RBC Insured Deposits Summary
of Terms and Conditions
A division of RBC Capital Markets, LLC,
Member NYSE/FINRA/SIPC.
RBC Insured Deposits
Summary of Terms and Conditions
The following summary provides a general overview of the terms and conditions of RBC Insured Deposits (the“Program”), a
type of cash sweep option offered to you by RBC Capital Markets, LLC. This summary is provided for your convenience only
and must be read in conjunction with the attached terms and conditions.
General: Excluding retirement accounts that participate in an advisory program (that is, accounts of any amounts subject
to the prohibited transaction provisions of the Internal Revenue Code of 1986, including, but not limited to, an “employee
benefit plan,” as defined in the Employee Retirement Income Security Act of 1974) (“Advisory Retirement Accounts”), if
you choose to participate in the Program, available cash balances in your brokerage account at RBC Capital Markets, LLC
(“Account”) are swept on a daily or weekly basis to deposit accounts at various banks (“Program Banks”), including, but
not limited to, two RBC Capital Markets, LLC affiliates, RBC Bank Georgia, N.A. and City National Bank (the “RBC Affiliate
Banks”). If your deposit account balances exceed certain limits, as described herein, additional available cash balances in
your Account will be automatically invested in shares of the RBC US Government Money Market Fund (the “US Government
Fund”) unless you select another available option. The US Government Fund is a money market fund managed by RBC
Global Asset Management (U.S.) Inc., an affiliate of RBC Capital Markets, LLC.
For Advisory Retirement Accounts, available cash balances are swept on a daily basis to deposit accounts at the RBC Affiliate
Banks up to the applicable limits of Federal Deposit Insurance Corporation (the “FDIC”) insurance coverage, as provided
below, and amounts in excess of those limits will be automatically invested in shares of a money market fund which is not
affiliated with RBC Capital Markets, LLC (an “Unaffiliated Money Market Fund”) unless you select another available option.
Your funds are withdrawn from the Program as needed to satisfy your purchases of securities and other debits in your
Account. Please refer to Section II of the terms and conditions for more information regarding the operation of the Program.
Based on the total amount of FDIC insurance coverage available through the Program, RBC CM has established a limit on
the amount of your available cash balances that will be deposited in each Program Bank (the “Deposit Threshold”).
Interest: Your funds will earn interest while in the deposit accounts at the Program Banks. The interest rate you earn on
deposits will vary and is described in more detail in Section III of the terms and conditions. At any time, you may look up the
rate of interest earned by your funds in the deposit accounts through your online Account access. Please refer to Section XII
of the terms and conditions for the website applicable to your Account.
FDIC Deposit Insurance Coverage: Your funds in the deposit accounts at the Program Banks will be eligible for insurance
by the FDIC up to $250,000 per depositor, subject to aggregation with all other deposits held by you in the same insurable
capacity at each Program Bank. Based on the number of Program Banks, the Program is intended to provide you with
potential FDIC deposit insurance coverage of up to $2,500,000 ($5 million for accounts held jointly by two or more persons)
per depositor, per insurable capacity (the “Total Program Coverage”), though the Total Program Coverage is subject to
change as further described below. Deposit accounts in Accounts you hold in the same insurable capacity (e.g., individual,
joint, IRA, etc.) will be aggregated for purposes of the Total Program Coverage.
FDIC Deposit Insurance Coverage for Advisory Retirement Accounts: Cash balances in Advisory Retirement Accounts
will be deposited up to $249,000 with each of the RBC Affiliate Banks, for a total of $498,000 in FDIC insurance coverage
(“Advisory Retirement Account Coverage”) unless you elect to designate one or both of the RBC Affiliate Banks as ineligible
to receive your funds, in which case the applicable Advisory Retirement Account Coverage will be reduced by $249,000 for
each RBC Affiliate Bank you designate as ineligible. The Advisory Retirement Account Coverage is based on the deposit
capacity of the RBC Affiliate Banks.
The Total Program Coverage is based on the deposit capacity of the available Program Banks and the number of Program
Banks, if any, you have designated as ineligible to receive your funds. Please refer to Section II of the terms and conditions
for more information on the Total Program Coverage and factors that may impact it.
FDIC insurance protects your funds in the deposit accounts in the event of the failure of any of the Program Banks. Any
other deposits you may hold at any of the Program Banks will reduce the FDIC insurance coverage available for your funds
in the Program, so you should monitor any such holdings carefully. You are responsible for monitoring the total amount
of deposits that you have with each Program Bank in order to determine the extent of FDIC deposit insurance coverage
available to you. Please refer to Section V of the terms and conditions for more information on FDIC insurance.
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Funds in Excess of the Total Program Coverage: If your deposit account balances in the Program reach the Total Program
Coverage, funds in excess of the Total Program Coverage will be automatically invested in shares of the US Government
Fund unless you select another available option. Please see the Automated Sweep Investment section of the Client Account
Agreement for more information regarding investments in the US Government Fund and how the appropriate share class
of the US Government Fund is determined for your Account(s). Investments in the US Government Fund are not covered by
FDIC insurance. However, shares of the US Government Fund held in your Account are covered by the Securities Investor
Protection Corporation (SIPC) up to applicable limits. You may access the most recent US Government Fund prospectus by
accessing www.rbcgam.com. Please refer to Section II of the terms and conditions for more information.
Funds in Excess of the Advisory Retirement Account Coverage for Advisory Retirement Accounts: For Advisory Retirement
Accounts, account balances in excess of the Advisory Retirement Account Coverage amount will be automatically invested in
shares of an Unaffiliated Money Market Fund. Investments in an Unaffiliated Money Market Fund are not covered by FDIC
insurance. However, shares of the Unaffiliated Money Market Fund are covered by SIPC up to applicable limits. You may
access the most recent applicable Unaffiliated Money Market Fund prospectus by contacting your investment professional.
Other Information: You should review the entire attached terms and conditions carefully for additional information
regarding the Program, including how to obtain information about SIPC coverage (Section VI), a description of the fees paid
to RBC Capital Markets, LLC, or other parties under the Program (Section VII), and benefits that RBC Capital Markets, LLC
and its affiliated Program Banks receive through the Program (Section VIII).
RBC Insured Deposits
Terms and Conditions
I.
INTRODUCTION AND OVERVIEW
RBC Insured Deposits (the “Program”) is offered as a cash sweep option for eligible brokerage accounts. Eligible
brokerage accounts (the “Accounts”) are those opened directly with RBC Capital Markets, LLC, including its RBC Wealth
Management division; accounts opened through broker-dealers for which the RBC Correspondent Services division
of RBC Capital Markets, LLC acts as clearing broker; and accounts for which the RBC Advisor Services division of RBC
Capital Markets, LLC provides custody and execution services for the clients of third party investment advisors (RBC
Capital Markets, LLC and its divisions are collectively referred to as “RBC CM”).
