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Disclosures & Policies Privacy Policy
Village Bank uses this information to create summary statistics and to determine the level of interest in information available on our site. Disclosures 1. Your name and account number.
2. The dollar amount of the error or electronic transfer in question.
3. A description of the error and a detailed explanation of why you believe there is an error. If you need additional information about an electronic transfer, describe the item you are unsure about.
We will tell you the results of our investigation within 10 business days and will correct any error promptly. If we need more time, we may take up to 45 days (90 days if the transfer involved a point of sale transaction or foreign initiated transfer) to investigate your complaint. In that case we will recredit your account for the amount you think is in error so that you will have the use of the money during the time it takes us to complete our investigation.
St Francis 3350 Bridge Street, NW St Francis, MN 55070 763-753-3007
Blaine 9298 Central Avenue NE, Blaine, MN 55434 763-780-2100
Ramsey 7125 Riverdale Drive, Ramsey, MN 55303 763-398-8000
East Bethel 18770 Highway 65 NE, East Bethel, MN 55011 763-398-8050
IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR CREDIT LINE: 1. Your name and account number.
2. The dollar amount of the error or electronic transfer in question.
3. A description of the error and a detailed explanation of why you believe there is an error. If you need additional information about an electronic transfer, describe the item you are unsure about.
You do not have to pay any amount in question while we are investigating, but you are still obligated to pay the parts of your bill that are not in question. While we investigate your question, we cannot report you as delinquent or take any action to collect the amount you question.
HOW YOUR FINANCE CHARGE IS CALCULATED:
PAYMENTS:
The minimum periodic payment required is shown on your E-statement. Payments shall be applied first to any unpaid FINANCE CHARGES and second, to the principal loan balance outstanding on your loan account. You may payoff your loan account balance at any time, or make voluntary additional payments. Send payments and inquiries to the addresses below. Payments received after the close of business shall be deemed received on the following business day for the purposes of crediting your account. Business days are Monday through Friday, excluding Federal holidays. St Francis 3350 Bridge Street, NW St Francis, MN 55070 763-753-3007
Blaine 9298 Central Avenue NE, Blaine, MN 55434 763-780-2100
Ramsey 7125 Riverdale Drive, Ramsey, MN 55303 763-398-8000
East Bethel 18770 Highway 65 NE, East Bethel, MN 55011 763-398-8050 DO NOT CALL POLICY
Please keep in mind that regulations may permit us to contact you even if your telephone number is registered with the state or national list. For instance, we may still contact you if you were a customer in the last 18 months. We may contact current customers to discuss your accounts.
VILLAGE BANK
Communications Coordinator
18770 Highway 65 NE
East Bethel, MN 55011
763-398-8050
ELECTRONIC FUNDS TRANSFER AGREEMENT AND DISCLOSURES (Regulation E) Personal Online Banking Application
Types of Transactions: You may access certain account(s) you maintain with us by computer using your assigned user ID and password by accessing the online banking service. You may use the online banking service to perform the following functions:
Fees and Charges for Online Service:
Bill Pay
Types of Transactions: You may access certain account(s) you maintain with us by computer using your assigned user ID and password by accessing the online banking service. You may use the online banking service to perform the following functions:
Fees and Charges for Online Service:
Instant Cash Card
Types of Transfers: You may use the automated teller machine (ATM) card and personal identification number (PIN) to initiate transactions at ATMs of ours, ATMs within the networks identified on your card and such other facilities as we may designate from time to time. Unless you specify a different account during Automated Teller Machine (ATM) transactions, your Primary Account will be issued for your transactions. Your Primary Account number and information may be obtained from the ATM Request Form. At present you may use your card to (some of these services may not be available at all ATMs):
Limitations on Frequency and Amount:
Fees and Charges for ATM Transactions:
ATM Fees: When you use an ATM not owned by us, you may be charged a fee by the ATM operator or any network used (and you may be charged a fee for a balance inquiry even if you do not complete a fund transfer.)
