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Wells Fargo Business Secured Credit Card Customer Agreement

Explore features and benefits

Business Secured Credit Card
Customer Agreement and Terms
Applicable to Collateral Account 

Effective: November 1, 2018

Contents by Category:

  1. Parties to Agreement and Acceptance

  2. Customer Roles

  3. Permissible Use

  4. Account Features

  5. Using the Account - Purchases

  6. Rewards Program

  7. Using the Account - Cash

  8. Fees and Other Charges

  9. Finance Charges

  10. Payments

  11. Service

  12. Defaults and Remedies

  13. Legal

  14. Credit Evaluation

  15. Arbitration

  16. Collateral Account Terms and Liability

  1. Parties to Agreement and Acceptance

    This Business Secured MasterCard Credit Card Customer Agreement ("Agreement") governs the Wells Fargo Business Secured MasterCard Credit Card Account ("Account" or "Accounts") that Wells Fargo Bank, N.A. ("Bank", "we", "us") is establishing for use by you (if a sole proprietor) or your business organization (such a sole proprietor or business organization are referred to in this Customer Agreement as "Customer", "you" and "your"). Your written agreement to be bound by the terms of the Agreement, as amended from time to time, or the use of the Account, MasterCard Business Card® cards issued on the Account ("Business Cards"), or a request for a transfer from the Account by you or your Company Contact(s) or Cardholder(s) (as defined below) shall be evidence of your acceptance of the terms and conditions of this Agreement, including but not limited to applicable Finance Charges and Other Charges. By acceptance, you agree to be bound by and comply with each and every following term and condition of this Agreement:

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  2. Customer Roles

    Account Guarantor

    An Account Guarantor is an individual who signed as an authorized representative of the business and as a personal Account Guarantor of the business’ debt to the Bank, who has full access to Account funds and the ability to obtain information about the Account from customer service and online banking. An Account Guarantor is personally liable for the entire debt incurred on the Account.

    Company contacts 

    You may designate up to three (3) Company Contacts for your Account.

    • A Company Contact is an individual (other than sole proprietors, business owners, or Account Guarantors of the Account) who may perform most of the transactions you may perform, including but not limited to: obtaining account information via telephone; establishing and/ or closing individual Cardholder account numbers; accessing or transferring funds from the Account; making payments; and closing the Account altogether.
    • A Company Contact cannot obtain service in person or via Online Banking.
    • Company Contacts (other than sole proprietors, business owners, or Account Guarantors of the Account) are not personally liable for the Account.
    • You must provide the full name for a Company Contact.
    • You may add or delete a Company Contact by contacting us in writing or by telephone using the contact information below in the section entitled "Service."

    Cardholders

    You may request that Business Cards bearing distinct account numbers be issued for your Account. Each Business Card will be embossed with the name of the Business Card holder ("Cardholder") and a distinct account number.

    • Your employees who are Cardholders (other than sole proprietors, business owners, or Account Guarantors of the Account) are referred to as "Employee Cardholders" and are not personally liable for the charges to the Business Card issued to them.
    • Employee Cardholders may use their Business Card bearing a distinct account number to incur charges to the Account, and may perform transactions and obtain information about their own Business Card, obtain service on their Business Card by telephone, in writing or via Online Banking, change the billing information for their Business Card, order a replacement Business Card, and close their Business Card to future charges.
    • You or a Company Contact may add Employee Cardholders or close individual Employee Cardholder accounts by contacting us in writing, by telephone, or via Online Banking (subject to availability of that function) using the contact information below in the section entitled "Service."
    • Because the Account is secured, you must either re-allocate Credit Limit and collateral from an existing account number, or provide additional collateral to request a Business Card for another individual.

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  3. Permissible Use

    Permissible use

    The Account will be used for business purposes only. In no event shall the Account be used for any transaction that is illegal under any applicable law. You represent that you (if a sole proprietor) and your business organization are not a Money Service Business as defined by federal law, or have identified yourself to Bank as such a business and have complied with all applicable laws, rules, and regulations governing such businesses. You may not use your Account to pay any other credit account at Wells Fargo. Completing or attempting such a transaction may lead to your Account being closed.

    Authorizations

    All transactions on an Account are subject to prior approval by Bank ("Authorizations"). Bank reserves the right to block authorizations from certain types of merchants. These include but are not limited to merchants whose business is selling crypto currencies and online gambling. Bank reserves the right to limit the number of Authorizations given during any period of time (day, weekend, week, etc.) and Bank may deny an Authorization if Bank suspects that the Account is being used without your permission. If Bank’s Authorization system is not working, Bank may be unable to give an Authorization even though the transaction would not exceed the Credit Limit and the Account is in good standing. For security reasons, Bank cannot explain the details of how the authorization system works. Bank shall not be liable for failing to give any such Authorization. Bank may, but is not required to, authorize transactions that will cause the balance on an Account to exceed the Credit Limit assigned to an Account, and you agree that you are liable for any such transactions as well as the associated Finance Charges and Other Charges. If you give your credit card information to a merchant to bill your account for recurring payments, or to keep it on file for future purchases or payments, and your card number, expiration date, or security code changes, you are responsible for notifying the merchant of your new card information. Some card networks provide update services and receive updated card information from Wells Fargo. Merchants that participate in such services will receive updated information from the network for credit card accounts that you have provided to the merchant for recurring or future purchases or payments. We cannot tell you which merchant will receive updated card information when your card information changes. You should always provide your new card information to each merchant with who you do business because some merchants do not subscribe to such network services.

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  4. Account Features

    Credit limit

    The Credit Limit of an Account is shown in separate correspondence provided to you at the time an Account is opened, and on each of the monthly periodic (billing) statements issued for that Account. You shall not use or permit the use of an Account in any way that will cause an Account to exceed its Credit Limit. You are responsible for repaying outstanding advances under each Account, including but not limited to those that exceed its Credit Limit. Account may be further subject to a Cash Credit Limit that is less than the total Credit Limit. If your Account is subject to a Cash Credit Limit, that amount will be shown on the monthly periodic (billing) statement. Bank may, at its option, close the Account, or exercise any of its other remedies under this Agreement and reduce the applicable Credit Limit without notice to you, except in those situations where notice is required by law.

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  5. Using the Account - Purchases

    Point of sale

    You will be issued one or more Business Cards. An Account bearing a distinct account number and Credit Limit will be established for each Business Card issued for use by a Cardholder. The following services are available subject to the sublimit, if any, established for the service, and aggregate Credit Limit established for the Account:

    Purchases with a Business Card

    A Business Card may be used to purchase goods or services wherever a credit card bearing the MasterCard logo is accepted.

