IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT
U.S. Businesses and Citizens; Resident Aliens. . Valley’s business credit card programs are available to U.S. businesses, including as applicable U.S. citizens and resident aliens residing in the U.S. Subject to Credit Approval. All applications are subject to credit approval in accordance with Valley’s credit standards and eligibility requirements.
Minimum Age. Each Cardholder must be at least 18 years of age.
Introductory Balance Transfer Terms. You may request up to three (3) balance transfers at the introductory balance transfer APR. The introductory balance transfer APR will apply for the first nine (9) billing cycles from account opening to balance transfers requested within 30 days of account opening. The balance transfer transaction fee will be charged for all balance transfers. Each balance transfer will reduce your available credit. Please allow up to three (3) weeks for your balance transfer request(s) to be processed, and you will need to continue to make payments to your accounts with other institutions to keep them current until you have confirmed that the balance transfers have occurred. Balance transfers cannot be used to pay loan or credit card accounts at Valley National Bank, or any of its affiliates. We may decline to process any full or partial balance transfer request if the balance transfer and any related fees and finance charges would increase your account balance beyond your available credit limit. There is no grace period on balance transfers. If you fail to make a payment to Valley National Bank when due, we may terminate the introductory balance transfer APR and increase the APR on your account to the Penalty APR.
Payment Allocation. If your account has balances with different APRs, the amount of your payment equal to the minimum payment due will be applied to the balance with the lowest APR before any payments are applied to balances with higher APRs. Any amount of your payment that is greater than the minimum payment due will be applied to the balance with the highest APR before being applied to balances with lower APRs. Payments received by 5 p.m. local time at our payment processing facility will be credited as of that day to your account.
Cardholder Agreement. If an account is opened, you will receive a Cardholder Agreement with your Card(s). You agree to the terms and conditions of the Cardholder Agreement by using the account or any card, by authorizing the use of the account or any card.
Change in Terms. Except for promotional and introductory APR’s, we have the right to change the account terms at any time in accordance with your Cardholder Agreement and applicable law.
Individual and Company Liability. You understand that if an account is opened, you agree to be personally responsible, both individually and jointly with the Company, for payment of all balances incurred on all Cards issued pursuant to your application. Additional details are included in the Cardholder Agreement.
Deposit Account Requirements. In addition to the terms noted above, by signing the secured credit card application, you agree that:
- If your application is approved, you will open a deposit account and fund the account with an amount equal to one hundred ten (110%) percent of your approved credit limit. The amount deposited by you in the deposit account will be used as collateral to secure the obligations to the Bank that you incur from time to time in connection with your credit card account. Depositing funds greater than one hundred ten (110%) percent of your approved credit limit will not increase your credit limit.
- You will also execute and be bound by a Deposit Account Security Agreement.
- The Deposit Account has the following terms to which you agree: THE DEPOSIT ACCOUNT DOES NOT EARN INTEREST.
- Once your credit card is issued, the deposit account will be locked. You will not have access to the funds in the deposit account while the Deposit Account Security Agreement remains in effect.
USA Patriot Act. Federal law requires all financial institutions to obtain, verify and record information that identifies each business or person who opens an account. In order to open an account, we must ask for your: business name, business address, tax identification number and other identifying information; as applicable, the name, address and other identifying information for each Business Owner/Authorized Officer or sole proprietors. We may also request your driver’s license or other identifying documents, even if you currently maintain a banking relationship with us. Strict adherence to these regulations helps to protect both financial institutions and bank customers from criminal activity. Your cooperation is greatly appreciated.
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