| VISA Card Agreement and Federal Truth-In-Lending Disclosure Statement
Effective September 1, 2006 In this Agreement and Disclosure Statement the words "I", "me" and "my" mean each and all of those who apply for or use the SCE Federal Credit Union VISA® PLATINUM or PLATINUM PLUS Credit Card. "You", "your" and "yours" mean SCE Federal Credit Union. "Card" means the VISA® PLATINUM or PLATINUM PLUS Credit Card issued to me and any duplicates you may issue. "Account" means my VISA® PLATINUM or PLATINUM PLUS Account with you. By requesting, activating, receiving, signing or permitting others to use a VISA® Card issued to me by SCE Federal Credit Union. I agree to the following terms and conditions and any amendments thereto. PAYMENT: I promise to repay you or to your order in lawful money of the United States at your office or at the address set forth on my periodic statement, all sums advanced to me or any person I permit to use this Account on the terms and at the rates set forth herein. Payments will continue until I have paid in full the unpaid balance, FINANCE CHARGES and any other fees and charges. FINANCE CHARGE: The FINANCE CHARGE for a billing cycle will be the sum of two (2) components:
WHEN PERIODIC FINANCE CHARGE IS IMPOSED: The periodic FINANCE CHARGE begins on the date each transaction is posted to my account. HOW TO COMPUTE THE PURCHASE BALANCE, CONSISTING OF TRANSACTIONS RELATED TO PURCHASES OF PROPERTY AND SERVICES, UPON WHICH PERIODIC FINANCE CHARGES ARE ASSESSED: Average Daily Balance (including new purchases). To avoid incurring an additional FINANCE CHARGE on the balance of Credit Purchases reflected on my periodic statement and on any new Credit Purchases appearing on my next periodic statement, I must pay the New Balance shown on my periodic statement or before the Payment Due Date. The FINANCE CHARGES for a billing cycle are computed by applying the monthly Periodic Rate to the average daily balance of Credit Purchases, 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 Balance of Credit Purchases any new Credit Purchases posted to my account as of the transaction date or the first day of the billing cycle in which posted, whichever is later) and subtracting any payments as received and credits posted to my account, but excluding any unpaid FINANCE CHARGES. Subject to the above, the grace period for the New Balance of Credit Purchases extends to the Payment Due Date. HOW TO COMPUTE THE ADVANCES BALANCE (CONSISTING OF TRANSACTIONS RELATED TO CASH AND OTHER ADVANCE TRANSACTIONS) UPON WHICH PERIODIC FINANCE CHARGES ARE ASSESSED: Average Daily Balance (including new advances). To avoid incurring an additional FINANCE CHARGE on the balance of Cash Advances reflected on my periodic statement, I must pay the New Balance shown on my periodic statement on or before the Payment Due Date. The FINANCE CHARGES for a billing cycle are computed by applying the monthly Periodic Rate to the average daily balance of Cash Advances, 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 Balance of Credit Purchases any new Credit Purchases posted to my account as of the transaction date or the first day of the billing cycle in which posted, whichever is later) and subtracting any payments as received and credits posted my account, but excluding any unpaid FINANCE CHARGES. Subject to the above, the grace period for the New Balance of Credit Purchases extends to the Payment Due Date. This determines my total FINANCE CHARGE for the billing cycle. Actual FINANCE CHARGES will be shown on my periodic statement. MINIMUM PERIODIC PAYMENT: Every month, I must pay at least the Minimum Payment Due by the Payment Due Date shown on my periodic statement. By separate agreement, I may authorize you to charge the Minimum Payment Due automatically to my share or share draft account with you. I may, of course, pay more frequently, pay more or pay the New Balance in full, and I will reduce my Periodic FINANCE CHARGE by doing so. The Minimum Periodic Payment will be either (a) 2% of my New