The Program automatically deposits available cash balances in the Accounts into interest bearing Federal Deposit
Insurance Corporation (“FDIC”) insured deposit accounts (the “Deposit Accounts”) established by RBC CM at certain
eligible depository institutions (the “Program Banks”), including, but not limited to, two RBC CM affiliated Program
Banks, RBC Bank Georgia, N.A. (“RBC Bank”) and City National Bank (“City National”). Clients of introducing brokers
that clear transactions through RBC Correspondent Services or clients of RBC Advisor Services may be directed to a
different group of Program Banks. Additional disclosure on the participating Program Banks will be made, as required,
to these clients. Program Bank participation, including that of our affiliated Program Banks, RBC Bank and City
National, will be subject to each Program Bank’s eligibility to participate in the Program. A list of the names and location
of the Program Banks will be provided through your online Account access on the website you use to access your
Account information. For a list of the applicable website addresses, please see Section XII of these terms and conditions.
Accounts subject to the prohibited transaction provisions of the Internal Revenue Code of 1986, including an “employee
benefit plan” as defined in the Employee Retirement Income Security Act of 1974, (“Advisory Retirement Accounts”)
participating in the Program will have cash balances directed to only RBC CM affiliate banks, RBC Bank and City
National.
Your funds in the Deposit Accounts at the Program Banks will be insurable by the FDIC up to $250,000 per depositor,
subject to aggregation with all other deposits held by you in the same insurable capacity at each Program Bank. You
should read carefully the section of this document titled “FDIC Deposit Insurance Coverage,” which describes the
amount of coverage that may be available to you.
These terms and conditions regarding the Program supplement the Client Account Agreement that governs your
Account(s). For purposes of these terms and conditions, “we” or “our” refers to RBC CM or one of its divisions, and “you”
and “your” refer to the client. Please see your Client Account Agreement for additional provisions regarding governing
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law, arbitration, and other important provisions. The Client Account Agreement governs your relationship with RBC
CM, except that in the event of a conflict with these terms and conditions, these terms and conditions will control.
If your Account was opened through the RBC Correspondent Services division, you may be subject to a different or
additional client account agreement between you and the introducing broker.
II. HOW THE PROGRAM WORKS
A. ELIGIBILITY AND WITHDRAWAL FROM THE PROGRAM
The Program is available to individuals, trusts (so long as all beneficiaries of the trust are eligible), and entities
organized to make a profit, such as corporations, partnerships, associations, business trusts, and other
organizations (“For Profit Entities”). Custodial accounts are eligible for the Program if each beneficiary is eligible.
Please consult your investment professional for details concerning eligibility. RBC CM may in its discretion deem
a person to be ineligible for the Program if it becomes aware that the person is prohibited by banking regulations
from participating in the Program.
RBC CM or you may, in its or your sole discretion, terminate your participation in the Program. Please see section
XI of the terms and conditions and your Client Account Agreement for additional information about changing cash
sweep options.
B. GENERAL OPERATION
Under the Program, RBC CM has established Deposit Accounts consisting of (1) a transaction account, which includes
either a negotiable order of withdrawal account or a demand deposit account (the negotiable order of withdrawal
account and demand deposit account are collectively referred to herein as “Transaction Account”), and (2) a related
money market deposit account (“MMDA”) at each Program Bank. Upon your election of the Program and after we
complete our normal processing of your request, available cash balances in your Account will be automatically
deposited into Deposit Account(s) at one or more of the Program Banks. Unless your Account is a Standard Account or
Standard Checking Account, available cash balances will be swept to Deposit Accounts on a daily basis.
Based on the total amount of FDIC insurance coverage available through the Program, RBC CM has established a limit
on the amount of your available cash balances that will be deposited in each Program Bank (the “Deposit Threshold”).
The current Deposit Threshold for each client at each Program Bank is $249,000 for Deposit Accounts held
individually and IRAs, and $498,000 for Deposit Accounts held jointly by two or more persons. All Deposit Accounts
established for trust accounts will be treated by RBC CM as individual accounts for purposes of applying the Deposit
Threshold. If the Maximum Applicable Deposit Insurance Limit (as defined in Section V, “FDIC Deposit Insurance
Coverage”) changes, RBC CM may change the Deposit Threshold without prior notice to you. You will be informed of
such change through a confirming letter, an entry on your RBC CM account statement or by other means. If a change
to the Deposit Threshold results in your Deposit Account balances at a Program Bank exceeding the new Deposit
Threshold, amounts over the new Deposit Threshold will be withdrawn from your Deposit Accounts at that Program
Bank and deposited into Deposit Accounts at other available Program Banks in accordance with order of priority set
forth below.
C.
DEPOSIT PROCEDURES
When cash becomes available in your Account for reasons such as a deposit of funds, dividend and interest
payments, or the sale of a security, RBC CM, as your agent, will deposit your available cash balances at the Program
Banks in the order of priority set forth below. Please note, the order of priority applicable to Accounts owned by For
Profit Entities differs from the order of priority for all other Accounts. The order of priority for Advisory Retirement
Accounts will also differ as deposits are only allocated to RBC CM affiliated Program Banks, RBC Bank and City
National.
Deposits will generally be made into the MMDA at a Program Bank. However, we may make deposits into the
Transaction Account at a Program Bank as described below under “Withdrawal Procedures.” Each Program Bank
may, in its discretion, determine a minimum amount to be maintained in the Transaction Account at the Program
Bank to satisfy debits in your Account, and funds may be transferred from the MMDA at the Program Bank to the
related Transaction Account to maintain the minimum balance. Transfers from the MMDA to the Transaction
Account and withdrawals from the Transaction Account and MMDA are discussed below under “Withdrawal
Procedures.”
If, as a result of credited interest on your Deposit Accounts at a Program Bank, your Deposit Account balances at that
Program Bank exceed the Deposit Threshold, amounts over the Deposit Threshold will be withdrawn from your
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Deposit Accounts at that Program Bank and deposited into Deposit Accounts at other available Program Banks
up to the Deposit Threshold at each Program Bank in the order of priority set forth below.
Order of Priority for Deposits. For Accounts not owned by For Profit Entities, deposits will first be made into
Deposit Accounts established at the two RBC CM affiliated Program Banks, RBC Bank and City National, up
to the Deposit Threshold at each affiliated Program Bank. Next, for Accounts other than Advisory Retirement
Accounts, additional available cash balances will be deposited into Deposit Accounts at unaffiliated Program
Banks with committed deposit balances (as described below) up to the Deposit Threshold at each Program
Bank. Finally, additional available cash balances will be deposited into Deposit Accounts at other unaffiliated
Program Banks up to the Deposit Threshold at each Program Bank by applying a nondiscretionary algorithm
for allocating deposits.
