Credit Card Disclosure

Rate and Fees Disclosure Table


Interest Rates and
Interest Charges

Annual Percentage Rate
(APR) for Purchases
12.50% - Variable – Rate determined by adding a margin to the Prime Rate*
APR for Balance Transfers 12.50% - Variable – Rate determined by adding a margin to the Prime Rate*
APR for Cash Advances 12.50% - Variable – Rate determined by adding a margin to the Prime Rate*
Paying Interest Your due date is at least 25 days after the close of each billing cycle. We will not charge you interest on purchases if you pay your entire balance by the due date each month. We will begin charging interest on cash advances (CA) and/or balance transfers (BT) on the transaction date.
For Credit Card Tips from the Consumer Financial Protection Bureau To learn more about factors to consider when applying for or using a credit card, visit the website of the Consumer Financial Protection Bureau at



Annual Fee None
Transaction Fees  
Cash Advances/ATM 3.0% of the amount advanced ($10.00 min - $300 max)
International Currency Fee 1.0% for transactions involving currency exchange, 1.0% for transactions not involving currency exchange
Penalty Fees  
Late Payment Up to $25.00
Returned Payment Up to $30.00
Other Fees  
1st Duplicate Statement $5.00
All Researches $25.00 / ½ hour
Card Reissue $5.00
Card Replacements: Lost/Stolen $5.00
Emergency Card (Overnight) $25.00
Paid by Phone $10.00

*Morton Community Bank calculates the variable rate by adding a margin of 4.0% to the Prime Rate as published in The Wall Street Journal on the 15th of March, June, September, and December each year.

How We Will Calculate Your Balance: We use a method called “average daily balance” (including new purchases). An explanation of this method is provided with your account agreement.

Billing rights: Information on your rights to dispute transactions and how to exercise those rights is provided with your monthly statement.

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 deterioration in the person's financial position.

This information is accurate as of 04/01/2024, subject to change. To inquire about any changes that may have been made, please contact: Morton Community Bank, 721 W. Jackson, Morton, IL 61550, (888) 418-5585 or [email protected].



1.   Terminology. For purposes of this Account Agreement, each Account Holder/Cardholder is referred to as “cardholder", “you”, whether one or more and Morton Community Bank is referred to as "Bank," "Issuer," "us," or "we”.

2.   Interest Rates.

a. Periodic Rate and Annual Percentage Rate. The Annual Percentage Rate corresponds to a Periodic Rate. The Annual Percentage Rate is equal to the Periodic Rate multiplied by 12 and the Periodic Rate is equal to the Annual Percentage Rate divided by 12. Rates will vary with the market based on the Prime Rate as described further below.

b. Prime Rate. The Prime Rate used for every adjustment referenced above is the highest "U.S. prime rate" as published in The Wall Street Journal on the 15th of March, June, September, and December each year.

c. Billing Cycle. Each monthly statement reflects a billing cycle. A billing cycle is a time period that ends on a closing date determined by us and begins on the day after the closing date of the previous billing cycle.

3.   Balance Computation Method. As indicated above, we use a method called "average daily balance (including new purchases)” to calculate your balance. To calculate the average daily balance we add the outstanding balance (including new purchases and deducting payments and credits) for each day in the billing cycle, and then divide by the number of days in the billing cycle. We figure the interest charge on your Account by applying the Periodic Rate to the "average daily balance" of your Account.

4.   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 2% 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 any Morton Community Bank branch. Payments made after the 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.

5.   Cash Advances. A Cash Advance Fee of either $10.00 or 3.00% of the amount of each cash advance, whichever is greater, up to a maximum of $300, will apply if you obtain funds through an automated teller machine (ATM) or a financial institution, make a wire transfer or obtain a money order. We will begin charging interest on Balance Transfers and Cash Advances on the transaction date.

6.   Foreign Transactions. If you make a purchase in a foreign currency, the transaction amount will be converted into U.S. dollars by VISA® International. VISA® International 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.

Foreign transactions involving currency exchange will be assessed a 1.0% International Currency Fee. Foreign transactions that do not involve currency exchange will be assessed at 0.8% International Currency.

7.   Late Payment Penalty Fee. If the minimum required payment is not received within ten (10) days after the payment due date, the late payment penalty fee will be imposed.

