COMMONWEALTH CREDIT UNION, INC. VISA CLASSIC AND VISA ...

COMMONWEALTH CREDIT UNION, the billing cycle in which the Cash Advance INC. is posted to the account, whichever is later, VISA CLASSIC AND VISA PLATINUM and will continue to accrue until paid if paid AGREEMENT AND DISCLOSURE during the same billing cycle as made. If not COMMONWEALTH CREDIT UNION paid in full during the same billing cycle as 417 High Street, P.O. Box 978, Frankfort, KY made, the Finance Charge will continue to 40602-0978 accrue on the unpaid balance until the closing 502.564.4775 800.228.6420 date of the billing cycle preceding the date on In this agreement, "you," "your," and which the entire New Balance is paid in full. "cardholder" mean the applicant or joint - If the New Balance indicated on the applicant, if any, named as a result of Cardholders’s statement for the prior monthly cardholder's application (or person authorized to period is paid in full within 25 days after the use the account); "we," "us" and "our" mean closing date, no Finance Charge will be Commonwealth Credit Union; "card" or "cards" imposed during the current billing cycle for means the card or cards issued by us to you. Cash Advances made during the previous billing cycles. The balance of Cash Advances The terms and conditions governing the use of subject to Finance Charge is the average our Visa Platinum Credit Card or Visa Classic daily outstanding unpaid balance, which is - Credit Card accounts are printed on this form. determined by dividing the sum of the daily - These Terms and Conditions may be amended balances during the billing cycle by the and supplemented by separate notices to you, - number of days in the cycle. Each daily including any notices you have previously balance of Cash Advances are determined by received from us. The disclosures required by adding to the previous balance any new Cash Federal law are set forth below, and we are also Advances as of the transaction date or the first enclosing important information regarding your day of the billing cycle in which posted, - rights to dispute billing errors. Keep this so you whichever is later, and subtracting each can refer to it if you have any questions payment and credit on the date of receipt, but regarding your account. Any use of your Card excluding any unpaid Finance Charges. or Account confirms your acceptance of the PURCHASES - Purchases will accrue terms and conditions of this Agreement, Finance Charges from the date of posting including the obligation to pay us for all and will otherwise be calculated in the same balances due on your account as specified in this manner as Cash Advances. A Finance agreement. Commonwealth Credit Union Charge will be imposed on Purchases of reserves the right to change the benefit features - goods and services that you obtain through associated with your card at any time. the use of your Card only if you elect not to pay the entire New Balance shown on your A. FINANCE CHARGE (interest) is charged on previous monthly statement within 25 days outstanding balances. The FINANCE from the closing date of the statement. If you CHARGE (interest) is calculated from the elect not to pay the entire New Balance date of posting of a cash advance. shown on your previous monthly statement within 25 days from the closing date of the - Credit Card FINANCE CHARGE (interest) statement, a Finance Charge will be imposed charged on outstanding balances will be based on the unpaid balance of the Purchases from on Daily Periodic Rate. The Daily Periodic the statement closing date and on Purchases Rate will equal 1/365 of the Annual made during the current billing cycle from the Percentage Rate. Interest will be calculated on date of posting each such Purchases to the the average daily balance times the number account, and will continue to accrue until the of days in the billing cycle times the Annual - closing date of the billing cycle preceding the Percentage Rate divided by 365. date on which the entire New Balance is paid in full. The balance of Purchases subject to The interest rate for Share Secured Credit Finance Charges is the average daily Cards is 3% above the dividend rate earned outstanding unpaid balance, which is on pledged shares and will be subject to determined by dividing the sum of daily change quarterly if the dividend rate changes. balances during the billing cycle by the - number of days in the cycle. Each daily We use a Performance Plus Pricing formula balance of the Purchases is determined by which is a tiered interest rate pricing program adding, to the previous balance, the new based on your overall credit performance as Purchases posted through that date if the reflected in your credit report with the previous balance was not paid in full within maximum interest rate being 21% APR 25 days of the statement closing date, and (ANNUAL PERCENTAGE RATE) the subtracting each payment and credit on the maximum allowed by law. date of receipt, but excluding any unpaid CASH ADVANCE - A Finance Charge Finance Charges. will be imposed on Cash Advances that you SPECIAL PROMOTIONS - From time to obtain through the use of your Card during time, we may offer you a promotional rate, the current billing cycle from the date of each under which purchases of goods or services, such Cash Advance or from the first day of 1 balance transfers, or other transactions, may