    Foreign Transactions

    If you originate a transaction in a foreign currency, the amount will be converted to U.S. dollars before posting to your Account. MasterCard International will convert the transaction into a U.S. dollar amount by using its currency conversion procedure in effect at the time the transaction is processed. Currently, their regulations and procedures provide that the currency conversion rate is either: (1) a wholesale rate, determined by the processor of the transaction, which rate may vary from the rate MasterCard International itself receives; or (2) a government-mandated rate for the applicable currency as determined under applicable MasterCard International regulations and procedures. This rate may differ from the rate in effect when the transaction occurred or when it was posted to your Account. Your periodic statement will display additional details with most foreign currency transactions, including: name of the foreign currency, units of the foreign currency, and the exchange rate. Bank does not charge an additional fee for foreign transactions.

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    Third Party/Mobile Devices and Digital Wallets

    We may also permit any Cardholder to load information about your Account onto third party/mobile devices (such as a smartphone, tablet, or any other handheld or wearable communication device that allows a Cardholder to store or electronically present Account information) that would enable the Cardholder to make Purchases or engage in credit transactions for an Account without needing to show a Business Card. You and we agree that any such use of an Account will be subject to all the terms and conditions contained in this Agreement.

    To the extent a Cardholder does use a third party/mobile device to make a credit transaction on an Account, or load information about an Account onto any such device, you need to be aware that we do not control the device and cannot guarantee the performance of either the device or any third party.

    Additionally, you agree that:

    • You will direct each Cardholder on your Account to carefully protect the security of any devices the same as you would your cash, checks, credit cards, and other valuable information. We encourage you to password protect or lock any such device to help prevent an unauthorized person from using it. You agree to promptly report any loss or theft to both us and the third party.
    • The owner of the device may incur third party fees both to us and the third party related to engaging in a third party/mobile device transaction (such as mobile carrier data or messaging charges).
    • Credit transactions made through a third party/mobile device may involve the electronic transmission of information related to you or the Account across wireless or computer networks. Third parties, such as merchants, card association networks, mobile carriers, mobile wallet operators, and software application providers may use and receive information in connection with a credit transaction. Third parties may also receive information about your mobile device when you use it to make a credit transaction.
    • We may, at any time, partially or fully restrict a Cardholder’s ability to make credit transactions through a third party/mobile device. You agree to notify us promptly if you remove or want to remove Account information from any third party/mobile device.

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  6. Rewards Program

    Wells Fargo Business Card Rewards® program

    You may earn points redeemable for specific rewards or cash-back credit through a Business Card Rewards program. Complete program details including program fees (if any) will be provided upon enrollment.

    Annual program fees (if any) will not be refunded in whole or in part after assessment even if the Account is subsequently suspended, closed, or terminated for any reason. Accounts opened on or after January 1, 2018, are not subject to Rewards Membership Fees.

    If you have multiple Cardholders, then you must designate one Cardholder Account to accumulate rewards points or cash-back credit earned on all of your Business Cards.

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  7. Using the Account - Cash

    Cash advances

    Cash may be advanced from an Account by presenting the Business Card at a financial institution that accepts MasterCard credit cards. Access to Cash Advances may be restricted if the outstanding balance on the Account is greater than 50% of the Credit Limit. Regardless of the outstanding balance, Cash Balances may be limited to 50% of the Credit Limit. This cash access restriction will apply to each specific Account.

    Overdraft protection advances

    Bank will make advances from your Account ("Overdraft Protection Advances") to help you avoid the inconvenience and expense of overdrafts and returned items in a Wells Fargo Business Checking Account ("Checking Account"). The types of accounts that can be linked for overdraft protection depend on the Checking Account you have. Some Checking Account plans also allow you to link your Checking Account to both a credit account and a deposit account at the same time. If this is the case, the following will apply to Overdraft Protection Advances from your credit Account:

    • If you choose to link both a deposit account and a credit account to provide overdraft protection, you may designate the account from which you want the funds advanced first.
    • If you do not designate an account order for overdraft advances, Bank will advance funds from your linked deposit account first, and then from your linked credit account, subject to credit availability under this Agreement.                           

    If there is not enough available credit to cover the entire amount of an item presented for payment in the Checking Account, the item may be returned unpaid. Bank will transfer the exact dollar amount to cover the overdraft, subject to your Credit Limit and a minimum overdraft advance amount of $25. If the amount of available credit on your Account is less than $25, or less than the overdraft, Bank will transfer the amount of the available credit.

    Overdraft Protection Advances, as well as applicable fees and finance charges, may cause the balance on your credit Account to exceed the Credit Limit, which can result in an Account closure or application of other Remedies. If there is more than one person authorized to access, or listed on, the Checking Account, Customer will be responsible for all Overdraft Protection Advances from the credit Account regardless of which individual accessed the Checking Account funds.

    Overdraft Protection Advances are an optional feature that may not be available on a Checking Account. Bank reserves the right to terminate Overdraft Protection Advances without notice for any reason, including Overdraft Protection Advances resulting from payments to the credit Account, or maintenance of a zero or negative balance in the linked Checking Account. Transaction Finance Charges will apply to each Overdraft Protection Advance. In addition, Periodic Finance Charges will apply to Overdraft Protection Advance balances from the date of the Overdraft Protection Advance.

    Transfers

    You authorize Bank to make transfers, up to the lower of the available Credit Limit or Cash Credit Limit, if applicable, between the Account and other accounts upon Bank’s receipt of instructions from you, an Account Guarantor of your Account(s), a Company Contact, a Cardholder, or any other person you authorize orally, electronically, or in writing to request such a transfer. Bank will have no liability for any transfer believed by Bank in good faith to have been authorized by you to submit the request. You will indemnify and hold Bank harmless from and against any damages, liabilities, costs, or expenses (including attorney’s fees) arising out of any claim by you or any third party against Bank in connection with Bank’s performance of transfers as described above. Transfers will be treated as Cash Advances unless otherwise specified and will not be eligible to earn Rewards points or cash-back credit.

  8. Fees and Other Charges

    Summary of Fees and Charges

    Late Charge

    $25 / $39 / $50

    Overlimit Fee

    None

    Returned Payment Fee

    $29

    Cash Advance / Transfer Fee

    4%, min. $10, max. $175

    Overdraft Protection Advance Fee (to linked WF deposit account)

    $12.50 / $20

    Wire Transfer / Quasi Cash Fee

    4%, min. $10, no max.

    Balance Transfer Fee

    Varies — refer to specific offer details

    Foreign Transaction Fee

    None

    Annual Fee, Rewards Membership Fee

    Varies — refer to specific offer details

    Other charges

    The total of other charges that may be charged to an account is the sum of:

    Late charge

    If Bank does not receive at least the Total Amount Due by the Current Payment Due Date shown on your periodic statement, Bank may assess a Late Charge of $39. However, if the New Balance shown on the previous statement is less than $100, the Late Charge will be $25 and, if an Account has been delinquent two or more times in the past 12 billing cycles, Bank may assess a Late Charge of $50. Bank may, but is not required to, contact you to inform you of other Late Charge amounts in cases of default.

