Landing Rock Insured Deposits DirectSM Standard Terms and Conditions

These Standard Terms and Conditions ("Terms and Conditions") govern the Landing Rock Group LLC ("Landing Rock" or "we") Insured Deposits DirectSM Program ("Program"). By enrolling in the Program, the customer ("you") establishing a Landing Rock Insured Deposits DirectSM Account (the "Account") agrees to these Terms and Conditions.

I. Introduction and Basic Features of Program

This Section I of the Terms and Conditions contains the basic features of the Program. It is supplemented by, and is subject to, the additional provisions set forth below under Section II, "Detailed Terms and Conditions".

A. The Program: By enrolling in the Program, you appoint Landing Rock to act on your behalf under these Terms and Conditions. The Program requires a $5,000 minimum initial deposit. Landing Rock will route your deposited funds through our intermediary banks and deposit such funds into interest-bearing Federal Deposit Insurance Corporation ("FDIC")-insured omnibus money market deposit account(s), in which you will hold a beneficial interest, at one or more participating banks ("Program Banks"). The funds you deposit in your Account(s) plus the interest you earn thereon (together, the "Program Funds") are held in those Program Bank accounts. When initiated by you, Landing Rock will withdraw funds on your behalf at the Program Banks to cover check, debit card, and other withdrawals. A total maximum of up to $5 million in FDIC insurance protection is available under the Program.

B. FDIC Insurance: The amount of FDIC deposit insurance that is available through the Program is based upon the ownership rights and capacities in which the deposit accounts are maintained at the Program Banks. All deposit accounts in a Program Bank that are maintained in the same right and capacity (or by or for the benefit of a particular customer or customers) are added together and insured in accordance with the FDIC’s rules. Deposit accounts maintained in different rights and capacities, as recognized by the FDIC’s rules, are insured separately from one another. Deposit accounts at different Program Banks are insured separately.

The FDIC standard maximum deposit insurance amount ("SMDIA") is currently $250,000 for each FDIC-recognized category of account ownership. This means that there is up to $250,000 of FDIC insurance available for each FDIC-recognized category of account ownership at each Program Bank. For deposits held in each FDIC-recognized category of account ownership, the SMDIA applies to the total amount of any Program Funds you hold in a single Program Bank through the Program, plus any deposits you hold directly in the same Program Bank, plus any deposits you hold in the same Program Bank through any other intermediaries in the FDIC-recognized category of account ownership.

The deposits that you hold at a Program Bank outside of the Program, either directly or through an intermediary, will be added to your Program Funds and will limit the total amount of FDIC deposit insurance coverage available for you at the Program Bank. Landing Rock does not monitor or take any responsibility for those other deposits or the reduction in FDIC-insurance coverage that will be caused by your holding of those other deposits. You are solely responsible for monitoring those deposits and the effect of those deposits on your total FDIC deposit insurance coverage. Therefore, you agree to carefully review and monitor the list of Program Banks in which you are a depositor, and to adjust your deposit holdings in order to achieve the level of FDIC insurance coverage that you desire.

What if I have other funds in a Program Bank?

Example: Assuming that (i) the current SMDIA is $250,000 per FDIC-recognized category of account ownership, (ii) the amount of your Program Funds in a single Program Bank is $250,000, and (iii) the amount of deposits you already hold directly or through an intermediary in the same Program Bank is $250,000, your maximum FDIC-protected deposits will be $250,000. This means that the remaining $250,000 of your deposits at the Program Bank will be uninsured.

C. Allocation of Funds to Program Banks: There are currently 21 Program Banks participating in our Program and Landing Rock allocates a maximum of $250,000 (the current SMDIA) of your Program Funds to 20 of those Program Banks. A total maximum of up to $5 million in FDIC insurance protection is available under the Program. Any amounts over $5 million will be deposited into one or more of the already utilized Program Banks and will not be FDIC insured.

What is the maximum FDIC insurance available through the Program?

Example: Assuming that (i) the current SMDIA is $250,000 per FDIC-recognized category of account ownership, (ii) there are 20 Program Banks, (iii) you have not excluded any of the Program Banks from holding your Program Funds, and (iv) you do not have any funds on deposit at a Program Bank outside of the Program, your maximum FDIC-protected deposits will be $5 million (i.e., $250,000 x 20 banks).

What if I deposit more than $5 million in the Program?

Examples: Assuming that (i) the current SMDIA is $250,000 per FDIC-recognized category of account ownership, (ii) there are 20 Program Banks, (iii) you have not excluded any of the Program Banks from holding your Program Funds, (iv) you do not have any funds on deposit at a Program Bank outside of the Program, and (v) you have a total of $5 million in the Program (being deposits in your Account(s) plus interest earned thereon), Landing Rock will allocate the $5 million evenly among the 20 Program Banks. As a result, each Program Bank will have $250,000 of your Program Funds, all of which will be FDIC-insured. If, instead you have $6 million in the Program, Landing Rock will allocate $5 million evenly among the 20 Program Banks. The remaining $1 million will be deposited in one or more of the already utilized Program Banks. As a result, the remaining $1 million will not be FDIC-insured.

A current list of Landing Rock’s Program Banks is available on Landing Rock’s website (click here). Your periodic statements will list the Program Banks that hold your Program Funds and the amount of Program Funds in each of those Program Banks as of the statement date. The Program Banks that hold your Program Funds, and the balance in each Program Bank, may change at any time during a statement period. Accordingly, if you want to view the Program Bank at which your Program Funds are located at any particular time, go to the “My Account” section of our website (www.landingrock.com).

You have the right to instruct Landing Rock to exclude a particular Program Bank from holding your Program Funds by opting-out of the Program Bank during the enrollment process at www.landingock.com, or at any other time (i) in the “My Account” section of Landing Rock’s website (www.landingrock.com), (ii) by calling Landing Rock’s Customer Service at 866-237-2750, or (iii) by sending a letter of instruction to Landing Rock Group LLC, Attention: Customer Service, 1250 Broadway, 32nd Floor, New York, NY 10001-3701. If you exclude one or more Program Banks, the maximum level of FDIC insurance coverage available under the Program will decrease from $5 million to a lower maximum amount. To the extent the number of Program Banks remaining in the Program is insufficient to provide up to $5 million of FDIC insurance for your Program Funds, we will advise you of this at the time you exclude the Program Bank.

D. Access to Funds: You may access your Program Funds at any time by using a Landing Rock Gold Visa® Check Card, checks, the Automated Clearing House ("ACH"), Automated Teller Machines ("ATMs"), a letter of instruction to Landing Rock, wire transfer, Landing Rock’s on-line bill payment service, or by calling Landing Rock Customer Service at 866-237-2750. You will be required to apply for, and be approved, to use most of these means of access.

