CREDIT CARD ACCOUNT AGREEMENT
AND FEDERAL DISCLOSURE STATEMENT
KITSAP
THIS IS YOUR CREDIT CARD ACCOUNT AGREEMENT AND IT INCLUDES NECESSARY FEDERAL TRUTH-IN-
CREDIT.UNION
LENDING DISCLOSURE STATEMENTS, VISA, VISA CLASSIC, VISA GOLD AND VISA PLATINUM AGREEMENTS,
AND ANY SPECIAL INSTRUCTIONS REGARDING THE USE OF YOUR VISA, VISA CLASSIC, VISA GOLD AND VISA
PLATINUM CREDIT CARDS, AND/OR ANY OTHER ACCOUNT ACCESS DEVICE. PLEASE BE CERTAIN TO READ
THIS AGREEMENT CAREFULLY AND NOTIFY US AT ONCE IF ANY PARTS ARE UNCLEAR.
Interest Rate and Interest Charges
Annual Percentage Rate (APR)
For Purchases
VISA:
%
VISA Classic:
%
VISA Platinum:
%
VISA Gold:
%
This APR will vary with the market based on the Prime Rate.
APR For Balance Transfers
VISA:
%
VISA Classic:
%
VISA Platinum:
%
VISA Gold:
%
This APR will vary with the market based on the Prime Rate.
APR For Cash Advances
VISA:
%
VISA Classic: 13.00
%
VISA Platinum:
%
VISA Gold:
%
This APR will vary with the market based on the Prime Rate.
Paying Interest
Your due date is at least 25 days after the close of each billing cycle. We will not charge
You interest on purchases if You pay Your entire balance owed by the due date each
month. We will begin charging interest on cash advances and balance transfers on the
transaction date.
For Credit Card Tips from the
To learn more about factors to consider when applying for or using a Credit
Consumer Financial Protection
Card, visit the website of the Consumer Financial Protection Bureau at
Bureau
http://www.consumerfinance.gov/learnmore
Fees
Transaction Fees
Foreign Transaction
2.00% of each foreign currency transaction in U.S. Dollars.
1.80% of each U.S. Dollar transaction that occurs in a foreign country.
Penalty Fees
Late Payment
Up to $25.00
Returned Payment
Up to $28.00
How We Will Calculate Your Balance: We use a method called "average daily balance (including new purchases)." See Your
Account Agreement for details.
Billing Rights: Information on your rights to dispute transactions and how to exercise those rights is provided in Your Account
Agreement.
Copyright Oak Tree Business Systems, Inc., 2015. All Rights Reserved.
Page of 4
OTBS 016CC KITS (11/15)
DEFINITIONS. In this Agreement, the reference to "We," "Us," "Our" and "Credit Union" mean KITSAP CREDIT UNION. The words "You" and "Your" mean each person
accepting this Agreement. If this is a joint Account, read singular pronouns in the plural. The words "Card" and "Credit Card" mean any VISA, VISA Classic, VISA Gold or
VISA Platinum Credit Card issued to You by Us and any duplicates or renewals. The word "Account" means the VISA, VISA Classic, VISA Gold or VISA Platinum Credit
Card Account established for You under this Agreement. "Convenience Check" means the special Account access devices that We may provide for Your use from time to
time. If this is a joint Account, read singular pronouns in the plural.
PROMISE TO PAY. You understand that the following terms and conditions constitute Our Agreement with You. You may request advances on Your Account through a
variety of means which could include (but may not be limited to) telephonic requests, Convenience Checks, Credit Cards and the like. Regardless of the means by which
any advance is made, You promise to pay Us all amounts charged to Your Account by You or by any user who has access to Your Account, with actual, apparent or
implied authority for use of Your Account, including Finance Charges and other fees or charges described herein.