    Returned payment fee

    If payment on an Account is made with a check or other item that is not honored for any reason, Bank may assess a $29 fee. If a payment is returned unpaid by the bank or other payor upon which it was drawn, Bank may assess a $29 fee even if the payment is reprocessed and subsequently paid. If more than one Account is paid with a returned or dishonored item, a $29 fee may be assessed to each affected Account. The bank on which the check or returned or dishonored item was drawn may impose a separate fee for the dishonored item.

    Research fee

    If you request that Bank research the Account, for example, to update your business records, $5 may be assessed for each sales slip copy Bank provides, $3 may be assessed for each monthly Account statement Bank provides, and $20 per hour may be assessed for other Bank research services. The hourly charge will apply as follows:

    1 – 15 Minutes ..........................$5

    16 – 30 Minutes.........................$10

    31 – 45 Minutes.........................$15

    46 – 60 Minutes ........................$20

    Research fees will not be charged if you make a good faith inquiry about a suspected error on a periodic statement for an Account.

    Annual fee

    Bank may assess an Annual Fee for the first year and each year thereafter to each Account. Please refer to separate correspondence for the Annual Fee amount. Bank may assess an Annual Fee on each closed Account for each year a balance is maintained in the closed Account. Annual Fees will not be refunded in whole or in part after assessment even if the Account is subsequently suspended, closed, or terminated for any reason.

    Loyalty/rewards program fees

    If you elect to participate in the Business Card Rewards program or other loyalty/rewards programs, an enrollment/maintenance fee may be billed annually. Details will be provided upon enrollment in the program.

    Fee waivers

    Bank may waive any of the fees in this Agreement at Bank’s discretion; however, Bank reserves the right to begin charging any fee that was previously waived without providing prior notice to you.

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  9. Finance Charges

    Finance charge

    The total Finance Charge for an Account is the sum of the Periodic Finance Charge plus the Transaction Finance Charge assessed on the Account for the billing period, subject to the Minimum Finance Charge. The method used to determine the balance or balances upon which these Finance Charges are computed is as follows:

    A. Periodic finance charge

    For each type of balance on an Account (i.e., the Cash Advance balance, the Purchase balance, and Other balance), the Periodic Finance Charge is calculated by multiplying the Average Daily Balance ("ADB" see below) during the billing cycle by the number of days in the billing cycle and then multiplying this product by the applicable Daily Finance Charge Rate (see below).

    Periodic Finance Charge = (ADB) x (#days) x (Daily Finance Charge Rate)

    B. Calculation of Average Daily Balance ("ADB")

    To calculate your ADB each month, we calculate the daily balance of the Account for each day in the billing period ("Daily Balance"), add the Daily Balances together, and divide that total amount by the number of days in the billing period. ADBs for Cash Advances, Purchases, and Other categories are calculated separately and may be subject to different rates.

    For each category of balance (Cash Advances, Purchases, and Other), we calculate the Daily Balance by starting with the beginning balance related to that category plus any new activity (Cash Advances, Purchases, and Other) posted as of that day, plus any related unpaid Finance Charges, Transaction Charges, or Other Charges, and add a Periodic Finance Charge equal to the previous day’s balance multiplied by the applicable Daily Finance Charge Rate (see below). We then subtract the amount of any payments or credits applied to that balance category.

    The ADB for Purchases will not include any part of the New Balance from the previous periodic statement or any new purchases posted to the Account during the current billing period if the New Balance from the previous statement is paid by the Payment Due Date shown on that previous statement, or if the New Balance from the previous statement was zero.

    The ADB for Cash Advances includes any Cash Balance that was unpaid at the end of the previous billing period until such existing balance is paid in full. The Cash Advances ADB will also include any new Cash Advance activity.

    The ADB for Other balances may be treated like Purchase balances or Cash Advance balances depending on the terms of the offer under which the Other balance was created.

    C. When periodic finance charge begins and ends

    The Periodic Finance Charge for Purchases begins on the date the transaction was made, except that no Periodic Finance Charge will be imposed during the current billing period on new Purchases posted to an Account during the current billing period if you have paid the New Balance shown on the previous periodic statement in full by the Current Payment Due Date shown on the previous periodic statement. This period of time after the Statement Closing Date and through the Current Payment Due Date is referred to as the "grace period" and applies to Purchases only and not to Cash Advances. If your New Balance consists of only Purchases, you may avoid Finance Charges by paying that amount in full by the Current Payment Due Date.

    The Periodic Finance Charge for Cash Advances begins on the transaction date. There is no interest-free grace period on Cash Advance balances. Finance Charges continue to be assessed on Cash Advance balances until that Cash Advance balance is paid in full.

    The grace period for Other balances will be the same as the grace period for Purchase or Cash Advance balances depending on the terms of the offer under which the Other balance was created.

    D. Daily finance charge rate

    The Daily Finance Charge Rate will either be a fixed rate or a variable rate. Please refer to separate correspondence from the Bank provided at the time your Account is opened or at a later date to determine your Daily Finance Charge Rate. A Default interest rate (see below) may be substituted if you default under this Agreement. The Daily Finance Charge Rate for Cash Advances, Purchases, and Other balances may differ. The Daily Finance Charge Rate is calculated by dividing the applicable annual interest rate by 365.

    If your Account is subject to a variable rate, that rate will be determined for each monthly billing cycle by taking the highest Wells Fargo Prime Rate (see below) in effect during the Determination Date Range (see below) and adding an additional amount ("Spread"). The Determination Date Range for changing your variable interest rate will be the 30 calendar days previous to each of your Statement Closing Dates, so the Daily Finance Charge Rate shown on your statement may or may not change in the month immediately following a change in the Wells Fargo Prime Rate. Any changes in your Daily Finance Charge Rate will apply both to current and future balances on the Account and the Daily Finance Charge Rate will continue to vary even if the Account is closed.

    The Bank initially determines your Spread at the time the Account is opened and may subsequently change the Spread at Bank’s sole discretion. Please refer to separate correspondence from the Bank regarding your Spread.

    E. Wells Fargo Prime Rate

    For purposes of this calculation, the Wells Fargo Prime Rate is the rate announced by the Bank from time to time as its "Prime Rate."

    F. Minimum finance charge

    The Minimum Finance Charge is $1 for each billing period in which a Finance Charge is assessed.

    G. Transaction finance charge

    The Transaction Finance Charge is a one-time charge made each time certain types of Cash Advances are posted to the Account.

    • The Transaction Finance Charge for each advance made over-the- counter, by telephone transfer, electronic transfer, Online Banking, funding Bill Pay transactions, or other source is 4% of the amount of the advance subject to a $10 minimum and $175 maximum.
    • The Transaction Finance Charge for each Overdraft Protection Advance is based on the amount of the advance as follows:

    Overdraft advance of:               Charge amount:
    up to $50................................... $12.50
    $50.01 or more .......................... $20.00

    The Transaction Finance Charge for each advance transacted at a casino, other wager or lottery ticket purchase, or advance via wire transfer is 4% of the amount of each such transaction or purchase with a $10 minimum and no maximum.

