Genesis Credit Account Agreement: Terms, Responsibilities, and Disclosures, Lecture notes of Law

Download Genesis Credit Account Agreement: Terms, Responsibilities, and Disclosures and more Lecture notes Law in PDF only on Docsity! 2oz - #10 - 4 - 110000000000000000 000004 0002 0005 0 1 0 0 0 Genesis Credit Account Agreement Page 1 of 4 FEB 14025 2020V1 Dear Accountholder: This Agreement, as defined below, is your contract for your Account and: • Covers the terms that govern the use of your Genesis Credit Account; • Outlines both your responsibilities and ours; • Includes certain disclosures required by the Federal Truth in Lending Act; • Includes certain disclosures required by the Federal Military Lending Act; • Includes an Arbitration of Disputes Provision that will substantially affect your rights unless you reject it, and; • Contains important information about your Account. We encourage you to read the Agreement and keep it for your records. Please feel free to call us with any questions you may have. We look forward to serving you. This Agreement begins on the earlier of (1) the date we approve your Application, or (2) the first date that we extend Credit to you on your Account, as evidenced by a signed sales slip or other evidence of indebtedness. Genesis Credit® Pricing Summary First Electronic Bank Interest Rates and Interest Charges Annual Percentage Rate (APR) for Purchases 29.9% Paying Interest We will begin charging interest on purchases on the transaction date. For Credit Card Tips from the Consumer Financial Protection Bureau To learn more about factors to consider when applying for or using a credit card, visit the website of the Consumer Financial Protection Bureau at http://www.consumerfinance.gov/learnmore. Fees Annual Fee None Penalty Fees • Late Payment • Returned Payment Up to $40 Up to $40 How We Calculate Your Balance: We use a method called “average daily balance (including new purchases)”. See your Account Agreement below for more details. Billing Rights: Information on your rights to dispute transactions and how to exercise those rights is provided in your below Account Agreement. DEFINITIONS To simplify this Agreement for you, the definitions listed below will apply throughout, both in this Agreement and in your monthly statements. In addition, the words you, your, and yours refer to the Accountholder(s) who hold(s) the Account Number and is responsible for the Account, each of whom is individually and jointly obligated under this Agreement. The words we, us, and our refer to First Electronic Bank. Account: Genesis Credit Account for which you were issued an Account Number and that is subject to all of the terms and conditions of this Agreement. Account Number: The Account Number we issue that you may use to make Purchases from Retailer. Use of your Account Number to obtain Credit will be considered a use of the Account. Accountholder: The person to whom an Account Number is issued, or who has agreed to pay obligations arising from an Account Number issued to another person. Agreement: Your contract with us for your Account, which is composed of your Application, and the Account opening disclosures and this Account Agreement. Any sales slip or other evidence of indebtedness on your Account is incorporated into and made part of this Agreement. Application: The form with information that you submitted to apply for your Account, including your signature (in any form – wet signed, electronic, or digital), and any acceptance certificate or other request that you signed or otherwise submitted to obtain this Account. Billing Cycle: The time interval covered by a monthly statement. Each Billing Cycle is approximately 30 days in length. Card: Any branded Card we issue that you may use to purchase goods or services from Retailer. Use of your Card to obtain Credit will be considered use of the Account. Closing Date: The date of the last day of a Billing Cycle. Covered Borrower: Certain members of the Armed Forces and their dependents who are protected by the Military Lending Act. Credit: The credit extension you receive under this Agreement. Credit Limit: The maximum amount of Credit available to you on your Account. Your Account Credit Limit will be disclosed to you on the monthly statements. New Balance: The total outstanding Account balance on the Closing Date specified in your monthly statement. Previous Balance: The balance of your Account at the beginning of a Billing Cycle. This will be the same as the “New Balance” shown on the previous monthly statement. Purchase: An extension of Credit to your Account for the purpose of purchasing goods or services from Retailer. Purchase Balance: The total outstanding balance of Purchases and interest charges, excluding amounts included in the Regular Balance. Regular Balance: The total outstanding balance of all amounts other than Purchases and interest charges on Purchases. Retailer: Participating Wayfair, LLC d\b\a Wayfair locations located in the U.S. USING YOUR ACCOUNT Purchases. You may use your Account to purchase goods and services from Retailer. You promise to pay us and are liable for all amounts resulting from the authorized use of your Account Number or Account, plus any applicable interest charges and other applicable charges or fees, payable in U.S. dollars. Your Credit Limit. You may not use your Account in any way