Common use of Interest-Bearing Accounts Clause in Contracts

Interest-Bearing Accounts. If your Account earns interest, the following information applies: Calculation and Payment of Interest. We will pay interest at the annual rate specified on the Rate and Fee Disclosure provided to you when you open an Account. The Schedule also sets forth the frequency of interest payments, how frequently interest is compounded and credited, if at all, the interest accrual basis, the balance on which interest will be paid, and any minimum balance required to be eligible to receive interest. If the interest rate is applied to the “average daily balance”, such is determined by adding the full amount of principal in the Account for each day of the period and dividing that figure by the number of days in the period. If the interest rate is applied to the “daily balance”, such method applies a daily periodic rate to the full amount of principal in the Account each day. Interest may be compounded more frequently than interest is credited to your Account. We may accrue interest on your Account more frequently than we pay or credit interest. The interest that has been calculated, but not paid to the Account, is called accrued unpaid interest. Minimum Balance Requirements. The Schedule may specify a minimum balance that you are required to maintain in your Account. If the minimum balance is not maintained during a specified period, we, at our option, may not pay interest on your Account and/or may charge a fee for that period. You should review any minimum balance requirements on the Schedule. Initial Interest Rate. The initial interest rate is the current annual rate of interest that we will pay on the specified balance in your Account. The interest rate on your Account may change after the initial interest rate has been established. We reserve the right to pay interest at different rates, depending on the amount deposited and/or the type of depositor, and based on other economic factors that influence interest rates.

Interest-Bearing Accounts. If your Account earns interest, the following information applies: Calculation and Payment of Interest. We will pay interest at the annual rate specified on the Rate and Fee Disclosure provided to you when you open an the Account. The Schedule also sets forth the frequency of interest payments, how frequently interest is compounded the frequency of compounding if any and credited, if at allcrediting, the interest accrual basis, the balance on which interest will be paid, and any minimum balance required to be eligible to receive interestrequirements. If the interest rate is applied to the “average daily balance”, ” such is determined by adding the full amount of principal in the Account for each day of the period and dividing that figure by the number of days in the period. If the interest rate is applied to the “daily balance”, ” such method applies a daily periodic rate to the full amount of principal in the Account each day. Interest may be compounded more frequently than interest is credited to your Account. We may accrue interest on your Account more frequently than we pay or credit interest. The interest that has been calculated, but not paid to the Account, is called accrued unpaid interest. Minimum Balance Requirements. The Schedule may specify a minimum balance that you are required to maintain in your Account. If the minimum balance is not maintained during a specified period, we, at our option, may not pay interest on your Account and/or may charge a fee for that period. You should review any minimum balance requirements on the Schedule. Initial Interest Rate. The initial interest rate is the current annual rate of interest that we will pay on the specified balance in your Account. The interest rate on your Account may change after the initial interest rate has been established. We reserve the right to pay interest at different rates, depending on the amount deposited and/or the type of depositor. DEPOSIT RULES Endorsements. You authorize us to accept transfers, checks, and based other Items for deposit to your Account if they are made payable to, or to the order of, any one or more of you, whether or not they are endorsed by you. You authorize us to supply missing endorsements, and you warrant that all endorsements are genuine. All checks and other Items deposited to your Account should be endorsed payable to the order of us for deposit only, followed by your signature of the payee and Account number. All endorsements must appear on the back of the check or other economic factors Item within the first 1-1/2 inches from the left side of the Item when looking at it from the front. While we may accept nonconforming endorsements, you will be responsible for any loss incurred by us due to the delay in processing or returning the Item for payment. Digital Banking and Mobile Deposit Endorsements. You must physically endorse each paper check and ensure that influence interest ratesall endorsements are obtained prior to creating a check image for transmission through Digital Banking. Your endorsement must state “for mobile deposit at Academy Bank. Your name and your account number.” Checks received without a complete endorsement may be rejected. Examples of items that are not eligible for deposit through the service include checks payable to someone other than the account owner, check drawn on banks located outside the U.S., travelers checks, checks payable in a currency other than U.S. currency, savings bonds, promissory notes. In addition, you may not deposit fraudulent checks or checks you should have known are fraudulent, stale dated checks, checks that have been previously deposited with us or at another financial institution, Substitute checks, Remotely Created checks, checks containing alterations of any kind, or any other type of items that we determine from time to time to refuse to accept through the Service. If you scan and attempt to deposit one of the items that are not eligible for deposit, we may, at our option, reject the deposit and notify you that it is rejected. In such a case, we are not required to return the image of the item that you attempted to deposit.

Interest-Bearing Accounts. If your Account earns interest, the following information applies: Calculation and Payment of Interest. We will pay interest at the annual rate specified on the Rate and Fee Disclosure provided to you when you open an the Account. The Schedule also sets forth the frequency of interest payments, how frequently interest is compounded the frequency of compounding if any and credited, if at allcrediting, the interest accrual basis, the balance on which interest will be paid, and any minimum balance required to be eligible to receive interestrequirements. If the interest rate is applied to the “average daily balance”, ” such is determined by adding the full amount of principal in the Account for each day of the period and dividing that figure by the number of days in the period. If the interest rate is applied to the “daily balance”, ” such method applies a daily periodic rate to the full amount of principal in the Account each day. Interest may be compounded more frequently than interest is credited to your Account. We may accrue interest on your Account more frequently than we pay or credit interest. The interest that has been calculated, but not paid to the Account, is called accrued unpaid interest. Minimum Balance Requirements. The Schedule may specify a minimum balance that you are required to maintain in your Account. If the minimum balance is not maintained during a specified period, we, at our option, may not pay interest on your Account and/or may charge a fee for that period. You should review any minimum balance requirements on the Schedule. Initial Interest Rate. The initial interest rate is the current annual rate of interest that we will pay on the specified balance in your Account. The interest rate on your Account may change after the initial interest rate has been established. We reserve the right to pay interest at different rates, depending on the amount deposited and/or the type of depositor. DEPOSIT RULES Endorsements. You authorize us to accept transfers, checks, and based other Items for deposit to your Account if they are made payable to, or to the order of, any one or more of you, whether or not they are endorsed by you. You authorize us to supply missing endorsements, and you warrant that all endorsements are genuine. All checks and other Items deposited to your Account should be endorsed payable to the order of us for deposit only, followed by your signature of the payee and Account number. All endorsements must appear on the back of the check or other economic factors Item within the first 1-1/2 inches from the left side of the Item when looking at it from the front. While we may accept nonconforming endorsements, you will be responsible for any loss incurred by us due to the delay in processing or returning the Item for payment. Digital Banking and Mobile Deposit Endorsements. You must physically endorse each paper check and ensure that influence interest ratesall endorsements are obtained prior to creating a check image for transmission through Digital Banking. Your endorsement must state “for mobile deposit at Armed Forces Bank. Your name and your account number.” Checks received without a complete endorsement may be rejected. Examples of items that are not eligible for deposit through the service include checks payable to someone other than the account owner, check drawn on banks located outside the U.S., travelers checks, checks payable in a currency other than U.S. currency, savings bonds, promissory notes. In addition, you may not deposit fraudulent checks or checks you should have known are fraudulent, stale dated checks, checks that have been previously deposited with us or at another financial institution, Substitute checks, Remotely Created checks, checks containing alterations of any kind, or any other type of items that we determine from time to time to refuse to accept through the Service. If you scan and attempt to deposit one of the items that are not eligible for deposit, we may, at our option, reject the deposit and notify you that it is rejected. In such a case, we are not required to return the image of the item that you attempted to deposit.