Visa Account Agreement
Important Disclosures Containing the Various Terms and Benefits of Your Account.
This Agreement refers to your Kitsap Credit Union Visa® Classic, Visa® Gold and Visa® Platinum Agreements, and any special instructions regarding the use of your Visa® Classic, Visa® Gold and Visa® Platinum Credit Cards account terms between you and Kitsap Credit Union. Please be certain to read this brochure carefully and notify us at once if any parts are unclear.
In this Agreement, the word “account” means your Visa credit card line of credit account with us. “Card” means the Visa credit card and any duplicates and renewals we issue. The words “you” and “your” mean each and all of those who accept the Agreement. Everyone who receives, signs, or uses a card issued under this Agreement must be a member of Kitsap Credit Union. “We,” “us,” and “our(s)” mean Kitsap Credit Union.
Responsibility: If we issue you a card, you agree to repay all amounts plus any FINANCE CHARGES arising from the use of the card and the card account by you and/or any other authorized users (even if such other persons exceed their authority). You cannot disclaim responsibility for the use of the card and account by authorized users, 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. Any person using the card is jointly responsible for all charges on the account, including yours.
• Authorized Signer: Anyone who uses your credit cards with your permission. More specifically, someone who has a credit card from your account with their name on it. Unlike an account holder/owner, an authorized user is not legally responsible for the debt and cannot receive information regarding the account.
• Joint Account: An account shared by two or more people. Each person on the account is legally responsible for the debt and the account will be reported to each person’s credit report.
Lost Card Notification: If you believe your card has been lost or stolen, you agree to immediately call the credit union at (360) 662-2000 during regular business hours or (800) 316-5996 during weekends, holidays, or after credit union hours.
Liability for Unauthorized Use: You agree to notify us immediately of the loss, theft, or unauthorized use of your card either in writing at P.O. Box 990, Bremerton, WA 98337 or call us at (360) 662-2000. You also agree to assist us in determining the facts, circumstances, and other pertinent information relating to any loss, theft, or possible unauthorized use of your card and comply with such procedures as we may require in connection with our investigation, including assisting in the prosecution of any unauthorized user. If you notify us of your lost or stolen card, you may not be liable for losses. Your liability will be limited to $50 unless we can prove that you were grossly negligent in your use or handling of your card, or if we can prove that you used your card fraudulently. In such a case you will be liable for all unauthorized use.
Use of Your Card: You may use your card issued to you to make purchases in person, by mail, by telephone, or by internet from merchants and others who honor the card. In addition, You may obtain cash advances from us, from other financial institutions participating in the VISA® programs, and from ATMs (automated teller machines) that participate in the ATM VISA® program. You will need to use Your PERSONAL IDENTIFICATION NUMBER (PIN) to obtain a cash advance from an ATM. We will issue you, upon your request, a PIN for such use. This PIN is confidential and should not be disclosed to anyone. You may use your PIN to access your account and all sums advanced will be added to your account balance. In the event a use of your PIN constitutes an electronic fund transfer, the terms and conditions of your Electronic Fund Transfer Agreement may also affect your rights. Your use of your PIN is your authorization to us to charge your account to cover such transactions.
Illegal Use and Internet Gambling: You agree that all transactions that you initiate by use of your card are legal in the jurisdiction where you live and/or where the transaction occurred. Internet gambling may be illegal in the jurisdiction in which you are located, including the United States. You may not use the card for any illegal or unlawful purpose, and we may decline to authorize any transaction that we believe may be illegal or unlawful. Display of a payment card logo by an online merchant does not mean that internet gambling transactions are lawful in all jurisdictions in which you may be located. You agree to repay according to the terms of this Agreement all transactions you initiate by use of your card whether deemed legal or illegal.
Ownership of Cards: The cards remain our property and may be cancelled by us at any time without notice. You agree to surrender the cards to us, or to any person whom we authorize to act as our agent, or to any person who is authorized to honor the card, immediately according to our instructions. The card may be repossessed at any time in our sole discretion without demand or notice. You agree to pay any of the fees or costs incurred in our recovery of the card. You cannot transfer your card or account to another person.
Credit Line: If we approve your application, we will establish a self-replenishing 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 your 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 with this Agreement, or our adverse reevaluation of your creditworthiness. You may also terminate this Agreement at any time, but termination by either of us does not affect your obligation to pay the account balance.
Credit Information: You authorize us to investigate your credit standing 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 as authorized by applicable law.
