following terms and conditions apply to Insured Money Market Accounts
("IMMAs") offered through GIT Investment Services, Inc
("GIT-IS"). Record keeping and transaction processing
services for IMMAs are performed by the GIT Insured Money Market
Account division ("GIT-IMMA") of Banker's Finance Capital
Corp., an affiliate of GIT-IS. (Collectively, GIT-IS and GIT-IMMA
are called "GIT" herein.) GIT customers are deemed to
agree to these provisions when signing an IMMA New Account Application.
GIT may modify these Terms and Conditions by written notice to depositors.
New Accounts. When a customer opens
an IMMA, GIT will arrange, as the customer's agent, to place an
initial deposit in a money market deposit account at a federally
insured depository institution. ("Institution") that has executed
a written master agreement with GIT-IMMA. The customer will be notified
of the identity of the Institution where the account credited with
the customer's deposit will be held. Insurance of the account (together
with any other deposits of the customer at the same Institution)
will be limited to a total of $100,000, unless additional insurance
is available under applicable law. Customers may request any available
choices of additional IMMA banks from a GIT-IS representative. Customer
desiring IMMAs at additional banks in order to obtain FDIC insurance
of total amounts exceeding $100,000, or for other reasons, must
give specific instructions to their GIT-IS representative to open
IMMAs at other banks. GIT assumes no responsibility for dividing
the deposits of any customer among additional Institutions of otherwise
obtaining deposit insurance coverage in excess of $100,00 or such
other limit as may be provided by law.
The initial deposit in an IMMA must be at
least $2,500 to open the account. The account holder ("depositor")
will receive a monthly statement from GIT-IMMA showing all transactions,
the closing deposit balance and the name of the Institution where
the account is held, except that statements will be sent only quarterly
if there are no transactions other than the crediting of interest.
No certificate or passbook will be issued. Account information will
be available from GIT, rather than from the Institution.
Eligible Depositors. Individual accounts,
joint accounts, business accounts, gift to minors accounts, IRAs
and other retirement plan accounts are permitted. IRAs require a
Interest Rate. Each IMMA will pay
a money market interest rate pursuant to an objective formula agreed
to by the Institution in its master agreement with GIT-IMMA. The
formula will be based upon money market rates and will require rate
adjustments not less frequently than monthly, as interest rates
change. Such rates may be higher or lower than rates paid on deposits
made directly at the Institution. All IMMAs governed by the same
interest rate formula and other terms will be designated an IMMA
"series". Rates on the current account series are available by calling
GIT-IS. A written description of the applicable series will be sent
to each depositor.
Interest will accrue on each day's account
balance and will be credited to the account at month-end. Interest
will be subject to penalty withholding tax unless the appropriate
taxpayer identification number and certification have been filed
with GIT. Accounts will be charged with any fine assessed as a result
of the depositor's failure to provide a vaild social security number
or tax identification number.
Account Transactions. Accounts
may be opened by completing an application and forwarding it with
a check for the initial deposit to:
|GIT Insured Money
1700 North Moore Street, Suite M1E
Arlington, VA 22209-1903
Subsequent deposits should be sent to:
Insured Money Market Account
P.O. Box 641232
Cincinnati, OH 45264-1232
Deposits are not limited as to the amount
or frequency; deposits may be made by mail, in person, or by wire
and should be made payable to "GIT Insured Money Market Account".
Accounts will be charged $6.00 for each incoming wire under $2,500.
Withdrawals may be requested in any amount,
by cashier's check (provided the withdrawal is payable to the depositor
and delivered in person or by mail), by wire transfer, or by a personal
check drawn on the account. Wire transfer withdrawals may only be
made according to wire instructions pre-authorized in writing by
the depositor. An initial supply of personal checks is provided
free. Accounts will be charged $10.00 for each outgoing wire under
During transaction processing, pending deposit
at an Institution, or upon withdrawal from an institution pending
payment to the depositor by wire or cashier's check, the depositor's
funds will be held in clearing accounts at one or more federally
insured depository institutions ("Clearing Accounts"). GIT-IMMA
will maintain records of the interest of each depositor in each
Clearing Account in such a manner as to provide separate FDIC insurance
of the depositor's funds while in the Clearing Account. Names of
the institutions where Clearing Accounts are held will be provided
to depositors upon request.
