Disclosures

Disclosures of Brewer FCU

Disclosures are available for you to read, print, and save at your convenience.

 

 

MEMBERSHIP AGREEMENT AND DISCLOSURES

Your credit union is unique in the financial world. It is a co-op, owned by you and your fellow members and operated in your common interest. Your credit union is non-profit and exists only to serve you, not to make money. As a credit union, you own, operate and control your credit union through your Board of Directors. You are entitled to elect and be elected to the volunteer Board of Directors, which is composed of your fellow members and manages the credit union based on the needs and wishes of the members. The Board of Directors sets dividend rates, loan interest rates, and fees, among other things, and also determines credit union policy such as that set forth in this Agreement. In addition, your credit union works cooperatively with Maine’s other credit unions and the Maine Credit Union League, pooling resources for research and development of cost effective services which benefit not only you and your fellow members, but all credit union members in Maine.

 

GENERAL TERMS

This Agreement contains the terms and conditions governing your membership in and accounts offered by your credit union. By signing your membership card and/or account agreement(s), you accept and agree to be bound by the provisions as set forth in them, this Agreement, the rate and fee disclosures applicable to your account(s) with your credit union, your credit union’s charter and bylaws, and any amendments or changes in terms to any of them. You will receive notice of any changes in terms in accordance with all applicable state and federal laws and regulations.

The terms and conditions as set forth in this Agreement are applicable to all types of accounts offered by your credit union. There may be different or more specific terms and conditions which apply to certain accounts. Those different or specific terms are contained in the membership card, share certificate, share draft agreement or other documents evidencing the account. To the extent that there are different terms or terms which are not included in this Agreement on those documents, such terms supersede this Agreement.

 

PRIVILEGES OF CREDIT UNION MEMBERSHIP

Being a credit union member carries with it may privileges including the ability to open accounts, other than ordinary share accounts, such as share draft accounts, to make and receive electronic funds transfers and wire transfers; and to obtain loans and lines of credit. However, it is your credit union’s policy to deny these privileges to membership who cause a loss to the credit union for any reason. Therefore, if you cause a loss to the credit union, and thus to your fellow members, you will lose your privileges of membership.

 

ACCOUNT OWNERSHIP

You can structure the ownership of your account(s) in a variety of ways. Rights and obligations relating to the account will depend on the type of ownership of the account.

  1. SOLE ACCOUNTS – If you are the sole owner of an account, only you can make deposits or withdrawals or otherwise have access to the funds in the account. Upon death, the funds in the account are distributed in accordance with the terms of your will, or, if you do not leave a will, the intestacy laws of the state of your residency applies.
  2. JOINT ACCOUNTS – Any joint owner has an equal right of access to the funds in a joint account and can withdraw all of funds in the account without permission from or notification to the other joint owner(s). At the death of one joint owner, the funds automatically belong to the surviving joint owner(s). Joint owners do not have to be credit union members.
  3. PAYABLE ON DEATH ACCOUNTS – Payable on death accounts belong to the person(s) listed as the owner or owners of the account during their lives. On death, the funds automatically belong to the person or persons designated as payable on death beneficiaries.
  4. TRUST ACCOUNTS – Depending on membership eligibility, you may hold an account as Trustee for the benefit of another person or persons, or another person or persons may hold an account as Trustee for your benefit. In order to establish a Trust account, membership eligibility requirements must be met in accordance with the credit union’s charter or bylaws.
  5. ORGANIZATIONAL ACCOUNTS – The funds in an organizational account are owned by a corporation, trust (including a living trust), partnership, social club, sports team, etc. In order for the organization to be a credit union member, eligibility requirements must be met in accordance with the credit union’s charter or bylaws. If the organization does not qualify for membership, it can be a joint owner of the account with an individual member.

 

LIEN ON SHARES

A lien will be impressed on all of your credit union shares and share dividends in an amount equal to that which you may owe your credit union because of a loan, dues or any other charges payable by you to your credit union. The lien may be enforced and your funds withdrawn and applied to your debt without further notice to you except as required by law if you default in paying the amount you owe.

 

ACCOUNT CLOSING

Your regular credit union share account cannot be closed until all amounts you owe your credit union are paid in full and all other accounts that you have with your credit union are closed.

 

ENDORSEMENTS

All check/share draft endorsements must be made in the first one and one-half inches of the trailing edge of the back of the check/share draft. The trailing edge is opposite the left side of the face of the check. You will be responsible for any costs incurred by your credit union due to delays in returning checks or share drafts deposited into your account that do not comply with these endorsements standards.

