What does it mean when you say that “Funds in my HMBradley Account will be titled in Hatch Bank’s name [or the name of its agent] as custodian and beneficially held to provide deposit insurance coverage to [me]”?

Hatch Bank will hold your funds, and the funds of other HMBradley Account customers, in a Network Bank for your benefit and the benefit of the other HMBradley Account customers. This way, you and the beneficial owners are insured by the FDIC or the NCUA up to the maximum (currently $250,000) per depositor. FDIC insurance of accounts passes through to the actual account owners (you and the other HMBradley Account customers as beneficial owners). This way, the FDIC can appropriately determine insurance coverage. Hatch Bank and their third-party service provider(s), maintain the list of beneficial owners of the custodial account.

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