offered on the Deposit Accounts by the Program Banks. IV. RBC CORRESPONDENT SERVICES AND RBC ADVISOR SERVICES RBC Correspondent Services acts as clearing broker for certain accounts by contractual arrangement with third party broker-dealers who utilize the services and facilities of RBC Correspondent Services to perform certain execution and clearing functions. RBC Advisor Services provides custody and execution services for clients of third party investment advisors under a contractual arrangement with the investment advisors. If your Account is with either RBC Correspondent Services or RBC Advisor Services (i) RBC CM will not review or analyze your Account for the purpose of providing advice to you and RBC CM will not provide any advice regarding your Account, including the suitability of the Program (ii) RBC CM assumes no responsibility for trades made in your Account, and (iii) RBC CM has no responsibility or liability for any actions or omissions of your financial professional or its representatives, employees or other agents. Therefore, you must consult your financial professional for advice and recommendations concerning your Account and you should discuss all your investment goals and objectives with your financial professional. SHOULD YOU HAVE ANY QUESTIONS CONCERNING ANY ASPECT OF THE INFORMATION RBC CAPITAL MARKETS, LLC, MEMBER NYSE/FINRA/SIPC Page 10 of 14
12 CONTAINED HEREIN, YOUR ACCOUNT OR SECURITIES IN GENERAL, CONTACT YOUR FINANCIAL PROFESSIONAL IMMEDIATELY. By participating in the Program, any client of RBC Correspondent Services or RBC Advisor Services understands that RBC CM will act only to clear trades introduced by your Financial Advisor and to effect other back office functions for your Financial Advisor. You understand that all representatives, employees and other agents with whom you communicate concerning your Account(s) are agents of your financial professional, and are not RBC CM representatives, employees or other agents. RBC CM has no responsibility to supervise or monitor the activities of your Financial Advisor, and the Financial Advisor is exclusively responsible for ensuring that transactions in your Account(s) comply in all respects with applicable laws, rules and regulations and are suitable for your investment goals and objectives. V. FDIC DEPOSIT INSURANCE COVERAGE A. GENERAL INFORMATION Balances in the Deposit Accounts are insured by the FDIC, an independent agency of the U.S. Government, up to $250,000 for all deposits held in the same insurable capacity at any one Program Bank (the Maximum Applicable Deposit Insurance Limit ). Examples of insurable capacities include individual accounts, joint accounts, and IRAs. Your funds become eligible for deposit insurance immediately upon placement into a Deposit Account at a Program Bank. Any deposits that you may maintain directly with a particular Program Bank, or through any other intermediary, in the same insurable capacity in which the Deposit Accounts are maintained would be aggregated with the Deposit Accounts for purposes of the $250,000 federal deposit insurance limit You are responsible for monitoring the total amount of deposits that you hold with any one Program Bank, directly or through an intermediary, in order to determine the extent of deposit insurance coverage available to you on your deposits, including the Deposit Accounts. RBC CM is not responsible for any insured or uninsured portion of the Deposit Accounts or any other deposits. In the event a Program Bank fails, the Deposit Accounts at that Program Bank are insured, up to $250,000, for principal and interest accrued to the day the Program Bank is closed. Under certain circumstances, if you become the owner of deposits at a Program Bank because another depositor dies, beginning six months after the death of the depositor the FDIC will aggregate those deposits for purposes of the $250,000 federal deposit insurance limit with any other deposits that you own in the same insurable capacity at the Program Bank. Examples of deposit accounts that may be subject to this FDIC policy include joint accounts, payable on death accounts and certain trust accounts. The FDIC provides the six-month grace period to permit you to restructure your deposits to obtain the maximum amount of deposit insurance for which you are eligible. In the event that federal deposit insurance payments become necessary, payments of principal plus unpaid and accrued interest will be made to you. There is no specific time period during which the FDIC must make insurance payments available, and RBC CM is under no obligation to credit your Account with funds in advance of payments received from the FDIC. Furthermore, you may be required to provide certain documentation to the FDIC and RBC CM before insurance payments are made. For example, if you hold deposits as trustee for the benefit of trust participants, you may be required to furnish affidavits and provide indemnities regarding an insurance payment. If your Deposit Accounts at a Program Bank are assumed by another depository institution pursuant to a merger or consolidation, the Deposit Accounts will continue to be insured separately, up to the FDIC insurance coverage limits, from any deposits that you have established with the acquiror until the expiration of a six-month period from the date of the acquisition. Thereafter, the Deposit Accounts will be aggregated with your existing deposits with the acquiror held in the same capacity for purposes of FDIC insurance coverage. B. AGGREGATION RULES APPLICABLE TO RETIREMENT ACCOUNTS Under FDIC regulations, an individual s interests in plans maintained by the same employer or employee organization (e.g., a union) that are holding deposits of the same Program Bank will be insured for $250,000 in the aggregate. In addition, under FDIC regulations, an individual s interest in the deposits of one Program Bank held by (i) IRAs, (ii) deferred compensation plans for certain employees of state or local governments or tax-exempt organizations (i.e., Section 457 Plans), (iii) self-directed Keogh Plans of owner-employees described in Section 401(d) of the Internal Revenue Code of 1986, as amended, and (iv) self-directed defined contribution plans, will be insured for up to $250,000 in the aggregate whether or not maintained by the same employer or employee organization. C. QUESTIONS ABOUT FDIC DEPOSIT INSURANCE COVERAGE If you have questions about FDIC insurance coverage, please contact your investment professional. You may wish to RBC CAPITAL MARKETS, LLC, MEMBER NYSE/FINRA/SIPC Page 11 of 14
Synovus Bank Deposit Sweep Program Disclosure Statement
Synovus Bank Deposit Sweep Program Disclosure Statement I. Summary... 2 Introduction... 2 FDIC Deposit Insurance Available on Deposit Accounts... 2 No SIPC Protection... 2 Interest on the Deposit Accounts...