 

SHARE INSURANCE

Funds in your accounts at your credit union are insured up to $250,000 by the National Credit Union (NCUA) an agency of the United States Government. If you would like more information about your share insurance, a pamphlet “Your Insured Funds” is available upon request.

 

GOVERNING LAW

The rights, duties, obligations and liabilities of you and your credit union in connection with your membership and account(s) are and shall be controlled by Maine and/or Federal law as applicable and in effect at the time the rights, duties, and liabilities arise, other than as specifically set forth in this Agreement, your credit union charter or your specific account documentation.

 

COMPLAINT RESOLUTION

If you have a dispute with your credit union regarding your account(s) you may contact your credit union’s complaint representative or department and attempt to resolve the problem directly with your credit union.

If your credit union fails to resolve the problem, write a letter detailing the problem, and the resolution you are seeking to:

Consumer Outreach Program Bureau of Financial Institutions State House Station 36 Augusta, ME 04333

The Bureau of Financial Institutions will acknowledge receipt of your complaint promptly and investigate your claim or refer it to the appropriate federal supervisory agency and inform you to whom it has been referred. You will be informed of the results of any Bureau of Financial Institutions investigation.

 

ELECTRONIC FUNDS TRANSFER DISCLOSURE AND CARD HOLDER AGREEMENT

We are the Brewer Federal Credit Union at 77 No. Main Street and 299 Dirigo Drive, Brewer ME 04412, and our telephone number is 207-989-7240. You (if this is a joint account, singular pronouns shall include each of you) hereby agree to the rules and regulations affecting the issuance of the “CU24” Visa® Check Card” provided by us for your convenience.

 

Personal Identification Number (P.I.N.) – will be your “remote banking signature” and you are responsible for maintaining its confidentiality. The P.I.N. should be memorized and not written, in order to prevent unauthorized use and so you may report its loss or theft accurately.

 

Authorized Use – Only you are qualified to deposit (ATM’s where applicable) or withdraw funds to or from your account(s) with the use of the CU24 Visa Check Card at participating merchant or financial institution locations or remote facilities, and positive identification may be requested by the participating merchant or financial institution prior to any transaction. You agree that you will not use or allow anyone else to use your card or P.I.N. for any transaction that is illegal under applicable federal, state or local law.

 

Consumer Liability for Unauthorized Electronic Funds Transfers – Tell us AT ONCE if you believe your card, P.I.N. or other information which could provide electronic access to your account has been LOST or STOLEN, or if you believe someone has used your card or P.I.N. or accessed your account without your permission. Telephoning is the best way of keeping your possible losses down.

 

If a Visa or Interlink transfer was made using your card or card number without your permission and was not caused by your gross negligence or fraud, you will have no liability for this unauthorized transfer. For all other transfers, including transfers made using ATM’s, you can lose no more than $50.00, if you tell us within two (2) business days that your card or P.I.N. was used to make a transfer without your permission. If you do NOT tell us within 2 business days, and we can prove that we could have stopped someone from making a transfer without your permission if you had told us, you could lose as much as $500.00.

 

If your statement shows transfers you did not make or authorize, tell us at once. If you DO NOT tell us within 60 days after the statement was mailed to you, you may not recover any funds lost, if we have proof that the incident could have been prevented if we had proper notification from you. If a good reason such as a long trip or a hospital stay kept you from telling us, we will extend the time period. We are liable only for losses in excess of the limits stated.

 

Non-Visa PINless Debit Card Transactions – We allow non-Visa debit transaction processing. This means you may use your Visa Check Card on a PIN-Debit Network (a non-Visa network) without using a PIN to authenticate your transactions. (Visa rules generally define a PIN-Debit Network as a non-Visa debit network that typically authenticates transactions by use of a personal identification number (P.I.N.) but that is not generally known for having a card program.) The non-Visa debit network for which such transactions are allowed is “NYCE”.

 

Examples of the types of actions that you may be required to make to initiate a Visa transaction on your Visa Check Card include signing a receipt, providing a debit card number over the phone or via the Internet, or swiping the debit card through a point-of-sale terminal.

