Forfeit of Uncredited Interest Clause Samples
The Forfeit of Uncredited Interest clause stipulates that any interest which has accrued but has not yet been credited to an account or party will be forfeited under certain conditions, such as upon early termination or default. In practice, this means that if a party is entitled to interest payments but the interest has not been formally added to their balance before a triggering event, they lose the right to claim that interest. This clause primarily serves to clarify the parties' rights regarding interest in specific scenarios, preventing disputes over uncredited amounts and ensuring that only credited interest is payable.
Forfeit of Uncredited Interest. If your Account is closed prior to the end of the statement cycle, any accrued interest earned, but not credited, for that cycle will be forfeited.
Forfeit of Uncredited Interest. If you withdraw funds from your Account after interest has accrued but before it is credited to your Account, you will forfeit that interest, and it will not be credited to your Account.
Forfeit of Uncredited Interest. If you close your Deposit Account after interest has accrued but before it is credited to your Deposit Account, you will forfeit that interest, and it will not be credited to your Deposit Account.