be billed to your Account with special rate of $0.15 per hundred dollars or any promotional terms. The period of time for fraction thereof. which the promotional rate applies may be - F. Additional charges, plus applicable taxes, limited. Any promotional rates, and the - may also be assessed if you pay us with a corresponding periodic rate, will appear in check which is not honored by your financial your monthly statement. The Finance institution, request a copy of a document, Charges, minimum payment, application of make delinquent payments, make charges payments and other terms for special which exceed your credit limit, request a promotions may differ from the standard replacement card or use your card for a terms described in this Agreement and as may transaction at an automated teller machine, if be shown on your Account Statement. The such charges are not prohibited by law or standard terms of this Agreement apply to any regulation. All such charges shall be treated special promotion except where changed by as Credit Purchases for purposes of the special promotion. Except to the extent calculating Finance Charges unless prohibited modified by the terms of the special by law or regulation. promotion, standard terms will continue to G.If you have other loans from us, or take out apply to any and all transactions that are not other loans in the future, collateral securing subject to a special promotion. If you elect a those loans shall also secure your obligations special promotion, you agree to the terms of under this agreement. However, your primary the promotion and understand that any unpaid dwelling shall not secure your obligations balance related to the special promotion will under this agreement even if the issuer has or be subject to the standard terms for regular later acquires a mortgage on the dwelling. purchases or Cash Advances when the H.If the Cardholder wishes to cancel a pre- promotional period ends. We are not required authorized payment, the Cardholder must to give you advance notice before resuming or contact the institution with whom the starting to bill you according to the standard agreement was made. terms described in this Agreement. You - CCU VISA TERMS AND CONDITIONS understand that the terms of any special The person (“Cardholder”) whose name is promotion may be cancelled if at any time embossed on the face of your VISA (“Card”), you are in default under this Agreement. If and each Cardholder, in the event more than one you are in default under this Agreement, you Card is issued bearing the same account number may not be eligible for any special by signing or using said Card, receipt of which promotions. is acknowledged, agrees with the Issuer of the Card whose name is printed on the reverse B. You understand that we reserve the right to (“Issuer”) as follows: change the rate of the Finance Charge upon 1. Goods and services (“Credit Purchases”) giving notice, required by law, provided that may be purchased or leased by means of such change shall not apply to the balance due such card by Cardholder from any retail for past charges if no additional charges are business establishment (“Seller”) who made hereunder after such change. If honors same upon the execution of a sales additional charges are made, such change slip evidencing such Credit Purchases and - shall apply to the balance due for past bearing the account number of Cardholder - charges. embossed on the face of such Card. C. The minimum periodic payment for cash pay Additionally, VISA Cash Advances accounts is $10.00 or 3% of the unpaid (“Loans”) may be obtained through the use balance shown on your monthly billing of such Cards; (a) upon execution of a statement, whichever is greater, plus any written request of Cardholder in a form - amount over your assigned limit and any furnished to him from any financial amount past due. Other payment options are institution that is a member, alone or in available. Payments will be in U.S. dollars. association with other, of VISA, Inc. and ; You will pay for all purchases and cash (b) upon execution of a written separate advances made by you or an authorized user. agreement with us for a VISA overdraft You may pay more at any time without a financing agreement, if offered by us. penalty. All payments are made to the address 2. Cardholder shall be liable and agrees to pay above. us for Credit Purchases made by, or for loans D.In the event legal action is required to collect extended to, Cardholder or anyone else using unpaid balance, all costs, including attorney’s such Card unless the use of such Card is by a fees of 25% of the balance due, or such person other than the Cardholder; (a) who greater amount as may be reasonable, just, does not have actual, implied or apparent and allowed by law, and also those costs, authority for such use, and; (b) from which expenses and attorney’s fees incurred in Cardholder receives no benefit. - appellate, bankruptcy, and post-judgment - Additionally, Cardholder shall be jointly and proceedings, as allowed by law, shall be severally liable and agrees to pay for all imposed. Credit Purchases and Loans obtained E. Documentary stamp taxes, as may be required through the use of any other Card bearing by law, shall be imposed on each Cash Cardholder’s account number that has been Advance at the time the loan is made. In the issued to another person by reason of such State of Florida, such tax is computed at the person being a member of Cardholder’s 2

