DDM Program: Program Information Notice

Program Information Notice 

Program 

Demand Deposit Marketplace® (DDM®) Program (“Program”) 

Customer Terms & Conditions 

https://www.paducahbank.com/services/personal-wealth/trust-and-estate-services/disclosures/demand-deposit-marketplace-ddm-program

 Program Limit

  • $60 million per customer identifier (e.g., TIN)
     

Eligible Customer Accounts 

Accounts managed within the Trust Department

Minimum Deposit Amount:   

  • Initial: .$01 

  • Subsequent: $.01 

Automatic Sweep Feature: Yes 

  • Sweep Deposit Trigger Amount: $.01 (or such other amount as agreed with you on the Customer Authorization and Agency Appointment Form) 

  • Sweep Withdrawal Trigger Amount: $.01 (or such other amount as agreed with you on the Customer Authorization and Agency Appointment Form) 

 

Information about The Paducah Bank and Trust Company 

  

FDIC-insured banks or savings associations, including trust departments of an FDIC-insured bank or savings association: 

  • The Paducah Bank and Trust Company is a bank chartered under the laws of the state of Kentucky whose deposits are insured by the Federal Deposit Insurance Corporation (“FDIC”), subject to applicable laws, regulations and guidance, including FDIC pass-through deposit insurance requirements.  For more information about us, please visit www.paducahbank.com. 

  • Important Legal Disclosure:  FDIC insurance only covers the failure of an FDIC-insured institution.    Certain conditions must be satisfied for pass-through deposit insurance coverage to apply.  See below for a link to the list of the insured institutions with which we have a direct or indirect business relationship for the placement of deposits under the Program, and into which The Paducah Bank and Trust Company may place deposits (subject to the Program terms and any opt-outs by you).  

 

Sending Institution(s):  

Has The Paducah Bank and Trust Company engaged one or more third-party Sending Institutions for the Program?   No  If Yes: 

  • Name of Sending Institution: N/A. 

  • FDIC Certificate Number:  N/A 

  • Address:  N/A 

  • Other Information:  N/A 

 

Information about Settlement Bank and Custodian: 

Settlement Bank & Custodian:  The Huntington National Bank (“HNB”) 

Other Information: HNB is a federal-chartered bank whose deposits are insured by the FDIC, subject to applicable laws, regulations and guidance, including FDIC pass-through deposit insurance requirements.  For more information about HNB, please visit HNB’s website at https://www.huntington.com/. 


Information about Receiving Institutions: 

List of Receiving Institutions: https://www.paducahbank.com/services/personal-wealth/trust-and-estate-services/disclosures/demand-deposit-marketplace-participating-institution-list

Other Information:  You can obtain publicly available financial information concerning any Receiving Institution at https://www.ffiec.gov/NPW.  You can obtain publicly available financial information concerning any FDIC-insured bank or savings association by contacting the FDIC Public Information Center by phone at 877-ASK-FDIC (877-275-3342) from 8:00 am – 6:00 pm ET (Monday-Friday) and 8:00 am – 1:00 pm ET (Saturday), excluding Federal Holidays.  You can obtain publicly available financial information concerning any NCUA-insured credit union by contacting the NCUA Consumer Assistance Center at 800-755-1030 from 8:00am – 5:00pm ET (Monday-Friday), excluding Federal Holidays.  You also can receive publicly available information from the National Information Center of the Federal Reserve System at www.ffiec.gov/nicpubweb/nicweb/nichome.aspx.  

 

Opt-Out of Receiving Institutions: 

  • Cut-Off Time (for Next-Business-Day processing of opt-outs):  11:00/am ET.  

Same-Business Day Settlement: Yes 

  • Cut-Off Time: 1:00/pm ET 

Excess Funds above Program Limit: 

  • Can The Paducah Bank and Trust Company sweep or place your funds into the Program above the Program Limit?  No  

Note:  If ‘yes’, such funds above the Program Limit are known as Excess Funds, may be placed at any Receiving Institutions (as Excess Institutions) and do not receive access to deposit insurance coverage (subject to applicable laws or regulations that may permit access).  Please review the Customer T&Cs.   

Customer Interest: 

  • Interest Rate: Contact us at 270.575.5752 

  • Payment: Interest will be credited to your Eligible Customer Account each month 

Fees: 

  • Does The Paducah Bank and Trust Company Earn Fees?   No  

  • Does Stable Earn Fees?  Yes 

Note:  You must notify us of any Qualified Retirement Funds (e.g., ERISA, Employee Benefit Plan, IRA and HSA account funds) that you wish to sweep or place into the Program. Certain fee restrictions may be applicable to those Qualified Retirement Funds.   

Customer Statements 

  • We incorporate information relating to your Program in your Customer Statements for your Customer Account 

Program Portals:  

We offer you access and use of the following electronic portals to obtain information regarding the Program, including updates to this Program Information Notice:   

  • DepositView Portal.  No 

Additional Conflicts of Interest 

Conflicts of interest are disclosed in the Customer T&Cs.   

Other Disclosures: 

  • Notice Period for Amendments to Customer T&Cs:   e.g., 30 days 

  • Capitalized Terms.  Capitalized terms used in this Program Information Notice have the meaning given to those terms herein or, if not defined herein, shall have the meaning given to those terms in the Customer T&Cs. 

  • Annual Sweep Account Disclosure of “Deposits”: Funds swept or placed from The Paducah Bank and Trust Company, as your agent or sub-agent, into Program Accounts at each Receiving Institution are either “deposits” within the meaning of 12 U.S.C. § 1813(l) or “member accounts” or “accounts” within the meaning of 12 U.S.C. § 1752(5) and are insured by the FDIC or NCUA up to the then-current SMDIA (currently, $250,000), per Eligible Depositor, per Account Ownership Category, per Receiving Institution.  If a Sending Institution is engaged and Sending Institution is an FDIC-insured bank or savings association or a NCUA-insured credit union, funds swept or placed from Your Institution, as your agent or sub-agent, into the Sending Institution Account are “deposits” within the meaning of 12 U.S.C. § 1813(l) or “member accounts” or “accounts” within the meaning of 12 U.S.C. § 1752(5) and are insured by the FDIC or NCUA up to the then-current SMDIA (currently, $250,000), per Eligible Depositor (e.g., based on TIN), per account Ownership Category, per Sending Institution.  This is provided to you as your annual sweep account disclosure under 12 C.F.R. 360.8.(e)