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Bank Deposit Program
Cash balances (from securities transactions, dividend and interest payments and other activities) in eligible client accounts are swept automatically into interest-bearing, FDIC-insured savings deposit accounts at up to three Citigroup-affiliated banks.
Your Benefits
- Account Protection. Insurance provided by the Federal Deposit Insurance Corporation (FDIC) is one of the most important benefits you receive with the Bank Deposit Programsm. Cash in your Bank Deposit Program accounts will be FDIC-insured up to applicable limits.*
The program captures new money only, and therefore your existing smithbarney.com Money Fund balances will not be transferred into the Bank Deposit Program. Debits against your account (such as checks, securities transactions and ATM withdrawals, etc.) will be paid from the available money fund balance first, and then from the Bank Deposit Program.
You will receive a transaction confirmation as well as a detailed disclosure (Bank Deposit Program Disclosure Statement) the first time cash balances are swept into a Bank Deposit Program bank. All subsequent sweeps will be reflected online through this Web site and on your periodic account statement in lieu of transaction confirmations. All activity with respect to your Deposit Accounts will appear including the total of your opening and closing deposit account balances, a breakdown of your deposit account balances at each individual program bank, and the interest earned for the period covered by the statement.
For additional information, please speak to your Financial Advisor .
How the Bank Deposit Program Will Be Reflected on Your Statements
Throughout your statement, sections designated as "Bank Deposit Program" detail for you opening and closing balances, as well as the yield and interest earned for the period in each deposit account.
The Account Value section, reflects the closing balances of the previous and current reporting periods. Accrued interest earned in the Bank Deposit Program is also reflected.
Deposits and withdrawals are reflected in a section labeled Bank Deposit Program Activity. The Portfolio Details section (not shown) of the statement includes a separate section showing principal and accrued interest.
How the Bank Deposit Program Will Be Reflected Online
Throughout your online portfolio, sections designated as "Bank Deposit Program" detail your daily balance by bank.
For more information, please contact your Financial Advisor.
*Insurance coverage is subject to other deposits you hold at each bank in the same ownership capacity. Since Smith Barney cannot monitor deposits made by you in the Program Banks, you are responsible to monitor the total amount of deposits you have at each Program Bank in order to determine the extent of FDIC insurance coverage available to you. Smith Barney is not responsible for any insured or uninsured portion of your deposits at any of the Program Banks.