For Accounts owned by For Profit Entities, deposits will first be made into Deposit Accounts at unaffiliated
Program Banks with committed deposit balances (as described below) up to the Deposit Threshold at each
Program Bank. Next, additional available cash balances will be deposited into Deposit Accounts at other
unaffiliated Program Banks up to the Deposit Threshold at each Program Bank by applying a nondiscretionary
algorithm for allocating deposits. Available cash balances in Accounts owned by For Profit Entities will not be
deposited into Deposit Accounts at affiliated Program Banks.
For Advisory Retirement Accounts, available cash balances are swept only to Deposit Accounts at RBC affiliated
Program Banks, RBC Bank and City National, up to the applicable Deposit Thresholds. Pursuant to the priority
order of Program Banks described above, your deposits may be allocated to one or more Program Banks. If
the current deposit capacity of a Program Bank is less than the Deposit Threshold, deposits will be made into
Deposit Accounts up to the Program Bank’s current deposit capacity. As a result, your Deposit Account balances
at a Program Bank may not reach the Deposit Threshold before deposits are made into Deposit Accounts at the
next Program Bank in the order of priority. You may have Deposit Account balances at multiple Program Banks
even if your total Deposit Account balances through the Program are less than the Deposit Threshold.
Program Banks with Committed Deposit Balances. RBC CM may enter into agreements with certain Program
Banks that establish committed deposit balances. In such instances, RBC CM will deposit your available cash
balances into Deposit Accounts at these Program Banks to meet their committed deposit balances before
depositing your available cash balances into Deposit Accounts at Program Banks that have not established
committed deposit balances. A Program Bank receiving these deposits may pay a higher fee to RBC CM.
The committed deposit balances will have no impact on your ability to withdraw funds from your Account.
RBC CM may be required to pay Program Banks a fee in the event that a committed deposit balance is not
maintained for a specified period of time. RBC CM will bear sole responsibility for paying any such fee, and
you will not be charged any additional fee.
Nondiscretionary Algorithm for Allocating Deposits. Excluding Advisory Retirement Accounts, which will only
have deposits directed to affiliated Program Banks, RBC Bank and City National, and deposits to Program
Banks with committed deposit balances, the Program uses an algorithm licensed from a third party to allocate
deposits among the remaining Program Banks so as to maximize potential FDIC insurance coverage of your
Deposit Accounts. The algorithm is mathematical and nondiscretionary, and allocates deposits to Program
Banks based on each Program Bank’s current deposit balances compared to such Program Bank’s target
deposit balances, without regard to rates or fees. Program Banks with smaller percentages of their targets
are filled before Program Banks with higher percentages of their targets are filled, taking into consideration
the account type (accounts that can be aggregated and those that cannot be) and opt out information at the
account level (since you may opt out of Program Banks). The algorithm allocates deposits to each Program
Bank based upon a minimum, maximum and target balance set by each Program Bank.
Excluding Advisory Retirement Accounts, once available cash balances from an Account are deposited into
Deposit Accounts at a particular Program Bank, the algorithm will reallocate those deposits to other Program
Banks when (1) you designate a Program Bank as ineligible or a Program Bank ceases to participate in the
Program; (2) a Program Bank changes its target balance; (3) the Program allocates deposits among Program
Banks to meet maximum and target balances set by the Program Banks; (4) funds are moved from a Program
Bank to avoid exceeding restrictions under applicable law on the maximum number of automated withdrawals
that can be made during any month.
Total Program Coverage. Excluding Advisory Retirement Accounts, based on the number of Program Banks, the
Program is intended to provide you with potential FDIC deposit insurance coverage of up to $2,500,000 ($5 million
for accounts held jointly by two or more persons) per depositor, per insurable capacity (the “Total Program
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Coverage”), though the Total Program Coverage is subject to change as further described below. Deposit Account
balances in Accounts you hold in the same insurable capacity (e.g., individual, joint, IRA, etc.) will be aggregated for
purposes of the Total Program Coverage.
The Total Program Coverage is based on the deposit capacity of the available Program Banks and the number of
Program Banks, if any, you have designated as ineligible to receive your funds. In the event one or more Program
Banks are no longer willing or able to accept deposits, the Total Program Coverage will be reduced. Therefore, the
Total Program Coverage for your Deposit Accounts will be the lesser of $2,500,000 ($5 million for accounts held
jointly by two or more persons) or the current deposit capacity of the Program Banks available to accept your funds,
up to a maximum of $249,000 per Program Bank ($498,000 for accounts held jointly by two or more persons). If you
designate a Program Bank as ineligible to receive your funds, the Total Program Coverage available on your Deposit
Accounts will be determined by the current deposit capacity of the Program Banks you have not designated as
ineligible, up to $249,000 ($498,000 for accounts held jointly by two or more persons) per Program Bank.
We will provide you with notice of a change in the Total Program Coverage due to Program Bank capacity
constraints. You will be informed of such change by letter, an entry on your RBC CM account statement or by other
means.
Advisory Retirement Account Coverage. Cash balances in Advisory Retirement Accounts will be deposited only
with RBC Bank and City National up to the Deposit Threshold at each affiliate bank and will be eligible for a Total
Program Coverage of up to $498,000, collectively, provided you do not designate one or both of RBC Bank and/or
City National as ineligible to receive your funds.
Funds in Excess of the Total Program Coverage. If your Deposit Account balances at the Program Banks reach
the Total Program Coverage, additional available cash balances will be automatically invested in shares of the US
Government Fund. If, as a result of credited interest on your Deposit Accounts, your Deposit Account balances at
all of the Program Banks exceed the Total Program Coverage (as defined below), amounts over the Total Program
Coverage will be withdrawn and automatically invested in shares of the US Government Fund. For Advisory
Retirement Accounts, balances in excess of the Advisory Retirement Account Coverage will be automatically
invested in shares of a money market fund not affiliated with RBC CM (an “Unaffiliated Money Market Fund”).
Investments in the US Government Fund and an Unaffiliated Money Market Fund are not covered by FDIC
insurance. However, shares of the US Government Fund and an Unaffiliated Money Market Fund held in your
Account are covered by Securities Investor Protection Corporation (SIPC) up to applicable limits. Please see
the Automated Sweep Investment section of the Client Account Agreement for more information regarding the
operation of your investment in the US Government Fund or an Unaffiliated Money Market Fund and how the
appropriate share class of the US Government Fund is determined for your Account(s). You may access the most
recent US Government Fund prospectus by accessing www.rbcgam.com.