Monthly
ANNUAL
Variable Rate
Credit Card Type
Periodic Rate
PERCENTAGE RATE
Index
Margin
for Purchases
for Purchases
VISA
1.4916
%
%
VISA Classic
1.0833
%
%
VISA Gold
3.75
2.90
.5542
%
%
VISA Platinum
.8250
%
%
Variable Rate
Monthly
ANNUAL
Credit Card Type
Periodic Rate
PERCENTAGE RATE
Index
Margin
for Balance Transfers
for Balance Transfers
VISA
1.4916
%
%
VISA Classic
1.0833
%
%
VISA Gold
3.75
2.90
.5542
%
%
VISA Platinum
.8250
%
%
Monthly
ANNUAL
Variable Rate
Credit Card Type
Periodic Rate
PERCENTAGE RATE
Index
Margin
for Cash Advances
for Cash Advances
VISA
1.4916
%
%
VISA Classic
1.0833
%
13.00
%
VISA Gold
3.75
2.90
.5542
%
%
VISA Platinum
.8250
%
%
USE OF YOUR CARD. You may use Your Card to buy goods and services in any
charged periodic Finance Charges to the date You repay Your entire balance. You
place that it is honored and to get cash advances at participating financial
may make larger payments without penalty. Any partial payment or prepayment will
institutions. You agree not to use Your Card for illegal transactions including, but
not delay Your next scheduled payment. All payments to Us must be in lawful
not limited to, advances made for the purpose of gambling and/or wagering where
money of the United States. We may apply each payment to whichever Card We
such practices are in violation of applicable state and/or federal law.
wish. Except as required by law, We may apply payments at Our discretion. Any
unpaid portion of the Finance Charge will be paid by subsequent payments and will
SECURITY. Collateral (other than household goods or any dwelling) given as
not be added to Your principal balance. You understand that any delay in the
security under any other loan You may have with Us will secure all amounts You
repayment of Your unpaid balance will increase Your periodic Finance Charges and
owe Us now and in the future if that status is reflected in the "Truth-in-Lending
any acceleration in the repayment of Your unpaid balance will decrease Your
Disclosure" in any particular Agreement evidencing such debt.
periodic Finance Charges.
CONSENSUAL LIEN ON SHARES. You grant and consent to a lien on Your
VISA and VISA Classic Minimum Payments will be an amount equal to 3.00% of Your
shares with Us (except for IRA and Keogh accounts) and any dividends due
new unpaid balance at the end of each billing cycle, subject to the lesser of $25.00 or
or to become due to You from Us to the extent You owe on any unpaid
Your balance, plus any portion of the Minimum Payments shown on prior statement(s)
Credit Card balance.
which remains unpaid, plus any amount that exceeds Your approved Credit Limit.
LINE OF CREDIT LIMITS. You will be notified of each specific Credit Limit for
VISA Gold and VISA Platinum Minimum Payments will be an amount equal to
which You are approved. Unless You are in default, the Credit Limits established
2.00% of Your new unpaid balance at the end of each billing cycle, subject to the
for You will generally be self-replenishing as You make payments. You will keep
lesser of $25.00 or Your balance, plus any portion of the Minimum Payments
Your unpaid balance within Your Credit Limit set by Us, and You will pay any
shown on prior statement(s) which remains unpaid, plus any amount that exceeds
amount over Your Credit Limit on Our demand whether or not We authorize the
Your approved Credit Limit.
advances which caused You to exceed Your Credit Limit. Even if Your unpaid
balance is less than Your Credit Limit, You will have no credit available during any
You may, by separate agreement, authorize Us to charge Your payment directly to
time that any aspect of Your Account is in default.
Your share or share draft account.
JOINT ACCOUNTS. Each Borrower will be responsible, jointly and severally, for
FINANCE CHARGES. In the case of any transactions under Your Account, the
the repayment of any amounts owed. If any Account access device, such as a
balances subject to the periodic Finance Charge are the average daily transactions
Personal Identification Number (PIN) is requested and approved, You understand
balances outstanding during the month (including new transactions). To get the
that any such Account access device(s) will be mailed only to the primary Borrower
average daily balance, We take the beginning balance of Your Account each day,
at the address that We have on file for You. We may refuse to follow any
add any new purchases, balance transfers, cash advances, debit adjustments or
instructions which run counter to this provision.
other charges and subtract any payments, credits and unpaid Finance Charges.
This gives Us the daily balance. Then, We add up all the daily balances for the
MINIMUM MONTHLY PAYMENTS (PAYMENT SCHEDULE). Though You need
billing cycle and divide them by the number of days in the billing cycle. The Finance
only pay the Minimum Monthly Payments, You understand that You have the right
Charge for a billing cycle is computed by multiplying the average daily balance
to repay at any time without penalty. You also understand that You will only be
subject to a Finance Charge by the applicable Monthly Periodic Rate.
