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U.S. Bank Checking Account Advance

Important Customer Notice and Change in Terms for Checking Account Advance

Effective May 31, 2014, Checking Account Advance will be discontinued. Customers may take advances through May 30, 2014, based on current eligibility criteria. After May 30, 2014, no new advances can be requested.

The Payments section of the Checking Account Advance Agreement will change on May 31, 2014. For outstanding Checking Account Advance balances on May 31, 2014, the payment terms are:

Automatic Payment from Your Direct Deposits. When an eligible direct deposit is received, the maximum payment automatically deducted from the Associated Checking Account is decreased to 25% of the direct deposit, rather than the current 100% of the direct deposit. We will deduct up to 25% of each eligible direct deposit received until an outstanding advance and related fee are repaid in full or until the Payment Due Date, whichever comes first.

Payment Due Date. The Payment Due Date of an outstanding advance and related fee is extended to August 29, 2014, rather than the current due date 35 days after the advance.

Automatic Payments of Outstanding Balances at the Due Date. You authorize us to automatically deduct your outstanding Checking Account Advance balance from your Associated Checking Account on August 29, 2014, rather than the current 35 days after the advance.

Manual Payments. You may make a manual payment to your outstanding Checking Account Advance balance at any time prior to the Payment Due Date of August 29, 2014.

All other terms within the Checking Account Advance Agreement remain unchanged. These changes apply to existing U.S. Bank customers. New U.S. Bank customers who open a personal checking account on or after January 31, 2014, are not eligible for Checking Account Advance.

 

Summary of Key Features

U.S. Bank is committed to providing you with timely information about our products and services that is direct, plain and simple to allow you to make informed financial decisions. As part of our commitment, we have created a Guide to Checking Account Advance to help you understand Checking Account Advance and determine if it is the right credit option for you. You may view the Guide online at usbank.com/caa. In addition, we provide examples, illustrations and frequently asked questions related to Checking Account Advance online at usbank.com/caa. We have summarized some of the key items in the Guide and other key features in this Summary of Key Features for you in reviewing Checking Account Advance.

  • Checking Account Advance is a line of credit that allows eligible customers to borrow money from their next direct deposit. The borrowed funds are deposited directly into the customer's associated checking account.
  • Advances are automatically repaid from your next direct deposit of $100 or more. Any payment of your advance reduces the amount available to you in your associated checking account for other bills and expenses.
  • If eligible, you may borrow between $20 and your available credit limit. If your checking account is overdrawn, you must borrow enough to bring your checking account balance to a least a $0 balance.
  • The advance fee is $2 for every $20 borrowed.
  • Checking Account Advance is an expensive form of credit. Checking Account Advance is a loan product designed for short-term credit needs. We do not recommend ongoing use of the Checking Account Advance service. If you decide to borrow, borrow only as much as you can afford to pay back with your next direct deposit.
  • We may be able to offer you other credit options that are less expensive and more appropriate for your credit needs. If you would like more information about other possible credit options, please visit a U.S. Bank office or call us at 800-US Banks (800-872-2657).

The Guide to Checking Account Advance and this Summary of Key Features does not modify the terms and conditions of your Checking Account Advance Agreement. Please review the Guide to Checking Account Advance, the Checking Account Advance Frequently Asked Questions, and the Checking Account Advance Agreement for complete details online at usbank.com/caa before you use Checking Account Advance.

U. S. Bank Checking Account Advance Agreement

Fees

Advance Fee $2 for every $20 advanced

Billing Rights: Information on your rights to dispute transactions and how to exercise those rights is provided in your account agreement

Checking Account Advance is an open-end line of credit provided by U.S. Bank. This document provides the general terms and conditions that apply to your U.S. Bank Checking Account Advance. Additional terms and disclosures may be provided to you separately, including the terms and conditions of your Associated Checking Account (defined below), which together with these terms and conditions form an agreement (“Agreement”) between you and us. In the event of a conflict between the terms and conditions of this Agreement and any terms and conditions of the Associated Checking Account, the terms and conditions of this Agreement control. Please read these terms and disclosures carefully and contact us with any questions. By using the Checking Account Advance, you agree to the terms of this Agreement.

Definitions

In this Agreement, the words, "you" and "your" mean the borrower(s). If there is more than one, these words mean each borrower separately and all borrowers jointly. Your address, telephone number, and other identification information are as recorded in the Associated Checking Account records. You confirm that such checking account information is accurate, and you promise to keep it so. "We," “us” and "our" mean U.S. Bank. The “Associated Checking Account” is the consumer checking account to which the Checking Account Advance is attached, and into which you receive direct deposits that meet the eligibility criteria specified in this Agreement. “Advance” means each transaction in which you access credit from the Checking Account Advance. “Credit Limit” is the amount of credit available to you when using Checking Account Advance.

