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FDIC Insurance Rules

The FDIC – short for Federal Deposit Insurance Corporation – is an independent agency of the United States government that protects against the loss of insured deposits if an FDIC insured bank fails. It is backed by the full faith and credit of the United States government. Since the FDIC began in 1934, no depositor has ever lost a penny of FDIC insured funds.

Important FDIC Information

  • FDIC insurance covers funds in deposit accounts at Blue Ridge Bank, including checking, NOW, savings, money market deposit accounts and certificates of deposit (CDs).
  • Deposits are insured up to at least $250,000 per depositor for each ownership category.
  • The FDIC provides separate insurance coverage for funds held in different ownership categories. This means that a bank customer may qualify for more than the $250,000 coverage if the accounts are in different ownership categories and the requirements are met. For more information, please visit www.myFDICinsurance.gov.

Funds Availability Disclosure

Your Ability to Withdraw Funds

This policy statement applies to "transaction" accounts. Transaction accounts, in general, are accounts that permit an unlimited number of payments to third persons and an unlimited number of telephone and pre-authorized transfers to other accounts of yours with us. Checking accounts are the most common transaction accounts. Feel free to ask us whether any of your other accounts might also be under this policy.

Our policy is to make funds from your cash and check deposits available to you on the business day we receive your deposit. Electronic direct deposits will be available on the day we receive the deposit. Once the funds are available, you can withdraw them in cash and we will use the funds to pay checks that you have written or electronic debits that you have authorized.

Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems regarding your deposit.

For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If we are open on a federal holiday, your deposit will post the next business day.

If you make a deposit before 5:00pm (6:00pm on Fridays) on a business day that we are open, we will consider that day to be the day of your deposit. If you make a deposit on a day we are not open or after hours at our "night drop", we will consider that the deposit was made on the next business day we are open.

Longer Delays May Apply

Case-by-Case Delays: In some cases, we will not make all the funds that you deposit by check available to you on the second business day after the day of your deposit. Depending on the type of check that you deposit, funds may not be available until the second business day after the day of your deposit. The first $225 of your deposit, however, may be available on the first business day.

If we are not going to make all of the funds from your deposit available on the first business day, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will mail you the notice by the day after we receive your deposit.

If you will need the funds from a deposit right away, you should ask us when the funds will be available.

Safeguard Exceptions: Funds that you deposit by check may be delayed for a longer period under the following circumstances:

  • We believe a check you deposit will not be paid
  • You deposit checks totaling more than $5,525 on any one day
  • You redeposit a check that has been returned unpaid
  • You have overdrawn your account repeatedly in the last six months
  • There is an emergency, such as a failure of computer or communications equipment.

We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the seventh business day after the day of your deposit.

Special Rules for New Accounts: If you are a new customer, the following special rules will apply during the first 30 days your account is open:

Funds from electronic direct deposits to your account will be available on the day we receive the deposit. Funds from a deposit of cash, wire transfer, and the first $5,525 of a day's total deposits of cashier's, certified, teller's, traveler's, and federal, state and local government checks will be available on the first business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you. The excess of $5,525 will be available on the ninth business day after the day of your deposit. If your deposit of these checks (other than a U S Treasury check) is not made in person to one of our employees, the first $5,525 will not be available until the second business day after the day of your deposit.

Funds from all other check deposits will be available on the fifteenth business day after the day of your deposit.

Electronic Funds Transfer Act – Regulation E

The Electronic Funds Transfer Act and Federal Reserve Board Regulation E establishes the basic rights, liabilities and responsibilities of consumer who use electronic funds transfer services and of financial institutions that offer the services. If any of the types of Pre-authorized Electronic Funds Transfers mentioned below are made to or from your checking or savings accounts, the law and these disclosures are applicable to you.

TYPES OF TRANSFERS

  1. Direct deposits
  2. Any other recurring payment to your checking or savings account
  3. Recurring Transfers from your account, which you authorized a company to make for you
  4. ATM withdrawals from your checking account
  5. Point-of-Sale and Debit Card transactions

BUSINESS DAYS

Our business days are Monday through Friday, excluding legal holidays.

RIGHT TO RECEIVE INFORMATION CONCERNING TRANSFERS

If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, you can call us at the telephone numbers listed below to find out whether or not the deposit has been made.

Statements: You will get a monthly checking account statement showing transfers to and from the account in addition to your normal activity unless there are no transfers in a particular month. In any case, you will get a statement at least quarterly.

YOUR LIABILITY FOR UNAUTHORIZED TRANSFERS

  1. Notify us at once if you believe your card and/or PIN has been lost or stolen. Telephoning is the best way to keep your possible losses down. You could lose all the money in your account. If you tell us within two business days, you can lose no more than $50 if someone used your card without your permission.
  2. If you do not notify us within two business days after you learn of the loss or theft of your card and/or PIN, you could lose as much as $500.
  3. If your statement shows any electronic funds transfer you did not make or authorize, notify us at once by calling the telephone numbers listed below. If you do not notify us within 60 days after the statement is mailed to you, you may not get any money you lost after the 60 days if you cannot prove that we could have stopped someone from taking money if we had been notified in time. If you are unable to notify us due to extenuating circumstances (such as a long trip or hospital stay) we will extend the time period.

STOP PAYMENT

  1. Right to Stop Payment and Procedures for Doing So: If you have told us in advance to make regular payments out of your account, you can stop any of these payments. Call or write us at the telephone numbers or address listed below, in time for us to receive your request three (3) business days or more before the payment is to be made. If you call, we require that you submit your request in writing within 14 days. Any oral stop payment order not confirmed in writing within 14 days will expire in 14 days. Any stop payment request confirmed in writing within 14 days will expire after 6 months and must be renewed in writing to remain in effect. There is a charge for placing a stop payment order.
  2. Notice of Varying Amounts: If the regular payments will vary in amount, the company you are going to pay will tell you 10 days before each payment, when it will be made and how much it will be.
  3. Liability for Failure to Stop Payment of Pre-authorized Transfers: if you order us to stop payment on these payments 3 business days or more before the transfer is scheduled and we do not do so, we will be liable for your losses or damages.