Allocation Methodology for Multiple Accounts Held in the Same Insurable Capacity. As noted above, Deposit
Account balances in Accounts you hold in the same insurable capacity (e.g., individual, joint, IRA, etc.) will be
aggregated for purposes of the Total Program Coverage. If you have two or more Accounts in the same insurable
capacity, RBC will utilize an allocation methodology to determine the amount of each Account’s Program
balances that will be deposited in Deposit Accounts at the Program Banks and will be invested in shares of the
US Government Fund, or, in the case of Advisory Retirement Accounts, an Unaffiliated Money Market Fund,
on any business day on which any of the Accounts has available cash balances to be swept and your Deposit
Account balances have reached, or would reach as a result of the deposit of the available cash balances, the Total
Program Coverage. The application of this allocation methodology will result in each Account having shares of US
Government Fund or, where applicable, each Advisory Retirement Account having shares of an Unaffiliated Money
Market Fund that reflects the Program balance in the Account as a percentage of the aggregate Program balances
for all Accounts, after accounting for the day’s activity.
Please note, the allocation methodology will not be applied on any business day on which the sole activity
in the Accounts are withdrawals. As a result, if withdrawals in one or more Accounts on any business day
reduce the total Deposit Account balances below the Total Program Coverage, we will not liquidate shares
of the US Government Fund or an Unaffiliated Money Market Fund and deposit the funds in Deposit
Accounts in order to bring the total Deposit Account balances up to the Total Program Coverage. Funds will
be deposited in Deposit Accounts only on business days on which any of the Accounts has available cash
balances to be swept and the Total Program Coverage has not been reached.
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In order for each Account to have shares of the US Government Fund or an Unaffiliated Money Market Fund that
reflect the Program balance in the Account as a percentage of the aggregate Program balance for all Accounts,
we may be required to withdraw funds that were on deposit at a Program Bank from your Deposit Accounts held
through one or more Accounts and invest those funds in shares of the US Government Fund or an Unaffiliated
Money Market Fund.
The following example illustrates the allocation methodology. In this example, the customer holds three Accounts
in an individual insurable capacity, with the following balances:
Account
Deposit Account Balances
Account #1
$1,500,000
Account #2
$500,000
Account #3
$500,000
$2,500,000
On the next business day, Account #1 has a deposit of $100,000, Account #2 has a withdrawal of $50,000,
and Account #3 has a deposit of $65,000. Taking into account the results of that day’s activity, the allocation
methodology will determine each Account’s percentage share of the aggregate Program balances by dividing the
Account’s Program balance by the aggregate Program balances of all Accounts. This percentage will then be used to
determine the amount of shares of the US Government Fund to be purchased by the Account so that the Account
has shares of the US Government Fund that reflect the Program balance in the Account as a percentage of the
aggregate Program balance for all Accounts.
Aggregate Program Balances
Including Daily Activity
Percentage Share of Total
Program Balances
Per-Account Allocation to US
Government Fund
Account #1
$1,600,000
61.19%
$70,363.29
Account #2
$450,000
17.21%
$19,789.67
Account #3
$565,000
21.61%
$24,847.04
$2,615,000
100%
$115,000
In this example, the allocation methodology would require us to withdraw $19,789.67 from Deposit Account
balances in Account #2 and invest those funds in shares of the US Government Fund.
Aggregate Program Per Account
Balances Including Allocation to US
Daily Activity
Government Fund
Amount Withdrawn
from Deposit Accounts
and Invested in US
Government Fund Shares
Deposit Account
Balances after
Allocation to US
Government Fund
Account #1
$1,600,000
$70,363.29
$1,529,636.71
Account #2
$450,000
$19,789.67
Account #3
$565,000
$24,847.04
$540,152.96
$2,615,000
$115,000
$2,500,000
$19,789.67
$430,210.33
Please note that this allocation methodology will not be applied on any business day on which the sole
activity in the Accounts are withdrawals. As a result, if withdrawals in one or more Accounts on any business
day reduce the total Deposit Account balances below the Total Program Coverage, we will not liquidate shares
of the US Government Fund and deposit the funds in Deposit Accounts in order to bring the total Deposit
Account balances up to the Total Program Coverage. Funds will be deposited in Deposit Accounts only on
business days on which any of the Accounts has available cash balances to be swept and the Total Program
Coverage has not been reached.
Designating Program Banks or the US Government Fund as Ineligible to Receive Your Funds. You may at any
time designate a Program Bank as ineligible to receive your funds. In addition, you may at any time instruct us to
remove your funds from a Program Bank and designate the Program Bank as ineligible to receive future deposits.
Please allow five business days to process your request. Unless you direct us to place your funds in a different
investment, your funds will be deposited in Deposit Accounts at other available Program Banks in accordance with
the order of priority set forth above. You may not designate all of the Program Banks as ineligible to receive your
funds. Please note, designating a Program Bank as ineligible to receive your funds will reduce the Total Program
Coverage for your Deposit Accounts.
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You may at any time designate the US Government Fund or an Unaffiliated Money Market Fund as ineligible to receive your
funds. Please allow five business days to process your request.
If you designate the US Government Fund or an Unaffiliated Money Market Fund as ineligible to receive your funds and you do not
direct us to place your funds in a different investment, available cash balances in excess of the Total Coverage Amount will remain
in the Program and be allocated to a Program Bank and may not be fully covered by FDIC insurance. If you wish to designate a
Program Bank or the US Government Fund as ineligible to receive your funds, please contact your investment professional.
IMPORTANT: Certain transfers into the Program will NOT be covered by FDIC insurance until the following
business day:
1. I f you change your cash sweep option from a money market fund cash sweep option or RBC Cash Sweep
to the Program, the money market fund shares plus accrued dividends or deposit balances plus accrued
interest will be redeemed or withdrawn and the total proceeds will be placed into your Account on the
transaction date. However, the funds will not be deposited in Deposit Accounts at the Program Banks until
the following business day with the result that the funds will be covered only by SIPC until the funds are
deposited in the Deposit Accounts.
2. If the Program is your cash sweep option and you transfer funds to your Account using a Letter of
Authorization, those funds will be placed into your Account on the transaction date. However, the funds will
not be deposited in Deposit Accounts at the Program Banks until the following business day with the result
that the funds will be covered only by SIPC until the funds are deposited in the Deposit Accounts
In both of the above cases, the amounts in the Program will begin accruing interest at the appropriate Program
interest rate on the transaction date (the date the funds are deposited into your Account). Interest will accrue up to,
but not including, the day on which funds are withdrawn from the Deposit Accounts.
Funds in the DBTCA settlement account representing amounts that are in transit to or from the Deposit Accounts
and your Account are not subject to the Deposit Threshold. This means that your funds in the DBTCA settlement
account may exceed the Maximum Applicable Deposit Insurance Limit until such time as the funds clear. Available
cash balances in your Accounts are also not covered by FDIC deposit insurance but instead are considered covered
only under the SIPC as a cash balance. See Section VI, “SIPC Protection,” for further information.
