How We Will Calculate Your Balance: We use a method called "average daily balance" (including new purchases). An explanation of this method is provided in your account agreement.
*Morton Community Bank calculates the variable rate by adding 4% to the Prime Rate as published in The Wall Street Journal on the 15th of March, June, September, and December each year.
Billing rights: Information on your rights to dispute transactions and how to exercise those rights is provided with your account agreement.
No applicant may be denied a credit card on account of race, color, religion, national origin, ancestry, age, sex, marital status or mental handicap unrelated to the ability to pay or unfavorable discharge from military service. The applicant may request the reason for rejection of his or her application for a credit card. No person need reapply for a credit card solely because of a change in marital status unless the change in marital status has caused a deterioration in the person's financial position.
1. Agreement. These regulations govern the possession and use of VISA cards ("card") issued by Morton Community Bank ("Issuer"). Each person who applies for a VISA card and in whose name the card is issued ("Holder"), consents and agrees to these regulations and to the terms contained on the credit cards, sales drafts, credit adjustment memos and cash advance drafts or other forms signed by or given to Holder or any authorized user of Holder's cards. When credit cards are issued upon the application of two or more persons, all such persons shall be jointly and severally liable as Holders. The provisions of these regulations, as amended from time to time, govern Holder's obligations, notwithstanding any additional or different terms contained in sales drafts, credit adjustment memos, cash advance drafts or other forms signed by or given to Holder or any user of Holder's cards to evidence a credit card transaction. Holder authorizes an investigation of Holder's credit standing prior to the issuance of a credit card to Holder and at any time thereafter and authorizes disclosure of information to third parties relating to Holder's credit standing. These regulations apply to all VISA cards issued to Holder or to others on Holder's authorization and to any user of Holder's cards.
2. Annual Fees. If applicable, holder agrees to pay to Issuer an annual fee for participation in the Issuer's credit card plan. Such annual fee shall be imposed whether or not Holder uses the card to obtain credit purchases and loans. The annual fee shall be charged to Holder's account each year in the month of Issuer's choice. The annual fee is not refundable in the event of termination of the account by either Holder or Issuer, unless otherwise provided for by law. Please see Rates and Fees Disclosure Table for fees charged.
3. Use of Card. Credit for purchases from a merchant or a cash advance from a participating financial institution may be obtained by Holder or an authorized user of Holder's card presenting one of Holder's cards to the merchant or participating financial institution and, if requested, by providing the proper identifying information and signing the appropriate drafts. Failure to sign a draft does not relieve the Holder of liability for purchases made or cash received. The use of this card for illegal transactions is prohibited. The card may also be used to obtain cash advances from certain automated equipment, provided it is used with Holder's correct Personal Identification Number ("PIN") issued to Holder. Terminals or terminal operators may have limits on the amounts or frequency of cash withdrawals. Holder will not be liable for the unauthorized use of the card or PIN issued to Holder which occurs before Issuer receives notification orally or in writing of loss, theft or possible unauthorized use of a card or PIN. Lost or stolen cards or PINs should be reported immediately to Issuer by notifying: CUSTOMER SERVICE, P.O. Box 30495, Tampa, FL 33630, and Telephone (866) 317-0355.
4. Credit Line. Holder will from time to time be informed of the amount of the approved credit line established for Holder, and Holder covenants not to make credit purchases or borrowings in excess of that amount. Holder is liable for all purchases and borrowings made with Holder's cards by Holder or by anyone authorized to use Holder's cards.
5. Payment. Holder will be furnished a monthly statement for each billing period at the end of which, there is an undisputed debit or credit balance of $1.00 or more. Holder shall pay within 25 days after each statement Closing Date either (a) the full amount billed ("New Balance") or, at Holder's option, (b) a minimum Payment of $10 or 3% of the New Balance, whichever is greater. Payments may be mailed to VISA, P.O. Box 31021, Tampa, FL, 33631. Payments may be made in person at a Morton Community Bank office. Payments after close of business on any banking day or at any time on any nonbanking day will be considered as payments made on the following banking day. Payment will be applied to Holder's account as directed by Federal Regulation. Issuer may accept checks marked "Payment in Full" or with words of similar effect without losing any Issuer's rights to collect the full balance of Holder's account.
6. Interest Charges. Holder shall pay Interest Charges, as shown on Holder's monthly statements, for each billing period in which there is a cash advance or the Previous Balance is not paid in full prior to the Closing Date of the billing statement. For cash advance fees, please see the Rates and Fees Disclosure Table. Interest Charges on Holder's account are calculated by applying the monthly Periodic Rate to the entire "Balance Subject to Interest Rate." The additional charge for cash advances shall not apply to any cash advance obtained under a separate credit agreement with Holder and written in connection with these regulations. The "Balance Subject to Interest Rate" is the "average daily balance," of the account (including current transactions). To get the "average daily balance," take the beginning balance of the account each day, add any new cash advances, credit purchases and other charges, and subtract any payments or credits, unpaid late charges, unpaid membership fees and unpaid Interest Charges. This gives the daily balance. Then all of the daily balances for the billing cycle are added together and divided by the total by the number of days in the billing cycle. This is the "AVERAGE DAILY BALANCE." Interest Charges for credit purchases begin on the date the purchase is posted to the account unless the Previous Balance shown on the statement is paid in full prior to the Closing Date of the statement. Credit purchases made during the statement period and the Previous Balance will be excluded from the calculation of the "average daily balance" if the Previous Balance shown on the front of the statement was paid in full prior to the Closing Date of the statement. The Interest Charges for cash advances begin on the date the advance is posted to the account. Holder may avoid additional Interest Charges on an account by paying in full the New Balance shown on the account's monthly statement within 25 days after the Closing Date for that statement.