that would cause you to go over your Credit Limit. We may refuse to authorize or accept any transaction on your Account if (1) that transaction would cause you to exceed your Credit Limit or (2) your Account is delinquent. We may temporarily agree to allow you to exceed your Credit Limit. If we do so, in that case, you must repay the excess amount according to the terms of this Agreement. Any transactions honored in excess of your Credit Limit will not result in an increase of your Credit Limit. MAKING PAYMENTS Monthly Statements. We will send a statement at the end of each monthly Billing Cycle if there is a debit or credit balance on your Account of $1 or more, a balance on which an interest charge has been imposed or as otherwise required by applicable law. You agree to pay us, or any party to whom we may transfer and assign your Account or the amounts owing under your Account, in U.S. dollars according to all terms and conditions of this Agreement. Payments made by a check, money order or other negotiable instrument must be in a form acceptable to us and drawn on a U.S. financial institution. Monthly Minimum Payment. Your monthly minimum payment due will be the greater of: 1. $15; or 2. The sum of: a. Each fixed monthly payment amount applicable to each of your Purchases (described below), plus b. 5% of your Regular Balance. Each Purchase will have a fixed monthly payment amount which we calculate when the Purchase is posted to your Account. We determine the fixed monthly payment amount for a Purchase by multiplying the Purchase amount by 5%, and then rounding the result to the nearest dollar. If the remaining balance of a Purchase plus accrued interest on that Purchase is less than the fixed monthly payment amount, we will reduce the fixed monthly payment amount for that Purchase accordingly. We will continue to include the fixed monthly payment amount for a Purchase in the monthly minimum payment due until the Purchase plus accrued interest on that Purchase is paid in full. If you make a payment in excess of the monthly minimum payment due for any month, it will not reduce the fixed monthly payment amount applicable to any Purchase that is 2oz - #10 - 4 - 110000000000000000 000004 0003 0005 0 1 0 0 0 Page 2 of 4 FEB 14025 2020V1 used to calculate your monthly minimum payment due in subsequent months, but it may result in your paying off a Purchase more quickly. Your monthly minimum payment due also will include the greater of (i) any past due amount, or (ii) any amount by which the New Balance exceeded your Credit Limit. Your monthly minimum payment due will never exceed your New Balance. Payments should be mailed with the payment coupon and in the envelope provided and following the other instructions on the monthly statement to Genesis FS Card Services, P.O. Box 84049, Columbus, Georgia 31908. Any payment we receive in that form and at that address on or before 5:00 P.M. Eastern Time on a normal banking day will be credited to your Account that day. If we receive your payment in that form and at that address after 5:00 P.M. Eastern Time on a normal banking day, or any time on a non-banking day, we will credit it to your Account the next banking day. Please allow at least seven (7) business days for postal delivery. Payments we receive at any other location or in any other form may not be credited as of the day we receive them. If we accept a payment at some other place, we may delay the crediting of the payment for up to five (5) days. This may cause you to incur Late Payment Fees and additional interest charges, and may result in your Account being declared in default. When you provide a check as payment, you authorize us either to use information from your check to make a one-time electronic fund transfer from your account or to process the payment as a check transaction. When we use information from your check to make an electronic fund transfer, funds may be withdrawn from your account as soon as the same day we receive your payment and you will not receive your check back from your financial institution. At any time, you may pay part or all you owe on your Account without incurring any additional charge for prepayment. The amount of any payment that exceeds your total New Balance will be applied as a credit to your Account, and any remaining credit balance will be refunded as required by law. Credit availability may be delayed at our sole discretion to ensure payment in good funds, and your total Credit Limit may not reflect your payments for up to 14 days. Application of Payments. For each Billing Cycle, we will allocate payment amounts up to your monthly minimum payment to charges and principal due (including new transactions) in any way we determine. We will generally apply payment amounts up to your monthly minimum payment in a manner most favorable or convenient for us. For each Billing Cycle, to the extent your payments exceed your monthly minimum payment, we will apply these excess amounts in the order required by applicable law. HOW INTEREST CHARGES ARE DETERMINED Your Interest Rate. We use a daily periodic rate to calculate the interest on your Account. The daily periodic rate is the applicable APR multiplied by 1/365. The daily periodic rate for your Account is 0.0819% and the applicable APR is 29.9%. When We Charge Interest. We charge interest on your Purchases from