Method of Computing Interest on Debit Balances Sample Clauses

Method of Computing Interest on Debit Balances. Interest is calculated by CSSU on a daily basis for every day in which there is a net debit balance in your account(s). Subject to prior notice of any change or as otherwise agreed, CSSU calculates a daily interest rate as follows. In most markets, CSSU calculates a daily interest rate equal to 1/360th of the base interest rate. However and as noted in the attached Schedule 1, in certain markets, CSSU calculates a daily interest rate equal to 1/365th of the base interest rate. The use of a 360 day as opposed to a 365 day year will result in a greater daily amount of interest charged on the same net debit balance. For further details, including information as to the method for calculating interest in your account(s), please consult with your customer service representative or refer to other written agreements with CSSU. CSSU calculates debit or credit balances from the previous day’s closing balances, taking into account both debits and credits that occurred that day and netting same-currency debits and credits against each other. To compute interest, the resulting daily balance is multiplied by the applicable “daily interest rate”. The charge shown on the monthly statements furnished to you runs from the first to the last calendar day of the previous month and is posted on the first business day of the month reflected in the statement. CSSU reserves the right to waive interest charges under one dollar. For purposes of computing the net balance in your account(s), CSSU does not combine the balance in any Special Memorandum Account with the balance in any other of your accounts. For monthly statement display purposes only, an average daily debit balance and an average interest rate are calculated with respect to debit balances based on the number of actual days on which there was a debit balance and the interest rates applied on such days for the period. For each interest period shown on your monthly statement, this monthly average balance and this monthly average interest rate and the number of calendar days for which a debit balance existed within an interest period are identified on your statement.
Sample 1
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Related to Method of Computing Interest on Debit Balances

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  • Investment of Amounts in Special Payments Account Any amounts on deposit in the Special Payments Account prior to the distribution thereof pursuant to Section 2.4(b) or (c) shall be invested in accordance with Section 2.2(b). Investment Earnings on such investments shall be distributed in accordance with Section 2.4(b) or (c), as the case may be.

  • Death During Distribution of a Benefit If the Executive dies after any benefit distributions have commenced under this Agreement but before receiving all such distributions, the Bank shall distribute to the Beneficiary the remaining benefits at the same time and in the same amounts they would have been distributed to the Executive had the Executive survived.

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