Credit Card Agreement and Disclosure
This Agreement establishes the terms and conditions of your credit card agreement with the Credit Union. In this agreement, the words “you” and “your” mean any person who signs this agreement or who uses any card or other access device that may be issued in connection with this Agreement “Card” means the Visa Classic credit card and any duplicates and renewals the Credit Union issues. “Account” means your Visa Classic credit card account with the Credit Union. “Credit Union,” “we,” “us,” and “our” mean the Credit Union. You must be a member of the Credit Union to apply for a credit card.
USING THE ACCOUNT : If you are approved for an account, the Credit Union will establish a line of credit for you. By using the card for the first time, or authorizing another person to use your account, you agree to and accept all of the terms and conditions in this agreement. You agree that your credit limit is the maximum amount (purchases, cash advances, balance transfers, plus “other charges”) which you will have outstanding on your account at any time. Unless disclosed otherwise, the Credit Union will not allow advances over the credit limit. If the Credit Union has a program whereby it allows payment of advances that exceed your credit limit, the Credit Union will provide you with notice, either orally, in writing, or electronically (notwithstanding the requirements of the paragraph entitled “Statements and Notices”) explaining your right to opt in to the Credit Union’s program whereby it will honor advance requests over the credit limit. In the event you opt in to such a program, you agree to the terms of such a program. You may request an increase in your credit limit only by a method acceptable to the Credit Union. The Credit Union may increase or decrease your credit limit, refuse to make an advance and/or terminate your account at any time for any reason not prohibited by law. If you are permitted to obtain cash advances on your account, we may, from time to time, issue convenience checks to you that may be drawn on your account. Convenience checks may not be used to make a payment on your account balance. If you use a convenience check, it will be posted to your account as a cash advance. We reserve the right to refuse to pay a convenience check drawn on your account for any reason and such refusal shall not constitute wrongful dishonor.
You may request that we stop the payment of a convenience check drawn on your account. You agree to pay any fee imposed to stop a payment on a convenience check issued on your account. You may make a stop payment request orally, if permitted, or in writing. Your request must be made with sufficient time in advance of the presentment of the check for payment to give us a reasonable opportunity to act on your request. In addition, your request must accurately describe the check including the exact account number, the payee, any check number that may be applicable, and the exact amount of the check. If permitted, you may make a stop payment request orally but such a request will expire after 14 days unless you confirm your request in writing within that time. Written stop payment orders are effective only for six (6) months and may be renewed for additional six month periods by requesting in writing that the stop payment order be renewed. We are not required to notify you when a stop payment order expires. If we re-credit your account after paying a check or draft over a valid and timely stop payment order, you agree to sign a statement describing the dispute with the payee, to assign to us all of your rights against the payee or other holders of the check or draft and to assist us in any legal action. You agree to indemnify and hold us harmless from all costs and expenses, including attorney’s fees, damages, or claims, related to our honoring your stop payment request or in failing to stop payment of an item as a result of incorrect information provided to us or the giving of inadequate time to act upon a stop payment request.
RESPONSIBILITY : You promise to pay any and all charges incurred by you or by any person whom you authorize to use the Credit Card issued to you, and any fees or charges incurred in the recovery of a credit card, retrieval of transaction data, or collection of this account in accordance with the terms and conditions issued by VISA International, Inc. in accordance with the policies established by the Credit Union.
Your obligation to pay the amount owed on your account continues until paid in full even though an agreement, divorce decree or other court judgment to which the Credit Union is not a party may direct someone else to pay the account balance.
JOINT ACCOUNT : If more than one person applies for the card each is individually responsible for all amounts owed on the account and is jointly and severally responsible for all amounts owed. This means the Credit Union can enforce the Agreement against any of you individually or all of you together. Each may obtain credit advances without the knowledge of the other and both are obligated to repay all advances made to the account. You agree to notify the Credit Union of any address change.
USING THE CARD : You may use the card issued to you to make purchases from anyone who accepts VISA Credit Cards. You may also obtain cash advances from the Credit Union, from other financial institutions participating in the VISA program and from automated teller machines (ATM’s) that provide access to the VISA system. Your VISA Personal Identification Number (PIN) is needed to obtain cash advance from an ATM (not all ATMs accept VISA Cards). You agree not to use the card for any illegal transactions such as advances for gambling or wagering where these practices are in violation of the law. Even if you use your card for an illegal transaction, you will be responsible for all amounts and charges incurred in connection with the transaction.