More informationCITY NATIONAL SECURITIES BANK DEPOSIT SWEEP PROGRAM DISCLOSURE DOCUMENT
CITY NATIONAL SECURITIES BANK DEPOSIT SWEEP PROGRAM DISCLOSURE DOCUMENT This section highlights certain key features of the Bank Deposit Sweep Program (the Program ). You should consult with your City
More informationDreyfus Insured Deposit Program. Disclosure Statement and Terms and Conditions for the Single Rate Program
Dreyfus Insured Deposit Program Disclosure Statement and Terms and Conditions for the Single Rate Program Dreyfus Insured Deposit Program Disclosure Statement and Terms and Conditions I. Introduction Pershing
More informationLPL FINANCIAL INSURED CASH ACCOUNT PROGRAM DISCLOSURE BOOKLET Updated: March 2018
LPL FINANCIAL INSURED CASH ACCOUNT PROGRAM DISCLOSURE BOOKLET Updated: March 2018 TABLE OF CONTENTS Basics of Program Page 3 What Accounts Are Eligible Page 3 What is Deposit Insurance Page 4 When accounts
More informationUBS FDIC-Insured Deposit Program Disclosure Statement
UBS FDIC-Insured Deposit Program Disclosure Statement This booklet contains disclosures required by federal law. Please keep this information for future reference. I. Summary 3 Introduction 3 FDIC Deposit
More informationLEVEL FEE BANK DEPOSIT SWEEP PROGRAM DISCLOSURE DOCUMENT
LEVEL FEE BANK DEPOSIT SWEEP PROGRAM DISCLOSURE DOCUMENT This section highlights certain key features of the Level Fee Bank Deposit Sweep Program ( Program ). Read the complete Disclosure Document before
More informationBank Deposit Program Disclosure Statement
Bank Deposit Program Disclosure Statement MARCH 2017 Introduction..................................................... 2 Eligibility...2 Deposit Procedures...2 Withdrawal Procedures...3 Interest on the
More informationBANK DEPOSIT SWEEP PROGRAM (BDSP ) DISCLOSURE DOCUMENT
BANK DEPOSIT SWEEP PROGRAM (BDSP ) DISCLOSURE DOCUMENT This section highlights certain key features of the Bank Deposit Sweep Program (the Program or BDSP ). Read the complete Disclosure Document before
More informationDreyfus Insured Deposit Program
Dreyfus Insured Deposit Program Our Program In today s dynamic financial landscape, many investors are asking some critical questions before deciding where to put their liquid assets. How can I be sure
More informationBANK INSURED DEPOSIT PROGRAM TERMS AND CONDITIONS
BANK INSURED DEPOSIT PROGRAM TERMS AND CONDITIONS Please read these Terms and Conditions describing the Bank Insured Deposit Program. You may consult your Financial Advisor for more information. I. INTRODUCTION
More informationBANK DEPOSIT SWEEP PROGRAM (BDSP SM ) DISCLOSURE DOCUMENT
BANK DEPOSIT SWEEP PROGRAM (BDSP SM ) DISCLOSURE DOCUMENT Please read the complete Disclosure Document describing the Bank Deposit Sweep Program and your core account investment vehicle. You may consult
More informationLPL FINANCIAL DEPOSIT CASH ACCOUNT PROGRAM DISCLOSURE BOOKLET Updated: January 2018
LPL FINANCIAL DEPOSIT CASH ACCOUNT PROGRAM DISCLOSURE BOOKLET Updated: January 2018 TABLE OF CONTENTS Basics of Program Page 3 What Accounts Are Eligible Page 3 What is Deposit Insurance Page 3 When accounts
More informationCash Sweep Program Disclosure Statement
Cash Sweep Program Disclosure Statement Summary Please consult the full text of the disclosure statement below for further information at the pages indicated. Available Sweep Options How the Cash Sweep
More informationSTANDARD BANK DEPOSIT SWEEP PROGRAM NATURAL & NON-NATURAL PERSONS DISCLOSURE DOCUMENT
STANDARD BANK DEPOSIT SWEEP PROGRAM NATURAL & NON-NATURAL PERSONS DISCLOSURE DOCUMENT This section highlights certain key features of both the Standard Bank Deposit Sweep Program Natural Persons and the
More informationBrokered Liquid Deposit Program
Brokered Liquid Deposit Program Disclosure Statement The Brokered Liquid Deposit Program (the "Brokered Liquid Deposit Program or Program ) is a bank deposit product offered to eligible Wells Fargo Advisors
More informationCash Features Disclosure Statement
