Change in Terms Effective 11/1/2021

posted on Tuesday, September 28, 2021 in Personal Banking

Electronic Funds Transfers Agreement and Disclosure 

Effective 11/01/2021 the currency conversion rate used for foreign transactions will be the rate for the applicable currency on the date the transaction occurs, rather than the rate as of the date the transaction was processed. The Foreign Transactions section of the Electronic Funds Transfers Agreement and Disclosure will be updated to the following:

Foreign Transactions

Visa: Purchases and cash withdrawals made in foreign currencies will be debited from your account in U.S. dollars. The exchange rate between the transaction currency and the billing currency used for processing international transactions is a rate selected by Visa from a range of rates available in wholesale currency markets for the applicable transaction date, which rate may vary from the rate Visa itself receives or the rate mandated by the government or governing body in effect for the applicable transaction date. The exchange rate used on the transaction date may differ from the rate that would have been used on the processing date or cardholder statement posting date.