INTERNET GAMBLING TRANSACTIONS PROHIBITED : You may not use your card to initiate any type of electronic gambling transaction through the Internet.
PERSONAL IDENTIFICATION NUMBER (PIN) : We will furnish you with a Personal Identification Number (PIN). You agree to keep the PIN secret. You also agree you won’t write the PIN on the Card or anything you keep with the card. Your use of the PIN and Card in making a purchase or obtaining a cash advance constitutes your agreement to be responsible for all amounts and charges incurred in connection with such transactions.
FINANCE CHARGES : For purchase, cash advance, and balance transfer transactions on your Account, the balances subject to a finance charge are identified on your monthly statement as “Average Daily Balance” (including new purchases, new cash advances and new balance transfers). The “Average Daily Balance” is determined as follows. Each day we take the balance at the beginning of the day, add any new purchases, cash advances, balance transfers, insurance premiums, and debit adjustments or other charges, and subtract any payments, credits, unpaid finance charges, late charges, over-the-credit limit fees, and cash advance fees that are processed that day. This gives us the “Daily Balance.” To get the “Average Daily Balance” for the billing cycle, we add up all the Daily Balances for each calendar day of the billing cycle, and divide the total by the number of days in the billing cycle. Purchase transactions posted to your Account during the billing cycle period are included in the total only if the “New Balance” on your previously assessed bill was not paid in full by the end of the grace period, as explained below.
A finance charge will be imposed on Credit Purchases only if you elect not to pay the entire New Balance shown on your monthly statement for the previous billing cycle within 25 days from the date of that statement. If you elect not to pay the entire New Balance shown on your previous monthly statement within that 25 day period, a Finance Charge will be imposed on the unpaid average daily balance of such Credit Purchases from the date of posting to your Account during the current billing cycle, and will continue to accrue until the date of the billing cycle preceding the date on which the entire New Balance is paid in full or until the date of payment if more than 25 days from the closing date.
PENALTY APR : If your required minimum monthly payment is not received within 60 days after the due date for that payment, and after providing you with notice as required by applicable law (the “Notice”), the Monthly Periodic Rate for your Account will increase to 8.90 %, corresponding to an ANNUAL PERCENTAGE RATE of 8.90 % (“Penalty Rate”). The Penalty Rate will be applied to the outstanding balance of your Account as of the effective date specified in the Notice. If the Credit Union receives six (6) consecutive required minimum monthly payments on or before the payment due dates beginning with the first payment due following the effective date of the increase, the Credit Union will reduce the Annual Percentage Rate for your Account to the rate that would have applied prior to the increase for transactions that occurred prior to or within 14 days after the Notice was provided. The Periodic and Annual Percentage Rates applicable to other transactions will be as disclosed to you in the Notice.
OTHER CHARGES : The following other charges (fees) will be added to your Account, as applicable:
a) Card Replacement Fee : You will be charged $5.00 1st / $10.00 2nd / $20.00 3rd for each replacement card that is issued to you for any reason;Unofficial Document Copy Fee : You will be charged $1.00 per for each page;Official Document Copy Fee : You will be charged $5.00 .Returned Payment Fee : You will be charged up to $25.00 or the amount of the required minimum payment, whichever is less.LATE CHARGE : You will be charged $25.00 .
MONTHLY PAYMENTS : Each payment you make on the account will restore your credit limit by the amount of the payment that is applied to the outstanding principal of the purchases, cash advance and balance transfer features of your account. At any time, if your total new balance exceeds your credit limit, you must immediately pay the amount that exceeds your credit limit.
A PAYMENT IS REQUIRED EACH MONTH : You must pay at least the minimum payment shown on your statement by the date specified on your monthly statement. You can repay any outstanding balance prior to maturity in whole or in part at your option without penalty. Your monthly payment must be made directly to the address shown on your statement. If available, you may have your minimum payment automatically deducted from your checking or savings account.