the date you make the Purchase until you pay the Purchase in full. How We Calculate Interest. We calculate interest separately for each balance segment on your Account. We do this by applying the daily periodic rate to your average daily balance (including new Purchases), and then multiplying the resulting number by the number of days in the Billing Cycle for each balance segment. An average daily balance is calculated for the following balance segments as applicable: Purchase Balance segments and the Regular Balance segment. We calculate interest for each balance segment as follows: 1. For each day, we take the beginning balance of each balance segment in the Billing Cycle, including any unpaid interest charges, add any new Purchases and debits, and then subtract the applicable portion of any payments and credits. This gives us the daily balance. Late Payment Fees, Returned Payment Fees, and Documentation Fees are not included in the daily balance. 2. Then, we add all the daily balances for the Billing Cycle together and divide the total by the number of days in the Billing Cycle. This gives us the average daily balance. 3. Next, we multiply the daily periodic rate by the average daily balance. 4. Finally, we take the resulting number from #3 and multiply it by the number of days in the Billing Cycle. This gives us the interest charge for each balance segment for the Billing Cycle. OTHER FEES In addition to interest charges, other fees may be applied to your Account, as set forth below. The amounts of these fees may change from time to time during the term of your Account. Late Payment Fee. If we do not receive your monthly minimum payment due by the Closing Date of the Billing Cycle in which the Payment Due Date occurs and the amount past due on your Account is more than $9.99, we will apply a Late Payment Fee to your Account. The Late Payment Fee is $29 if we did not charge a Late Payment Fee during any of the prior six billing periods. Otherwise, the Late Payment Fee is $40. The Late Payment Fee will never exceed the amount of your most recently required monthly minimum payment. Returned Payment Fee. If any payment on your Account is returned to us unpaid for any reason, we will apply a Returned Payment Fee to your Account. The Returned Payment Fee is $29 if we did not charge a Returned Payment Fee during any of the prior six billing periods. Otherwise, the Returned Payment Fee is $40. The Returned Payment Fee will never exceed the monthly minimum payment. Documentation Fee. You may request a copy of a monthly statement previously sent to you for a Documentation Fee of $3 per statement, which fee we will charge to your Account. Copies of sales tickets or other items posted to your Account may be obtained for a Documentation Fee of $10 per sales ticket or other item, which will be applied to your Account. Notwithstanding the foregoing, we will not impose any fee in connection with a good faith assertion of a billing error or other exercise of your Billing Rights (see below under “Your Billing Rights - Keep This Notice for Future Use”). MILITARY LENDING ACT The Military Lending Act provides protections for Covered Borrowers. The provisions of this section apply to Covered Borrowers. If you would like more information about whether you are a Covered Borrower, you may contact us at 1-866-502-6439. Statement of MAPR Federal law provides important protections to members of the Armed Forces and their dependents relating to extensions of consumer credit. In general, the cost of consumer credit to a member of the Armed Forces and his or her dependent may not exceed an Annual Percentage Rate of 36%. This rate must include, as applicable to the credit transaction or account: (1) the costs associated with credit insurance premiums; (2) fees for ancillary products sold in connection with the credit transaction; (3) any application fee charged (other than certain application fees for specified credit transactions or accounts); and (4) any participation fee charged (other than certain participation fees for a credit card account). Oral Disclosures In order to hear important disclosures and payment information about this Agreement, you may call 1-866-875-5929. Applicability of Arbitration of Disputes Provision The Arbitration of Disputes Provision set forth in this Agreement does not apply to you if, as of the date of this Agreement, you are a Covered Borrower. LOST ACCOUNT NUMBER AND UNAUTHORIZED USE If your Account Number is lost or stolen or used without your consent, you may be liable for the unauthorized use of your Account, but you will not be liable for unauthorized use that occurs after you notify us orally or in writing of the loss, theft or possible unauthorized use at: Genesis FS Card Services, P.O. Box 4477, Beaverton, OR 97076, 1-888-260-4532. In any case, your liability will not exceed $50. OUR RIGHTS, AND HOW THEY AFFECT YOU Telephone Monitoring and Recording; Communications. You consent and agree that, except as restricted by applicable law, we may monitor and/or record telephone calls regarding your Account, suppress caller identification services, use prerecorded messages, and use an automated telephone dialing and announcing system. You expressly consent that we and our agents, any servicer, or any subsequent owner of your Account may (i) contact you at any cellular telephone number