Preauthorized Withdrawals
Types of Preauthorized Transfers: You may arrange for us to complete the following preauthorized transfers to or from your deposit accounts:
Fees and Charges:
Direct Deposit
Types of Preauthorized Transfers: You may arrange for us to complete the following preauthorized transfers to your deposit accounts:
Fees and Charges:
Government Direct Deposits
Types of Preauthorized Transfers: You may arrange for us to complete the following preauthorized transfers to your deposit accounts:
Fees and Charges:
Instant Cash and Check Card
Types of Transactions/Transfers: You may use your card and PIN to pay for purchases from merchants who have agreed to accept the card at Point of Sale (POS) terminals within the networks identified on your card and such other terminals as the Bank may designate from time to time. Point of Sale (POS) transactions will be deducted from your Primary Account. Point of Sale (POS) transactions involving a refund will be credited to your Primary Account. You may also use the card to pay for purchases from merchants that accept the POS debit card with a VISA symbol. You may use the automated teller machine (ATM) card and personal identification number (PIN) issued to you to initiate transactions at ATMs of ours, ATMs within the networks identified on your card and such other facilities as we may designate from time to time. Unless you specify a different account during Automated Teller Machine (ATM) transactions, your Primary Account will be used for your transactions. Your Primary Account number and information may be obtained from the Combined ATM/POS/Debit Card Request Form. At present you may use your card to (some of these services may not be available at all ATMs):
Limitations on Frequency and Amount:
Fees and Charges:
ATM Fees: When you use an ATM not owned by us, you may be charged a fee by the ATM operator or any network used (and you may be charged a fee for a balance inquiry even if you do not complete a fund transfer.)
Tele Bank
Types of Audio Response Services: You may access your deposit accounts by using a separate personal identification number (PIN) assigned to you and your account number in our audio response system. At the present time you may use the system to:
Limitations on Frequency and Amount:
Fees and Charges for Audio Response Transactions:
Other EFT Transactions: You may access certain account(s) you maintain with us by other EFT transaction types as described below.
Electronic Check Conversion: You may authorize a merchant or other payee to make a one-time electronic payment from your account using information from your check to pay for purchases or pay bills. Electronic check conversion is a payment process in which a merchant or other payee (after obtaining your authorization) uses your check to gather routing, account and check number information to initiate a one-time EFT. When information from your check is used to make an electronic fund transfer, funds may be withdrawn from your account as soon as the same day you make your payment. This type of EFT transaction involving a consumer account is covered by the Electronic Funds Transfer Act and this disclosure. A description of the transaction will appear on your statement.
Re-presented Check Transactions and Fees: You may authorize a merchant to electronically collect a fee associated with the re-presentment of a check that is returned due to insufficient or unavailable funds. The resulting fee transaction if debited as an EFT from a consumer account is covered by the Electronic Funds Transfer Act and this disclosure. When a merchant re-presents a check electronically, that transaction is not covered by the Electronic Funds Transfer Act or this disclosure. A description of the transaction will appear on your statement.
The following limitations may be applicable to your accounts, except as provided by law:
Liability for Unauthorized VISA Point of Sale Debit Card Transactions: Tell us, AT ONCE, if you believe your VISA point of sale debit card has been lost or stolen or of any unauthorized transactions. Your liability for unauthorized VISA point of sale debit card transactions that take place on the VISA system is Zero Dollars ($0.00.) We may require you to provide a written statement regarding claims of unauthorized VISA point of sale debit card transactions.
These provisions limiting your liability do not apply to VISA commercial credit cards, ATM transactions, or PIN transactions not processed by VISA; and apply only to cards issued in the United States. With respect to unauthorized transactions, these limits may be exceeded to the extent allowed under applicable law (see Liability for Unauthorized Transfers paragraph below) only if we determine that you were grossly negligent or fraudulent in the handling of your account or point of sale debit card. For specific restrictions, limitations, and other details see your Cardholder Agreement. To notify us of lost or stolen cards, or of unauthorized transactions, call or write to us at the telephone number or address set forth below. This will help prevent unauthorized access to your account and minimize any inconvenience.