8.   BalanceTransfers. We will evaluate your Balance Transfer requests upon receipt. The total amount of your requests, including any fees and interest charges, cannot exceed your available credit. If your Balance Transfer requests exceed your credit limit, we may either decline your Balance Transfer request or send less than the full amount requested to the designated payees. Each Balance Transfer will reduce your available credit just like any other transaction. It may take up to six weeks to process your Balance Transfer(s), so you may still need to make payments to your other accounts to keep them current. We will not process any Balance Transfer requests for any other account or loan that is issued by us.

9.   Expedited Credit Card Production and Delivery Charge. Upon request, we will rush your Credit Card and charge you a one-time fee of $25.00.

10. Expedited Payment Fee. You may be charged a convenience fee of up to $10.00 to make an expedited payment over the phone with the assistance of a customer service representative. 

11. Research Charges. We will charge $25 per ½ hour when you request that we research your account history or other information related to your account.


By signing or using the Credit Card to be issued by us, you acknowledge receipt of the Cardholder Agreement and agree with us as follows:

1.   Credit Card Use. You may use your Credit Card to purchase goods and services ("Purchases") from participating merchants.

2.   Promise to Pay. You shall be liable and agree to pay us for Purchases made by, or for Cash Advances extended to you or anyone else using such Credit Card unless the use of such Credit Card is by a person other than you (a) who does not have actual, implied or apparent authority for such use, and (b) from which you received no benefit. Additionally, you shall be jointly and severally liable and agree to pay for all Purchases and Cash Advances obtained through the use of any other Credit Card bearing your Account number that has been issued to another person by reason of such person being a member of your family or otherwise issued upon your request (all such Credit Cards bearing your Account number are herein collectively called "Related Credit Cards").

3.   Annual Fee. You agree to pay us an annual fee (if and as stated in the Pricing Agreement Disclosures) for participation in our Credit Card plan. Such annual fee shall be imposed whether or not you use the Credit Card to obtain Purchases and Cash Advances. The annual fee shall be charged to your Account each year in the month of our choice. The annual fee is not refundable in the event of termination of the Account by either you or us unless otherwise provided for by law

4.   Our Right to Cancel Your Account. We can cancel your Account at any time, or reduce the amount of your credit line, without notice to you, except in those situations where notice is required by law. If we cancel your Account, you agree to destroy all Credit Cards issued on your Account by cutting them in half and securely discarding the pieces. You will continue to be responsible for full payment of the balance on your Account and all charges to your Account, including those not yet received by us, as well as subsequent interest and other charges. Each Credit Card is our property, and you agree that the Credit Cards are not transferable and to surrender any Credit Card upon demand

5.   Credit Limit. You shall not use the Credit Card or permit the use of Related Credit Cards to obtain Purchases or Cash Advances which will increase your indebtedness to us to an amount in excess of the limit established by us

6.   Credit Card Acceptance. All Purchases and Cash Advances are subject to the approval of the participating merchant and Cash Advancing Bank, respectively, and we shall not be responsible for refusal by any participating merchant or Cash Advancing Bank to honor the Credit Card or any Related Credit Card. Any refund, adjustment or credit allowed by Seller shall not be by cash but rather by a credit advice to us, which shall be shown as a credit on your Account statement with us.

7.   Statements. We will send to you, at monthly intervals determined by us, a statement reflecting for the prior monthly period all Credit Card and Related Credit Card transactions. Such statement shall be deemed correct and accepted by you and all holders of Related Credit Cards unless we are notified to the contrary in writing within 60 days of mailing of such statement. You will pay such statement by remitting to us within 25 days of the closing date reflected on the statement either the full amount billed or, at your option, an installment equal to at least the required minimum payment stated above.

8.   Interest. Interest on Balance Transfers, Cash Advances and Purchases will be charged in accordance with the calculation method referred to in the Pricing Agreement. The rate of interest shall be established by us from time to time, but shall never exceed the maximum rate permitted by law.

9.   Default, Acceleration and Security. You will be in default, and we may, without notifying you, temporarily suspend your credit, close your Account, cancel all Credit Cards issued on it and require immediate payment of your entire balance if any of the following occurs:

a. You fail to make a payment when it is due.

b. You do not follow the terms of this Agreement in any way.

c. You have made a false or misleading statement on the application or regarding your Account.

d. You fail to pay any other loan you owe us.

e. You become insolvent or die.

f. There is an attachment, execution or levy against your property or you make an assignment for the benefit or creditors.

g. A bankruptcy is filed by or against you or your spouse.

h. A guardian, conservator, receiver, custodian, or trustee is appointed for you

i. You are generally not paying your debts as they become due.

j. There has been a material adverse change in your financial standing.