The minimum periodic payment required for your Visa Classic Account will be 3.00 % of your total new balance or $25.00 , whichever is greater, unless your outstanding balance is less than $25.00 , in which case your minimum payment will be your outstanding balance. Any portion of minimum payments shown on prior statements which remain unpaid, any amounts by which you exceed your credit limit, and any other applicable charges will also be added to your required minimum monthly payment.
Subject to applicable law, payments will be applied in the following order or in any manner the credit union chooses. First to any previously billed and unpaid Finance Charges on purchases, cash advances and balance transfers, then to any billed fees, then to the principal balance of purchases in the order they were posted to your account and then to the principal balance of cash advances. However, in every case, in the event you make a payment in excess of the required minimum periodic payment, the Credit Union will allocate the excess amount first to the balance with the highest annual percentage rate and any remaining portion to the other balances in descending order based on applicable annual percentage rate. If two or more purchases were posted on the same day, your payment will be applied to the lowest amount first. You understand that any payment that delays the repayment of Your unpaid balance will increase Your Finance Charge and any payment that accelerates the reduction of Your unpaid balance will decrease Your Finance Charges.
CREDIT BALANCES : If there is a credit balance due you, you may request in writing a full refund of this credit balance at our address shown in this Agreement.
SECURITY : You grant us a security interest under the Uniform Commercial Code and under any common law rights the Credit Union may have in any goods you purchase. If you give the Credit Union a specific pledge of shares by signing a separate pledge of shares, your pledged shares will secure your account. You may not withdraw amounts that have been specifically pledged to secure your account until the Credit Union agrees to release all or part of the pledged amount.
CONSENSUAL SECURITY INTEREST. To secure repayment of amounts you owe on your Account, you give the Credit Union a consensual security interest in all other shares you have in any individual or joint accounts you have with the Credit Union, now and in the future (other than those accounts that would have an adverse tax consequence if pledged as collateral). These other shares may be withdrawn unless you are in default under this agreement. You authorize the Credit Union to apply the balance in your individual or joint share accounts to pay any amounts due on your Account if you should default.
CROSS-COLLATERAL : If you have other loans with us, or take out other loans with us in the future, collateral securing those loans (other than household goods or any dwelling) will also secure your obligations under this Agreement if those other agreements indicate that they may secure other obligations you may have with us.
DEFAULT : You will be in default: (1) if you fail to make any minimum payment or other required payment by the date that it is due, (2) if you break any promise you make under this Agreement, (3) if you die, file for bankruptcy or become insolvent, that is, unable to pay your obligations when they become due, (4) if any attachment or garnishment proceedings are initiated against you or your property, (5) if you default on any other indebtedness to the Credit Union, (6) if you make any false or misleading statement in any credit application or credit update, (7) if something happens that the Credit Union believes may substantially reduce your ability to repay what you owe.
When you are in default, the Credit Union has the right to demand immediate payment of your full account balance without notice. If immediate payment is demanded, you will continue to pay Finance Charges, at the periodic rate charged before default, until what you owe has been paid, and any shares that were given as security will be applied towards what you owe.
If collections efforts are required by the Credit Union, you agree to pay all costs and expenses incurred in the collection of any sum due, and in addition, if the holder hereof, after default, shall place this Agreement in the hands of an attorney or collection agency, for collection, to pay reasonable attorneys’ fees, interest and fees due on this Agreement at the time of the employment of such attorney or collection agency.
CREDIT INFORMATION : You understand that the Credit Union will review your accounts periodically, and you hereby give your permission to and authorize the Credit Union to investigate and reassess your creditworthiness. You authorize the Credit Union to obtain information concerning your credit history from all available sources now and in the future. You authorize the Credit Union to disclose information regarding your account to credit bureaus and creditors who inquire about your credit standing.
LIABILITY FOR UNAUTHORIZED USE/LOSS OR THEFT : If you notice the loss or theft of your credit card or a possible unauthorized use of your card, you should write to us immediately at 2565 Hambletonian Way, P. O. Box 60 Camillus, New York 13031-0060, or call us at 315-672-7827 between 9am – 5pm EST Monday-Friday. You will not be liable for any unauthorized use that occurs after you notify us. You may, however, be liable for unauthorized use that occurs before your notice to us. In any case, your liability will not exceed $50.00.