E. Interest Rates: Interest rates paid on your Program Funds are determined pursuant to Landing Rock’s agreements with its Program Banks and are subject to change at any time. Current interest rates are available at www.landingrock.com or by calling Landing Rock Customer Service at 866-237-2750

F. Landing Rock Fees: Landing Rock earns fees based on the amount of money in the Program, including your Program Funds. These fees are paid directly by the Program Banks to Landing Rock. In addition, you will be required to pay fees to Landing Rock depending on the Program features and services that you choose, as set forth further below.

G. Risks of Program: For your convenience only, set out below are the key risks that we have identified with the Program. This list is, in no way, exhaustive of all risks with the Program.

  • You may receive a lower rate of return on funds you deposit in your Account through the Program than on other types of investments. Visit www.landingrock.com to obtain the current Program interest rates.

  • Under federal regulations, Program Banks reserve the right to require seven (7) days’ notice before permitting any withdrawal of Program Funds from a money market deposit account. While the Program Banks have not currently indicated their intention to exercise such right, a Program Bank may, at any time, choose to do so.

  • In the event of a failure of a Program Bank, FDIC procedures may result in a delay in your ability to access your Program Funds in that particular Program Bank.

  • If you have on deposit in a single Program Bank funds (i.e., Program Funds, plus deposits that you hold directly, plus deposits you hold through an intermediary) in an amount that exceeds the SMDIA for a FDIC-recognized category of account ownership (currently $250,000), FDIC deposit insurance coverage will not be available for the excess funds. You are solely responsible for monitoring your deposits in Program Banks.

  • If you have more than $5 million in the Program, the excess funds over $5 million will not be covered by FDIC insurance.

  • If you opt-out of one or more Program Banks, the maximum level of FDIC insurance coverage available under the Program will decrease from $5 million to a lower maximum amount. To the extent the number of Program Banks remaining in the Program is insufficient to provide up to $5 million of FDIC insurance for your Program Funds, we will advise you of this at the time you opt-out of the Program Bank.

  • Until your funds are received in investible form and processed by the Program Banks, your funds will not be FDIC-insured. For example, if you send us funds via check, ACH transaction or wire transfer, there will be a period of time between when you send such funds to us, when such funds are sent to and received by the intermediary bank and when such funds are then deposited into, and received in investable form by, the Program Banks. During such period, your funds may be held at the intermediary bank intraday, overnight or over the weekend to the next bank business day or longer before being received in investible form by the Program Banks. During any period when your funds are held at our intermediary bank, any amount in excess of the then current SMDIA for a FDIC-recognized category of account ownership (currently, $250,000) will not be covered by FDIC insurance.

II. Detailed Terms and Conditions
A. Account Types

The Program is open to many types of accounts, including single ownership accounts; joint ownership accounts; business accounts (such as accounts of a corporation, partnership, or unincorporated association); accounts held by an agent, escrow agent, nominee, guardian, custodian, or conservator; annuity contract accounts; revocable trust accounts; accounts held by a depository institution as the trustee of an irrevocable trust; irrevocable trust accounts; UTMA and UGMA accounts; and accounts held by government depositors.

The Program is not currently available to IRA accounts, however, it may in the future. The Program also is not currently available to foreign account holders (i.e. US or non-US citizens residing outside of the US or non-US incorporated or organized entities), however, it may in the future.

B. Eligibility

The Program is only available to persons or entities that can form a legally binding contract under applicable law. If you are an individual, you must be at least 18 years of age.

Landing Rock may, in its sole discretion, refuse your enrollment in the Program or suspend or terminate your Account for any reason whatsoever, including if Landing Rock believes your Account may be being used for illegal purposes.

You hereby agree to provide Landing Rock with your correct US tax identification information, if one exists.

C. Landing Rock

By enrolling in the Program, you hereby appoint Landing Rock to act on your behalf under these Terms and Conditions.

In operating the Program, Landing Rock acts as your agent to route your Program Funds to and from FDIC-insured banks. Landing Rock is a deposit broker under FDIC regulations. Landing Rock is not a bank, is not a FDIC-insured entity and does not itself hold any of your funds. Your ownership interest in your Account is reflected in the records that Landing Rock keeps in the regular course of its business. All funds in your Account are routed to and from, and held by, the intermediary banks or the Program Banks. Customers can at any time log in to the "My Account" section of our website or call the Landing Rock Customer Service Department at 866-237-2750, Monday - Friday, 9am - 5pm, ET to confirm the Program Banks at which their funds are held, or to opt-out of any Program Bank.

Landing Rock shall establish and maintain omnibus accounts in the intermediary banks and the Program Banks on your behalf and on behalf of other Landing Rock customers in the Program. The account at each Program Bank that holds your Program Funds will be an omnibus interest-bearing FDIC-insured money market deposit account and will hold the Program Funds of many customers. Landing Rock will deposit your Program Funds into, and withdraw them from, the Program Banks as set forth in these Terms and Conditions. Landing Rock has selected the Program Banks, subject to your opting-out of any Program Banks from holding your Program Funds in accordance with these Terms and Conditions.

The Program Banks each pay Landing Rock a fee for its services relating to the Program. That fee is determined pursuant to Landing Rock’s agreement with each Program Bank, and may vary among the Program Banks.

D. Allocation of Funds to Program Banks

Landing Rock allocates your Program Funds among Program Banks. There are currently 21 Program Banks participating in our Program. Landing Rock allocates a maximum of $250,000 (the current SMDIA) of your Program Funds to 20 of those Program Bank in order to provide a maximum of up to $5 million in FDIC insurance protection under the Program. Any amounts you have in the Program over $5 million are not covered by FDIC insurance.

Visit www.landingrock.com or contact Landing Rock Customer Service at 866-237-2750 to review your balances at each of the Program Banks as of the most recent bank business day, and other Program information.

FDIC deposit insurance coverage is available for your Program Funds up to the SMDIA, which is currently $250,000 for each FDIC-recognized category of account ownership at each Program Bank. For deposits held in each FDIC-recognized category of account ownership, the SMDIA applies to the total amount of any Program Funds you hold in a single Program Bank through the Program, plus any deposits you hold directly in the same Program Bank, plus any deposits you hold in the same Program Bank through any other intermediaries.

The maximum amount of Program Funds eligible for FDIC insurance coverage shall not exceed the then current SMDIA for each FDIC-recognized category of account ownership multiplied by the number of participating Program Banks (except for any Program Banks that you have chosen to exclude), less any deposits that you hold directly or through other intermediaries in the same Program Bank(s) in the same FDIC-recognized category of account ownership.

For questions about FDIC insurance coverage, you may call the FDIC at 877-275-3342 or visit the FDIC’s web site at www.fdic.gov.