Copyright Oak Tree Business Systems, Inc., 2015. All Rights Reserved.
Page 2 of 4
OTBS 016CC KITS (11/15)
You can avoid Finance Charges on purchases by paying the full amount of the
costs, private process server fees, investigation fees or other costs incurred in
entire balance owed each month within 25 days of Your statement closing date.
collection and reasonable attorneys' fees incurred in the course of collecting any
Otherwise, the new balance of purchases, and subsequent purchases from the
amounts owed under this Agreement or in the recovery of any Collateral.
date they are posted to Your Account, will be subject to a Finance Charge. Balance
transfers and cash advances are always subject to a Finance Charge from the later
ENFORCEMENT. We do not lose Our rights under this or any related agreement if
of the date they are posted to Your Account or from the first day of the billing cycle
We delay enforcing them. We can accept late payments, partial payments or any
in which the transaction is posted to Your Account.
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
VISA GOLD VARIABLE RATE. All VISA Gold transactions are subject to a
to be unenforceable or invalid, all other provisions remain in full force and effect.
Variable Rate which is based on the highest Prime Rate as published in the Money
Rates section of the Wall Street Journal in effect on the Friday preceding the 27th
NOTIFICATION OF ADDRESS CHANGE. You will notify Us promptly if You move
day of March, June, September, and December of each year ("Index") plus Our
or otherwise have a change of address.
Margin. The Index plus the Margin equals the Interest Rate. Changes in the Index
will cause changes in the Interest Rate on the 1st business day of the calendar
CHANGE IN TERMS. We may change the terms of this Agreement by mailing or
quarter that immediately follows a change in the Index. Increases or decreases in
delivering to You written notice of the changes as prescribed by the Federal Truth-
the Interest Rate will cause like increases or decreases in the Finance Charge and
In-Lending Act. To the extent permitted by law, the right to change the terms of this
will affect the number of Your scheduled payments. The Interest Rate will never be
Agreement includes, but is not limited to, the right to change the periodic rate
greater than 18.00% and will apply to Your remaining principal balance.
applicable to Your unpaid balance and/or future advances.
LATE CHARGE. If Your payment is more than 15 days late, You will be charged
CREDIT INSURANCE. Credit insurance is not required for any extension of credit
the lesser of: (a) $25.00; or (b) the amount of the minimum payment due.
under this Agreement. However, You may purchase any credit insurance available
through Us and have the premiums added to Your outstanding balance. If You elect to
FOREIGN TRANSACTIONS. For transactions initiated in foreign countries and
do so, You will be given the necessary disclosures and documents separately.
foreign currencies, the exchange rate between the transaction currency and the
billing currency (U.S. dollars) will be: (a) a rate selected by VISA from the range of
INTEGRATED DOCUMENTS. Any separate sheet of paper labeled "Additional
rates available in wholesale currency markets for the applicable central processing
Disclosure - Federal Truth-In-Lending Act," which is delivered together with this
date, which rate may vary from the rate VISA itself receives; or (b) the government-
Agreement or at a later date becomes an integrated part of this Agreement
mandated rate in effect for the applicable central processing date. For transactions
and Disclosure.
that are initiated in a foreign currency, You will be charged 2.00% of the final
settlement amount. For transactions occurring in foreign countries and initiated in
CONSENT TO AGREEMENT. You acknowledge receipt of a copy of this
U.S. Dollars, You will be charged 1.80% of the final settlement amount.