MERCHANT DISPUTES : The Credit Union is not responsible for the refusal of any merchant or financial institution to honor the card. Please refer to the section titled “Your Billing Rights” for more information
RETURNS AND ADJUSTMENTS : Merchants and others who honor your card may give credit for returns or adjustments, and they will do so by sending the Credit Union a credit slip which will be posted to your account. If your credits and payments exceed what you owe the Credit Union, the amount will be applied against future purchases and cash advances. If the credit balance amount is $1.00 or more, it will be refunded upon your written request or automatically after six (6) months.
CHANGING OR TERMINATING YOUR ACCOUNT : You agree that the Credit Union may change the terms of this Agreement from time to time after giving you any advance notice required by law at your last known address. To the extent the law permits, and indicated in the notice to you, the change will apply to your existing account balance as well as to future transactions. Your use of the card after receiving notice of a change will also indicate your agreement to the change.
You may request an increase in your credit limit by written application. The Credit Union has the right to reduce or terminate your credit limit at any time. You understand and acknowledge that such action shall not affect your obligation to pay any outstanding balance PLUS any finance and other charges you owe under this Agreement. Accounts that have been inactive for one (1) year may be subject to termination at the renewal date. The card(s) you receive remain the property of the Credit Union and you must recover and surrender to the Credit Union ALL cards upon request or upon termination of this Agreement whether by you or the Credit Union.
FOREIGN TRANSACTIONS : Purchases and cash advances made in foreign currencies will be debited from your account in U.S. dollars. The currency conversion rate used to determine the transaction amount in US dollars is either a rate selected by VISA from the range of rates available in wholesale currency markets for the applicable central processing date, which rate may vary from the rate VISA itself receives, or the government-mandated rate in effect for the applicable central processing date, plus 1 percent of each multiple currency transaction amount or 0.80% of each single currency transaction in U.S. Dollars, which may be billed separately on your account or included in the transaction amount. This adjustment is made for all international transactions regardless of whether there is a currency conversion associated with the transaction. The conversion rate in effect on the processing date may differ from the rate in effect on the transaction date or posting date.
ADDITIONAL BENEFITS/CARD ENHANCEMENTS : The Credit Union may from time to time offer additional services to your account, such as travel accident insurance, at no additional cost to you. You understand that the Credit Union is not obligated to offer such services and may withdraw or change then at any time.
EFFECT OF AGREEMENT/WAIVER : This Agreement is the contract which applies to all transactions on your account even though the sales, cash advances, credit or other slips you sign or receive may contain different terms. The Credit Union can delay enforcing any of its rights any number of times without losing them. Each provision of this agreement must be considered as part of the total agreement and cannot in any way be severed from it. However, you also agree that should any part of this agreement be found invalid, it will in no way affect the remainder of the agreement.
STATEMENT AND NOTICES : You will receive a statement each month showing transactions on your account. You are responsible for your minimum monthly payment even in the event your statement is late or returned to the Credit Union. Statements and notices will be mailed to you at the most recent address you have given the Credit Union. Notice to any one of you will be considered notice to all.
NOTICE TO UTAH BORROWERS : This written agreement is a final expression of the agreement between you and the Credit Union. This written agreement may not be contradicted by evidence of any oral agreement.
THE FOLLOWING IS REQUIRED BY VERMONT LAW – NOTICE TO COSIGNER – YOUR SIGNATURE ON THIS NOTE MEANS THAT YOU ARE EQUALLY LIABLE FOR REPAYMENT OF THIS LOAN. IF THE BORROWER DOES NOT PAY, THE LENDER HAS A LEGAL RIGHT TO COLLECT FROM YOU.
NOTICE TO ALABAMA BORROWERS – CAUTION: IT IS IMPORTANT THAT YOU THOROUGHLY READ THIS AGREEMENT BEFORE YOU SIGN IT.
GOVERNING LAW : Except to the extent that Federal Law is applicable, the laws of the state in which this document is written shall govern the validity, construction and enforcement of this Agreement and all matters arising out of the issuance and use of the Card.
SEVERABILITY AND FINAL EXPRESSION : This Agreement and the Disclosure are the final expression of the terms and conditions of your account. This written Agreement and Disclosure may not be contradicted by evidence of any other part of this Agreement and Disclosure shall remain in effect and fully enforceable to the fullest extent possible under this Agreement.