E. FDIC Deposit Insurance for FDIC-Recognized Categories of Account Ownership; Multi-Tiered Fiduciary Relationships

To ensure that your Program Funds are protected by FDIC insurance to the fullest extent possible under the Program, you should understand how FDIC insurance applies to each FDIC-recognized category of account ownership.

In general, the FDIC-recognized categories of account ownership include single ownership accounts; accounts held by an agent, escrow agent, nominee, guardian, custodian, or conservator; annuity contract accounts; certain joint ownership accounts; certain revocable trust accounts; accounts of a corporation, partnership, or unincorporated association; accounts held by a depository institution as the trustee of an irrevocable trust; certain irrevocable trust accounts; certain retirement and other employee benefit plan accounts; and certain accounts held by government depositors.

The rules that govern these categories of account ownership are very detailed and very complex, and there are many nuances and exceptions. Complete information can be found at the FDIC’s regulations set forth at 12 C.F.R. Part 330.

The FDIC’s regulations impose special requirements for obtaining pass-through FDIC insurance coverage, up to the then current SMDIA (currently $250,000 for each FDIC-recognized category of account ownership), for multiple levels of fiduciary relationships. In these situations, in order for FDIC insurance coverage to pass through to the true beneficial owners of the funds, it is necessary (i) to expressly indicate, on the records of the insured depository institution that there are multiple levels of fiduciary relationships, (ii) to disclose the existence of additional levels of fiduciary relationships in records, maintained in good faith and in the regular course of business, by parties at subsequent levels, and (iii) to disclose, at each of the level(s), the name(s) and the interest(s) of the person(s) on whose behalf the party at the level is acting. No person or entity in the chain of parties will be permitted to claim that they are acting in a fiduciary capacity for others unless the possible existence of such a relationship is revealed at some previous level in the chain. If your Program Funds are beneficially owned through multiple levels of fiduciary relationship, you must take steps to comply with these special requirements.

The title to an Account established by an escrow agent on behalf of one or more principals must be vested as “[name of escrow agent], as escrow agent for [name(s) of principals]”. The escrow agent must maintain appropriate records regarding the identification of the principal(s) that own the funds in the Account and the amount of funds owned by each principal. These records must be maintained in good faith and in the regular course of business. Only bona fide escrow arrangements will be recognized as such by the FDIC for deposit insurance purposes.

For questions about FDIC insurance coverage, you may call the FDIC at 877-275-3342 or visit the FDIC’s web site at www.fdic.gov.

You also may wish to utilize “EDIE The Estimator,” the FDIC’s electronic insurance calculation program, which is found at https://www.fdic.gov/edie/index.html. Other information regarding FDIC insurance coverage may be found at the “Deposit Insurance” section of the “Quick Links for Consumers & Communities” on the FDIC’s web site at http://www.fdic.gov/quicklinks/consumers.html

F. Intermediary Bank

Landing Rock utilizes one or more intermediary banks to route funds in the Program. In particular:

  • Funds deposited into your Account are routed by Landing Rock through an intermediary bank and deposited into the Program Banks.
  • Funds withdrawn from your Account are routed from the Program Banks through an intermediary bank.

The intermediary bank is a separate FDIC-insured depository institution. Landing Rock may add or remove intermediary banks at its sole discretion and without advance notice to you. You hereby authorize and direct Landing Rock, on your behalf and without notice to you, to route your Program Funds to and from the intermediary banks. Landing Rock does not guarantee the financial condition of any intermediary bank, or the accuracy of any publicly available information concerning an intermediary bank. Landing Rock is not responsible for any insured or uninsured portion of any deposits at an intermediary bank. You expressly give your consent to Landing Rock providing your customer account information to the intermediary banks for purposes of your involvement in the Program.

Your Deposit Funds may be held at the intermediary bank intraday, overnight or over the weekend to the next bank business day or longer before being received in investible form by the Program Banks. During any period when your funds are held at the intermediary bank, any amount in excess of the then current SMDIA for a FDIC-recognized category of account ownership (currently, $250,000) will not be covered by FDIC insurance.

G. Program Banks

Your Program Funds will be held in accounts at Program Banks. Click here to review the current list of Program Banks. You may also obtain a current list of Program Banks by calling Landing Rock’s Customer Service at 866-237-2750.

Each Program Bank is a separate FDIC-insured depository institution and is required to be a member of the FDIC. None of the Program Banks are affiliated with Landing Rock. You can obtain publicly available financial information for all Program Banks at the FDIC’s website at www.fdic.gov; or by contacting the FDIC’s Division of Information and Research by writing to Federal Deposit Insurance Corporation, Division of Information and Research, 550 17th Street, N.W., Washington, D.C. 20429-9990; or by calling the FDIC’s Division of Information and Research at 877-275-3342.

Landing Rock does not guarantee the financial condition of any Program Bank, or the accuracy of any publicly available information concerning a Program Bank. Landing Rock is not responsible for any insured or uninsured portion of any deposits at a Program Bank. You expressly give your consent to Landing Rock providing your customer account information to Program Banks for purposes of your involvement in the Program.

Landing Rock may add additional Program Banks and remove Program Banks at its sole discretion and without advance notice to you. Except for any Program Bank that you have excluded by opting-out of the Program Bank, your Program Funds shall be held in any of the Program Banks, and in any order that Landing Rock determines is appropriate. Landing Rock may transfer your Program Funds between Program Banks at its sole discretion at any time.

Each account at a Program Bank will be an omnibus interest-bearing FDIC-insured money market deposit account and will hold the Program Funds of many customers. We require that those accounts be titled in the books and records of the banks as "Landing Rock Group LLC, as Agent, for the Exclusive Benefit of its Deposit Customers, Acting for Themselves and/or Acting in a Fiduciary Capacity for Others".

The Program Funds placed in accounts at the Program Banks by Landing Rock on your behalf and on behalf of other customers constitute a direct obligation of those Program Banks and are not directly or indirectly an obligation of Landing Rock. In the event a Program Bank rejects additional deposits, withdraws entirely from the Program, or is terminated from participation in the Program, you hereby authorize and direct Landing Rock, on your behalf and without notice to you, to move your Program Funds to another FDIC-insured depository institution. You have the right to instruct Landing Rock to exclude a particular Program Bank from holding your Program Funds by opting-out of the Program Bank, as set forth below.

H. Ability to Exclude a Program Bank

You may exclude any Program Bank from holding your Program Funds by opting-out of the Program Bank during the enrollment process at www.landingrock.com. You can also do this at any other time (i) in the “My Account” section of Landing Rock’s website (www.landingrock.com) or (ii) by calling Landing Rock’s Customer Service at 866-237-2750, or (iii) by sending a letter of instruction to Landing Rock Group LLC, Attention: Customer Service, 1250 Broadway, 32nd Floor, New York, NY 10001-3701.

There will be a delay between the time Landing Rock receives your request for exclusion and the time that your Program Funds are removed from the excluded Program Bank(s).