Balance, or $20.00, whichever is greater, or (b) my New Balance, if it is less than $20.00. In addition, I must pay any amount shown on my statement in excess of my Credit Limit, any amount shown as past due and any late charge. Lastly, at any time my New Balance exceeds my Credit Limit, I must pay the excess as well as any Overlimit Charge. I understand and agree that any Payment made is applied in the following order: a) unpaid fees and charges, if any, b) unpaid FINANCE CHARGES on advances; c) unpaid FINANCE CHARGES on purchases; d) unpaid advances balance, and e) unpaid purchases balance. LATE CHARGE: If my Minimum Payment is not received within 5 days of my Payment Due Date, I will be charged a late charge of $25.00. In addition to the above late charges the following information pertains to late payments. If I do not make the minimum payment due for two consecutive billing cycles, an adjusted ANNUAL PERCENTAGE RATE of 18% (corresponding Monthly Periodic Rate of 1.50%) takes effect on all balances on my account. The Credit Union reserves the right to close the account at anytime. NO ANNUAL MEMBERSHIP FEE OVERLIMIT CHARGES: I will be charged $25.00 in each billing cycle in which I exceed my credit limit at the end of each periodic statement. RETURN CHECK CHARGE: A charge of $20.00 will be added to my account for each payment I make to you by check, share draft or any other draft which is returned to you for lack of sufficient funds. CREDIT LIMIT: You will establish a Credit Limit for me. I agree not to let the unpaid balance exceed this Credit Limit. I agree to advise you of any change in my financial condition which may affect my creditworthiness. I agree that I shall update the credit information that I have provided you, from time to time, on your demand I may request an increase in my Credit Limit, but Credit Limit increases must be approved by you. PURCHASES AND ADVANCES: I may make purchases and request advances in accordance with then current loan policies up to my Credit Limit. I understand that all purchases and other transactions requested by me are subject to your approval. USING THE CARD: To make a purchase or obtain an advance, there are two alternative procedures to be followed. One is for me to present the Card or Card Number to a participating VISA plan merchant, to you or to another financial institution, and sign or authorize a sales or cash advance draft. The other is to complete the transaction by using my 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 VISA system. My VISA Card and/or Account may not be used for any illegal activity or transaction. Further, I may not utilize my VISA Card and/or Account for the purchase of any goods or services on the Internet that involve gambling of any sort. Such transactions include, but may not be limited to, any quasi-cash or online gambling transaction, any electronic commerce transaction conducted over an open network, and any betting or wagering. However, in the event that a charge or transaction described in this paragraph is approved and processed, I will still be responsible for such charges. PLEDGE OF SHARES: If I have signed a separate Pledge of Shares Securing a VISA Card Account Agreement, I understand and agree that I am pledging, under the Uniform Commercial Code, shares now on deposit in my regular share account(s). I understand that I must, at all times, keep a sum equal to my credit limit on deposit in my regular share account(s) until I repay my entire loan and the Account is terminated. I understand and agree that this security interest will cover future purchases and advances under this Agreement and Disclosure Statement. If I default, you may apply these shares to repay my loan in accordance with federal or other law. I understand that the ANNUAL PERCENTAGE RATE, quoted on my VISA Acceptance Letter, does not take into account the amount pledged in my regular share account(s). VISA CONVENIENCE CHECKS: I may also access my VISA Account by utilizing the VISA Convenience Checks that are provided.
