![]() ![]() The number of Banks participating in the Bank Sweep Feature may change from time to time. The Bank Sweep Feature currently seeks to make available up to $1,250,000 for most account types (or $2,500,000 for joint accounts with two or more owners) of aggregate FDIC insurance protection (the “Aggregate Deposit Limit”) for the cash balances of eligible clients participating in the Cash Sweep Program. By having a number of FDIC-insured Banks participating in the Bank Sweep Feature, your cash balances can be spread among several Banks, providing the potential for FDIC coverage greater than that which you would have if your cash deposits were held only in a single Bank. For joint accounts, the insurance limit is $250,000 for each owner of the account, so that a joint account with two owners is insured up to $500,000. This limit applies to most account types, such as individual accounts and IRAs. The FDIC generally insures up to a maximum of $250,000 (including principal and accrued interest) per depositor, for all deposits held in the same insurable capacity at any one bank. Each Deposit Account constitutes a direct obligation of the Bank and is not directly or indirectly an obligation of Baird. ![]() Under the Bank Sweep Feature, all clients, other than ERISA plans (see “Exception for ERISA Accounts” below), will have their uninvested cash balances in their Baird Accounts automatically deposited or “swept” into Federal Deposit Insurance Corporation (“FDIC”) insured, interest‐bearing deposit accounts (each, a “Deposit Account”) held at one or more banks (each a “Bank”) participating in the Cash Sweep Program. ![]()
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