Your Billing Rights: Keep This Document For Future Use
This notice tells you about your rights and our responsibilities under the Fair Credit Billing Act.
What To Do If You Find A Mistake On Your Statement
If you think there is an error on your statement, write to us at:
Westar Federal Credit Union
You may also contact us on the Web: www.westarfcu.com
In your letter, give us the following information:
Account information: Your name and account number.
Dollar amount: The dollar amount of the suspected error.
Description of problem: If you think there is an error on your bill, describe what you believe is wrong and why you believe it is a mistake.
You must contact us:
Within 60 days after the error appeared on your statement.
At least 3 business days before an automated payment is scheduled, if you want to stop payment on the amount you think is wrong.
You must notify us of any potential errors in writing [or electronically]. You may call us, but if you do we are not required to investigate any potential errors and you may have to pay the amount in question.
What Will Happen After We Receive Your Letter
Within 30 days of receiving your letter, we must tell you that we received your letter. We will also tell you if we have already corrected the error.
Within 90 days of receiving your letter, we must either correct the error or explain why we believe the bill was correct. While we investigate whether or not there has been an error:
We cannot try to collect the amount in question, or report you as delinquent on that amount.
The charge in question may remain on your statement, and we may continue to charge you interest on that amount.
While you do not have to pay the amount in question, you are responsible for the remainder of your balance.
We can apply any unpaid amount against your credit limit. After we finish our investigation, one of two things will happen:
If we made a mistake: You will not have to pay the amount in question or any interest or other fees related to that amount.
If we do not believe there was a mistake: You will have to pay the amount in question, along with applicable interest and fees. We will send you a statement of the amount you owe and the date payment is due. We may then report you as delinquent if you do not pay the amount we think you owe. If you receive our explanation but still believe your bill is wrong, you must write to us within 10 days telling us that you still refuse to pay. If you do so, we cannot report you as delinquent without also reporting that you are questioning your bill.
We must tell you the name of anyone to whom we reported you as delinquent, and we must let those organizations know when the matter has been settled between us.
If we do not follow all of the rules above, you do not have to pay the first $50 of the amount you question even if your bill is correct.
Your Rights if You Are Dissatisfied With Your Credit Card Purchases
If you are dissatisfied with the goods or services that you have purchased with your 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 purchase.
To use this right, all of the following must be true:
The purchase must have been made in your home state or within 100 miles of your current mailing address, and the purchase price must have been more than $50. (Note: Neither of these are necessary if your purchase was based on an advertisement we mailed to you, or if we own the company that sold you the goods or services.)
You must have used your credit card for the purchase. Purchases made with cash advances from an ATM or with a check that accesses your credit card account do not qualify.
You must not yet have fully paid for the purchase. If all of the criteria above are met and you are still dissatisfied with the purchase, contact us in writing [or electronically] at:
Westar Federal Credit Union
2565 Hambletonian Way, P. O. Box 60
Camillus, New York 13031-0060
www.westarfcu.com
While we investigate, the same rules apply to the disputed amount as discussed above. After we finish our investigation, we will tell you our decision. At that point, if we think you owe an amount and you do not pay, we may report you as delinquent.
Copyright 2011 ConmarSystems, Peachtree City, GA 30269 – EFORM 17136-5 Rev. 11/13
Consent* I have read and agree to the Visa Disclosure.
Line of Credit Agreement and Disclosure
Promise to Pay: By authenticating (signing) this Line of Credit Agreement and Disclosure (the “Agreement”), you acknowledge that you have applied for credit with the credit union, and that you understand and agree to the terms and conditions of this Agreement which will govern and control the open-end credit plan that the Credit Union will establish for you, under which you may obtain advances of credit from time to time (“Account”). You promise to pay the Credit Union the aggregate of all sums advanced from time to time plus a finance charge (interest) and any other charges in regular periodic payments as disclosed to you. You further promise to pay the Credit Union all amounts charged to your account by any user who has access to your account with actual, apparent or implied authority to use your account, including finance charges and other fees and charges.
