Any funds that you direct to be transferred from your funding account to your Save account, either manually via the Wedbush Next app or in accordance with savings rules or Payday Divvy (collectively, “rules”) you have established via the Wedbush Next app, will be maintained at one or more of Wedbush Next’s partner banks (chosen in our sole discretion, and subject to change) in an umbrella fiduciary account for the benefit of Wedbush Next's users (an “FBO account”). The partner bank(s) into which your funds are deposited are listed in Wedbush Next’s Terms & Conditions. All funds held in an FBO account are eligible for the benefits of pass-through FDIC insurance coverage, which means that if one of Wedbush Next’s partner banks fails, your funds at that partner bank should be insured by the FDIC for a maximum of $250,000. Note that the FDIC maximum insurable limit applies to the aggregate of all funds you have deposited with that partner bank, so any other funds you hold in the same capacity at that partner bank outside of your Wedbush Next account will also count toward the limit. You will not be entitled to any interest or other earnings that may accrue with respect to the funds held on your behalf in an FBO account, and you hereby irrevocably assign and transfer to Wedbush Next any right or interest that you may have therein. However, you remain the beneficial owner of the principal amount of the funds held in an FBO account on your behalf.
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