Before you can use the Card, you will be required to open a non-interest bearing deposit account at Public Savings which will act as security for your obligations relating to the Card and the Card Account and your other obligations under this Agreement (the "Pledged Deposit Account"). By applying for a Secured Card, you are pledging, assigning and granting a security interest in the Pledged Deposit Account and the funds in it from time to time, including any funds deposited following the effective date of this Agreement, in the Pledged Deposit Account you maintain with us and designate to secure repayment of your Card. You acknowledge that this security interest is an express condition for your Card and that all funds in your Pledged Deposit Account must remain on deposit during the term of this Agreement. You also acknowledge and agree that we have right of setoff against the Pledged Deposit Account for amounts due us from time to time on the Card or otherwise under this agreement, and we may exercise our setoff right at any time without prior notice to you.  This is your money, but you pledge it to secure repayment of all credit extended through this program. These funds can not be used for any other purposes such as liens, collateral (for other borrowings), etc. You agree to sign all applications and documents that we may request from time to time to open and maintain the Pledged Deposit Account or to evidence this pledge, assignment and grant of security interest in the Pledged Deposit Account. If you do not pay your Card balance or you or we decide to close your Card for any reason, you authorize us to, and you agree that we may, apply all of the funds in the Pledged Deposit Account to your outstanding Card balance. You acknowledge that we will not, and you authorize us not to, discharge or release our security interest in the Pledged Deposit Account until all Transactions, Finance Charges and fees and other charges contemplated by this Agreement have been processed and paid and you have otherwise performed all of your obligations under this Agreement. We will then discharge or release our security interest in the Pledged Deposit Account, and when your Pledged Deposit Account is closed, make available to you any funds remaining in the Pledged Deposit Account. If the outstanding Card balance exceeds the amount of funds in your Pledged Deposit Account, you will remain liable for any outstanding Card balances, including all fees or charges that may subsequently accrue, until the Card balance is paid in full.

PLEDGED DEPOSIT ACCOUNT AUTHORIZATION. You request that the Bank open the Card Account and YOU AGREE:
We are not obligated to pay you any interest on the Pledged Deposit Account.
The Pledged Deposit Account and Bank's practices are subject to the terms of the account agreement for the Pledged Deposit Account, to Federal and State laws and regulations, and to Bank policies.
To pay all charges and follow all practices set forth in the terms applicable to the Pledged Deposit Account from time to time.
To the terms of the arbitration program described in this Secured Credit Cardholder Agreement.
To abide by all future changes to the terms, conditions, fees and charges for the Pledged Deposit Account.
The Bank may disclose information about the Pledged Deposit Account and your credit card accounts (including but not limited to the Card Account) to credit reporting agencies and to other persons or agencies who, in its judgment, have legitimate business purpose for obtaining such information, subject to applicable law.

We may setoff against any accounts you own in your name (including matured and unmatured time accounts) for any obligation you owe us, whether due or not, at any time and for any reason as allowed by law. This includes as permitted by law, both secured and unsecured debts and debts you owe individually or together with someone else. If there is more than one person on your Card Account or more than one owner of your Pledged Deposit Account, we may set off debts and liabilities owed by any or all of them against amounts in deposit accounts owned by any or all of them without regard to your relative contributions to the debts or liabilities or the funds then on deposit in the deposit accounts. We may consider this Agreement as your consent to our exercise of these rights of setoff or any other setoff or lien rights under applicable law to the extent that any law requires your consent.