July 2018 Cash Features Disclosure Statement Please carefully read this document, which replaces prior version(s) of Cash Features Disclosure Statements Schwab has provided to you. Elimination of Money
More informationUSAA INVESTMENT MANAGEMENT COMPANY (IMCO) ( Broker/Dealer ) PROPRIETARY BANK DEPOSIT SWEEP PROGRAM ( BDSP SM or Program ) DISCLOSURE DOCUMENT
USAA INVESTMENT MANAGEMENT COMPANY (IMCO) ( Broker/Dealer ) PROPRIETARY BANK DEPOSIT SWEEP PROGRAM ( BDSP SM or Program ) DISCLOSURE DOCUMENT This section highlights certain key features of the Program.
More informationLADENBURG INSURED CASH ACCOUNT PROGRAM FOR BROKERAGE RETIREMENT ACCOUNTS DISCLOSURE DOCUMENT
LADENBURG INSURED CASH ACCOUNT PROGRAM FOR BROKERAGE RETIREMENT ACCOUNTS DISCLOSURE DOCUMENT Please read this complete Disclosure Document describing the Ladenburg Insured Cash Account Program For Brokerage
More informationSchwab Intelligent Portfolios Sweep Program Disclosure Statement
March 2018 Schwab Intelligent Portfolios Sweep Program Disclosure Statement Your brokerage account includes enrollment in the Schwab Intelligent Portfolios Sweep Program ( Sweep Program ) that provides
More information(Rev 13-10/17) Cash Sweep Program Disclosure Statement
586475 (Rev 13-10/17) Cash Sweep Program Disclosure Statement Notice of Important Changes to Our Bank Deposit Sweep Program The Cash Sweep Program Disclosure Statement has been revised to reflect the following
More information(Rev 27-11/17) Cash Sweep Program Disclosure Statement
578326 (Rev 27-11/17) Cash Sweep Program Disclosure Statement Cash Sweep Program Disclosure Statement Summary Please consult the full text of the disclosure statement below for further information at the
More informationBank Deposit Program Disclosure Statement May 2014
Bank Deposit Program Disclosure Statement May 2014 Bank Deposit Program Disclosure Statement Contents Introduction.... 3 Eligibility....4 Deposit Procedures....4 Withdrawal Procedures....4 Interest on
More informationCOMMONWEALTH FINANCIAL NETWORK CORE ACCOUNT SWEEP PROGRAMS (CASP SM ) DISCLOSURE DOCUMENT
COMMONWEALTH FINANCIAL NETWORK CORE ACCOUNT SWEEP PROGRAMS (CASP SM ) DISCLOSURE DOCUMENT April 2018 2 This section highlights certain key features of Commonwealth Financial Network s ( Commonwealth )
More informationMID ATLANTIC TRUST COMPANY ( MATC ) PROPRIETARY NETWORK BANK DEPOSIT PROGRAM (DepositxChange TM ) CUSTOMER DISCLOSURE DOCUMENT & TERMS OF USAGE
MID ATLANTIC TRUST COMPANY ( MATC ) PROPRIETARY NETWORK BANK DEPOSIT PROGRAM (DepositxChange TM ) CUSTOMER DISCLOSURE DOCUMENT & TERMS OF USAGE This document highlights certain key features of DepositxChange
More informationUBS Bank Sweep Programs Disclosure Statement
UBS Bank Sweep Programs Disclosure Statement This booklet contains disclosures required by federal law. Please keep this information for future reference. I. Summary 3 Deposit Program Structure and Withdrawal
More informationCash Sweep Program Disclosure Statement
Summary Please consult the full text of the disclosure statement below for further information at the pages indicated. How the Cash Sweep Program Works Available Sweep Options Our Cash Sweep Program allows
More informationInsured Deposit Program Summary of Terms and Conditions
Insured Deposit Program Summary of Terms and Conditions Program Summary The Insured Deposit Program ( The Program ) provides a cash sweep capability for clients. Under The Program selected by your brokerage
More informationCash Sweep Program Disclosure
Cash Sweep Program Disclosure Introduction INTL FCStone Financial Inc.'s Cash Sweep Program (Cash Sweep Program) offers you the ability to automatically sweep uninvested cash balances in your account into
More informationSchwab Bank Sweep Program Addendum
Schwab Bank Sweep Program Addendum This Addendum (the Addendum ) serves as an amendment to the Charles Schwab Bank Directed Employee Benefit Trust or Custody Agreement (the Agreement ) between Charles