If you exclude one or more Program Banks, the maximum level of FDIC insurance coverage available under the Program will decrease from $5 million to a lower maximum amount. To the extent the number of Program Banks remaining in the Program is insufficient to provide up to $5 million of FDIC insurance for your Program Funds, we will advise you of this at the time you exclude the Program Bank.

I. Failure of a Program Bank

In the event that FDIC deposit insurance payments become necessary because of the failure of a Program Bank, payments of principal plus unpaid and accrued interest up to the then current SMDIA for each FDIC-recognized category of account ownership will be made to you. There is no specific time period during which the FDIC must make insurance payments available, and payments may be made in two or more installments. Further, you may be required to provide certain documentation to the FDIC before insurance payments are made.

J. Account Fees and Charges

The current list of fees that you will be charged under the Program are posted on our website here. Such fees may be changed by Landing Rock at any time by giving such notice as may be required by applicable law.

There are no Account opening fees imposed under the Program. However, you will be charged a monthly minimum deposit fee if an average monthly balance of $2,000 is not maintained in your Account for that month. In addition, Landing Rock imposes other fees depending on the Program features and services that you use.

Landing Rock reserves the right to charge you for specific costs incurred in processing special transactions, including but not limited to, special research services.

K. Interest Rates

To obtain the current interest rates, visit www.landingrock.com or contact Landing Rock Customer Service at 866-237-2750. The interest rate applicable to your Program Funds also will be indicated on your periodic statements.

Interest rates paid on funds you deposit to your Account are determined pursuant to Landing Rock’s agreements with its Program Banks and are subject to change at any time. The interest rate may fluctuate daily. Landing Rock may offer tiered interest rates which may be based on asset levels. Customers with larger balances may be paid higher rates than those with smaller balances.

Interest will be compounded daily and posted monthly. Interest will accrue on your deposits from the day they are received in investible form by the Program Bank through the day preceding the date of the withdrawal. Interest is calculated by applying a daily periodic interest rate to your Account balance. The daily rate is 1/365 (or 1/366, in a leap year) of the applicable annual rate. The rate you earn on your deposits may be higher or lower than the rates available to depositors transacting with Program Banks directly or with other depository institutions in comparable accounts. You should compare the terms, rates of return, required minimum amounts, charges and other features of the Program with other accounts and investment alternatives.

L. Deposits to Your Account

There is a $5,000 minimum initial deposit required to enroll in the Program. There is no minimum amount required for subsequent deposits to your Account.

You may send deposits to your Account by (1) ACH, (2) wire transfer or (3) check.

  • ACH. It typically takes two bank business days (and sometimes longer) for an ACH to be received after the time you initiate the ACH. You do not have to notify Landing Rock of funds deposited via ACH. Call Landing Rock Customer Service at 866-237-2750 for ACH instructions.
  • Wire Transfers. Funds received via wire transfer are credited to your Account on the same bank business day, provided that the wire is received and you notify Landing Rock of the wire prior to 2:00 p.m. (ET) (or such other time as stated on our website from time to time) on the date of receipt. Otherwise, such funds shall be credited to your Account the next bank business day. Call Landing Rock Customer Service at 866-237-2750 for wiring instructions.
  • Checks. Check deposits must be made payable to “Landing Rock Group LLC” or to the Account holder and endorsed to Landing Rock Group LLC. Funds received via check transfer are credited to your Account on the same bank business day; provided that the check is received prior to 1:00 p.m. (ET) (or such other time as stated on our website from time to time) on the date of receipt. Otherwise, such funds shall be credited to your Account the next bank business day. Check deposits will not be allocated to Program Banks and will not begin earning interest until they are converted to investible funds, usually in one to two bank business days after receipt. Check funds may not be withdrawn until the check has been honored by the maker's bank.

Landing Rock assumes no responsibility for delays in the receipt of deposits. Your deposits will not commence receiving the full extent of FDIC insurance as described in these Terms and Conditions until your deposits are received and processed by the Program Banks.

All deposits must be in U.S. dollars. Cash deposits, third-party checks not payable to the Account holder, money orders, foreign checks, starter checks, and traveler's checks will not be accepted.

As mentioned above, Landing Rock does not hold your deposits – your Program Funds are at all times held by the Program Banks, or held or being routed through certain intermediary banks. Your Account ownership at Landing Rock will be in book-entry format, so you will not receive a passbook or a certificate. You may not bypass Landing Rock and place funds intended for deposit in your Account directly with any Program Bank or the intermediary banks. Landing Rock reserves the right to refuse additional deposits to any Account as to which, in its sole opinion, the activity is excessive, or for any other reason.

M. Withdrawals from Your Account

There is no minimum period that your Program Funds must remain on deposit and there are no penalty fees for withdrawals, regardless of amounts or frequency.

You may make withdrawals at any time by (1) calling Landing Rock Customer Service at 866-237-2750, (2) Landing Rock’s on-line bill payment service, (3) ACH, (4) wire transfer, (5) a letter of instruction to Landing Rock, (6) a Landing Rock Gold Visa® Check Card, (7) ATMs (with your Landing Rock Gold Visa® Check Card) and (8) check. Withdrawals from your account may not exceed your total account balance in your Account.

  • Telephone. Withdrawals by telephone may only be made if you have authorized telephone withdrawals on your application for the Account. All telephone requests for a withdrawal by wire or redemption check will be processed on the bank business day received, provided that such request is received by Landing Rock prior to 2:00pm (ET) (or such other time as stated on our website from time to time) on the date of withdrawal. Otherwise, such requests will be processed the next bank business day.
  • On-line Bill Payment Service. Withdrawals using Landing Rock’s on-line bill payment service may only be made if you submit an application for that service and the application is approved by Landing Rock. You will need to use a personal computer to make withdrawals through Landing Rock’s on-line bill payment service. All withdrawals using the on-line bill payment service will be processed on the next bank business day.
  • ACH. To make a withdrawal by ACH, you will need to request an ACH transaction by calling Landing Rock Customer Service at 866-237-2750. If you use a financial institution that offers ACH money transfer service, you may be able to utilize that service to withdraw funds from your Account via ACH. If you call Landing Rock Customer Service prior to 12:00pm (ET) (or such other time as stated on our website from time to time) to request the ACH, we will process the ACH withdrawal on that day (provided it is a bank business day). Otherwise, such requests will be processed by us on the next bank business day. Funds will be withdrawn from your Account on the date that is two bank business days after such processing date.
  • Wire Transfer. To make a withdrawal by wire transfer, you will need to request a wire transfer by calling Landing Rock Customer Service at 866-237-2750. Withdrawals using wire transfer may only be made if you submit an application for the Landing Rock wire service and that application is approved. All telephone requests for a withdrawal will be processed on the bank business day received, provided that such request is received by Landing Rock prior to 2:00pm (ET) (or such other time as stated on our website from time to time) on the date of withdrawal. Otherwise, such requests will be processed the next bank business day.
  • Letter of Instruction. Letters of instruction must include (i) the name(s) and signature(s) of all required Account holders and each Account holder’s Program identification number or social security number, (ii) the dollar amount you want to withdraw, (iii) how and where to send the proceeds, and (iv) a Medallion Signature Guarantee, if you have not previously sent Landing Rock a wiring instruction to be kept on file. In any event, you must provide a Medallion Signature Guarantee on your letter of instruction in the following situations: (a) withdrawals of more than $10,000, if the withdrawal proceeds are not being sent to the your designated bank or brokerage account; or (b) where your address has changed within the preceding 30 days; or (c) withdrawal requests for the funds to be sent to someone other than you or to a location that is different than your address of record. All withdrawals using letter of instruction will be processed on the next bank business day after receipt of the letter of instruction (in good and proper form as described above).
  • Gold Visa® Check Card and ATMs. You may withdraw your Program Funds by using a Landing Rock Gold Visa® Check Card that is issued to you. The issuance of the Landing Rock Gold Visa® Check Card is subject your submission of an application and the approval of that application by Landing Rock. The Landing Rock Gold Visa® Check Card enables you to access your balance through ATMs and facilitates the purchase of goods and services at Visa® merchants worldwide.
  • Check. You may withdraw your Program Funds by using Landing Rock issued checks.