 

Examples of the types of actions you may be required to make to initiate a transaction on a PIN-Debit Network include initiating a payment directly with the biller (possibly via telephone, Internet or kiosk locations), responding to a logo displayed at a payment site and choosing to direct payment through that network, and having your identity verified using known information derived from an existing relationship with you instead of through the use of a PIN.

 

Please be advised that the terms and conditions of your agreement with us relating to Visa debit transactions do not apply to non-Visa debit transactions. For example, the additional limits on liability (sometimes referred to as Visa’s zero-liability program) and the streamlined error resolution procedures offered on Visa debit card transactions are not applicable to transactions processed on a PIN-Debit Network.

 

Notification Procedure – If you believe your card, P.I.N. or other information which could provide electronic access to your account has been LOST or STOLEN, or that someone has transferred or may transfer money from your account without permission, call us at (207) 989-7240 or write us at the address at the beginning of this agreement.

 

Business Hours – Our business hours are Monday – Wednesday 8:00am to 4:00pm, Thursday and Friday 8:00am to 5:00pm and Saturdays 9:00am to 12:00pm, excluding state and federal holidays.

 

Types of Transactions Available and Limits of Such Transactions – You may use your card to make a cash withdrawal from or make deposits (at ATM’s where applicable) to your share account or share draft account, and perform such other financial transactions as we may from time to time permit during the business hours of any remote financial facility. You may also pay for purchases at places that have agreed to accept your card (called Point-of-Sale purchases). These Point-of-Sale purchases will be deducted from your share draft account.

 

Limitation on Frequency and Amount of Transactions – For the protection of our members, we have limited the amount of each cash withdrawal from an account to FIVE HUNDRED DOLLARS ($500.00) per day (24 hours) at a remote banking facility. You may purchase up to TWO THOUSAND DOLLARS ($2,000.00) worth of goods or services each day (24 hours) in our Point-of-Sale (POS) transfer service.

 

Delays in Posting Transactions – Due to the nature of the “ATM” system, there will be delays between the time of any activity on your account(s) and the time it is reflected in our records on your account(s).

Charge for Originating Shares and Remote Banking Transactions – A transaction resulting in a withdrawal from your share draft account using the CU24 Visa Check Card or your P.I.N. or other information which could provide electronic access to your account is considered the same as any other type of share draft in regard to our service charge formulas. The type of account determines if and when a fee will be assessed. All transaction fees will be deducted from your share draft account. Please contact the credit union for current charges.

 

Fees – If you use an ATM or other electronic terminal that we do not own, you may be charged a fee by the terminal owner and any national, regional or local network used in processing the transaction. Any such fee(s) will be debited to your account if you elect to complete the transaction.

 

Foreign Transactions – Purchases and cash advances made in foreign countries and foreign currencies will be billed to you in U.S. Dollars.

 

A 1% International Transaction Fee will be assessed on all transactions where the merchant country differs from the country of the card issuer. The converted transaction amount will be shown separately from the International Transactions Fee on your account statement. This fee will be assessed on all international purchases, credit vouchers, and cash disbursements.

 

Visa will charge 0.8% for international transactions that do not involved currency conversions.

 

The exchange rate for transactions in a foreign currency will be a rate selected by Visa from the rates available in wholesale currency markets for the applicable central processing date. This rate may vary from the rate Visa itself receives, or the government mandated rate in effect for the applicable central processing date plus the 1% International Transaction Fee.

 

Conditions Under Which We will Disclose Information for a Third Party – You agree that we may, and you hereby authorize us to disclose information to third parties about your account(s) or the transfers you make (1) where it is necessary for completing transfers, (2) in order to verify the existence and condition of your account(s) for a third party such as a credit bureau or merchant, (3) in order to comply with government agency or court orders, or (4) if we have your permission.

 

Documentation of Transfer – You can get a receipt at the time you make any transaction (except inquiries) involving your account using an ATM and/or Visa Debit Point-of-Sale (POS) terminal. You will also receive on a monthly basis a statement of your account activity.

 

Error Resolution: This Section Applies to Consumer Accounts – Telephone or write us AS SOON AS YOU CAN if you think your statement or receipt is wrong, or if you need more information about a transaction listed on the statement or receipt. We must hear from you no later than sixty (60) days after we send you the FIRST statement on which the problem or error appeared. Provide the following information: (1) Your name and account number (2) Describe the error or the transfer you are unsure about, and a clear explanation of why you believe it is an error, or why you need more information. (3) The dollar amount of the suspected error. If you tell us orally, we may require that you send your complaint or question in writing within ten (10) business days.

