| Employee Payroll Deduction |
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All continuing full-time employees of the University of Alberta are eligible for financing at the University of Alberta Microstore over periods up to 24 months through payroll deductions.
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| Terms and Conditions |
- 1. Applicant must be a full-time continuous employee at the University of Alberta for at least 6 months. A valid
OneCard is needed for identify cation as well as a major credit card at the time of purchase.
- 2. A processing fee of $50 will also be applied to the purchase price.
- a. For terms twelve (12) months or less, the interest rate is Prime + 1% at the time of agreement.
- b. For terms between thirteen (13) and the maximum twenty-four (24) months the interest rate is Prime + 3% at the time of agreement.
- 3. The total loan including interest shall be amortized over the loan period and deducted monthly from the employee's renumeration.
- 4. Purchase can be spread out over a flexible period (6, 12, 18, 24 months) and can be adjusted
at any time. It is in the interest of the customer to spread out the loan over the maximum of 24 months, as the interest is not compounding. The interest and service fee total is Prime + 1% for up to 12 months and Prime + 3% from 13 months to 24 months.
- 5. The balance of the loan may be repaid in a lump sum at anytime.
- 6. Should the applicant take a leave of absence from the University prior to the expiration date of this agreement, the amount owed during this leave will be deducted from the applicant's credit card depending on the remaining amount owing, at the discretion of the University of Alberta Bookstore.
- 7. The Applicant must submit a credit card with an expiry date which is later than the duration of the loan period.
- 8. If the Applicant's credit card will be replaced with a new credit card during the loan period,
the Applicant must provide the new card to the Microstore as soon as possible before the current
card expires. If the new credit card is not received by the Microstore before the expiry date approaches,
the total amount owing on the loan will be charged to the current card before the current card's expiry date.
- 9. Any addition of items to a current CPP will be treated as a new transaction and as such will
require the above to pay a second transaction fee, in addition to the payments for all items received
by CPP.
- 10. The Bookstore reserves the right to discontinue this program at any time.
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| Frequently Asked Questions |
| How long does it take for approval? |
| During regular U of A business hours (Monday to Friday), approval can take as little as a few minutes. |
| What if I cannot find what I want? Can I special order an item?
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| We can order in some items, please ask our sales associate for assistance. |
| Is there a minimum or maximum value associated with the deduction plan? |
| The minimum, including any applicable service fees, charges and GST is $500 and the maximum is $3,600. If your total exceeds the maximum, the $3,600 is applied to the program and you pay the difference. |
| Can I pay off my amount owing sooner or put down a lump sum? |
| Either is allowable and without penalty. It will not affect your monthly payments.
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| Can I use my professional expense allowance with this program? |
| Yes, but you will have to follow the regulations pertaining to claims for academic expenses. |