Eligibility

You will only be eligible to take an Advance from your Checking Account Advance if you meet the following eligibility criteria:

  • You must have a U.S. Bank deposit account that has been open during the past six months
  • The Associated Checking Account is an active U.S. Bank consumer checking account in good standing, not including the following:
    • Electronic Transfer Account (ETA), Limited Checking and U.S. Bank Asset Management Account
    • Accounts held by minors
    • Accounts titled as non-individual, such as trust, conservatorship/guardianship, custodial and representative payee accounts (e.g. Social Security funds deposited to the benefit of another person)
  • The Associated Checking Account must have received at least one direct deposit of $100 or more in each of two consecutive statement cycles, one of which must have been received by us in the past 35 calendar days
  • The Associated Checking Account:
    • must not be subject to legal process, such as a garnishment or levy, and must not be included in a current bankruptcy proceeding
    • must not be in the charge-off process or in the Checking Account Repayment Plan

After becoming eligible, your access to credit from Checking Account Advance may be restricted. If any of the following events occur, you may lose your ability to borrow funds using Checking Account Advance.

  • If you obtain an Advance in each of nine consecutive statement cycles, you will be ineligible for an advance for up to 90 days following the ninth month.
  • If your Associated Checking Account is continuously overdrawn for 5 consecutive business days or more, you will not be eligible for an Advance until the Associated Checking Account balance is brought to a zero or positive balance.
  • If the Associated Checking Account is overdrawn an excessive number of times, the ability to Advance may be restricted until total overdrafts are reduced.
  • If your available credit or requested advance are insufficient to bring your Associated Checking Account balance to at least a zero balance.
  • If you are a participant in the Checking Account Repayment Plan, and successfully complete the program, you will have a one statement cycle waiting period before becoming eligible for the Checking Account Advance service.
  • If your Associated Checking Account is in continuous overdraft status for more than 13 consecutive days, you will be in default of this Agreement, and we may close the Checking Account Advance account. The amount of the outstanding Checking Account Advance balance and advance fees will be added to the overdraft balance that you will be obligated to pay.
  • You will not be eligible for Advances if you are in default of this Agreement.

Checking Account Advance Access

Checking Account Advance will become effective when you accept an Advance and terminate if you do not take an Advance for a period of 12 consecutive months. Use of Checking Account Advance constitutes your acknowledgement of having received a copy of this Agreement and acceptance of its term. Access to Checking Account Advance is subject to the eligibility criteria provided in this Agreement and your compliance with the terms of this Agreement. For joint account holders, either account holder may access the Checking Account Advance service. If one or the other account holder wishes to make the account unavailable for the Checking Account Advance or to reinstate the service, they may visit a banker at any local U.S. Bank branch or call 24-Hour Banking at 800-US Banks (800-872-2657).

Advances

Advances may be made in increments of $20, with a minimum advance amount of $20. If you have a negative available balance in your Associated Checking Account, your minimum advance will be the amount, rounded up to the nearest $20 increment, necessary to bring the available balance in your Associated Checking Account to zero. For example, if your Associated Checking Account has a negative available balance of $53.75, your minimum advance amount will be $60 to remove the negative balance in your Associated Checking Account. You may request an Advance through online banking at usbank.com , 24-Hour Banking at 800-US Banks (800-872-2657), and at any U.S. Bank branch. Each Advance is deposited into your Associated Checking Account. If the Associated Checking Account has a negative available balance, the Advance will first be used to bring the available balance positive prior to any amount being available for withdrawal. You may request multiple Advances up to your Credit Limit. Each Advance requested under the Checking Account Advance is made subject to our discretion.

Credit Limit

Your Checking Account Advance Credit Limit is the lesser of $500 or half of the total direct deposits listed on your most recent Associated Checking Account statement rounded up to the next $20. This Credit Limit is subject to change with changes in your direct deposits and your Associated Checking Account status. We reserve the right, at any time, and upon notice when required by applicable law, to adjust this Credit Limit based on your use of the Checking Account Advance, management of funds in your Associated Checking Account and other factors, at the bank’s sole discretion. We reserve the right to review your credit status at any time, including obtaining credit reports and other credit information we believe to be relevant. We may modify or cancel your Credit Limit at any time based on this information.