You understand and agree that checking and Landing Rock Gold Visa® Check Card privileges may not be used for any unlawful purpose. In any event, you will not use the Program for any transaction that is illegal under applicable law. Please call Landing Rock Customer Service at 866-237-2750 if you wish to apply for a Landing Rock Gold Visa® Check Card.

Notwithstanding the above, under federal regulations, Program Banks reserve the right to require seven (7) days’ notice before permitting any withdrawal of Program Funds. While the Program Banks have not indicated their intention to exercise such right, a Program Bank may, at any time, choose to do so.

You acknowledge and agree that the choice of the Program Bank(s) from which your Program Funds are withdrawn, in the event you request a withdrawal, shall be at the sole discretion of Landing Rock. Landing Rock assumes no responsibility for delays in the receipt of withdrawn funds.

With respect to international exchange rates when using your Landing Rock Gold Visa® Check Card, you understand that the exchange rate between the transaction currency and the billing currency used for processing international transactions is a rate selected by Visa® from the range of rates available in wholesale currency markets for the applicable central processing date, which rate may vary from the rate Visa® itself receives, or the government-mandated rate in effect for the applicable central processing date, in each instance plus an adjustment determined by Landing Rock (currently 1%).

N. Account Statements

Monthly Account statements will be sent to you via regular mail (or by electronic delivery, if and when Landing Rock makes this available) if you have initiated at least one deposit or withdrawal from your Account in a calendar month. If there has been no activity in your Account, you will receive a statement quarterly. You will not receive a separate statement from the Program Banks.

You should retain all Program statements. Except as otherwise provided in Landing Rock documentation or applicable law, you must notify Landing Rock immediately of any discrepancies noted on your Program statement.

Statements list deposits, withdrawals, interest earned for the period, year-to-date interest, Program Banks in which your Program Funds are held as of the statement date and the amounts at those Program Banks.

O. Notice of Unauthorized Activity

1. Deposits By Check or Fedwire and Withdrawals by Check or Letter of Instruction

You should carefully examine your Account statement as soon as you receive it. If you feel that there is an error on the statement, you must notify Landing Rock immediately in writing, but in no event later than 30 days after the mailing date of the statement, or the date when Landing Rock first makes the statement available (e.g., on the Internet), on which the error first appeared. If you fail to receive your statement within a reasonable time after it usually appears, contact Landing Rock promptly. Failure to comply with this notification requirement may bar you from claiming on any error involving your Account.

In addition, you must notify Landing Rock about any unauthorized activity within ten days of the mailing date of the first statement that indicates such unauthorized activity. If you do not alert Landing Rock to the first unauthorized transaction in a series of related unauthorized transactions within such notification period, you may be barred from making a claim for any further activity in an ongoing series of unauthorized transactions.

Notwithstanding the above and without regard to care or lack of care by either you or Landing Rock: (1) any claim of an unauthorized signature must be made to Landing Rock in writing within 365 days of the earliest statement indicating the questioned item; and (2) any claim of an unauthorized endorsement must be made to Landing Rock in writing within three years of the earliest statement indicating the questioned item. Landing Rock shall not be liable for such claims not brought to its attention within these time frames.

2. Landing Rock Gold Visa® Check Card Transactions

Please refer to the Landing Rock Gold Visa® Check Card Terms and Conditions for information concerning your rights and responsibilities for unauthorized Landing Rock Gold Visa® Check Card transactions. Those provisions are incorporated into and made a part of these Terms and Conditions.

3. Electronic Fund Deposits and Withdrawals

Please refer to the Landing Rock Electronic Fund Transfer Act Disclosure, set forth in Exhibit A at the end of these Terms and Conditions, for information concerning your rights and responsibilities relating to electronic fund transactions, such as on-line bill payment and ACH. The provisions of that Disclosure are incorporated into and made a part of these Terms and Conditions.

If you have applied for and received a Landing Rock Gold Visa® Check Card, or if you are approved to use Landing Rock’s on-line bill payment service or ACH, you may also receive separate Electronic Fund Transfer Act disclosures.

P. Other Program Terms

Days of Operation: Landing Rock is open Monday through Friday, 9:00 a.m. until 5:00 p.m. (Eastern time) except for the following holidays as observed by the Federal Reserve Bank of New York - New Year’s Day, the Birthday of Martin Luther King, Jr., President’s Day, Memorial Day, Independence Day, Labor Day, Columbus Day, Veterans Day, Thanksgiving Day and Christmas Day.

Joint Account Owners. If your Account is a joint or other multi-party account, any one of the account owners may deposit or withdraw funds from the Account. You hereby authorize Landing Rock to act on the verbal, written or electronic instructions of any of the account owners or authorized signers, and Landing Rock will so honor the instructions of any such account owner. Account owners using the same user name and password will be identified as one account owner.

Aggregation of Funds in Multiple Accounts. If you open more than one Account in the Program with the same tax identification information, the funds in all such Accounts are aggregated for the purposes of calculating the $5 million maximum FDIC insurance limit available under the Program. Depending on the individual facts and the ownership rights and capacities in which funds are held, additional FDIC insurance may be available. Refer to Section I(B) and II (E) above for further information about FDIC insurance.