CREDIT LIFE AND CREDIT DISABILITY INSURANCE: I understand that Credit Life and Credit Disability Insurance is not required by you to obtain my loan. I acknowledge receiving a copy of a “Credit Insurance Application and Authorization” and have made the choice of the insurance coverage indicated thereon. I understand and agree that Credit Life and Credit Disability Insurance Premiums will be added to my unpaid balance on the last day of each month and will accrue FINANCE CHARGES from the day they are added. PREPAYMENT OR IRREGULAR PAYMENTS: Though I need only pay the Minimum Payment Due, I understand that I have the right to repay my loan at any time without penalty. I also understand I will only be charged FINANCE CHARGES to the date I repay my entire loan. I may make larger payments without penalty and this may reduce the total amount of FINANCE CHARGES that I will repay. Any partial payment of my loan will not advance my next payment due date(s). I understand that any payment that (a) delays or (b) accelerates the repayment of my unpaid balance will (a) increase or (b) decrease my Periodic FINANCE CHARGES: DEFAULT: I will be in default 1) if I do not pay on time or in the proper amount; 2) If I fail to abide by the terms of this Agreement; 3) my creditworthiness is impaired; or 4) I die, become insolvent or am the subject of bankruptcy or receivership proceedings. In the event of any action by you to enforce this Agreement, I agree to pay the costs thereof, reasonable attorneys' fees, and other expenses. I understand that FINANCE CHARGES at the ANNUAL PERCENTAGE RATE, as permitted under this Agreement, will continue to accrue until I repay my entire loan. CROSS DEFAULT: I understand and agree that my breach or default of the terms and conditions of this Agreement for my VISA Credit Card Account shall also be deemed to be a default of any and all other Loan or Line of Credit Account I now have with you or obtain in the future with you. Further, I understand and agree that my breach or default of the terms and conditions of any other Loan or Line of Credit Account I now have with you or obtain in the future with you shall be deemed to be a default of the terms and conditions of the agreement for this VISA Credit Card Account. This “Cross Default” Agreement shall not apply to any Loan or Line of Credit Account secured by real property or where otherwise prohibited by Federal or State Law or Regulation. ACCELERATION AND COLLECTION COSTS: If I am in default, I understand and agree that you have the right to temporarily or permanently suspend any and all Account and Card privileges and you may demand immediate payment of the unpaid balance, FINANCE CHARGES, Late Charges, Overlimit Fees and collection costs. I understand that I will be subject to FINANCE CHARGES (at the applicable Periodic Rate), Late Charges, Overlimit Fees and collection costs under the terms disclosed in this Agreement, until I repay my entire loan. I also agree to pay your reasonable attorneys' fees, and court costs. RESPONSIBILITY: I agree to repay you according to the terms of this Agreement and Disclosure Statement for all purchases, advances, FINANCE CHARGES, Late Charges, arising from the use of the Account by me or any other person I permit to use my Account, even if that person exceeds my permission. I cannot disclaim responsibility by notifying you, although you will close the Account if I so request and I will return all Cards to you. My obligation to pay the Account balance continues even though an agreement, divorce decree or other court judgment to which you are not a party may direct me or one of the other persons responsible to pay the Account. Any person using the Account and/or Card is jointly and severally responsible with me for charges he or she makes, but if that person signs the Card he or she becomes a party to this Agreement and is also responsible for all charges on the Account, including mine. The Cards remain your property and I must recover and surrender to you all Cards upon your request and/or upon termination of this Account. I agree to notify you immediately upon learning of the possible unauthorized use of the Card or Account. I will not be liable for unauthorized use that occurs after I provide notification by calling (626) 960-6888, or after business hours at (800) 325-3678, or when you receive notice in writing at P.O. Box 8017, El Monte, CA 91734, of the loss, theft or possible unauthorized use. In any case, my liability for unauthorized use prior to my notifying you, will not exceed $50.00. My liability may be lower in cases of fraud based on current VISA U.S.A. Inc. Operating Regulations. TERMINATION: You may terminate this Agreement upon my default. Either you or I may terminate this Agreement for other good cause. In no event shall any termination relieve me of my obligation to repay sums already borrowed, FINANCE CHARGES, Late Charges and Overlimit Fees, if any. TRANSACTION SLIPS: My periodic 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. I will retain the copy of such slips furnished at the time of the transaction in order to verify my monthly statement. You may make a reasonable charge for any photo static copies of slips I request. PLAN MERCHANT DISPUTES: You are not responsible for the refusal of any plan merchant or financial institution to honor my Card. You are subject to claims and defenses (other than tort claims) arising out of goods or services I purchase with the Card only if I have made a good faith attempt but have been unable to obtain satisfaction from the plan merchant, and (a) my purchase was made in response to an advertisement you sent or participated in sending me; or (b) my purchase cost more than $50.00 and was made from a plan merchant in