Advances: You may request loan advances in person, by telephone, or by other electronic means made available to you by the Credit Union. When you request an advance, the Credit Union may require you to prove your identity. Credit extended to you under this Agreement will generally be self-replenishing as you make payments on your Account, but the Credit Union may refuse to make an advance if you are in default under the terms of this Agreement. If your request for an advance is not made in person, the credit union will deposit the advance in your Share or Share Draft/Checking Account, as you direct. From time to time the Credit Union may permit you to obtain an advance by other means, including, but not limited to: (1) requests from third parties on your behalf, if satisfactory evidence authorizing such advances is furnished by you to the Credit Union; (2) use of a Personal Identification Number (PIN) and card at designated automatic teller machines (ATMs); (3) by overdrawing your Credit Union Share Draft/Checking account; or (4) use of other electronic means that we may provide from time to time. You understand that the Credit Union will consider any telephone or electronic request for an advance that meets the standards established by the Credit Union and as set forth in this Agreement as your request. When such an advance appears on a subsequent periodic statement it will be conclusive evidence of your request unless you establish a billing error pursuant to the federal Fair Credit Billing Act, as described in more detail below in the section “Your Billing Rights: Keep This Document For Future Use.”
Overdraft Protection: We may extend credit to you, subject to the terms and conditions of this Agreement, to cover any overdrafts that may occur on your Share Draft/Checking Account. In the event that any checks, electronic debits or other charges are presented against your Share Draft/Checking Account that would cause your Account to be overdrawn, we will advance funds from your credit line in increments of $ 100.00 , up to your available credit limit, to cover such overdraft. We are not responsible for covering an overdraft if you do not have sufficient combined funds available in your Share Draft/Checking account and your available credit line. You hold us harmless from any and all liability if a transfer does not occur.
Credit Limit: You will have credit available to you under the terms of this Agreement up to your Approved Credit Limit, as shown above. You agree not to exceed the credit limit we set for the Account. We may increase your credit limit from time to time by providing you notice as required by applicable law, and you agree that such increased credit limit shall be subject to all of the terms of conditions of this Agreement. To the extent permitted by law, we may at our sole discretion reduce your credit limit at any time by providing you with notice as required by applicable law. We may, but are not required to, extend credit in excess of your credit limit. If we do extend credit in excess of your credit limit, it does not create an obligation for us to do so again in the future. You agree to repay any funds that we may extend in excess of your credit immediately upon our request, and such excess funds will not be secured by any collateral or other security that may be pledged to secure this Account.
Joint Accounts: If more than one person authenticates (signs) this Agreement, the obligations and liabilities of each shall be joint and several. This means that the Credit Union may enforce its rights under this Agreement against any one of you or against all of you together. Each person named as a borrower may obtain advances individually unless Credit Union policy requires that all signers on a joint account authenticate (sign) in order to obtain an advance. This means that an advance may be made upon the request of only one of you, and the proceeds of such an advance may be received by only one of you. If the Credit Union receives inconsistent instructions, the Credit Union may refuse to follow any such instructions.
Finance Charge: A finance charge (interest) will be assessed on the unpaid principal balance of funds advanced under this Agreement while any such balance remains outstanding. The balance will change from time to time as advances are taken, payments are made, and other credits or debits are posted to your account. The finance charge begins to accrue on the date of each advance, and there is no grace period. The unpaid principal balance is the balance each day after payments, credits, accrued but unpaid interest, and any unpaid late charges are subtracted, and any new advances, other charges, and optional insurance premiums, if any, are added. The finance charge is computed by taking the unpaid principal balance for each day of the billing cycle being accounted for and multiplying it by the applicable daily periodic rate. The total finance charge for a billing cycle is the sum of the finance charges calculated for each day of that billing cycle.
Late Charge: If your payment is 10 or more days late, you will be charged a late charge of $ 20.00 and interest will continue to accrue on your loan.
Repayment: All payments received by the Credit Union will be applied to amounts you owe in an order determined by the Credit Union. You may prepay all or part of the balance of your Account at any time without penalty. However, if a balance remains owing, you are still required to make your regular periodic payment. A partial payment will not automatically reduce your periodic payment unless the remaining amount owed is less than the payment amount. In that case your payment will be an amount equal to the remaining balance plus any accrued but unpaid finance charge and any other outstanding charges.
Payments must include any past due amount, amounts advanced to you over your limit, advances made to reimburse the Credit Union for expenses it incurs to protect or enforce its rights, late charges, and insurance premiums, if any. Any portion of the finance charge or any late charge remaining unpaid after a payment has been applied will be paid by later payments and will not be added to the principal balance.