D. WITHDRAWAL PROCEDURES
A debit in your Account may result for many reasons, including but not limited to, the following examples: you make a
securities purchase or, if your Account has such services, you write a check, withdraw funds or make purchases using
your debit card, or make payments pursuant to bill payment services. If the available cash balances in your Account
are insufficient to satisfy a debit, funds will be withdrawn in the order set forth in your Client Account Agreement.
With respect to all Accounts except those owned by For Profit Entities and Advisory Retirement Accounts, funds will
be withdrawn from the Program in the following order:
• If you have funds in excess of the Total Program Coverage invested in the US Government Fund, shares in the
US Government Fund will be redeemed to satisfy a debit in your Account before funds are withdrawn from the
Deposit Accounts.
• If you do not have funds in excess of the Total Program Coverage invested the US Government Fund, or those
funds are insufficient to satisfy the debit in your Account, funds will be withdrawn from Deposit Accounts at
unaffiliated Program Banks.
• If there are insufficient funds in Deposit Accounts at unaffiliated Program Banks, funds will be withdrawn from
Deposit Accounts at the RBC CM affiliated Program Banks.
With respect to Accounts owned by For Profit Entities, funds will be withdrawn from the Program in the following order:
• If you have funds in excess of the Total Program Coverage invested in the US Government Fund, shares in the
US Government Fund will be redeemed to satisfy a debit in your Account before funds are withdrawn from the
Deposit Accounts..
• If you do not have funds in excess of the Total Program Coverage invested the US Government Fund, or those
funds are insufficient to satisfy the debit in your Account, funds will be withdrawn from Deposit Accounts at
unaffiliated Program Banks.
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With respect to all Advisory Retirement Accounts, funds will be withdrawn from the Program in the following order:
• If you have funds in excess of the Total Program Coverage invested in an Unaffiliated Money Market Fund,
shares in the Unaffiliated Money Market Fund will be redeemed to satisfy a debit in your Account before funds
are withdrawn from the Deposit Accounts.
• If you do not have funds in excess of the Total Program Coverage invested in an Unaffiliated Money Market
Fund, funds will be withdrawn from Deposit Accounts at the RBC Affiliate Banks, RBC Bank and City National.
For withdrawals from Deposit Accounts, we may make withdrawals to satisfy debits in your Account from an
MMDA or Transaction Account at a Program Bank, and such withdrawals may be instructed by a messenger. We
have established the MMDA and Transaction Account at each Program Bank to satisfy certain federal banking
limitations on withdrawals from MMDAs. We may transfer your funds in the Program during a given month from
the MMDAs to the Transaction Accounts at the Program Banks to comply with these limits and to administer the
Program. These limits on MMDA transfers from the Program Banks will not limit the number of withdrawals from
the Deposit Accounts at the Program Banks we may make on your behalf, the interest rate you earn, or the amount
of FDIC insurance coverage for which you are eligible.
As required by federal banking regulations, the Program Banks reserve the right to require seven (7) days prior
notice before permitting a transfer of funds out of a negotiable order of withdrawal account or MMDA. While the
Program Banks have indicated that they have no present intention of exercising their right to require such notice,
the Program Banks may exercise this right at any time in their sole discretion.
In the event that RBC CM has extended or provided funds to you in connection with your request to withdraw all or
a portion of funds from the Program, such funds are extended or provided to you with the express understanding
and agreement that RBC CM shall have full rights of offset for the entire amount of such funds advanced to you
to the extent that the transfer of such funds to RBC CM, out of one or more Deposit Accounts maintained by RBC
CM on behalf of its clients, was not completed prior to the failure of a Program Bank. In the unlikely event of the
failure of a Program Bank where such Deposit Accounts are transferred to another insured depository institution
in connection with the resolution of the failed Program Bank, to the extent that RBC CM has advanced funds to
you pursuant to a withdrawal of funds from the Program and the transfer of such funds out of the subject account
to RBC CM was not completed prior to the failure of the failed Program Bank, you hereby acknowledge, agree and
consent to the right of RBC CM to withdraw the full amount of the funds previously provided to you by RBC CM
from the Deposit Account transferred to the successor institution. In an event involving either the liquidation of a
failed Program Bank or circumstances in which a portion of your deposit was not paid out in connection with the
failure of a Program Bank, you hereby acknowledge, agree and consent to the full repayment to RBC CM of any
amounts extended or provided to you where the transfer of such funds out of the Deposit Account to RBC CM was
not completed prior to the failure of the Program Bank.
Although Deposit Account balances in Accounts you hold in the same insurable capacity (e.g., individual, joint, IRA,
etc.) will be aggregated for purposes of the Total Program Coverage, withdrawals to satisfy debits in an Account will
not be made from Deposit Account balances in other Accounts you hold in the same insurable capacity, or from
shares of the US Government Fund or an Unaffiliated Money Market Fund held through other Accounts you hold in
the same insurable capacity, except as set forth in your Client Account Agreement.
III. INTEREST ON THE DEPOSIT ACCOUNTS AND YIELDS ON THE US GOVERNMENT FUND
A. INTEREST RATE SEGMENTS
1. Direct Clients of RBC Wealth Management
The interest rates on the Deposit Accounts will be tiered. Clients qualify for a particular interest rate based on
the total assets in Accounts held at RBC Wealth Management (“RBC WM”) or the total commissions and fees
paid from the client’s Accounts to RBC WM over the previous 12 months, aggregated by household. Clients with
greater total household assets or commissions/fees may qualify for higher rates than clients with lower total
household assets or commissions/fees. In determining household values, RBC WM takes into consideration
multiple pieces of client information, including street address, tax ID, last name, telephone number, zip
code and account type to determine householding of Accounts. RBC WM reserves the right to modify how it
households Accounts and the right to amend the definition of eligible assets, commissions/fees.
The following total household asset and twelve-month trailing commission and fee levels will determine a
client’s interest rate:
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Interest Rate Segment Total Household Assets -or- 12-Month Trailing Commissions 1 $5,000,000 or more $50,000
or more 2 $1,000,000 – $4,999,999 $10,000 – $49,999 3 Under $999,999 Under $10,000
Employees of RBC Capital Markets and its affiliates who hold Accounts at RBC Capital Markets are eligible for
Interest Rate Segment 1 of the Program.
Eligibility for a Higher Interest Rate Segment:
Existing Client Accounts. On a monthly basis, RBC WM will review a client’s total household assets and trailing
twelve-month commissions and fees to determine if the client is eligible for a higher interest rate segment. If the
client is eligible for a higher interest rate segment, the interest rate segment will automatically be changed to the
eligible segment (for example, move from Interest Rate Segment 3 to Interest Rate Segment 2).