ACCOUNT INFORMATION DISCLOSURE

We will disclose information about your account or the transfer that you made:

  1. If we return checks on your account due to insufficient or uncollected funds or if we are unable to complete an electronic transfer due to insufficient or uncollected funds; or
  2. Where it is necessary for completing transfers; or
  3. In order to verify the existence or condition of your account for a third party, such as credit bureaus or merchants; or
  4. In order to comply with government agencies or court orders; or,
  5. Upon your written request;
  6. To companies who perform marketing services on our behalf or to other financial institutions with whom we have joint marketing agreements; or
  7. As permitted by law

Blue Ridge Bank Telephone: (540)743-6521 (888) 331-6521 Toll Free

IN CASE OF ERROR OR QUESTIONS ABOUT YOUR ELECTRONIC TRANSFER

Telephone us during normal banking hours at the telephone number listed above, or write to Blue Ridge Bank, P O Box 609, Luray VA 22835, as soon as you can if you think your periodic statement is wrong or if you need more information about a transfer listed on your statement. We must hear from you no later than 60 days after we sent the FIRST statement on which the problem or error appeared or no later than 60 days after we sent you information or documentation which you requested in order for you to determine whether an error may have occurred.

  1. Tell us your name and account number
  2. Describe the error or transfer you are unsure about and explain as clearly as you can why you believe there is an error and why you need more information
  3. Tell us the dollar amount of the suspected error

If you tell us orally, we may require that you send your complaint or question in writing within 10 days. We will tell you the results of our investigation within 10 business days after we hear from you and we will correct any error promptly. If we need more time, however, we may take up to 45 days to investigate your complaint or question. If we decide to do this, we will recredit your account within 10 days for the amount you think is in error so that you will have use of the money during the time it takes to complete our investigation. If we ask you to put your question or complaint in writing and if we do not receive it within 10 business days, we may not re-credit your account. If we decide there was not an error, we will send you a written explanation within 3 days after we finish our investigation. You may ask for copies of the documents that we used in our investigation.

ADDITIONAL ACCOUNT INFORMATION

VISA CHECK CARDS

Use of your BRB VISA Check Card at ATMs within the BRB network is free.

If you use an automated teller machine not owned or operated by Blue Ridge Bank, a fee may be imposed for ATM transactions. You may also be charged a fee by the operator of the machine and/or by an automated transfer network.

Exchange Rate Used for Processing International Transactions:

Is the rate selected by VISA from the range of rates available in wholesale currency markets for the applicable central processing date, which rate may vary from the rate VISA itself receives, or the government-mandated rate in effect for the applicable central processing date, in each instance, plus or minus any adjustment determined by the Bank.

TRUTH-IN-SAVINGS DISCLOSURE

All Interest Bearing Accounts

We reserve the right at any time to require not less than 7 days notice in writing before each withdrawal from an interest-bearing account other than a time deposit, or from any other savings account as defined by Regulation D.

DISCRETIONARY OVERDRAFT SERVICE POLICY

This policy is not a line of credit, or a right or obligation guaranteed to you. This is a discretionary policy that can be changed or withdrawn at any time without notice.

Under this policy, our standard overdraft practice is to strive to pay your overdrafts when your account meets certain discretionary criteria. The criteria may include, but is not limited to, any or all of the following and is subject to change without notice:

  • The age of your account.
  • The deposit behavior in your account and any related accounts.
  • The overdraft behavior of your account and any related accounts.
  • The status of any loan or other obligation to us.
  • The status of any legal or administrative order or levy.

We have adopted this discretionary overdraft policy to provide you the highest level of service and for the highest efficiency in managing customer overdrafts consistently and fairly. At our discretion, we may pay and permit transactions for items, including checks, ATM withdrawals, debit card transactions, preauthorized automatic debits, telephone-initiated transfers or other electronic transfers, when you do not have sufficient available funds, although special arrangements or circumstances may change this amount. A non-sufficient fund/overdraft fee of $39.97 per item will be assessed for each item that is submitted in which you do not have sufficient available funds in the account to cover the item amount when it is processed.

Although subject to change without notice, it is our current practice to process account activity each evening for items received prior to the daily cut off time. We sort items for processing first by transaction type in the following order: ATM withdrawals, debit card transactions, pre-authorized debit transactions, telephone-initiated transfers, other electronic transactions and paper-based checks or drafts. Within transaction types, items are processed by item sequence, which would be the earliest date/time for electronic items and the lowest check or draft number for paper based items. For example, if we receive two of your checks for payment and you make a debit card transaction in the same day, these items will be processed against your account balance that evening. Your account balance is adjusted as each item is processed for the amount of the item, if the item is paid, and/or any applicable non-sufficient fund/overdraft fee that is charged. A non-sufficient fund/overdraft fee will be charged for each item if the amount of the item is greater than the adjusted account balance at the time it is processed.

We are not obligated to pay any item presented for payment if your account does not contain sufficient collected (available) funds, and any discretionary payment of any non-sufficient fund item does not obligate us to pay any additional non-sufficient fund item or to provide prior written notice of our decision to refuse to pay any additional non-sufficient fund item. If an item is processed for payment and we create an overdraft, pursuant to the Depositor's Account Agreement, you agree to pay us the amount of any overdraft and applicable fees, as published, immediately, without notice or demand from us, unless you otherwise specify that you wish all NSF's returned, upon which you agree to pay us the amount of any applicable fee. Each account holder is jointly and severally responsible under the Depositor's Account Agreement for paying any overdraft amounts.

It is our policy to operate in accordance with all applicable safety and soundness standards. Federal and State laws, particularly the Uniform Commercial Code, unless modified or amended by the Depositor's Account Agreement, controls the duties, obligations and rights of the Depositor, the Authorized Signatories and the Financial Institution with regard to your checking account. The Depositor's Account Agreement terms shall control any possible conflict, if any, between any provision of this overdraft policy and the Depositor's Account Agreement.

If you do not wish to be included under this policy and would prefer to have your non-sufficient fund items returned and/or denied, please call (888) 331-6521. A non-sufficient fund fee will be assessed when your item is returned.

DIGITAL WALLETS TERMS AND CONDITIONS

Terms and Conditions and Privacy Policy For Adding Your Blue Ridge Bank Credit to Mobile Wallet Service

Blue Ridge Bank
Terms and Conditions (Retain for your records)

Mobile Wallet Terms and Conditions These Terms and Conditions (the “Terms”) apply when you choose to add a Blue Ridge Bank credit card to a Mobile Wallet Service. In these Terms, “you”, “your”, “their”, and “my” refer to the cardholder of the Blue Ridge Bank Card, and “we,” “us,” “our,” and “Blue Ridge Bank” refer to the issuer of your Blue Ridge Bank Card. By selecting the check box entitled “I have read, and I understand and agree to the Blue Ridge Bank Mobile Wallet Service Terms and Conditions,” you agree to all terms, conditions, and notices contained or referenced in these Terms and you are providing your express consent.

