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In the occasion that FDIC deposit insurance coverage payments grow to be important, payments of deposits will be made to us as your custodian. There is no particular time period throughout which the FDIC must make insurance coverage payments out there. We will not be obligated to credit your account with funds in advance of payments received from the FDIC. You agree that deposits and withdrawals of your funds created soon after a modify to the Bank List will occur as described beneath under “Deposit Procedures” and “Withdrawal Procedures,” respectively. You agree that, as your agent, we may open 1 or extra Sub-Deposit Accounts on your behalf at a single or additional of the Program Banks on the then current Bank List. If we open both an MMDA and a TA at a Program Bank, all deposits will be created into your MMDA and/or TA, topic to six (six) month-to-month withdrawal limits applicable to MMDA.
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