my state or within 100 miles of my current mailing address. Any other dispute I must resolve directly with the plan merchant. FOREIGN TRANSACTIONS: To the extent that I have used my VISA Card to purchase goods or services, or obtain cash in another country, my statement may reflect the conversion into U.S. dollars of transactions which occurred, initially, in a different currency. The exchange rate applied to such transactions is a (i) wholesale market rate or (ii) government-mandated rate in effect one day prior to the processing date, increased by one percent (1%). RETURNS AND ADJUSTMENTS: Merchants and others who honor the Card may give credit for returns or adjustments, and they will do so by sending you a credit slip which you will post to my Account. If my credits and payments exceed what I owe you, you will hold and apply this credit balance against future purchases and cash advances, or if it is $1.00 or more, refund it on my written request or automatically after six (6) months. SURRENDER OF CARD(S): The Card(s) remains your property and, if you request, I must surrender to you all cards you have issued on my Account. LOST OR STOLEN CARDS: To report lost or stolen card(s), the Account Number, PIN or any combination of the three, I will call you at 800866.6474 or 800325.3678 or in writing at PO Box 8017, El Monte, CA 91734. PAYMENTS MARKED "PAID IN FULL": You may accept checks, money orders, or other types of payment marked “payment in full" or use other language to indicate full satisfaction of any indebtedness, without being bound by such language or waiving any rights under this Agreement. Full satisfaction of indebtedness shall be accepted by you only in a written agreement, signed by an authorized representative. MEMBERSHIP REQUIREMENT: I understand that federal law requires that I be and remain a member in good standing with you to be eligible for future advances. I also understand that you may suspend my credit privileges during any period in which I do not maintain my membership with you INTEGRATED DOCUMENT(S): Any separate sheet of paper labeled "Additional Disclosure—Federal Truth-in-Lending Act", “VISA Acceptance Letter”, “Pledge of Shares Securing a VISA Credit Card Account Agreement and Additional Federal Truth-In-Lending Disclosure Statement”, “VISA Statement” or “VISA Addendum” which is delivered together with this form or thereafter is an integrated part of this Agreement and Federal Disclosure Statement. CHANGE OF TERMS: This Agreement and Federal Disclosure Statement is the contract which applies to all transactions on my Account even though the sales, Cash Advance, credit or other slips I sign or receive may contain different terms. I understand that you may amend, modify, add to, or delete from this Agreement any of its terms and conditions, including the method of application and the amount of FINANCE CHARGE, effective as to any unpaid balance outstanding and any subsequent advance, by mailing a notice of the change to me at my last known address. I also understand that any such notice will be mailed at least fifteen (15) days prior to the effective date of the change as required by Federal or other law. Notice of a change in terms is required, but may be sent as late as the effective date of the change where the change has been agreed to, in writing by me, or the FINANCE CHARGE has been increased because of my delinquency or default. CREDIT INFORMATION: I authorize you to investigate my credit standing when opening, renewing or reviewing my Account, and I authorize you to disclose information regarding my Account to credit bureaus and other creditors who inquire of you about my credit standing to the extent authorized by law. CHANGE OF NAME, ADDRESS, EMPLOYMENT STATUS: I understand and agree that I must report to you any change in my name, address or employment status. ELECTRONIC FUND TRANSFER: In the event use of my Card or the account number of the Card constitutes an Electronic Fund Transfer, the terms and conditions of my Electronic Fund Agreement and Disclosure with you shall govern such transactions to the extent my Electronic Fund Agreement and Disclosure with you expands or amends this Agreement and Federal Disclosure Statement. DELAY IN ENFORCEMENT: You can delay enforcing any of your rights under this Agreement without losing them. GOVERNING LAW: I understand and agree that this Agreement and Federal Disclosure Statement is made in California and shall be governed by the laws of the State of California to the extent that California law is not inconsistent with controlling Federal law. I also understand that California's choice of law rules shall not be applied if that would result in the application of non-California law. NOTICE: See the statement below for important information regarding your right to dispute billing errors. CROSS-COLLATERALIZATION: I UNDERSTAND AND AGREE THAT THE PERSONAL PROPERTY SECURITY FOR EACH LOAN, LINE OF CREDIT ACCOUNT AND CREDIT CARD ACCOUNT I HAVE WITH YOU (AND ANY AND ALL PROCEEDS THEREOF), IF ANY, SHALL SECURE THIS VISA CREDIT CARD ACCOUNT AND ANY AND ALL OTHER LOANS, LINE OF CREDIT ACCOUNTS AND CREDIT CARD ACCOUNTS I NOW HAVE WITH YOU OR OBTAIN IN THE FUTURE WITH YOU. IN ADDITION, ANY PERSONAL PROPERTY (AND ANY AND ALL PROCEEDS THEREOF AND ALL INSURANCE PROCEEDS AND INSURANCE PREMIUM REFUNDS) SECURING OTHER LOANS, LINE OF CREDIT ACCOUNTS AND CREDIT CARD ACCOUNTS I NOW HAVE WITH YOU OR OBTAIN IN THE FUTURE WITH YOU WILL ALSO SECURE ALL FUNDS ADVANCED BY YOU UNDER THIS VISA CREDIT CARD ACCOUNT. THIS “CROSS COLLATERALIZATION” AGREEMENT SHALL NOT APPLY TO ANY LOAN, LINE OF CREDIT AGREEMENT OR CREDIT CARD AGREEMENT SECURED BY REAL PROPERTY OR WHERE OTHERWISE PROHIBITED BY FEDERAL OR STATE LAW OR REGULATION.