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  10. Payments

    Promise to pay

    You promise to pay Bank, when due, the total of all purchases and advances made on the Account. You also promise to pay the total of any Finance Charges and Other Charges and Fees due on the Account, as stated in this Agreement, and all costs and expenses including any attorney’s fees incurred in enforcing this Agreement.

    Payments

    A periodic statement will be sent every month the Account has a balance or monetary activity. The New Balance shown on the statement is the total of all unpaid obligations that have been posted to the Account as of the Statement Closing Date shown on the statement.

    You may pay the Total Amount Due shown on the statement or any greater amount, but Bank must receive at least the Total Amount Due shown on the statement, in immediately available U.S. funds drawn on a U.S. bank, by the Current Payment Due Date shown on the statement. Bank may refuse to accept any payments by third party check or draft that have been endorsed to Bank or that have been drawn by anyone other than you.

    The Current Payment Due Date will be at least 25 days after the Statement Closing Date.

    Current Payment Due

    The Current Payment Due is equal to the greatest of:

    • The sum of Bank Fees and Finance Charges plus 1.0% of the New Balance; or
    • 2% of the New Balance; or
    • $25

    However, if the New Balance is less than $25, the Current Payment Due will equal the New Balance.

    Total Amount Due

    The Total Amount Due shown on the statement is equal to the sum of the Current Payment Due PLUS any Past Due Amount, PLUS any payment due on promotional balances required by the terms of a promotion. If there is no Past Due Amount or promotional balance, then the Total Amount Due shown on the statement will equal the Current Payment Due.

    Other payment information

    • Fees for additional Bank products/services charged to an Account may or may not be included in the Current Payment Due. If fees for these products are to be included in the Current Payment Due, those fees will be described in the separate information provided with those products/ services.
    • Payments and any credits to your Account will be applied in an order determined by Bank at its sole discretion. Generally, payments are first applied to any Bank Fees and Finance Charges then to balances with lower interest rates and then to balances with higher interest rates.
    • Payments that are received at the designated payment processing address (printed on each statement) by 5:00 p.m. on any business day will be credited as of the day of receipt. Payments received after 5:00 p.m. or on non-business days may be credited as of the next business day. Payments made at other Bank locations may not be credited for up to five business days.
    • Bank may, at its sole discretion, for a period of time Bank determines, withhold a portion of the available credit on your Account up to the amount of any payment(s) in order to ensure that the check or other payment instrument is honored.
    • Bank may, at its sole discretion, accept late payments, partial payments, post-dated checks, or any form of payment containing a restrictive endorsement, without losing any of our rights under this Agreement. Bank’s acceptance of checks or money orders labeled "payment in full", or words to that effect, will not constitute an accord and satisfaction nor a waiver of any rights Bank may have to receive full payment. Please note that such payments will not discharge the full debt.

    Automatic Payment

    Automatic Payment service schedules automatic payments from a deposit account designated by you to pay your Account any month a balance is due. You may authorize payment of the Total Amount Due, or a greater amount.

    You may authorize the Automatic Payment service for an Account or Bank may require that you provide such an authorization as a condition of approving your Account and/or keeping your Account open. Please see separate correspondence from Bank regarding such a requirement.

    If an Automatic Payment is returned or reversed for any reason, or if an Automatic Payment results in an Overdraft Protection Advance from the designated deposit account, Bank may terminate the Automatic Payment service without notice and/or close your Account.

    Payment address

    Check your current statement for the address to mail a payment. You may call us at the number listed on your Business Card or statement to make a payment or obtain the mailing address for payments. You also may be able to pay your Account using Online Banking.

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  11. Service

    Billing errors

    You agree to notify Bank of any billing errors regarding a merchant transaction within 30 days after receipt of the statement reflecting the error. If Bank is unable to resolve the error with the responsible merchant, you agree to pay Bank the amount in question and further pursuit of the issue with the merchant will become your responsibility.

    Liability for unauthorized use

    Bank will not hold you liable for the unauthorized use of Account subject to the following:

    • You must notify Bank immediately if you suspect or know that a Business Card is lost or stolen, or in the possession of an unauthorized person, by calling 1-800-225-5935 (if outside the United States by calling 916-480-3190);
    • Use of the Account or a Business Card issued for the Account by you, an Account Guarantor of your Account(s), a Company Contact or Cardholder at any time, even if no longer associated with or employed by you, does not constitute unauthorized use, subject to applicable law.

    Contacting you

    By providing us with any telephone number, you are expressly giving permission to contact you at that number about all of your Wells Fargo Accounts. You give consent to allow us to contact your past, present, and future phone service providers to verify the information you have provided against their records. You agree that your phone service providers may verify any phone numbers you have supplied to the name, address, and status on their records. You authorize your wireless operator to disclose your mobile number, name, address, email, network status, customer type, customer role, billing type, mobile device identifiers (IMSI and IMEI), and other subscriber details, if available, to Bank and service providers for the duration of the business relationship, solely for identity verification and fraud avoidance. See our Privacy Policy for how we treat your data. For us to service your Account or to collect any amounts you may owe, you agree that we may contact you using any contact information related to your Account, including any number (i) you have provided to us, (ii) from which you called us, or (iii) which we obtained and reasonably believe we can reach you. We may use any means to contact you and this may include contact from companies working on our behalf to service your Accounts. This may include automated dialing devices, prerecorded/artificial voice messages, mail, email, text messages, and calls to your cell phone or Voice over Internet Protocol (VoIP) service, or any other data or voice transmission technology. You are responsible for any service provider charges as a result of us contacting you.

    Contacting Wells Fargo

    Telephone service
    You, an Account Guarantor of your Account, Company Contacts, and Cardholders may contact us toll-free at 1-800-225-5935. If you need to contact us from outside the United States, you can call the same toll-free telephone number using the respective country code. Visit wellsfargo.com/intl for more details.

    TTY/TDD service
    For TTY/TDD service, contact a telephone relay service provider.

    Online Banking
    You and your Cardholders may be able to access your Account or individual cardholder account numbers via Wells Fargo’s Business Online Banking service. Access is obtained by establishing personal credentials for an individual and the Bank must have the full name, social security number, birthday, and other details of any individual attempting to establish online access. wellsfargo.com

    Inquiry and correspondence address
    Wells Fargo Business Correspondence
    PO Box 29482
    Phoenix, AZ 85038

    Telephone monitoring
    You agree that Bank may monitor and record telephone calls regarding your Account.

    Changes of address, telephone number, or name
    You agree to promptly notify us if you change any contact information you provide to us. This includes your name, mailing address, email addresses, and phone numbers.