VISA is a registered trademark of Visa International.
In addition to the limitations set forth above, the following limitations may be applicable to your accounts:
Liability for Unauthorized Transfers: Tell us AT ONCE if you believe your card, ATM PIN, POS card or PIN, Audio Response PIN, or online banking PIN has been lost or stolen or if you believe that an electronic fund transfer has been made without your permission using information from your check. Telephoning is the best way of keeping your possible losses down. You could lose all the money in your account (plus your maximum overdraft line of credit.) If you tell us within sixty (60) days after you receive a statement that shows any transfers that you did not make, you can lose no more than $50.00 if your card is lost or stolen and someone used your card without your permission. Also, if your statement shows transfers that you did not make, including those made by card code or other means, tell us at once. If you do not tell us within sixty (60) days after you receive the statement, you may not get back any money lost after the sixty (60) days if we can prove that we could have stopped someone from taking the money if you had told us on time. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time periods. If you believe that your card or code has been lost or stolen or that someone has transferred or may transfer money from your account without your permission, call 763-753-3007, or write us at Village Bank, 3350 Bridge St. NW, P.O. Box 257, St. Francis, MN 55070. You should also call the number or write this address if you believe a transfer has been made using the information from your check without your permission.
Illegal Transactions: You may not use your ATM, POS, or Debit Card, or other access device for any illegal or unlawful transaction, and we may decline to authorize any transaction that we believe poses an undue risk of illegality or unlawfulness. Notwithstanding the foregoing, we may collect on any debt arising out of any illegal or unlawful transaction.
Business Days: For purposes of these electronic funds transfer disclosures, our business days are Monday through Friday. Holidays are not included.
Documentation:
Periodic Statement: You will get a monthly account statement from us, unless there are no transactions in a particular month. In any case you will get a statement at least quarterly. You will get a quarterly statement from us on your savings account if this is the only account you have and the only possible electronic transfer to or from the account is a preauthorized deposit.
Terminal Receipt: You can get a receipt at the time you make a transfer to or from your account using an ATM or a POS terminal. However, receipts for transaction of $15.00 or less may not always be available.
Direct Deposits: If you have arranged to have direct deposits made to your account at least once every sixty (60) days from the same person or company, you can find out if a deposit has been made using Tele Bank at 763-398-8090, Village Bank Online Banking, or call us at 763-753-3007.
Our Liability for Failure to Make Transfers: If we do not complete a transfer to or from your account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will NOT be liable for instance:
In Case of Errors or Questions about Your Electronic Transfers: Telephone us at 763-753-3007, or write us at Village Bank, 3350 Bridge St. NW, P.O. Box 257, St. Francis, MN 55070 as soon as you can, if you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt. We must hear from you no later than sixty (60) days after we sent the FIRST statement on which the problem or error appeared.
If you tell us orally, we may require that you send us your complaint or question in writing within ten (10) business days.
We will determine whether an error occurred within ten (10) business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to forty five (45) days to investigate your complaint or question. If we decide to do this, we will credit your account within ten (10) business days for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within ten (10) business days, we may not credit your account.
If a notice of error involves an electronic fund transfer that occurred within thirty (30) days after the first deposit to the account was made, the error involves a new account. For errors involving new accounts, point of sale debit card transactions, or foreign-begun transactions, we may take up to ninety (90) days to investigate your complaint or question. For new accounts, we may take up to twenty (20) business days to credit your account for the amount you think is in error.
We will tell you the results within three (3) business days after completing our investigation. If we decide that there was no error, we will send you a written explanation. You may ask for the copies of the documents that we used in our investigation.
If a notice of error involves unauthorized use of your point of sale debit card with the VISA logo when it is used as a VISA point of sale debit card, we will provide provisional credit within five (5) business days after you notify us instead of within ten (10) or twenty (20) business days. We may withhold providing this accelerated provisional credit, to the extent allowed under applicable law, if the circumstances or account history warrants the delay.