Foreign Transactions: Purchases and cash advances made in foreign countries will be billed to you in U.S. dollars. For transactions initiated in foreign currencies, the exchange rate between the transaction currency and the billing currency (U.S. dollars) will be (a) a rate selected by VISA International, Inc. 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 (b) the government mandated rate in effect for the applicable central processing date. In each instance, plus or minus any adjustment determined by us.
Monthly Payment: We will mail you a statement every month showing your previous balances of purchases and cash advances, the current transactions on your account, the remaining credit available under your credit line, the new balances of purchases and cash advances, the total ending balance, the FINANCE CHARGE due to date, and the minimum payment required. We will also include calculations reflecting the length of time it will take to pay the new balance in full assuming only the minimum payment is made each month, no new charges occur, and the interest rate remains the same. If the period of time required to pay the new balance in full is 3 years or more we must also include a calculation reflecting the dollar amount required in your monthly payment to pay the new balance in full within three years, again assuming no new charges occur and the interest rate remains the same.
Each month you must pay at least the minimum payment by the due date indicated on your statement. If your minimum payment due is not received within 15 days of the indicated due date you will be assessed a late charge. You may of course, pay more frequently, pay more than the minimum payment, or pay the total new balance in full, and you will reduce the FINANCE CHARGE by doing so (see below).
Finance Charges: You can avoid FINANCE CHARGES on purchases of goods and services if you pay your entire Ending Balance by the payment due date. Otherwise FINANCE CHARGES on purchases are calculated from the beginning of the next statement period on previously billed but unpaid purchases and on new purchases from the date they are posted to your account and will continue to accrue until the closing date of the billing cycle preceding the date on which the entire Ending Balance is paid in full or until the date of payment if more than 25 days from the closing date. Cash advances are always subject to a FINANCE CHARGE from the date they are posted to your account.
Calculation of the Average Daily Balance: In the case of any transactions under your card, the balances subject to the periodic FINANCE CHARGE are the separate average daily transactions balances outstanding during the month (new and previous) for cash advances and purchases. The FINANCE CHARGE for a billing cycle is computed by applying the Monthly Periodic Rate to the average daily balance during each billing cycle. To get each average daily balance, we take the beginning balance each day, add, as applicable, any new purchases, cash advances, insurance premiums, and debit adjustments and subtract any payments, credits, and unpaid FINANCE or Late Charges. This gives us the daily balance. Then, we add up all the daily balances for the billing cycle and divide them by the number of days in the billing cycle which we multiply by the Monthly Periodic Rate.
Variable Rate: Visa Gold transactions are subject to a Variable Rate which is based on the Prime Rate as published in the Money Rates Section of the Wall Street Journal on the Friday preceding the 27th day of March, June, September, and December of each year (“Index”) plus our Margin. Increases or decreases in the Interest Rate will cause like increases or decreases in the Finance Charge and will affect the number of your scheduled payments. Changes in the Interest Rate will take effect on the first business day of each calendar quarter of each year. The ANNUAL PERCENTAGE RATE will never be greater than 18.00%.
For the current Index, Margin, Daily and/or Monthly Periodic Rates and the corresponding ANNUAL PERCENTAGE RATES for a Visa Gold Account, refer to the separate page titled “Additional Disclosure – Federal Truth-in-Lending Act” which we have included with and made part of this Agreement.
Other Fees and Charges: You agree to pay us a returned check charge of $28 each time a check (or other negotiable instrument) used for payment is returned unpaid. Returns and Adjustments: Merchants and others who honor the card may give credit for returns or adjustments, and they will do so by submitting a credit voucher which will post to your account. If your credit voucher and/or payments exceed what you owe us, we will post the credit balance to your credit card. If the credit stays on your account for 60 days or more the funds will be transferred to your share account. If your credit and/or your monthly payment exceed what you owe us, we reserve the right to credit the balance against future purchases and cash advances to the extent permitted by law.
Security Interest: As permitted by law, to secure all transactions under this Agreement in either joint or individual accounts, you grant and consent to a lien against your shares on deposit with us (other than those deposits established under a governmental approved tax deferral plan such as an IRA) and any dividends due or to become due to you from us to the extent that you owe on any unpaid balance on your accounts and we may enforce our right to do so without further notice to you. If you default, we will have the right to recover any of these goods which we have not been paid for through our application of your payments in the manner described previously. In addition you agree your account will be secured by the property described in any other security Agreement you have given us, except for your home. 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 continued use of the card and account thereafter will indicate your Agreement to the amendments. To the extent the law permits, and as we indicate in our notice, amendments will apply to your existing account balance as well as to future transactions.
