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UBS Bank USA Core Savings Disclosure Statement

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UBS Bank USA Core Savings Disclosure Statement March 2021 I. Summary 1 II. Eligibility 1 III. Margin 1 IV. Interest rates 1 V. Deposit and withdrawal procedures 2 VI. Non-transferability of deposits 2 VII. Changes to UBS Core Savings 2 VIII. Notices 2 IX. Fees and compensation 2 X. Your relationship with Bank USA 3 XI. Termination 3 XII. Viewing information about your savings account 3 XIII. Conflicts of interest and benefits to UBS and its affiliates 3 XIV. FDIC insurance 3 Deposit Insurance: General 3 Questions about FDIC Deposit Insurance Coverage 4 I. Summary subject to the risk based on the financial condition of Bank USA. You • Through UBS Bank USA Core Savings (UBS Core Savings), are responsible for reviewing the financial condition of Bank USA to UBS Financial Services Inc. and UBS Financial Services Incorporated determine if UBS Core Savings is appropriate for you. Refer to the of Puerto Rico (collectively “UBS,” “we” or “us”) make available to section “Your Relationship with Bank USA” for more information. its eligible customers a US-dollar denominated deposit account (Savings Account) at UBS Bank USA (Bank USA), a Federal Deposit You and UBS agree that each Savings Account will be a “financial Insurance Corporation (FDIC) member bank that is affiliated asset” for purposes of Article 8 of the Uniform Commercial Code as with UBS. adopted by the State of New York. • Funds on deposit at Bank USA are eligible for deposit insurance from the FDIC up to $250,000 (including principal and accrued interest) for II. Eligibility each insurable capacity in which you hold your Securities Account UBS Core Savings is only available for certain ownership types. We (e.g., individual, joint, IRA). Please refer to the section titled “FDIC may require you to fund your Savings Account with money that was Insurance” for more information. You are responsible for not previously maintained by you in a Securities Account. In addition, monitoring the total amount of deposits that you have with there may be a minimum amount required to first establish a Savings UBS Bank USA to determine the extent of FDIC deposit Account. The minimums can be changed from time to time in the sole insurance coverage available to you. discretion of UBS. • Each Savings Account is a transaction account at Bank USA but UBS Core Savings is available to: UBS Core Savings is not intended for clients who need to have • Individuals frequent access to their funds in the Savings Account. If you • IRAs make more than five (5) withdrawals from a Savings Account • Sole proprietorships in any calendar month, we will charge you a fee of $25 per • US Governmental entities transaction over the monthly limit. • Employee benefit plans qualified under Section 401(a) of the Internal • Deposits at UBS Bank USA (excluding certificates of deposit) Revenue Code of 1986, as amended (the “Code”), or under any are not securities and are not protected by the Securities other employee retirement or welfare plan subject to the Employee Investor Protection Corporation. Retirement Income Security Act of 1974, as amended (each a “Plan”) (excluding Plans with a pooled plan structure) UBS Core Savings is available to eligible clients who have a securities • Individual participants in a Plan who have opened a Securities account (Securities Account) with UBS. UBS will act as your agent and Account (each a “Plan Participant”) custodian in establishing and maintaining the Savings Account. • Revocable and Irrevocable Trusts Although the Savings Account is an obligation of Bank USA and not • Business entities, such as corporations, partnerships, limited UBS, you will not have a direct relationship with Bank USA. All deposits liability companies, associations, and business trusts. to and withdrawals from the Savings Account will be made by UBS on your behalf. Information about your Savings Account may be obtained Financial institutions are not eligible for UBS Core Savings and include from UBS, not Bank USA. the following entities and any others that we may add from time to time: insurance companies, broker-dealers, investment companies, You may establish a Savings Account only by contacting your Financial banks, savings associations, credit unions and trust companies. Advisor. Please refer to the section “Deposit and Withdrawal Procedures” for more information. Most managed (investment advisory) accounts, investment club and non-US residents are not eligible for UBS Core Savings. Please contact The Savings Account is not certificated and is non-negotiable, and your Financial Advisor should you have any questions. Note that UBS, at may not be transferred from us to another broker or financial its discretion, will consider a client to be ineligible if UBS become aware intermediary. Please review section “Non-transferability of Deposits” that the client is prohibited as a matter of law from holding funds at for more information. Bank