2011-10-26 CC Packet - Laserfiche WebLink

Home Browse Search

its affiliates; (ii) debit the Members Account with it's designated bank account (iii) debit the Member's specified U.S. dollar deposit account at a U.S. financial institution; or (iv) Member shall pay in immediately available funds with a check or draft drawn on a U.S. financial institution for the balance shown on each Member Account Statement. Any amount not so paid on or before the applicable Payment Due Date shall be considered past due and such non - payment shall constitute a default by the Member. Section 3.4. Interest shall be charged on the amount of all Purchases, fees and service charges from the date posted to the Member Account, and from the date of the advance for Cash Advances. Interest shall be charged at the annual rate(s) defined in Schedule 1 (the "Card Rate(s))." Interest is calculated on a daily basis by multiplying each daily interest- bearing balance of Charges in each Card Account by a daily rate of interest. The daily rate of interest is equal to the applicable Card Rate divided by the actual number of days in the year (365 or 366, as the case may be). Section 3.5. The Bank will waive the interest charges on Purchases, fees and service charges if the Bank receives payment in full at its MasterCard Payment Center of the aggregate outstanding balance of the Member Account on or before the Payment Due Date each month. The Bank will not waive interest charges on Cash Advances. Section 3.6. If the Bank receives any payment in an amount less than the outstanding balance of the Member Account shown on a Member Account Statement, the Bank may apply such partial payment to the Card Accounts as the Bank elects. In respect of any Card Account, any payment will be applied towards Charges which have been included in a Member Account Statement in the following order: (a) interest, (b) fees and service charges, (c) Cash Advances (d) interest - bearing Purchases, (e) non - interest - bearing Purchases; the remainder, if any, will then be applied towards Charges which have not yet been included in a Card Account Statement in the same order as shown above. The Bank may accept payments that are marked with restrictive endorsements such as "payment in full" without losing any of its rights under this Agreement. Any payment tendered with a restrictive endorsement must be sent to the Bank's address for customer service to be effective in accordance with Section 3 -311 of the Uniform Commercial Code. Section 3.7. The Member shall pay all Charges included in a Member Account Statement notwithstanding that the Member or a Cardholder disputes with the Bank any Charge or other particular. In the event of any such dispute with the Bank, the Member will follow the Customer Service Procedures outlined in Schedule 1. Section 3.8. The Member shall examine each monthly Member Account Statement, and shall ensure each Cardholder examines each monthly Card Account Statement, upon receiving it. If the Member does not notify the Bank of an error or omission with regard to any Charge to the Member Account included in or itemized on such monthly statements within sixty (60) days after the Monthly Billing Date in respect of such statement, the Member agrees that such Member Account Statement and related Card Account Statements shall be deemed presumptively to be correct and Member must establish by clear and convincing evidence that such Card Account Statement is in error. -4- 38