The term “Banking Services” refers to a variety of services provided by the Banking Services Company (“BSC”), including the lending of commercial mortgage loans (the “Mortgage”) and the provision of investment advice. This Agreement is between you as the lender and the mchenry bank. When you access or use, or allow any third party to use, any service provided by us, you undertake to the accuracy and current content of the Agreement, including (without limitation) any inaccuracies or omissions that result from changes to such content.
You also agree not to provide material misrepresentation of material risks associated with the business, the property, or the Firm. You must ensure that your Broker acknowledges the existence and content of any representations and documents required to register the Commercial Mortgage lien and certifies to the Bank that the Commercial Mortgage lien is being registered in accordance with the applicable federal laws.
You are obligated to obtain the services of the appropriate banking services provider. In the case of an Exchange Traded Fund (“ETF”), you must select an ETF account that provides services that are consistent with the procedures set forth in the US Security Exchange Act (“SEC”). In the case of a partnership agreement, the brokering firm may also be liable for certain fees and charges to the partner. Certain services may also be available only through specific brokers. For example, funds managed by a broker other than a Bank may be exempt from estate tax and may not be available through the Bank.
If you choose to establish an account with a broker other than a Bank, you should be aware that the broker is also responsible for managing the Bank’s servicing assets. Certain asset management services are typically provided by independent banks and financial institutions, including the servicing of loan portfolios. If a broker does not maintain a large portfolio, you may be charged an annual service fee for access to its assets.
If you prefer direct access to your own bank account, you can look into prepaid debit card services. Many prepaid debit card accounts offer ATM and credit card services free of charge to clients who meet certain criteria. However, if you choose a bank that does not provide these services, you may be required to pay an annual or monthly maintenance fee for access to these services.