Confidentiality: We will disclose information to third parties about your account or the transfers you make:
Personal Identification Number (PIN): The ATM PIN, POS PIN or Audio Response PIN is for security reasons. The numbers are confidential and should not be given to anyone else or listed on the card. You must keep your numbers safe. You agree not to give your ATM PIN, POS PIN or Audio Response PIN to anyone who cannot sign on your accounts.
Notices: All notices from us will be effective when we have mailed them or delivered them to your last known address on our records. Notices from you will be effective when we receive the notice at our telephone number or address shown in this Agreement. We may change the terms and conditions for any EFT service. We will mail notice to you at least twenty one (21) days before the effective date of any change, as required by law. Use of EFT service is governed by regulations and any future changes to those regulations.
Enforcement: If you or we bring legal action to enforce this Agreement or to collect amounts owing as a result of any Account transaction, the party who wins will receive reasonable attorneys’ fees and costs, including fees on any appeal, to the extent allowed by law.
Cancellation of ATM, POS and Audio Response Services: You agree that we may cancel this Agreement and your use of the ATM card, POS or Audio Response services, if:
Service is cancelled the first business day after we receive your written notice. Cancelling this Agreement will not affect your or our rights and responsibilities under this Agreement for transactions begun before the agreement is cancelled.
Preauthorized Electronic Fund Transfers:
Stop Payment Rights If you have told us in advance to make regular electronic fund transfers out of your account(s), you can stop any of these payments. Here’s how: You must call us at the telephone number listed in this form, or write us at the address listed in this form, in time for us to receive your request three (3) business days or more before the payment is scheduled to be made. If you call, we may also require you to put your request in writing and get it to us within fourteen (14) days after you call. If you don’t, your stop payment will not bind us after fourteen (14) days. We will charge you $30.00 for each stop payment order you give.
Notice of Varying Amounts If these regular payments may vary in amount, the person you’re going to pay will tell you, ten (10) days before each payment, when it will be made and how much it will be. You may choose instead to get this notice only when the payment would differ by more than a certain amount from the previous payment, or when the amount would fall outside certain limits that you set.
Liability for Failure to Stop Payment of Preauthorized Transfers If you order us to stop one of these payments three (3) business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.
Delay: There may be a delay between the time you make a deposit and when you can withdraw the money. You should review our Funds Availability Policy to find out when you can withdraw money that you deposit at ATMs.
Completion of Transactions: We refuse to complete a transaction:
Lost or Stolen Card: If the card should be lost or stolen during non-banking hours you may contact the Instant Cash After Hours Line at #1-800-535-8440 to report and cancel your Instant Cash or Instant Cash and Check card.
Instant Cash & Check Cards – Foreign Currency Conversion Rate and International Transaction Fee:
Effective April 2, 2005, the exchange rate between the transaction currency and the billing currency used for processing international transactions is a rate selected by Visa from the range of rates available in wholesale currency markets for the applicable central processing date, which rate may vary from the rate Visa itself receives, or the government-mandated rate in effect for the applicable central processing date, plus a 1.0% International Transaction Fee.
The International Transaction Fee will be assessed on all transactions where the merchant country differs from the country of the card issuer. The converted transaction amount will be shown separately from the International Transaction Fee on your monthly account statement. This fee will be assessed on all international purchases, credit vouchers, and cash disbursements.
Other Minnesota Disclosures: ATM transactions are completed immediately with us. You cannot reverse a transfer of money through an ATM. Payment for goods or services by transfer of money through an ATM does not affect any of your rights, protections or liabilities under existing law concerning a cash or credit sale made by means other than through use of an ATM. We are liable for all unauthorized withdrawals at an ATM or a POS unless the unauthorized withdrawal was due to the loss or theft of the card, in which case you are liable, up to a maximum liability of $50, for those unauthorized withdrawals made before we are notified of the loss or theft. The limitation on liability is effective only if the card issuer is notified of unauthorized charges contained in a bill within sixty (60) days of receipt of the bill by the person in whose name the card is issued. An unauthorized withdrawal is a withdrawal by a person other than you who does not have actual, implied or apparent authority for such withdrawal, and from which withdrawal you receive no benefit.
