Time Federal Savings Bank Credit Card Disclosure Agreement (VISA Classic, VISA Gold)
These regulations are effective November 14, 2017. In these regulations, the words you, and your mean each and all of those who applied for the card. Card means your VISA credit card issued by Time Federal Savings Bank and any duplicates or renewals we issue. Account means your VISA credit card account. We, us, and our mean Time Federal Savings Bank.
Responsibility . If you apply for and receive a card from us, you agree to these regulations. You also agree to repay all debts and any INTEREST CHARGE or any other fees or charges arising from the use of the card and the card account. For example, you are responsible for charges made by yourself, your spouse and minor children. You are also responsible for charges made by anyone else to whom you give the card, and this responsibility continues until you recover and return the card to us. Except to the extent allowed by law, you cannot disclaim responsibility by notifying us and it continues even though an agreement, divorce decree or other court judgment to which we are not a party may direct you or one of the other persons responsible to pay the account. Any person using the card shall be jointly responsible with you for charges he or she makes, and if that person signs the card, and receives a copy of these regulations, he or she is also responsible for all charges on the account, including yours.
Credit Line . We will establish a Credit Line for you and advise you on its amount. You agree not to let the account balance exceed the Credit Line. We reserve the right to reduce your Credit Line from time to time, or to revoke your card without affecting your obligation to pay the account balance. The cards remain our property, and if we request you must recover and surrender to us all cards we have issued on your account.
Interest Charges . Your account will be subject to an INTEREST CHARGE for any statement period during which you failed to pay in full the Previous Balance shown on the statement during the first 25 days of the statement period. The interest portion of the INTEREST CHARGE is calculated by applying the following monthly periodic rates to the 'average daily balance' of your account:
Purchases:
Balance Transfers:
Cash Advances:
0.825% per month (9.90% ANNUAL PERCENTAGE RATE)
0.825% per month (9.90% ANNUAL PERCENTAGE RATE)
0.825% per month (9.90% ANNUAL PERCENTAGE RATE)
Purchases and Balance Transfers (Method G) Average Daily Balance (including current transactions). To avoid incurring additional Interest Charge on the balance of purchases (and cash advances, if Method G is specified as applicable to cash advances) reflected on your monthly statement and, on any new purchases (and if applicable, cash advances) appearing on your next monthly statement, you must pay the entire 'New Balance' in full, shown on your monthly statement on or before the Payment Due Date.
The Interest Charges for a billing cycle are computed by applying the monthly Periodic Rate to the 'average daily balance' of purchases (and if applicable, cash advances). To get the average daily balance, we take the beginning balance of your account each day, add any new purchases or cash advances, and subtract any payments, credits, non-accruing fees, and unpaid interest charges. This gives us the daily balance. Then we add up all the daily balances for the billing cycle and divide the total by the number of days in the billing cycle.
Cash Advances. (Method F) Average Daily Balance (including current transactions). To avoid incurring additional Interest Charge on the beginning balance of cash advances (and purchases if Method F is specified as applicable to purchases) reflected on your monthly statement, you must pay the Beginning Balance shown on your monthly statement on or before the Payment Due Date. No grace period is provided for current cycle transactions.
The Interest Charges for a billing cycle are computed by applying the Periodic Rate to the 'average daily balance' of cash advances (and if applicable, purchases). To get the average daily balance, we take the beginning balance of your account each day, add any new purchases or cash advances, and subtract any payments, credits, non-accruing fees, and unpaid interest charges. This gives us the daily balance. Then we add up all the daily balances for the billing cycle and divide the total by the number of days in the billing cycle.
You can avoid any INTEREST CHARGES on purchases by paying in full the New Balance shown on your monthly statement within 25 days of the statement closing date. Each cash advance will be subject to an INTEREST CHARGE (cash advance fee) of 2% of the face amount of the cash advance or $2.00, whichever is greater (maximum $20.00).
Penalty Fees. Your account will also be subject to the following additional fees:
a. A Late Payment Fee of up to $10.00 for any statement period in which you fail to pay at least the Minimum Payment described below Within a minimum of 15 days after the payment due date.
b. A returned check fee of up to $15.00 will be assessed as a purchase if we receive a check that is presented for payment to your VISA Account which is returned unsatisfied because you do not have an account with the financial institution, your account does not have sufficient funds in it or you do not have sufficient credit with the financial institution.
Monthly Statement; Minimum Payment. We will mail you a statement every month showing your Previous Balance, the current transactions on your account, the remaining regular credit available under your Credit Line, the New Balance, and the Minimum Payment due. Every month you must pay at least the Minimum Payment within 25 days after the date of your statement. If you fail to pay the minimum payment within 15 days after the due date, your account will be subject to a Late Payment Fee in the amount of up to $10.00 . You may of course, pay more than the Minimum Payment, or pay the New Balance in full and you will reduce or avoid the INTEREST CHARGE by doing so. The Minimum Payment will be applied as follows: a) any unpaid finance charges on cash advances; b) any unpaid finance charges on retail purchases; c) any past due principal on cash advances; d) any past due principal on retail purchases; e) any finance charges due on cash advances; f) any finance charges due on retail purchases; g) principal due on new cash advances; h) principal due on any new retail purchases including late charges, and any other fees; i) remaining balances on cash advances; j) remaining balances on retail purchases.
A Minimum Payment is required for every statement period and any additional amount received, if sufficient, may be used to satisfy the next required minimum payment amount. Your Minimum Payment will be the full amount by which your regular New Balance exceeds your credit line, plus 3% of your New Balance or $20.00, whichever is greater, or your full New Balance if it is less than $20.00.
Payment Crediting and Credit Balance. Payments received by 5PM EST at the location specified on the front of the statement after the phrase 'Please Mail Your Payments to' will be credited as of the date of receipt to the account specified on the payment coupon. Payments may also be presented at any Time Federal Savings Bank office and will be applied to your account within one business day. Payments must be made in U.S. dollars. Payments that do not conform to the requirements set forth on or with the periodic statement (e.g. missing payment stub, payment envelope other than as provided with your statement, multiple checks or multiple coupons in the same envelope) may be subject to delay in crediting but shall be credited within five days of receipt. If there is a credit balance due on your account, you may request, in writing, a full refund. Submit your request to Time Federal Savings Bank, PO Box 239, Medford, WI 54451-0239. By sending your check, you are authorizing the use of the information on your check to make a one-time electronic debit from the account on which the check is drawn. This electronic debit, which may be posted to your account as early as the date your check is received, will be only for the amount of your check. The original check will be destroyed and we will retain its image in our records. If you have questions please call the customer service number on the front of your billing statement.
Closing Date. The closing date is the last day of the billing cycle; all transactions received after the closing date will appear on your next statement.
Negative Credit Reports. We may report information about your account to credit bureaus. Late payments, missed payments, or other defaults on your account may be reflected in your credit report.
Default. You will be in default if you fail to make the Minimum Payment on time 2 times during any 12 month period. You will also be in default if your ability to repay us, or the value to us of your security interest, is materially reduced by a change in your employment, an increase in your obligations, your failure to abide by these regulations, or the fact that you or your spouse dies, changes domicile or marital status, or becomes the subject of bankruptcy or insolvency proceedings. We have the right to demand immediate payment of your full account balance if you do not cure your default within 15 days after we send a written default notice. We have this right, without notice, if the default is your 3 rd within 12 months and we notified you of the prior 2. In addition, if you are domiciled in