Compliance with Laws: You agree to (a) comply with all applicable laws and regulations and any applicable regulatory directives or orders issued by any regulatory agency or any self-regulatory organization with appropriate jurisdiction in connection with your involvement in the Program; and (b) reasonably cooperate with and assist Landing Rock in complying with any of its statutory or regulatory obligations relating to the Program.

Unlawful Internet Gambling: Landing Rock prohibits the use of any Account to conduct transactions (including, without limitation, the use of a Landing Rock Gold Visa® Check Card or the acceptance or receipt of credit or other receipt of funds through an electronic funds transfer, or by check, draft or similar instrument, or the proceeds of any of the foregoing) that are related, directly or indirectly, to unlawful internet gambling. The term “unlawful internet gambling” shall have the meaning as set forth in 12 C.F.R. Section 233.2(bb). Landing Rock reserves the right to not process any transaction through your Account if we, in our sole discretion, believe such transaction to be "unlawful internet gambling".

Power & Authority: You represent and warrant to Landing Rock that you have full power and authority to open an Account and to agree to and to perform these Terms and Conditions and other documents or contracts entered into with Landing Rock. In addition, if you are not an individual, you represent and warrant to Landing Rock that (1) you are duly organized, validly existing and in good standing under the laws of its state or jurisdiction of organization, (2) you possess all requisite authority, power, licenses, permits, registrations and franchises and have made all governmental filings to conduct business wherever it conducts business and to execute, deliver and comply with you obligations hereunder and (3) your agreement to these Terms and Conditions and performance hereunder shall not conflict with or violate your governing documents or any law, regulation, decree, demand, order or any other contract or agreement to which it is subject.

Inactive Program Funds: Landing Rock and the Program Banks may be required by applicable law to turn over (escheat) your Program Funds to a state, typically your state of residence, based on inactivity for a certain time period established by applicable state law. If your Program Funds are turned over to the state, you may be able to file a claim with the state to recover such funds. Consult the responsible state office in your state for details.

Transferability of Account: You may not assign or transfer your Account to any other person or entity, except for a transfer that occurs due to death, incompetence, marriage, divorce or otherwise by operation of law. In such event, no such transfer shall be binding on Landing Rock or the Program Banks until sufficient, acceptable documentation has been received by Landing Rock or the Program Banks in their sole discretion.

Assignment by Landing Rock: Landing Rock may assign and transfer its rights and obligations under the Program, including, without limitation, pursuant to these Terms and Conditions, to one or more of its affiliates or subsidiaries or to any person that acquires all or substantially all of the assets of Landing Rock, without prior notice to you and without obtaining your consent.

Termination or Suspension of Account: Landing Rock may, in its sole discretion and without any prior notice, terminate your Account and participation in the Program and/or suspend your Account for any period of time.

Force Majeure: Except as provided by applicable law, any failure by Landing Rock, any intermediary bank, or any Program Bank to act, or any delay by such party beyond time limits prescribed by law or permitted by these Terms and Conditions, is excused if caused by your negligence, interruption of communication facilities, suspension of payments by another financial institution, war, act of terrorism, emergency conditions or other circumstances beyond the control of such party, provided such party exercised such ordinary care as such circumstances would reasonably require. You agree that any act or omission made by Landing Rock, any intermediary bank, or any Program Bank in reliance upon or in accordance with the rules and regulations of the Uniform Commercial Code, or any law, rule, regulation or interpretation of any applicable state or federal agency, shall constitute ordinary care.

Your Personal Information: You agree that Landing Rock, any intermediary bank, the Program Banks, and their respective service providers will share information concerning you, your Account, and your participation in the Program in connection with providing the services contemplated by these Terms and Conditions, and may disclose such information to any Landing Rock affiliate in accordance with applicable law or by any subpoena or similar legal process or requested by any regulatory or other government authority, in accordance with Landing Rock’s Privacy Policy and/or in accordance with customary banking practices. You agree that Landing Rock, the intermediary banks, the Program Banks, and their respective service providers may obtain such information as may be necessary for legitimate business needs in connection with the operation of the Program. For information regarding the collection, processing and use of your personal information and your rights to limit the use and disclosure of such information, you should refer to the Landing Rock Privacy Policy provided to you at the time you enrolled in the Program and each year thereafter. A copy is also located on our website here. This Section shall survive termination or expiration of your Account.

Limits on Certain Deposit Accounts: Federal banking regulations limit transfers from money market deposit accounts to a total of six (6) transfers during a monthly cycle, and certain aggregation rules may apply to transfers from such accounts at the Program Banks. However, these limits on transfers will not limit the number of times you can access your Program Funds, the interest rate you earn, or the amount of FDIC insurance coverage for which your Program Funds are eligible.

Anti-Money Laundering: You may be required to provide to Landing Rock sufficient information to identify you and verify your identity for purposes of any applicable anti-money laundering laws and regulations, including without limitation the USA PATRIOT Act, the rules and regulations of the Office of Foreign Assets Control of the United States Department of the Treasury (including screening requirements relating to the Specially Designated Nationals and Blocked Persons), and the rules and regulations of applicable federal agencies relating to customer identification programs, all as amended, (collectively, the "Anti-Money Laundering Laws"). Any such information provided must be true and correct in all regards. You hereby agree to indemnify, defend and hold harmless Landing Rock from and against all actions, claims, liabilities, losses, costs, attorney’s fees, and damages arising from the provision of any incorrect information to Landing Rock. This Section shall survive termination or expiration of your Account.

Legal Process: Landing Rock, the intermediary banks or Program Banks may comply with any writ of attachment, execution, garnishment, tax levy, restraining order, subpoena, warrant or other legal process, which such party reasonably in good faith believes to be valid. Except as provided by applicable law, Landing Rock may notify you of such process by telephone, electronically or in writing. If Landing Rock is not fully reimbursed for its record research, photocopying and handling costs by the party that served the process, Landing Rock may charge such costs to your Account. You hereby agree to indemnify, defend and hold Landing Rock, any intermediary bank and the Program Banks harmless from and against all actions, claims, liabilities, losses, costs, attorney’s fees, and damages associated with their compliance with any process that such party believes reasonably and in good faith to be valid. You further agree that Landing Rock, any intermediary bank and the Program Banks may honor legal process that is served personally, by mail, or by facsimile transmission at any of their respective offices (including locations other than where the funds, records or property sought is held), even if the law requires personal delivery at the office where your Account records are maintained. This Section shall survive termination or expiration of your Account.

Tax Withholding: Landing Rock may be required to withhold U.S. federal income tax at the prevailing rate on all taxable income payable to certain Account holders who fail to provide their correct taxpayer identification number or to make required certifications, or who have been notified by the Internal Revenue Service that they are subject to backup withholding. Interest earned on Accounts held by individuals or entities that are neither citizens nor residents of the United States, except for Canadian residents, may not be subject to withholding tax. Please consult your tax advisor for more information.