7. Variable Annual Percentage Rate. The current monthly Periodic Rate, corresponding ANNUAL PERCENTAGE RATE, and how Variable APRs are calculated for new accounts are disclosed on the accompanying card mailer.
8. Additional Fees. For a listing of fees charged in association with this card, please see the Rates and Fees Disclosure Table accompanying this Agreement. These charges will not be imposed if Holder's request is in connection with delivery of the documents in response to an alleged billing error under Regulations E or Z issued by the Board of Governors of the Federal Reserve System. Fees imposed will be posted to Holder's account.
9. Security Interest. All credit advanced to Holder for credit purchases or cash advances constitutes loans made by Issuer to Holder in the state of Illinois. Issuer disclaims as security for loans made to Holder under these regulations any security interest it may at any time have in household goods or real property.
10. Insurance. If the Holder is eligible and elects to participate in the group credit life, disability and loss of income insurance program by signing the appropriate enrollment forms, insurance charges will be posted to Holder's account each statement period at the rate disclosed in the enrollment form based upon the New Balance on the account (including accrued Interest Charges) for each statement period. CREDIT LIFE, DISABILITY AND LOSS OF INCOME INSURANCE IS VOLUNTARY AND IS NOT REQUIRED AS A CONDITION FOR HOLDER'S PARTICIPATION IN THIS CREDIT PLAN.
11. Foreign Transactions. If a Holder's card is used to affect a transaction in a foreign currency, the transaction amount will be converted to U.S. dollars by VISA International. VISA converts currency to U.S. dollars using either the government mandated exchange rate or the wholesale exchange rate in effect one day before the date of the conversion, as applicable. All transactions in foreign countries will be subject to a 1% conversion or processing fee.
12. Disputes. All Credit Purchases and Loans are affected at the option of the Seller and Cash Advancing Financial Institution respectively, and Issuer shall not be responsible for refusal by any Seller or Cash Advancing Financial Institution to honor the Card or any Related Card. Any refund, adjustment or credit allowed by Seller shall not be by cash, but rather by a credit advice to Issuer which shall be shown as a credit on Holder's account statement with Issuer.
13. Default. If the card is canceled or surrender is demanded by Issuer, or if Holder defaults in any payment due, or is deceased, bankrupt or insolvent, or any attachment or garnishment proceedings are initiated against Holder or his property, Issuer may elect to declare all amounts then owed to Issuer to be immediately due and payable without notice or demand of any kind. Holder agrees to pay all costs incurred by Issuer in collecting Holder's indebtedness or in enforcing this agreement, including reasonable attorney's fees and also those costs, expenses and attorney's fees incurred in appellate, bankruptcy and post-judgment proceedings, except to the extent such costs, fees or expenses are prohibited by law.
14. Termination. Holder's consent to these regulations may be terminated at any time by surrendering the cards issued to Holder or at Holder's written request, but such termination shall not affect Holder's obligations as to any balances or charges outstanding at the time of termination. Termination by any Holder shall be binding on each person in whose name a card is issued. Issuer may terminate Holder's privilege to use the cards if Holder moves out of the service area of Issuer, as defined by Issuer from time to time. Unless sooner terminated, the privilege to use the cards shall expire on the date shown on the cards. At any time, without liability to Holder and without affecting Holder's liability for credit previously extended, Holder's privilege to use the cards may be revoked or limited to the extent not prohibited by law. The cards are and shall remain the property of Issuer and Holder agrees to surrender them to Issuer upon demand.
15. Amendments. Issuer may amend these regulations from time to time by sending Holder advance written notice not less than 90 days prior to the effective date for any change that is either adverse to Holder's outstanding balance or increases certain fees, as required by law from time to time, or not less than 15 days prior to the effective date for other changes, or as may otherwise be required or permitted by law. To the extent that Issuer indicates in the notice and that the law permits, amendments will apply to Holder's existing account balance as well as to future transactions. Notices are deemed given when mailed by Issuer to any Holder to the current address for mailing monthly statements or otherwise delivered in a manner agreed upon by Issuer and Holder. Invalidity of any provision of these regulations shall not affect the validity of any other provisions unless otherwise provided by the law.
16. Governing Law. To the extent not expressly prohibited by applicable law, this agreement and Holder's account, as well as the Issuer's rights and duties and Holder's rights and duties regarding this agreement and account, will be governed by and interpreted in accordance with the laws of the state of Illinois, (excluding the conflicts law of Illinois) and the United States, regardless of where Holder may reside or use the account at any time.
17. Forum. For any litigation relating to this Agreement, Holder hereby irrevocably consents to the exclusive jurisdiction of any state or federal court in Tazewell County or Peoria County, Illinois; provided that nothing contained in this Agreement will prevent Issuer from bringing any action, enforcing any award or judgment, or exercising any rights against Holder individually, against any security, or against any property of Holder within any other county, state, or other foreign or domestic jurisdiction. Holder acknowledges and agrees that the venue provided above is the most convenient forum for both Issuer and Holder. Holder waives any objection to venue and any objection based on a more convenient forum for any litigation relating to this Agreement.