 

We will tell you the results of our investigation within ten (10) business days after we hear from you and will correct any error promptly. If we need more time however, we may take up to forty-five (45) days to investigate your complaint or question. For new accounts, Point-of-Sale, or International transactions, we may take up to ninety (90) days to investigate your complaint or question.

 

If we decide to do this, we will credit your account within ten (10) business days (five (5) business days for Visa Check Card purchases) for the amount you think is in error, so you will have the use of the money during the time it takes to complete the investigation. For new accounts, we may take up to twenty (20) days to credit your account for the amount you think is in error. If we ask you to put your complaint or question in writing and do not receive it within ten (10) business days, we may not credit your account.

 

If we decide that there was no error, we will send you a written explanation within three (3) business days after we finish our investigation. You may ask for copies of the documents that we used in our investigation.

 

Overdraft – If any withdrawal(s) create a negative balance in your account, you agree to repay to us the amount of the overdraft, including customary overdraft charges in the same manner as any other overdraft of your account.

 

Cancellation – Your card and P.I.N. remain our property and immediate surrender of either may be required by us at any time. We may cancel the card, P.I.N., and/or electronic fund transfer privileges at any time without notice or cause. Any cancellation or termination does not affect any of your existing liability to us.

 

Liability – If we do not complete a transfer to or from your account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable, for instance: • If, through no fault of ours, you do not have enough money in your account to make the transfer; • If the transfer would go over the limit on your overdraft line; • If the automated teller machine where you are making the transfer does not have enough cash; • If the terminal or system was not working properly and you knew about the breakdown when you started the transfer; • If circumstances beyond our control (such as fire or flood) prevent the transfer, despite reasonable precautions that we have taken; • If we have reason to believe that transactions involving your account may be unauthorized, fraudulent, illegal or otherwise improper. We expressly disclaim all warranties that the components, including, but not limited to, cards and terminals, will function properly or be available for use.

 

Agreement Modification – This Agreement may be amended by us without prior notice to you when such a change is immediately necessary to maintain or restore the security of the system or a member’s account, however, we will notify you in writing twenty one (21) days prior to the effective date of any change in any term or condition of the Agreement or your account, if such change would result in greater cost liability for you or decreased access to your account.

 

Joint Accounts – All parties to joint share or share draft account(s) agree to be jointly and severally bound by this Agreement. All cards must be returned to us prior to the addition or deletion of a name from any account Subject to this Agreement. Consumer Reports (Credit Report) may be obtained in connection with this application. If you request (1) you will be informed whether or not consumer reports were obtained; and (2) if reports were obtained, you will be informed of the names and addresses of the consumer reporting agencies (credit bureaus) that furnished the reports. The PIN may provide access to accounts owned by the primary member. Joint owners may have access to all the primary member’s accounts at the credit union including accounts owned singularly by the primary member or jointly by the primary member and other persons.

 

ACH Funds Transfers: This Section Addresses Non-Consumer Accounts Only – You may desire to receive an electronic transfer of funds into your account. Such transfers may be transmitted through the Automated Clearing House (“ACH”) System. Your rights and responsibilities will be governed by Maine law, including Article 4A of the Uniform Commercial Code. Credit given by your credit union with respect to these transfers is provisional until the credit union receives final settlement through a Federal Reserve Bank or otherwise has received payment. If your credit unions does not receive payment for a transfer, then the credit union is entitled to a refund from you in the amount credited to you on a provisional basis, and the originator of the transfer will not be considered to have paid the amount of the entry to your account. Your credit union is not obligated by the ACH rules to provide you with notice any time that is has received a transfer and made an entry to your account unless the credit union has otherwise agreed to do so.

REGULATION CC: FUNDS AVAILABILITY DISCLOSURES

Important information on deposits, holds and withdrawals

Your credit union’s policy is to make funds available to you on the same business day we receive your deposit. At that time, you can withdraw the funds in cash and/or we will use the funds to pay checks that you have written. For determining availability of your deposits, every day is a business day, except Saturdays, Sundays, and State and Federal holidays. Deposits made in our night depository will be credited to your account on the next business day we are open.

