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Simmons Visa Disclosures and Notes | Simmons Bank

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simmons visa disclosures and notes

Simmons Visa Credit Card Membership Rules
Amended October, 2017

The words “I”, “we”, “me”, “my” and “us” will mean each and all persons making

application for membership in the credit card system operated by the Bank or

persons named as members on the front of the Card. “Card” means Simmons

Visa card owned and issued by the Bank. “Bank” means Simmons Bank, Pine

Bluff, Arkansas, U.S.A.

Follow the Rules -

I agree to accept and comply with these membership rules. If I fail to follow the

membership rules, the Bank can cancel my membership and may demand

immediate payment of all amounts I owe. The Bank may amend the rules from

time to time. If the amendment is a significant change in account terms, I will

be given an opportunity to opt-out of the proposed amendment in accordance

with applicable law and regulations. In the event of an amendment to the rules,

I agree to accept and comply with the amended rules, unless a right to opt out

is granted and I timely exercise such right to opt out of the proposed

amendment to the rules.

Annual Fee –

None.

Verification of Identity, Age and Creditworthiness-

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I agree that the Bank may, and acknowledge that the Bank will, request

information from me and from third parties to verify my identity and the

identity of any other persons authorized to use my Card. Further, I agree that

the Bank may obtain consumer reports about me to determine my identity, age,

eligibility for credit, renewal of credit and future extensions of credit for as long

as this Card membership exists. I understand and acknowledge that if I am

under the age of 21 certain additional conditions and terms may be applicable

to my card account as required by applicable law and regulations. I agree that I

must maintain satisfactory creditworthiness to continue this Card membership

and any determination by the Bank of unsatisfactory credit or filing of

bankruptcy is grounds for termination of this Card membership.

Card Usage -

I understand that my Card can be used at designated locations throughout the

world to purchase goods and services, to obtain cash advances and to transfer

funds between accounts I designate. The Bank is not responsible for the refusal

of anyone to honor my Card. Paper transactions or electronic transactions will

not be final until they are received by the Bank. Transactions are governed by

the laws of Arkansas and the laws of the United States of America. From time

to time the operation of cards issued by the Bank may be suspended in

specified foreign countries or specific regions thereof, due to ongoing

fraudulent activities involving credit cards. Due to the nature of such fraudulent

activities, the Bank is unable to provide advance notice or the duration of any

such suspension. If I use my Card in a check guarantee system, I agree to allow

the check to be handled as a credit card cash advance if the check is not paid. I

agree not to use my Card for any type of Internet gambling transaction.

Further, I agree not to use my Card for any unlawful transaction and

acknowledge that the Bank may refuse to honor any transaction determined to

be unlawful. Restricted transactions, involving the acceptance of any credit,

funds, instrument, or other proceeds from another person in connection with

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unlawful Internet gambling, are prohibited from being processed through my

Card account. I acknowledge my responsibility to pay for goods and services

obtained through the use of my Card, even if such good or services were

obtained in an unlawful transaction.

Responsibility for Card Use -

I understand that I am responsible for the use of all Cards issued for use with

my membership. I will not allow unauthorized persons to use my Card.

Notification -

For my own protection and for the protection of the Bank, I agree to promptly

notify the Bank if I discover my Card has been lost or stolen, or if I suspect the

Card has been used without my authorization.

Card Ownership -

I understand as a member and Cardholder that I do not own my Card. When

requested to do so I will surrender my Card to the Bank or to a person

designated by the Bank. I understand that any or all privileges to use my Card

may be modified or canceled by the Bank at any time without notice to me.

Promise to Pay -

I promise to pay to the order of Simmons Bank all transactions in which I have

used Bank funds as a result of the use of my Card. If the funds involve cash

advances or extended payment privileges, I also agree to pay the transaction

fees and finance charge as described below.

I must pay all bills or invoices, including the minimum payment shown on my

monthly statement on time (on or before payment due date) and in U.S. Dollars.

The Bank does not waive its right to collect the full amount due if I pay late or I

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pay part of the bill, even if I write the words “paid in full” (or similar words) on

any correspondence to the Bank.

Available Credit Limit -

The Bank will supply a monthly statement listing the amount and location of all

transactions posted prior to the closing date of the statement. I agree to limit

my transactions so that my balance will stay within the available credit limit

approved for me by the Bank and listed on the statement. The Bank may refuse

to honor transactions that would cause my account balance to exceed my

available credit limit. My available credit limit will be restored to reflect a

payment after the Bank receives final payment on my check or other payment

method. The Bank may increase or decrease my available credit limit or my

available cash advance credit limit without notice. The Bank will not increase

my available credit limit without considering my ability to make the required

payments on my Card account. The credit available for my use may, from time

to time, be less than my available credit limit. My available credit limit will not

be increased by the amount of any credit balance.

