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
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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.
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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.
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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 ...
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Related to Interest Checking

  • Interest Charges You agree to pay interest at the rate(s) disclosed to you at the time you open your account and as may be changed from time to time in accordance with applicable law. Average Daily Balance including new transactions: Interest Charges will accrue on your average daily balance outstanding during the month. To get the average daily balance, we take the beginning balance each day, add any new purchases, cash advances, balance transfers or other advances, and subtract any payments, unpaid interest charges, and unpaid late charges. This gives us the daily balance. Then, we add up all the daily balances for the billing cycle and divide that by the number of days in the billing cycle. We then multiply that by the periodic rate corresponding to the Annual Percentage Rate on your account. If you have different rates for purchases, cash advances or balance transfers, separate average daily balances for each will be calculated and the appropriate periodic rate is then applied to each.

  • Payment; Interest Computation Interest is payable monthly on the first calendar day of each month and shall be computed on the basis of a 360-day year for the actual number of days elapsed. In computing interest, (i) all payments received after 12:00 p.m. Pacific time on any day shall be deemed received at the opening of business on the next Business Day, and (ii) the date of the making of any Credit Extension shall be included and the date of payment shall be excluded; provided, however, that if any Credit Extension is repaid on the same day on which it is made, such day shall be included in computing interest on such Credit Extension.

  • REFERENCE CHECKS The contact person listed as a reference shall be someone who has personal knowledge of the Proposer’s performance during the referenced contract. Contact persons shall have been informed that they are being used as a reference and that the County may be contacting them. More than one person can be listed but all shall have knowledge of the project. DO NOT list principals or officers who will not be able to answer specific questions regarding the project. Failure of references listed to respond to the County’s inquiries may negatively impact the evaluation of the Proposal. The reference shall be the owner or a representative of the owner.

  • Payment for Unused Sick Leave (a) An employee with less than ten (10) years of FIU service who separates from FIU shall not be paid for any unused sick leave. (b) An employee who has completed ten (10) or more years of FIU service, has not been found guilty or has not admitted to being guilty of committing, aiding, or abetting any embezzlement, theft, or bribery in connection with State government, or has not been found guilty by a court of competent jurisdiction of having violated any State law against or prohibiting strikes by public employees, and separates from FIU because of retirement for other than disability reasons, termination, or death, shall be compensated at the employee's current regular hourly rate of pay for one-eighth of all unused sick leave accrued prior to October 1, 1973, plus one- fourth of all unused sick leave accrued on or after October 1, 1973; provided that one-fourth of the unused sick leave since 1973 does not exceed 480 hours. The compensation in this paragraph 8(4)(b) shall not be given to an employee who starts employment at FIU on or after July 1, 2006. (c) Upon layoff, an employee with ten (10) or more years of FIU service shall be paid for unused sick leave as described in paragraph b., above, unless the employee requests in writing that unused sick leave be retained pending re-employment. For an employee who is re-employed by the University within twelve (12) calendar months following layoff, all unused sick leave shall be restored to the employee, provided the employee requests such action in writing and repays the full amount of any lump sum leave payments received at the time of layoff. An employee who is not re- employed within twelve (12) calendar months following layoff shall be paid for sick leave in accordance with this Policy. (d) All payments for unused sick leave shall be made in lump sum and shall not be used in determining the average final compensation of an employee in any State administered retirement system. An employee shall not be carried on the payroll beyond the last official day of employment, except that an employee who is unable to perform duties because of a disability may be continued on the payroll until all sick leave is exhausted. (e) If an employee has received a lump sum payment for accrued sick leave, the employee may elect in writing, upon re-employment within 100 days, to restore the employee's accrued sick leave. Restoration will be effective upon the repayment of the full lump sum leave payment. (f) In the event of the death of an employee, payment for unused sick leave at the time of death shall be made to the employee's beneficiary, estate, or as provided by law.

  • Minimum Interest Charge If the interest charge for all balances on your Credit Card account is less than $1.00, we will charge you the Minimum Interest Charge shown on page 1. This charge is in lieu of any interest charge.