BILLING RIGHTS SUMMARY

IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR BILL

If you think your statement is wrong, or if you need more information about a transaction on your statement, write us on a separate sheet at the address shown on your statement 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, 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 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 statement 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 PURCHASES: 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.

Negative Information Notice: We may report information about your account to credit bureaus. Late payments, missed payments, or other defaults on your account may be reflected in your credit report.

 

IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR ELECTRONIC TRANSFERS

Telephone us at 701-776-5811 or write us at Merchants Bank, Bookkeeping Department, P.O. Box 199, Rugby, ND 58368-0199 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.

1.        Tell us your name and account number (if any).

2.        Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information.

3.        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 credit your account for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation.

 

INTEREST CHARGE CREDIT LINE ACCOUNTS

Computation of Interest Charges. Interest charges begin to accure immediately when we make an advance to you. Interest charges will be computed as follows: To figure the interest charge for each day in a Billing Cycle, we multiply the daily periodic rate by the Daily Balance of your Loan Account Balance on that day. We then add up those daily interest charges to figure the total interest charge for that Billing Cycle. To figure the Daily Balance, we first take your Loan Account Balance at the beginning of each day, add any new advances, and subtract any payments or credits that apply to debt repayment, and any unpaid interest or other finance charges, fees and charges. This gives us the Daily Balance. (The daily periodic rate is also referred to as the periodic rate).

 



Balance my Checkbook

Balancing Your Checking Account

You may use this form to assist you in balancing your checking account to your statement.  Please complete all the information for the Statement Balance and Check Register Balance forms, and click the Calculate buttons near the bottom of the page.   When the Balances at the bottom of the page equals each other, (Adjusted Statement Balance and Adjusted Check Register Balance) you have balanced your checkbook!  If the Adjusted Statement Balance and Adjusted Check Register Balance do not equal each other, make sure all the information entered is correct and complete, and calculate and compare balances again.

Statement Balance Form

First Step

Enter Ending Balance of this Bank Statement:


Next Step :
Go through your check copies/stubs or check register and mark off each check listed as paid, as well as deposits and withdrawals, on your statement.  If you have written a check, deposited funds/money, or made withdrawals not listed on your statement, follow the instructions below to complete the fill-in section. Complete this section first.

  • Enter type of transaction (unpaid checks, deposits, and withdrawals) shown in your register and not on your statement.
  • Enter amount of the transaction
  • The BALANCE column is computed for you when you click the CALCULATE button near the bottom of the page  
Transaction Amount Balance
.


Final Step :

Click "Calculate", and your final account balance will be displayed!

Adjusted Statement Balance:

Checkbook Register Balance Form

First Step:

Enter Check Register Balance:


Next Step:
Go through your checkbook register and compare recorded items to your statement.  If ATM transactions, interest, fees/charges, incoming transfers (to your checking account), and outgoing transfers (from your checking account) are not recorded already in your checkbook register, follow the instructions below to complete the fill-in section.

  • Enter type of transaction (ATM, interest, fee/charge, and transfers) shown on your statement and not in your register.
  • Enter amount of the transaction
  • The BALANCE column is computed for you when you click the CALCULATE button near the bottom of the page
Transaction Amount Balance
.


Final Step :

Click "Calculate", and your final book balance will be displayed!

Adjusted Check Register Balance:

The Adjusted Statement Balance and Adjust Check Register Balance should equal each other.   If they equal each other, you have balanced your checking account!  If they do not equal each other, make sure all the information entered is correct and complete, and calculate and compare balances again.