More informationRequesting Consent to Changes in Core Account Investment Options
Member FINRA/SIPC Requesting Consent to Changes in Core Account Investment Options April 13, 2017 N&A LINE1 N&A LINE2 N&A LINE3 N&A LINE4 N&A LINE5 N&A LINE6 Control Number: XXX-XX1234 Dear Valued Client:
More informationInsured Deposit Program Terms and Conditions Tiered Rate Product
Insured Deposit Program Terms and Conditions Tiered Rate Product I. Introduction Offered by Benjamin F. Edwards & Company, Inc. The Insured Deposit Program ( the Program ) is offered by your investment
More informationHSA CUSTODIAL AGREEMENT AND DISCLOSURES. Health Savings Custodial Agreement
HSA CUSTODIAL AGREEMENT AND DISCLOSURES Health Savings Custodial Agreement Health Savings Account Terms and Conditions Health Savings Account Disclosure Statement Health Savings Custodial Agreement Form
More informationCash Features Disclosure Statement
January 2018 Cash Features Disclosure Statement Please carefully read this document, which replaces prior version(s) of Cash Features Disclosure Statements Schwab has provided to you. Summary of Changes
More informationFLEXINSURED ACCOUNT DISCLOSURE STATEMENT
FLEXINSURED ACCOUNT DISCLOSURE STATEMENT Cetera Investment Services LLC (Cetera Investment Services) is pleased to welcome you to the FlexInsured Account program. The FlexInsured Account is a sweep option
More informationEagle Sweep Disclosure
Eagle Sweep Disclosure EFFECTIVE MAY 2018 FIRST REPUBLIC SECURITIES IS A WHOLLY-OWNED SUBSIDIARY OF FIRST REPUBLIC BANK. MEMBER FINRA/SIPC Eagle Sweep Disclosure Effective May 2018 Table of Contents Eagle
More informationFLEXINSURED ACCOUNT DISCLOSURE STATEMENT
FLEXINSURED ACCOUNT DISCLOSURE STATEMENT Cetera Advisor Networks LLC (Cetera) is pleased to welcome you to the FlexInsured Account program. The FlexInsured Account is a sweep option that permits available
More informationAMERICAN PORTFOLIOS FDIC INSURED BANK
AMERICAN PORTFOLIOS FINANCIAL SERVICES, INC. 4250 VETERANS MEMORIAL HWY. SUITE 420E HOLBROOK, N.Y. 11741 PHONE: 631.439.4600 FAX: 631.439.4698 www.americanportfolios.com AMERICAN PORTFOLIOS FDIC INSURED
More informationFLEXINSURED ACCOUNT DISCLOSURE STATEMENT
FLEXINSURED ACCOUNT DISCLOSURE STATEMENT First Allied Securities, Inc. (First Allied) is pleased to welcome you to the FlexInsured Account program. The FlexInsured Account is a sweep option that permits
More informationRAYMOND JAMES TRUST SWEEP PROGRAM DISCLOSURES
RAYMOND JAMES TRUST SWEEP PROGRAM DISCLOSURES RAYMOND JAMES TRUST SWEEP PROGRAM DISCLOSURES Through the Raymond James Trust Sweep Program (RJTSP), available cash in your trust, custody or agency account
More informationFidelity Cash Management Account FDIC-Insured Deposit Sweep Program Disclosure
Fidelity Cash Management Account FDIC-Insured Deposit Sweep Program Disclosure Summary This document provides important information about the FDIC-Insured Deposit Sweep Program offered in connection with
More informationUBS CLIENT RELATIONSHIP AGREEMENT
UBS CLIENT RELATIONSHIP AGREEMENT Terms and Conditions of your current and future Accounts This Client Relationship Agreement, as well as the Agreements and Disclosures booklet and the agreements for the
More informationBASIC RETIREMENT PROGRAM
BASIC RETIREMENT PROGRAM BASIC (Keogh) Plan Account Custodial Agreement Retirement Asset Savings Program (RASP) Fact Sheet Merrill Lynch Statement Link Service Merrill Lynch is the marketing name for Merrill
More informationCERTIFICATES OF DEPOSIT DISCLOSURE STATEMENT
The information contained herein may not be modified by any oral representation made prior or subsequent to the purchase of your Certificate of Deposit. CERTIFICATES OF DEPOSIT DISCLOSURE STATEMENT The
More informationGlobalCurrencySM Disclosure Statement
OCTOBER 2015 GlobalCurrencySM Disclosure Statement Introduction............................................. 2 Your Relationship With Morgan Stanley. and the Bank..........................................
