Common use of DEBT PROTECTION Clause in Contracts

DEBT PROTECTION. Loan Protection is not required to obtain credit. If loan protection is offered on Your account and You request loan protection, the fee will be calculated monthly by multiplying the fee rate by the outstanding balance of each account. The fee rates per $1,000.00 of the monthly outstanding balance are disclosed to You in the Visa® Credit Card application. Fees will be posted at or after the end of each month. The fees for Your loan protection will be added to Your outstanding balance each month, upon which they will accrue interest. Although such protection is freely cancelable, it will be retained in effect until You have notified the Credit Union in writing of Your intention to cancel. If You are late in paying or fail to pay Your periodic payment, the Credit Union may advance funds on Your behalf to pay such fees and the Credit Union may impose additional finance charges on the amount financed.

DEBT PROTECTION. Loan Protection is not required to obtain credit. If loan protection is offered on Your account and You request loan protection, the fee will be calculated monthly by multiplying the fee rate by the outstanding balance of each account. The fee rates per $1,000.00 of the monthly outstanding balance are disclosed to You in the Visa® Variable Rate Credit Card application. Fees will be posted at or after the end of each month. The fees for Your loan protection will be added to Your outstanding balance each month, upon which they will accrue interestfinance charges. Although such protection is freely cancelable, it will be retained in effect until You have notified the Credit Union in writing of Your intention to cancel. If You are late in paying or fail to pay Your periodic payment, the Credit Union may advance funds on Your behalf to pay such fees and the Credit Union may impose additional finance charges on the amount financed.