Applying Your Payments. We apply your payments first to any previously billed interest charges, then to any annual facility fees, service charges, fees or life insurance premium. Next, we apply them to any previously outstanding principal sum and finally to fulfill each transaction and the interest thereon in the relevant Statement Cycle in the order the transactions are entered on your statement. If any payment made by you exceeds the amount you owe to JN Bank then JN Bank may, at its option, return to you the amount by which your payment exceeds the amount that you owe or retain same to apply to subsequent statements. The amount may be returned to you in the form of a cheque which will be mailed to you with your next statement, or by such other method as JN Bank may deem appropriate. Refunds sent via wire transfers and couriers will attract the applicable fees for your account and therefore, will be deducted from the available refund.
Appears in 2 contracts
Sources: Personal Line of Credit Facility Agreement, Personal Line of Credit Facility Agreement