family or otherwise issued upon the state in which the principal office of Cardholder’s request (all such Cards bearing Issuer is located. the same VISA account number hereinafter - 11. The Cardholder must notify us at the collectively called (“Related Cards”). address listed above, orally or in writing, in 3. All cards and convenience checks are our - the event the Card(s) has been lost or stolen. property, and are not transferable and must Cardholder may be liable for the be surrendered upon demand. They can be unauthorized use of the Card or Related cancelled as well as repossessed by us or our Cards as provided in this paragraph. designee, and the privileges thereof revoked, A. If 10 or more cards are issued for use by at any time without prior notice. employees of a single business or other - 4. Cardholder shall not use Card, or permit the organization, there is no limit to use of Related Cards, to obtain Credit Cardholder’s liability for any unauthorized Purchases or Loans, which will increase use that occurs before the Cardholder Cardholder’s VISA indebtedness to us in an notifies Issuer as provided herein; the amount in excess of the limit established by business or organization may only impose - us. liability on its employees for unauthorized 5. All Credit Purchases and Loans are effected uses of a card as authorized by Federal law at the option of the Seller and Cash and regulation. Advancing Financial Institution, - B. If the cardholder fails to meet the respectively, and we shall not be responsible following standards: for refusal by any Seller or Cash Advancing 1. The cardholder must have exercised Financial Institution to honor the Card or reasonable care in safeguarding his or any Related Card. Any refund, adjustment her card from risk of loss or theft. or credit allowed by Seller shall not be cash 2. The cardholder must not have reported but rather by credit advice to Issuer which two or more incidents of unauthorized shall be shown as a credit on Cardholder’s use within account statement with us. the preceding twelve months. 6. We will send to Cardholder, at monthly 3. The account must be in good standing. intervals determined by Issuer, a statement C. Cardholder's liability limit may be reflecting for the prior monthly period all increased for unauthorized transactions if it VISA and Related Card transactions. Such is determined, based on substantial evidence, statement shall be deemed correct and that the Cardholder was grossly negligent or accepted by Cardholder and all holders of - fraudulent in the handling of the account or Related Cards unless we are notified to the - the Card. contrary in writing within 60 days of mailing 12. Cardholder agrees that Commonwealth of such statement. Cardholder will pay such Credit Union, its agents or service - statement by remitting to us within 25 days companies may monitor and/or record any of the closing date reflected on the statement telephone communications with Cardholder. either the full amount billed or, at 13. Finance charge will be imposed on all cash - Cardholder’s option, an installment equal to advances immediately. at least the required minimum payment in 14. There will be a $75.00 reward fee charged U.S. dollars. should cardholder not return the card if 7. Interest on Loans and Credit Purchases will requested causing the card to be blocked and be charged in accordance with the finance picked up by a seller. charge calculation method referred to above. 15. In the event a card is replaced more than The rate of interest shall be established by us once, there will be a replacement fee of $10 and may change as stated in the Visa for the lost, stolen, revoked or otherwise Classic/Visa Platinum Credit Card surrendered card(s). A card will be replaced Disclosure. no more than three times. 8. If the Card is cancelled or surrender is 16. All billing disputes will be handled by - demanded by us, or if Cardholder defaults in Commonwealth Credit Union, Inc. any payment due, or is deceased, bankrupt or 17. Report lost or stolen cards and or VISA insolvent, or any attachment or garnishment checks to Commonwealth Credit Union, Inc. proceedings are initiated against Cardholder at the phone number above or his property, we may elect to declare all IMMEDIATELY. amounts owed to Issuer to be immediately 18. I fully understand that any delinquency or due and payable without notice or demand of misuse of the VISA credit card(s) could any kind. effect my future credit with the Credit 9. This agreement may be amended from time Union. to time by us by written notice mailed to 19. There will be a $2.00 transfer fee for Cardholder at Cardholder’s last known transferring money from my checking - address. account or my savings account to cover any 10. Except to the extent that Federal Law is - amount over my assigned limit or to cover applicable, the validity, construction and any amount that is delinquent. enforcement of this agreement, and all 20. There will be a $2.00 fee for PIN matters arising out of the issuance and use of replacement. the Card, shall be governed by the laws of 3

