Agmt16 Wells Fargo Bank - Laserfiche WebLink

Browse Search

�r��II��M .._._ _"_____... ._ . ll.Addltional Terms Applicable to All Commercial Interest-Bearing, Savings and Tlme Accounts. Interest-Bearing Accounts VariablelFized-Rate Accounts. Company's interest bearing Account may be either a vaziable-rate or fixed- rate account. Unless Bank has specified otherwise in writing Company's Account will be a variable-rate accoun� That meaas Bank may in its sole discretion change the interest rate on Company's Account at any time.ff Company's Account is a fixed-rate account and it is not a time account, Company will be paid the specified interest rate for at least thirty(30) days. Method Used to Calculate Earned Interest. Bank may use either the average daily balance or daily balance method to calculate interes� The average daily balance method applies a periodic rate to the average daily collected balance for the period. The average daily balance is calculated by adding principal for each da.y aud dividing by the number of days in the period. The daily balance method applies a daily periodic rate to principal each day.Unless Bank has specified otherwise in writing it will use the daily balance method to calculate interes� If Company's Account is a tiered-rate account, Bank may pay the same interest rate on mare than one tier. Interest Accrual. If Coxnpany deposits a non-cash Item,such as a check,interest begins to accrue no later than the Business Day Bank receives credit for the deposit of that Item This may not be the same day thai Company deposits the non- cash Item to Company's Account Compounding and CYeditIn� Interest will compound on a daiiy basis. For checking and savings ac.counts, interest will be credited on a monthly basis. For time accounts, Bank will notify Company separately as to the frequency with which interest will be credited to Company's Account. Target�Balance Accounts. ffCompany maintains muldple accAUnts at Bank,Company may,with Bank's consent, designate in writing one such account as its"Principal Account"and one or more additional accounts as`�'arget Balance Acxounts:'For each Target Balance Account, Compairy will separately specify to Bank in wriring the I.edger Balance or Collected Balance which Company wishes 36 ATTY/AGR/2016.186NVELLS FARGO BANKING AGREEMENT