You agree to pay all costs incurred by us in collecting our indebtedness or in enforcing this Cardholder Agreement, including reasonable attorney's and paralegal fees and also those costs, expenses and attorney and paralegal fees incurred in appellate, bankruptcy and post-judgment proceedings, except to the extent such costs, fees or expenses are prohibited by law.

10. Closing Your Account. You may close your Account at any time. If you close your Account, in order to avoid the accrual of interest and other fees, you must immediately pay everything you owe us, including any amounts owed but not yet billed. If you do not pay, the Account will continue to accrue interest and other fees and will remain subject to all the terms and conditions of this Cardholder Agreement. Upon closing the Account, you also agree to destroy all Credit Card(s).

11. Change in Terms of Your Account. We can change any terms of your Account at any time. We will provide you with such notice as is required by law by mailing a notice to you at the latest address shown in our records.

12. Notification of Changes. You agree to notify us within 20 days of any change in name, mailing address, telephone number, or place of employment.

13. Governing Law.  Except to the extent that Federal law is applicable, the validity, construction and enforcement of this Cardholder Agreement and all matters arising out of the issuance and use of the Credit Card and your Account shall be governed by and interpreted in accordance with the laws of the State of Illinois regardless of where you may reside or use your Account.

14. Liability for Unauthorized Credit Card Use/Lost or Stolen Credit Card.  If you notice the loss or theft of your Credit Card or possible unauthorized use of your Credit Card, you should write to us immediately at:

Morton Community Bank
721 W. Jackson
Morton, IL 61550
Or call us at (888) 418-5585

You will not be liable for any unauthorized use that occurs after you notify us. You may, however, be liable for any unauthorized use that occurs before your notice to us.  In any case, your liability will not exceed $50.00.

You agree to notify us immediately if your Credit Card is ever lost or stolen or if any unauthorized use may have occurred. You agree to assist us in determining the facts, circumstances and other pertinent information relating to any loss, theft or possible unauthorized use of your Credit Card and to comply with such procedures as we may require in connection with our investigation, including assisting in the prosecution or any unauthorized user.

15. Telephone Monitoring. You agree that we and our agents or service companies may monitor and/or record any telephone communications with you or any cardholder.

16. Payments. Payments must be made to us in U.S. Dollars drawn from a U.S. bank. Subject to applicable law, payments may be applied to what you owe us in any manner we choose at our sole discretion. We may accept checks marked "Payment in Full" or with words of similar effect without losing any of our rights to collect the full balance on your Account.

17. Reevaluation of Credit. We can reinvestigate and reevaluate any information you provided on your credit application at any time, and in the course of doing so, we may ask you for additional information, request credit bureau reports and/or otherwise verify your current credit standing. You also acknowledge that we may periodically evaluate your creditworthiness utilizing a credit scoring process. The results of these investigations and evaluations could lead to a reduction or termination of your credit limit, changes in the APR applicable to your Account or changes in other terms of your Account. As required by law, you will be notified of these changes. 

18. Release of Information. You agree that we may release information to others, such as credit bureaus, regarding the status and history of your Account. However, we are not obligated to release any such information to anyone unless we are required by law to do so.

19. Prohibited Transactions. You shall not use the Credit Card for any illegal transaction. In addition, Federal Law, the Unlawful Internet Gambling Enforcement Act 2006, prohibits commercial customers from conducting transactions related to illegal Internet gambling. As our credit card customer, you agree to notify us if your Account is ever used for Internet gambling, even if you believe the activity to be legal. If you do not, we may close your account.

20. Waivers. If, for any reason, we do not make use of any of our rights under this Cardholder Agreement on a particular occasion, that will not limit our rights in the future in any way.

21. VISA® Rules and Regulations. You agree that your Account shall be subject to all applicable rules and regulations of VISA® Worldwide, as applicable, as well as all applicable laws. If there is any conflict between the provisions of this Cardholder Agreement and the rules and regulations of VISA®, the rules and regulations of VISA® Worldwide shall control. 



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.

Please contact Morton Community Bank Credit Card Servicing with any questions about this notice at (888) 418-5585.


VISA Card 10/2017

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Morton Community Bank
Morton, IL
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