 

RESERVATION OF RIGHT TO HOLD

In some cases, we will not make all of your funds that you deposit by share draft or check available to you on the same business day of your deposit. Depending on the type of share draft or check that you deposit, funds may not be available until the second business day after the day of your deposit. However, the first $200 of your deposit will be available on the first business day after the day of your deposit. If we are not going to make all of the funds from your deposit available on the first business day, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly through a credit union employee, or if we decide to take this action after you have left the premises, we will mail you the notice by the business day after we receive the deposit. If you need the funds from a deposit right away, you should ask when the funds will be available.

 

LONGER DELAYS MAY APPLY

We may delay your ability to withdraw funds deposited by share draft or check into your account an additional number of days for these reasons:

 

  • You deposit share drafts or checks totaling more than $5,000 on any one day
  • You re-deposit a share draft or check that has been returned unpaid
  • You have overdrawn your account repeatedly in the last six months
  • We have “reasonable cause” to believe a share draft or check you deposit will not be paid
  • There is an emergency such as failure of communications or computer equipment

We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available.

 

HOLD(S) ON OTHER FUNDS

If we cash a share draft or check for you that is drawn on another financial institution; we may withhold the availability of a corresponding amount of funds that are already in your account. Those funds will be available at the time funds from the share draft or check we cashed would have been available if you had deposited it. If we accept for deposit a share draft or check that is drawn on another financial institution, we may make funds from the deposit available for withdrawal immediately but delay your availability to with draw a corresponding amount of funds that you have on deposit in another account with your credit union. The funds in the other account would then not be available for withdrawal until the time periods that are described elsewhere in this disclosure for the type of share draft or check that you deposited.

 

SPECIAL RULES FOR NEW ACCOUNTS

If you are a new member, the following special rules apply during the first 30 days your account is open:

 

The first $5,000.00 from a deposit of U.S. Treasury checks will be available on the first business day after the day of your deposit. The excess over $5,000.00 will be available on the second business day after the day of your deposit. Funds from wire transfers into your account will be available on the first business day after the day we receive the transfer.

 

Funds from deposits of cash and the first $5,000.00 of a day’s total deposits of cashier’s certified, tellers, traveler’s and state and local government checks will be available on the first business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you. The excess over $5,000.00 will be available on the first business day after the day of your deposit. If you do not take the deposit in person to a credit union employee, the first $5,000.00 will not be available until the second business day after the day of your deposit.

 

Funds from deposits of share drafts drawn on your credit union will be available on the same business day as the day of your deposit.

 

Funds from all other share draft or check deposits will be available not later than the second business day after the day of your deposit.

 

REGULATION J – FUNDS TRANSFERS

You may desire to initiate a funds transfer using your credit union, and your credit union may receive funds transfers for credit to an account of yours at the credit union, or for further transfer on your behalf. Transfers sent or received by you on your behalf may go by Fedwire. Regulation J governs Fedwire. In addition to the specific provisions of Regulation J, this part of the Agreement is applicable to all such funds transfers.

 

  1. SECURITY PROCEDUREYour instructions specifying the terms and conditions of funds transfer shall be verified according to your credit union’s security procedure. In the event that you decline to accept the security procedure recommended by your credit union, you agree that any security procedure you select is commercially reasonable. You further agree that you shall be bound by any instructions, whether or not authorized, which is issued in your name and accepted by your credit union in compliance with the security procedure.

 

  1. INCONSISTENCIES IN ORDERSYou acknowledge and agree that your credit union and the beneficiary’s (funds transfer recipient) financial institution in the funds transfer may rely on the number in a payment order that identifies the beneficiary, even if it identifies a person different from the person identified by name in the payment order, if the beneficiary’s financial institution, even if it identifies an intermediary financial institution or beneficiary’s financial institution identified by name in the payment order, if your credit union does not know of the inconsistency. Your credit union has no duty to detect any such inconsistencies.

 

  1. NOTICE – For each funds transfer you receive at your credit union, you will receive notice of the transfer by having the amount received posted to your records or by some other mutually agreeable means. Your credit union is not required to give you notice of receipt and will not do so. Your credit union will, however, notify you of the receipt of payments in any periodic statements that your credit union provides to you.

 

  1. PROVISIONAL CREDIT – Credit given by your credit union to you with respect to a funds transfer is provisional until your credit union receives final settlement for the transfer through a Federal Reserve Bank. If your credit union does not receive such final settlement, you acknowledge and agree that your credit union is entitled to a refund of the amount credited to your account(s) in connection with the transfer. In the event that your credit union does not receive final settlement, you agree that your credit union may reverse the entry on its records and adjust your account(s) accordingly. The party making payment to you via such transfer shall not be deemed to have paid you the amount of the credit.

