This agreement covers your credit card account. It contains the terms and conditions that you have agreed to abide by your accepting, signing or using your credit card(s). If this is a joint account, each of you agrees that we may mail statements and notices to the single address shown on our account records.
AGREEMENT TERMS: In this agreement the word "card" means either one or more cards: "you" and "yours" refers to the person(s) who applied for the account as well as anyone the cardholder permits to use the account: the words "we, us" and "our" refer to Peoples State Bank of Wyalusing, its successor and assigns. "Prime Rate" refers to the highest Prime Rate as published in the "Money Rates" table of The Wall Street Journal. The card is the property of Peoples State Bank and must be returned to us upon request.
CARD USES: You must sign the back of the card in order to use it. Purchases - You can use the card to charge the purchase or lease of most goods and services wherever the card is honored up to your available credit line. Cash Advances - You can also use your Account to obtain cash advances at any bank that accepts the card, or by any other means made available to you, provided that the available credit line is not exceeded. Individual limitations may exist for Automated Teller Machines regarding the amount of cash available on a daily basis. Other benefits and services - Additional benefits and services are offered to you and provided for you from time to time by business's not affiliated with us. We assume no liability for benefits and services not provided by the Bank. The benefits and services are offered only with your account and we reserve the right to change or terminate any benefits or services on your account at any time.
PROMISE TO PAY: When you use the Account for a Purchase or an Advance, you promise to pay us the total amount of the Purchase or Advance. You also promise to pay us any Finance Charge or other charge you owe under this Agreement. You have the option of paying the total balance due in full at any time. Any payments not made electronically must be presented with your statement payment coupon.
MONTHLY STATEMENT: You will receive a monthly statement at the end of your billing cycle showing the outstanding balance of your Account if there is activity on your account or if finance charge has been imposed. The statement will also list the minimum amount you must pay and the date in which we must receive that payment. The payment date is due 25 days after the statement date.
FINANCE CHARGES/ANNUAL PERCENTAGE RATE:
Variable Rate Plan - Your Account is set on a variable rate method of calculating the Finance Charges that accrue on your Account. The Variable Periodic Rate used to compute the Finance Charges is revised quarterly and is calculated by adding 6.00% to the highest Prime Rate as published in the "Money Rates" table of The Wall Street Journal. This result is then rounded to the next highest one-twenty-fifth of one percentage point (.04%). If the Prime Rate changes, the new Variable Periodic Rate will apply to the entire average daily balance of the statement generated on the first billing cycle after the date of change. The rates will be applicable to the Prime Rate on a quarterly basis as of April 1st, July 1st, October 1st, and January 1st. The Annual Percentage Rate may change if the Prime Rate changes. An increase will result in an increase of the Finance Charges and a decrease in the Prime Rate will result in a decrease of the Finance Charges. The maximum Annual Percentage Rate that can apply is 18.00%. The Variable Periodic Rate is divided by 12 to determine the Monthly Periodic Rate. The Annual Percentage Rate is 14.28% as of April 1, 1996.
Finance Charge Calculation For Purchases - New credit purchases accrue Finance Charges from posting date to statement closing date if not paid in full within 25 days of your statement closing date. We figure the Finance Charge by applying a monthly periodic rate to the average daily balance of your credit purchases account. The balance calculation method for purchases is the "Average Daily Balance Method (including current transactions)", which is determined by dividing the sum of the daily balance during the billing cycle by the number of days in the cycle. Each daily balance of credit purchases is determined by adding to the previous balance new credit purchases posted through that date, if the previous balance was not paid in full within 25 days of the statement closing date, and subtracting each payment and credit on the date of receipt, but excluding any unpaid Finance Charges.
Finance Charge Calculation For Cash Advances - Cash Advances accrue Finance Charges from transaction date to closing date. We figure the Finance Charge by applying a monthly periodic rate to the Average Daily Balance of your Cash Advance Account. The balance of Cash Advances subject to Finance Charge is the average daily outstanding unpaid balance, which is determined by dividing the sum of the daily balances during the billing cycle by the number of days in the cycle. Each daily balance of Cash Advances is determined by adding to the previous balance any new Cash Advances received and subtracting any payments as received or credits as posted to your account but excluding any unpaid Finance Charges.
GRACE PERIOD: You have 25 days from the billing date to pay your Purchase balance in full before being charged a Finance Charge. There is no grace period for cash advances.
ANNUAL ACCOUNT FEE: Your first credit card account has NO annual fee, however, you agree to pay us a fee of fifteen ($15.00) dollars for each additional credit card account. (Example: MasterCard only - NO Annual Fee, MasterCard and Visa Gold - $15.00 Annual Fee on Visa Gold)
LATE CHARGE; You agree to pay a late charge which will be added to your Account balance if your minimum payment is unpaid for two consecutive billing cycles. The late charge will not exceed five-percent (5%) of the minimum payment that is due nor will it be greater than five dollars ($5.00). The late charge will be charged on Purchase Balances only. A maximum of one late charge may be assessed to any such minimum payment.
