(Last Modified: October 10, 2023)
R&T Deposit Solutions’ Services
Reich & Tang Deposit Networks, LLC, Reich & Tang Deposit Solutions, LLC, Stable Custody Group II LLC and Total Deposit Solutions, LLC (each, d/b/a R&T Deposit Solutions, and each a Delaware limited liability company) and their affiliates (together, “R&T”, “us” or “we”) provide administrative and/or recordkeeping services to banks, credit unions, trust companies, wealth management firms, broker-dealers and other financial institutions with respect to sweep and other programs we administer, including the Demand Deposit Marketplace® (“DDM®”) program and the Reich & Tang Insured Deposits (“RTID®”) program. R&T also provides other services, including a Loan Management System (“LMS”) service and the R&T Bank MonitorSM service. All of our services are provided subject to the terms and conditions of the written agreements entered into between us and our client with respect to the service, and we provide no representations or warranties, express or implied, except as expressly set forth in those written agreements.
R&T provides services to clients that are banks, broker-dealers, credit unions, wealth management firms and other financial or commercial institutions that enter into a written agreement with R&T for those services (“Clients”). R&T does not offer or provide products, programs or services to consumers or to our Client’s customers (“Customers”); provided that Client may permit Customer Portals (as defined below) to be used or accessed by a Customer; provided such Customer Portals are provided for access and use by Customers solely in R&T’s capacity as a service provider to its Client.
The services offered by R&T are only available to Clients that are residents of the United States of America. References to programs administered by R&T or to R&T’s services on our public website (at www.rnt.com) or in marketing or other materials should not be considered a solicitation to buy products or services or an offer to sell products or services to any person. Eligibility for certain programs and services may vary. These Legal Disclosures do not take the place of any legally required disclosures for any programs administered by R&T that are offered by our Clients to its Customers. Client is solely responsible for ensuring all disclosures as required by applicable law or regulation are provided to the Client’s Customers with respect to any programs administered by R&T or other services.
The DDM and RTID Programs
R&T provides administrative and/or recordkeeping services with respect to the DDM and RTID programs, subject to R&T’s written terms, agreements and disclosures relating to those programs. References in this document to RTID also includes the legacy Insured Deposit Program (“IDP”) administered by Total Deposit Solutions, LLC (d/b/a R&T Deposit Solutions).
Under the DDM and RTID programs, a participating financial institution (“participating institution”) can sweep or place its (and/or its customers’) funds into deposit accounts at receiving banks, credit unions and/or other receiving financial institutions that are insured by the Federal Deposit Insurance Corporation (“FDIC”) or National Credit Union Share Insurance Fund (“NCUSIF”) for up to the then current standard maximum deposit insurance amount (“SMDIA”) (currently, $250,000) per eligible depositor, per receiving institution, for each ownership capacity or category, including any other balances the depositor may hold at that receiving institution directly or indirectly through other intermediaries, including broker-dealers. By placing funds in deposit accounts at multiple receiving institutions, the DDM and RTID programs we administer can provide a participating institution (and its customers) with access to expanded levels of FDIC and/or NCUSIF insurance on their funds. A participating institution (and its customers) can ‘opt-out’ of placing funds at a particular receiving institution (subject to program terms and limitations). If a depositor holds any funds at a receiving institution outside of the DDM or RTID program, when combined with their deposits held at that receiving institution through the DDM or RTID program, the total amount of deposits of that depositor held at that receiving institution could exceed the SMDIA for an ownership capacity or category, and those excess funds will not be FDIC or NCUSIF-insured. Click here for a list of the banks and savings associations with which R&T has a business relationship for the placement of deposits under the DDM and RTID programs, and into which a participating institution may place deposits (subject to the terms of those programs and any opt-outs by the participating institution and/or its customers).
R&T is NOT a depository, bank or credit union and the DDM and RTID programs we administer are NOT, themselves, FDIC-insured or NCUSIF-insured products. FDIC and NCUSIF insurance coverage is ONLY available to protect a depositor against the failure of a participating receiving FDIC or NCUSIF-insured institution that holds the depositor’s funds at the time of failure (and, then, only up to the SMDIA per eligible depositor, per such institution, for each ownership capacity or category). FDIC and NCUSIF insurance coverage does NOT protect a depositor against the failure of R&T or any other party.
R&T does not offer or provide the DDM or RTID programs directly to customers of our financial institution clients that sweep or place funds into those programs. Instead, our financial institution client offers a particular program to its customers (and R&T administers the program for the financial institution). Accordingly, before a financial institution’s customer places any funds into a program administered by R&T, the customer should carefully read their financial institution’s particular program terms and conditions or agreements for important disclosures, terms, conditions, risks, customer eligibility requirements, limitations and other information relating thereto. A financial institution’s customer should contact their financial institution to receive the list of banks and other institutions into which that customers’ funds may be placed pursuant to the particular program offered to them by their financial institution. A customer’s access to expanded levels of FDIC or NCUSIF insurance on funds placed through such a program is generally based on the number of receiving banks or institutions in the particular program offered to them by their financial institution. Such customers should regularly review their financial institution’s list of receiving program institutions and immediately notify their financial institution if they want to ‘opt-out’ of a particular institution so that their funds are not placed at that institution.