 

  1. INTEREST AND/OR DIVIDENDS – If your credit union is obligated to pay interest or dividends with respect to any funds transfer, the amount payable shall be limited to the dividend rate paid on the account to which a funds transfer is deposited or from which the transfer should have occurred.

 

  1. INSTRUCTIONS – Your credit union is not obligated to accept any instruction(s) from you relating to any funds transfer. If your credit union rejects a payment order you issue, you will be notified of the rejection in writing. The notice will be sent via the U.S. Postal Service, postage prepaid, to you at your address as listed in your credit union records.

 

 

CREDIT CARD AGREEMENT

Regulation Z

In this agreement, the words you and your mean each and all of those who apply for the card or who sign the application. Card means a VISAÓ Credit Card and any duplicates and renewals we issue. Everyone who receives, signs or uses a card issued under this Agreement must be a member of this Credit Union. Account means your VISAÓ Credit Card Line of Credit account with us. The words we, us, and ours mean this Credit Union.

 

  1. Responsibility. If we issue you a card, you agree to pay all debts and the FINANCE CHARGE arising from the use of the card and the card account. You are also responsible for charges made by anyone else to whom you give the card, and this responsibility continues until the card is recovered. You cannot disclaim responsibility by notifying us, but we will close the account for new transactions if you so request and return all cards. Your obligation to pay the account balance continues even though an agreement, divorce decree, or other court judgment to which we are not a party may direct you or one of the other persons responsible to pay the account. If this is a joint account, section 15 below also applies to your account. You agree that you will not use or allow anyone else to use your card for any transaction that is illegal under the applicable federal, state or local law.

 

  1. Lost Card Notification. If you believe your credit card has been lost or stolen, you will immediately call the Credit Union at 1-800-682-6075.

 

  1. Liability for Unauthorized Use. You will not be liable to the credit union for the unauthorized use of your card if the unauthorized use was not caused by your gross negligence or fraud. In any case, your liability to the credit union will not exceed $50.00 for other unauthorized use of your card that occurs prior to the time when you give notice of possible unauthorized use to the credit union at 77 No. Main St., Brewer or 229 Dirigo Dr., Brewer, Tel # 1-800-682-6075 and you will not be liable for unauthorized use that occurs after you notify the credit union of possible unauthorized use.

 

  1. Credit Line. If we approve your application, we will establish a self-plenishing Line of Credit for you and notify you of its amount when we issue the card. You agree not to let the account balance exceed this approved Credit Line. Each payment you make on the account will restore you Credit Line by the amount of the payment which is applied to principal. You may request an increase in your Credit Line only by written application to us, which must be approved by us. By giving you written notice, we may reduce your Credit Line from time to time or, with good cause, revoke your card and terminate this Agreement. Good cause includes your failure to comply and terminate this Agreement or our adverse reevaluation of your credit-worthiness. You may also terminate this Agreement at any time but termination by either of use does not affect your obligation to pay the account balance. The cards remain our property, and you must recover and surrender to us all cards upon request and upon termination of this Agreement.

 

  1. Credit Information.You authorize us to investigate your credit when opening, renewing, or reviewing your account, and you authorize us to disclose information regarding your account to credit bureaus, and other creditors who inquire of us about your credit standing.

 

  1. >Details About Your Monthly Payment. We will mail you a statement every month showing your Previous Balance of purchases and cash advances, the current transactions on your account, the remaining credit available under your Credit Line, the New Balance of purchases and cash advances, the Total New Balance, the finance charge due to date, and the Minimum Payment Required.

 

Minimum Payment. Every month you must pay at least the Minimum Payment within 25 days of your statement closing date. By separate agreement you may authorize us to charge the minimum payment, or pay the total New Balance in full, and you will reduce the finance; charge by doing so. The Minimum Payment will be any portion of the Minimum Payments shown on prior statements which remain unpaid plus either (a) 3% of your Total new Balance or $20.00, whichever is greater, or (b) your Total New Balance if it is less than $20.00. In addition, at any time your Total New Balance exceeds your Credit Line, you must immediately pay the excess upon our demand.

 

Payment made to your account will be applied in the following order: Fees and Finance Charges; Previously Bill Purchases, Cash Advances; New Purchases. We may accept checks marked “payment in full” or word of similar effect without losing any of our rights to collect the full balance of your account with us.

