Common use of Minimum Balance Requirements Clause in Contracts

Minimum Balance Requirements. The Schedules 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 applicable Schedule. Initial Interest Rate. The initial interest rate is the interest rate in effect on the day the account is opened and is disclosed in the applicable Schedules for your account. Interest Compounding and Crediting. The applicable Schedule will indicate the interest compounding and crediting frequency for your account, if any. Compounding generally means that interest is being accrued on earned interest. Interest may be compounded more frequently than interest is credited to your account. Interest Accrual. 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. Changes. We have the right to change the interest rates and fees in accordance with the terms of the Schedules.