Fees

A $2 fee will be assessed for each $20 that you advance through your Checking Account Advance service.  Fees,  including cycle to date fees paid and year to date fees paid, are displayed in the Checking Account Advance section of your associated checking account statement.

Payments

Payment Due Date. Each Advance and the related advance fee must be repaid within 35 days of the Advance.

Method of Payment. There are three methods of payment of your outstanding balance, described below.

Automatic Payment from Your Direct Deposits. Payments will be automatically deducted from your Associated Checking Account at the time a direct deposit of $100 or more is received in your Associated Checking Account, no sooner than one business day after an Advance is taken. We will apply only the amount of the direct deposit that results in an available balance greater than zero in the Associated Checking Account to your outstanding Checking Account Advance balance. The automatic payment from your direct deposit to the Checking Account Advance balance will be no greater than the direct deposit amount. You have authorized us to pay your Checking Account Advance balance automatically from your Associated Checking Account and you can stop the payment on any amount you think is wrong. To stop payment, your notice must reach us three business days before the automatic payment is scheduled to occur.

Manual Payments. You may make a manual payment to your outstanding Checking Account Advance balance online through U.S. Bank's retail internet banking, at any U.S. Bank branch, or by calling U.S. Bank's 24-Hour Banking at 800-US Banks (800-872-2657). Making a manual payment will not decrease the cost of the advance fees for the Advances that you have made. Manual payments may be an option if the direct deposit is not large enough to pay off an Advance prior to the 35th day an Advance is outstanding or to avoid automatic payments from your Associated Checking Account at the payment due date.

Automatic Payments of Outstanding Balances at the Due Date. If your outstanding Checking Account Advance balance is not fully repaid within 35 days, you authorize us to automatically deduct this amount, including any related advance fees, from your Associated Checking Account – even if this creates an overdraft position in your Associated Checking Account and it becomes subject to applicable fees under the terms of Your Deposit Account Agreement, such as per item and continuous overdraft fees, until paid.

Application of Payment

All Checking Account Advance payments will be applied first to any unpaid advance fees and then to the unpaid principal balance. If the funds from your payment – whether from direct deposit, manual payment, or automatic payment at the due date – are not sufficient to repay the entire Advance and related fees, then we will pay advance fees first, and then apply as much of the payment funds as available to the unpaid principal balance.

Statements

All Advances and their payment due dates, advance fees incurred, outstanding balances, payments and credits will appear on your Associated Checking Account monthly statement.

Your Billing Rights: Keep This Notice for Future Use.

This notice contains important information about your rights and our responsibilities under the Fair Credit Billing Act.

Notify Us In Case of Errors Or Questions About Your Bill

If you have a question or think there is an error concerning your Checking Account Advance, you should write to us at the address U.S. Bank PO Box 1800, St. Paul, MN 55101-0800 as soon as possible. We must hear from you within 60 days after we sent you the first statement with the information in question. You can telephone us, but doing so will not preserve your rights.

In your letter, give us the following information:

  • Your name and account number.
  • The dollar amount of the suspected error.
  • Describe the error and explain why you believe there is an error. If you need more information, describe the item you are not sure about.

Your Rights and Our Responsibilities After We Receive 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 advance fees, 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 advance fees related to any questioned amount. If we didn't make a mistake, you may have to pay advance fees, 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 reported you to. When the matter is resolved, we must tell anyone we report you to that it has been settled. If we don't follow these rules, we can't collect the first $50 of the questioned amount, even if your bill was correct.

Default And Remedies

If your account is assigned to a branch in Wisconsin, you will be in default of this Agreement if you fail (1) to pay when due on 2 occasions within any 12-month period, or (2) to observe any other covenant of the Agreement, breach of which materially impairs the condition, value or protection of or our right in any collateral securing the Agreement, or materially impairs your ability to pay amounts due under the Agreement. If your account is assigned to a branch in any other state (not Wisconsin),you will be in default of this Agreement if you fail to meet the eligibility criteria specified in the ELIGIBILITY section of this Agreement or violate any terms of your Associated Checking Account agreement. In the event you default under this Agreement, we have the following rights and remedies in addition to any other rights and remedies we have by law. These rights are in addition to the actions we may take based on your failure to meet the eligibility requirements, including suspending your right to obtain Advances. Our rights are subject to any applicable notice and right to cure.

If you are in default (and subject to any applicable notice requirement and right to cure) we may:

  • require you to pay the entire unpaid balance of principal and advance fees before the scheduled due date;
  • set off the debt against any account you have with us;
  • enforce our security interest, if applicable;
  • terminate or suspend your right to further Advances under this agreement; and
  • pursue any other method permitted by law to collect a debt.