COPY CHARGES: If you ask us to provide copies of any statement, sales slip, or other documents related to your Account, we may charge you for the copies. The charge will be two dollars ($2.00) per item copied. You authorize us to charge your account for this service.
MINIMUM MONTHLY PAYMENTS: You have the option of paying in full all of your Purchases and Cash Advances each month or you can pay the outstanding balance in monthly payments. If you decide to pay in monthly installments, the minimum required will be 3.00% of the new balance of $10.00 whichever is greater.
APPLICATION OF PAYMENTS: We apply all payments in the following manner: Annual Account Fees, Finance Charges, Late Charges, Insurance Premium Charges, Purchases, and Cash Advances.
UNAUTHORIZED USE OF CARD; LOST OR STOLEN CARD: You agree to sign the back of your card to prevent the unauthorized use of your account. You also agree to maintain the secrecy of your personal identification number (PIN). You may be held accountable for the unauthorized use of your card. You will not be liable for any unauthorized use of your card after notifying us. Other rules regarding the unauthorized use of your card appear elsewhere in this agreement.
DEFAULT: We may close your Account and demand payment in full if you: miss a required payment, exceed your credit line, misrepresent information on your application, mishandle your Account in any way, or if you die or file for bankruptcy (either of you on a joint account).
COLLECTION COSTS: You promise to pay all costs for collecting your account, including reasonable attorney fees.
AGREEMENT CHANGES: We may change the terms of this agreement at any time. If we do, we will mail you a written notice at least fifteen (15) days before the beginning of the billing period in which the changes become effective. This agreement replaces any existing agreements between you and us. Any balance that you owe under any previous agreements is now owed under this agreement.
ACCEPTING PAYMENTS: We may accept payments in the form of checks, drafts, money orders, or other forms as well as payments marked "payment in full", or other restrictive endorsements without losing any of our rights under this agreement.
BILLING RIGHTS:
Keep This Notice For Future Use -This notice contains important information about your rights and our responsibilities under the Fair Credit Billing Act.
Notify Us In Case Of Error Or Questions About Your Bill - If you think your bill is wrong, or you need more information about a transaction on your bill, write us on a separate sheet at the address shown on your bill after the words "Send Inquires To". Write us as soon as possible. We must hear from you no later than 60 days after we sent you the first bill on which the error or problem appeared. You can telephone us, but doing so will not preserve your rights. In your letter, give us the following information: (1) Your name and account number, (2) The dollar amount of the suspected error, (3) Describe the error and explain, if you can, why you believe there is an error. If you need more information, describe the item you are not sure about. If you have authorized us to pay your credit card bill automatically from your savings or checking account, you can stop the payment on any amount you think is wrong. To stop the payment your letter must reach us three business days before the automatic payment is scheduled to occur.
Your Rights And Our Responsibilities After We Receive Your Written Notice - We must acknowledge your letter within 30 days unless we have corrected the error by then. Within 90 days, we must either correct the error or explain why we believe the bill is correct. After we receive your letter, we cannot try to collect any amount you question, or report you as delinquent. We can continue to bill you for the amount in question, including Finance Charges, and we can apply any unpaid amount against your credit limit. You do not have to pay any questioned amount while we are investigation, but you are still obligated to pay the parts of your bill that are not in question. If we find that we made a mistake on your bill, you will not have to pay Finance Charge related to any questioned amount. If we didn't make a mistake, you may have to pay Finance Charges, and you will have to make up any missed payments on the questioned amount. In either case, we will send you a statement of the amount you owe and the date it is due. If you fail to pay the amount that we think you owe, we may report you as delinquent. However, if our explanation does not satisfy you and you write us within 10 days telling us that you still refuse to pay, we must tell anyone we report you to that you have a question about your bill. And, we must tell you the name of anyone we reported you to. We must tell anyone we reported you to that the matter has been settled between us when it finally is. If we don't follow these rules, we can't collect the first fifty dollars ($50.00) of the questioned amount even if the bill was correct.
Special Rule For Credit Card Purchase - If you have a problem with the quality of property of services that you purchased with a credit card, and you have tried in good faith to correct the problem with the merchant, you may have the right not to pay the remaining amount due on the property or services. There are two limitations on this right: (1) You must have made the purchase in your home state, or, if not within your home state, within 100 miles of your current mailing address; and (2) The purchase price must have been more than fifty dollars ($50.00). These limitations do not apply if we own or operate the merchant, or if we mailed you the advertisement for the property of services.
UNAUTHORIZED USE OF CARD; LOST OF STOLEN CARD: You may be liable for the unauthorized use of your credit card. You will not be liable for unauthorized purchases or advances under your credit card account agreement after you notify us orally or in writing, at Credit Card Department, PO Box 217, Wyalusing, PA 18853 or by telephone at 1-570-746-1011, of the loss, theft or possible unauthorized use. In any case, your liability for unauthorized Purchases or Advances will not exceed $50.00. If your Card is lost or stolen, please notify us at once by telephone at 1-570-746-1011or Equifax at 1-800-423-7503.
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