that you provided as part of your application, at any number that you later provide (including, without limitation, after your Account is in a default status), or at any other number that is identified as related to you, including by text message, and (ii) use automated telephone dialing systems to initiate such contacts and/or leave recorded messages. If you provide us at any time with an email contact for your Account, you agree we may use that email address to contact you about your Account and may send you information about products and services related to your Account. We or our representatives may contact you from time to time regarding the Account, or to ask for additional information about you or your experience with us. You agree that such contacts are not unsolicited and may include contacts at your home or place of employment, during weekdays, weekends or holidays, on your mobile telephone, voicemail or answering machine, or by email, fax, recorded message, text message or personal visit. How to Revoke Consent for Future Communications: If you want to revoke your consent to future communications as described in the previous paragraph, you must send us a written notice that includes: (i) your name, mailing address, and Account number(s); (ii) the specific telephone number(s), email address(es) and/or mailing address(es) at which you no longer wish us to contact you, and (iii) the types of communications (telephone, text, email, and/or mail) for which you are revoking consent. You must send this written notice to: Genesis FS Card Services, PO Box 4477, Beaverton, OR 97076. You understand and agree that it may take up to three business days after receipt of your written notice to process your request, and that you consent to continued communications during this period of time. Refunds. If Retailer agrees to give a refund, you will accept a credit on your Account instead of a cash refund. No Waiver of Rights; Disputed Amounts. We can accept late or partial payments without losing any of our rights under this Agreement. You agree not to send us partial payments marked “paid in full,” “without recourse,” or similar restrictive language. If you send such a payment, we may accept it without losing any of our rights under this Agreement. All written communications concerning disputed amounts, including any check or other payment instrument that indicated that the payment constitutes “payment in full” of the amount owed or that is tendered with other conditions or limitations or as full satisfaction of a disputed amount, must be mailed or delivered to Genesis FS Card Services, P.O. Box 4499, Beaverton, OR 97076. Credit Reports and Information. You authorize us to make or have made any credit, employment, or other investigative inquiries we deem appropriate to extend you Credit or collect amounts owed to us on your Account. We (including any assignee of the Account or amounts owing under the Account) may also obtain information about you from credit reporting agencies or others at any time and use it for the purposes of monitoring your credit performance, managing your Account and considering you for new offers and programs. Notice of Inaccurate Information. If you believe that we have information about you that is inaccurate or that we have reported or may report to a credit reporting agency information about you that is inaccurate, please notify us of the specific information that you believe is inaccurate by writing to us at Genesis FS Card Services, P.O. Box 4499, Beaverton, OR 97076. Default and Collection. Unless prohibited by applicable law, your Account is considered to be in default if (1) you fail to make the required monthly minimum payment due on or before its payment due date, including if your payment is returned or cannot be processed and you do not correct that failure within 31 days, (2) you try to exceed or do exceed your Credit Limit without permission and do not bring your Account back under your Credit Limit within 31 days, (3) you become subject to bankruptcy or insolvency proceedings, (4) you become subject to attachment or garnishment proceedings, (5) you give us any false information or signature, (6) you die, or (7) you fail to comply with any portion of this Agreement. Our accepting a late or partial payment does not waive default. Default on this Account will constitute default on all accounts you hold with us. Subject to any notice of default and right to cure or other restrictions of applicable law, if you are in default, we may declare the entire balance due immediately. Except as provided in the Arbitration Provision below, you agree to pay our reasonable costs and attorneys’ fees and expenses related to the collection of your Account to the extent permitted by applicable laws. Change of Terms. Subject to the limitations of applicable law, we may, at any time, change or remove any of the terms and conditions of, or add new terms or conditions to, this Agreement. If required by applicable law, we will mail written notice of such a change to you in the manner required by such law. As of the effective date, the changed or new terms will apply to new Purchases and to the outstanding balance of your Account, subject to the limitations of applicable law. Delay in Enforcement. We can delay enforcing our rights under this Agreement without losing them. OTHER PROVISIONS