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The following is the agreement between us,
Hickory Point Bank and Trust, fsb (the Bank) and you covering your Hickory Point
Ready Reserve Account (the Account), You and any joint account holders, by using
or permitting others to use the Account, will be bound by this agreement. Any
authorized users on your account will be bound by this agreement to the extent
of their Ready Reserve advances. To induce the Bank to make Ready Reserve
available to you under which the Bank will pay one or more of your checks drawn
on your checking account, authorized transfers, of the authorized withdrawals
not in excess of the maximum credit or such other amount as the Bank shall
approve in writing, you promise to pay to the Bank, on or before the 10th day
after the date of such billing (hereinafter called the Monthly Payment Date)
regular consecutive monthly installments of the greater of $10 or 4% of the
total amount owing Bank on the statement date (unless the total amount owing is
$10 or less, in which event the total amount billed shall be due and payable)
plus any amounts past due, it being understood that each such payment will be
applied in the following order (1) to service charges computed at the rate of
one and one half percent (1 1/2%) per month or fraction of a month on the
average daily outstanding balance of the amounts owing Bank during such monthly
period. (The average daily outstanding balance shall be computed by dividing
the sum of the amounts owing Bank on each day of the monthly billing period by
the number of days in the period. The average daily outstanding balance for any
billing period does not include FINANCE CHARGES) (2) to the amount of the
Ready Reserve Advance in the order paid. You hereby authorize the Bank to obtain payment
of the applicable minimum monthly payment by automatically deducting the amount
thereof from your checking account on or after the date specified on the
statement for payment to be made. No advance will be made from the Account in
order to make the minimum monthly payment. Any payment in excess of the minimum
monthly payment will reduce your outstanding balance, but a separate payment
equal to or greater than the scheduled payment between the date of the last
statement and the next scheduled date of the payment. You may prepay advances
at anytime. The periodic rate of the FINANCE CHARGE is
one and one-half percent ( 1 1/2%) for each monthly billing cycle and accrued
immediately upon an advance on your Ready Reserve Account. The ANNUAL
PERCENTAGE RATE of the one and one-half percent (1 1/2%) periodic rate is
eighteen percent (18%). A minimum charge of 25 cents shall be imposed in any
monthly billing cycle in which credit has been advanced by the Bank. It is further agreed that (a) the Bank will from
time to time prepare and mail to you a monthly Statement of Account setting
forth the items credited and debited to the Account during the month immediately
following the last prior Statement of Account and the amount then payable; (b)
that each Statement of Account shall be considered correct by you unless you
notify your Bank to the contrary by writing to the Ready Reserve Department at
the address listed on the next page of this brochure within 60 days after the
date of the Statement of Account giving your name, account number, the dollar
amount and description of the suspected error, with the understanding that you
do not have to pay any amount in question while we are investigating and that
you cannot be reported as delinquent, but that you are still obligated to pay
the parts of your bill that are not in question; (c) upon your failure to pay
any amount as herein agreed, no further Ready Reserve Advances will at the
option of the Bank, be paid by the Bank and if that option is exercised, the
amount then remaining to be paid hereunder by you shall become immediately due
and payable to the Bank; (d) upon your failure to pay any amount as herein
agreed, the Bank reserves the right of setoff against any funds or property held
by or on deposit with the Bank; (e) upon the Banks being informed of your
insolvency or bankruptcy no further charges will be paid by the Bank and the
amount then remaining for you to pay hereunder shall become immediately due and
payable to the Bank; (f) you or the Bank may terminate your Ready Reserve
Account at any time by written notice to the other, but such termination shall
not affect your obligation to pay any outstanding balance or finance charge
assessed thereon; (g) the Bank reserves the right to change the terms and
conditions of this Agreement subject to 30 days prior written notice, at which
time you will have the right and option to terminate your Ready Reserve Account
and pay your then outstanding balance under the old terms, or to continue to use
your Ready Reserve Account thereby agreeing to the new terms and conditions
thereof, and (h) if this Agreement is signed by two or more persons, they shall
be jointly and severally liable hereunder the word you wherever used along
herein shall be considered to refer to each of such parties, all in the same
manner and with the same effect as if each of them had signed separate
Agreements. Your rights hereunder are not assignable. Credit Reporting Notice. We may report information about your account to credit bureaus. Any late payments, missed payments, or other defaults on your account may be reflected in your credit report. You shall be liable for and pay to the Bank all
costs and disbursements, including reasonable attorneys fees, incurred by the
Bank in any legal proceedings to collect or enforce the debt in the event of
your delinquency or in the event of your breach of any of the terms of this
Agreement. You authorize payment of any check or
authorization properly drawn on your checking account (to the extent of any
available credit on your account). If payment of the check results in a
negative balance (overdraft), the Bank will transfer funds to such checking
account in increments of $100 from your Ready Reserve Account. Such transfers
will be charged to your Ready Reserve Account as advances. NOTICE OF PRIVACY PRACTICES Our
Privacy Commitment to You Confidentiality and Security of Nonpublic
Personal Information It is the policy of Hickory Point Bank to follow the rules of the Privacy of Consumer Financial Information in all cases except where Illinois Law prevails. Nonpublic Personal Information We Collect
Nonpublic Personal Information We Disclose
Notify Us of Inaccurate Information We Report To Consumer Reporting Agencies. Please notify us if we report any inaccurate information about your account(s) to a consumer reporting agency. Your written notice describing the specific inaccuracy(ies) should be sent to us at the following address: HICKORY POINT BANK & TRUST, fsb, P.O. BOX 2548, DECATUR, ILLINOIS 62525-2548
Hickory Point Bank & Trust, fsb I(we) have
read the Ready Reserve Agreement and Disclosure Statement, along with the Notice
of Privacy Practices, and agree to be bound to the terms set forth therein.
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