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  12. Defaults and Remedies

    Default

    The following constitute defaults under this Agreement:

    1. A payment is not made when it is due;
    2. The terms of this Agreement are breached in any way;
    3. Customer or any Account Guarantor of customer’s Account defaults under the terms of any other obligation to Bank;
    4. A bankruptcy petition is filed by or against Customer or any Account Guarantor of Customer’s Account;
    5. A significant change occurs in the ownership or organizational structure of Customer or any Account Guarantor of Customer’s Account or in the type or volume of such Customer’s or Account Guarantor’s business or the death of a Customer or Account Guarantor;
    6. Customer or any Account Guarantor of Customer’s Account becomes insolvent or is dissolved, or Bank otherwise believes in good faith that the prospect of payment and/or performance under this Agreement or any guaranty of Customer’s Account is impaired;
    7. Payments to Account are returned or reversed for any reason;
    8. Customer fails to submit required information the Bank deems necessary;
    9. Customer’s Account balance exceeds the Credit Limit; or
    10. Bank observes excessive or suspicious Account usage or suspects an Account is involved in kiting.

    Customer will be charged the applicable Finance Charge Rate after any default under this Agreement.

    Remedies

    In the event of any default or failure to meet any condition under the preceding paragraphs, Bank may, at its option, and without prior notification:

    1. Close any or all Accounts to all use, as well as any other accounts for which the Customer or an Account Guarantor is liable to Bank;
    2. Accelerate payment of the full balance on any or all Accounts as well as any or all other accounts for which the Customer or an Account Guarantor is liable to Bank, and thereby require immediate payment of the full balance, including, without limitation, any Finance Charge and Other Charges;
    3. Fix monthly Account payments at a higher amount;
    4. Immediately terminate any promotional rates and/or raise the interest rate on existing and new balances. Generally, this Default interest rate will be equal to Wells Fargo Prime Rate +24.74%, subject to a maximum rate of 29.99%. However, we may assess different or higher Default interest rates after individually contacting customers;
    5. Fix the Late Charge at a higher amount; and/or
    6. Terminate enrollment in any Rewards program and/or forfeit any accumulated points or cash-back balance earned but not yet redeemed.

    Banker’s lien and right of set-off

    Bank has a general lien under South Dakota law on any of your personal property in Bank’s possession. In the event an Account is not paid as agreed, Bank may exercise its right of set-off to the extent permitted by law against any deposit account(s) you have with Bank.

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  13. Legal

    Change in terms of an Account

    Bank may unilaterally change any of the terms of your Accounts at Bank’s sole discretion at any time. Bank will provide you with such notice as is required by law (if any), by mailing such notice to you at the latest address shown in Bank’s records. If you have elected to receive statements electronically, notices may be delivered to you electronically in the same manner that statements are delivered, and Bank will have met that notice requirement by sending you an email or other electronic message, to the email or electronic address on file, that either contains the notice or directs the recipient to an Internet-accessible location where the notice may be viewed. You are responsible for maintaining a valid email or other electronic address, as applicable, and are responsible for updating this address if it changes. Bank at all times reserves the right to deliver any statement, notice, or other communication to you in writing at the latest postal address shown in Bank’s records. Subject to applicable law and provided Bank does not notify you otherwise, any changes will apply to the current balance of your Account as well as to future balances.

    Laws governing this agreement

    The laws of the state of South Dakota shall govern this agreement. If any part of this Agreement cannot be enforced, this fact will not affect the rest of this Agreement. Bank may delay or forego enforcing any of its rights or remedies under this Agreement without losing them. Notwithstanding anything to the contrary, this Agreement shall not require or permit the payment, taking, reserving, receiving, collection, or charging of any sums constituting interest that exceed any maximum amount of interest permitted by applicable law. Any such excess interest shall be credited against the then unpaid principal balance or refunded to Customer. Without limiting the foregoing, all calculations to determine whether interest exceeds the maximum amount shall be made by amortizing, pro-rating, allocating, and spreading such sums over the full term of the loan, including all prior and subsequent renewals and extensions. Chapter 346 of the Texas Finance Code (which regulates certain revolving credit accounts) shall not apply to any revolving loan accounts existing under this Agreement.

    Limitations on lawsuits

    You agree that any lawsuit based upon any cause of action which you may have against Bank must be filed within one year from the date that the cause of action arises or you will be barred from filing the lawsuit. This limitation is intended to include tort, contract, and all other causes of action for which you and Bank may lawfully contract to set limitations for bringing suit.

    Right to terminate an account

    Bank may terminate any or all of Customer’s Accounts at any time, or reduce the amount of Customer’s Credit Limit on any or all of its Accounts, without notice, subject to applicable law, even though a default on any Account may not have occurred. If Bank terminates an Account, Customer agrees to destroy any Business Card(s) issued on that Account. Customer agrees that it will continue to be responsible for full payment of the balance on the closed Account(s) and all charges to the Account(s), including, without limitation: Cash Advances, and Purchases that post after termination of the Account and any Finance Charge and Other Charges. Customer, any authorized representative of Customer, any Account Guarantor, and any Company Contact may cancel the Account at any time upon written notification to Bank.

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  14. Credit Evaluation

    Credit reports and re-evaluation of credit

    You authorize Bank to obtain business and personal credit bureau reports in the name of the Customer, its owners, and each Account Guarantor of Customer’s obligations under this Agreement (each an "Account Guarantor") at any time. You agree to submit to Bank current financial information in the name of the Customer and to submit or cause each Account Guarantor and owner to submit to Bank current financial information in its name and the name of its owners at any time upon request. Such information shall be used for the purposes of evaluating or re-evaluating Customer’s, its owners’, and Account Guarantors’ creditworthiness. You also authorize Bank to use such information and to share it with its affiliates in order to determine whether you and/or any Account Guarantor are qualified for other products and services offered by Bank and its affiliates. Upon determination that any Customer’s, owners’, or Account Guarantor(s)’ creditworthiness has changed adversely or does not satisfy Bank’s current credit standards, Bank may close or lower the Credit Limit on any or all Accounts. Bank may report its credit experience with Customer, its owners’, Account Guarantor(s)’, and Customer’s Account(s) to third parties. Customer agrees that Bank may release information about Customer, its owners’, and Account Guarantor(s)’, and/or Customer’s Account(s) to Bank affiliates.

    Important Notice About Credit Reporting: Bank may report information about your Account(s) to credit bureaus and/ or consumer reporting agencies in your name, the name of your business organization, and in the name of any Account Guarantor(s). Late payments, missed payments, or other defaults on your Account(s) may be reflected in your, your business organization’s, and Account Guarantor(s)’ credit report(s) and/or consumer report(s).

    ECOA notice

    The federal Equal Credit Opportunity Act ("ECOA") prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all, or part of the applicant’s income is derived from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The Federal agency that administers compliance with this law concerning Wells Fargo Bank, N.A. is the Bureau of Consumer Financial Protection, 1700 G Street N.W., Washington DC 20006.

    ECOA information

    If any application for additional business credit is denied, you have the right to a written statement of the specific reasons for the denial. To obtain the statement, please contact Wells Fargo Small Business Lending, PO Box 29482, Phoenix, AZ 85038, or call 1-800-231-9244, within 60 days from the date you are notified of our decision. We will send you a written statement of reasons for the denial within 30 days of receiving your request for the statement.