New Client Accounts. All new Accounts that select the Program will be automatically assigned to the Interest Rate
Segment 3. During the monthly review process outlined previously, any Accounts that are eligible for a higher
interest rate segment will be automatically changed to the eligible segment.
Disqualification: On an annual basis, RBC WM will review a client’s total household assets and trailing twelve-month
commissions and fees to determine if the client is still eligible for his current interest rate segment. If the client has
experienced a reduction in household assets or commissions and fees, and is no longer eligible for his current interest
rate segment, the client’s interest rate segment will be changed to the highest interest rate segment for which the
client is eligible. If this is the case, the client will receive a 30-day advance written notice and will have the opportunity
to increase his assets at RBC WM in order to maintain his current segment. If the client is unable to increase his assets,
his interest rate segment will be changed to the highest interest rate segment for which he is eligible.
2. Advisory Retirement Accounts
Advisory retirement accounts will earn an interest rate equal to segment 1.
3. Clients of Introducing Brokers that Clear Transactions through RBC Correspondent Services
Clients of introducing brokers that clear transactions through RBC Correspondent Services will be placed in
an interest rate segment designated by RBC Correspondent Services. Certain introducing brokers may utilize
a separate interest rate schedule and if this is the case you will, if necessary, receive an additional disclosure
document that describes the separate interest rate schedule. At any time, you may look up the rate of interest
earned by your deposit balances in the Deposit Accounts by accessing your appropriate Account website. (See
Section XII of these terms and conditions).
4. Clients of RBC Advisor Services
Clients of RBC Advisor Services will be placed in an interest rate segment designated by RBC Advisor Services.
At any time, you may look up the rate of interest earned by your deposit balances in the Deposit Accounts by
accessing your appropriate Connect Website. (See Section XII of these terms and conditions).
B. INTEREST RATES ON THE DEPOSIT ACCOUNTS
Deposit balances in the MMDA and Transaction Account at each Program Bank will earn the same rate of interest.
Interest rates on the Transaction Account and the MMDAs are variable and subject to change without notice. The
Program Banks determine the interest rate earned on balances in the Deposit Accounts. RBC CM then determines
its fee and the resulting rate paid to you for your Account balances in the Program. The Program Banks generally
set their rates on a monthly basis, but may set the rate more or less frequently. The rate is generally based on a
variety of factors including, but not limited to, current market conditions and competitive rates. The interest
rate you ultimately receive will be determined by RBC CM based upon the rate the Program Banks pay on the
Deposit Accounts and the fees paid to RBC CM, DBTCA and other parties as determined by RBC CM and DBTCA,
respectively, as set forth below in Section VII “Fees to RBC CM and Other Parties.” Funds deposited into Deposit
Accounts at a Program Bank will begin to accrue interest on the business day of receipt by the Program Bank up to
but not including the day of withdrawal. Interest will be accrued daily and credited monthly to the Deposit Accounts
at a Program Bank. Interest will be credited on or about the 26th day of each month. Interest will also be credited on
the date that a Deposit Account is closed. The Program Banks use the daily balance method to calculate interest on
the Deposit Accounts. This method applies a daily periodic rate to the principal in the Deposit Accounts each day.
The interest rates you receive on your funds in the Deposit Accounts may be higher or lower than the interest rates
available on other deposit accounts offered by a Program Bank or on deposit accounts offered by other depository
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institutions or on any money market funds you may have previously designated as your cash sweep option
pursuant to your Client Account Agreement. You should compare the terms, interest rates, required minimum
amounts, and other features of the Deposit Accounts with other deposit accounts and alternative cash sweep
options. You may obtain information with respect to the current Program interest rates and interest rate segments
by contacting your investment professional or consulting your appropriate Connect Website. RBC CM and the
Program Banks reserve the right to change the interest rates and interest rate segments, which, from time to time,
could result in there being no difference between the interest rates for the different segments.
By participating in the Program, you are approving the interest rates credited on your deposits. Interest rates paid
on your Account balances in the Program are ultimately determined by RBC and DBTCA and may fluctuate. The
interest rate payable to you is based on the interest rate paid by the Program Bank, less the fee paid to DBTCA
and RBC CM. Such fees paid to DBTCA and RBC CM by each Program Bank are determined by DBTCA and RBC
CM, respectively. The fee paid to DBTCA (not to exceed 35 basis points) by each Program Bank will not vary. By
continuing to permit your Account’s assets to be swept into the Program, you are continually approving the fees
paid to DBTCA and RBC CM and the interest rate earned by you as reasonable.
C. RBC WM AFFILIATE RELATIONSHIP AND YIELDS ON THE US GOVERNMENT FUND
The US Government Fund is a money market fund managed by RBC Global Asset Management (U.S.) Inc., an
affiliate of RBC Capital Markets, LLC.
Information regarding current yields for the US Government Fund is available at www.rbcgam.com, or by
contacting your investment professional.
You may obtain a copy of US Government Fund’s prospectus from your investment professional or online at
www.rbcgam.com. Yields on the US Government Fund may be less than the interest rates offered on the Deposit
Accounts by the Program Banks.
IV. RBC CORRESPONDENT SERVICES AND RBC ADVISOR SERVICES
BC Correspondent Services acts as clearing broker for certain accounts by contractual arrangement with third party
R
broker-dealers who utilize the services and facilities of RBC Correspondent Services to perform certain execution and
clearing functions. RBC Advisor Services provides custody and execution services for clients of third party investment
advisors under a contractual arrangement with the investment advisors.
If your Account is with either RBC Correspondent Services or RBC Advisor Services (i) RBC CM will not review or analyze
your Account for the purpose of providing advice to you and RBC CM will not provide any advice regarding your Account,
including the suitability of the Program (ii) RBC CM assumes no responsibility for trades made in your Account, and (iii)
RBC CM has no responsibility or liability for any actions or omissions of your financial professional or its representatives,
employees or other agents. Therefore, you must consult your financial professional for advice and recommendations
concerning your Account and you should discuss all your investment goals and objectives with your financial professional.
SHOULD YOU HAVE ANY QUESTIONS CONCERNING ANY ASPECT OF THE INFORMATION CONTAINED HEREIN, YOUR
ACCOUNT OR SECURITIES IN GENERAL, CONTACT YOUR FINANCIAL PROFESSIONAL IMMEDIATELY.
By participating in the Program, any client of RBC Correspondent Services or RBC Advisor Services understands that RBC
CM will act only to clear trades introduced by your Financial Advisor and to effect other back office functions for your
Financial Advisor. You understand that all representatives, employees and other agents with whom you communicate
concerning your Account(s) are agents of your financial professional, and are not RBC CM representatives, employees
or other agents. RBC CM has no responsibility to supervise or monitor the activities of your Financial Advisor, and the
Financial Advisor is exclusively responsible for ensuring that transactions in your Account(s) comply in all respects with
applicable laws, rules and regulations and are suitable for your investment goals and objectives.
