Interest Rate Calculation
Interest rates for Daily Interest Savings Accounts are expressed annually, paid monthly and calculated daily. Pacific & Western Bank of Canada uses this calculation to accumulate interest:
daily interest accrual =
{daily closing balance x (12 [(1+ annual interest rate)^1/12 - 1])}/365
Cheque Hold / Validation period
Non-cash and non-Pacific & Western Bank of Canada cheque deposits will be subject to a validation period of up to ten calendar days. Funds will not be available for withdrawal or transfers until this hold period is lifted.
Timing and Collection of Account Service Fees
The Sunrise Daily Interest Savings Account provides one free transaction per month. In the event additional transactions are required, a fee of $0.75 per additional transaction will be applied to your account immediately prior to completion of the transaction. If there are insufficient funds in the account to cover both the transaction fee and the transaction amount, the transaction will not be allowed.
Overdraft Interest Rate and Calculation
Interest is charged on overdraft balances at prime and will be calculated daily using the same formula outlined in the interest rate calculation above. Transfers and withdrawals will not be allowed should they take an account into an overdraft position.
Daily Business Cut Off
Deposits received in our office after 3:00pm Saskatchewan time will be credited to customer accounts as of the next business day.