Common use of Free Credit Balances Clause in Contracts

Free Credit Balances. You authorize XX Xxxxxx to use any free credit balance awaiting investment or reinvestment in any of your accounts in accordance with all Applicable Laws and to pay interest thereon at such rate or rates and under such conditions as are established from time to time by XX Xxxxxx for such accounts and for the amounts of cash so used. In accordance with applicable regulations, free credit balances are carried in customers’ accounts pending, and with a view towards, reinvestment. XX Xxxxxx may determine not to pay interest on free credit balances representing (a) uncollected funds; (b) funds that are deposited and subsequently withdrawn prior to the expiration of the minimum time period required by XX Xxxxxx; or (c) any credit balances created or increased solely for the purpose of receiving interest thereon.

Free Credit Balances. You authorize XX Xxxxxx to use any free credit balance awaiting investment or reinvestment in any of your accounts in accordance with all Applicable Laws and to pay interest thereon at such rate or rates and under such conditions as are established from time to time by XX Xxxxxx for such accounts and for the amounts of cash so used. In accordance with applicable regulations, free credit balances are carried in customers’ accounts pending, and with a view towards, reinvestment. XX Xxxxxx may determine not to pay interest on free credit balances representing representing (a) uncollected funds; (b) funds that are deposited and subsequently withdrawn prior to the expiration of the minimum time period required by XX XxxxxxXxxxxx (which currently is a minimum of one complete business day); or (c) any credit balances created or increased solely for the purpose of receiving interest thereon.