What is a Mobile Wallet Service? A Mobile Wallet Service (“Wallet”) allows you to add your Blue Ridge Bank Cards to an application using your Mobile Device. Your Blue Ridge Bank Card number is replaced with a digital number or token. Once added, you understand that you may use your Mobile Device to make payments only where the Wallet is accepted. Blue Ridge Bank is not a provider of the Wallet and we are not responsible for any failure or inability to perform a transaction using the Wallet. We are only responsible for supplying information securely to the Wallet provider to allow usage of the Blue Ridge Bank Card in the Wallet.

Eligibility Active Blue Ridge Bank Card accounts that are in good standing are eligible to be added to a Wallet. If your Blue Ridge Bank Card or any underlying (Blue Ridge Bank) account becomes delinquent, is in a negative status or is otherwise maintained in an unsafe manner as determined by Blue Ridge Bank in its sole discretion, your Blue Ridge Bank Card may be removed by Blue Ridge Bank from the Wallet for continued use.

Relationship to Other Agreements You agree that when you add your (Blue Ridge Bank) Card to a Wallet service, your Blue Ridge Bank Card and account will remain subject to the terms and conditions of all existing agreements with Blue Ridge Bank. You acknowledge that certain message and data rates may apply from your wireless service providers and/or wireless carriers which might impact your use of the Wallet. For example, your mobile service carrier or provider may impose data usage or text charges for your use of or interaction with the Wallet, including downloading the software, receiving or sending text messages, or other use of your mobile device when using the software or other products and services provided by the Wallet. You expressly agree that you are responsible for all such fees, limitations, and restrictions and that we may contact you via your mobile device for any purpose concerning your accounts at Blue Ridge Bank, including account servicing and collection purposes.

Account Ownership/Accurate Information You represent that you are the legal owner of the account and other financial information which may be accessed via the Wallet. You represent and agree that all information you provide in connection with the Wallet is accurate, current, and complete, and that you have the right to provide such information to us for the purpose of operating the Wallet. You agree not to misrepresent your identity or your account information.

Measures to maintain your privacy and security Once you have added your Blue Ridge Bank Card to a Wallet service, Blue Ridge Bank is responsible for securely transmitting your information to your Wallet service provider. Your information is only sent through secure channels. You agree that we may share your information with the Wallet provider, a payment network, and others in order to provide the services you have requested, to make information available to you about your Blue Ridge Bank Card transactions, and to improve our ability to offer these services. We do not control the privacy and security of your information that may be held by the Wallet provider and that is governed by the privacy policy given to you by the Wallet provider. You agree not to leave your Mobile Device unattended while logged into the Wallet and to log off immediately at the completion of each access by you. You agree not to provide your password or other access information to any other person. If you believe that someone may have unauthorized access to your Mobile Device, you agree to immediately cancel your access to the Wallet associated with the Mobile Device. You agree to provide us with immediate notice in the event you suspect fraud or any unauthorized access to any of your accounts. You agree to comply with all applicable laws, rules and regulations in connection with your Blue Ridge Bank Card.

You agree to take every precaution to ensure the safety, security and integrity of your account and transactions when using the Wallet.

We may in some cases make individually identifying information available only in the following circumstances: where ordered by a court or other legal body or where it is lawfully permitted or required; where we have agreed to provide information under contracts to vendors and partners to make products and services available to our customers; or where the customer has requested or consents to the disclosure of information. In those cases where we disclose information to outside vendors, we require that they use it for no purposes other than providing previously specified services to our customers.

Changes in these Terms and Conditions Except as otherwise required by law, Blue Ridge Bank may in its sole discretion change these terms, and modify or cancel the eligibility to use your Blue Ridge Bank Card with a Wallet service at any time, without notice. You cannot change these terms but you can terminate them by removing your Blue Ridge Bank Card(s) from the Wallet. Blue Ridge Bank reserves the right to refuse any transaction for any reason.

Exclusion of Warranties; Limitation of Liability; Indemnification
YOU EXPRESSLY UNDERSTAND AND AGREE THAT YOUR USE OF A MOBILE WALLET SERVICE IS AT YOUR SOLE RISK. ANY MATERIAL DOWNLOADED OR OTHERWISE OBTAINED THROUGH THE USE OF THE WALLET IS OBTAINED AT YOUR OWN DISCRETION AND RISK, AND Blue Ridge Bank IS NOT RESPONSIBLE FOR ANY DAMAGE TO YOUR MOBILE DEVICE OR LOSS OF DATA THAT RESULTS FROM THE DOWNLOAD OF ANY SUCH MATERIAL, WHETHER DUE TO ANY COMPUTER VIRUS OR OTHERWISE. Blue Ridge Bank MAKES NO REPRESENTATION OR WARRANTY AS TO THE COMPLETENESS, ACCURACY, RELIABILITY, OR CURRENCY OF ANY INFORMATION OR DATA THAT YOU
OBTAIN THROUGH THE USE OF A WALLET.


Consumer Credit Card Agreement

YOUR CONTRACT WITH US

  1. This document, and any future changes to it, is your contract with us. We will refer to this document as your “Agreement” or “Credit Card Agreement”; these terms also include any changes we may make to this document from time to time.

  2. The words "we", "us" and "our" mean Virginia Community Bank or any subsequent issuer or holder of your account.

  3. The words "you" or "your" mean each and all of those who are granted, accept, or use the account and any person who has guaranteed payment of the account. You consent and agree to these terms and conditions, and also to the terms contained on the Card, sales drafts, credit adjustment memos and cash advance drafts, signed by or given to you or any authorized user of your Cards. You will be bound by this Agreement and responsible for paying all amounts owed. You agree with the terms and conditions of this agreement when you accept, sign or use your Card.

  4. You agree and consent to an investigation of your credit standing prior to the issuance of a Card to you, and at any time thereafter, and authorize disclosure of such information relating to your credit standing to third parties.

