The calculation of finance charges begins at the time purchases or advances are posted to your account. Below is the detailed disclosure of this finance charge calculation.
- The monthly finance charge is calculated using the actual daily balances of your account for the billing period.
- The actual daily balances are calculated by subtracting each day’s credits and payments and adding each day’s purchases, advances and other debits to the previous day’s balance.
- The monthly finance charge is the accumulated sum of each day’s per diem. The per diem is calculated by multiplying the actual daily balance by the daily periodic rate shown on the front of your statement.
- The total finance charge shown on the front of your statement is the sum of the monthly finance charge and any transaction charges assessed to your account.
- An AUTOMATIC MINIMUM PAYMENT equal to the greater of a specified minimum amount of percentage (listed on the front of your statement) of the outstanding reserve account balances, plus any amount is excess of your credit limit, on the statement date, will be deducted from your checking account and applied to your reserve account. If funds are insufficient to cover your minimum payment it will be taken on the day of your next deposit.
- Additional payments may be made at any time to reduce the reserve account balance (this does not cancel the automatic payment unless paid in full). Payments in excess of the reserve account balance on the date received will be credited to your checking account. All payments will be applied first to finance charges and then to reserve account advances. Deposits to your checking account will not reduce the reserve account balance except pursuant to the deduction plans noted above. If any such payment is made at any location other than the face side of your monthly statement there may be up to one business day delay in crediting the payment to your account.
Billing Rights Summary:
IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR STATEMENT, AMOUNTS BILLED TO YOU OR ELECTRONIC TRANSFERS
If you think your statement, amounts billed to you or any receipt for an electronic transfer is wrong, or if you need more information about any transfer or transaction on your statement or any receipt, write us on a separate sheet at the appropriate address listed on the front of your statement. You can telephone us at the number printed on the front of your statement, but doing so may not preserve your rights. We must hear from you no later than 60 days after we sent you the FIRST statement on which the error or problem appeared.
In your letter, give us the following information:
- Your name and account number.
- The dollar amount of the suspected error.
- 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 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. If you have authorized us to automatically pay your bill from your checking account, you can stop or reserve payment on any amount you think is wrong by mailing your notice so we receive it within 3 business days before payment is due. While we investigate your questions, we cannot report you as delinquent or take any action to collect the amount you question. If we take more than 10 business days to investigate your complaint with respect to an electronic transfer, we will recredit your account for the amount you think is in error so that you will have use of the money during the time it takes us to complete our investigation.
Special Rule for Credit Card Purchases:
If you have a problem with the quality of goods or services that you purchased with a credit card and you have tried in good faith to correct the problem with the merchant, you may not have to pay the remaining amount due on the goods or services. You have this protection only when the purchase price was more than $50 and the purchase was made in your home state or within 100 miles of your mailing address. (If we own or operate the merchant, or if we mailed you the advertisement for the goods or services, all purchases are covered regardless of amount or location of purchase.)
EXAMINE AT ONCE
Report any error in your statement immediately. Items are credited subject to final payment. Notify the bank of any address change.