Agreement. By signing the application; or by using Your Account or any Account
access device; or by authorizing another to use Your Account, You agree to and
OTHER FEES AND CHARGES. You will be charged the following fees associated
accept its terms.
with the use of Your Card: (a) the lesser of $28.00 or the required minimum
payment amount for the returned payment for any check (or other negotiable
UPDATING AND DISCLOSING FINANCIAL INFORMATION. You will provide facts
instrument used for payment) which is returned unpaid; and (b) $5.00 for each
to update information contained in Your original Account application or other
replacement Card You request.
financial information related to You, at Our request. You also agree that We may,
from time to time, as We deem necessary, make inquiries pertaining to Your
OVERDRAFT PROTECTION. We may transfer funds in the amount necessary (or
employment, credit standing and financial responsibility in accordance with
in such increments as We may from time to time determine) to Your share draft
applicable laws and regulations. You further agree that We may give information
account by an advance on Your Account, subject to this provision, to clear any
about the status and payment history of Your Account to consumer credit reporting
overdraft on Your share draft account. Whether or not such transfers occur will be
agencies, a prospective employer or insurer, or a state or federal licensing agency
controlled by this Agreement. In any event, You hold Us harmless for any and all
having any apparent legitimate business need for such information.
liability which might otherwise arise if the transfer does not occur. Overdraft
protection automatically ceases if this Agreement is ever cancelled or terminated or
TERMINATION. Either You or We may cancel Your Account at any time, whether
Your Account is in default.
or not You are in default. You will, in any case, remain liable to pay any unpaid
balances according to the terms of Your Account.
PERIODIC STATEMENTS. On a regular basis, You will receive a statement showing
all transactions on Your Account including amounts paid and borrowed since Your last
OWNERSHIP. Your Card remains Our property and may be cancelled by Us at any
statement. We will mail You a statement each month in which there is a debit or credit
time without notice. You agree to surrender Your Card and to discontinue its use
balance or when a Finance Charge is imposed. We need not send You a statement if
immediately upon Our request.
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
ISSUANCE OF A PERSONAL IDENTIFICATION NUMBER. A Personal
CORRECT STATEMENT OF ACCOUNT UNLESS YOU ESTABLISH A BILLING
Identification Number (PIN) for use with participating Automated Teller Machines
ERROR PURSUANT TO THE FEDERAL TRUTH-IN-LENDING ACT.
(ATMs) will be issued. 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
OUR RESPONSIBILITIES TO HONOR CONVENIENCE CHECKS. We are under no
be added to Your Account balance. In the event a use of Your PIN constitutes an
obligation to honor Your Convenience Checks if: (1) by paying a Convenience Check,
Electronic Fund Transfer, the terms and conditions of Your Electronic Fund
You would exceed Your Credit Limit; (2) Your Cards or Convenience Checks have
Transfer Agreement may also affect Your rights.
been reported lost or stolen; (3) Your Account has been cancelled or has expired. If a
postdated Convenience Check is paid and, as a result, any other Convenience Check
EFFECT OF AGREEMENT. Even though the sales, cash advance, credit or other
is returned unpaid, We are not responsible for any resulting loss or liability.
slips You may sign or receive when using Your Card contain terms, this Agreement
is the contract which solely applies to all transactions involving the Card.
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
UNAUTHORIZED USE. You may be liable for the unauthorized use of Your Card.
with Us; or (b) You should die, become involved in any insolvency, receivership or
You will not be liable for the unauthorized use that occurs after You notify Us of the
custodial proceeding brought by or against You; or (c) You have made a false or
loss, theft, or possible unauthorized use by calling Us at (800) 422-5852 or
by
misleading statement in Your credit application and/or in Your representations to
writing to Us at P.O. Box 990, Bremerton, Washington 98337. In any case, Your
Us while You owe money on Your Account; or (d) A judgment or tax lien should be
liability will not exceed $50.00.
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
REFUSAL TO HONOR CARDS OR CONVENIENCE CHECKS. We are not liable for
proceeding to seize any of Your funds on deposit with Us; and/or (e) We should, in
the refusal or inability of merchants, financial institutions and others to accept the
good faith, believe Your ability to repay Your indebtedness hereunder is or soon will
Cards or Convenience Checks, or electronic terminals to honor the Cards or complete
be impaired, time being of the very essence.
a Card withdrawal, or for their retention of the Cards or Convenience Checks.
Upon any occurrence of default, We may, to the extent permitted by law, cancel
TRANSACTION SLIPS. Your monthly statement will identify that merchant,
Your rights under this Agreement, require the return of all access devices and
electronic terminal or financial institution at which transactions were made, but
declare the entire balance of every Feature Category of Your Account immediately
sales, cash advances, credit or other slips cannot be returned with the statement.
due and payable, without prior notice or demand.
