RefPay, as your agent, places funds in pooled account(s) at an unaffiliated FDIC-insured bank or savings institution, which are eligible for pass-through FDIC insurance coverage.

In the event that an FDIC-insured bank in which we place your money fails, your balance placed at the bank would be subject to FDIC pass-through deposit insurance coverage, along with any other deposits you hold at that bank, up to a total of $250,000.00 USD. Pass-through deposit coverage is contingent upon RefPay maintaining accurate records (which we do) and on determinations of the FDIC as receiver at the time of a future receivership of any bank at which your funds have been place.

The following is a list of Financial Institutions where your funds are currently held*:

• Bank of Utah
• Cache Valley Bank
• Lewiston State Bank
• Chase Bank

*List current as of 4/1/10 – Updated Monthly

In a related matter, A copy of RefPay's Investment Policy for Funds Held in Trust for RefPay Clients can be reviewed here.