USE OF YOUR CARD

  1. Use of Card. You can use your card to purchase goods and services at participating merchants. We will add the amount of each purchase to the part of your account we will call purchases. Subject to your available credit line, you can also obtain cash advances (loans) by presenting your credit card at any participating financial institution, or by using a designated Automated Teller Machine (ATM), provided a Personal Identification Number (“PIN”) has been issued to you.  You may make cash advance withdrawals totaling not more than $500 each from compatible ATM terminals, not to exceed your credit limit. Terminals or terminal operators may have other limits on the amounts or frequency of cash withdrawals. You will not be liable for the unauthorized use of the card or PIN issued to you which occurs before we receive 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 us by notifying CUSTOMER SERVICE, 516 Edgewater Drive, Wakefield, MA 01880, and Telephone (866) 563-1335. When using your card, you agree to provide identifying information and sign the appropriate drafts, when necessary. Failure to sign a draft does not relieve you of liability for purchases made or cash received. The use of this card for illegal transactions is prohibited.

  2. Authorized User. If you let someone else use your account (Authorized User), you are responsible for all transactions made by that person, whether or not you have notified us that the person will be using your account and whether or not the amount of the actual use exceeds your permission or was made for your benefit. An Authorized User will not be responsible for paying the balances due on the Account. You cannot disclaim responsibility for these charges by notifying us, but if you write us at the address or call at the telephone number shown on your billing statement and return all cards to us, we will close the your account for new transactions.

  3. Balance Transfers. Balance transfer means a transfer of funds to another creditor initiated by us at your request. Balance Transfers include Transaction fees and adjustments associated with any Balance Transfer.

  4. Credit Limit. Your “Credit Limit” is the maximum amount of Transactions (purchases, cash advances, and balance transfers), interest, finance charges, plus any other charges that we allow you to owe on the account at any time. You will be advised of the Credit Limit when the card is issued. You promise not to allow the outstanding balance to exceed the Credit Limit. However, if you exceed the Credit Limit, you are still responsible to pay the outstanding balance to us. We do not give up any of our rights under this Agreement and can require that you immediately pay any amount in excess of the Credit Limit. We may establish a maximum cash advance amount that is less than the Credit Limit. This cash advance limit is the Cash Limit.

INTEREST AND FEES

  1. Membership Fees. As a condition of your account, you agree that there is no annual membership fee for your account, unless otherwise noted in the fee disclosure provided to you.  Any membership fee noted entitles you to MasterCard credit cards, and you agree to pay a fee for each additional card requested. Please see the Consumer Credit Card Disclosure for fees charged.

  2. Interest Charges. You shall pay Interest Charges as shown on your 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 Consumer Credit Card Disclosure. We figure the Interest Charges on your account by applying the Daily 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 you and written in connection with these regulations. The “Balance Subject to Interest Rate” is the “average daily balance,” of the account (including current transaction). To get the “average daily balance,” we 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 us the daily balance. Then, we add up all of the daily balances for the billing cycle and divide the total by the number of days in the billing cycle. This gives us 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. You may avoid additional Interest Charges on your account by paying in full the New Balance shown on the account’s monthly statement that is at least 26 days after the Closing Date for that statement.

  3. Finance Charges.  A FINANCE CHARGE accrues on every purchase and cash advance from the day each advance is posted to your account to the day payment of the advance is credited.  However, you can avoid paying a FINANCE CHARGE on current billing cycle purchases (those itemized on a statement) if you paid in full the new balance on your previous statement so that we receive and credit it on or before the due date indicated on that statement.

HOW WE DETERMINE THE AMOUNT OF FINANCE CHARGE:

We figure the FINANCE CHARGE on your account by applying the periodic rate of FINANCE CHARGE to the “Average Daily Balance” of your account.  To get the “Average Daily Balance,” we start with the beginning balance of your account excluding unpaid FINANCE CHARGES.  We add any cash advances posted to your account that day.  We also add any new purchases unless you paid in full the new balance on your statement for the previous billing period by its payment Due Date.  We subtract any credits and any payments (after any unpaid FINANCE CHARGES are paid) posted to your account that day.  This gives us the daily balance.  Then, we add up all the daily balances for the billing period and divide by the total number of days in the billing period.  This gives us the “Average Daily Balance.”  We figure the FINANCE CHARGE on your account by multiplying the “Average Daily Balance” by a periodic rate of FINANCE CHARGE.

  1. Variable Annual Percentage Rate. The current Daily Periodic Rate and corresponding ANNUAL PERCENTAGE RATE for new accounts are disclosed on the accompanying card mailer. These rates may vary monthly based on the current market Prime Rate. The ANNUAL PERCENTAGE RATE is based on the highest prime rate published in The Wall Street Journal “Money Rates” table, PLUS a Margin. For more information on current margin(s), please refer to the Consumer Credit Card Disclosure. We read the WSJ Prime rate on the 15th of each month and any change in your rate will be reflected as of the 30th day of that same month (“Change Date”).  Beginning on the date an adjustment in the rate is effective and until the next Change Date, the Daily Periodic Rate then in effect will be applied to the balance in the account to determine the Interest Charges. An adjustment in the Daily Periodic Rate and corresponding ANNUAL PERCENTAGE RATE will apply both to the outstanding balances in the account and to new cash advances, (including any balance transfers from other credit card accounts), credit purchases, and other charges. An increase or decrease in the Index Rate will cause an increase or decrease in the Daily Periodic Rate and corresponding ANNUAL PERCENTAGE RATE and may increase the amount and number of minimum payments. If the Index Rate ceases to be made available, we may substitute a substantially similar index and margin.

  2. How We Will Calculate Your Variable APRs. We calculate variable APRs by adding a margin to the highest U.S. Prime Rate published in the Money Rates section of The Wall Street Journal on the 15th of each month and any change in your rate will be reflected as of the 30th day of that same month. The APR may increase or decrease each month if the Prime Rate changes. Any new rate will be applied as of the first day of your billing cycle during which the Prime Rate has changed. If the APR increases, you will pay a higher interest charge and may pay a higher minimum payment. The Prime Rate is simply a reference index and is not the lowest interest rate available. If The Wall Street Journal stops publishing the Prime Rate, we will select a similar reference rate.

  3. Late Fees.  If you don’t pay at least the minimum payment by the due date, you’ll be charged a late payment fee of $30.00.  In addition, if you make a late payment, you will be in default and you may be subject to interest rate increases.
  4. Overlimit Fees.  If your new balance exceeds your credit limit as of a billing cycle closing date you will not be charged an overlimit fee.

