Common use of INTEREST ON DEBIT BALANCES Clause in Contracts

INTEREST ON DEBIT BALANCES. Debit balances of the accounts of the undersigned will be charged with interest, in accordance with your usual custom, and with any increases in rates caused by money market conditions, and with such other charges as you may make to cover your facilities and extra services. The interest rate shall be the interest rate designated by you from time to time as being your interest rate for determining interest on debit balances in accounts with you, and the undersigned waives notice of changes to such rates.