Common use of Transactions in Foreign Currency Clause in Contracts

Transactions in Foreign Currency. If a cardholder uses the Card for transactions in a currency other than U.S. Dollars, the transactions will be converted by Mastercard® to U.S. Dollars, using either (1) a rate selected by Mastercard from the range of rates available in wholesale currency markets for the applicable central processing date, which rate may vary from the rate Mastercard itself receives or (2) the government-mandated rate in effect for the applicable central processing date. The currency conversion rate for the applicable central processing date may differ from the rate in effect at the time of the transaction or on the date the transaction is posted to your account. If a credit is subsequently given for a transaction and has a different central processing date, then the exchange rate of the credit may be greater or less than that of the original transaction. You agree to accept the converted amount in U.S. Dollars. In addition, if you use your Card and PIN to obtain a Cash Advance at an ATM that involves a multi-national or worldwide automated teller machine network switch and involves a currency other than U.S. Dollars, the transaction will be converted to U.S. Dollars, generally using either (1) a government-mandated rate, or (2) a wholesale market rate in effect the day before the transaction processing date. The currency conversion rate used on the processing date may differ from the rate in effect at the time of the transaction or on the date the transaction is posted to your account. We may, but are not required to, decline a transaction on the account and/or cardholder’s account because of operational considerations, because the account and/or a cardholder’s account is in default under this agreement, to protect against potential fraudulent or unlawful activity, circumstances that suggest fraud, authorization facilities are not functioning or in our discretion, for any other reason. Should a transaction on the account and/or cardholder’s account be declined either by us or a third party, even if you have sufficient credit available, we will not be responsible for any losses that may result. For online transactions, if fraud is suspected, you or a cardholder might be asked to call the phone number on the back of the Card to confirm the transaction. If you are an organization with ten (10) or more employees and we have issued ten (10) or more Cards on the account for use by cardholders, you agree that: (i) all transactions conducted by one of your owners, by the cardholder or a person authorized by the cardholder or any person with an interest in or authority to transact business on the account will conclusively be deemed to be an authorized transaction; and, (ii) you will be liable for any unauthorized use of a Card or the account before you give written notification to us if we reasonably determine, based on substantial evidence, that the cardholder was grossly negligent in the handling of the account or Card. You will inform us immediately by telephone and in writing about any actual or suspected loss, theft or unauthorized use of a Card, account number, PIN or Convenience Check. Notify us in writing at CEFCU, P.O. Box 1715, Peoria, Illinois ▇▇▇▇▇-▇▇▇▇ and by phone at ▇.▇▇▇.▇▇▇.▇▇▇▇, of the loss, theft or possible unauthorized use. You agree that we will consider that all transactions have been authorized by you until you advise us otherwise. After notification to us, you will not be liable for unauthorized use of the Card. Otherwise, if you are an organization with fewer than 10 employees or if we have issued fewer than 10 Cards to cardholders, if a Card is lost or stolen, you will not be liable for unauthorized use of the Card. However, you must identify for us the unauthorized charges from which you received no benefit. We may ask for your and/or the cardholder’s assistance with our investigation by providing us information in writing to help us find out what happened.

Transactions in Foreign Currency. If a cardholder uses the Card for transactions in a currency other than U.S. Dollars, the transactions will be converted by Mastercard® MasterCard to U.S. Dollars, using either (1) a rate selected by Mastercard MasterCard from the range of rates available in wholesale currency markets for the applicable central processing date, which rate may vary from the rate Mastercard MasterCard itself receives or (2) the government-mandated rate in effect for the applicable central processing date. The currency conversion rate for the applicable central processing date may differ from the rate in effect at the time of the transaction or on the date the transaction is posted to your account. If a credit is subsequently given for a transaction and has a different central processing date, then the exchange rate of the credit may be greater or less than that of the original transaction. You agree to accept the converted amount in U.S. Dollars. In addition, if you use your Card and PIN to obtain a Cash Advance at an ATM that involves a multi-national or worldwide automated teller machine network switch and involves a currency other than U.S. Dollars, the transaction will be converted to U.S. Dollars, generally using either (1) a government-mandated rate, or (2) a wholesale market rate in effect the day before the transaction processing date. The currency conversion rate used on the processing date may differ from the rate in effect at the time of the transaction or on the date the transaction is posted to your account. We may, but are not required to, decline a transaction on the account and/or cardholder’s account because of operational considerations, because the account and/or a cardholder’s account is you are in default under this agreement, to protect against potential fraudulent or unlawful activity, circumstances that suggest fraud, authorization facilities are not functioning or in our discretion, for any other reason. Should a transaction on the account and/or cardholder’s account be declined either by us or a third party, even if you have sufficient credit available, we will not be responsible for any losses that may result. For online transactions, we may require that each cardholder register their account with the “MasterCard SecureCode” authorization system or such other authorization system as we may direct to protect you and us. We will notify you if fraud is suspected, you or we want each cardholder to register. If a cardholder might be asked to call the phone number on the back of the Card to confirm the transaction. If you are an organization with ten (10) or more employees and does not register, we have issued ten (10) or more Cards on the account for use by cardholders, you agree that: (i) all transactions conducted by one of your owners, by the cardholder or a person authorized by the cardholder or any person with an interest in or authority to transact business on the account will conclusively be deemed to be an authorized transaction; and, (ii) you will be liable for any unauthorized use of a Card or the account before you give written notification to us if we reasonably determine, based on substantial evidence, that the cardholder was grossly negligent in the handling of the account or Card. You will inform us immediately by telephone and in writing about any actual or suspected loss, theft or unauthorized use of a Card, account number, PIN or Convenience Check. Notify us in writing at CEFCU, P.O. Box 1715, Peoria, Illinois ▇▇▇▇▇-▇▇▇▇ and by phone at ▇.▇▇▇.▇▇▇.▇▇▇▇, of the loss, theft or possible unauthorized use. You agree that we will consider that all transactions have been authorized by you until you advise us otherwise. After notification to us, you will may not be liable for unauthorized use of the Card. Otherwise, if you are an organization with fewer than 10 employees or if we have issued fewer than 10 Cards able to cardholders, if a Card is lost or stolen, you will not be liable for unauthorized use of the Card. However, you must identify for us the unauthorized charges from which you received no benefit. We may ask for your and/or the cardholder’s assistance with our investigation by providing us information in writing to help us find out what happenedhonor their online transactions.