Important Update on Your Bank Account Interest Calculation
As part of our digital transformation efforts, Clarien Bank is implementing significant enhancements to our banking systems to ensure our services remain efficient and meet your evolving financial needs.
What’s Changing?
Interest Calculation Update: While interest on your deposit accounts and CDs will continue to accrue daily, compounding will now shift from daily to monthly for all Clarien savings products. This change will help us transition to a more modern and efficient account management framework.
Impact on Your Account
We have analyzed how this change will affect your account and found it will result in a minor reduction in accrued interest due to the change in compounding frequency. The estimated impact on your earnings is [specify amount].
Our Commitment to You
To ensure you are not disadvantaged by this change, we will add the estimated impact amount as an ex gratia lump sum to your next interest payment. This adjustment will fully offset the effect of the new compounding method on your earnings.
Your Options
Accept the Changes: Please use the form below to accept or do nothing and we’ll consider the changes accepted after November 1.
Explore Other Options: Prefer a different product or to close your account penalty-free? Please use the form below to learn more or get in touch.
Need Assistance?
If you have any questions or need more information, please contact your relationship manager directly or call our Client Services Centre at 296-6969.
Thank you for banking with Clarien. We remain committed to serving your needs with enhanced, efficient solutions and look forward to continuing our partnership with you.