Authorization for Ongoing Fund Transfers 

 

Effective Date: August 27, 2025

 

This Authorization for Fund Movement supplements the provisions of your Customer Account Agreement. Notwithstanding any contrary provisions that may be contained in your Customer Account Agreement, the terms of this Authorization for Fund Movement control and apply to all transactions effected by DriveWealth via your relationship with your Introducing Firm. You acknowledge that you received, reviewed, understand, and agree to the terms of this Authorization for Fund Movement.

Capitalized terms not otherwise defined in this Authorization for Fund Movement are defined in your Customer Account Agreement.

You acknowledge certain funding conditions apply to your Account maintained at DriveWealth due to the relationship that you maintain with your Introducing Firm and, therefore, agree and authorize that:

  1. DriveWealth delivers Free Credit Balances (as defined below) to you consistent with your Introducing Firm’s business model under which your Account typically holds only your settled securities positions as of the end of the trading day.

  2. DriveWealth receives funds from the Designated Beneficial Account to effectuate buy transactions and settle obligations owed in your Account. DriveWealth delivers settled funds to the Designated Beneficial Account for further distribution to you, including within the digital balance available in the mobile application associated with your Introducing Firm or otherwise (the “Wallet”). DriveWealth does not send funds directly to your Wallet and does not withdraw funds directly from your Wallet. Please contact your Introducing Firm for questions related to the Wallet.

  3. DriveWealth acts upon instructions from your Introducing Firm to conduct ongoing transfers of any Free Credit Balances to the Designated Beneficial Account for your benefit, when any such Free Credit Balances are credited to your Account at DriveWealth. The term “Free Credit Balances” means liabilities of DriveWealth to you which are subject to immediate cash payment to you on demand, whether resulting from sales of securities, dividends, interest, deposits, or otherwise.

  4. Your Introducing Firm arranges with a bank or financial institution to maintain the Designated Beneficial Account on your behalf and for your benefit, if the Introducing Firm does not maintain the appropriate licenses to directly facilitate the transfers of Customer funds to or from DriveWealth.

  5. Each sell order you place is deemed to include your instruction to and authorization of DriveWealth to deliver the proceeds of the sale, to the extent such cash proceeds are Free Credit Balances, to the Designated Beneficial Account. You are therefore providing two distinct instructions to DriveWealth in connection with each sell transaction: (a) the first instruction to sell securities; and (b) the second instruction to deliver proceeds of the sale that are Free Credit Balances to the Designated Beneficial Account, in each case where permitted under Applicable Law and subject to any other agreement you maintain with DriveWealth. Regardless of these instructions, you remain responsible for any payment or delivery obligations to DriveWealth.

  6. Each buy order you place is deemed to include your instruction to and authorization of DriveWealth to receive from the Designated Beneficial Account the funds to pay for the purchase and to deliver any cash dividends or other proceeds resulting from the position, to the extent such proceeds are Free Credit Balances, to the Designated Beneficial Account. You are therefore providing two distinct instructions to DriveWealth in connection with each buy transaction: (a) the first instruction to buy securities; and (b) the second instruction to receive funds from the Designated Beneficial Account to pay for the purchase by settlement date and to deliver any proceeds resulting from the position that are Free Credit Balances to the Designated Beneficial Account, in each case where permitted under Applicable Law and subject to any other agreement you maintain with DriveWealth. Regardless of these instructions, you remain responsible for any payment or delivery obligations to DriveWealth.

  7. The foregoing cash movements are subject to aggregation and netting as described in the Customer Account Agreement.

  8. DriveWealth does not control your Wallet and is not responsible for the operation or maintenance of your Wallet. DriveWealth is not affiliated with your Wallet or Wallet provider and your Wallet provider is not an agent, subcontractor, or vendor of DriveWealth. DriveWealth does not endorse or in any way represent the abilities or capabilities of your Wallet or Wallet provider. DriveWealth is not responsible for supervising or monitoring any terms or conditions that you may maintain separately with your Wallet provider or concerning your Wallet.

  9. Notwithstanding the foregoing, there may be periods of time where certain of your funds reside in your Account. For example, uninvested cash, including cash that results from a corporate action or other Account activity, will be first used to satisfy any obligation related to the Account (e.g., to pay for pending buy transactions). All other proceeds, to the extent those proceeds are Free Credit Balances, will be remitted as soon as possible to the Designated Beneficial Account, based on your instruction as relayed to DriveWealth by your Introducing Firm.

  10. Any funds remitted by DriveWealth to the Designated Beneficial Account are not part of your Account.

  11. Funds maintained in the Designated Beneficial Account or your Wallet may not be covered by SIPC or FDIC insurance. If you have any questions concerning SIPC or FDIC insurance and the Designated Beneficial Account or your Wallet, please reach out to your Introducing Firm or Wallet provider.