Payments must be received at an office of the Credit Union by close of business on a business day to be credited to your Account on that business day. Payments received after close of business or on a business day we are not open will be credited to your Account as of the next business day. If any payments are less than the total minimum payment due under this Agreement, the Credit Union may allocate such payment at its sole discretion.
Skip Payments: At the Credit Union’s option and on terms we state from time to time, we may allow you to skip payments. If you accept any skip payment offer, you understand that the Finance Charge (daily interest rate) will continue to be applied. However, no late charges will apply for authorized skip payments. Further, no skip payment will extend the term of any credit insurance policy you may have obtained through the Credit Union as part of this Agreement.
Statements: You will receive a periodic statement showing the transactions under this Agreement for the period covered by the statement. Unless otherwise required by law, notice to any one of you will be considered notice to all of you. Each of your statements will be considered a correct statement of your account unless you notify the credit union within 60 days of the statement date and establish a billing error pursuant to the federal Fair Credit Billing Act.
Updated Information: You will provide updated financial information to the Credit Union on its request. The Credit Union may from time to time obtain information about you from credit reporting agencies or other sources. You will notify the Credit Union if you change your name, place of employment or if you move. You attest that your name used in this Agreement is your correct legal name and that the address you have given is your place of residence. You understand and agree that any change in your name or your address must be submitted to the Credit Union in writing to be effective.
Changes to this Agreement: The Credit Union may change the terms of this Agreement, including the applicable periodic rate and corresponding Annual Percentage Rate, upon notice to you in accordance with applicable laws and regulations, including the federal Truth In Lending Act. To the extent permitted by law, any such changes may apply to your outstanding balance and to any funds that may be subsequently advanced to you. An increase in the applicable periodic rate due to any variable rate feature of your Account is not a change in terms for purposes of this paragraph.
Termination of this Agreement: You or the Credit Union can cancel this Agreement at anytime. Termination of this Agreement by you or the Credit Union will not change your obligations with respect to outstanding loans.
No Waiver of Rights: The Credit Union’s delay or failure to exercise its rights does not give up or waive these rights. The Credit Union’s acceptance of partial or late payments, even if marked “paid in full,” does not waive any of its rights.
Successors: This Agreement is binding on your heirs, legal representatives, or successors.
Partial Validity: If the law or any court decision makes any part of this Agreement invalid or unenforceable, the other terms will remain in effect.
Security: To secure all transactions under this Agreement in either joint or individual Accounts, we have the right to impress and enforce a statutory lien against your shares on deposit with us (except IRA or KEOGH accounts), and any dividends due to you from the Credit Union to the extent that you owe any unpaid balance on your Account(s) and we may enforce our right to do so without further notice to you. Additionally, you agree that we may set-off any mutual indebtedness on your Account with such shares.
Credit Insurance: Credit Insurance is not required to obtain credit under this Agreement If you elected to obtain and qualify for credit insurance in connection with this Agreement, you understand that the premiums and other charges for coverage will be added to your Account each month, and collected as part of your periodic payment. You understand that these premium rates are not guaranteed, but that you will be notified in advance of any change if rates.
Remedies: If you are in default, the Credit Union may, after expiration of any right you have under state law to cure your default, require immediate payment of any or all amounts you owe under this Agreement or any other loan you have with the Credit Union. You waive any right to demand for payment, notice of intent to accelerate and notice of acceleration. You will continue to pay interest until you repay what you owe at the loan interest rate. The Credit
Union can exercise any right given to it by the Uniform Consumer Credit Code or other applicable law. The Credit Union may delay taking any action to protect its rights as many times as it wants and as long as it wants without losing them.
Collection Costs: In the event of your default, if collection efforts are required to collect any amounts due under this Agreement, you agree to pay all costs and expenses incurred in such collection efforts, to the extent permitted by law. If the Credit Union or a subsequent holder of this Agreement employs an attorney or collection agency to collect any amounts due under this Agreement, to the extent permitted by law, you agree to pay the costs of collection, including reasonable attorneys’ fees, and any interest and penalties due on this note as of the time this Agreement is provided to such attorney or collection agency.
