INFORMATION FOR CUSTOMERS WITH OVERDRAFT PROTECTION
INTEREST CHARGES ARE COMPUTED USING THE AVERAGE DAILY BALANCE METHOD. THE AVERAGE DAILY BALANCE IS THE SUM OF THE UNPAID PRINCIPAL BALANCES EACH DAY AFTER FIRST SUBTRACTING PAYMENTS AND OTHER CREDITS AS OF THE DATE OF CREDITING DIVIDED BY THE NUMBER OF DAYS IN THE STATEMENT PERIOD. INTEREST CHARGES ARE NOT INCLUDED IN COMPUTING THE AVERAGE DAILY BALANCE AND ARE THEREFORE NOT SUBJECT TO INTEREST CHARGE. PAYMENTS ARE APPLIED FIRST TO INTEREST CHARGES AND THEN TO THE PRINCIPAL BALANCE.
INTEREST CHARGES ARE CALCULATED BY MULTIPLYING THE AVERAGE DAILY BALANCE BY THE NUMBER OF DAYS IN THE STATEMENT PERIOD AND MULTIPLYING THAT PRODUCT BY THE DAILY PERIODIC RATES SHOWN ON THE FACE OF THE STATEMENT USING THE BALANCE TIERS INDICATED.
NO INTEREST CHARGE WILL BE MADE IF THERE IS NO LOAN BALANCE OUTSTANDING. THE INTEREST CHARGE WILL BEGIN ON THE DAY A LOAN OR ADVANCE IS PROCESSED BY BANK AND WILL CONTINUE TO ACCRUE UNTIL ALL LOAN BALANCES ARE PAID IN FULL.
NO ANNUAL MAINTENANCE FEE WILL BE ASSESSED.
INFORMATION FOR CUSTOMERS WITH HOME EQUITY LINES OF CREDIT
Finance charges are computed using the actual daily balance. Lender starts with the balance on the account at the beginning of each billing cycle less unpaid finance charges. Each day during the billing cycle, lender subtracts payments and credits from the balance and adds new advances and debits. This determines the ending balance of the account for each day of the billing cycle. Lender multiplies each ending balance by the daily periodic rate to determine the daily finance charge. These daily finance charges are added together to determine the finance charge for the billing cycle.
BILLING RIGHTS SUMMARY
In Case of Errors or Questions About You Bill
If you think your bill is wrong or if you need more information about a transaction on your bill, write us on a separate sheet at Citizens State Bank, P O Box 160, Roseau, MN 56751 as soon as possible. We must hear from you no later than 60 days after we sent you the first statement on which the error or problem appeared. You can telephone us at 218-463-2135, but doing so will not preserve your rights. In you letter, give us the following information:
- Your name and account number
- The dollar amount of the suspected error
- Describe the error and explain, if you can, why you believe there is an error.
If you need more information, describe the item you are unsure about.
You do not have to pay any amount in question while we are investigating but you are still obligated to pay the parts of your bill that are not in question. While we investigate your question, we cannot report you as delinquent or take any action to collect the amount you question.
Special Rule for Credit Card Purchasers
If you have a problem with the quality of goods or services that you purchased with a credit card, and you have tried in good faith to correct the problem with the merchant, you may not have to pay the remaining amount due on the goods or services. You have this protection only when the purchase price was more than $50 and the purchase was made in your home state or within 100 miles of your mailing address. (If we own or operate the merchant, or if we mailed you the advertisement for the property or services, all purchases are covered regardless of amount or location of purchase.)
In Case of Errors or Questions About Your Electronic Transfers
TELEPHONE US AT: (218)463-2135
OR WRITE US AT:
CITIZENS STATE BANK
PO BOX 160,
ROSEAU, MN 56751
as soon as you can, if you think your statement or receipt is wrong or if you need more information about a transfer on the statement or receipt. We must hear from you no later than 60 days after we sent you the FIRST statement on which the error or problem appeared.
- Tell us your name and account number.
- Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe there is an error or why you need more information.
- Tell us the dollar amount of the suspected error.
We will investigate your complaint and will correct any error promptly. If we take more than 10 business days to do this, we will recredit your account for the amount you think is in error, so that you have use of the money during the time it takes us to complete our investigation.