While customer rates obtained on funds placed into the cash sweep and placement programs that we administer (e.g., the DDM and RTID programs) may, under certain circumstances, outperform cash alternatives, such as money market funds, the primary objective of our services is to provide customers with convenient access to expanded FDIC and/or NCUSIF insurance coverage on their funds (and not for investment enhancements, or higher rates of returns or profits).
R&T does not make any representations or warranties, express or implied, with respect to (i) a participating institution’s classification of deposits received under the DDM or RTID programs as ‘brokered’ or ‘not brokered’ under bank regulatory laws or (ii) the ability of a financial institution or its customer to place funds into the DDM or RTID program under any laws or regulations (e.g., under laws governing municipal and government agency deposits). Those decisions are entirely and solely a determination and the responsibility of that participating institution and/or its customer. If a participating institution (or its customer) is subject to any restrictions or requirements on the placement or deposit of their funds, that depositor is solely responsible for determining whether its use of the DDM or RTID program satisfies those restrictions and requirements.
Loan Management System (LMS)
R&T provides the loan management system (“LMS”) service, subject to its written terms, agreements and disclosures relating to that service. Under this service, (i) R&T licenses to a lender the ability to use R&T’ Loan Management System – composed of a Loan Origination Module (“LOM”), a Loan Underwriting Module (“LUM”), and a Collateral Monitoring Module (“CMM”) – to extend and monitor securities-based lines of credit (“SBLOCs”) that are custodied by a financial institution at which an underlying customer holds a securities account and (ii) R&T licenses to the financial institution with which the customer has its relationship (which may be the broker-dealer or trust company that acts as custodian or an investment advisor) the ability to use the LOM to facilitate a customer’s completion of an SBLOC application to the lender, which is stored and transmitted using the LMS. Under the LMS service, the lender also can use the LUM to underwrite the loan using its own credit criteria entered into the LUM, and the CMM to obtain the value of the customer’s pledged securities at the time the SBLOC application is underwritten and for monitoring the continued conformance to loan value standards established by the lender. The lender, financial institution and customer are solely responsible with respect to the underlying loan and securities transactions for which the LMS is used, and R&T has no liability or responsibility with respect thereto.
R&T Bank Monitor
R&T provides the R&T Bank MonitorSM service, subject to the Services Agreement – R&T Deposit Solutions (rnt.com). Under, the R&T Bank Monitor service, clients subscribe to the service, which primarily uses publicly available information to calculate and report safety and soundness metrics of active FDIC-insured depository institutions.
R&T’s Public Website
R&T may permit use or access to website portals or platforms by its Clients and their authorized representatives (“Client Portals”). In addition, R&T may permit use or access to website portals or platforms by Customers of R&T’s Clients (“Customer Portals”). Such Client Portals and Customer Portals, the “R&T Portals”.
No Legal, Investment or Other Professional Advice
R&T does not offer or provide, and nothing (including on our public website at www.rnt.com) shall be construed as R&T providing, any tax, accounting, investment, legal or other professional advice or recommendation. Also, nothing shall be construed as being an offer to sell or a solicitation of an offer to buy any security. Without limiting the foregoing, R&T does not offer or provide any professional or investment advice or recommendation regarding the nature, potential value, or suitability of any particular program, product, service, transaction, investment strategy, or other course of action by a person, including any Client or Customer. Prior to the execution of any transaction involving information received from or through R&T (including on R&T’s public website at www.rnt.com or any R&T Portals), the person should consult its financial, business, tax and accounting advisors and/or attorney with respect to the price, suitability, value, risk or other aspects of any program administered by R&T or any product or service provided by R&T.
Forward Looking Statements
Certain information on or in marketing or other materials (including on R&T’s public website at www.rnt.com) or the R&T Portals) may contain certain forward-looking statements, which are subject to risks and uncertainties and speak only as of the date on which they are made. The words “believe,” “expect,” “anticipate,” “optimistic,” “intend,” “aim,” “will” or similar expressions are intended to identify forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements. Any dated information is published as of its date only. Dated and forward-looking statements speak only as of the date on which they are made. We undertake no obligation to update or revise any dated or forward-looking statements.
R&T®, Reich & Tang®, Demand Deposit Marketplace®, DDM ®, DepositView® and RTID ® are registered marks of Reich & Tang Deposit Networks, LLC (d/b/a R&T Deposit Solutions). Total Bank Solutions ®, TBS Verify ® and TBS Bank Monitor ® are registered marks of Total Deposit Solutions, LLC (d/b/a R&T Deposit Solutions). RNTSSM, Certificate of Deposit MarketplaceSM, R&T FusionSM and Fusion by R&TSM are pending marks of Reich & Tang Deposit Networks, LLC (d/b/a R&T Deposit Solutions). IDEASM and R&T Bank MonitorSM are unregistered service marks of Reich & Tang Deposit Networks, LLC (d/b/a R&T Deposit Solutions).
Changes to Legal Disclosures
We may change or replace these Legal Disclosures from time to time in our sole discretion. All changes are effective immediately when we post or provide them, and apply thereafter.
If you have any questions regarding these Legal Disclosures, please email us at email@example.com or at: Reich & Tang Deposit Networks, LLC (d/b/a R&T Deposit Solutions), 1370 Broadway, 17th Floor, New York, NY 10018, Attention: Executive Vice President, General Counsel.
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