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Click
here
for the Deposit Bank List.
Eligible
Accounts
Not all customers are eligible to participate in the Advantage Bank Deposit Program. For instance, Oppenheimer Managed Accounts cannot participate in the ABD Program. Please contact your Oppenheimer Financial Advisor if you would like clarification as to whether or not any account(s) you hold at Oppenheimer are eligible for the ABD Program, or click here to read our Terms and Conditions for more information.
FDIC
Insurance
Your money, while deposited in any one of the Program Banks that are part of the ABD Program, will be eligible for FDIC insurance up to a standard maximum deposit insurance amount in the aggregate with all other deposits that you hold in the same right and capacity in that same bank, which is generally $250,000 per bank. Insurance limits are periodically increased based on an inflation index. You are responsible for monitoring the total amount of deposits that you maintain with any listed bank in order to determine the extent of FDIC insurance available to you, including, without limitation, deposits held through any other accounts at Oppenheimer, deposits that you maintain directly in the same capacity with any listed bank or any CDs issued by a listed bank. The aggregation of such deposits may cause you to exceed the maximum amount of FDIC insurance allowable. Please contact your Financial Advisor immediately in the event that you think this may be the case.
These bank deposits are not protected by SIPC or any excess
insurance held by Oppenheimer.1
If
you are interested in taking advantage of this product, or
for information concerning other investment opportunities,
such as money market funds, please contact your Oppenheimer
Financial Advisor.
1
FDIC deposit insurance and SIPC coverage are very different.
FDIC insures depositors against loss of principal value of
a deposit in the event of the insolvency of the bank that
issued the deposit. SIPC coverage protects against a disappearance
of securities that results from the insolvency of a broker-dealer
and a loss of customer cash held as a general obligation of
the broker-dealer up to the above stated limits. SIPC coverage
does not protect against a decline in value of securities,
and provides no coverage for balances held on deposit at a
bank, even if held through a broker-dealer. For further information
on FDIC insurance limits, please visit www.fdic.gov
or call (877) 275-3342. For further information on SIPC coverage
limits, please visit www.sipc.org
or call (202) 371-8300.
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