APPLYING PAYMENTS definition
APPLYING PAYMENTS. We will apply all payments first against any billed finance charge; next to billed cash advances; and next to billed purchases. Any payment amount received in excess of the minimum payment will be applied to card balances subject to the highest rates of interest or as otherwise required by law. CREDITING PAYMENTS: It is to your advantage to make all payments properly and on time. All payments received on a business day will be credited on that day provided they are received at the address and in the
APPLYING PAYMENTS. Any payment received in excess of the Minimum Payment Due will be allocated first to the balance bearing the highest annual percentage rate and then to each successive balance bearing the next highest rate until the excess payment is exhausted. The amount of any payment received that is equal to or less than the Minimum Payment Due and credits will be allocated in the manner we determine. In most instances, we will allocate such payments and credits to balances with lower annual percentage rates before balances with higher rates. CREDITING PAYMENTS: Payments received by 5:00 p.m. (Central Time) will be credited to your account as of the date of receipt if received in readily identifiable form in the specified manner and at the specified location. Payments received after 5:00 p.m. (Central Time) will be credited to your account as of the next calendar day if received in readily identifiable form in the specified manner and at the specified location.
APPLYING PAYMENTS. We will apply all payments first against any billed finance charge; next to billed cash advances; and next to billed purchases. Any payment amount received in excess of the minimum payment will be applied to card balances subject to the highest rates of interest or as otherwise required by law. CREDITING PAYMENTS: It is to your advantage to make all payments properly and on time. All payments received on a business day will be credited on that day provided they are received at the address and in the manner and by the time indicated by your monthly statement. Other payments may not be credited for up to 5 business days. Payments must be in United States currency. IRREGULAR PAYMENTS: We may accept late payments, partial payment or checks or money orders labeled “payment in full” without losing our rights under this Agreement. ENTIRE BALANCE DUE: Your entire balance will be due without notice or demand if: you miss a payment; you break any of your promises under this Agreement or any other agreement you have made with us; anything you told us in connection with applying for this account is untrue; you exceed your credit line; you become insolvent or involved in bankruptcy proceedings, make an assignment for the benefit of creditors, or die; or if a tax lien is filed against you or your property. REINSTATEMENT: If we have asked you to pay your entire balance for one of the reasons stated in the preceding paragraph and you have resolved the problem, you may ask us to reinstate your account. We may, but are not obligated to, approve the reinstatement. We may require you to provide us with a new application. COLLECTION COSTS: You agree to pay all collection costs, including reasonable attorney’s fees, if we start collection proceedings. JOINT ACCOUNT: If this is a joint account, each person who signed the application (1) may obtain purchase and cash advances (but the totals of these advances cannot exceed the credit line); (2) will be responsible for paying all amounts owed; (3) can notify us to stop making advances; and (4) can close the account. TRANSFER or ASSIGNMENT: Your rights under this agreement belong to you only and may not be transferred or assigned. Your obligations, however, are binding upon your heirs and legal representatives. SECURITY AND SET OFF: Amounts advanced under this Agreement are unsecured. We waive our right of set-off as well as any security interest we may have for this account under any other agreement with you. AUTHORIZATIONS: Purcha...
Examples of APPLYING PAYMENTS in a sentence
TO ASSIST US IN APPLYING PAYMENTS PLEASE FAX A COPY OF THIS INDICATING YOUR FEDERAL TAX I.D. NUMBER IN THIS SPACE:______________ Please do not allow this letter to cause you any confusion, and we thank you in advance for continuing your fine payment record.
More Definitions of APPLYING PAYMENTS
APPLYING PAYMENTS. We will apply all payments first against interest; next to fees and other charges in the order in which they were posted to the account; next to billed cash and purchase advances in the order in which