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Sweep Repurchase Agreement

Maximize interest income by sweeping funds from your checking account into an overnight investment. After credits and debits have been processed and target balance requirements are met, the remaining collected balance is invested.

 

NOT DEPOSITS, NOT INSURED, NOT GUARANTEED, INVESTMENT RISK. This Agreement, the parties' rights and obligations under this Agreement, the funds we receive from you for our sale of Government Securities to you pursuant to this Agreement, and the Government Securities we sell to you pursuant to this Agreement are not deposits or credit union shares and therefore are not insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund and are not guaranteed or endorsed by us. In addition, they are subject to investment risks, including the possible loss of principal invested. You agree that we have not provided you with any legal, tax, or investment advice in connection with this Agreement and have not provided you with any recommendations concerning its suitability or concerning diversity of investments. You agree that you have consulted with your own advisers and have educated yourself concerning the risks involved in these regards before signing this Agreement.

NOTICE REGARDING SWEPT FUNDS: Until completion of the sweep, funds swept out of the Account in payment for your purchase from us of Government Securities pursuant to this Agreement will be Deposits, but upon completion of the sweep they will no longer be Deposits, and you will have no interest in them if we fail, but rather will be the legal owner of the Government Securities thus purchased. Until completion of the sweep, funds swept back into the Account as a result of our repurchase of Government Securities from you pursuant to this Agreement will not be Deposits, and you will have no interest in them if we fail, but rather will continue to be the legal owner of the Government Securities, but upon completion of the sweep the swept funds will be Deposits again, and you will no longer have an interest in the Government Securities thus repurchased. For purposes of this notice, "Deposits" means (a) deposits within the meaning of 12 U.S.C. 1813(I) if the financial institution is FDIC insured, and (b) credit union or other depository shares or deposits if it is not.