The
undersigned (sometimes referred to as "you" or "your"), jointly and severally,
apply to the Ascencia (sometimes referred to as "we" or "us") for a line of
credit known as Overdraft Protection. Once your application has been approved,
your Overdraft Protection will be subject to the terms and conditions of this
Agreement.
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| 1. |
The
Bank shall establish a line of credit for the undersigned, the unpaid balance of
which shall not exceed the "Overdraft Protection" (the credit limit set by the
Bank). Loans hereunder shall be made by credit to the undersigned's checking
account maintained at the Bank either (a) automatically in multiples of $50, from
time to time as necessary to maintain a credit balance in said checking account:
or (b) at the written request of the undersigned, in any amount (in multiples of
$50.00) up to the then unused portion of the cash reserve as requested. Any checks
or other charges presented for payment against said checking account in excess of
the balance thereof shall be processed following the bank's normal insufficient
funds procedures. |
| 2. |
The
undersigned, jointly and severally, promise to pay the Bank, within ten (10)
days after each statement date (the "Payment Due Date"), a minimum periodic
payment of 5%, of the account balance, or $25.00 whichever is greater. The
undersigned further agrees to pay a FINANCE CHARGE on all loans hereunder. The
FINANCE CHARGE will begin to accrue on each loan on the day it is first posted
to your account. The bank will automatically deduct the required minimum payment
from the customer's primary checking account. If there are insufficient funds in
the account to cover the payment, the payment will not be made. If such an event
occurs the account holder may be subject to a late fee. (See Section 7) The bank
is not obligated to advance the funds from the overdraft protection line. The
bank will continue to try to collect the payment and will deduct the minimum
payment once funds are available. Additionally, the bank at its sole discretion,
may allow a loan advance to cover said payment. If such an event occurs advances
will be made as stated in section 1 and be in multiples of $50.00. |
| 3. |
All
loans obtained through the use of Overdraft Protection and other charges or fees
imposed in connection with the use of Overdraft Protection and any payments or
other credits will be grouped and accounted for in consecutive monthly periods:
each such period is a billing cycle. You will receive a statement for each billing
cycle, and each statement shall be considered to be correct unless the Bank is
notified to the contrary in writing within 60 days after receipt of the statement.
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| 4. |
The
FINANCE CHARGE on your account is figured by applying a daily periodic rate
of .0004654% - 16.99% ANNUAL PERCENTAGE RATE - to the "average daily balance" of
your account (including current transactions). To get the "average daily balance":
we take the beginning balance of your account each day, add any new loans and
subtract any payments or credits and unpaid FINANCE CHARGES. This gives us the
daily balance. Then, we add up all the daily balance for the billing cycle and
divide the total by the number of days in the billing cycle. This gives us the
"average daily balance". |
| 5. |
YOU
MAY PAY THE UNPAID BALANCE OF YOUR ACCOUNT IN WHOLE OR IN PART AT ANY TIME. All
payments shall be applied first to any outstanding late charges, then to unpaid
finance charge, and then to reduce the account balance. |
| 6. |
You
will pay an annual fee of $25 for your account. This annual fee will be charged
to the account on the day your account is opened. The month of the first posting
is the "anniversary month." Thereafter, the annual fee will be charged on the
anniversary month of each year. |
| 7. |
You
will pay a delinquency charge of $10 for each billing cycle that the required
minimum payment was not made when due. The delinquency charge will be charged
to the account of the 11th day following the due date. |
| 8. |
No
security interest in any property has been directly taken to secure your
Overdraft Protections. However, collateral securing other loans with us may
also secure your payment and performance under this Agreement, except that any
prior interest you have granted us in your principal residence or household
goods (as defined in 12 CFR 227.12 (d)) shall not secure your Overdraft
Protection. |
| 9. |
If
any of the undersigned defaults in any obligation to the Bank hereunder or
otherwise, or dies or becomes incompetent, or suffers an adverse change in
financial conditions which the Bank deems material, or if the Bank, at any time
deems itself insecure as to any debt incurred hereunder, the balance of the
account then outstanding shall at the Bank's election, without notice of demand,
become immediately due and payable. |
| 10. |
The
Bank reserves the right to amend this Agreement upon written notice to the
undersigned. Any amendments which effect a change in the monthly FINANCE CHARGE
shall apply to any loans thereafter made and to the unpaid balance of loans made
prior to the effective date of the amendments. |
| 11. |
The
undersigned, jointly and severally, promise to pay all costs, including reasonable
attorney's fees, incurred in the enforcement of the obligations hereunder and waive
to the extent permitted by law all relief from valuation and appraisment laws. |
| 12. |
The
borrower hereby grants to lender a contractual possessory security interest in,
and hereby assign, to convey, deliver, pledge, and transfer to the lender all my
rights, title, and interest in and to, my accounts with lender (whether checking,
savings, or some other account), including without limitation all accounts held
jointly with someone else and all accounts I may open in the future, excluding
however all IRA accounts and all trust accounts for which the granting of a
security interest would be prohibited by law. I authorize lender, to the extent
permitted by applicable law, to charge or set off all sums owing on this note
against any and all such accounts, and at lenders option, to administratively
freeze all such accounts to allow lender to protect lenders charge and set off
rights provided in this paragraph. |
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YOUR
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 Errors or Questions About Your Bill
If you think your bill is wrong, or if you need more information about a transaction
on your bill, write us at Ascencia; Access Reserve; 2500 Eastpoint Parkway,
Louisville, Kentucky 40223-4156. Write to 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 right.
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 that there is an error. If
you need more information, describe the item you are not sure about.
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Although you have
authorized us to pay your Access Reserve account automatically from your
checking account, you can stop the payment or 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.
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Your Rights and
Our Responsibilities After We Receive Your Written Notice
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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 was
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 you 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 investigating 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 any finance
charges related to any questioned amount. If we didn't make a mistake, you may have
to pay finance charges, and you will have to makeup any missed payments on the
questioned amount. In either case, we will send you a statement of the amount you
owe and the date that 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 to us within ten 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 report 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 $50.00 of the questioned
amount, even if your bill was correct.
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