Other Terms: All the Credit Union’s rights shall inure to the benefit of its successors and assigns and all of your obligations shall bind your heir or legal representatives or successors. You authorize us to accept your electronic or facsimile signature for all purposes of authenticating this Agreement or any application, addendum or other document that you may execute in connection with this Agreement, and you agree that such signature will have the same legal force and effect as your original signature. You further agree that you assume all liability and risk associated with authorizing us to accept such electronic or facsimile signature.
Notice: You understand and agree that any notices provided to you in connection with this Agreement will be deemed given to you if they are mailed via first class mail to your address as shown in this Agreement, or at such other address that you have furnished to the Credit Union in writing as required by this Agreement.
Amendments: We may amend this Agreement from time to time by sending a notice to any of you at the current address shown on our records for this Account. Unless we state otherwise, the outstanding balance existing on the effective date of any amendment will be subject to the terms of the amended agreement.
Governing Law: Except to the extent that Federal Law is applicable, the laws of the state in which this document is written shall govern the validity, construction and enforcement of this Agreement.
Your Billing Rights: Keep This Document For Future Use This notice tells you about your rights and our responsibilities under the Fair Credit Billing Act.
What To Do If You Find A Mistake On Your Statement
If you think there is an error on your statement, write to us at:
Westar Federal Credit Union
You may also contact us on the Web: www.westarfcu.com
In your letter, give us the following information:
Account information: Your name and account number.
Dollar amount: The dollar amount of the suspected error.
Description of problem: If you think there is an error on your bill, describe what you believe is wrong and why you believe it is a mistake.
You must contact us:
Within 60 days after the error appeared on your statement.
At least 3 business days before an automated payment is scheduled, if you want to stop payment on the amount you think is wrong.
You must notify us of any potential errors in writing [or electronically]. You may call us, but if you do we are not required to investigate any potential errors and you may have to pay the amount in question.
What Will Happen After We Receive Your Letter
Within 30 days of receiving your letter, we must tell you that we received your letter. We will also tell you if we have already corrected the error.
Within 90 days of receiving your letter, we must either correct the error or explain why we believe the bill was correct. While we investigate whether or not there has been an error:
We cannot try to collect the amount in question, or report you as delinquent on that amount.
The charge in question may remain on your statement, and we may continue to charge you interest on that amount.
While you do not have to pay the amount in question, you are responsible for the remainder of your balance.
We can apply any unpaid amount against your credit limit. After we finish our investigation, one of two things will happen:
If we made a mistake: You will not have to pay the amount in question or any interest or other fees related to that amount.
If we do not believe there was a mistake: You will have to pay the amount in question, along with applicable interest and fees. We will send you a statement of the amount you owe and the date payment is due. We may then report you as delinquent if you do not pay the amount we think you owe. If you receive our explanation but still believe your bill is wrong, you must write to us within 10 days telling us that you still refuse to pay. If you do so, we cannot report you as delinquent without also reporting that you are questioning your bill.
We must tell you the name of anyone to whom we reported you as delinquent, and we must let those organizations know when the matter has been settled between us.
If we do not follow all of the rules above, you do not have to pay the first $50 of the amount you question even if your bill is correct.
Your Rights If You Are Dissatisfied With Your Credit Card Purchases
If you are dissatisfied with the goods or services that you have purchased with your 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 purchase.
To use this right, all of the following must be true:
The purchase must have been made in your home state or within 100 miles of your current mailing address, and the purchase price must have been more than $50. (Note: Neither of these are necessary if your purchase was based on an advertisement we mailed to you, or if we own the company that sold you the goods or services.);
You must have used your credit card for the purchase. Purchases made with cash advances from an ATM or with a check that accesses your credit card account do not qualify;
You must not yet have fully paid for the purchase. If all of the criteria above are met and you are still dissatisfied with the purchase, contact us in writing at the address listed on your statement.
While we investigate, the same rules apply to the disputed amount as discussed above. After we finish our investigation, we will tell you our decision.
At that point, if we think you owe an amount and you do not pay, we may report you as delinquent.
Consent* I have read and agree to Line of Credit Agreement.
Westar FCU NMLS ID# 806577. Westar Federal Credit Union can offer Home Equity Loans on a member's Primary NYS residence only. Please call (315) 672-7827 with any questions.