    Upgrade to Unsecured Credit

    Bank may periodically review your Account and recent credit history for an opportunity to upgrade to an unsecured business credit card. Your Account may become eligible with responsible use over time. There is no preset time frame for when you may be offered an upgrade. The upgrade is not offered automatically or guaranteed, regardless of how long the account is open.

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  15. Arbitration

    A. Binding arbitration

    The parties hereto agree, upon demand by any party, to submit any Dispute to binding arbitration in accordance with the terms of this Arbitration Program. Arbitration may be demanded before the institution of a judicial proceeding, or during a judicial proceeding, but not more than 60 days after service of a complaint, third party complaint, cross-claim, or any answer thereto, or any amendment to any of such

    pleadings. A "Dispute" shall include any dispute, claim, or controversy of any kind, whether in contract or in tort, legal or equitable, now existing or hereafter arising, relating in any way to any aspect of this agreement, or any other agreement, document, or instrument to which this Arbitration Program is attached or in which it appears or is referenced, or any related agreements, documents, or instruments or any renewal, extension, modification, or refinancing of any indebtedness or obligation relating to the foregoing, including without limitation, their negotiation, execution, collateralization, administration, repayment, modification, extension, substitution, formation, inducement, enforcement, default, or termination. This provision is a material inducement for the parties entering into the transactions relating to this Agreement. DISPUTES SUBMITTED TO ARBITRATION ARE NOT RESOLVED IN COURT BY A JUDGE OR JURY. TO THE EXTENT ALLOWED BY APPLICABLE LAW, THE PARTIES IRREVOCABLY AND VOLUNTARILY WAIVE ANY RIGHT THEY MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY DISPUTE ARBITRATED PURSURANT TO THIS ARBITRATION PROGRAM.

    B. Governing rules

    Any arbitration proceeding will: (i) be governed by the Federal Arbitration Act (Title 9 of the United States Code), notwithstanding any conflicting choice of law provision in any of the documents between the parties; and (ii) be conducted by the American Arbitration Association ("AAA"), or such other administrator as the parties shall mutually agree upon, in accordance with the AAA’s commercial dispute resolution procedures, unless the claim or counterclaim is at least $1,000,000.00 exclusive of claimed interest, arbitration fees and costs in which case the arbitration shall be conducted in accordance with the AAA’s optional procedures for large, complex commercial disputes (the commercial dispute resolution procedures or the optional procedures for large, complex commercial disputes to be referred to herein, as applicable, as the "Rules"). If there is any inconsistency between the terms hereof and the Rules, the terms and procedures set forth herein shall control. Arbitration proceedings hereunder shall be conducted at a location mutually agreeable to the parties, or if they cannot agree, then at a location selected by the AAA in the state of South Dakota. Any party who fails or refuses to submit to arbitration following a demand by any other party shall bear all costs and expenses incurred by such other party in compelling arbitration of any Dispute. The arbitrator shall award all costs and expenses of the arbitration proceeding. Nothing contained herein shall be deemed to be a waiver by any party that is a lender of the protections afforded to it under 12 U.S.C. §91 or any similar applicable state law.

    C. No waiver of provisional remedies, self-help, and foreclosure

    The arbitration requirement does not limit the right of any party to:
    (i) foreclose against real or personal property collateral; (ii) exercise self-help remedies relating to collateral or proceeds of collateral such as setoff or repossession; or (iii) obtain provisional or ancillary remedies such as replevin, injunctive relief, attachment or the appointment of a receiver, before during or after the pendency of any arbitration proceeding. This exclusion does not constitute a waiver of the right or obligation of any party to submit any Dispute to arbitration or reference hereunder, including those arising from the exercise of the actions detailed in sections (i), (ii) and (iii) of this paragraph.

    D. Arbitrator qualifications and powers

    Any arbitration proceeding in which the amount in controversy is $5,000,000.00 or less will be decided by a single arbitrator selected according to the Rules, and who shall not render an award of greater than $5,000,000.00. Any Dispute in which the amount in controversy exceeds $5,000,000.00 shall be decided by majority vote of a panel of three arbitrators; provided however, that all three arbitrators must actively participate in all hearings and deliberations. Every arbitrator must be a neutral practicing attorney or a retired member of the state or federal judiciary, in either case with a minimum of ten years experience in the substantive law applicable to the subject matter of the Dispute. The arbitrator will determine whether or not an issue is arbitratable and will give effect to the statutes of limitation in determining any claim. In any arbitration proceeding the arbitrator will decide (by documents only or with a hearing at the arbitrator’s discretion) any pre-hearing motions which are similar to motions to dismiss for failure to state a claim or motions for summary adjudication. The arbitrator shall resolve all Disputes in accordance with the applicable substantive law and may grant any remedy or relief that a court of such state could order or grant within the scope hereof and such ancillary relief as is necessary to make effective any award. The arbitrator shall also have the power to award recovery of all costs and fees, to impose sanctions, and to take such other action as the arbitrator deems necessary to the same extent a judge could pursuant to the Federal Rules of Civil Procedure, the applicable state rules of civil procedure, or other applicable law. Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction. The institution and maintenance of an action for judicial relief or pursuit of a provisional or ancillary remedy shall not constitute a waiver of the right of any party, including the plaintiff, to submit the controversy or claim to arbitration if any other party contests such action for judicial relief.

    E. Discovery

    In any arbitration proceeding discovery will be permitted in accordance with the Rules. All discovery shall be expressly limited to matters directly relevant to the Dispute being arbitrated and must be completed no later than 20 days before the hearing date. Any requests for an extension of the discovery periods, or any discovery disputes, will be subject to final determination by the arbitrator upon a showing that the request for discovery is essential for the party’s presentation and that no alternative means for obtaining information is available.

    F. Class proceedings and consolidations

    No party shall be entitled to join or consolidate disputes by or against others in any arbitration, except parties to this Agreement, or to include in any arbitration any dispute as a representative or member of a class, or to act in any arbitration in the interest of the general public or in a private attorney general capacity.

    G. Miscellaneous

    To the maximum extent practicable, the AAA, the arbitrators, and the parties shall take all action required to conclude any arbitration proceeding within 180 days of the filing of the Dispute with the AAA. No arbitrator or other party to an arbitration proceeding may disclose the existence, content, or results thereof, except for disclosures of information by a party required in the ordinary course of its business or by applicable law or regulation. If more than one agreement for arbitration by or between the parties potentially applies to a Dispute, the arbitration provision most directly related to the documents between the parties or the subject matter of the Dispute shall control. This arbitration provision shall survive the repayment of the obligations that are the subject of this agreement and the termination, amendment, or expiration of any of the documents or any relationship between the parties.

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  16. Collateral Account Terms and Liability
    ***********Terms Applicable to Collateral Account***********

    General

    In this section of the Agreement, "you" and "your" refer to the owner(s) of a Business Secured MasterCard Collateral Account ("Collateral Account"). The "Bank", "we", or "us" refers to Wells Fargo Bank, N.A. By opening a Collateral Account, you agree to the terms and conditions contained in the following:

    • These Terms Applicable to Collateral Account;
    • The Business Secured MasterCard Credit Card Customer Agreement; and
    • Any additional terms and conditions that Bank may provide to you with respect to the Account.