  5. Replacement Fees if Card is Damaged.  If your card is damaged and/or you request that a new card be issued to you, you will be charged a $5.00 replacement Fee.  This will be added to your current cycle purchases and reflected on your monthly statement.

  6. Expedited Delivery Fee.  You may be charged this Fee if you request and we agree to arrange for expedited delivery of any Card to you (for example, by an overnight delivery service).  The amount of the Expedited Delivery Fee will depend on the type of delivery you choose to receive, and will be disclosed to you when you request expedited delivery.  If you then confirm and we honor your request, we will charge the fee.

  7. Additional Fees. For a listing of fees charged in association with your card, please see the Consumer Credit Card Disclosure accompanying this Agreement. These charges will not be imposed if your request is in connection with or 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 your account.

PAYMENT TERMS

  1. Monthly Statements. We will send you a statement at the end of each monthly statement period in which there is a transaction or an outstanding balance on your account. The statement will show all transactions, the unpaid balance on your account, the amount of credit available to you (your credit line minus the new balance), the minimum payment due and the due date.

  2. Payment. You agree to pay us back all purchases and cash advances made under your account, together with all finance charges and any fees and other charges according to the terms of this Agreement. You shall pay within 26 days after each statement Closing Date either (a) the full amount billed (“New Balance”) or, if you choose, (b) a minimum Payment of 3% of the New Balance, whichever is greater. Payments may be mailed to Virginia Community Bank, P.O. Box 70222, Philadelphia, PA, 19176. Payments may be made, in person, at a Virginia Community Bank office. Payments received after 5:00 p.m. EST on any processing day or at any time on any non-processing day will be considered as payments made on the following processing day.

  3. How We Apply Payment. All payments will be applied first to the Minimum Payment Due.  Any payments made in excess of the Minimum Payment Due will be applied first to the balance with the highest interest rate then successively to each lower interest rate until payment is exhausted.  For expiring deferred interest balances, the entire excess of a minimum payment will be applied during the last two Billing Cycles immediately preceding the expiration of the deferred interest period.

  4. Security Interest. All credit advanced to you for credit purchases or cash advances constitutes loans made by us to you. We disclaim as security for loans made to you under these regulations any security interest we may at any time have in household goods or real property. Except as disclaimed above, loans made to you after the effective date of these regulations may be secured by collateral given by you to secure other loans from us.

DEFAULT AND ACCOUNT TERMINATION

  1. Default. You promise to observe and comply with these regulations and promise not to permit an event of default to occur. Upon the occurrence of any one or more of the following events of default: (a) you fail to pay at least the Minimum Payment when due on two occasions within any 12-month period; or (b) you die, cease to exist, change residency to another state, become insolvent or the subject of bankruptcy or insolvency proceedings, or fail to observe any covenant or duty contained in these regulations, if such event or breach materially impairs your ability to pay amounts due; the full amount of your account for which the default occurred (including unpaid Interest Charges) shall, at our option become immediately due and payable if you do not cure the default within 15 calendar days after notice is mailed to your address, or given as otherwise provided by law. We have this right, without notice and opportunity to cure, if the default is your third default within 12 months and you are notified of the prior two defaults and you cured those defaults.

  2. Termination. Your consent to these regulations may be terminated at any time by surrendering the cards issued to you or at your written request, but such termination shall not affect your obligations as to any balances or charges outstanding at the time of termination. Your termination shall be binding on each person in whose name the card is issued. If your spouse terminates this credit plan, the full amount of your account (including unpaid Interest Charges) may be declared immediately due and payable. We may terminate your privilege to use the cards if you move out of our service area, as we may define 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 you and without affecting your liability for credit previously extended, your privilege to use the cards may be revoked or limited to the extent not prohibited by law. The cards are and shall remain our property and you agree to surrender them to us upon demand.

MISCELLANEOUS

  1. Joint Accounts. If your account is a “Joint Account,” you and the Joint Account holder promise to pay and are jointly and individually responsible for all amounts due on the Account. This means that we can require any holder of your account individually to repay the entire amount owed under this Agreement. You authorize the other(s) to make purchases, cash advances, or otherwise access the Account, individually. You or the other holder(s) may terminate the Account and the termination will be effective as to all of you. You agree not to give us conflicting directions.

  2. Foreign Transactions. Transactions made in foreign countries and foreign currencies will be billed to you in U.S. dollars. The exchange rate for transactions in a foreign currency will be a rate selected by MasterCard from the range of rates available in wholesale currency markets for the applicable central processing date, which rate may vary from the rate MasterCard itself receives, or the government mandated rate in effect for the applicable central processing date. The exchange rate in effect on the central processing date may differ from the rate in effect on either the transaction date or the posting date. The exchange rate is subject to change by MasterCard.

  3. We May Sell Your Account. We may at any time, and without notice to you, sell, assign or transfer your account, any amount due on your account, this Agreement, or our rights or obligations under your account or this Agreement to any person or entity. The person or entity to which we make any such sale, assignment or transfer shall be entitled to all of our rights and shall assume our obligations under this Agreement, to the extent sold, assigned or transferred.

  4. Disputes. We are not responsible for refusal by any merchant, financial institution or automated equipment to honor or accept a card. Except as provided in the Federal Truth-in-Lending laws(as indicated in the Summary of Billing Rights below), we have no responsibility for merchandise or services you obtain with a card and any dispute concerning merchandise or services will be settled between you and the merchant concerned.

  5. Amendments. We may amend these regulations from time to time by sending you advance written notice not less than 45 days prior to the effective date for any change that is either adverse to your outstanding balance or increases certain fees, as required by the Consumer Protection Act 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 we indicate in the notice and that the law permits, amendments will apply to your existing account balance as well as to future transactions. Notices are deemed given when we mail them to your current address for mailing monthly statements. Invalidity of any provision of these regulations shall not affect the validity of any other provisions unless otherwise provided by the Consumer Protection Act.

  6. Governing Law. You agree to be governed by the Consumer Protection Act with respect to all aspects of the transactions arising under these regulations. All statutory references are to the statutes as they may be renumbered or amended from time to time.

