Common use of Variable Rate Information Clause in Contracts

Variable Rate Information. If your rate is variable as indicated above, the rate is based on the Board of Director's discretion. We may change the rate monthly on the first day of the month or quarterly (January 1, April 1, July 1, and October 1) as applicable as indicated above. There are no limitations on the amount the rate can change. 7. Bonuses. Certain accounts have bonuses available, as follows: Project Quince and Get Fit Account. The maximum balance to open the account is $400. The minimum monthly deposit requirement is $20 while the maximum monthly deposit is $400. If you fail to deposit $20.00 per month for three months during a twelve- month period, the funds in the account will be transferred to the Basic Savings Account. If more than $400 per month is deposited, the excess will be automatically transferred to the Basic Savings Account. When the account reaches $10,000, we will deposit the $100 bonus into the Basic Savings Account within 90 days. Anything in excess of $10,000 will remain in the account to allow you to continue saving. 8.