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Clients who establish an IRA account at Baird or otherwise elect the FDIC-insured bank deposit account, authorize and direct Baird to send all of the free credit balances in the account to the FDIC-insured bank deposit account established by Baird with a bank with whom Baird contracts (the “Bank”), including amounts exceeding $100,000, unless Baird is instructed to the contrary by the client. The free credit balances in the account, if an IRA account or if the FDIC-insured deposit account is otherwise elected by Client, are deposited automatically into the Bank’s FDIC-insured deposit account.
- The FDIC–insured deposit account is established at the Bank in the name of Baird
- Baird acts as agent for the Bank and maintains records identifying the client as the owner of the account
- The FDIC-insured deposit account is in book entry-form and no passbook or other certificate is issued to the client by the Bank
- Deposits, withdrawals and other transactions in the FDIC-insured deposit account can be made only through Baird, not directly through the Bank
- Deposits in the Bank FDIC-insured deposit accounts generally are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $100,000, per depositor and $250,000, for certain retirement accounts, such as traditional and Roth IRAs, and self-directed Keogh and 401(k) accounts. The client should read the Robert W. Baird & Co. Incorporated Bank Sweep Account Summary Fact Sheet to obtain greater detail on the FDIC–insured deposit account and the applicability of FDIC insurance to such accounts, including any limitations or exclusions of insured coverage, which is sent to Client upon the opening of an account
- The Securities Investor Protection Corporation (“SIPC”) and Baird’s excess SIPC insurance do not cover deposits in the Bank’s FDIC-insured deposit accounts
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