Interest on Your Funds. Except as noted below, interest-bearing accounts earn interest on the daily collected balance. Except as stated below for fixed rate and adjustable rate certificates of deposit, interest-bearing accounts earn interest at a variable interest rate and annual percentage yield set by FSB from time to time. In its discretion and at any time, FSB may change the basis for payment of interest or the annual percentage yield, or may discontinue the payment of interest. FSB may set maximum account balances upon which interest will be paid, and set minimum account daily balances or average daily balances below which FSB will not pay interest. When you convert your account to another type of account or if your account is closed, any accrued interest will be posted to your account or included in your closing balance.
Interest on Your Funds. CHECKING AND SAVINGS ACCOUNTS Interest may not be paid if your accrued interest is $0.01 or less at the time interest is due to be credited. If an account is closed before accrued interest is credited, any accrued interest may be forfeited. Earnings in the form of interest, dividends or credits will be paid only on ledger balance, unless otherwise provided by law or our policy. CERTIFICATES OF DEPOSIT Your deposit will earn interest at the fixed annual percentage rate and yield as stated on your certificate throughout the original maturity period. We use the daily balance method to calculate the interest on your certificate. This method applies a daily periodic rate to the principal of the certificate each day. Interest begins to accrue the next business day after the deposit. Interest will not be compounded unless the certificate is designated as stated on the certificate as a compounding certificate. You may withdraw accrued interest before maturity by indicating the manner of payment you desire in a written notification delivered to the Bank. If you choose to change the timing or manner in which your interest is paid during the term of the certificate you may be charged a $15 administrative penalty. If the COMPOUNDING MONTHLY option is selected on the certificate, the certificate must have a minimum term of 18 months, and the interest will be added back to the Certificate monthly. The annual percentage yield assumes that interest will remain on deposit until maturity. A withdrawal of the interest before maturity will reduce the yield and may result in a $15 administrative penalty. An additional 0.10% may be added to our stated Certificate of Deposit (CD) interest rate if you are a primary or joint owner of a City Preferred checking account at the time the CD is issued or automatically renews. When your City Preferred account changes to another checking account type or is closed, your CD may not include the additional 0.10% interest rate increase at its next renewal. Some CD ownerships may not qualify for an increase; such as Rep Xxxxx, UTMA, guardian, trust or authorized signer relationships where the primary or joint owner is not a primary or joint owner on the CD. In addition, the City Preferred 0.10% interest rate increase does not apply to Individual Retirement Accounts.
Interest on Your Funds. Interest begins to accrue on the business day USB receives your deposit at USB’s office in Las Vegas, Nevada, or at such other processing center as USB may use. Interest is calculated on a monthly basis. If interest is reinvested, it will be credited and compounded on a monthly basis. USB uses the daily balance method to calculate interest on your account. This method applies a daily periodic rate to the balance in the account for each day. For fixed rate certificates, the interest rate will not change throughout the term of your certificate. For adjustable rate certificates, the interest rate remains in effect for the term of your certificate unless you exercise your one-time option to adjust the rate. After you exercise your one-time option to adjust the rate, the interest rate will be equal to the current rate for a new adjustable rate CD for the same term. See the Account Schedule for the maximum interest rate increase over your original rate. Processing Transactions – Deposits Deposits are not accepted by USB until received at USB’s office in Las Vegas, Nevada, or at such other processing center as USB may use. Transactions are not completed until USB completes its processing of them at its office in Las Vegas, Nevada, or such other processing center as USB may use, even though USB may provide you with provisional credit.
Interest on Your Funds. You may obtain current rates by calling us at the number for Customer Service on your statement or emailing us at xxxxxxx@xxxx.xxxx. Money Market Accounts Funds in a Money Market Account earn a variable rate. Your interest rate and annual percentage yield may change. Interest rates are set at the discretion of xxxx.xxxx. At our discretion, we may change your interest rate and annual percentage yield at any time. We compound interest daily and credit interest monthly. Interest is accrued daily and is posted monthly in the Bank’s nightly processing order. We use the daily balance method to calculate the interest on your account. The daily rate is 1/365-or in a leap year, we may use 1/366-of the interest rate. For interest-bearing Money Market Accounts, this method applies a daily rate to the collected balance in the account each day. The rate we pay on some accounts depends on the tier into which the balance in your account falls following nightly processing and after all that day’s transactions have posted but before any service charges are deducted and any interest is paid. Rate tiers are updated the next business day following nightly processing. A tier is a range of account balances. We may change the tiers that apply to an account at any time without notice. Different tiers may apply to different types of accounts. Different rates may apply to different tiers. Interest-Bearing Money Market Accounts: Funds from items deposited other than cash or checks drawn on the Bank begin to accrue interest on the business day that the Bank receives credit for the items. Cash and funds from items drawn on the Bank begin to accrue interest on the business date of deposit. If the account is closed before interest is credited, you will not receive the accrued interest. Balance Information For some accounts, you can avoid a monthly maintenance fee for each statement cycle during which you maintain the minimum required balance for one of the balances listed for your account below. Balance requirements generally vary for different types of accounts and may include the following: • Ledger balance is the beginning balance in the account each day. • Collected Balance is the ledger balance for the account minus that portion of the funds deposited for which we have not received credit based on the availability schedule we apply to the account. • Minimum daily balance is the lowest end-of-day balance in the account during a statement cycle. The end-of-day balance is the amou...