Periodic Statements: On a monthly basis we will mail you a statement in which there is a debit or credit balance of $1 or more or when a Finance Charge is imposed. We need not send you a statement if we feel your account is uncollectible or if we have started collection proceedings against you because you defaulted. Each statement is deemed to be a correct statement of account unless you establish a billing error pursuant to the Federal Truth-in-Lending Act.
Default: You will be in default if:
(a) you do not make any payment or perform any obligation under this Agreement, or any other Agreement that you may have with Us; or (b) You should die, become involved in any insolvency, receivership or custodial proceeding brought by or against you; or (c) you have made a false or misleading statement in your credit application and/or in your representations to us while you owe money on your account; or (d) A judgment or tax lien should be filed against you or any attachment or garnishment should be issued against any of your property or rights, specifically including anyone starting an action or proceeding to seize any of your funds on deposit with us; and/or (e) we should, in good faith, believe your ability to repay your indebtedness hereunder is or soon will be impaired, or believe the collateral is endangered, time being of the very essence.
If you are in default, we may, to the extent permitted by law, cancel your rights under this Agreement, declare the entire unpaid balance of your account immediately due and payable and require the return of all access devices.
Collection Costs: If you are in default, to the extent permitted by law, you will reimburse us for all costs of collecting the amount you owe under this Agreement or for the recovery of any collateral including reasonable attorney fees.
Enforcement: We do not lose our rights under this or any related Agreement if we delay enforcing them. We can accept late payments, partial payments or any other payments, even if they are marked “paid in full” without losing any of our rights under this Agreement. If any provision of this or any related Agreement is determined to be unenforceable or invalid, all other provisions remain in full force and effect.
Notification of Address Change: You will notify us promptly if you move or otherwise have a change of address.
Change in Terms: We may change the terms of this Agreement by mailing or delivering to you written notice of the changes as prescribed by the Federal Truth-In-Lending Act. To the extent permitted by law, the right to change the terms of this Agreement includes, but is not limited to, the right to change the periodic rate applicable to your unpaid balance and/or future advances.
Integrated Documents: Any separate sheet of paper labeled “Additional Disclosure—Federal Truth-In-Lending Act” which is delivered together with this Agreement or provided later, is incorporated into and becomes an integrated part of this Agreement.
Consent to Agreement: You acknowledge a receipt of a copy of this Agreement. By signing the Application; by using your account or by using any account access device; or by authorizing another to use your account, you agree to and accept its terms.
YOUR BILLING RIGHTS KEEP THIS NOTICE FOR FUTURE 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 STATEMENT
If you think your statement is wrong, or if you need more information about a transaction on your statement, write us on a separate sheet, at our address shown in this Agreement. Write to us as soon as possible. We must hear from you no later than 60 days after we sent you the first statement on 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.
• 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 your share or share draft, 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.
NOTIFY US IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR STATEMENT
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 statement is 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 question, including Finance Charges, and we can apply any 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 statement that are not in question.
If you find that we made a mistake on your statement, 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 it 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 10 days telling us that you still refuse to pay, we must tell anyone we reported you to that you have a question about your statement and, we must tell you the name of anyone we reported you to. We must tell anyone we reported 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 first $50 of the questioned amount, even if your statement is correct. If you have a problem with the quality of property or services that you purchased with your 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. There are two limitations on this right:
a. 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
b. The purchase price must have been more than $50.
These limitations do not apply if we own or operate the merchant, or if we mailed you the advertisement for the property or services.
FEDERAL TRUTH-IN-LENDING ACT
This is a supplement to Your Credit Line Account Agreement and Disclosure and is effective January 13, 2009.
| Fixed Rate | |||
| Feature Periodic | Daily Periodic Rate | Monthly Periodic Rate | Annual Percentage Rate |
| VISA | 1.4916% | 17.90% | |
| VISA Classic | 1.0833% | 13.00% | |
| VISA Platinum | .8250% | 9.90% | |
| Variable Rate | ||||
| Feature Category | Current Index | Margin | Monthly Periodic Rate | Annual Percentage Rate |
| VISA Gold | 3.25% | 2.9% | .5125% | 6.15% |
| Feature Category | Current Index | Margin | Daily Periodic Rate | Annual Percentage Rate |
| Personal Line of Credit | 3.25% | 3.00% | .017123% | 6.25% |
