APPLICATION OF PAYMENTS. We may apply Your Minimum Payment to Balance Categories in the order We choose. We apply payment amounts above the Minimum Payment to the Balance Category with the highest Annual Percentage Rates, in descending order. Until We determine a payment is unlikely to be returned, Your available credit may not reflect the payment. APPLICATION OF CREDITS: We will apply credits, such as a merchant’s refund for goods or services purchased on Your Account, to Your Account as required by law. In some cases, credits may not be posted to Your Account until a Billing Cycle subsequent to the date of the credit transaction.
APPLICATION OF PAYMENTS. We may apply your minimum payment in the order we select, subject to applicable law. However, in general, if you make a payment in excess of the required minimum payment, we will apply the excess amount first to your balances with the highest Annual Percentage Rate. Any remaining portion of that excess amount will be applied to your other balances in descending order based on their applicable Annual Percentage Rates. Please Note: Your account generally will have monthly billing cycles, except that your first billing cycle may be more or less than one month. All credit terms, including minimum interest charges, will apply in each billing cycle including the first billing cycle. BALANCE TRANSFERS: We may permit you to transfer balances from other credit card companies or financial institutions (“Other Accounts”) to your account if you are approved. All Balance Transfer requests are subject to our approval; we are not liable if we do not accept a requested Balance Transfer. We reserve the right to make Balance Transfers in the order we select and to limit the amount of the Balance Transfers that we make (this amount may be less than your total credit limit). If you request an amount that we do not approve, we may process a partial transfer for less than you requested or we may decline the entire request. You may not transfer any balance you owe from any other MidFirst Bank account or any of your accounts with any of our related companies. You should not transfer any amount that is in dispute in order to preserve your dispute rights. You should continue to monitor the Other Accounts that you request to transfer balances from, and you should continue to pay the minimum payments due on the Other Accounts until you receive statements from those creditors showing that the balances due on the Other Accounts have been paid in full. This may not happen until after the Balance Transfer appears on your billing statement from us. You are liable for any late payments, interest charges or disputed amounts on your Other Accounts. If you want your Other Accounts closed following a Balance Transfer, you are responsible for doing so. Balance Transfers are subject to applicable fees and interest charges and do not have the benefit of a period within which any credit extended may be repaid without incurring a finance charge due to a periodic interest rate, also known as a grace period.
APPLICATION OF PAYMENTS. We reserve the right to apply payments to your Account in any manner we choose at our sole discretion, in accordance with applicable law. To comply with federal law, when applicable we (i) apply portions of payments in excess of the Minimum Payment to balances with the highest Annual Percentage Rates first, using a method permitted by those rules, and (ii) apply portions of on-time partial payments as of the start of the Billing Cycle to Purchases still subject to the Grace Period at the end of the previous Billing Cycle, determined in accordance with applicable law.
Examples of APPLICATION OF PAYMENTS in a sentence
APPLICATION OF PAYMENTS: We decide how to apply your payments, up to the Minimum Monthly Payment amount, to the balances on your Account.
I (we), or the individual or entity for whom or which I am (we are) acting, hereby acknowledge full and complete satisfaction of, and do hereby fully, finally, unconditionally, and forever settle, release and discharge with prejudice from the Settled Claims each and all of the Released Parties (as defined below).
APPLICATION OF PAYMENTS: Each payment received on the loan shall be applied first to accrued interest and delinquency charges and then to the balance of any amount financed then outstanding.
APPLICATION OF PAYMENTS: We may apply Your Minimum Payment to Balance Categories in the order We choose.
PURCHASE-MONEY SECURITY INTEREST; APPLICATION OF PAYMENTS; BURDEN OF ESTABLISHING.
More Definitions of APPLICATION OF PAYMENTS
APPLICATION OF PAYMENTS. We decide how to apply your payments, up to the Minimum Monthly Payment amount, to the balances on your Account. We will apply the Minimum Monthly Payment amount in the following order: (1) periodic interest charges and fees; (2) outstanding balances of Cash Advances, Balance Transfers, and Purchases previously billed, starting with the lowest APR first, and (3) current Cash Advances, Balance Transfers and Purchases, starting with the lowest APR first. If you pay more than the Minimum Payment Due amount, the amount in excess of the Minimum Payment Due will be applied first to the balances subject to the highest APR and then to balances subject to lower APRs, in descending order of APRs until all balances subject to an APR are paid in full. You must continue to make payments until you have paid the Account Balance in full.
