Les paiements effectués via Procore Pay sont-ils assurés ?

Procore est un fournisseur de solutions de gestion de la construction, qui comprend des solutions fintech et des services monétaires, et non une banque. Voir Procore est-il une banque ou une institution financière ? Par conséquent, l’assurance directe de la FDIC sur tous les fonds détenus dans leurs systèmes ne s’applique pas comme elle le ferait pour un compte bancaire traditionnel. Cependant, voici une ventilation :

Partenariats bancaires

Procore est partenaire d’institutions financières établies. Voir Comment les fonds circulent-ils entre les comptes bancaires avec Procore Pay ? Lorsque des fonds sont détenus sur des comptes auprès de ces banques partenaires, ces comptes peuvent être soumis à l’assurance de la FDIC, selon les conditions de l’institution financière établie.

Flux de fonds

Le flux de fonds au sein de Procore Pay implique des mouvements entre différents comptes. Par conséquent, il est essentiel de comprendre les conditions générales spécifiques des institutions financières impliquées dans ces transactions et d’examiner les conditions et accords fournis par l’institution financière établie ou Procore Paiement Services, Inc. (PPS).

Yes, your funds are insured by the FDIC on a “pass-through” basis up to $250,000. How this works, and some important limitations on this coverage, are as follows.

When you initiate a payment, PPS’s bank, JP Morgan Chase, N.A. (“Chase”) will initiate a reverse wire transfer from your funding account. When received by Chase, the funds from that reverse wire are deposited into a custodial account that PPS has established at Chase. PPS will then instruct Chase to initiate wire transfers to your recipient(s) in accordance with your instructions.

Chase is an FDIC-insured bank. If Chase is placed in receivership (i.e., “fails”) when your funds are deposited in the custodial account, then you will be insured by the FDIC on a “pass through” basis (up to $250,000), provided that certain conditions are met.

Pass-through coverage depends on PPS maintaining records that the FDIC deems sufficient to determine your share of funds on deposit in the custodial account. PPS believes that the records it maintains will be sufficient to allow the FDIC to determine each customer’s share of funds in the custodial account, but that determination ultimately will be made by the FDIC at the time of receivership.

FDIC insurance only protects you against the risk of Chase’s failure. PPS is not an insured institution and FDIC insurance does not protect you against risks associated with PPS's failure. [(However, we believe that in the unlikely event of PPS’s insolvency that a bankruptcy court likely would determine that the funds in the custodial account are the property of PPS’s customers, and that these funds would not be placed in the bankruptcy estate to satisfy claims of PPS's general creditors.)]

Please note also that the $250,000 coverage limit applies on a per institution basis. This means that if Chase fails, your funds in the custodial account will be aggregated with any other deposits you may have at Chase for purposes of the coverage limit. For example, if you have $200,000 in the custodial account and $200,000 deposited in other accounts that you maintain at Chase, your total coverage will be limited to $250,000 (not $250,000 for the custodial account funds and $250,000 for your other deposit accounts).