Common use of Crediting of Payments Clause in Contracts

Crediting of Payments. Payments made on your Account at the address designated for payment on the monthly periodic statement or in-person payments at a branch made prior to the close of business will be credited on the date of receipt. If the date of receipt is not a business day, your payment will be credited on the first business day following receipt. Payments on your Account will be applied first to collection costs, then to any FINANCE CHARGE and to other fees due, and then to the unpaid principal balance as required by law. We reserve the right to withhold credit availability on any payment. Interest paid or agreed to be paid shall not exceed the maximum amount of interest permissible under applicable law, and in any contingency whatsoever, if we shall receive anything of value deemed interest under applicable law which would exceed the maximum amount of interest permissible under applicable law, the excessive interest shall be applied to the reduction of the unpaid principal amount or refunded to you.

Crediting of Payments. Payments made on your Account at the address designated for payment on the monthly periodic statement or in-person payments at a branch made prior to the close of business will be credited on the date of receipt. If the date of receipt is not a business day, your payment will be credited on the first business day following receipt. Payments on your Account will be applied first to collection costs, then to any FINANCE CHARGE and to other fees duefeesdue, and then to the unpaid principal balance as required by law. We reserve the right to withhold credit withholdcredit availability on any payment. Interest paid or agreed to be paid shall not exceed the maximum amount of interest permissible under applicable law, and in any contingency whatsoever, if we shall receive anything of value deemed interest under applicable law which would exceed the maximum amount of interest permissible under applicable law, the excessive interest shall be applied to the reduction of the unpaid principal amount or refunded to you.