Common use of Earnings Credit Clause in Contracts

Earnings Credit. If an earnings credit accrues on your account, the Bank will periodically apply your accrued earnings credit to eligible Bank fees and expenses (unless the Bank otherwise indicates in writing). The amount of earnings credit received each month is based on your Average Positive Collected Balance, multiplied by the current earnings credit rate in effect (times the number of days in the month, divided by the number of days in the year). The earnings credit rate is determined by the Bank and is set each month based on current market conditions. The rate is subject to change without notice to you. The Bank may debit your account (or any other account you maintain at the Bank) or invoice you for any amount by which the fees and expenses exceed the accrued earnings credit on your account.