GIANTBANK.COM OVERDRAFT PROTECTION AGREEMENT AND DISCLOSURE

(Personal Accounts Only)

This Agreement between giantbank.com, a Division of Landmark Bank, N.A. and the customer (you), applies to the checking account number indicated on the application contained herein. Overdraft Protection allows you to obtain loan advances through check, ACH Debit, Bill Payment or ATM/Visa CheckCard, as approved by giantbank.com. Loan advances apply to any funds obtained from giantbank.com that may exceed the funds available in your checking account.

Definitions
The pronouns “you” and “your” refers to all Borrowers/Customers signing this Agreement, jointly and individually, and each other person or legal entity that agrees to pay any funds drawn under this Agreement.

Loan Advances
In the event that you write a check, use your ATM/Visa CheckCard, initiate a payment through the Web Payment (bill payment) service, or an ACH Debit item is presented on your account, and the transaction(s) is/are drawn on non-sufficient funds, unavailable funds, or overdraws your giantbank.com checking account, the Bank agrees to lend you sufficient funds (not to exceed the maximum credit limit) to cover the overdraft. Advances will be made in $100 increments, not to exceed your approved credit limit.

Agreement to Pay
You agree to pay all loan advances obtained under this Agreement in addition to any charges (including finance charges, collection costs or other amounts) due in accordance with this Agreement. You are also responsible for repayment of any loans and charges created by persons authorized to use your checking account, whether or not they have signed this Agreement.

Maximum Credit Limit
giantbank.com will establish a maximum Credit Limit for you and may, upon request, increase this Limit. You agree not to exceed this Approved Credit Limit. giantbank.com reserves the right to return your check, ACH Debit item, Web Payment (bill payment) transaction or ATM/Visa CheckCard transaction or deny the loan request under any reasonable circumstance. In the event that giantbank.com agrees to lend you an amount which exceeds your maximum Credit Limit, you agree to repay the excess amount immediately upon request, even if not yet billed.

Loan Term
This Overdraft Line of Credit will continue until terminated. You authorize giantbank.com to review your credit history at any time during the loan term.

Statement
If there is an outstanding balance or any account activity, giantbank.com will issue a monthly statement (in addition to checking account activity) that details loan advances, payments and credits made to this account during the billing cycle. The statement will identify the Minimum Payment for the cycle and the date it is due. You have sixty (60) days from the date of the statement to notify giantbank.com of any corrections. After sixty (60) days, the statement will be deemed accurate and accepted.

Payments/Automatic Payments/Minimum Payments/Final Payment

  • Automatic Payments
  • You authorize giantbank.com to automatically deduct the required minimum payment from your checking account each month. If there are insufficient funds in the account to cover the minimum payment, giantbank.com is under no obligation to advance an amount to make or cover the payment. Once sufficient funds become available, the minimum payment will be deducted. giantbank.com may choose to allow a loan advance to make or cover the minimum payment. In the event that this occurs, the loan advance will be made in increments of $100.
  • Minimum Payments & Payment Processing
  • The minimum required monthly payment will be five percent (5%) of any new balance or $20, whichever is greater. The amount due will be reflected on each billing and must be paid each month to avoid delinquency. Payment of more than the minimum payment due will not pay your account in advance. Payments received after the due date will appear as Past Due on your next statement. Payments shall be applied, first to any unpaid FINANCE CHARGES, and second to the principal loan balance outstanding in your credit line account. Payments received after close of business shall be deemed received on the following business day for the purposes of crediting your account.
  • Additional Payments/Final Payment
  • You may pay off your line of credit loan balance at any time, or make voluntary additional payments. Payment of the new “Principal Balance” shown on the statement will not pay your account in full since the “Principal Balance” amount is the unpaid Principal Balance only and does not include accrued FINANCE CHARGES due up to the date of payment. To pay your account in full you must contact us for the total amount due. Payment amounts above the required minimum payment must be debited from available funds in your giantbank checking account. We accept payment instructions via e-mail, fax or online transfer payment. You may make online transfer payments by completing the appropriate transfer transaction information (between giantbank.com accounts only) on our website, or by calling our automated voice system at our toll-free number (888) 285-4324.

