Common use of Compounding and Crediting of Interest Clause in Contracts

Compounding and Crediting of Interest. Interest begins to accrue no later than the first business day the Bank receives credit for the deposit of noncash items (for example, checks), i.e., interest is paid on collected balances. The Bank relies upon the availability schedule of its Federal Reserve Bank to establish when credit is received for the deposit of noncash items. Interest is compounded daily and credited on the last day of the statement cycle, with one exception. If your account is closed before interest is credited, you will not receive the accrued interest.

Compounding and Crediting of Interest. Interest begins to accrue no later than the first business day the Bank receives credit for the deposit of noncash non-cash items (for example, checks), i.e., interest is paid on collected balances. The Bank relies upon the availability schedule of its Federal Reserve Bank to establish when credit is received for the deposit of noncash non-cash items. Interest is compounded daily and credited on the last day of the statement cycle, with one exception. If your account Account is closed before interest is credited, you will not receive the accrued interest.