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Little Book of Personal Line of Credit Info (Or, the Personal Line of Credit Terms and Conditions) Lines of Credit Are a Smart Way to Borrow

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Little Book of Personal Line of Credit Info (Or, the Personal Line of Credit Terms and Conditions) Lines of Credit Are a Smart Way to Borrow Little book of Personal Line of Credit info (Or, the Personal Line of Credit terms and conditions) Lines of credit are a smart way to borrow. They let you finance everyday purchases and larger purchases like a car or home renovations, helping you get more out of life. They also grant you peace of mind and convenience by giving you access to a little extra money when you need it. But before you start putting it to work for you, we want to share all the details about your Personal Line of Credit so you feel comfortable and enjoy everything it makes possible. This guide will walk you through most of what you need to know, but if you ever have questions, we’re always here to help. Just pop by a branch or give us a call at 1-866-964-1947. Terms and conditions These are the terms and conditions that apply to your Personal Line of Credit. It’s to your benefit if you take the time to understand what everything means so you can get more from your Personal Line of Credit. The quick version Here’s the nuts and bolts of what you need to know: We promise to provide you with your Personal Line Care Centre, using our Telephone Banking of Credit Account and all of the services described System, using cheques, and by coming in to in this Agreement. You promise to make your our branches. payments on your Personal Line of Credit on time 4. Always keep your Customer Card PIN safe by and in the amounts specified by your Personal keeping it private. Don’t share it with anyone, no Line of Credit Agreement, and to let us know if matter how nicely they ask! there are any issues or concerns with meeting that obligation. And it’s important we both keep 5. If you suspect fraud on your Personal Line of these promises, to keep things working the way Credit account, or you’ve lost your Customer they should. Card or cheques, contact us immediately at any branch or by calling 1-800-332-8383. 1. We take your privacy seriously. That’s why we keep any and all personal information private 6. We expect that you make at least the minimum and confidential. Any personal information monthly payment on your Personal Line of we collect about you is subject to our Privacy Credit account every Statement Period. If you Statement and Privacy Code, which is designed agreed to pay interest each month, the minimum to protect your personal information under monthly payment will be, at least, the interest privacy laws, including Alberta’s Personal that accumulated during that month. If you Information Protection Act. For more on why can, consider making a larger payment to save we collect your personal information, how we money on interest payments. use and protect it, the situations when we may 7. You can choose between paperless and paper share it and how you can request access to your statements—whatever makes sense for you. own personal information, you can pick up a 8. If you have a joint Personal Line of Credit copy of our Privacy Statement at any branch or account, you’ll need to make sure you know on atb.com. It’s a fun read too! what each of you is doing with the Personal 2. You can get all the details on your credit limit, Line of Credit account you share. This is your Customer Card, interest rates, fees, holds, important because each Personal Line of Credit security and covering your butt with Loan Account holder (individually and together) Protection by reading on in this booklet or is fully responsible for the Personal Line of dropping by a branch. Credit account. 3. There are lots of ways to manage your Personal 9. If you have any questions or concerns about Line of Credit account with us including logging your Personal Line of Credit account, please in to online banking or our mobile banking app, call us at 1-800-332-8383 or drop by any using your Customer Card, calling our Customer ATB branch. 3 Contents Legal definitions 11 The final statement on Statements 11 Verifying your Account About your Personal Line of Credit account 6 Your responsibility Students First Line of Credit and Professional Students Line of Credit 6 Personal information and privacy 12 Student Status Using your Personal Line of Credit 12 Interest 7 Your credit limit 12 Repayment 7 Fees and interest Linked line of credit 7 Interest calculation 8 Interest rate 13 Deposit account 8 Foreign currency No-Fee All-In Account 8 Holds 13 Deposit account 8 Collateral 13 Interest 9 Covering your butt with Loan Protection 13 Statements Using your money The really, really legal stuff 9 Ways to bank with us 14 General terms 9 Telephone Banking 14 Amendments 9 Customer Card 14 Assignment What you owe (payments) 14 Ending your Personal Line of Credit Agreement 10 Minimum payment 15 Notices 10 Overlimit amount 15 Reserving our rights and not waiving our rights 10 Application of payments 15 Severability 10 Demand by ATB 15 Limitation period extension 15 Limitation of liability Keep track of your money 16 Law that applies 11 E-Statements 16 Headings 11 Paper Statements Feedback 4 Legal definitions You shouldn’t need a law degree to understand the definitions that apply to your Account. That’s why we’ve put together this handy listing of all the terms you need to know to make sure we’re all on the same page when it comes to your Personal Line of Credit: ABM Prime Lending Rate or Prime An automated bank machine. The rate of interest established by ATB to determine how much interest will be charged on Account Your Personal Line of Credit account. This is the Canadian dollar loans. This is what is commonly account you can use to borrow money for all the known as our Prime Lending Rate. All banks things you want to do or get. It’s where the money have one. comes from and needs to be paid back into. Rate and Fee Schedule The fees, interest rates and charges that apply Agreement It’s this thing you’re reading right now, which we to various types of accounts. The Rate and Fee call the Little book of Personal Line of Credit Info: Schedule is part of this Agreement and we may aka your ATB Personal Line of Credit terms and (and do) change it as required. conditions, your Personal Line of Credit Agreement Statement and the Rate and Fee Schedule. That document that you receive that outlines how you’ve used your Account during the Statement Customer Card Your ATB debit card that you use to access your Period, showing how much you’ve spent, paid back Account(s), make purchases, or withdraw cash. and continue to owe. Any device that you can use to incur charges on Statement Period your Account(s) will also be considered to be a The period starting from the balance forward date Customer Card. and ending on the closing balance date set out on that Statement. Basically, this is the period of time Item A cheque, direct deposit, bank draft or other bill that your Statement is summarizing. of exchange. We, our, us, ATB and ATB Financial ATB Financial, previously Alberta Treasury Personal Line of Credit Agreement Means the agreement, in paper or electronic form, Branches. When you see those terms, you know setting out the terms of the Account to which you we’re talking about ourselves—again. have agreed, in writing, verbally or electronically, You, your and yours and for which you have been approved by ATB. All the people on the Personal Line of Credit Agreement, as indicated in our records. If this PIN or Personal Identification Number The 4-6 digit number that you enter for includes more than one person, “you” means each transactions using your Customer Card. You’ll set one of you. When you see any of those words, your PIN when you get your Customer Card and we’re talking to (and about!) you. you can change it whenever you like. (The more often the better, to combat fraud). And whatever you do, don’t share it. Not with your mom, your significant other—no one. 5 About your Personal Line of Credit account Your responsibility Personal information and privacy In exchange for us giving you a Personal Line We take your privacy very seriously. Like really, of Credit, you agree to follow the terms and really seriously. That’s why we’re so committed to conditions outlined here. That’s why it’s good to maintaining the confidentiality of your personal spend some time getting to know them, so there information. Any personal info that we collect won’t be any surprises down the line. If there’s about you is used and disclosed in accordance anything you’re not sure about, you can always give with the document entitled “Personal Information: us a shout and we’d be happy to explain it. Collection, Use and Disclosure Statement” (the Privacy Statement). You should have received a We rely on the info you give us, so it’s important copy of that document from us when your Account that it’s correct. As part of your responsibility, you was opened. It’s a real page-turner, (just like this!) promise that all the information you provided so we’re sure you’ll have trouble putting it down.
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