Financial Statements and Additional Documents
You agree to provide revised or updated financial information upon request by giantbank.com. You agree to sign, deliver, and file any additional documents or certifications considered necessary by giantbank.com to perfect, continue, and preserve the obligations under this line of credit. Time is of the essence.

Change in Terms/Amendments
giantbank.com reserves the right to make any change in terms, including, but not limited to, an increase in the cost of maintaining an Overdraft Account. Notices of any such change will be provided as required by applicable law. In the event of an increase of fees/costs, the notice will be sent to you at least thirty (30) days before the start of the billing cycle in which the change will be effective.

Default/Collection Costs
Your Account will be in default and giantbank.com may demand immediate payment of the entire amount you owe without giving prior notice if:

  • giantbank.com does not receive your Minimum Monthly Payment within ten (10) days of the Payment Due Date;
  • A tax lien of judgment is filed against you;
  • You fail to comply with this Agreement;
  • You file for bankruptcy protection;
  • In the event of your death or incapacitation;
  • giantbank.com believes, in good faith, that the payment or performance of your obligations under this Agreement is impaired for any other reason.

As permitted by applicable law, you agree to pay all court costs and collection fees, including reasonable attorney fees, should it become necessary for giantbank.com to pursue collection action.

Security Interest
giantbank.com reserves the “right of offset” to pay any loan advances. This means that the bank may use any amounts in any of your deposit accounts to repay the overdraft protection line of credit, in the event that you default on the loan. giantbank.com also has the right to use collateral on any other loans you have with giantbank.com to secure payment on this account. Otherwise, Overdraft Protection accounts are unsecured loans, unless a separate security agreement has been executed with you, giving giantbank.com a Uniform Commercial Code (UCC) security interest in the personal property described in that agreement.

Computation of Finance Charge
Finance charges begin to accrue immediately with each advance on this account. To calculate the finance charge for your loan account for each billing cycle, we apply the appropriate “daily periodic rate” of finance charge to the appropriate “daily principal balance”. To calculate the “principal balance” for each day, we first take the beginning “principal balance” of your account each day, add any new advances on the line, and subtract the “principal” portions of any payments or credits. This gives us the new “principal balance”. We then apply the applicable “daily periodic rate” to the “principal” times the number of “days” at the new “principal balance”. This gives us the “Accrued Finance Charge” for each period of days in the billing cycle. To arrive at the “Finance Charge” for the billing cycle, we add all of the “Accrued Finance Charge(s)” together for the billing cycle.

Daily Periodic Rate/Annual Percentage Rate/Variable Rates
Overdraft Protection Lines of Credit are variable rate loans. As such, the “ANNUAL PERCENTAGE RATE” applicable to the Line of Credit may change. It will always be the value of the Index described as “Base Rate” plus a margin of 5.9%. The “Base Rate” means the highest base rate on corporate loans at large U. S. Money Center commercial banks that The Wall Street Journal publishes as the “prime rate”. The “ANNUAL PERCENTAGE RATE” may increase or decrease as the “Base Rate” increases or decreases. An increase or decrease in the “ANNUAL PERCENTAGE RATE” will take effect on the same day as the change in the “Base Rate”. An increase or decrease will result in an increase or decrease in the FINANCE CHARGE and it may have the effect of increasing or decreasing your minimum monthly payment. The “ANNUAL PERCENTAGE RATE” will not increase or decrease more than once a day. If the Wall Street Journal no longer publishes such rate, the “Prime Rate” from time to time published by another financial publication will be selected.