If I am under the age of 21, any increase in the credit limit on my Card account

must be approved in writing and joint liability for such increase assumed by all

guarantors, co-signers or joint applicants who have assumed secondary or joint

liability on my Card account.

Billing –

If there is a debit or credit balance of $1.00 or more on my account, the Bank

will mail or deliver a monthly statement to me not less than 21 days prior to the

payment due date specified in the statement. I am responsible for maintaining

my current mailing address on file with the Bank. The Bank may consider me to

have received any notice mailed to me at the current address on the Bank's

records.

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Billing Errors –

Transactions listed on my statement will be presumed correct unless I notify

the Bank of an error in writing within 60 days of my statement mailing date.

(NOTICE: The procedures for notifying us of errors on your monthly statement

were disclosed upon the opening of your account and at least annually

thereafter. The mailing address to notify us of a billing error is set forth on your

monthly statement.)

Posting Transactions; New Balance -

Debit transactions from purchases, cash advances, convenience checks and

balance transfers are posted the day they are received. Debit transactions from

purchases are aggregated into my Purchases Balance. Debit transactions from

cash advances and convenience checks are aggregated into my Disbursed Cash

Balance. Debit transactions from balance transfers are aggregated into my

Transferred Balance. Applicable finance charges will be added to and included

in my Purchases Balance, my Disbursed Cash Balance and my Transferred

Balance on the last day of the statement cycle. My account balance is the sum

of my Purchases Balance, my Disbursed Cash Balance and my Transferred

Balance, which at the end of each statement cycle is shown as my "New

Balance".

Full Payment Option -

Each month I have the option of paying the “New Balance” in full within 25

days of the cycle closing date. Payment in full (received within 25 days) avoids

additional finance charges on the Purchases Balance included in the "New

Balance" as well as new purchases (but not on cash advances or convenience

checks) made during the next statement cycle.

Partial Payment Option -

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Each month I have the option of paying part of my account balance as long as

my payment is at least equal to the minimum payment shown on the statement.

The minimum payment will be the greater of (i) 1% of the New Balance plus all

finance charges and late fees assessed during the billing cycle plus any past

due amounts, or (ii) $10.00. I will pay the total New Balance if it is less than

$10.00.

If the Bank has not received a minimum payment by payment due date (or the

end of the next business day if the payment due date is on a Saturday, Sunday

or bank holiday), I will pay a late charge in an amount equal to my past due

payment up to $35.00.

Crediting of Payments-

An amount equal to the minimum payment from the initial payment during any

statement cycle will be applied first to my Purchases Balance and then to my

Disbursed Cash Balance. All additional payments received during the same

statement cycle will be applied to the balances based upon the applicable

interest rate on that balance, starting with the balances with the highest

interest rates. Any part of a payment complying with the payment instructions

on the periodic statement and received within 25 days of the cycle closing date

which is credited to my Purchases Balance will be credited as of the beginning

of the statement cycle in which received. Any part of a payment that is credited

to my Disbursed Cash Balance, my Transferred Balance or all of any Payment

which is received more than 25 days after the cycle closing date will be

credited as of the day received, if received before 5 p.m. CT by the Bank,

otherwise on the next banking day, provided that any payment paid in person

at a branch of the Bank shall be credited not later than the day received.

Payments received and accepted by the Bank which do not comply with the

payment instructions on the periodic statement may result in a delay in

crediting the payment to my account.

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Electronic Transfer Authority-

Anytime I send the Bank a check for payment on my account, I authorize the

Bank to make a one-time electronic transfer debit from my bank account for

the amount of the check.

Finance Charge -

Finance Charge on cash advances and convenience checks will accrue from the

date of the transaction and continue until the Disbursed Cash Balance is paid in

full. Finance Charge on balance transfers will accrue from the date of the

transaction and continue until the Transferred Balance is paid in full. Finance

charge on purchases will accrue from the date of the transaction if there was a

"New Balance" at the start of the current statement cycle, or from the first day

of the statement cycle next following the date of the transaction if there was

not a "New Balance" at the start of the current statement cycle. Date of

transaction will be the latter of the transaction date or the first date of the

statement cycle in which the transaction is posted. A Finance Charge will not

be imposed on (i) the Purchases Balance included within the "New Balance", if

payment in full of the “New Balance” is received within 25 days of the prior

statement cycle closing date or (ii) that part of the Purchases Balance equal to

the amount of any payment received within 25 days of the prior statement

cycle closing date and credited to the Purchases Balance in accordance with

these rules.

