ACCOUNT SECURITY PROGRAM
Summary of Terms
The Account Security Program (“Program”) is optional.
Whether or not you purchase the Program will not affect your application for credit or the terms of any existing credit agreement you have with Synchrony Bank (“Bank”). Upon acceptance of your enrollment in the Program, you will receive the complete Program Agreement. Please read the Agreement carefully since it provides a complete explanation of the Program. The following is only a summary of the Program, including a summary of the eligibility requirements, conditions and exclusions that could prevent you from receiving benefits under the Program.
Debt Cancellation is provided under the terms of the Program for the following events (“Covered Events”): Involuntary Unemployment, Leave of Absence, Disability, Hospitalization, Nursing Home Care, or Loss of Life with respect to the primary cardholder (the person whose name is listed first on the billing statement).
COST: The monthly fee for the Program is $1.50 per $100 of the average daily balance of your Account as provided in the Program Agreement. The fee is subject to change upon notice to you as required by law.
PROTECTIONS FOR YOU: The outstanding balance on your Account, as of the date of the Covered Event, up to $10,000, is cancelled under the terms of the Program Agreement for the following Covered Events:
You must be involuntarily unemployed for at least 90 consecutive days. Unemployment for which you had notice within 90 days prior to enrollment in the Program or which begins within 60 days after enrollment in the Program is not covered. You must have been employed full-time in a non-seasonal occupation as of the date of involuntary unemployment, be eligible for state unemployment benefits and register within 15 days of the unemployment for work at a recognized employment agency. Unemployment caused by the following reasons is also excluded: (a) your voluntary forfeiture of employment, salary, wages or other employment income; (b) your resignation; (c) your retirement; (d) your involuntary termination of employment as the result of willful or criminal misconduct; (e) scheduled termination of your employment pursuant to an employment contract; (f) termination of seasonal employment; (g) your imprisonment; or (h) a reduction in number of hours worked that does not result in total elimination of employment income.
LEAVE OF ABSENCE:
You must be on an unpaid employer approved leave of absence for at least 90 consecutive days. A leave of absence within 60 days after enrollment in the Program is not covered. You must have been employed full-time in a non-seasonal occupation as of the date the leave began.
You must be disabled for at least 90 consecutive days. Disability caused by the following reasons is excluded: (a) normal pregnancy or childbirth; (b) an intentionally self-inflicted injury, whether you are sane or insane; (c) flight in non-scheduled aircraft; (d) war, declared or undeclared, including any act of war; or (e) foreign travel or residence.
You must be hospitalized while under continuous care by a physician for at least 14 consecutive days. Hospitalization caused by or resulting from the following reasons will not be covered: (a) normal pregnancy or childbirth; or (b) an intentionally self-inflicted injury, whether you are sane or insane.
NURSING HOME CARE:
You must be confined to a licensed nursing home while under continuous care by a physician for at least 14 consecutive days.
LOSS OF LIFE: If you die.
ENDING YOUR PROTECTION:
You may terminate your enrollment in the Program at any time. If you choose to terminate within 60 days of enrollment, Bank will credit to your Account any Program fee you have been charged. Bank may terminate your enrollment in the Program by providing written notice to you. Your enrollment in the Program will terminate automatically if you fail to make any required minimum payment on your Account in any two consecutive billing periods.
HOW TO CLAIM BENEFITS:
You may obtain a form to request debt cancellation by calling toll free at 1-800-644-6520 or by writing to Account Security, P.O. Box 39, Roswell, GA 30077-0039. You must also provide documents described in the Program Agreement for a particular Covered Event. In addition, you agree to provide any additional information or documents reasonably requested by Bank in connection with our review of your request for debt cancellation.
ADDITIONAL IMPORTANT DISCLOSURES:
Bank reserves the right to modify the Program at any time and will provide you notice as required by law.
Cancelled debt under the Program may be taxable as income if provided by law. Please consult your tax advisor for guidance.
You must continue to make any required minimum payments on your Account after a Covered Event until the outstanding balance on your Account is paid off. A Covered Event (other than death) must occur continuously for the specified period of time before debt cancellation can be requested.
You may continue to use your Account after a Covered Event, subject to the terms of your Account Agreement. However, the amount of debt cancelled under the Program does not include purchases on your Account after the Covered Event (unless those purchases are covered due to a subsequent Covered Event while you continue to have the Program).
Any arbitration provisions that may apply with respect to your Account Agreement shall also apply with respect to the Program.
The Program is not insurance.
The Program is not available for residents of Alabama and Mississippi.