You may bring a civil action against any person violating the consumer privacy and unauthorized withdrawal provisions of Minnesota law. In addition to actual damages or $500 (whichever is greater), you may recover punitive damages, plus court costs and reasonable attorneys’ fees incurred.
To protect the privacy of consumers using electronic financial terminals, including any supporting equipment, structures or systems, information received by or processed through such terminals, supporting equipment, structures or systems shall be treated and used only in accordance with applicable law relating to the dissemination and disclosure of such information. The person establishing and maintaining an electronic financial terminal, including any supporting equipment, structures or systems, shall take steps as are reasonably necessary to restrict disclosure of information to that necessary to complete the transaction and to safeguard any information received or obtained about a customer or his or her account from misuse by any person manning an electronic financial terminal, including any supporting equipment, structures, or systems.
ATM SAFETY TIPS
As issuers of Automated Teller Machine (ATM) access devices, we have provided for your information a list of safety precautions regarding the use of automated teller machines. Please read the following safety tips:
Village Bank, 3350 Bridge St. NW P.O. Box 257, St. Francis, MN 55070
763-753-3007
www.villagebankonline.com
FUNDS AVAILABILITY DISCLOSURE-REGULATION CC
YOUR ABILITY TO WITHDRAW FUNDS AT VILLAGE BANK: Our policy is to make funds from your cash and check deposits available to you on the first business day after the day we receive your deposit. However, funds from electronic direct deposits will be available on the day we receive the deposit. Once the funds are available, you can withdraw them in cash and/or we will use them to pay checks that you have written. For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit before 3:00 PM on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after 3:00 PM or on a day we are not open, we will consider that the deposit was made on the next business day we are open.
Longer Delays May Apply: In some cases, we will not make all of the funds that you deposit by check available to you on the first business day after the day of your deposit. Depending on the type of check that you deposit, funds may not be available until the fifth business day after the day of your deposit. The first $100 of your deposit, however, may be available on the first business day after the day of your deposit. If we are not going to make all of the funds from your deposit available on the first business day, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will mail you the notice by the business day after we receive your deposit. If you need the funds from a deposit right away, you should ask us when the funds will be available.
In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:
We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds are available. They will generally be available no later than the eleventh business day after the day of your deposit.
Holds On Other Funds: If we cash a check for you that is drawn on another financial institution, we may withhold the availability of a corresponding amount of funds that are already in your account. Those funds will be available at the time funds from the check we cashed would have been available if you had deposited it.
Special Rules for New Accounts: If you are a new customer, the following special rules will apply during the first 30 days your account is open:
Funds from electronic direct deposits to your account will be available on the day we receive the deposit. Funds from deposits of cash, wire transfers, and the first $5,000 of a day’s total deposits of cashier’s certified, teller’s, traveler’s, and federal, state and local government checks will be available on the first business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you. The excess over $5,000 will be available on the same business day as the day of your deposit. If your deposit of these checks (other than U. S. Treasury check) is not made in person to one of our employees, the first $5,000 will not be available until the second business day after the day of your deposit.
Funds from deposits of checks drawn on Village Bank will be available on the first business day after the day of your deposit.
Funds from all other check deposits will be available not later than the eleventh business day after the day of your deposit.
HOME EQUITY APPLICATION DISCLOSURE
IMPORTANT TERMS OF OUR STANDARD HOME EQUITY LINE OF CREDIT (HELOC) APPLICATION DISCLOSURE This disclosure contains important information about the 5 YEAR HELOC (the “Plan”). You should read it carefully and keep a copy for your records.