  7. Collection Costs.  You agree to pay all collection costs, including reasonable attorney’s fees, if we start collection proceedings.
  8. Permission to use monthly statements, etc. as evidence if you go to court for any reason, with photocopies.  If we go to court for any reason, we can use a copy, microfilm, or microfiche of any monthly statement or other document to prove that you owe us or that a transaction has taken place.  The copy, microfilm or microfiche will have the same validity as the original.

  9. Reference to Benefits Guide.  We may offer you certain benefits and services with your account.  Any benefits or services are not a part of this Agreement, but are subject to the terms and restrictions outlined in the Benefits Guide and other official documents provided to you from time to time by or on behalf of Virginia Community Bank.  We may adjust, add, or delete benefits and services at any time and without notice to you.

  10. Change of Address.  You must notify us promptly when you change your address.  We may also change your address if so notified by the post office or others.

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 on a separate sheet of paper at:

Card Services

516 Edgewater Drive

Wakefield, MA 01880 

  • Write to us as soon as possible. We must hear from you no later than 60 days after we sent you your first bill on which the error or problem appeared. You can call us on the telephone, but doing so will not preserve your rights.
  • ln 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 not sure about.
  • If you have authorized us to pay your credit card bill automatically from your savings or checking account, you can stop the payment on 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.

Your Rights and Our Responsibilities After We Receive Your Written Notice:

  • 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 ques1ion, 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 make up any missed payments on the questioned amount. In either case, we will send you a statement of the amount you owe and the date 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 10 days telling us that you still refuse to pay because you claim there is an error, we must tell anyone we report you to that you have a question about your bill. We must tell you the name of anyone to whom we provided information about your account. We must tell anyone we report you to that the matter has been settled between us when it finally is.
  • If we do not follow the rules, we cannot collect the first $50.00 of the questioned amount, even if your bill was correct.

 

Your Rights If You Are Dissatisfied With Your Credit Card Purchases:

  • If you are dissatisfied with the goods or services that you purchased with your credit card and you have tried in good faith to correct the problem with the merchant, you may have the right not to pay the remaining amount on the purchase.
  • To use this right, all of the following must be true:
    1. The purchase must have been made in your home state or within 100 miles of your current mailing address, and the purchase price must have been more than $50.00. (Note: Neither of these are necessary if your purchase was based on an advertisement we mailed to you, or if we own the company that sold you the goods or services.)
    2. You must have used your credit card for the purchase.  Purchases made with cash advances from an ATM do not qualify.
    3. You must not have fully paid for the purchase.
  • If all of the criteria above are met and you are still dissatisfied with the purchase, contact us in writing at:

Card Services

516 Edgewater Drive

Wakefield, MA 01880

  • While we investigate, the same rules apply to the disputed amount as discussed above.  After we finish our investigations, we will tell you our decision.  At that point, if we think you owe an amount and you do not pay, we may report you as delinquent.

Business Credit Card Agreement

YOUR CONTRACT WITH US

  1. This document, and any future changes to it, is your contract with us. We will refer to this document as your “Agreement” or “Credit Card Agreement”; these terms also include any changes we may make to this document from time to time.

  2. The words "we", "us" and "our" mean Providence or any subsequent issuer or holder of your account.

  3. The words "you" or "your" mean each and all of those who are granted, accept, or use the account and any person who has guaranteed payment of the account. You consent and agree to these terms and conditions, and also to the terms contained on the Card, sales drafts, credit adjustment memos and cash advance drafts, signed by or given to you or any authorized user of your Cards. You will be bound by this Agreement and responsible for paying all amounts owed. You agree with the terms and conditions of this agreement when you accept, sign or use your Card.

  4. You agree and consent to an investigation of your credit standing prior to the issuance of a Card to you, and at any time thereafter, and authorize disclosure of such information relating to your credit standing to third parties.

USE OF YOUR CARD

  1. Use of Card. You can use your card to purchase goods and services at participating merchants. We will add the amount of each purchase to the part of your account we will call purchases. Subject to your available credit line, you can also obtain cash advances (loans) by presenting your credit card at any participating financial institution, or by using a designated Automated Teller Machine (ATM), provided a Personal Identification Number (“PIN”) has been issued to you.  You may make cash advance withdrawals totaling not more than $500 each from compatible ATM terminals, not to exceed your credit limit. Terminals or terminal operators may have other limits on the amounts or frequency of cash withdrawals. You will not be liable for the unauthorized use of the card or PIN issued to you which occurs before we receive 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 us by notifying CUSTOMER SERVICE, 516 Edgewater Drive, Wakefield, MA 01880, and Telephone (866) 563-1335. When using your card, you agree to provide identifying information and sign the appropriate drafts, when necessary. Failure to sign a draft does not relieve you of liability for purchases made or cash received. The use of this card for illegal transactions is prohibited.

  2. Authorized Cardholders. At the Business’ request, the Bank may issue Cards to Authorized Cardholders.  The Business is solely responsible for distributing any Cards sent to the Business and for safeguarding them following receipt.  The Business acknowledges that the Cards are for the Authorized Cardholders only.  Unless the Business notifies the Bank otherwise in writing, the Business authorizes and directs the Bank to issue renewal or replacement Cards to each Authorized Cardholder on or before the expiration of each Card.  The Business acknowledges and agrees that Cards are not assignable or transferable, by operation of law or otherwise.

The account will include a sub-account for each Authorized Cardholder.  The name of the Authorized Cardholder and Cardholder Account number will be imprinted on the Card issued for a Cardholder Account, along with the Business’ name.  The Business may elect to have each Cardholder Account billed individually to the Authorized Cardholder or to have a combined bill sent to the Business.  Under either billing program, the Business is liable for all payments due in connection with the Account and the Cardholder Accounts, according to the terms of this Agreement.

  1. Balance Transfers. Balance transfer means a transfer of funds to another creditor initiated by us at your request. Balance Transfers include Transaction fees and adjustments associated with any Balance Transfer.

  2. Credit Limit. Your “Credit Limit” is the maximum amount of Transactions (purchases, cash advances, and balance transfers), interest, finance charges, plus any other charges that we allow you to owe on the account at any time. You will be advised of the Credit Limit when the card is issued. You promise not to allow the outstanding balance to exceed the Credit Limit. However, if you exceed the Credit Limit, you are still responsible to pay the outstanding balance to us. We do not give up any of our rights under this Agreement and can require that you immediately pay any amount in excess of the Credit Limit. We may establish a maximum cash advance amount that is less than the Credit Limit. This cash advance limit is the Cash Limit.

