Common use of Interest-Bearing Accounts Clause in Contracts

Interest-Bearing Accounts. How do we calculate interest for an interest-bearing account? The terms related to any interest earned on your account are provided separately in the applicable Truth in Savings Disclosure for your account. Can we require prior notice before you withdraw from a savings or money market account? Federal law allows us the right to require seven days written notice before you withdraw money from any savings or money market account. It is not generally our policy to do so. Requests for large cash withdrawals may require advance notice to ensure cash is available. When do we report interest to the IRS? On an annual basis, we are required to report to you and the Internal Revenue Service ("IRS") interest payments, rebates or bonuses that total $10 or more on your account(s) over the course of the year. We will mail the appropriate tax filing form to the address we have on file for your account. If there is more than one owner on the account, we will report on/for the person or entity designated in our records as the tax reporting name. When are we required to withhold interest ("backup withholding")? When you open an account, you are required to provide a certified

Interest-Bearing Accounts. How do we calculate interest for an interest-bearing account? The terms related to any interest earned on your account are provided separately in the applicable Truth in Savings Disclosure for your account. Can we require prior notice before you withdraw from a savings or money market account? Federal law allows us the right to require seven days written notice before you withdraw money from any savings or money market account. It is not generally our policy to do so. Requests for large cash withdrawals may require advance notice to ensure cash is available. When do we report interest to the IRS? On an annual basis, we are required to report to you and the Internal Revenue Service ("IRS") interest payments, rebates rebates, or bonuses that total $10 or more on your account(s) over the course of the year. We will mail the appropriate tax filing form to the address we have on file for your account. If there is more than one owner on the account, we will report on/for the person or entity designated in our records as the tax reporting name. When are we required to withhold interest ("backup withholding")? When you open an account, you are required to provide a certified