AVAILABLITY OF TERMS. All of the terms of the Plan described herein are subject to change. If any of these terms change (other than the ANNUAL PERCENTAGE RATE) and you decide, as a result, not to enter into an agreement with us, you are entitled to a refund of any fees that you paid to us or anyone else in connection with your application.
SECURITY OF INTEREST. We will take a security interest in your home. You could lose your home if you do not meet the obligation in your agreement with us.
POSSIBLE ACTIONS. Under this Plan, we have the following rights:
Termination and Acceleration. We can terminate the Plan and require you to pay us the entire outstanding balance in one payment, and charge you certain fees, if any of the following happens:
(a) You commit fraud or make a material misrepresentation at any time in connection with the Plan. This can include, for example, a false statement about your income, assets, liabilities, or any other aspect of your financial condition.
(b) You do not meet the repayment terms of the Plan.
(c) Your action or inaction adversely affects the collateral for the Plan or our rights in the collateral. This can include, for example, failure to maintain required insurance, waste or destructive use of the dwelling, failure to pay taxes, death of all persons liable on the account, transfer of title or sale of the dwelling, creation of a senior lien on the dwelling without permission, foreclosure by the holder of the another lien or the use of funds of the dwelling for prohibited purposes.
Suspension or Reduction. In addition to any other rights we may have, we can suspend additional extensions of credit or reduce your credit limit during any period in which any of the following are in effect:
(a) The value of your dwelling declines significantly below the dwelling’s appraised value for purposes of the Plan. This includes, for example, a decline such that the initial difference between the credit limit and the available equity is reduced by fifty percent and may include a smaller decline depending on the individual circumstances.
(b) We reasonably believe that you will be unable to fulfill your payment obligations under the plan due to a material change your financial circumstances.
(c) You are in default under any material obligation of the Plan. We consider all of your obligations to be material. Categories of material obligations include, but are not limited to, the events described above under Termination and Acceleration, obligations to pay fees and charges, obligations and limitations on the receipt of credit advances, obligations concerning maintenance or use of the dwelling or proceeds, obligations to pay and perform the terms of any other deed of trust, mortgage or lease of the dwelling, obligations to notify us and to proved documents or information to us (such as updated financial information), obligations to comply with applicable laws (such as zoning restrictions). No default will occur until we mail or deliver a notice of default to you, so you can restore your right to credit advances.
(d) We are precluded by government action from imposing the annual percentage rate provided for under the Plan.
(e) Priority of our security interest is adversely affected by government action to the extent that the value of the security is less than 120 percent of the credit limit.
(f) We have been notified by governmental authority that continued advances may constitute an unsafe and unsound business practice.
(g) The maximum annual percentage rate under the Plan is reached.
Change in Terms. We may make changes to the terms of the Plan if you agree to the change in writing at that time, if the change will unequivocally benefit you throughout the remainder of the Plan, or if the change is insignificant (such as changes relating to our data processing systems).
Fees and Charges. In order to open and maintain an account, you must pay certain fees and charges.
Late Charge. Your payment will be late if it is not received by us within 11 days after the “Payment Due Date” shown on your periodic statement. If you payment is late we may charge you 5.00% of the unpaid amount of the payment or $7.28, whichever is greater.
Third Party Fees. You must pay certain fees to third parties such as appraisers, credit reporting firms, and government agencies.
These third party fees generally total between $200.00 and $300.00. Upon request, we will provide you with an itemization of the fees you will have to pay to third parties.
PROPERTY INSURANCE. You must carry insurance on the property that secures the Plan.
MINIMUM PAYMENT REQUIREMENTS. You can obtain advances of credit during the following period: until the maturity of the credit agreement and disclosure (the “Draw Period”). Your Regular Payment will equal the amount of your accrued FINANCE CHARGES. You will make 59 of these payments. You will then be required to pay the entire balance owing in a single balloon payment. If you make only the minimum payments, you may not repay any of the principal balance by the end of this payment stream. Your payments will be due monthly. Your “Minimum Payment” will be the Regular Payment, plus any amount past due and all other charges. An increase in the ANNUAL PERCENTAGE RATE may increase the amount of your Regular Payment.
