HOW FINANCE CHARGES ARE CALCULATED
Your First Reserve Loan Account is operated in conjunction with your checking account. Any charges for your checking account will be made to the checking account and they will be the same charges as are made for checking accounts not operated in conjunction with First Reserve Loan Accounts.
There is no grace period on the First Reserve Loan Account. We will begin charging interest on advances on the transaction date. AN INTEREST CHARGE will be imposed on the First Reserve Loan Account each day by applying the periodic rate per day to the balance of the unpaid First Reserve Loan Account at the end of that day. We figure the INTEREST CHARGE on your First Reserve Loan Account by applying the periodic rate to the “daily balance” of your First Reserve Loan Account for each day in the billing cycle. To get the “daily balance” we take the beginning balance of your First Reserve Loan Account each day, and add any new advances, and subtract any unpaid interest or other finance charges and any payments or credits. This gives us the “daily balance”.
The minimum periodic payment required is shown on the front of your statement and will be automatically deducted from your checking account 24 days after your monthly statement is generated. You may pay off your First Reserve Loan Account loan balance at any time, or make voluntary additional payments. Payments shall be applied first to any unpaid interest or other finance charges, secondly to pay the accrued premium for credit life insurance, if any, and thirdly to the principal loan balance outstanding in your First Reserve Loan Account. Periodic statements may be sent to you at the end of each billing cycle showing your First Reserve Loan Account loan transactions.
NOTE: Loan payments must be sent to FIB&T, PO Box 1240, Minot ND 58701-1240 and received by 5pm CST, Monday-Friday, except bank holidays, to be credited as of that date. Payments can also be made in person at any of our office locations and will be credited as of the date received. All other payments received will be credited as of the next business day.