More informationRETIREMENT ACCOUNT CUSTOMER AGREEMENT
Account Number RETIREMENT ACCOUNT CUSTOMER AGREEMENT To my Broker/Dealer ( You ) and National Financial Services LLC ( NFS ), a Fidelity Investments company. In consideration of You and NFS opening one
More informationCertificate of Deposit Disclosure Statement
Certificate of Deposit Disclosure Statement Certificate of Deposits Available through Wells Fargo Advisors The information contained in this Disclosure Statement may not be modified by any oral representation
More informationHSA CUSTODIAL AGREEMENT AND DISCLOSURE
HSA CUSTODIAL AGREEMENT AND DISCLOSURE April 10, 2017 BBT.com Member FDIC HSA CUSTODIAL AGREEMENT AND DISCLOSURE Table of Contents Health Savings Account Custodial Agreement... 1 Health Savings Account
More informationInterest-bearing CDs are offered in a wide range of maturities and are made available in minimum denominations and increments of $1,000.
The information contained in this Disclosure Statement may not be modified by any oral representation made prior or subsequent to the purchase of your Certificate of Deposit. Stifel, Nicolaus & Company,
More informationSubject to Completion Preliminary Terms Supplement dated April 9, Terms Supplement dated, 2015 to Disclosure Statement dated January 1, 2015
Callable Step-Up Certificates of Deposit Wells Fargo Bank, N.A. Subject to Completion Preliminary Terms Supplement dated April 9, 2015 Terms Supplement dated, 2015 to Disclosure Statement dated January
More informationCERTIFICATE OF DEPOSIT DISCLOSURE STATEMENT
The information contained in this Disclosure Statement may not be modified by any oral representation made prior or subsequent to the purchase of your Certificate of Deposit. CERTIFICATE OF DEPOSIT DISCLOSURE
More informationCertificate of Deposit Disclosure Statement
The information contained in this Disclosure Statement may not be modified by any oral representation made prior or subsequent to the purchase of your Certificate of Deposit. Certificate of Deposit Disclosure
More informationS&P 500 COMPOSITE STOCK PRICE INDEX TM EQUITY-INDEXED CERTIFICATES OF DEPOSIT DISCLOSURE STATEMENT
EICD #10 The information contained in this Disclosure Statement may not be modified by any oral representation made prior or subsequent to the purchase of your Certificate of Deposit S&P 500 COMPOSITE
More informationImportant Account Disclosures. March 29, 2018
Important Account Disclosures March 29, 2018 Rev. 03/29/2018 Table of Contents USA PATRIOT Act Notice... 3 Understanding Brokerage and Investment Advisory Relationships... 3 Cash Sweep Program... 5 Dividend
More informationWELLS FARGO BANK, N.A. FIXED RATE AND FLOATING RATE CERTIFICATES OF DEPOSIT
DISCLOSURE STATEMENT WELLS FARGO BANK, N.A. FIXED RATE AND FLOATING RATE CERTIFICATES OF DEPOSIT The certificates of deposit of Wells Fargo Bank, N.A. (the Bank ) described below ( CDs ) are made available
More informationFDIC-Insured Deposit Sweep Program Disclosure For Fidelity Individual Retirement Accounts (IRAs) and Fidelity Health Savings Accounts (HSAs)
FDIC-Insured Deposit Sweep Program Disclosure For Fidelity Individual Retirement Accounts (IRAs) and Fidelity Health Savings Accounts (HSAs) Summary This document provides important information about the
More informationIn addition to Important Investment Considerations in the BMO Harris Disclosure Statement, investors in the CDs should consider the following.