INTEREST AND FEES

  1. Membership Fees. As a condition to issuance of any Cards and our continued willingness to extend credit in connection with your account, you agree that there is no annual membership fee for your account, unless otherwise noted in the fee disclosure provided to you.  Any membership fee noted entitles you to MasterCard Cards, and you agree to pay a fee for each additional Card requested. Please see the Credit Card Disclosure for fees charged.

  2. Interest Charges. You shall pay Interest Charges as shown on your 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 Business Credit Card Disclosure. We figure the Interest Charges on your account by applying the Daily 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 you and written in connection with these regulations. The “Balance Subject to Interest Rate” is the “average daily balance,” of the account (including current transaction). To get the “average daily balance,” we 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 us the daily balance. Then, we add up all of the daily balances for the billing cycle and divide the total by the number of days in the billing cycle. This gives us 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. You may avoid additional Interest Charges on your account by paying in full the New Balance shown on the account’s monthly statement that is at least 26 days after the Closing Date for that statement.

  3. Finance Charges.  A FINANCE CHARGE accrues on every purchase and cash advance from the day each advance is posted to your account to the day payment of the advance is credited.  However, you can avoid paying a FINANCE CHARGE on current billing cycle purchases (those itemized on a statement) if you paid in full the new balance on your previous statement so that we receive and credit it on or before the due date indicated on that statement.

HOW WE DETERMINE THE AMOUNT OF FINANCE CHARGE:

We figure the FINANCE CHARGE on your account by applying the periodic rate of FINANCE CHARGE to the “Average Daily Balance” of your account.  To get the “Average Daily Balance,” we start with the beginning balance of your account excluding unpaid FINANCE CHARGES.  We add any cash advances posted to your account that day.  We also add any new purchases unless you paid in full the new balance on your statement for the previous billing period by its payment Due Date.  We subtract any credits and any payments (after any unpaid FINANCE CHARGES are paid) posted to your account that day.  This gives us the daily balance.  Then, we add up all the daily balances for the billing period and divide by the total number of days in the billing period.  This gives us the “Average Daily Balance.”  We figure the FINANCE CHARGE on your account by multiplying the “Average Daily Balance” by a periodic rate of FINANCE CHARGE.

  1. Variable Annual Percentage Rate. The current Daily Periodic Rate and corresponding Annual Percentage Rate for new accounts are disclosed on the accompanying Card mailer. These rates may vary monthly based on the current market Prime Rate. The Annual Percentage Rate is based on the highest prime rate published in The Wall Street Journal “Money Rates” table, PLUS a margin. For more information on current margin(s), please refer to the Credit Card Disclosure. We read the WSJ Prime rate on the 15th of each month and any change in your rate will be reflected as of the 30th day of that same month (“Change Date”).  Beginning on the date an adjustment in the rate is effective and until the next Change Date, the Daily Periodic Rate then in effect will be applied to the balance in the account to determine the Interest Charges. An adjustment in the Daily Periodic Rate and corresponding Annual Percentage Rate will apply both to the outstanding balances in the account and to new cash advances, (including any balance transfers from other credit card accounts), credit purchases, and other charges. An increase or decrease in the Index Rate will cause an increase or decrease in the Daily Periodic Rate and corresponding Annual Percentage Rate and may increase the amount and number of minimum payments. If the Index Rate ceases to be made available, we may substitute a substantially similar index and margin.

  2. How We Will Calculate Your Variable Annual Percentage Rates. We calculate variable Annual Percentage Rates by adding a margin to the highest U.S. Prime Rate published in the Money Rates section of The Wall Street Journal on the 15th of each month and any change in your rate will be reflected as of the 30th day of that same month. The Annual Percentage Rate may increase or decrease each month if the Prime Rate changes. Any new rate will be applied as of the first day of your billing cycle during which the Prime Rate has changed. If the Annual Percentage Rate increases, you will pay a higher interest charge and may pay a higher minimum payment. The Prime Rate is simply a reference index and is not the lowest interest rate available. If The Wall Street Journal stops publishing the Prime Rate, we will select a similar reference rate.

  3. Late Fees.  If you don’t pay at least the minimum payment by the due date, you’ll be charged a late payment fee of $30.  In addition, if you make a late payment, you will be in default and you may be subject to interest rate increases.
  1. Overlimit Fees.  If your new balance exceeds your credit limit as of a billing cycle closing date you will be charged an over limit fee of $30.
  1. Replacement Fees if Card is Damaged.  If your Card is damaged and/or you request that a new Card be issued to you, you will be charged a $5.00 replacement Fee.  This will be added to your current cycle purchases and reflected on your monthly statement.
  1. Expedited Delivery Fee.  You may be charged this Fee if you request and we agree to arrange for expedited delivery of any Card to you (for example, by an overnight delivery service).  The amount of the Expedited Delivery Fee will depend on the type of delivery you choose to receive, and will be disclosed to you when you request expedited delivery.  If you then confirm and we honor your request, we will charge the fee.

  2. Additional Fees. For a listing of fees charged in association with your card, please see the Business Credit Card Disclosure accompanying this Agreement. These charges will not be imposed if your request is in connection with or 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 your account.

PAYMENT TERMS

  1. Monthly Statements. If the Business selected Corporate Billing, at the end of each monthly billing cycle in which the Account has a closing credit or debit balance of more than $1 or for which interest is charged, the Bank shall furnish to the Business a billing statement reflecting all transactions posted to all Cardholder Accounts, all fees and charges imposed under this Agreement, any credits to the Account, and the Total Minimum Payment Due for the Account.

    The Business agrees to review promptly each Business Statement and to instruct each Authorized Cardholder to do so for each Individual Statement.  If the Business or an Authorized Cardholder believes that a Statement is incorrect or needs additional information about a transaction shown on a Statement, the Business agrees to notify the Bank in writing within sixty (60) days of the date of the Statement on which any disputed charge or error first appeared.  If the Business does not notify the Bank within this time period, the Business waives any rights with respect to the disputed amount to the fullest extent permitted by law.  The notice must include the following information: both the Business’ name and the name of the Authorized Cardholder; the Cardholder Account Number; the dollar amount of any dispute or suspected error; the reference number for any questioned transaction; and a brief description of the dispute or suspected error.
  1. Payment.  The Business agrees to pay the Bank for all purchases and cash advances made under your account and/or all Cardholder Accounts, together with all Finance Charges and any fees and other charges according to the terms of this Agreement. You shall pay within 26 days after each statement Closing Date the full amount billed (the “New Balance”).  Payments may be mailed to Providence, P.O. Box 70222, Philadelphia, PA, 19176. Payments may be made, in person, at a Providence office. Payments received after 5:00 p.m. EST on any processing day or at any time on any non-processing day will be considered as payments made on the following processing day.
  1. How We Apply Payment. Subject to applicable law, the Bank reserves the right to allocate payments to the Account or any Cardholder Account, as applicable, among interest, fees, Purchases, Balance Transfers, Cash Advances and any other amounts due in any manner it chooses.  The Bank may allocate payments to balances subject to a special, reduced rate offer before any other balances due on the Account or any Cardholder Account, as applicable, regardless of the order in which those balances were created.