Right of Set-Off: To the maximum extent permitted by applicable law, Landing Rock may charge or set off funds in your Account against indebtedness or obligations you may have to Landing Rock.

Limitation on Liability: TO THE MAXIMUM EXTENT PERMITTED BY LAW, IN NO EVENT SHALL LANDING ROCK OR ANY OF ITS AFFILIATES BE LIABLE FOR ANY INDIRECT, CONSEQUENTIAL, EXEMPLARY, SPECIAL, INCIDENTAL OR PUNITIVE DAMAGES OF ANY NATURE, WHETHER SUCH LIABILITY IS ASSERTED ON THE BASIS OF CONTRACT, TORT (INCLUDING NEGLIGENCE OR STRICT LIABILITY) OR OTHERWISE, INCLUDING WITHOUT LIMITATION, LOSS OF PROFITS, GOODWILL OR BUSINESS INTERRUPTION.

Q. General

Amendment: Except as provided by applicable law, Landing Rock may change these Terms and Conditions at any time by giving such notice as may be required by applicable law. This includes Landing Rock’s right to add new provisions of the same or a different nature as the then existing Terms and Conditions.

Waiver: Any provision of these Terms and Conditions may be waived if, but only if, such waiver is in writing and is signed by the party against whom the waiver is to be effective. No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege

Severability: If any term, provision, covenant or restriction of these Terms and Conditions is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of these Terms and Conditions shall remain in full force and effect and shall in no way be affected, impaired or invalidated.

Entire Agreement: These Terms and Conditions and any other documents provided by Landing Rock to you in connection with the Program (including the Landing Rock Electronic Fund Transfer Act Disclosure, Landing Rock Gold Visa® Check Card Terms and Conditions, Privacy Policy, List of Program Banks, List of Fees) constitute the entire agreement among Landing Rock and you, and supersede all prior and contemporaneous agreements and understandings, both oral and written, among Landing Rock and you with respect to the subject matter hereof. To the extent of any inconsistency between a provision of these Terms and Conditions and a provision of any such other documents, the provision of these Terms and Conditions shall prevail. EXCEPT AS EXPRESSLY SET FORTH IN THESE TERMS AND CONDITIONS, LANDING ROCK MAKES NO REPRESENTATIONS OR WARRANTIES (ORAL OR WRITTEN, STATUTORY, EXPRESS, IMPLIED OR OTHERWISE) INCLUDING, WITHOUT LIMITATION, AS TO MERCHANTABILITY, FITNESS FOR PURPOSE, CONFORMITY TO ANY DESCRIPTION OR REPRESENTATION, NON-INTERFERENCE OR NON-INFRINGEMENT.

Binding Effect: These Terms and Conditions shall inure to the benefit of and be binding upon the parties hereto and their respective permitted heirs, successors, legal representatives and assigns. Nothing in these Terms and Conditions, expressed or implied, is intended to confer on any person other than the parties hereto, and their respective permitted heirs, successors, legal representatives and assigns, any rights, remedies, obligations or liabilities under or by reason of these Terms and Conditions.

Governing Law: These Terms and Conditions are to be construed in accordance with and governed by the internal laws of the State of New York and the United States of America without giving effect to any choice of law rule that would cause the application of the laws of any other jurisdiction to the rights and duties of the parties. Unless otherwise provided herein, Landing Rock and the Program Banks may comply with applicable clearinghouse, Federal Reserve and correspondent bank rules in processing transactions for your Program funds. You agree that Landing Rock is not required to notify you of a change in those rules, except to the extent required by applicable law.

Disputes: Except to the extent otherwise provided by applicable law, any action at law or in equity arising out of or relating to these Terms and Conditions shall be filed only in the courts of the State of New York in the City of New York, or in the United States District Court for the Southern District of New York, and you and Landing Rock hereby consent and submit to the personal jurisdiction of such courts for the purposes of litigating any such action. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THESE TERMS AND CONDITIONS.

Interpretative Provisions: The headings herein are included for convenience of reference only and shall be ignored in the construction or interpretation hereof. All Exhibits annexed hereto or referred to herein are hereby incorporated in and made a part of these Terms and Conditions as if set forth in full herein. Any singular term in these Terms and Conditions shall be deemed to include the plural, and any plural term the singular. Whenever the words “include”, “includes” or “including” are used in these Terms and Conditions, they shall be deemed to be followed by the words “without limitation”, whether or not they are in fact followed by those words or words of like import. References to any document provided by Landing Rock to you or to any agreement or contract are to that document, agreement or contract as amended, modified or supplemented from time to time in accordance with the terms hereof or thereof. In any construction of the terms of these Terms and Conditions, the same shall not be construed against either party on the basis of that party being the drafter of such terms. References to a “bank business day” in these Terms and Conditions are those business days when banks are open for business.

All questions regarding your Account or the Program should be directed to Landing Rock. Click here to review the current list of Program Banks.

Version: 07/27/2010

Exhibit A

Electronic Fund Transfer Act Disclosure

This Electronic Fund Transfer Act Disclosure ("EFT Disclosure") relates to the electronic fund transfers (the "Service") to or from your Landing Rock Insured Deposits DirectSM Account ("IDD Account"). This EFT Disclosure is provided to individual consumers who hold IDD Accounts and does not apply to the use of the Service by an IDD Account holder that is not an individual. Please note that this EFT Disclosure does not include information about the Landing Rock Gold Visa® Check Card. Information about the Landing Rock Gold Visa® Check Card is provided if and when the card is issued.

Your Liability for Unauthorized Transfers

Tell us AT ONCE if you believe your user name, password or other means of access (individually and collectively referred to as the "Code") for the Service has been lost or stolen, or if you believe that an electronic fund transfer has been made without your permission using information from your check. Telephoning is the best way of keeping your possible losses down. You could lose all the money in your IDD Account. If you tell us within 2 business days after you learn of the loss or theft of your Code, you can lose no more than US$50 if someone used your Code without your permission.

If you do NOT tell us within 2 business days after you learn of the loss or theft of your Code, and we can prove we could have stopped someone from using your Code without your permission if you had told us, you could lose as much as US$500.

Also, if your statement shows transfers that you did not make, including those made by card, Code or other means, tell us at once. If you do not tell us within 60 days after the statement was mailed to you, you may not get back any money you lost after the 60 days if we can prove that we could have stopped someone from taking the money if you had told us in time. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time periods.

Contact in the Event of Unauthorized Transfers

If you believe your Code has been lost or stolen, call: 866-237-2750 or write: Landing Rock Group LLC, 1250 Broadway, 32nd Floor, New York, NY 10001.

You should also call the number or write to the address listed above if you believe a transfer has been made using the information from your check without your permission.

Business days

For purposes of this EFT Disclosure, our business days are Monday through Friday, 9:00 a.m. – 5:00 p.m., Eastern Time. Certain holidays are not included.