PRELIMINARY TERMS SUPPLEMENT TO THE STEPPED RATE 2019 CALLABLE CERTIFICATES OF DEPOSIT DISCLOSURE STATEMENT This Terms Supplement should be read in conjunction with the attached BMO Harris Disclosure Statement
More informationDisclosure statement for Certificates of Deposit held at UBS
Disclosure statement for Certificates of Deposit held at UBS UBS Financial Services Inc. UBS and your Financial Advisor appreciate the opportunity to service your wealth management needs. As part of this
More informationSWM/SWM II ACCOUNT AGREEMENT
SWM/SWM II ACCOUNT AGREEMENT In consideration of LPL Financial LLC (LPL) agreeing to open a SWM/SWM II investment account (Account) for you, you hereby understand, acknowledge and agree: ROLE OF ADVISOR
More informationHSBC Bank USA, N.A. HSBC Bank USA, National Association
HSBC Bank USA, N.A. HSBC Bank USA, National Association Fixed to Floating Rate Interest Certificates of Deposit Trading & Sales Desk: (212) 525-8010 452 Fifth Ave., New York, NY 10018 Indicative Terms
More informationMutual Fund Investing at Merrill Lynch
Merrill Lynch Personal Advisor Program Client Agreement Mutual Fund Investing at Merrill Lynch A Client Disclosure Pamphlet January 2019 Merrill Lynch, Pierce, Fenner & Smith Incorporated One Bryant Park
More informationHSA Investment Account Program Terms and Conditions
HSA Investment Account Program Terms and Conditions These HSA Investment Account Terms and Conditions (the Terms and Conditions ) are by and among you, UMB Bank, n.a., as HSA Program Provider (the HSA
More informationCDARS Deposit Placement Agreement
CDARS Deposit Placement Agreement You, the undersigned, and (referred to in this agreement as we and us ) are entering into this agreement to set forth the terms and conditions under which we will assist
More informationSWM/SWM II ACCOUNT AGREEMENT
SWM/SWM II ACCOUNT AGREEMENT In consideration of LPL Financial LLC (LPL) agreeing to open a SWM/SWM II investment account (Account) for you, you hereby understand, acknowledge and agree: ROLE OF ADVISOR
More informationImportant Information about Certificates of Deposit
Robert W. Baird & Co. Incorporated Important Information about Certificates of Deposit Robert W. Baird & Co. Incorporated ( Baird ) makes available a number of types of certificates of deposit ( CDs )
More informationNBC Securities, Inc. Advisory Programs Disclosure Document
NBC Securities, Inc. Advisory Programs Disclosure Document Form ADV, Part 2A Disclosure Brochure September 15, 2018 This ADV Part 2A Disclosure Brochure ( Disclosure Brochure ) provides information about
More informationYield Plus Account Terms and Conditions
March 1, 2014 Yield Plus Account Terms and Conditions Introduction. These terms and conditions, including the administrative procedures for the Funding Agreement (the Administrative Procedures ) set forth
More informationBASIC RETIREMENT PROGRAM
BASIC RETIREMENT PROGRAM BASIC (Keogh) Plan Account Custodial Agreement Retirement Asset Savings Program (RASP) Fact Sheet Merrill Lynch Statement Link Service Merrill Lynch is the marketing name for Merrill
More informationLPL MASTER ACCOUNT AGREEMENT
In consideration of LPL Financial LLC ( LPL ) agreeing to open one or more accounts for you, you hereby understand, acknowledge and agree as follows: THE ROLE OF LPL FINANCIAL LPL serves in the following
More informationDOW JONES INDUSTRIAL AVERAGE SM EQUITY-INDEXED CERTIFICATES OF DEPOSIT DISCLOSURE STATEMENT
EICD #12 The information contained in this Disclosure Statement may not be modified by any oral representation made prior or subsequent to the purchase of your Certificate of Deposit DOW JONES INDUSTRIAL
More informationImportant Disclosure Information
Important Disclosure Information Health Savings Account Custodial Agreement (Under section 223(a) of the Internal Revenue Code) Please keep this agreement with your HSA records. Thank you for choosing
More informationAll About Portfolio Connection Accounts & Services
Effective January 1, 2014 All About Portfolio Connection Accounts & Services Disclosure and Supplemental Agreement unionbank.com 2013 Union Bank, N.A. All rights reserved. 02022-A (1/14) 3.NF-070-PC-1213
More informationADVISORY CONSULTING SERVICES SEC Number: DISCLOSURE BROCHURE
ADVISORY CONSULTING SERVICES SEC Number: 801-43561 DISCLOSURE BROCHURE MARCH 29, 2018 This brochure provides information about the qualifications and business practices of Century Securities Associates,
More informationRegulatory Reform Changes in Effect: Are You Prepared?
