Laserfiche WebLink
II.Additional Terms Applicable to All Commercial Interest-Bearing, <br /> Savings and'l�me Accounts <br /> Interest-Bearing Accounts <br /> Variable/Fixed-Rate Accounts. <br /> Company's interest-bearing Account may be either a variable-rate or fixed- <br /> rate account. Unless Bank has specified otherwise in writing,Company's <br /> Account will be a variable-ratc account. 'That means Bank may in its sole <br /> discretion change the interest rate on Company's Account at any time.If <br /> Company's Account is a fixed-rate account and it is not a time account, <br /> Company will be paid the specified interest rate for at least thirty(30) days. <br /> Method Used to Calculate Earned Interest. <br /> Bank may use either the average daily balance or daily balance method to <br /> calculate interest. The average daily balance method applies a periodic rate <br /> to the average daily collected balance for the period. The average daily <br /> balance is calculated by adding principal for each day and dividing by the <br /> number of days in the period. The daily balance method applies a daily <br /> periodic rate to principal each day.Unless Bank has specified otherwise in <br /> writing,it will use the daily balance method to calculate interest. If <br /> Company's Account is a tiered-rate account, Bank may pay the same interest <br /> rate on more than one tier. <br /> Interest Accrual. <br /> If Company deposits a non-cash Item, such as a check, interest begins to <br /> accrue no later than the Business Day Bank receives credit for the deposit of <br /> that Item. This may not be the same day that Company deposits the non- <br /> cash Item to Company's Account. <br /> Compounding and Crediting. <br /> Interest will compound on a daily basis. For checking and savings accounts, <br /> interest will be credited on a monthly basis. For time accounts, Bank will <br /> notify Company separately as to the frequency with which interest will be <br /> credited to Company's Account. <br /> Target Balance Accounts. <br /> If Company maintains multiple accounts at Bank,Company may,with Bank's <br /> consent, designate in writing one such account as its "Principal Account" and <br /> one or mare addi6onal accounts as "Target Balance Accounts:'For each <br /> Target Balance Account, Company will separately specify to Bank <br /> in writing the Ledger Balance or Collected Balance which Company wishes <br /> 36 <br />