V. FDIC DEPOSIT INSURANCE COVERAGE
A. GENERAL INFORMATION
Balances in the Deposit Accounts are insured by the FDIC, an independent agency of the U.S. Government, up to
$250,000 for all deposits held in the same insurable capacity at any one Program Bank (the “Maximum Applicable
Deposit Insurance Limit”). Examples of insurable capacities include individual accounts, joint accounts, and
IRAs. Your funds become eligible for deposit insurance immediately upon placement into a Deposit Account at a
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Program Bank. Any deposits that you may maintain directly with a particular Program Bank, or through any other
intermediary, in the same insurable capacity in which the Deposit Accounts are maintained would be aggregated
with the Deposit Accounts for purposes of the $250,000 federal deposit insurance limit
You are responsible for monitoring the total amount of deposits that you hold with any one Program Bank,
directly or through an intermediary, in order to determine the extent of deposit insurance coverage available to
you on your deposits, including the Deposit Accounts. RBC CM is not responsible for any insured or uninsured
portion of the Deposit Accounts or any other deposits.
In the event a Program Bank fails, the Deposit Accounts at that Program Bank are insured, up to $250,000, for
principal and interest accrued to the day the Program Bank is closed.
Under certain circumstances, if you become the owner of deposits at a Program Bank because another depositor
dies, beginning six months after the death of the depositor the FDIC will aggregate those deposits for purposes of
the $250,000 federal deposit insurance limit with any other deposits that you own in the same insurable capacity
at the Program Bank. Examples of deposit accounts that may be subject to this FDIC policy include joint accounts,
“payable on death” accounts and certain trust accounts. The FDIC provides the six-month “grace period” to permit
you to restructure your deposits to obtain the maximum amount of deposit insurance for which you are eligible.
In the event that federal deposit insurance payments become necessary, payments of principal plus unpaid and
accrued interest will be made to you. There is no specific time period during which the FDIC must make insurance
payments available, and RBC CM is under no obligation to credit your Account with funds in advance of payments
received from the FDIC. Furthermore, you may be required to provide certain documentation to the FDIC and
RBC CM before insurance payments are made. For example, if you hold deposits as trustee for the benefit of trust
participants, you may be required to furnish affidavits and provide indemnities regarding an insurance payment.
If your Deposit Accounts at a Program Bank are assumed by another depository institution pursuant to a merger
or consolidation, the Deposit Accounts will continue to be insured separately, up to the FDIC insurance coverage
limits, from any deposits that you have established with the acquiror until the expiration of a six-month period
from the date of the acquisition. Thereafter, the Deposit Accounts will be aggregated with your existing deposits
with the acquiror held in the same capacity for purposes of FDIC insurance coverage.
B.AGGREGATION RULES APPLICABLE TO RETIREMENT ACCOUNTS
Under FDIC regulations, an individual’s interests in plans maintained by the same employer or employee organization
(e.g., a union) that are holding deposits of the same Program Bank will be insured for $250,000 in the aggregate. In
addition, under FDIC regulations, an individual’s interest in the deposits of one Program Bank held by (i) IRAs, (ii)
deferred compensation plans for certain employees of state or local governments or tax-exempt organizations (i.e.,
Section 457 Plans), (iii) self-directed “Keogh Plans” of owner-employees described in Section 401(d) of the Internal
Revenue Code of 1986, as amended, and (iv) self-directed defined contribution plans, will be insured for up to
$250,000 in the aggregate whether or not maintained by the same employer or employee organization.
C.QUESTIONS ABOUT FDIC DEPOSIT INSURANCE COVERAGE
If you have questions about FDIC insurance coverage, please contact your investment professional. You may wish to
seek advice from your own attorney concerning FDIC insurance coverage of deposits held in more than one insurable
capacity. You may also obtain information by contacting the FDIC, Deposit Insurance Outreach, Division of Depositor
and Consumer Protection, by letter (550 17th Street, N.W., Washington, D.C. 20429), by phone (877- 275-3342 or 800925-4618 (TDD)), by visiting the FDIC website at www.fdic.gov/deposit/index.html, or by e-mail using the FDIC’s
On-line Customer Assistance Form available on its website.
VI. SIPC PROTECTION
In the event of the failure of a brokerage firm or theft by a broker, SIPC helps customers whose assets are held
at the brokerage firm. Balances maintained in the Deposit Accounts at the Program Banks are not protected by
SIPC or any excess coverage purchased by RBC CM. Clients may obtain information about SIPC and access a SIPC
brochure, by contacting SIPC at 1-202-371-8300 or by visiting www.sipc.org.
VII. FEES TO RBC WM AND OTHER PARTIES
Each Program Bank will pay RBC CM a fee determined by RBC CM equal to a percentage of the average daily deposit
balance in the Deposit Accounts at the Program Bank or a per account fee as determined by RBC CM. The fee paid to RBC
CM may be up to 3.50% annually on some of the Deposit Accounts. RBC CM may enter into agreements with certain
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Program Banks that establish committed deposit balances. The Program Bank receiving these deposits may pay a higher
fee to RBC CM in exchange for RBC CM maintaining a stated balance for a certain length of time in such Program Bank’s
Deposit Accounts. In no instance will the fee to RBC CM exceed 3.50% annually. The amount of fees paid to RBC CM may
affect the interest rate you earn on your deposits. If RBC CM incurs fees as a result of not maintaining committed balances
(as described in Section II.C), such fees paid by RBC CM will have no impact on the interest rate you earn on your deposits.
RBC CM will bear sole responsibility for paying any such fee, and you will not be charged any additional fee.
In the case of RBC CM’s affiliated Program Banks, the per account fee paid to RBC CM will generally range from $10.00 to
$100.00 annually. For Advisory Retirement Accounts, RBC Affiliate Banks, RBC Bank and City National, will not pay RBC
CM a per account fee. In its discretion, RBC CM may reduce its fee and may vary the amount of the reductions between
clients. The fee may vary among Program Banks. The amount of fees received by RBC CM will affect the interest rate you
earn on your deposits. In addition, each Program Bank will pay DBTCA a fee determined by DBTCA as explained below.
In the case of the US Government Fund, RBC CM affiliate RBC Global Asset Management (U.S.) Inc. will receive a
management fee on investments in the US Government Fund. Please see the RBC Money Market Fund prospectus
document at www.rbcgam.com for more information.
VIII.BENEFITS TO RBC CM AND ITS AFFILIATED PROGRAM BANKS
RBC CM and its affiliated Program Banks, RBC Bank and City National, receive other financial benefits in connection
with the Program. In addition to the fees RBC CM receives from the Program Banks, RBC CM may receive other
compensation from its affiliated Program Banks that is reflected by internal allocations made for reporting purposes.