THIS MEANS THAT IF I AM IN DEFAULT UNDER THE TERMS OF THE VISA® PROGRAM, YOU MAY EXERCISE YOUR RIGHTS AS A SECURED PARTY TO APPLY ANY FUNDS I HAVE ON DEPOSIT WITH YOU TO SATISFY MY INDEBTEDNESS. COPY RECEIVED: By the activation and use of this Account I acknowledge receipt of a copy of this VISA Card Agreement and Federal Truth-in-Lending Disclosure Statement and agree to and accept its terms. MY BILLING RIGHTS This notice contains important information about my rights and responsibilities under the Fair Credit Billing Act. NOTIFICATION IN CASE OF ERRORS OR QUESTIONS ABOUT MY PERIODIC STATEMENT If I think my statement is wrong, or if I need more information about a transaction on my statement, I must write to you on a separate sheet at the address listed on my statement. I should write to you as soon as possible. You must hear from me no later than sixty (60) days after you sent me the first statement on which the error or problem appeared. I can telephone you, but in doing so will not preserve my rights. In my letter, I should give you the following information:
If I have authorized you to pay my credit card automatically from my savings or checking account, I can stop the payment on any amount I think is wrong. To stop the payment, my letter must reach you three (3) business days before the automatic payment is scheduled to occur. MY RIGHTS AND YOUR RESPONSIBILITIES AFTER YOU RECEIVE MY WRITTEN NOTICE You must acknowledge my letter within thirty (30) days, unless you have corrected the error by then. Within ninety (90) days, you must either correct the error or explain why you believe the periodic statement was correct. After you receive my letter, you cannot try to collect any amount I question, or report me as delinquent. You can continue to bill me for the amount I question, including FINANCE CHARGES and you can apply any unpaid amount against my credit limit. I do not have to pay any questioned amount while you are investigating, but I am still obligated to pay the parts of the statement that are not in question. If you find that you made a mistake on my periodic statement, I will not have to pay any FINANCE CHARGES related to any questioned amount. If you didn't make a mistake, I may have to pay FINANCE CHARGES, and I will have to make up any missed payments on the questioned amount. In either case, you will send me a statement of the amount I owe and the date that it is due. If I fail to pay the amount that you think I owe, you may report me as delinquent. However, if your explanation does not satisfy me and I write within ten (10) days telling you that I still refuse to pay, you must tell anyone you report me to that I have a question about my periodic statement. And, you must tell me the name of anyone you reported me to. You must tell anyone you report me to that the matter has been settled between us when it finally is. If you don't follow these rules, you can't collect the first $50.00 of the questioned amount even if my periodic statement was correct. SPECIAL RULE FOR CREDIT CARD PURCHASES If I have a problem with the quality of property or services that I purchased with a credit card, and I have tried in good faith to correct the problem with the merchant, I may have the right not to pay the remaining amount due on the property or services. There are two limitations on this right:
These limitations do not apply if you own or operate the merchant, or if you mailed me the advertisement for the property or services. REV. 8/07 |