Common use of Accrual of Interest or Dividends Clause in Contracts

Accrual of Interest or Dividends. Interest or dividends will begin to accrue on cash and non-cash deposits (e.g., checks) on the business day you make the deposit to your account. For any deposit account at the Credit Union, interest and dividends are computed on the balance in the account at the end of the business day. Interest and dividends are calculated using the daily balance method by applying a daily periodic rate to the principal in the account each day. On designated accounts with minimum balance requirements to earn dividends, no interest will be paid for those days that the balance falls below the minimum. See current Fee Schedule for account designations. If you close any deposit account at the Credit Union before accrued interest or dividends are credited, accrued interest or dividends will not be paid.

Accrual of Interest or Dividends. Interest or dividends will begin to accrue on cash and non-cash deposits (e.g., checks) on the business day you make the deposit to your account. For any deposit account at the Credit Union, interest and dividends are computed on the balance in the account at the end of the business day. Interest and dividends are calculated using the daily balance method by applying a daily periodic rate to the principal in the account each day. On designated accounts with minimum balance requirements to earn dividends, no interest will be paid for those days that the balance falls below the minimum. See current Fee Schedule for account designations. If you close any deposit account at the Credit Union before accrued interest or dividends are credited, accrued interest or dividends will not be paid.