Through the Program, RBC Bank and City National will receive a stable source of deposits at a cost that may be less
than other alternative funding sources available to them. RBC Bank and City National intend to use deposits in the
Deposit Accounts to fund investments or other bank assets. The profitability on such investments and assets is generally
measured by the difference, or “spread,” between the interest rate paid on the Deposit Accounts, fees paid to RBC CM
and DBTCA, and other costs of maintaining the Deposit Accounts, and the interest rate and other income earned on
those investments and assets funded by the funds in the Deposit Accounts.
IX. INFORMATION ABOUT THE DEPOSIT ACCOUNTS
Your Deposit Account ownership will be evidenced by a book entry on the records of the Program Banks and by records
maintained by RBC CM and its agents. No evidence of ownership, such as a passbook or certificate, will be issued to you.
You will not receive trade confirmations for transactions in your Deposit Accounts. Transactions in the Deposit
Accounts will be confirmed on your RBC CM account statement, which will also reflect the total of your opening and
closing Deposit Account balances, the dollar amount of interest earned, the interest rate, and the number of days for
which interest was earned. In addition, your RBC CM account statement will reflect the principal deposit balance held
at each Program Bank as of the end of the statement period. In addition, you will not receive trade confirmations for
automatic investments in the US Government Fund made through the Program. Your RBC CM account statement will
reflect your investments in the US Government Fund made through the Program. You will receive a prospectus for the
US Government Fund following the first purchase of US Government Fund shares made through the Program.
Your RBC CM account statement will not show the movement of funds between the Transaction Account and the
related MMDA at a Program Bank or among Program Banks. You may obtain information about your Deposit Accounts,
including balances and the current interest rates, by contacting your investment professional or by accessing your
Account online. You should retain your RBC CM account statements for your records.
X. INFORMATION ABOUT YOUR RELATIONSHIP WITH RBC CM, PROGRAM BANKS AND DBTCA
RBC CM is acting as your exclusive agent and custodian in depositing, withdrawing and transferring funds to and from
the Deposit Accounts, and in investing your funds in shares of the US Government Fund. All transactions with respect to
your Deposit Accounts must be directed by RBC CM and all information concerning your Deposit Accounts can only be
obtained from RBC CM. Accordingly, you should direct all instructions related to sweep transactions to your investment
professional. No Program Bank will accept any instructions concerning your interest in a Deposit Account under the
Program unless such instructions are transmitted by RBC CM or an authorized agent on behalf of RBC CM. RBC CM
may use agents to effect its responsibilities under the Program.
As between RBC CM and the Program Banks, RBC CM is responsible for any loss of your funds that have been delivered
to RBC CM until such time as the funds are received in the settlement account at DBTCA. The Program Banks are not
responsible for the actions of DBTCA or RBC CM with respect to the Program or otherwise. Withdrawals will be deemed
paid by a particular Program Bank when the items are transmitted by the Program Bank to the settlement account
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at DBTCA and the Program Bank is released from liability for such withdrawn funds once the Program Bank delivers
those funds to the settlement account. In those instances when available cash balances from your Account(s) are
deposited directly into the Deposit Account(s) at a Program Bank, withdrawals will be deemed paid by such Program
Bank when the items are transmitted by the Program Bank to RBC CM. Your deposit in any Deposit Account constitutes
a direct obligation of a Program Bank and is not directly or indirectly an obligation of RBC CM. You can obtain publicly
available financial information concerning each Program Bank at www.ffiec.gov/nic or by contacting the FDIC Public
Information Center by mail at L. William Seidman Center, Virginia Square, 3501 North Fairfax Drive, Arlington, Virginia
22226 or by phone at 703-562-2200. RBC CM does not guarantee in any way the financial condition of the Program
Banks or the accuracy of any publicly available financial information concerning the Program Banks.
Generally, DBTCA serves as the settlement bank and maintains the settlement account through which deposits to,
and withdrawals from, the Deposit Accounts are pooled and netted. Deposits to, and withdrawals from, the Deposit
Accounts of certain Program Banks are made directly with RBC CM and are not pooled and netted in the settlement
account held by DBTCA. DBTCA may delegate its responsibilities, which include the following, to agents: (1) accepting
your and other Program participants’ funds for deposit in the settlement account for subsequent same-day deposit in
the Deposit Accounts, (2) selecting the Program Banks in which to deposit and from which to withdraw funds, subject
to RBC CM’s approval and instructions, and (3) accepting for deposit in the settlement account, your and other Program
participants’ funds withdrawn from the Program Banks before transferring such funds to RBC CM. DBTCA will receive
fees from RBC CM and each Program Bank for its services. RBC CM reserves the right to transact directly with Program
Banks or use another entity, other than DBTCA, to carry out these functions.
XI.PROGRAM AMENDMENT AND ADDITIONAL DEPOSITORY INSTITUTIONS
RBC CM, at its discretion, may modify the terms, conditions and procedures of the Program, including, but not limited to,
the methodology used to determine the interest rates on Deposit Accounts, changing the deposit or withdrawal procedures,
or adding or removing Program Banks from the Program. RBC CM will notify you of any such changes that adversely affect
you. All such notices may be made by a letter, an entry on your RBC CM account statement, or by other means.
Depository institutions may be added at any time to the Program and one or more of the existing Program Banks may be
removed. In the event a depository institution is added to the Program, RBC CM will publish the name of the new Program
Bank via your online Account access 30 days prior to directing deposits to this institution. If you wish not to have your
deposits directed to a new Program Bank, please notify RBC CM by contacting your investment professional. If you do not
take this action, your deposits may be directed to the new Program Bank.
If a Program Bank in which you have Deposit Accounts no longer makes the Deposit Accounts available through the
Program, your funds will be withdrawn from such Program Bank and re-deposited with the remaining Program Banks in the
priority order set forth above.
RBC WM may, in its sole discretion and without notice, terminate your participation in the Program at any time. Similarly,
you may terminate your participation in the Program at any time by contacting your Financial Advisor. In either case, you
may establish a direct relationship with the Program Banks by requesting to have your Deposit Accounts established in your
name, subject to the Program Banks’ rules with respect to maintaining such accounts. This will result in the separation of the
Deposit Accounts from your Account.
XII.ADDITIONAL INFORMATION
If you have any questions about your Account or the Program please contact your investment professional or for
additional information about the Program please refer to your online Account access:
For Accounts with
Please Consult
RBC Wealth Management
www.rbcwm-usa.com
Introducing Brokers that Clear Transactions
through RBC Correspondent Services
www.investor-connect.com
RBC Advisor Services
www.rbcadvisorconnect.com
If you would like more information about the US Government Fund, please review the prospectus available online at
www.rbcgam.com.
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