LOST CARDS OR CONVENIENCE CHECKS. To report lost or stolen Credit Cards
COLLECTION COSTS. In the event collection efforts are required to obtain
or Convenience Checks, You will immediately call Us at (800) 422-5852 or write to
payment on this Account, to the extent permitted by law, You agree to pay all court
Us P.O. Box 990, Bremerton, Washington 98337.
Copyright Oak Tree Business Systems, Inc., 2015. All Rights Reserved.
Page 3 of 4
OTBS 016CC KITS (11/15)
CREDITS. If a merchant who honors Your Card gives You credit for returns or
The charge in question may remain on Your statement, and We may continue
adjustments, they will do so by sending Us a slip which will be posted to Your
to charge You interest on that amount.
Account. If Your credits and payments exceed what You owe Us, We will hold and
While You do not have to pay the amount in question, You are responsible for
apply this credit against future purchases and cash advances, or if it is $1.00 or
the remainder of Your balance.
more refund it on Your written request or automatically deposit it to Your share
We can apply any unpaid amount against Your Credit Limit.
account after 6 months.
After We finish Our investigation, one of two things will happen:
GOVERNING LAW. This Agreement is controlled and governed by the laws of the
State of Washington, except to the extent that such laws are inconsistent with
If We made a mistake: You will not have to pay the amount in question or any
controlling federal law.
interest or other fees related to that amount.
If We do not believe there was a mistake: You will have to pay the amount
Your Billing Rights: Keep this Document for Future Use
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
This notice tells You about Your rights and Our responsibilities under the Fair
may then report You as delinquent if You do not pay the amount We think
Credit Billing Act.
You owe.
What To Do If You Find A Mistake On Your Statement
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
If You think there is an error on Your statement, write to Us at P.O. Box 990,
cannot report You as delinquent without also reporting that You are questioning
Bremerton, Washington 98337. In Your letter, give us the following information:
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
Account information: Your name and Account number.
been settled between Us. If We do not follow all of the rules above, You do
Dollar amount: The dollar amount of the suspected error.
not have to pay the first $50.00 of the amount You question even if Your bill
Description of problem: If You think there is an error on Your bill, describe
is correct.
what You believe is wrong and why You believe it is a mistake.
Your Rights If You Are Dissatisfied With Your Credit Card Purchases
You must contact Us:
If You are dissatisfied with the goods or services that You have purchased with
Within 60 days after the error appeared on Your statement.
Your Credit Card, and You have tried in good faith to correct the problem with the
At least three business days before an automated payment is scheduled, if
merchant, You may have the right not to pay the remaining amount due on the
You want to stop payment on the amount You think is wrong.
purchase. To use this right, all of the following must be true:
You must notify Us of any potential errors in writing. You may call Us, but if You do
1)
The purchase must have been made in Your home state or within 100 miles
We are not required to investigate any potential errors and You may have to pay
of Your current mailing address, and the purchase price must have been
the amount in question.
more than $50.00. (Note: Neither of these are necessary if Your purchase
was based on an advertisement We mailed to You, or if We own the company
What Will Happen After We Receive Your Letter
that sold You the goods or services.)
2)
You must have used Your Credit Card for the purchase. Purchases made with
When We receive Your letter, We must do two things:
cash advances from an ATM or with a check that accesses Your Credit Card
account do not qualify.
1)
Within 30 days of receiving Your letter, We must tell You that We received
3)
You must not yet have fully paid for the purchase.
Your letter. We will also tell You if We have already corrected the error.
2)
Within 90 days of receiving Your letter, We must either correct the error or
If
all of the criteria above are met and You are still dissatisfied with the purchase,
explain to You why We believe the bill is correct.
contact Us in writing at Our address shown in this Agreement.
While We investigate whether or not there has been an error:
While We investigate, the same rules apply to the disputed amount as
discussed above. After We finish Our investigation, We will tell You Our
We cannot try to collect the amount in question, or report You as delinquent
decision. At that point, if We think You owe an amount and You do not pay, We
on that amount.
may report You as delinquent.
Copyright Oak Tree Business Systems, Inc., 2015. All Rights Reserved.
Page 4 of 4
OTBS 016CC KITS (11/15)