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  GIT Insured Money Market Account
Terms & Conditions

The following terms and conditions apply to Insured Money Market Accounts (“IMMAs”) offered through GIT Investment Services, Inc. (“GIT-IS”). Record keeping and transaction processing services for IMMAs are performed by the GIT Insured Money Market Account division (“GIT-IMMA”) of Bankers Finance Capital Corp., parent company of GIT-IS. (Collectively, GIT-IS and GIT-IMMA are called “GIT” herein.) GIT customers are deemed to agree to these provisions when signing an IMMA New Account Application. GIT may modify these terms and conditions at any time by written notice to depositors. These terms and conditions supersede those revised in November 1998, and the distribution hereof to depositors constitutes written notice of the modification of the terms and conditions previously in effect.

New Accounts When a customer opens an IMMA, GIT will arrange, as the customer’s agent, to place an initial deposit in a money market deposit account at a federally insured depository institution (“Institution”) that has entered into an arrangement with GIT-IMMA to hold such funds on behalf of such customers. The customer will be notified of the identity of the Institution where the account credited with the customer’s deposit is held. Insurance of the account (together with any other deposits of the customer at the same Institution) will be limited to a total of $250,000, unless additional insurance is available under applicable law. Customers may request any available choices of additional IMMA banks from a GIT-IS representative. Customers desiring IMMAs at additional banks in order to obtain FDIC insurance of total amounts exceeding $250,000, or for other reasons, must give specific instructions to their GIT-IS representative to open IMMAs at the other banks, if available. GIT assumes no responsibility for dividing the deposits of any customer among additional Institutions or otherwise obtaining deposit insurance coverage in excess of $250,000 or such other limit as may be provided by law.

The initial deposit in an IMMA must be at least $2,500 to open the account. The account holder (“depositor”) will receive a monthly statement from GIT-IMMA showing all transactions, the closing deposit balance and the name of the Institution where the account is held, except that statements may be sent only quarterly if there are no transactions other than the crediting of interest. No certificate or passbook will be issued. Account information will be available from GIT, rather than from the Institution.

Eligible Depositors. Individual accounts, joint accounts, business accounts, gifts-to-minors accounts, IRAs and other retirement plan accounts are permitted. IRAs require a separate application.

Interest Rate. Each IMMA will pay a money market interest rate to the depositor according to the arrangements between GIT-IMMA and the Institution, based upon the gross rate the Institution has agreed to pay, net of any fees charged by GIT to the Institution for its services. The net interest rate paid will be subject to change at any time without notice. Such rates may be higher or lower than rates paid on deposits made directly at the Institution. All IMMAs governed by the same interest rate arrangements and other terms will be designated an IMMA “series”. Rates on the current account series are available by calling GIT-IS. There may be times when the IMMA net interest rate paid on a series falls to zero, depending on the arrangements between GIT-IMMA and the Institution.

Interest will accrue on each day’s account balance and will be credited to the account at month-end. Interest will be subject to penalty withholding tax unless the appropriate taxpayer identification number and certification have been filed with GIT. Accounts will be charged with any fine assessed as a result of the depositor’s failure to provide a valid social security number or tax identification number.

Account Transactions.Accounts may be opened by completing an application and forwarding it with a check for the initial deposit. All deposits should be mailed to:

GIT Insured Money Market Account
c/o Presidential Bank, Trust Custody Dept.
P.O. Box 31203
Bethesda, MD 20814-1203

Deposits made by wire transfer or ACH direct deposit should be sent to:

Presidential Bank
Bethesda, MD
ABA #2550-73345

For credit to:

GIT Insured Money Market Account
Account Number: 055200463

Deposits are not limited as to amount or frequency; deposits may be made by mail, in person, or by wire and should be made payable to “GIT Insured Money Market Account.” Accounts may be charged $6.00 for each incoming wire under $2,500.

Withdrawals may be requested in any amount, by cashier’s check (provided the withdrawal is payable to the depositor and delivered in person or by mail to the account address of record), by wire transfer, or by a personal check drawn on the account. Wire transfer withdrawals may only be made according to wire instructions pre-authorized in writing by the depositor. An initial supply of new personal checks payable through Presidential Bank is available free of charge. Accounts will be charged $10.00 for each outgoing wire under $10,000.