MINIMUM PAYMENT EXAMPLE. If you made only the minimum payment took no other credit advances, it would take 5 years to pay off a credit advance of $10,000.00 at an ANNUAL PERCENTAGE RATE of 6.000%. During that period, you would make 59 monthly payments ranging from $46.03 to $50.96 and one final payment of $10,050.96.
TRANSACTION REQUIREMENTS. The following transaction limitations will apply to the use of your Credit Line:
Credit Line Credit Line Check, Telephone Request, Request by Mail and In Person Request Limitations. The following transaction limitations will apply to your Credit Line and the Writing of Credit Line Checks, requesting an advance by telephone, requesting an advance by mail and requesting an advance in person.
Minimum Advance Amount. The minimum amount of any credit advance that can be made on your Credit Line is $300.00. This means any Credit Line Check must be written for at least the minimum advance amount.
TAX DEDUCTIBILITY. You should consult a tax advisor regarding the deductibility of interest and charges for the Plan.
VARIABLE RATE FEATURE. The Plan has a variable rate feature. The ANNUAL PERCENTAGE RATE (corresponding to the periodic rate), and the minimum payment amount can change as a result. The ANNUAL PERCENTAGE RATE does not include costs other than interest.
THE INDEX. The annual percentage rate is based on the value of an index (referred to in this disclosure as the “Index”). The Index is the Wall Street Journal’s Highest Published Prime. Information about the index is available or published Wall Street Journal. We will use the most recent index value available to us as of each day for any annual percentage rate adjustment. If the index is no longer available, we will choose a new index and margin. The new Index will have an historical movement substantially similar to the original Index, and the new Index and margin will result in an annual percentage rate that is substantially similar to the rate in effect at the time the original Index becomes unavailable.
ANNUAL PERCENTAGE RATE. To determine the Periodic Rate that will apply to your account, we add a margin to the value of the index, then divide the value by the number of days in a year (daily). To obtain the ANNUAL PERCENTAGE RATE we multiply the Periodic Rate by the number of days in a year (daily). This result is the ANNUAL PERCENTAGE RATE. A change in the index rate generally will result in a change in the ANNAUL PERCENTAGE RATE. The amount that your ANNUAL PERCENTAGE RATE may change also may be affected by the lifetime annual percentage rate limits, as discussed below.
Please ask us for the current index value, margin and annual percentage rate. After you open a credit line, rate information will be provided on periodic statements that we send you.
FREQUENCY OF ANNUAL PERCENTAGE RATE ADJUSTMENTS. Your ANNUAL PERCENTAGE RATE can change daily. There is no limit on the amount by which the annual percentage rate can change during any one year period. However, under no circumstances will your ANNUAL PERCENTAGE RATE exceed 18.000% per annum or, go below 6.000% per annum at any time during the term of the Plan.
MAXIMUM RATE AND PAYMENT EXAMPLE. If you had an outstanding balance of $10,000.00, the minimum payment at the maximum ANNUAL PERCENTAGE RATE of 18.000% would be $152.88. This ANNUAL PERCENTAGE RATE could be reached immediately or prior to the 1st payment.
PREPAYMENT. You may prepay all or any amount owing under the Plan at any time without penalty.
HISTORICAL EXAMPLE. The example below shows how the ANNUAL PERCENTAGE RATE and the minimum payments for a single $10,000.00 credit advance would have changed based on changes in the Index from 1994 to 2008. The Index values are from the following reference period: as of August 1 of each year. While only one payment per year is shown, payments may have varied during each year. Different outstanding principal balances could result in different payment amounts.
The table assumes that no additional credit advances were taken, that only the minimum payments were made, and that the rate remained constant during the year. It does not necessarily indicate how the Index or your payments would change in the future.
INDEX TABLE
(1) This is a margin we have used recently; your margin may be different.
(8) This A.P.R. reflects a 6.000 percent floor.
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