Common use of CURRENCY CONVERSION SERVICE Clause in Contracts

CURRENCY CONVERSION SERVICE. All Visa Desjardins purchases or cash advances made in a foreign currency are payable in Canadian currency converted at the exchange rate in effect as determined by Desjardins Group or its provider on the date the purchase or cash advance is processed. The cardholder may write cheques in Canadian currency only. Any cheque written in foreign currency will automatically be returned to the cardholder. The cardholder shall pay a currency conversion charge of 2.5% ($2.50 per $100 spent) on any amounts recorded in the cardholder’s account in foreign currencies and converted into Canadian dollars. The amount payable in exchange rate charges and the currency conversion charge is deemed to be a regular purchase within the meaning of