The Bank Deposit Guarantee Amount agreement serves as a critical instrument in U.S. banking relationships where deposits exceed standard FDIC insurance limits of $250,000. This document is particularly relevant for institutional depositors, large corporations, and high-net-worth individuals seeking additional security for their deposits. The agreement defines the specific amount guaranteed, terms of the guarantee, claim procedures, and compliance with both federal and state banking regulations. It's commonly used in scenarios where standard deposit insurance is insufficient or where specific regulatory requirements mandate additional protection measures.
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1. Parties: Identification of the guaranteeing bank and the beneficiary
2. Background: Context of the guarantee and the underlying deposit relationship
3. Definitions: Key terms used throughout the agreement including 'Guaranteed Amount', 'Deposit Account', 'Term'
4. Guarantee Amount: Specific amount covered by the guarantee and any limitations
5. Term and Duration: Period of validity for the guarantee
6. Conditions Precedent: Prerequisites for the guarantee to become effective
7. Bank's Obligations: Specific commitments and responsibilities of the guaranteeing bank
1. Currency Provisions: Terms relating to foreign currency deposits - use when guarantee involves international banking relationships or foreign currency deposits
2. Multiple Account Provisions: Terms covering multiple accounts under the guarantee - use when guarantee covers multiple deposit accounts
3. Step-In Rights: Conditions under which other parties may assume rights - use in complex banking relationships with multiple stakeholders
1. Schedule A - Covered Accounts: List of specific accounts covered by the guarantee
2. Schedule B - Calculation Method: Detailed methodology for calculating the guaranteed amount
3. Appendix 1 - Notice Forms: Standard forms for notifications under the guarantee
4. Appendix 2 - Regulatory Compliance: Required regulatory notices and disclaimers
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Investment Services
Corporate Treasury
Relevant Teams
Treasury
Finance
Legal
Compliance
Risk Management
Relevant Roles
Chief Financial Officer
Treasury Manager
Bank Relationship Manager
Compliance Officer
Risk Manager
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