USA. Eligibility is based on the type of client rather the type of Securities For Canadian residents only: Please note that UBS Core Savings is not Account. Refer to the section “Eligibility” for more details. protected or covered by the Canada Deposit Insurance Corporation For purposes of determining the FDIC insurance coverage of your III. Margin deposits, any deposits (including certificates of deposit issued by Bank UBS Core Savings may not be purchased on margin and does not count USA and funds on deposit at Bank USA through the UBS Bank Sweep toward your margin equity. However, balances may be withdrawn from Programs and UBS FDIC-Insured Deposit Program) that you maintain in your Savings Account to meet margin calls. the same insurable capacity including through an intermediary, such as UBS or another broker, will be aggregated with all funds on deposit at IV. Interest rates Bank USA through UBS Core Savings. If you have more than one Interest rates paid on UBS Core Savings are determined by Bank USA, Securities Account in the same insurable capacity with aggregate in its discretion based upon a variety of factors, including economic balances in excess of $250,000, you may not be fully insured. and business conditions and may change as frequently as daily. Information regarding current interest rates is available on The extent of, and limitations on, federal deposit insurance are https://www.ubs.com/coresavings or by calling your Financial Advisor. discussed in the section titled “FDIC Insurance,” which you should review carefully. For clients other than Plans and Plan Participants, interest rates are tiered based on total eligible deposits in a “Marketing Relationship” Neither Bank USA nor its affiliates monitor the amount of your as defined in the “General Terms and Conditions” of the Agreements deposited funds to determine whether those amounts exceed the and Disclosures booklet (“General Terms and Conditions”) you received FDIC insurance limits applicable to your deposits at Bank USA. after you opened your Securities Account (which is available at https://www.ubs.com/accountdisclosures). You may deposit funds in excess of the maximum amount covered by FDIC insurance. However, in doing so, you acknowledge that your funds For Plans and Plan Participants, interest rates are tiered based on total in excess of the applicable FDIC insurance limit are not insured and are eligible deposits in a “Qualified Plan Relationship.” A Qualified Plan Relationship consists of Securities Accounts held by Plan Participants with the same employer identification number (or Tax ID number) and the same Plan name. 1 of 4 Eligible deposits in a Marketing Relationship or Qualified Plan other means to transfer funds from external (non-UBS) accounts to your Relationship include certificates of deposit issued by Bank USA, all Savings Account. Please discuss possible options with your Financial deposits at Bank USA and UBS AG (Stamford Branch) through the UBS Advisor. Bank Sweep Programs, all deposits at Bank USA and other participating banks through the UBS FDIC-Insured Deposit Program You may instruct your Financial Advisor to have UBS, as your agent and and all deposits held at Bank USA through your Savings Account. custodian, withdraw funds from your Savings Account and deposit such funds into your Securities Account. Withdrawals from your Savings In general, clients with higher total eligible deposits in a Marketing Account can be made only by contacting your Financial Advisor. For Relationship or Qualified Plan Relationship, as applicable, will receive example, you may not use the checkwriting, direct deposit, debit card, higher interest rates than clients with lower total eligible deposits in a online bill pay or other cash management capabilities of your Securities Marketing Relationship or Qualified Plan Relationship. Account to withdraw funds from your Savings Account. Interest will accrue on the Savings Account balances from the day Withdrawal requests given to a Financial Advisor and approved before 8 funds are deposited into the Savings Account, as applicable, through p.m. Eastern Time on a business day generally will be processed on the the business day preceding the date of withdrawal from the Savings following business day. If we are unable to process the request on such Account as applicable. Interest on the Savings Account balances will business day, it will be processed on the next business day. No other be accrued daily, rounded up or down each day to the nearest $0.01. withdrawals from your Savings Account will be permitted, including any As a result, balances that earn daily total interest of less than instructions to wire or otherwise transfer funds from your Savings half a cent will not accrue any interest. Interest accrued through Account to any account other than your Securities Account. If there are the fourth business day of the month will be credited on the fifth insufficient funds in your Savings Account to cover your withdrawal business day of the month.
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