Regulatory Reform Changes in Effect: Are You Prepared? Trust Organizations Find Compelling Alternative in Insured Deposit Sweep Programs As final regulatory reforms aimed at protecting the safety of money
More informationLinked to S&P 500 Daily Risk Control 10% Excess Return Index Maturing on May 30, 2023
HSBC Bank USA, N.A. 7.5 Year Risk Control 10% Excess Return Index Linked CDs Linked to S&P 500 Daily Risk Control 10% Excess Return Index Maturing on May 30, 2023 Final Terms and Conditions Issuer Issue
More informationReich & Tang Insured Deposits Terms and Conditions
Reich & Tang Insured Deposits Terms and Conditions I. Introduction The Reich & Tang Insured Deposits Program (the Program ) is offered to you by Apex Clearing Corporation ( Apex ) as a sweep option and
More informationMANAGER ACCESS NETWORK (MAN) ACCOUNT AGREEMENT
MANAGER ACCESS NETWORK (MAN) ACCOUNT AGREEMENT In consideration of LPL Financial LLC (LPL) agreeing to open a MAN brokerage account (Account) for you, you hereby understand, acknowledge and agree: 1. ROLE
More informationPERSONAL WEALTH PORTFOLIOS (PWP) ACCOUNT AGREEMENT
PERSONAL WEALTH PORTFOLIOS (PWP) ACCOUNT AGREEMENT This Account Agreement ( Agreement ) is entered into by and among LPL Financial LLC ( LPL ), a registered investment advisor and broker/dealer, the registered
More informationMutual Fund Investing at Merrill Lynch
Merrill Lynch Personal Advisor Progra Client Agreement Mutual Fund Investing at Merrill Lynch A Client Disclosure Pamphlet January 2018 Merrill Lynch, Pierce, Fenner & Smith Incorporated One Bryant Park
More informationProfile 403(b) Group Custodial Account Agreement
Profile 403(b)(7) Group Custodial Agreement Article I - Description of Account This Agreement sets forth the terms of a custodial account established by Employer for employees of the Employer who elect
More informationHSA TOOLS ENROLLMENT FORM for your Health Savings Account with UMB Bank, n.a.
HSA TOOLS ENROLLMENT FORM for your Health Savings Account with UMB Bank, n.a. Instructions: Please complete this page and submit along with the insurance application to the Underwriting Department. If
More information5 Year Accumulated Return CDs Linked to the S&P 500 Index
5 Year Accumulated Return CDs Linked to the S&P 500 Index Overview The Accumulated Return CDs provide exposure to the performance of the Index. At maturity, the CDs will provide a return equal to the greater
More informationLOW INCOME CREDIT UNION SHARE CERTIFICATE DISCLOSURE STATEMENT
The information contained in this Disclosure Statement may not be modified by any oral representation made prior or subsequent to the purchase of your share certificates. LOW INCOME CREDIT UNION SHARE
More informationUBS ASSET MANAGEMENT PRIVATE WEALTH SOLUTIONS SM PROGRAM CUSTODY AND EXECUTION AGREEMENT WITH UBS FINANCIAL SERVICES INC.
UBS ASSET MANAGEMENT PRIVATE WEALTH SOLUTIONS SM PROGRAM CUSTODY AND EXECUTION AGREEMENT WITH UBS FINANCIAL SERVICES INC. THIS CUSTODY AND EXECUTION AGREEMENT ( Agreement ) describes the securities execution
More informationMUFG Union Bank, N.A. Market-Linked Certificates of Deposit, due July 31, 2018 (MLCD No. 377) Quarterly Capped Return Linked to the S&P 500 Index
FINAL DISCLOSURE SUPPLEMENT Dated July 28, 2015 To the Disclosure Statement dated March 30, 2015 MUFG Union Bank, N.A. Market-Linked Certificates of Deposit, due July 31, 2018 (MLCD No. 377) Quarterly
More informationUnion Bank, N.A. Market-Linked Certificates of Deposit, due December 26, 2018 (MLCD No. 329) Quarterly Capped Return Linked to the S&P 500 Index
FINAL DISCLOSURE SUPPLEMENT Dated December 20, 2013 To the Disclosure Statement dated January 30, 2013 Union Bank, N.A. Market-Linked Certificates of Deposit, due December 26, 2018 (MLCD No. 329) Quarterly
More informationHSBC BANK USA, N.A. 7.5 yr EURO STOXX 50 Index Linked Certificates of Deposit
HSBC BANK USA, N.A. 7.5 yr EURO STOXX 50 Index Linked Certificates of Deposit FINAL TERMS Issuer Issue Issuer Rating Denomination HSBC Bank USA, N.A. EURO STOXX 50 Index linked Certificates of Deposit
