Once cash amounts equal to the Individual Bank Deposit Limit have been deposited in a Bank on the Priority List, additional cash up to the Individual Bank Deposit Limit will be deposited into the next Bank on the Priority List, and so on, until your aggregate cash balance in the Deposit Accounts have been deposited into multiple Banks thus reaching the Aggregate Deposit Limit. Available cash in each of your participating Baird Accounts will be deposited into a Deposit Account at each of the participating Banks, in the order set forth on the Priority List applicable to your Accounts up to the deposit limit of $247,500 for most account types ($495,000 for joint accounts with two or more owners) (the “Individual Bank Deposit Limit”) in order to permit your funds to be eligible for the greatest possible FDIC insurance coverage. The Priority List that applies to you is based on the state shown on the address for your Account that you provide to Baird. The participating Banks are organized into a number of priority lists (“Priority Lists”), divided by state or geographic region, in order to manage the distribution of deposit balances among the Banks.Ĭlick here to view the priority list that is effective on October 21, 2022įDIC coverage and interest rates within the Bank Sweep Program will not be affected by this change. An increase in the number of participating Banks in the future could increase the potential FDIC coverage available to you however, there can be no assurance that additional Banks will be added. 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.
0 kommentar(er)