Closed Account Process

If you close your Associated Checking Account and there is an outstanding balance remaining on your Checking Account Advance line, we will automatically deduct this amount from your Associated Checking Account balance at closing. If this creates an overdraft position in the Associated Checking Account, you still remain responsible for paying back any outstanding amount due to us.

Change In Terms

We reserve the right to change the terms of this Agreement at any time with notice to you. Such changes may apply to any outstanding Advances as well as to future advances. By continuing to use the Checking Account Advance service or keeping your checking account open, you are accepting the change in terms, or you may decline the change in terms by no longer using the Checking Account Advance prior to the effective date of the change or by requesting that access to the service be discontinued.

Alternative Forms Of Credit

The Checking Account Advance is designed to fulfill a short-term funds need and not for use as a continuous source of funds for basic financial maintenance. Please contact us to discuss alternative credit services that may be less expensive and more suited to your individual financial needs. By requesting an Advance, you acknowledge and agree that you have had an opportunity to consider other credit products or services and understand the Checking Account Advance to be an appropriate service based on your needs.

Applicable Law

You understand that we are a national bank located in Ohio. The law that will apply to this Agreement as to issues related to interest and related charges will be the law of the State of Ohio.

Security Interest In Associated Checking Account

You grant to us a security interest in the Associated Checking Account to secure the payment of the Checking Account Advance obligation. This security interest is subordinate to any right of setoff we have against your Associated Checking Account.

Additional Parties

You cannot add a person to your Associated Checking Account with authority to make withdrawals unless that person agrees to assume responsibility for this Agreement, including any outstanding balance at that time, unless you pay off any balance and terminate this Agreement.

For Executive Officers

Notwithstanding any other provision of this Agreement, we have the option to terminate the Checking Account Advance and make the entire outstanding balance immediately due and payable if:

  • You are or become an executive officer of ours, and
  • Your indebtedness to any bank or number of banks, in the aggregate, exceeds the amount (in any regulated category) permitted to an executive officer under Federal law.
  • "Federal law" includes regulations and interpretations of federal agencies. "Your indebtedness" includes any debts attributed to you by Federal law.

Costs Of Collection

If your account is assigned to a branch in Wisconsin, you agree to pay our statutory costs and attorneys’ fees as specifically authorized by Wis. Stat. §422.413, and any other charges we incur as specifically authorized by Wis. Stat. Chaps. 421 to 427. This previous provision also shall apply if you file a petition or any other claim for relief under any bankruptcy rule or law of the United States, or if such petition or other claim for relief is filed against you by another. If your account is assigned to a branch in any other state (not Wisconsin),you agree to pay the costs we incur to collect this debt in the event of your default. In the event we have to collect this note through your bankruptcy proceeding, voluntary or otherwise, and without regard to your state of residence, these costs will include our reasonable attorney’s fees and other related collection costs to the extent allowed by applicable law, for an attorney who is not our salaried employee, in the bankruptcy proceedings.

Arbitration

This section does not apply to any dispute in which the amount in controversy is within the jurisdictional limits of, and is filed in, a small claims court. These arbitration provisions shall survive closure of your account or termination of all business with us. If any provision of this section is ruled invalid or unenforceable, this section shall be rendered null and void in its entirety.

Arbitration Rules: If you or we elect to arbitrate a dispute concerning your account, the dispute will be decided by arbitration under the Commercial Arbitration Rules of the American Arbitration Association. If this arbitrator or these arbitration rules are not available, then you and we will use a comparable substitute arbitration procedure and/or arbitration organization that does business on a nationwide basis. You may obtain rules and forms by calling the AAA at 800-778-7879. Any arbitration hearing that you attend will be in the federal judicial district where you reside.

Arbitration Process: Arbitration involves the review and resolution of the dispute by a neutral party. The arbitrator's decision will generally be final and binding. At your request, for claims relating to consumer accounts, we will advance the first $250 of the filing and hearing fees for any claim you file against us; the arbitrator will decide whether we or you will ultimately pay those fees. Arbitration can only decide our or your dispute and cannot consolidate or join claims of other persons who may have similar claims. There will be no authority or right for any disputes to be arbitrated on a class action basis.

Effects of Arbitration: If either of us chooses arbitration, neither of us will have the right to litigate the dispute in court or have a jury trial. In addition, you will not have the right to participate as a representative or member of any class of claimants pertaining to any dispute subject to arbitration. Notwithstanding the foregoing, any question as to the validity and effect of this class action waiver shall be decided solely by a court of competent jurisdiction, and not by the arbitrator.

 

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800-872-2657

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