  2. Security Interest and Right of Setoff. The Business grants the Bank a continuing lien and security interest in and upon, as well as a right of setoff against, any and all monies, deposit accounts, securities and other property of the Business now or hereafter held or received by the Bank or any of the Bank’s affiliates, whether for safekeeping, pledge, custody, transmission, collection or otherwise, as security for all amounts that the Business may owe to the Bank under this Agreement.

DEFAULT AND ACCOUNT TERMINATION

  1. Default. The Business promises to observe and comply with the terms of this agreement and promises not to permit an event of default to occur. Upon the occurrence of any one or more of the following events of default: (a) the Business fails to pay at least the Minimum Payment when due on two occasions within any 12-month period; or (b) the Business ceases to operate, becomes insolvent or the subject of bankruptcy or insolvency proceedings, or fails to observe any covenant or duty contained in these regulations, if such event or breach materially impairs the ability to pay amounts due; the full amount of the account for which the default occurred (including unpaid Interest Charges) shall, at the Banks option become immediately due and payable if the Business does not cure the default within 15 calendar days after notice is mailed to your address, or given as otherwise provided by law. The Bank has this right, without notice and opportunity to cure, if the default is your third default within 12 months and you are notified of the prior two defaults and you cured those defaults.

  2. Termination. Your consent to these regulations may be terminated at any time by surrendering all Cards issued to the Business or any Cardholders or at your written request, but such termination shall not affect your obligations as to any balances or charges outstanding at the time of termination or any of the terms or conditions hereof in connection therewith. Your termination shall be binding on each person in whose name the Card is issued. We may terminate your privilege to use the Cards if you move out of our service area, as we may define 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 you and without affecting your liability for credit previously extended, your privilege to use the Cards may be revoked or limited by us in our absolute and sole discretion to the extent not prohibited by law. The Cards are and shall remain our property and you agree to surrender them to us upon demand.

MISCELLANEOUS

  1. Foreign Transactions. Transactions made in foreign countries and foreign currencies will be billed to you in U.S. dollars. The exchange rate for transactions in a foreign currency will be a rate selected by MasterCard from the range of rates available in wholesale currency markets for the applicable central processing date, which rate may vary from the rate MasterCard itself receives, or the government mandated rate in effect for the applicable central processing date. The exchange rate in effect on the central processing date may differ from the rate in effect on either the transaction date or the posting date. The exchange rate is subject to change by MasterCard.

  2. We May Sell Your Account. We may at any time, and without notice to you, sell, assign or transfer your account, any amount due on your account, this Agreement, or our rights or obligations under your account or this Agreement to any person or entity. The person or entity to which we make any such sale, assignment or transfer shall be entitled to all of our rights and shall assume our obligations under this Agreement, to the extent sold, assigned or transferred.

  3. Disputes. We are not responsible for refusal by any merchant, financial institution or automated equipment to honor or accept a card. Except as provided in the Federal Truth-in-Lending laws(as indicated in the Summary of Billing Rights below), we have no responsibility for merchandise or services you obtain with a card and any dispute concerning merchandise or services will be settled between you and the merchant concerned.

  4. Liability for Unauthorized Use of the Account. The Business agrees to notify the Bank immediately if the Business or any Authorized Cardholder knows or suspects that any Card is lost, stolen, or otherwise subject to unauthorized use.  The use of a Card at any time, even if the Authorized Cardholder no longer is employed or associated with the Business, shall not constitute unauthorized use, subject to applicable law.  The Business may be liable for unauthorized use of any Card as well as any fraud involving the use of a Card.

  5. Indemnification. The Business shall indemnify and hold harmless the Bank, its affiliated, and their respective directors, officers, employees and agents, from and against any and all losses, claims, damages, expenses, liabilities, judgments, settlements, or other amounts, including reasonable attorneys’’ fees (collectively, “Losses”) resulting from, relating to, or arising out of this Agreement; provided however, that the Business shall have no obligation to indemnify the Bank, it’s affiliates, or their respective directors, officers, employees , or agents against any losses to the extent, that such Losses result from, arise out of, or relate to the gross negligence or willful misconduct of the Bank, its affiliates, or their respective director, officers, employees or agents.

  6. Collection Costs.  You agree to pay all collection costs, including reasonable attorney’s fees, if we start collection proceedings, whether or not any such case is adjudicated in a court of law.
  1. Permission to use monthly statements, etc. as evidence if you go to court for any reason, with photocopies.  If we go to court for any reason, we can use a copy, microfilm, or microfiche of any monthly statement or other document to prove that you owe us or that a transaction has taken place.  The copy, microfilm or microfiche will have the same validity as the original.

  2. Reference to Benefits Guide.  We may offer you certain benefits and services with your account.  Any benefits or services are not a part of this Agreement, but are subject to the terms and restrictions outlined in the Benefits Guide and other official documents provided to you from time to time by or on behalf of Providence.  We may adjust, add, or delete benefits and services at any time and without notice to you.

  3. Change of Address You must notify us promptly when you change your address.  Any failure by you to notify us of any address shall not constitute any defense under this Agreement.  We will send all correspondence, including collections correspondence, to your last known address.  We may also change your address if so, notified by the post office or others.
  4. Validity.  No determination by any court or other governmental authority that any provision of this Agreement is invalid or unenforceable in any instance shall affect the validity or enforceability of (i) any other provision of this Agreement, or (ii) such provision of this Agreement in any circumstance not controlled by such determination.  Each provision of this Agreement shall be valid and enforceable to the fullest extent allowed by, and shall be construed whenever possible as being consistent with, all applicable laws.

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