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.
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.
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).
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
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.