APPLICATION OF PAYMENTS. If you pay the Minimum Payment shown on the monthly Account Statement, it will be applied in the following order: (1) to FINANCE CHARGES; (2) to the outstanding balance for Purchases; (3) to the balance of Cash Advances; and (4) to Balance Transfers. As for payments that are greater than the Minimum Payment required, the excess amount will be applied to the outstanding balance with the highest APR and any remaining amount of such excess will be applied to other balances in descending order, based on the applicable APR. Your payment will be credited as of the date of receipt if it is received at the address on the Account Statement and is made by a check from a bank in Puerto Rico or the U.S. and you include the payment coupon. Cash payments must be made at any of our branches. Do not send cash payments by mail; if you do, it is at your own risk. If payment is made at a branch of the Bank before its closing time, it will be credited on the same day if made in cash or by check from a bank located in Puerto Rico or the U.S. Payments made using a mailbox at a branch of the Bank must include the payment coupon in order to be processed on the same day. Cash payments must be made at any of our branches. Do not deposit cash payments at a branch mailbox; if you do, it is at your own risk. Previously programmed electronic payments through Bill Pay originated by Oriental Online and other payments generated by Internet that are received by the Bank before 5:00 pm from Monday to Friday (except holidays) and all other payments received (including payments by telephone and payments received through Bill Pay originated through other banks) received by the Bank before 7:00 p.m. from Monday to Friday (except holidays) will be processed and accredited on the same day. If your payday is a Sunday or holiday, your payment will be considered a payment made on time provided it is received by the Bank during the next business day. MONTHLY ACCOUNT STATEMENT: The Bank will send you an Account Statement every month at the end of the billing period. Each Account Statement will have the following entries, as applicable: previous balance, payments, credits, debits, Purchases, Cash Advances, Balance Transfers, and convenience checks made during the billing period, the FINANCE CHARGE, the APRs, the billing period closing date, the new total balance, the minimum payment and the payment due date (the “Account Statement”). You must notify the Bank in writing of any error in the Account State...
APPLICATION OF PAYMENTS. Any amount received by the Pool Funds Administrator from a non-paying Pool Debtor for the credit of any Pool Account shall be applied by the Pool Funds Administrator in or towards payment of amounts payable by the nonpaying Pool Debtor to Pool Creditors on each successive Payment Date in respect of which there is an outstanding default (with the longest outstanding default being settled first).
APPLICATION OF PAYMENTS. Each payment received on the loan shall be applied first to accrued interest and delinquency charges and then to the balance of any amount financed then outstanding.
APPLICATION OF PAYMENTS. All payments made hereunder shall be made without defense or set-off for any debt or other claim which Borrower may assert against Lender. All payments received hereunder shall be applied in accordance with the provisions of the Loan Agreement.
APPLICATION OF PAYMENTS. We will apply payments we receive from you in the following order: first, to unpaid FINANCE CHARGES, Insurance charges, and any other unpaid charges; and second, to purchases and other debits charged to the Account, in the order posted to the Account. FINANCE CHARGE “FINANCE CHARGE“ is the dollar amount the credit extended will cost you. The FINANCE CHARGE is computed by multiplying the Daily Periodic Rate shown in the table below by the number of days in the billing period (usually around 30)
APPLICATION OF PAYMENTS. If you pay the Minimum Payment shown on the monthly Account Statement, it will be applied in the following order: (1) to FINANCE CHARGES; (2) to the outstanding balance for Purchases; and (3) to the balance for Cash Advances (including transfers to other institutions and convenience checks). As for payments that are greater than the Minimum Payment required, the excess amount will be applied to the outstanding balance with the highest APR and any remaining amount of such excess will be applied to other balances in descending order, based on the applicable APR. Your payment will be credited as of the date of receipt if it is received at the address on the Account Statement, if made by a check from a bank in Puerto Rico or the USA and you include the payment coupon. If payment is made at a Bank branch, it will be credited the same day, if made in cash or using a check from a bank located in Puerto Rico or the USA before the branch closing time. Payments made using the Express Mailbox must come with the payment coupon, in order to be processed the same day. Electronic payments received before 6:00 PM from Monday to Friday (except holidays), will be processed the same day. If you make a payment on a Sunday or a holiday, your payment will be considered as made on time on the next working day. MONTHLY ACCOUNT STATEMENT: The Bank will send you an Account Statement every month at the end of the billing period. Each Account Statement will have the following entries, as applicable: previous balance, payments, credits, debits, Purchases, Cash Advances, Balance Transfers, and convenience checks made during the billing period, the FINANCE CHARGE, the ANNUAL PERCENTAGE RATE, the new total balance, the minimum payment and the payment due date (“Account Statement”). You must notify the Bank in writing of any error in the Account Statement within sixty (60) days following the date the Account Statement was sent to you. The Bank reserves the right to not send the Account Statement under the circumstances allowed by law, including billing periods at the end of which the Account has a balance of zero and there was no activity during the billing period; if the Account is deemed uncollectible by the Bank; if legal action to collect an outstanding debt has been filed, or when the law prohibits the Account Statement to be sent.