![]() The Bank assesses this Recoupment fee to partially recover insurance premiums it pays to the FDIC for deposit insurance. The FDIC does, however, permit a bank to recoup the cost of insurance from depositors, as long as the fee the bank charges its depositors does not reveal information that could be used to determine the bank confidential supervisory ratings or mislead depositors by implying the FDIC is charging the fee. The FDIC does not charge a bank’s depositors for deposit insurance or require banks to pass the cost to their depositors. Explanation of Recoupment fee: The FDIC charges each insured bank a fee to cover its share of the cost of providing deposit insurance to depositors. The average daily negative collected balance is the sum of the negative collected balance at the close of business on each day of the statement cycle divided by the number of days in the cycle. Midland’s base rate (Wall Street Journal Prime Rate) plus 4% is applied to your average daily negative balance for the monthly statement cycle. On any day you did not use uncollected funds, we assign a zero value. Fees for the use of uncollected funds – The fee for using uncollected funds is based on a monthly average. Uncollected funds: Uncollected funds are funds the Bank treats as having not yet been collected, on the basis of the Bank’s current collection schedule. You pay a service charge when your fees exceed your earnings allowance in a given month. The earnings credit rate is determined by the Bank and is subject to change at the Bank’s discretion. The earnings credit rate appears on the client analysis statement for your account. ![]() ![]() Your earnings credit is calculated by applying the earnings credit rate to the investable balance available for services in your account. Earnings Allowance (also known as earnings credit) – an earnings allowance is used to offset eligible fees. Minimum opening deposit is per your agreement.
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