    Together, these documents form a binding contract and make up the entire agreement between you and the Bank regarding the handling of your Collateral Account (collectively the "Collateral Account Agreement"). This Agreement applies to each Collateral Account that has been assigned or pledged by you as collateral for the Business Secured MasterCard Credit Card Account ("Credit Card Account") issued to you by the Bank. You should retain a copy of the Collateral Account Agreement and any information that the Bank provides you regarding changes to the Collateral Account Agreement for as long as your Collateral Account is open. You should ask the Bank any questions you have about this Collateral Account Agreement. This Collateral Account Agreement may be changed by the Bank from time to time. Notice of a change may be provided by any means that the Bank considers appropriate. Unless the law requires notice by another means, notice of a change in this Collateral Account Agreement may be provided by posting it in the Bank’s lobby. If any part of this Collateral Account Agreement is held invalid in a legal proceeding, it will not affect the validity of any other part. The Bank may assign the Collateral Account at any time and without providing prior notices to you of the assignment.

    Collateral savings account

    You must open a Collateral Savings Account ("Collateral Account" or "Statement Savings Account") with Bank to secure your obligations on each Account. The Collateral Account must have a minimum opening deposit of $500 per Account. Withdrawals are not allowed, but you may make additional deposits (in $100 increments) up to $25,000 to increase the Credit Limit. The Collateral Account may not be linked to an ATM card or to the Online Banking service. The Collateral Account may be an interest-bearing, or non-interest-bearing account. If your Collateral Account is interest bearing, the interest rate will be specified in separate correspondence provided to you at the time of Account opening. Collateral Accounts will be insured by the FDIC in the amount permitted by law. Interest earned on the Collateral Account cannot be withdrawn until after all Accounts secured by the Collateral Account are closed. Funds on deposit in the Collateral Account may be held by Bank until all your Accounts are paid in full. However, Bank may hold funds on deposit for a period of 30 days following closure of the Account to allow all pending charges to post to the Account and to be paid. At the end of the holding period, funds on deposit in the Collateral Account may be applied to any unpaid balance on the Account, and any funds then remaining will be paid to you by check, or transferred to another Bank account designated by you.

    The bank’s liability to you
    Acts and omissions of other financial institutions

    The Bank will not be liable for the intentional wrongdoing or the lack of ordinary care by any financial institution to which the Bank has forwarded a check, draft, or other order or instruction for the payment, transfer, or withdrawal of funds (an "Item") for deposit to your Collateral Account.

    Waiver

    If the Bank waives any of its rights on any one occasion, it will not be considered a waiver of the Bank’s rights on any other occasion.

    Verification of transactions; rights to reverse erroneous credits

    All transactions, including without limitation those for which the Bank has provided a receipt, are subject to the Bank’s final verification. The Bank may reverse any credit it has erroneously made to your Collateral Account at any time without prior notice.

    General limitations

    The Bank will have no liability to you, other than as provided in this Collateral Account Agreement. The Bank will meet its duty to care for your Collateral Account if it exercises ordinary care in the transaction at issue. When the Bank takes an Item for processing by automated means, "ordinary care" does not require that the Bank examine the Item. "Ordinary care" requires only that the Bank follow standards that do not vary unreasonably from the general standards followed by similarly situated banks. A mere clerical error, or an honest mistake, will not be considered a failure of the Bank to perform any of its obligations. Unless imposed by law, the Bank will not be liable for consequent, special, punitive, or indirect loss or damages.

    Endorsements

    The Bank is authorized to supply your endorsement to any Item taken for collection, payment, or deposit to your Collateral Account.

    Deposits and withdrawals

    This Collateral Account(s) serves as the collateral for the Credit Card Account(s) issued to you by the Bank. It may not be used to secure any other loans. You agree that you may not withdraw funds or exercise any other rights over this Collateral Account until your obligations under the Business Secured MasterCard Customer Agreement have been fully paid and the Credit Card Account has been closed. The Collateral Account may not be linked to an ATM card or to the Online Banking service.

    Fees and expenses

    You will pay the Bank a fee for its services in accordance with its then current fee and information schedule applicable to the Collateral Account. Collateral Account related services obtained through an affiliate bank are subject to the fees disclosed in its current fee and information schedule. Fees and expenses described in this section may be deducted from your Collateral Account and may, at the Bank’s option, be charged against your Collateral Account. If your Collateral Account is closed, you will continue to be responsible for any fees that may have accrued, any Items deposited to your Collateral Account prior to its being closed, and any fees and expenses related to those Items. If the Bank incurs any costs or expenses enforcing the Collateral Account Agreement, you will pay those costs and expenses, including reasonable attorney’s fees and court costs.

    Direct deposits returned by the bank

    If in connection with a direct deposit plan funds are deposited to your Collateral Account and later returned to the originator, the Bank may deduct the amount from that or any other account you have, without prior notice and at any time, except as prohibited by law. The Bank may also use any other legal remedy to recover the amount.

    The bank’s security interest and right to set-off

    To secure your performance of the Collateral Account Agreement, you grant the Bank a lien on and security interest in your Collateral Account and proceeds of the Collateral Account, which is independent of the Bank’s right of set-off. The Bank may set-off against any accounts you own in your name (including matured and un-matured time accounts) for any obligation you owe the Bank, whether due or not, at any time and for any reason as allowed by law. This includes both secured and unsecured debts and debts you owe individually or together with someone else. If there is more than one owner of an account, this includes the debts and liabilities of any owner without regard to your contribution to the funds then on deposit in that account. The Bank may consider the Collateral Account Agreement as your consent to the Bank’s exercise of its right of set-off should any law require your consent.

    The bank’s right to change your collateral account to another bank product

    The Bank may convert your Collateral Account to another product offered by the Bank at any time by giving you prior notice. If you do not close your Collateral Account it may convert to that other product on the date specified in the notice.

    Joint accounts

    If more than one of you open a Collateral Account, it will be presumed to be a joint Collateral Account with right of survivorship unless state law creates a contrary presumption or the Bank otherwise agrees with you in writing. Any sums in a joint Collateral Account may be paid, on request, to any owner without regard to whether any other owner is then incapacitated or deceased or whether the joint Collateral Account includes a right of survivorship. If your joint Collateral Account does include a right of survivorship and one of you dies, the joint Collateral Account is payable to any survivor, subject to the Bank’s right of set-off and security interest. If your joint Collateral Account does not include a right of survivorship and one of you dies, the joint Collateral Account may, subject to the Bank’s right of set-off and security interest, be paid to any survivor or to the personal representative, heirs, or successors of the deceased owner even though not the last surviving owner. The Bank has no obligation to separately account for each of your interest in the joint Collateral Account. An owner may supply an endorsement of another owner. The Bank may act on the instructions of any owner; however, instructions to remove an owner’s name or restrict an owner’s use may only be made by the owner whose name is to be removed or whose use is to be restricted, by that owner’s legal representative(s) or by court order. Subject to the terms of the Collateral Account Agreement, the Bank may close the joint Collateral Account on the instructions of any one of you or your legal representatives.

