This page describes how the Custodial Deposit Program works for Performance Savings, a savings account at Cross River Bank, Member FDIC. It includes (1) an overview of the Custodial Deposit Program for Active Account holders, (2) the list of Participating Institutions, (3) how to designate a Participating Institution as ineligible, and (4) insurance offered by the Federal Deposit Insurance Corporation (“FDIC”) and the National Credit Union Administration (“NCUA”).
Additional details and important information are found in the Custodial and Agency Agreement. Please read that agreement carefully prior to signing up for your account.
Overview
This Program is offered by Upgrade and Cross River Bank, through which Cross River Bank may, as your agent and custodian, place or move some or all of your funds from your account with one or more of the depository institutions or credit unions participating in the Custodial Deposit Program from time to time (each, a “Participating Institution”).
If you maintain an Active Account, you are eligible to participate in the custodial deposit program (the “Program”) through your Savings Account. Through the Program, your deposit balances may earn a higher annual percentage yield (“APY”) and may be eligible for additional FDIC or NCUA insurance coverage. If you lose Active Account status, you will become ineligible for the Program.
After you open and fund your Savings Account, if you do not maintain an Active Account, your funds will at all times remain on deposit at Cross River Bank. However, if you do maintain an Active Account, Cross River Bank, as your agent and custodian, may place some or all of your funds into one of the Participating Institutions listed below. For more information on the insurance coverage of funds held at Participating Institutions, please see below.
Through the Custodial Deposit Program, you direct and authorize Cross River Bank to:
- Open a deposit account for you at Cross River Bank.
- Open a deposit account for you at one or more other Participating Institutions.
- Move your funds from your Cross River Bank deposit account into Participating Institutions.
- Move your funds between Participating Institutions.
When your funds are held at Participating Institutions, they are obligations of those Participating Institutions and not obligations of Cross River Bank.
The list of Participating Institutions may be found below.
Please take note that:
- Upgrade is not a bank and is not insured by the FDIC.
- FDIC deposit insurance only covers the failure of insured banks.
- Certain conditions must be satisfied for FDIC deposit insurance coverage to apply on deposits held at insured banks through the Custodial Deposit Program.
Credit unions are not banks insured by the FDIC but are insured by the National Credit Union Share Insurance Fund (NCUSIF).
After you open and fund your account, Cross River Bank will decide where your funds are placed, at its discretion. Your funds will either remain, in whole or in part, on deposit at Cross River Bank, or be deposited into one or more Participating Institutions based on availability, capacity, and the business relationships between Upgrade and Participating Institutions. You may be ineligible to have your funds placed at certain credit unions. You may tell us not to place your funds into one or all Participating Institutions. Such an election may result in lower insurance coverage and we advise you to carefully consider any exclusions.
Information about your deposits at Participating Institutions may be obtained from Upgrade, not the Participating Institutions.
The list of Participating Institutions is provided below. Please check this page regularly so you are aware of any changes.
List of Participating Institutions
This list of Participating Institutions may change from time to time. Upgrade will update the list of Participating Institutions at least 30 days in advance of your funds being deposited into a Participating Institution not previously listed.
- 1st MidAmerica Credit Union
- Altra Federal Credit Union
- Bellco Credit Union
- CapEd Credit Union
- Capital Community Bank (CCBank)
- Carter Credit Union
- First Neighbor Bank
- Four Corners Community Bank
- Garden Savings Federal Credit Union
- Global Credit Union
- Golden 1 Credit Union
- Great Lakes Credit Union
- GreenState Credit Union
- GTE Financial Credit Union
- OnPath Federal Credit Union
- Rogue Credit Union
- SkyOne Federal Credit Union
- Spokane Teachers Credit Union
- Tampa Bay FCU
- Travis Credit Union
Designating a Participating Institution as Ineligible
You may, with reasonable notice, designate one or all Participating Institutions on the list above as ineligible to receive your funds by calling Upgrade Member Services at 844-319-3692 or by email at depositsupport@upgrade.com. Such an election may result in lower insurance coverage and we advise you to carefully consider any exclusions. Designating all Participating Institutions as ineligible to receive your funds may reduce the amount of interest or dividends you earn on your deposits through the Custodial Deposit Program and/or limit on the amount of funds that you may deposit through the Custodial Deposit Program.
FDIC and NCUA Insurance and Your Responsibility to Monitor
The purpose of FDIC and NCUA insurance is to protect you in the case a bank or a credit union fails, respectively. There are important differences between these insurances that are detailed in the Custodial and Agency Agreement.
Your funds at Cross River Bank and at Participating Institutions are eligible for either FDIC or NCUA insurance coverage up to $250,000 per ownership category and per institution (the “Insurance Limit”). Any funds (including certificates of deposit or share certificates) that you maintain in the same insurable capacity (e.g., individual account, joint account, etc.) directly with any one institution, including through an intermediary (such as a broker), regardless of the number of accounts, will be aggregated with your funds held at such institution through the Custodial Deposit Program for purposes of the Insurance Limit.
You must monitor the total amount of deposits that you hold with Cross River Bank and any Participating Institution to determine the extent of FDIC or NCUA insurance coverage available to you. You will be able to check your Upgrade Dashboard to determine where your funds are held.
This page is primarily an Overview provided for your convenience. For more information, you should review your account’s corresponding savings agreement and Custodial and Agency Agreement for the actual terms, available in your Upgrade Dashboard. In the event of any conflict between this summary page and the agreements, the terms of the agreements govern.
If you have additional questions, please contact Upgrade Member Services at 844-319-3692 or email depositsupport@upgrade.com.