21. If a payment is late, in whole or in part, a including purchases, cash withdrawals and late fee will be charged on the third day after credits to your account. A foreign the due date, in the amount of 5% of the transaction is any transaction that you payment, minimum $5.00; Visa Platinum – complete or a merchant completes on your 10% of payment, minimum $10.00. card outside of the U.S., Puerto Rico or the 22. The cost of an authentic credit or debit card U.S. Virgin Islands. ticket copy is $12 except for Travel and Entertainment merchants, which is $25. The AUTOMATIC PAYMENT NOTICE cost of ticket copies is subject to change By sending your check, please be aware that without notification. you are authorizing Commonwealth Credit 23. Credit card (VISA) checks are available at Union to use information on your check to make no cost and terms are as follows: a one-time electronic debit from your account at a. If a credit card check should cause your the financial institution indicated on your check. credit card balance to exceed your This electronic debit will be for the amount of assigned limit, there will be a $25.00 your check; no additional amount will be added return check fee. to the amount. If we cannot collect your b. If a check is written on a blocked or electronic payment, we will issue a draft against closed credit card account, there will be your account. If you do not have sufficient funds a $25.00 in your account, a fee of $25.00 will be debited return check fee. electronically from your account. Please contact c. There is a $20.00 fee for each stop our Processing Department at 800.228.6420 or payment placed on a check. If three or 502.564.4775 (ext. 5358) to learn about other - more checks are stopped, the fee is payment options if you prefer not to have your $25.00. This fee is charged at the time check used in this way. When we use of request. information from your check to make an d. There is a $2.00 fee for each copy of an electronic fund transfer, funds may be original check. withdrawn from your account as soon as the e. Credit card checks clear as a cash same day you make/we receive your payment, advance so interest will accrue from the and you will not receive your check back from date the check is posted. your financial institution. f. Credit card checks cannot be charged back to the seller, therefore, any disputes IN CASE OF ERRORS OR INQUIRES must be handled by you, directly with ABOUT YOUR STATEMENT OR OPEN- the seller. END LOAN ACCOUNT g. You may not use convenience checks to The Federal Truth in Lending Act and Fair make payments on your account. Credit Reporting Act requires prompt correction 24. There will be a cost of $5.00 per card for of mistakes on your statement of account. If you additional cards for authorized users which want to preserve your rights under the Act, are in excess of the four free cards. An here’s what to do if you think your statement of authorized user has usage privileges, but account is wrong or if you need more only the applicant and/or joint applicant will information about an item: be able to retrieve account information. 1. Do not write on the statement of account. On 25. There is a $10.00 fee to place a block on the a separate sheet of paper (you may telephone card per the issuer’s request. inquiry but doing so will not preserve your 26. To expedite the ordering of any card, there rights under the law) write the following: will be a $20.00 fee for a rush card (3 days). a. Your name and account number 27. Visa regulations prohibit the use of any b. A description of the error and an plastic with a Visa logo for illegal activity. explanation (to the extent you can explain) 28. VISA Foreign Transactions. Purchases and why you believe it is an error; cash withdrawals made in foreign currencies c. The dollar amount of the suspect error. will be debited from your account in U.S. d. Any other information (such as your dollars. The exchange rate between the address) which you think will help the transaction currency and the billing currency Credit Union to identify you or the reason used for processing international for your complaint or inquiry. If you need transactions is a rate selected by Visa more information, explain the item you are U.S.A., Inc. ("Visa") from a range of rates - not sure about and, if you wish, ask for available in wholesale currency markets for evidence of the transaction such as a copy the applicable central processing date, which of the request voucher. Do not send in your rate may vary from the rate Visa itself copy of any document unless you have a receives, or the government mandated rate in duplicate for your records. effect for the applicable central processing 2. Send your notice of statement error to the date. The exchange rate used on the address above. Mail it as soon as you can, processing date may differ from the rate that but in any case early enough to reach the would have been used on the purchase date credit union within 60 days after the statement or cardholder statement posting date. was mailed or otherwise delivered to you. If A fee of 1% of the amount of the you have authorized your credit union to transaction, calculated in U.S. dollars, will automatically pay from your savings account be imposed on all foreign transactions, and loan accounts with the credit union, you 4