During transaction processing, pending deposit at an Institution, or upon withdrawal from an Institution pending remittance to the depositor by wire or cashier’s check, the depositor’s funds will be held in clearing accounts at one or more federally insured depository institutions (“Clearing Accounts”). GIT-IMMA will maintain records of the interest of each depositor in each Clearing Account in such a manner as to provide separate FDIC insurance of the depositor’s funds while in the Clearing Account. Names of the institutions where Clearing Accounts are held will be provided to depositors upon request.

IMMA withdrawals are limited by the federal regulatory restrictions applicable to money market deposit accounts. Total withdrawals may not exceed six per month. Any withdrawals over this limit may be subject to a $10.00 penalty charge. GIT-IMMA may withdraw check-writing privileges or otherwise restrict depositors who abuse this limitation. An IMMA may be accessed only through GIT and not at the Institution, and only if both are open for business.

Other Terms. Deposits are credited when they become immediately available funds at the Institution. Incoming wire deposits are credited immediately, provided GIT receives both the wire transfer and telephone notice of the wire from the depositor, prior to 1:00 p.m., Washington, DC time, on the day the wire is sent. Depositors should contact GIT prior to initiating a wire transfer to give notice of the wire and verify the wire instructions.

Domestic checks are normally credited in one or two business days. GIT-IMMA may decline to permit funds deposited by check to be withdrawn until the check is collected or paid. No monthly service fees will be charged, except that accounts below $1,000 at month-end may be charged a $3.00 minimum balance charge. GIT may charge other fees for particular services requested by depositors.

IMMAs are non-transferable and have no minimum maturity; withdrawals may normally be made upon demand. Under applicable federal regulations, however, each Institution must reserve the rarely asserted right to require depositors to give written notice of an intended withdrawal not less than seven days before the withdrawal is made. Each deposit is an obligation of the Institution only; GIT acts solely as the depositor’s agent and nominee. GIT normally receives a fee from each Institution, which may vary; this fee will be disclosed to a depositor at a specific Institution upon request. Securities dealers having an arrangement with GIT to offer IMMAs to their customers may receive compensation from GIT.

Upon any termination of the depository arrangements between GIT-IMMA and an Institution, notice will be provided to each affected depositor; however, pending any decision by depositors to move their funds under the terms hereof, GIT, as the depositor’s agent, may transfer each depositor’s balance to an IMMA at another Institution available to accept IMMA deposits, and GIT will give prompt notice thereof to the depositor.

GIT-IMMA may request an Institution to retain IMMA deposits directly in a depositor’s name at any time on the same terms as it offers to members of the general public, whereupon GIT’s obligations to the depositor will terminate; in the event the Institution does not accept such direct deposits, or for any other reason, the depositor’s money may be returned to the depositor by GIT-IMMA at any time GIT determines to do so. Under its arrangement with GIT-IMMA, each Institution may have the right to return deposits above a specified limit; if the IMMAs at an Institution collectively exceed this limit, the most recently opened depositors’ accounts may be closed by GIT-IMMA or, with notice to the affected depositors, transferred by GIT to another Institution, as if the governing arrangements between GIT-IMMA and the prior Institution had been terminated. GIT does not recommend IMMAs at any particular bank. GIT undertakes to perform only record keeping, transaction processing and other ministerial tasks for the depositor, and will make no effort to maximize the depositor’s return.

Current Series. For the current series, designated “Series 4”, the net rate of interest, effective July 1, 2013, will be 0.25% per annum (APY 0.25%). This rate is subject to change at any time without notice. The previous series (designated Series 3, which became effective on May 6, 1992) terminates on July 1, 2013. As of the date hereof, the Institution where depositors’ funds are held is Capital Bank, N.A., Rockville, MD. Previously, the Institution where depositors’ funds were held was Branch Banking and Trust Company, and GIT’s depository arrangements with this prior Institution have been terminated.


GIT Investment Services, Inc.
(800) 515-0110 | (703) 528-7994


(Effective June 28, 2013)

Discount Brokerage Services Insured Money Market Account
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