  1. Finance Charges A finance charge will be imposed on cash advances from the date made or from the first day of the billing cycle in which the cash advance is posted to your account, whichever is later, and will continue to accrue until the date of payment. A finance charge will be imposed on purchases only if you elect not to pay the entire new balance of purchases shown on your monthly statement within 25 days from the closing date of that statement. If you elect not to pay the entire new balance of purchases shown on your monthly statement within that 25 days, a finance charge will be imposed on the unpaid average daily balance of those purchases from the statement closing date (but not on purchases posted during the current billing period) and will continue to accrue until the closing date of the billing cycle preceding the date on which the entire new balance of purchases is paid in full or until the date of payment if more than 25 days from the closing date.

 

Figuring the Finance Charge. The FINANCE CHARGE (interest) is calculated at the periodic rate of 1.1600% per month, which is an ANNUAL PERCENTAGE RATE of 13.92%.

 

Cash Advances. The finance charge on cash advances for a billing cycle is computed by applying the monthly periodic rate to the average daily balance, which is determined by dividing the sum of the daily balances during the billing cycle by the number of days in the cycle. Each daily balance is determined by adding to the previous cash advances (the outstanding cash advance balance of your account at the beginning of the billing cycle) any new cash advances received and subtracting any payments as received or credits as posed to your account, but excluding any unpaid finance charges.

 

Purchases. The finance charge on purchases for a billing cycle is computed by applying the monthly periodic rate to the average daily balance of purchases, which is determined by dividing the sum of the daily balances or purchases during the billing cycle by the number of days in the cycle. Each daily balance of purchases is determined by subtracting from the outstanding unpaid balance of purchases at the beginning of the billing cycle any payments as received and credits as posted to your account, but excluding any unpaid finance charges.

  1. Default. You will be in default if you fail to make any Minimum Payment within 25 days after your monthly statement closing date. You will also be in default if your ability to repay is materially reduced by a change in your employment, an increase in your obligations, bankruptcy or insolvency proceedings involving you, your death or your failure to abide by this Agreement. We have the right to demand immediate payment of your full account balance if you default, subject to our giving you any notice required by law.
  2. Using the Card. To make a purchase or cash advance, there are two alternative procedures to be followed. One is for you to present the card to a participating VISAÓ Credit Card plan merchant, to us, or to another financial institution and sign the sales or cash advance draft which is imprinted with your card. The other is to complete the transaction by using your Personal Identification Number (PIN) in conjunction with the card in an Automated Teller Machine or other type of electronic terminal that provides access to the VISAÓ Credit Card system. The monthly statement will identify the merchant, electronic terminal, or financial institution at which transactions were made, but sales, cash advance, credit or other slips cannot be returned with the statement. You will retain the copy of such slips furnished at the time of the transaction in order to verify the monthly statement. The Credit Union may make a reasonable charge for photocopies of slips you request.
  3. Returns and Adjustments. Merchants and others who honor the Card may give credit for returns or adjustments, and they will do so by sending us a credit slip, which we will post to your account. If your credits and payments exceed what you owe us, we will hold and apply this credit balance against future purchases and cash advances or, if it is $1.00 or more, refund it on your written request or automatically after 6 months.
  4. Foreign Transactions. Purchases and cash advances made in foreign countries and foreign currencies will be billed to you in U.S. dollars. The conversion rate to dollars will be at wholesale market rate or the government mandated rate, whichever is applicable, in effect one day prior to the processing date, increased by one percent.
  5. Plan Merchant Disputes. We are not responsible for the refusal of any plan merchant or financial institutions to honor your card. We are subject to claims and defenses (other than tort claims) arising out of goods or services you purchase with the card only if you have made a good faith attempt but have been unable to obtain satisfaction from the plan merchant, and (a) your purchase was made in response to an advertisement we sent or participated in sending to you, or we own or operate the merchant; or (b) your purchase cost more than $50.00 and was made from a plan merchant in your state or within 100 miles of your home. Any other disputes you must resolve directly with the plan merchant.
  6. Security Interest. You may be giving a security interest in a specific amount of your share or share draft account(s) with the Credit Union by signing a separate pledge of shares agreement. If you give a security interest at the Credit Union, you must maintain the amount of the security given in your account(s) at all times during which you have the right to use your card(s). Other than this security interest, we will not assert any statutory right we may have if you are in default to prevent withdrawal of your Credit Union shares in other accounts or in the secured account(s), above the amount of the security you give. The Credit Union also waives any other security interest it may have for advances or purchases made under this agreement.
  7. Effect of Agreement. This Agreement is the contract, which applies to all transactions on your account even though the sales, cash advance, credit or other slips you sign or receive may contain different terms. WE may amend this Agreement from time to time by sending you the advance written notice required by law. Your use of the card thereafter will indicate your agreement to the amendments. To the extent the law permits, and we indicate in our notice, amendments will apply to your existing account balance was well as to future transactions.
  8. Joint Accounts. If this is a joint account, each person on the account must sign the agreement. Each of you will be individually and jointly responsible for paying all amounts owed under this agreement. This means that the Credit Union can require any one of your individually to repay the entire amount owned under this Agreement. Each of you authorizes the other (s) to make purchases or cash advances individually. Any one of you may terminate the account, and the termination will be effective as to all of you.
  9. Other Charges. You will be charged a late fee (20th Day) of $10.00; a copy of statement fee $2.00, a copy of sales draft fee $5.00, a cash advance transaction fee of 2%, $2.00 minimum, or $20.00 maximum; replacement card fee of $10.00 and a high balance fee of $10.00.
  10. Copy Received. You acknowledge receipt of a copy of this Agreement.
  11. Signatures. By signing in the Signature area of the application form that was attached to this Agreement when you received it, you agree to the terms of this Agreement. You should detach this Agreement from the application and retain it for your records.
  12. >Optional Insurance Coverage. We offer joint credit life and single credit disability coverage at the cardholder’s expense. You can at any time cancel this coverage by notifying the credit union.