can stop or reverse payment on any amount 7. If you have a problem with property or you think is wrong by mailing your notice so services purchased with a credit card, you the credit union receives it within 16 days may have the right not to pay the remaining after the statement was sent to you. However, amount due on them, if you first try in good you do not have to meet this 16 day deadline faith to return them or give the seller a chance to get the credit union to investigate your to correct the problem. There are two statement error claim. limitations on this right: 3. The credit union must acknowledge all letters a. You must have bought the item in your pointing out possible errors within 30 days of home state or, if not within your home the receipt, unless the credit union is able to state, within 100 miles correct your statement during that 30 days. of your current mailing address; and Within 90 days after receiving your letter, the b. The purchase price must have been more credit union must either correct the error or than $50. explain why the credit union believes the - However, these limitations do not apply if statement was correct. Once the credit union the seller is owned or operated by the credit has explained the statement, the credit union union, or if the credit union mailed you the has no further obligation to you even though advertisement for the property or services. you still believe that there is an error, except as provided in paragraph 5 (to follow). IN CASE OF ERRORS OR QUESTIONS 4. After the credit union has been notified, ABOUT YOUR ELECTRONIC TRANSFERS neither the credit union nor an attorney nor a Write us at the address shown above or collection agency may send you collection telephone us at number shown above as soon as letters or take other collection action with you can if you think your statement of receipt is respect to the amount in dispute; but periodic wrong, or if you need more information about a statements may be sent to you, and the transfer on the statement or receipt. We must disputed amount can be applied against your hear from you no later than 60 days after we credit limit. You cannot be threatened with sent you the FIRST statement on which the error damage to your credit rating or sued for the or problem appeared. amount in question, nor can the disputed 1. Tell us your name and account number. amount be reported to a credit bureau or to 2. Describe the error or the transfer of which other creditors as delinquent until the credit you are unsure, and explain your reason why union has answered your inquiry. However, you believe there is an error or why you need you remain obligated to pay the parts of your more information. outstanding balance not in dispute. 3. Tell us the dollar amount of the suspected 5. If it is determined that the credit union has error. We will investigate your complaint and made a mistake on your statement, you will will correct any error promptly. If we take not have to pay any finance charges on any more than 10 business days to do this, we will disputed amount. If it turns out that the credit reaccredit your account for the amount you union has not made an error, you will have to think is in error so that you will have use of pay finance charges on the amount in dispute, the money during the time it takes us to and you will have to make up any missed complete our investigation. minimum or required payments on the disputed amount. Unless you have agreed that your statement was correct, the credit union must send you a written notification of 09/09 what you owe and if it is determined that the credit union did make a mistake in the - disputed amount, you must be given the time to pay which you normally are given to pay undisputed amounts before any more finance charges or late payment charges on the disputed amount can be charged to you. 6. If the credit union’s explanation does not satisfy you and you notify the credit union in writing within 10 days after you receive its explanation that you still refuse to pay the disputed amount, the credit union may report you to the credit bureaus and other creditors and may pursue regular collection procedures. But the credit union must also report that you think you do not owe the money, and the credit union must let you know to whom such reports are made. Once the matter has been settled between you and the credit union, the credit union must notify those to whom the credit union reported you as delinquent of the 5 subsequent resolution.

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COMMONWEALTH CREDIT UNION, INC. VISA CLASSIC AND VISA ... Document Transcript