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HOW DEMAND DEPOSIT LOAN CHARGES ARE CALCULATED
To figure the INTEREST CHARGE for each day in a billing cycle, a daily periodic rate is multiplied by the daily balance of your loan account balance each day. You then add to those daily interest charges to figure the total INTEREST CHARGE for that billing cycle. To figure the daily balance, you first take your loan account balance at the beginning of each day, and add any new advances, and subtract any payments or credit that to debt repayment, and any unpaid interest or other finance charges, fees, and charges. This gives you the daily balance.
The minimum periodic payment required is shown on the front of this bill. You may pay off your Demand Deposit Loan Account balance at any time, or make a voluntary additional payment. Payments shall be applied, first to any unpaid INTEREST CHARGES, and second the principal balance outstanding in your Demand Deposit Loan Account. Periodic statements may be sent to you at the end of each billing cycle showing your Demand Deposit Loan Account Transactions.
IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR DEMAND DEPOST LOAN
If you think there is an error on your statement, write to us at:
Denver Savings Bank
121 S State St. Po Box 381
Denver, IA 50622
In your letter, give us the following information:
• Account Information: Your name and account number.
• Dollar Amount: The dollar amount of the suspected error.
• Description of Problem: Describe the error and describe what you believe is wrong and why you believe it is a mistake.
You must contact us within 60 days after the error appeared on your statement.
You must notify us of any potential errors in writing or electronically. You may call us, but if you do, we are not required to investigate any potential error and you may have to pay the amount in question.
While we investigate whether or not there has been an error, the following are true:
• We cannot try to collect the amount in question, or report you as delinquent on that amount.
• The charge in question may remain on your statement, and we may continue to charge you interest on that amount. If we determine that we made a mistake, you will not have to pay the amount in question or any interest or other fees related to that amount.
• While you do not have to pay the amount in question, you are responsible for the remainder of your balance.
• We can apply any unpaid amount against your credit limit.
IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR ELECTRONIC TRANSFERS
Telephone or write us at the telephone number or address located on the front of this statement 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.
Tell us your name and account number (if any).
• Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe there is an error or why you need more information.
• Tell us the dollar amount of the suspected error.
We will investigate your complaint and will correct any error promptly. If we take more than 10 business days to do this, we will recredit your account for the amount you think is in error, so that you will have use of the money during the time it takes us to complete our investigation.