Common use of How Interest is Calculated Clause in Contracts

How Interest is Calculated. We calculate interest on a 365-day year basis using the daily balance method, by which the daily periodic rate is applied each day to the collected funds balance in the account after all transactions for the day have been posted. For all interest-bearing checking and money market accounts: ▪ Funds from items deposited (other than cash or items drawn on us) begin to accrue interest on the Business Day we receive credit for the items (collected funds). Cash and funds from items drawn on us begin to accrue interest on the Business Day of deposit. ▪ Interest accrues daily and is compounded and credited on the last day of the statement period, but no more frequently than monthly. For all savings accounts: ▪ Funds from items deposited begin to accrue interest on the Business Day of deposit if deposited before our established cut-off time or, if made later, on the next Business Day. ▪ Interest accrues and compounds daily and is credited on the last day of the statement period, but no more frequently than monthly. CERTIFICATES OF DEPOSIT‌‌

How Interest is Calculated. We calculate interest on a 365-day year basis using the daily balance method, by which the daily periodic rate is applied each day to the collected funds balance in the account after all transactions for the day have been posted. For all interest-bearing checking and money market accounts: ▪ Funds from items deposited (other than cash or items drawn on us) begin to accrue interest on the Business Day we receive credit for the items (collected funds). Cash and funds from items drawn on us begin to accrue interest on the Business Day of deposit. ▪ Interest accrues daily and is compounded and credited on the last day of the statement period, but no more frequently than monthly. For all savings accounts: ▪ Funds from items deposited begin to accrue interest on the Business Day of deposit if deposited before our established cut-off time or, if made later, on the next Business Day. ▪ Interest accrues and compounds daily and is credited on the last day of the statement period, but no more frequently than monthly. CERTIFICATES OF DEPOSIT‌‌.