Common use of Payment Order Clause in Contracts

Payment Order. Subject to applicable law, your payments may be applied to what you owe the Credit Union in any manner the Credit Union chooses. Typically, payments are applied in this order: FINANCE CHARGES; Fees; Minimum Payment - Cash Advances; Minimum Payment - Credit Purchases; Balance - Cash Advances and Balance - Credit Purchases. Issuer may accept checks marked "Payment in Full" or with words of similar effect without losing any of Issuer's rights to collect the full balance of Cardholder's account. If a payment is not sufficient to cover the Finance Charge already billed on your statement(s) the remainder of that Finance Charge will be collected from later payments and will not be added to the average daily balance of Purchases or Cash Advances.