    Transferring collateral account ownership

    You may not pledge, assign, or in any other manner transfer all or a part of or any interest in your Collateral Account. The Bank does not have to recognize the transfer, has no duty to make further inquiry, and may make its acceptance conditional.

    Deposited items returned unpaid

    The Bank has the right to charge back to your Collateral Account any Item deposited to your Collateral Account that is returned. The Bank has the right to pursue collection of such Items, even to the extent of allowing the payor bank to hold an Item beyond the midnight deadline in an attempt to recover payment. These collection efforts may include sending such Items back for collection one or more times. The Bank will have no liability for resubmitting or not resubmitting these Items (or for taking any other action it considers reasonable to recover payment) without notice to you.

    Non-interest bearing collateral accounts

    Your Collateral Account may be non-interest bearing. If this is the case, it will be specified in separate correspondence provided when your Credit Card Account was opened. However, Bank retains the right to change an interest bearing Collateral Account to a non-interest bearing Collateral Account at any time upon notice to you.

    Interest bearing collateral accounts

    Interest Rate: Your Collateral Account will earn interest as specified in the separate correspondence provided when you open the Collateral Account. Interest earned on the Collateral Account cannot be withdrawn until after the Credit Card Account is closed.

    Method used to calculate earned interest

    The Bank may use either the average daily balance or daily balance method to calculate interest. The average daily balance method applies a periodic rate to the average daily balance for the period. The average daily balance is calculated by adding principal for each day and dividing by the number of days in the period. The daily balance method applies a daily periodic rate to principal each day. Unless the Bank has specified otherwise in writing, it will use the daily balance method to calculate interest.

    Interest adjustments

    An interest adjustment may be reflected on the statement for the month after it occurs rather than the month in which it occurs.

    Compounding and crediting

    Interest on the Collateral Account will be compounded and credited to the Collateral Account daily.

    Accrual of interest

    Interest on the Collateral Account will begin to accrue on the first business day that your non-cash items are deposited into the Collateral Account.

    Minimum deposit requirements

    In order to open the Collateral Account, a minimum deposit of $500 is required. An additional minimum deposit of $500 is required for each additional credit card issued on the Credit Card Account.

    Primary account owner

    The primary account owner of the Collateral Account must be the same person who is the primary holder of the Credit Card Account that is secured by the funds in the Collateral Account.

    Deposits to the collateral account

    Deposits to the Collateral Account may only be made by check, money order, cashier’s check, or fund transfers from checking or savings accounts authorized by you. The deposit amount must be in increments of at least $100 and mailed to the following address: Wells Fargo Card Services, Inc. PO Box 9376, Des Moines, IA 50306

    Tax identification number certification

    Treasury regulations require the Bank to obtain a completed and signed Form W-8 or Form W-9 for each interest paying Collateral Account. These forms certify your tax identification number ("TIN") for your Collateral Account and your tax status for information reporting. If you are a non-resident alien, individual, foreign entity, or foreign person, you must provide Form W-8 for each interest paying Collateral Account. In all other cases, you must provide a Form W-9 to the Bank for each such Collateral Account. Until it has received the completed and signed Form(s) W-8 or W-9, the Bank may either not pay interest or pay interest and comply with the backup withholding requirements of the Internal Revenue Service. If the Collateral Account is an interest bearing savings account, it will begin earning interest at the rate in effect on the date the Bank receives the Form(s) W-8 or W-9. If you own an interest paying Collateral Account as a sole proprietor, upon your death, the Bank must be provided with your estate’s or successor’s tax identification number or the Bank may either refuse to pay interest earned on your Collateral Account from the date of your death or withhold a portion of the interest that has been earned on your Collateral Account from the date of your death.

    Notices and other mail

    Any notice you send the Bank will not be effective until it is actually received and the Bank has a reasonable opportunity to act on it. Any notices, statements, or other correspondence the Bank sends you may be sent by ordinary mail to the last address the Bank has for you in its records. If there is more than one authorized signer on your Collateral Account, notices, statements, and correspondence may be sent to any one of them. You assume the risk of loss in the mail. Any notice the Bank sends you will be effective when mailed.

    Minimum balance requirements; other restrictions

    The Bank may impose minimum balance requirements or other applicable limitations or restrictions on the Collateral Account, provided such requirements, limitations, or restrictions are disclosed to you.

    Legal process

    The Bank may accept and act on any legal process that it believes is valid, whether served in person, by mail or by facsimile transmission, at any Bank location. Legal process includes, without limitation, a levy, garnishment or attachment, tax levy or withholding order, injunction, restraining order, subpoena, search warrant, government agency request for information, or forfeiture relating to your Collateral Account. Any such legal process is subject to the Bank’s security interest and right of set-off. The Bank will not notify you of a grand jury subpoena affecting your Collateral Account. Any fees or expenses the Bank incurs in responding to any such legal process may be charged against any account you maintain with the Bank. The Bank will not have any liability to you if there are insufficient available funds to pay your Items because the Bank has withdrawn funds from your Collateral Account or in any way restricted your access to funds because of a legal process.

    Closing your collateral account

    The Bank may, at its discretion, close your Collateral Account at any time. If it does, it may send the balance by ordinary mail to the last address the Bank has for you in its records. Payment may be in cash, by cashier’s check, transfer to a deposit account, or bank draft. Before closing your Collateral Account, it will give you any notice required by law. You may not close the Collateral Account until your obligations under the Business Secured MasterCard Credit Card Customer Agreement have been fully paid and the Credit Card Account is closed. We may use the funds in the Collateral Account to pay any balances on your Credit Card Account. We may hold funds in this Collateral Account for a minimum holding period of 30 days after the Credit Card Account balance is paid in full and the Credit Card Account is closed in order to cover transactions that may be posted to the Credit Card Account after it is closed.

    Adverse claims

    If the Bank receives a claim to all or a portion of your Collateral Account that is adverse to your interest or if a dispute arises regarding the identity of the authorized signer(s), and the Bank (1) cannot in good faith determine the relative rights or authority of the person(s) making claim to the funds; or (2) does not believe that it is otherwise adequately protected if it ignores the claim or dispute, the Bank may without liability to you and in its sole discretion: (a) place a hold on funds in your Collateral Account or any other account of yours subject to the claim or dispute; (b) close your Collateral Account and send the funds to you or to you and the claimant(s), or; (c) interplead the funds. If the Bank places a hold on the funds, the hold may be placed for any period of time the Bank believes to be reasonably necessary to allow a legal proceeding to determine the merits of the claim or dispute to be instituted.

    Business days

    Every day is a business day except Saturdays, Sundays, and federal holidays.

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    LBD00262
    BLD-142 (11/18)
    BD10009
    M-112711
    LS 9285