 

YOUR BILLING RIGHTS–KEEP THIS NOTICE FOR FURTHER USE

This notice contains important information about your rights and our responsibilities under the Fair Credit Billing Act.

 

NOTIFY US IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR BILL.

 

If you think your bill is wrong, or if you need more information about a transaction on your bill, write us on a separate sheet at the address listed on your bill. Write to us as soon as possible. We must hear from you no later than 60 days after we sent you the first bill in which the error or problem appeared. You can telephone us, but doing so will not preserve your rights.

 

In your letter, give us the following information:

  • Your name and account number
  • The dollar amount of the suspected error.
  • Describe the error and explain, if you can, why you believe there is an error. If you need more information, describe the item you are not sure about.

 

If you have authorized us to pay your credit card bill automatically from yours savings or share draft account, you can stop the payment on any amount you think is wrong. To stop the payment, your letter must reach us three business days before the automatic payment is scheduled to occur.

 

YOUR RIGHTS AND OUR RESPONSIBILITIES AFTER WE RECEIVE YOUR WRITTEN NOTICE

 

We must acknowledge your letter within 30 days, unless we have corrected the error by then. Within 90 days, we must either correct the error or explain why we believe the bill was correct.

 

After we receive your letter, we cannot try to collect any amount you question, or report you as delinquent. We can continue to bill you for the amount you questions, including finance charges, and we can apply an unpaid amount against your credit limit. You do not have to pay any questioned amount while we are investigating, but you are still obligated to pay the parts of your bill that are not in question.

 

If we find that we made a mistake on your bill, you will not have to pay any finance charges related to any questioned amount. If we didn’t make a mistake, you may have to pay finance charges, and you will have to make up any missed payments on the questioned amount. In either case, we will send you a statement of the amount you owe and the date that is due.

 

If you fail to pay the amount that we think you owe, we may report you as delinquent. However, if our explanation does not satisfy you, and you write to us within ten days telling us that you still refuse to pay, we must tell anyone we report you to that you have a question about your bill. And, we must tell you the name of anyone we reported to. We must tell anyone we report you to that the matter has been settled between us when it finally is.

 

If we don’t follow these rules, we can’t collect the fist $50.00 of the questioned amount, even if your bill was correct.

 

SPECIAL RULE FOR CREDIT CARD PURCHASES

 

If you have a problem with the quality of property or services that you purchased with a credit card, and you have tried in good faith to correct the problem with the merchant, you may have the right not to pay the remaining amount due on the property or services. Thee are two limitations to this right:

  1. You must have made the purchase in your home state, or if not within your home state, within 100 miles of your current mailing address; and
  2. The purchase price must have been more than $50.00

 

These limitations do not apply if we own or operate the merchant, or if we mailed you the advertisement for the property or services.