The C2FO Cash Account program (the “Program”) is offered through C2FO. C2FO is not a bank. Bank deposit products provided by UMB Bank, n.a., Member FDIC (“UMB”). To participate in the Program, you must open an account at UMB, through which your funds will be placed in accounts at participating program banks (“Program Banks”). The advertised interest rates are paid by Program Banks, not by UMB. Your funds will be FDIC insured up to applicable limits while in transit through UMB. C2FO receives a fee from each Program Bank in connection with the Program that is based on the aggregate daily closing balance of deposits held in Program Accounts by such Program Bank. The fee may vary from Program Bank to Program Bank and will generally increase as the aggregate amount of funds held in Program Accounts with the Program Bank increases.
FDIC insurance up to $250,000 (including principal & interest) per depositor per Program Bank. The cash balance you place through the Program is swept to one or more Program Banks where it earns a variable rate of interest and is eligible for FDIC insurance. If the number of Program Banks changes, the aggregate amount of available FDIC insurance could be higher or lower. If you have deposits at a Program Bank, you should consider electing not to use that bank by following the opt out instructions we provide. Otherwise, the aggregate amount of FDIC insurance available to you will be lower. If you do not opt out, your existing deposits and deposits through the Program at that Program Bank will be combined for the purposes of FDIC coverage, which could result in some of your funds at that Program Bank being uninsured. For more information on FDIC insurance coverage, please visit www.FDIC.gov. Customers are responsible for monitoring their total assets at each of the Program Banks to determine the extent of available FDIC insurance coverage in accordance with FDIC rules.
The Program Annual Percentage Yield (APY) as of 7/1/20 is 0.20% APY (0.195% interest rate). The calculation for APY is rounded to the nearest basis point. Both the interest rate and APY are variable and subject to change at our discretion at any time without notice.
There are no limits on the number of deposits or withdrawals you can make under the Program. For security reasons, there may be other limits on the amount, number, frequency, or destination of deposits or withdrawals you can make to or from the Program. Transaction limits are subject to change at our discretion at any time.