Transfer Types and limitations

  • Account Access. You may use the Service to:
    • Make deposits to your IDD Account through the Automated Clearing House ("ACH") or wire transfer.
    • Withdraw funds from your IDD Account by telephoning Landing Rock and requesting a withdrawal. The withdrawn funds will be withdrawn via ACH, wire transfer or redemption check and, in the case of an ACH or wire transfer, deposited in your designated checking or savings account or, in the case of a redemption check, mailed to you. You can authorize either a one-time payment or recurring withdrawals via telephone.
    • Electronic Check Conversion. You may authorize a merchant or other payee to make a one-time electronic payment from your IDD Account using information from your check to:
      • Pay for purchases
      • Pay bills.
    • You may use the Bill Pay Service to pay bills or make other payments from your IDD Account via the ACH or check. You can authorize either a one-time payment or recurring payments. You will need to use a personal computer to make these payments

  • Limitations on Dollar Amounts of Transfers
    • To open your IDD Account, you must make an initial deposit of at least US$5,000.
    • The daily limit for the total amount of transfers through the Service is the cash available in your IDD Account.
    • Each individual transfer may be made in any amount not less than US$0.01, and not more than the cash available in your IDD Account.
    • For Bill Pay Services, if we cannot make a transfer because your IDD Account did not contain sufficient funds to complete the transfer, or the transfer did not comply with the daily or individual limits described above, we will send a notice to the e-mail address on record informing you of our inability to make the transfer and an explanation. We will attempt to complete the transfer for the following two (2) business days. Thereafter, unless funds are placed in your IDD Account to cover the transfer in full, the transfer request will be cancelled.

  • Limitations on Scheduling of Payments
    • While payments can be scheduled any time the Service is functioning, payments can only be initiated on business days.
    • If a preauthorized recurring payment falls on a non-business day, your payment will be made on the previous business day.
    • We must receive your payment instructions with sufficient lead-time to ensure a timely transfer. For Bill Pay Services, we recommend 3 to 5 business days prior to the desired payment date excluding any applicable grace periods.
    • For Bill Pay Services, all recurring payments to a single payee must be made within 12 months of the date authorized by you.
    • For Bill Pay Services, a one-time payment may be scheduled up to 12 months before the payment date.

Fees

  • Minimum Balance Fee. If you do not maintain an average monthly balance of US$2,000 in your IDD Account, you will be charged US$15.00 per month.
  • ACH Transfer Cancellation. If you request a transfer of funds through the ACH initiated by telephone, but then cancel that transfer, you will be charged US$5.00. We will cancel a transfer only if there is sufficient time for us to do so.
  • Official/Cashier’s Check. If you request an official or cashier’s check to effect a withdrawal of funds from your IDD Account, you will be charged US$10.00 for each check
  • Fee for Receipt of Periodic Statements. If we choose to send periodic account statements to you in electronic form, but you ask for them to be provided to you in a paper form, you will be charged US$2.00 per month.

Documentation

  • Periodic Statements.. You will get a monthly account statement unless there are no deposits to or transfers from your IDD Account in a particular month. In any case, you get the statement at least quarterly.
  • Preauthorized Credits. If you have arranged to have direct deposits made to your IDD Account at least once every 60 days from the same person or company, you can call us at 866-237-2750 to find out whether or not the deposit has been made.

Preauthorized Payments

  • Right To Stop Payment And Procedure For Doing So. If you have instructed us in advance to make recurring payments out of your IDD Account, you can stop any of these payments. Here's how:
    • Call us at 866-237-2750 or write us at Landing Rock Group LLC, 1250 Broadway, 32nd Floor, New York, NY 10001, in time for us to receive your request 3 business days or more before the payment is scheduled to be made. If you call, we may also require you to put your request in writing and get it to us within 14 days after you call.
    • You may also stop Bill Pay Services online through "My Account" in the "Online Bill Pay" section of Landing Rock’s website. You may only stop a recurring payment if the payment appears in the “Pending Payment” section of “Online Bill Pay” and the “Modify” link is present. The Modify link will only be present if there are 3 business days or more remaining before the payment is scheduled to be made. You can stop the payment by selecting "Modify" and further selecting "Delete".
    • If you request a transfer of funds through the ACH initiated by telephone, but then cancel that transfer, you will be charged US$5.00.
  • Notice Of Varying Amounts. If recurring payments may vary in amount, federal regulations require that the person you are going to pay tell you, 10 days before each payment, when it will be made and how much it will be. You may choose instead to get this notice only when the payment would differ by more than a certain amount from the previous payment, or when the amount would fall outside certain limits that you set.
  • Liability For Failure To Stop Payment Of Preauthorized Transfer. If you order us to stop one of these recurring payments 3 business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.

Liability For Failure To Complete Transfers

If we do not complete a transfer to or from your IDD Account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages that are proximately caused by our failure. However, there are some exceptions. We will not be liable, for instance:

  • If, through no fault of ours, you do not have enough money in your IDD Account to make the transfer.
  • If our system, the payee’s system, the telephone system, the Internet, or your personal computer was not working properly and you knew about the breakdown when you started the transfer.
  • If circumstances beyond our control (such as fire or flood) prevent the transfer, despite reasonable precautions that we have taken.
  • Your IDD Account was subject to legal process or other encumbrance, such as a levy, restricting the payment.
  • There may be other exceptions stated in our agreement with you.

Confidentiality

We will disclose information to third parties about your IDD Account or the transfers you make:

  • Where it is necessary for completing transfers, or
  • In order to verify the existence and condition of your IDD Account for a third party, such as a credit bureau or merchant, or
  • In order to comply with government agency subpoenas, a summons, or search warrants, or court orders, or
  • If you give us your written permission, or
  • To the extent allowed by applicable laws, to provide you with access to financial products and services from our affiliated companies.

Error Resolution Notice

In Case of Errors or Questions About Your Electronic Transfers, telephone us at 866-237–2750, or write us at Landing Rock Group LLC, 1250 Broadway, 32nd Floor, New York, NY 10001, as soon as you can, if you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt. We must hear from you no later than 60 days after we sent the FIRST statement on which the problem or error appeared.

(1) Tell us your name and account number.

(2) Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information.

(3) Tell us the dollar amount of the suspected error.

If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days.

We will determine whether an error occurred within 10 business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days to investigate your complaint or question. If we decide to do this, we will credit your account within 10 business days for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not credit your account.

For errors involving new accounts, point-of-sale, or foreign-initiated transactions, we may take up to 90 days to investigate your complaint or question. For new accounts, we may take up to 20 business days to credit your account for the amount you think is in error.

We will tell you the results within three business days after completing our investigation. If we decide that there was no error, we will send you a written explanation. You may ask for copies of the documents that we used in our investigation.

Please retain this information for future reference.