FDIC Pass-Through Insurance |
You do not need to keep funds with EPal Pro
in order to use our service. If you do hold a balance,
you can do so in two ways: (1) EPal Pro, as your
agent, will place your funds in a pooled account at an
unaffiliated FDIC-insured bank or savings institution,
which is eligible for pass-through FDIC insurance
coverage; or (2) you can elect to earn a return on
your funds by enrolling to invest all funds that you
receive into the EPal Pro Investment Fund. The EPal
Pro Investment Fund is not FDIC insured, not
guaranteed by any bank and may lose value. EPal Pro
keeps a record of the amount of your balances, which
you can check by logging in to your account through
the EPal Pro Web site at any time.
If you do not enroll in the EPal Pro Investment Fund,
then in the unlikely event that an FDIC-insured bank
in which we place your money fails, your balance
placed at the bank would be subject to FDIC
pass-through deposit insurance coverage, along with
any other deposits you hold at that bank, up to a
total of $100,000. Pass-through deposit coverage is
contingent upon EPal Pro maintaining accurate records
and on determinations of the FDIC as receiver at the
time of a future receivership of any bank at which we
place your funds. FDIC pass-through deposit insurance
protects you only against the failure of the bank at
which EPal Pro places your funds, and does NOT protect
you against EPal Pro's insolvency. Through the terms
of our User Agreement, we believe that your funds will
also be protected from any claims of EPal Pro's
creditors and will be returned to you even in the
unlikely event of a EPal Pro insolvency.
You can access a list of the banks where we place your
money by clicking
here |
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