Common use of Penalty APR Clause in Contracts

Penalty APR. The Penalty APR may be applied to your account if you: • Are over 60 days past due or • Make a payment that is returned and causes your account to be over 60 days past due. The penalty APR is 18.00% (or such other rates as may be permitted under the Federal Credit Union Act). If the penalty APR is applied to your account, it will apply to both existing and new transactions. It will no longer apply to existing transactions if you make the next six consecutive minimum payments. If you do not make these six consecutive minimum payments, the Penalty APR may continue to apply to both new and existing balances indefinitely.

Penalty APR. The Penalty APR may be applied to your account Account if you: • Are over 60 days past due or • Make a payment that is returned and causes your account Account to be over 60 days past due. The penalty Penalty APR is 18.00% (or such other rates as may be permitted under the Federal Credit Union Act). If the penalty Penalty APR is applied to your accountAccount, it will apply to both existing and new transactions. It will no longer apply to existing transactions if you make the next six consecutive minimum payments. If you do not make these six consecutive minimum payments, the Penalty APR may continue to apply to both new and existing balances indefinitely.

Penalty APR. The Penalty APR may be applied to your account Account if you: • Are over 60 days past due due; or • Make a payment that is returned and causes your account Account to be over 60 days past due. The penalty Penalty APR is 18.00% (or such other rates as may be permitted under the Federal Credit Union Act), corresponding to a daily periodic rate of 0.0493%. If the penalty Penalty APR is applied to your accountAccount, it will apply to both existing and new transactions. It will no longer apply to existing transactions the Account if you make the next six consecutive minimum paymentspayments on time. If you do not make these six consecutive minimum paymentspayments on time, the Penalty APR may continue to apply to both new and existing balances indefinitely.