Common use of Automatic Transfers Clause in Contracts

Automatic Transfers. Automatic transfers to and from the Premium Yield Account may occur each Business Day. All Customer transaction activity to and from the Premium Yield Account must occur through an automatic transfer from or to the Master Account pursuant to this Premium Yield Sweep Addendum. Interest on funds in the Premium Yield Account will be calculated daily and credited daily. Bank may change the rate of interest paid on the Premium Yield Account from time to time without advance notice to Customer. The rate of interest paid during the statement period will be shown on the monthly or other periodic statements of the account. Customer can obtain the current rate of interest being paid by contacting a Bank Representative. In all other respects, the Premium Yield Account is subject to the terms of Bank’s standard agreement for commercial deposit accounts, a copy of which is available upon request.