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A bankers' acceptance is a short-term fixed rate loan used to finance trade-related transactions. There are two distinct ways that bankers' acceptances can be utilized:

1. As an extension of a letter of credit to defer the time that payment is due to you as an exporter or made by you as an importer, but with the direct and unconditional obligation of the accepting bank
2. As an often lower cost and fixed-rate method of financing a purchase or sale of goods

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Important Disclosure Regarding Deposit Insurance on Noninterest-bearing Transaction Accounts (FDIC)

SECURITIES AND INSURANCE
NOT FDIC INSURED	NO BANK GUARANTEE	MAY LOSE VALUE

Securities and other investment and insurance products are: not a deposit; not FDIC insured; not insured by any federal government agency; not guaranteed by TD Bank, N.A. or any of its affiliates; and, may be subject to investment risk, including possible loss of value.

Under federal law, Regulation E (Electronic Fund Transfer Act) provides certain protections to consumer customers when there is unauthorized account activity. Regulation E covers electronic fund transfer activity through a checking, savings, or other consumer asset account at a financial institution used primarily for personal, family, or household purposes. All of the protections provided by Regulation E are incorporated into our Online Banking Agreement.

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