Interest Checking Clause Samples
The Interest Checking clause defines how interest will be calculated and applied to certain amounts, such as overdue payments, under the agreement. Typically, this clause specifies the interest rate, the method of calculation (such as daily or monthly), and the types of balances to which interest applies. By clearly outlining these terms, the clause ensures both parties understand the financial consequences of late payments and helps prevent disputes over interest charges.
Interest Checking. Commercial and Public Funds
Interest Checking. Dividend Information: No dividends are paid on this account. Minimum Balance Requirements: There is no minimum balance requirement on the Non-Interest Checking Account.
Interest Checking. You understand that we reserve the right at any time to require writtennotice of an intended withdrawal not less than seven days before the withdrawal is made. • Interest is accrued daily on the collected balance, compounded monthly and credited to your account on the last day of your monthly statement cycle. • You understand that we reserve the right at any time to require writtennotice of an intended withdrawal not less than seven days before the withdrawal is made. • Interest is accrued daily on the collected balance, compounded monthly and credited to your account on the last day of your monthly statement cycle. • You understand that we reserve the right at any time to require writtennotice of an intended withdrawal not less than seven days before the withdrawal is made. • Interest is accrued daily on the collected balance, compounded monthly and credited to your account on the last day of your monthly statement cycle.
Interest Checking. Minimum deposit to open $1.00 Rate information This account is interest bearing. The interest rate and annual percentage yield are included in the Deposit Rate Sheet. At our discretion, we may change the interest rate on your account at any time. Monthly maintenance service charge $6.00 Accrual Method Interest is compounded daily using a 365/365 factor and is credited to the account monthly. Interest begins to accrue on the business day you deposit cash and non- cash items (checks). All accrued interest will be paid should account be closed prior to month end. Minimum average daily balance to avoid a monthly maintenance service charge $500.00 Balance computation method The Bank uses the average daily balance method to calculate the interest on your account. This method applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period. Average daily balance to obtain annual percentage yield $25.00 Transaction limits None Check paid fee Not applicable Item deposited fee Not applicable ATM/Debit card ATM//debit card services are available to qualified customers. Restrictions may apply. Overdraft protection services Overdraft protection services may be available to qualified customers. Internet banking services Internet banking services are available. Minimum deposit to open $1.00 Rate information This account is interest bearing. The interest rate and annual percentage yield are included in the Deposit Rate Sheet. At our discretion, we may change the interest rate on your account at any time. Accrual Method Interest is compounded daily using a 365/365 factor and is credited to the account monthly. Interest begins to accrue on the business day you deposit cash and non- cash items (checks). All accrued interest will be paid should account be closed prior to month end. Monthly maintenance service charge $6.00 Average daily balance to obtain annual percentage yield. $25.00 Minimum average daily balance to avoid a monthly maintenance service charge $500.00 Balance computation method The Bank uses the average daily balance method to calculate the interest on your account. This method applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing ...