BALANCE CALCULATION Clause Samples
The Balance Calculation clause defines the method for determining the outstanding amount owed or due between parties under an agreement. Typically, it outlines the specific components included in the calculation, such as principal, interest, fees, or adjustments, and may specify the timing or process for performing the calculation, for example at the end of a billing cycle or upon termination of the contract. This clause ensures both parties have a clear and agreed-upon method for calculating financial obligations, reducing the risk of disputes over payment amounts.
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BALANCE CALCULATION. We calculate interest on the full amount of the collected balance in your account each day. We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the collected balance in the account each day. FUNDS AVAILABLE FOR CREDITING YOUR ACCOUNT. General Withdrawal Policy. Our policy is to make funds from BB&T check deposits available on the same business day that we receive the deposit and to make funds from non-BB&T check deposits available on the first business day after the day we receive the deposit. Funds from an over-the-counter cash deposit will be available on the day we receive the deposit. Funds from an electronic deposit will be available on the day we receive settlement for the deposit. As noted, any automatic transfer of funds into the CollegeWealth 529 Savings account from a third - party institution will be subject to a five (5) business day hold. Once available, the funds may be used by you for withdrawal from the third party (Virginia College Savings Plan).
BALANCE CALCULATION. We calculate interest on the full amount of the collected balance in your account each day. We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the collected balance in the account each day.
BALANCE CALCULATION. We calculate interest on the full amount of the collected balance in your account each day. We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the collected balance in the account each day. TIERED INTEREST RATE. Tiered Interest Rate disclosures are contained under the separate account descriptions when applicable. WITHDRAWAL NOTICE. We reserve the right to require at least seven (7) days’ written notice prior to withdrawal of all or part of your funds deposited.
BALANCE CALCULATION. Interest is calculated on the full amount of the collected balance, less reserve requirements in the account each day. The daily balance method is used to calculate the interest in accounts. Under this method, a daily periodic rate of interest is applied to the collected balance in the account each day. (For IOLTA accounts only, interest is calculated on the full amount of the average monthly collected balance less reserve requirements. For Earnings2 Checking accounts only, interest is calculated on the average positive monthly collected balance after subtraction of required reserves, if applicable, and deduction of balances required to offset balance-based service fees.)