IMMA withdrawals are limited by the federal
regulatory restrictions applicable to money market deposit accounts.
Total withdrawals may not exceed six per month, including not more
than three personal checks per month drawn on the account. Any withdrawals
over these limits will be subject to a $10.00 penalty charge. GIT-IMMA
may withdraw check-writing privileges or otherwise restrict depositors
who abuse these limitations. An IMMA may be accessed only through
GIT and not at the Institution, and only if both are open for business.
Other Terms. Deposits are credited
when they become immediately available funds at the institution.
Incoming wire deposits are credited immediately, provided GIT receives
both the wire transfer and telephone notice of the wire from the
depositor, prior to 1:00 p.m. Washington D.C. time, on the day the
wire is sent. Depositors should contact GIT prior to initiating
a wire transfer to obtain wire instructions.
Domestic checks are normally credited in
one or two business days. GIT-IMMA may decline to permit funds deposited
by check to be withdrawn until the check is collected or paid. No
monthly service fees will be charged, except that accounts below
$1,000 at month-end will be charged a $3.00 minimum balance charge.
GIT may charge other fees for particular services requested by depositors.
IMMAs are non-transferable and have no minimum
maturity; withdrawals may normally be made upon demand. Each Institution
reserves the right to require seven days' withdrawal notice, but
may not actually do so unless all similar accounts at the Institution
also require seven days' withdrawal notice. Each deposit is an obligation
of the Institution only; GIT acts solely as the depositor's agent
and nominee. GIT receives a fee from each Institution, which may
vary; this fee will be disclosed to a depositor at a specific Institution
upon request. Securities dealers having an arrangement with GIT
to offer IMMAs to their customers may receive compensation from
Upon the termination of a governing master
agreement between an Institution and GIT-IMMA, notice will be provided
to each affected depositor and such depositors will have the option
of withdrawing their IMMA deposits or permitting GIT, as the depositor's
agent, to transfer the depositor's money to an IMMA at another Institution
identified in the notice.
GIT-IMMA may request an Institution to retain
deposits directly in a depositor's name at any time on the same
terms as it offer to members of the general public, whereupon GIT's
obligations to the depositor will terminate; in the event that the
Institution does not accept such direct deposits, the depositor's
money may be returned to the depositor by GIT-IMMA. Under its master
agreement, each institution may return deposits above a specified
limit; if the IMMAs at an Institution collectively exceed this limit,
the most recently opened depositors' accounts may be closed by GIT-IMMA
or, after notice to the affected depositors, transferred by GIT
to another Institution, as if the governing master agreement had
been terminated. GIT does not recommend IMMAs in any particular
bank. GIT undertakes to perform only record keeping, transaction
processing and other ministerial tasks for the depositor, and will
make no effort to maximize the depositor's return.
NOTICE REGARDING COMPUTATION OF
INSURED MONEY MARKET ACCOUNT INTEREST (Series 3)
The rate paid for the current series of GIT
Insured Money Market Accounts (designated as "Series 3" and effective
May 6, 1992) is adjusted weekly to equal the average auction discount
rate for 91-day Treasury bills, as reported by the U.S. Treasury,
less 6/10 percent (0.60%) per annum. The rate is adjusted on the
business day following the day of each 91-day Treasury bill auction;
such auctions are normally held weekly on Mondays, unless Monday
is a holiday, in which case the auction is normally held on the
next business day. The most recent auction results are customarily
published in the "Money Rates" section of the Wall Street Journal.
Each rate adjustment (usually on a Tuesday)
is effective through the day prior to the date of the next rate
Interest will be calculated and accrued as
1/365th (1/366th during leap years) of a year's simple interest
per day. Accumulated interest is credited to the account or paid
by check on the last day of the month.