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Disclosures
1. RBC Insured Deposits (“the Program”) is an automated cash sweep option that sweeps un-invested cash balances in clients’ accounts into interest-bearing deposit accounts (“Deposit Accounts”) with RBC affiliate banks and additional unaffiliated banks (“Program Banks”) up to applicable limits, and subject to certain requirements. Availability is subject to certain restrictions. The Program provides up to $5 million in Federal Deposit Insurance Corporation (“FDIC”) insurance coverage per depositor in each insurable ownership capacity (“Deposit Limit”). Each Deposit Account constitutes a direct obligation of the Program Bank and is not directly or indirectly an obligation of RBC Wealth Management, which is not an FDIC-insured depository institution. For a list of program banks, please see our public website at www.rbcwm.com/rbc-insured-deposits-program-banks. More information regarding FDIC insurance is available at https://www.fdic.gov. RBC Insured Deposits are not subject to market risk and potential value loss, but are subject to the risk of a Program Bank’s failure. In the event a Program Bank fails, deposits at each Program Bank are eligible for FDIC coverage up to applicable limits. Deposit balances in excess of the Deposit Limit will be invested with Excess Banks and are not covered by FDIC insurance. Currently, the Primary Excess Bank is City National Bank (“CNB”), an RBC Affiliate Bank. Monies held in RBC Insured Deposits are not covered by Securities Investor Protection Corporation (“SIPC”). For retirement accounts, balances in excess of the Deposit Limit are invested in an unaffiliated money market fund. Money market mutual fund investments are not insured by the FDIC or any government agency; they are instead covered by SIPC.
Deposit Accounts will earn the interest rate based on the total assets across all accounts within your household, as well as total balances of all Deposit Accounts within your household held in the RBC Insured Deposits cash sweep program.
Please see the “Cash Management” section on our public website at rbcwm.com/disclosures. There you will find the RBC Insured Deposits Program Banks as well as Terms and Conditions and Program Interest Rates. For more information see our “Cash Sweep Program Overview” which is also available on our public website.
Kalley Sikich Leer, NMLS # 2497680, and Robert Sikich, NMLS # 2492634 through City National Bank, may receive compensation from RBC Wealth Management for referring customers to City National Bank. Banking products and services are offered or issued by City National Bank, an affiliate of RBC Wealth Management, a division of RBC Capital Markets, LLC, Member NYSE/FINRA/SIPC and are subject to City National Banks terms and conditions. Products and services offered through City National Bank are not insured by SIPC. City National Bank Member FDIC.
Investment products offered through RBC Wealth Management are not FDIC insured, are not guaranteed by City National Bank and may lose value.