Within the last 30 thirty days the “ANNUAL PERCENTAGE RATE” in effect has been 9.15% and the “DAILY PERIODIC RATE” has been .0251. You should inquire as to the specific current index value and “ANNUAL PERCENTAGE RATE” in effect. The actual “DAILY PERIODIC RATE” and corresponding “ANNUAL PERCENTAGE RATE” may be different than the rates indicated above in this paragraph.

The “ANNUAL PERCENTAGE RATE” will never exceed eighteen percent (18%) and will never exceed the highest allowable rate for this type of agreement under applicable state or federal law. The “ANNUAL PERCENTAGE RATE” will never decrease below ten percent (10%).

Agreement Cancellation
giantbank.com may terminate your privileges and this Agreement as to future loan advances at any time, without notice or liability. You may cancel this Agreement at any time by notifying giantbank.com in writing or by closing your checking account. Such notification becomes effective upon receipt. Termination by one customer for Overdraft Protection on a joint account will terminate the line of credit for all customers on the account. Whenever a giantbank.com checking account is closed, the Overdraft Protection is terminated without notice. Upon cancellation for any reasons other than default, this Agreement continues until all amounts (including loan amounts not yet billed) at the time of cancellation are paid. Should you cancel this Agreement, giantbank.com reserves the right to require all amounts owed under this Agreement be paid in full within ten (10) days after notice is given.

Other Fees

  • Late Payment Fee: $25.00
  • Return Payment Fee: $25.00
  • Over limit Fee: $25.0 
  • Overdraft Protection Line of Credit Transfer Fee: $10.00

YOUR BILLING RIGHTS
This notice contains important information about your rights and our responsibilities under the Fair Credit Billing Act. Keep this notice for future use. The following information applies only to loans made to you under your line of credit loan account.

Notify Us In Case of Errors or Questions About Your Bill
If you think your bill is wrong, or if you need more information about a transaction on your bill, write us at the address shown on the front of this statement as soon as possible. We must hear from you no later than sixty (60) days after we sent you the first bill on which the error or problem appeared. You may telephone us, but doing so will not preserve your rights. In your letter, give us the following information:

      1. Your name and account number.
      2. The dollar amount of the suspected error.
      3. Describe the error and explain, if you can, why you believe there is an error. If you need more information, describe the item that you are unsure about.

If you have authorized the Bank to automatically pay your bill from your checking account, you can stop payment on any amount you think is wrong by mailing your notice so that the Bank receives it at least three (3) business days before the payment is scheduled to occur.

Your Rights and Our Responsibilities After We Received Your Written Notice
We must acknowledge your letter within 30 days, unless we have corrected the error by then. Within 90 days, we must either correct the error or explain why we believe the bill was correct.

After we receive your letter, we cannot try to collect any amount you question, or report you as delinquent. We can continue to bill you for the amount you question, including finance charges, and we can apply any unpaid amount against your credit limit. You do not have to pay any questioned amount while we are investigating, but you are still obligated to pay the parts of your bill that are not in question.

If we find that we made a mistake on your bill, you will not have to pay any finance charges related to any questioned amount. If we didn’t make a mistake, you may have to pay finance charges, and you will have to make up any missed payments on the questioned amount. In either case, we will send you a statement of the amount you owe and the date that it is due.

If you fail to pay the amount that we think you owe, we may report you as delinquent. However, if our explanation does not satisfy you and you write to us within ten days telling us that you still refuse to pay, we must tell anyone we report you to that you have a question about your bill. And, we must tell you the name of anyone we report you to. We must tell anyone we report you to that the matter has been settled between us when it finally is.

If we don’t follow these rules, we can’t collect the first $50 of the questioned amount, even if your bill was correct.

For more information regarding the Overdraft Protection Agreement and Disclosure or if you have any questions for us, please go to Contact Us or contact a giantbank.com Customer Relationship Representative Manager TOLL FREE at 1-877-446-4200. We look forward to hearing from you!