More informationMUFG Union Bank, N.A. Market-Linked Certificates of Deposit, due June 30, 2020 (MLCD No. 402) Quarterly Capped Return Linked to the S&P 500 Index
FINAL DISCLOSURE SUPPLEMENT Dated June 27, 2016 To the Disclosure Statement dated January 7, 2016 MUFG Union Bank, N.A. Market-Linked Certificates of Deposit, due June 30, 2020 (MLCD No. 402) Capped Return
More informationUnion Bank, N.A. Market-Linked Certificates of Deposit, due June 28, 2018 (MLCD No. 283) Quarterly Capped Return Linked to the S&P 500 Index
FINAL DISCLOSURE SUPPLEMENT Dated June 25, 2013 To the Disclosure Statement dated January 30, 2013 Union Bank, N.A. Market-Linked Certificates of Deposit, due June 28, 2018 (MLCD No. 283) Quarterly Capped
More informationHealth Savings Account (HSA) Enrollment Form
Health Savings Account (HSA) Enrollment Form A. Individual Health Savings Account (HSA) Owner Information. Note: We comply with Section 326 of the USA Patriot Act, which requires us to collect and verify
More informationINVESTMENT ADVISORY AGREEMENT. U.S. Bancorp Investments, Inc. Automated Portfolios
U.S. Bancorp Investments, Inc. is a registered investment adviser and broker dealer, a member of FINRA and SIPC, and a wholly owned subsidiary of U.S. Bancorp. Investment products are not FDIC insured,
More informationProfile 403(b) Individual Custodial Account Agreement
Profile 403(b)(7) Individual Article I - Description of Account This Agreement sets forth the terms of a custodial account established for You pursuant to section 403(b)(7) of the Internal Revenue Code
More informationBrokerage Account Customer Agreement
Brokerage Account Customer Agreement This is the agreement for your brokerage account. It describes the features and policies associated with the account. Review this document and keep it for your records.
More informationThe DDM SM Program with the IDEA Allocation SM Feature Terms and Conditions
The DDM SM Program with the IDEA Allocation SM Feature Terms and Conditions I. Introduction The DDM SM Program with IDEA Allocation SM Feature ( Program") is offered by The Washington Trust Company ("Washington
More informationEASTMAN CHEMICAL COMPANY
EASTMAN CHEMICAL COMPANY Offer to Purchase for Cash Any and All of the Outstanding Securities Listed Below Title of Security 5.500% notes due 2019 Principal Amount Outstanding U.S. Treasury Reference Security
More informationProspectus Supplement to Prospectus dated November 18, GE Capital Credit Card Master Note Trust Issuing Entity
Prospectus Supplement to Prospectus dated November 18, 2009 RFS Holding, L.L.C. Depositor GE Capital Credit Card Master Note Trust Issuing Entity Series 2009-4 Asset Backed Notes (1) GE Money Bank Sponsor
More informationHSBC Bank USA, National Association Fixed to Floating Interest Rate Certificates of Deposit
HSBC Bank USA, National Association HSBC Bank USA, National Association Fixed to Floating Interest Rate Certificates of Deposit Linked Trading & Sales to Desk: the (212) Consumer 525-8010 Price Index Maturing
More informationUnion Bank, N.A. Market-Linked Certificates of Deposit, due June 29, 2018 (MLCD No. 145) Contingent Currency Basket Return
REVISED FINAL DISCLOSURE SUPPLEMENT Dated October 22, 2012 To the Disclosure Statement dated May 18, 2011 Union Bank, N.A. Market-Linked Certificates of Deposit, due June 29, 2018 (MLCD No. 145) Contingent
More informationADVISORY CONSULTING SERVICES SEC Number: DISCLOSURE BROCHURE
ADVISORY CONSULTING SERVICES SEC Number: 801-43561 DISCLOSURE BROCHURE APRIL 13, 2017 This brochure provides information about the qualifications and business practices of Century Securities Associates,
More informationContingent Periodic Interest Certificates of Deposit Linked to the S&P 500 Index Wells Fargo Bank, N.A.
Contingent Periodic Interest Certificates of Deposit Linked to the S&P 500 Index Wells Fargo Bank, N.A. Subject to Completion Preliminary Terms Supplement dated September 16, 2016 Terms Supplement dated,
More informationGrowth Opportunity CD
HSBC Bank USA, N.A. Growth Opportunity CD Linked to the S&P 500 Low Volatility Index Initial Terms and Conditions Issuer Issue Issuer Rating Denomination HSBC Bank USA, N.A. 7 Year Growth Opportunity CD
More information