Interest Rates –

Finance charge on the Purchases Balance and the Transferred Balance where

applicable is computed by applying to my average daily balance for the

Purchases Balance and the Transferred Balance, including unpaid finance

charges (as indicated on my monthly statement) a daily periodic rate equal to

the Prime Rate plus 5.00% divided by the number of days in the year. The

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Prime Rate is the prime rate published in the Money Rates column of The Wall

Street Journal in effect for the second business day prior to the beginning of

each statement cycle. If The Wall Street Journal ceases publication or to

publish the Prime Rate as now shown in its Money Rates column, the Bank may

use the prevalent prime rate in the United States as published in any other

newspaper of general circulation, or the Bank may substitute a similar

reference rate at its sole discretion. The finance charge for the Disbursed Cash

Balance is computed by applying to my average daily Disbursed Cash Balance

including unpaid finance charges (as indicated on the monthly statement) a

daily periodic rate equal to the Prime Rate plus 9.00% divided by the number

of days in the year. If a transaction fee is applied, the annual percentage rate

(APR) may be higher than the periodic rate disclosed above. The maximum

interest rate applicable to my Card is governed by the laws of the United States

of America and the State of Arkansas.

Other Charges and Collection Fees -

Transaction fees for cash advances (including advances in foreign currencies)

and convenience checks will be 3% of the amount of the cash advance or check

amount (but not less than $4.00). If I request a photocopy or the original ticket

of an item appearing on my monthly statement, I will pay the Bank the fee

assessed to them by Visa U.S.A., Inc. for this service. I agree to reimburse the

Bank any and all amounts which it pays to any owner/operator of an automated

teller machine (ATM) or any national, regional or local ATM network used to

complete any transaction for my use of my Card at an ATM not located at an

office or branch of the Bank. I will pay a $12.00 service charge per payment, if I

utilize a service representative of the Bank to obtain expedited service for any

payment. If I request express delivery of my Card(s) I will pay an express

delivery fee equal to the actual costs incurred by the bank in making the

express delivery. If I make my payment with a check or other negotiable

instrument and it is returned to the Bank unpaid, I will pay a Return Check

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Charge of up to $35.00. I will not be charged two or more penalty fees for a

single event or transaction. If more than one fee may be applicable due to a

single event or transaction, the Bank may impose the highest permissible fee. If

my account is placed with an attorney or another agency for collection, I will

also pay attorney fees, court costs, witness costs (including transportation and

lodging) and any other fees as allowed by law.

Foreign Currency Transaction Fee -

If I make any purchases in foreign currencies, the Bank and/or Visa U.S.A. will

convert the foreign currencies into U.S. Dollars. Visa will use their applicable

currency conversion procedures. Currently, the conversion procedures utilize a

rate selected by Visa from the range of rates available in wholesale currency

markets for the applicable central processing date, which rate may vary from

the rate Visa itself receives, or the government mandated rate in effect for the

applicable central processing date, in each instance, plus or minus any

adjustment determined by the Bank. I agree to pay the Bank the sum in U.S.

Dollars as converted by Visa, plus an additional 2% of the converted amount

attributable to purchases (but not cash advances). The currency conversion

rate used on the conversion date may differ from the rate in effect on the date I

used my Card.

Telephone Monitoring and Recording -

From time to time, we may monitor and/or record telephone calls regarding

your Account with us to assure the quality of our service, and you agree to any

such monitoring or recording. We treat all customer calls as confidential.

Communicating With You, Consent To Contact By Electronic Other Means -

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You agree that we may contact you as provided in this paragraph. We may

contact you for any lawful reason, including for the collection of amounts owed

to us and for the offering of products or services in compliance with our

Privacy Notice in effect from time to time. No such contact will be deemed

unsolicited. We may contact you at any address or telephone number

(including wireless cellular telephone or ported landline telephone number)

that you may provide to us from time to time. We may use any means of

communication, including, but not limited to, postal mail, electronic mail,

telephone or other technology, to reach you. You agree that we may use

automatic dialing and announcing devices which may play recorded messages.

We may also send text messages to your telephone. You may contact us at any

time to ask that we not contact you using any one or more methods or

technologies.

Closing Account -

In the event I close my account, I agree to notify the Bank in writing and return

my Card(s) cut in half. If I close my account, I remain responsible to pay all

amounts I owe to Bank according to the terms of these card membership rules.

If my account is a joint account, either cardholders may cancel the account, but

we will both remain responsible for any amount owed to the bank.

Amendments –

These rules (including, but not limited to rates and fees) may be amended by

Bank from time to time. I will be notified of any amendment to the rules not

later than the date of my next monthly statement, unless sooner required by

applicable law or regulation. In addition, if the amendment is a significant

change in account terms, I will be given an opportunity to opt-out of the

proposed amendment in accordance with applicable law and regulations.

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If the Bank amends the interest rate specified in the rules while my account has

a promotional interest rate, the amendment will not affect my account until my

promotional interest rate expires.

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