Deposit Procedures. From up to five business days from when eligible free credit balances in your Account are available for deposit, RHS, as your agent, will open either two TAs or an MMDA and a linked TA on your behalf at one or more of the Program Banks on the then-current Priority List in the order set forth in your Deposit Sequence. Once your funds in the Deposit Accounts at a Program Bank reach the Applicable Deposit Limit or the Program Bank does not have sufficient capacity to accept additional funds, RHS, as your agent, will open either two TAs or an MMDA and TA for you at the next Program Bank on the Priority List and place your additional funds in that Program Bank subject to any capacity limitation at the Program Bank. In the event that each of the available Program Banks on the Priority List has received deposits equal to the Applicable Deposit Limit in the Deposit Accounts at the Program Bank or does not have sufficient capacity to accept additional funds, excess funds will be swept into an Excess Bank that will accept your funds without limit and without regard to the Maximum FDIC Insurance Amount (currently $250,000). An Excess Bank may be a Program Bank on the Priority List that has received funds up to the Applicable Deposit Limit, or a Program Bank that acts solely as an Excess Bank. If the Excess Bank is not a Program Bank on the Priority List, the excess funds deposited to the Excess Bank may be eligible for insurance coverage depending on the amount of excess funds deposited with the Excess Bank together with any other funds you have deposited with the Excess Bank in the same insurable capacity. It is your obligation to monitor your funds deposited at each Program Bank (including any Excess Bank), whether funds are deposited through RHS or directly with the applicable bank, to determine whether your balances are at or near the Maximum FDIC Insurance Amount. You may, at any time, request to withdraw funds from the Program Banks, including the Excess Bank, and place them elsewhere, as explained below. If RHS has opened an MMDA at a Program Bank on your behalf, RHS, as your agent, will deposit eligible free credit balances from your Account into your MMDA at each such Program Bank as set forth above (up to five business days from when eligible free credit balances in your Account are available for deposit). As necessary to satisfy withdrawals, funds will be transferred from your MMDA to the related TA at each such Program Bank and withdrawals will be made from the TA. The applicable Program Bank and RHS in their discretion may determine a minimum, or "threshold," amount to be maintained in your TA to satisfy debits in your Account. Federal banking regulations limit the transfers from an MMDA to a total of six (6) during a monthly statement cycle. At any point during a month in which transfers from an MMDA at a Program Bank have reached the regulatory limit, all funds will be transferred from that MMDA to the linked TA at the Program Bank and no funds will be transferred from the linked TA to that MMDA for the remainder of the month. Deposits for the remainder of the month into this Program Bank will be made to the TA. At the beginning of the next month, funds on deposit in the TA will be transferred to the MMDA, minus any threshold amount to be maintained in the TA. The limits on MMDA transfers will not limit the number of withdrawals you can make from funds on deposit at a Program Bank or the amount of FDIC insurance coverage for which you are eligible. These limits do not apply at any Program Bank where your funds are held solely in TAs. At the end of each month, RHS, as your agent, may (but is not required to) withdraw the funds in your Deposit Accounts and re-deposit those funds into Deposit Accounts at the Program Banks, including any Excess Bank, on the then-current Priority List in the order set forth in your Deposit Sequence, consistent with the deposit procedures described herein, in an effort to increase the likelihood of the funds in your Deposit Accounts being eligible for FDIC insurance. As noted above, it is your obligation to monitor your funds deposited at each Program Bank, including any Excess Bank, to determine whether your balances are at or near the Maximum FDIC Insurance Amount.
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Sources: Cash Sweep Program Agreement
Deposit Procedures. From up to five business days from when eligible free credit balances in your Account are available for deposit, RHSRobinhood, as your agent, will open either two TAs or an MMDA and a linked TA on your behalf at one or more of the Program Banks on the then-current Priority List in the order set forth in your Deposit Sequence. Once your funds in the Deposit Accounts at a Program Bank reach the Applicable Deposit Limit or the Program Bank does not have sufficient capacity to accept additional fundsLimit, RHSRobinhood, as your agent, will open either two TAs or an MMDA and TA for you at the next Program Bank on the Priority List and place your additional funds in that Program Bank subject to any capacity limitation at the Program Bank. In the event that each of the available Program Banks on the Priority List has received you have deposits equal to the Applicable Deposit Limit in the Deposit Accounts at each of the available Program Bank or does not have sufficient capacity to accept additional fundsBanks on the Priority List, excess funds will be swept into an Excess Bank that will accept your funds without limit and without regard to the Maximum FDIC Insurance Amount (currently $250,000). An Excess Bank may be a Program Bank on the Priority List that has received funds up to the Applicable Deposit Limit, or a Program Bank that acts solely as an Excess Bank. If the Excess Bank is not a Program Bank on the Priority List, the excess funds deposited to the Excess Bank may be eligible for insurance coverage depending on the amount of excess funds deposited with the Excess Bank together with any other funds you have deposited with the Excess Bank in the same insurable capacity. It is your obligation to monitor your funds deposited at each Program Bank (including any Excess Bank), whether funds are deposited through RHS Robinhood or directly with the applicable bank, to determine whether your balances are at or near the Maximum FDIC Insurance Amount. You may, may at any time, time request to withdraw funds from the Program Banks, including the Excess Bank, and place them elsewhere, as explained below. If RHS Robinhood has opened an MMDA at a Program Bank on your behalf, RHSRobinhood, as your agent, will deposit eligible available free credit balances from your Account into your MMDA at each such Program Bank as set forth above (up to five business days from when eligible free credit balances in your Account are available for deposit). As necessary to satisfy withdrawals, funds will be transferred from your MMDA to the related TA at each such Program Bank and withdrawals will be made from the TA. The applicable Program Bank and RHS Robinhood in their discretion may determine a minimum, or "threshold," ", amount to be maintained in your TA to satisfy debits in your Account. Federal banking regulations limit the transfers from an MMDA to a total of six (6) during a monthly statement cycle. At any point during a month in which transfers from an MMDA at a Program Bank have reached the regulatory limit, all funds will be transferred from that MMDA to the linked TA at the Program Bank and no funds will be transferred from the linked TA to that MMDA for the remainder of the month. Deposits for the remainder of the month into this Program Bank will be made to the TA. At the beginning of the next month, funds on deposit in the TA will be transferred to the MMDA, minus any threshold amount to be maintained in the TA. The limits on MMDA transfers will not limit the number of withdrawals you can make from funds on deposit at a Program Bank or the amount of FDIC insurance coverage for which you are eligible. These limits do not apply at any Program Bank where your funds are held solely in TAs. At the end of each month, RHS, as your agent, may (but is not required to) withdraw the funds in your Deposit Accounts and re-deposit those funds into Deposit Accounts at the Program Banks, including any Excess Bank, on the then-current Priority List in the order set forth in your Deposit Sequence, consistent with the deposit procedures described herein, in an effort to increase the likelihood of the funds in your Deposit Accounts being eligible for FDIC insurance. As noted above, it is your obligation to monitor your funds deposited at each Program Bank, including any Excess Bank, to determine whether your balances are at or near the Maximum FDIC Insurance Amount.
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