State Employees’ Credit Union 
Truth in Lending Disclosure and Cardholder Agreement 

Visa®

 Credit Card 

Effective March 1, 2011 

 Please review this document and keep it with your other important papers. This document contains the terms which govern your 
Credit Union Visa account. In this disclosure the words “you” and “your” mean the individual(s) who requested the account or 
to whom we issued an account. “Card” means the Visa Credit Card and any duplicates and renewals the Credit Union issues. 
“We,” “us,” “our,” and “Credit Union” mean State Employees’ Credit Union, the issuer of the Card.  “Our Mailing Address” 
is Cardholder Services, P.O. Box 28540, Raleigh, NC  27611-8540.  Our business days are Monday through Friday, 8:30 am to 
5:30 pm.  Our Contact Center is available 24 hours a day, 7 days a week at 1-888-732-8562. 

These rules and regulations apply to any Credit Union Visa credit card (“Card”) issued, or to be issued by the Credit Union. Any 
individual (“Cardholder”) who makes application for, signs, accepts, uses, or authorizes the use of the Card agrees to be bound 
by the following Rules and Regulations; and agrees that they shall constitute the agreement between the Credit Union and the 
Cardholder  governing  the  use  of  the  Card.  Furthermore,  by  signing  the  Card  as  specified  herein  the  Cardholder  expressly 
agrees to be bound by the provisions of these Rules and Regulations as to the rates and charges applicable to use of the Card. 

Notifications and Changes:  Any notice required to be given by these Rules and Regulations, by law, or desired to be given by 
the Credit Union will be considered given if and when posted in the United States mail, postage prepaid, and addressed to the 
Cardholder  at  his  last  known  address  as  shown  on  the  Credit  Union’s  records.    The  Credit  Union  may  modify  or  amend  this 
Agreement,  from  time  to  time,  upon  45  days  advance  notice  to  the  Cardholder.  The  new  terms,  including  any  increase  or 
decrease in the charges, will apply to both new Cash Advances and Purchases made on and after the effective date and to any 
unpaid outstanding balance.  The Cardholder can contact the Credit Union at any time to determine if changes have been made 
to this agreement since the date this document was printed.  Contact the Contact Center at 1-888-732-8562 or at Our Mailing 
Address. 

Ownership, Termination and Expiration:  The Credit Union may, at any time, suspend your Card and your ability to use your 
Card, for any reason allowed by law, such as if we suspect possible fraud or suspicious activity, or for security reasons.  The 
Card at all times remains the property of the Credit Union.  We may, at any time and for any reason, terminate a Card and your 
use of the Card and may request the Card to be surrendered.  Your Card will expire on the expiration date on the Card.  Upon 
termination or expiration, we may stop accepting transactions from the Card and we may decline to authorize a transaction with 
the Card.  You remain responsible for any use of your Card even after the Card is terminated or expires.  You agree not to use 
or attempt to use any expired or revoked Card to obtain credit.   

Use of Card:  You may only buy goods or services from businesses displaying the Visa sign (“Merchant”), or borrow cash from 
the Credit Union  or other institutions displaying such signs.   You must follow any reasonable and proper procedures by those 
honoring the Card. In order for the Card to be valid, it must be signed by the Cardholder or authorized user.  The Cardholder 
must be a Credit Union member.  By signing, activating, using,  or allowing another person to  use the Card,  you  agree to  this 
Agreement and are responsible for all authorized transactions and cash advances made by the use of this Card.   

Credit Limit:  Your credit limit is set by the Credit Union and may be changed from time to time with notice to the Cardholder.    
The  Credit  Union  may,  at  its  option,  recognize  transactions  (and  extend  credit)  which  will  cause  the  Cardholder’s  outstanding 
balance to exceed the maximum credit limit.  

Activating Your Card:  You must activate your Card by calling 1-800-631-3197. The Card is not valid until it has been activated. 

Authorized Users:   You can ask us to issue an authorized user Card, in the name of a person identified by  you, at any time.  
The authorized user must be a member.  We may ask for information about the person to whom you want us to issue the Card 
and reserve the right to not approve your request for an authorized user Card.  You are responsible for all transactions made by 
an  authorized  user.    You  have  the  right  to  revoke  an  authorized  user  at  any  time,  either  by  notifying  your  local  branch  or  by 
calling the Contact Center at 1-888-732-8562. 

Your Responsibilities:  You are responsible for the following: 

• You agree not to use the Card if such use would cause your Account to go over the credit limit. 
• You agree to pay immediately upon demand, any amount in excess of the maximum credit limit. 
• You are responsible for all transactions and cash advances made through the use of your Card by yourself, any authorized 

user, or any person you allow to use your Card. 

• You agree to notify us AT ONCE if you believe your Card has been lost or stolen or that someone has used or may use 
your  Card  without  your  permission,  by  contacting  your  local  branch  immediately  or  calling  the  Contact  Center  at  1-888-

 
 
 
 
 
 
 
 
 
732-8562 or 919-857-2150 locally in Raleigh.  You may also write us at Our Mailing Address:  Cardholder Services, P.O. 
Box 28540, Raleigh, NC  27611-8540. 

• You agree to cooperate with us in our investigation of any possible unauthorized use of your Card.   
• You agree to retain copies of all sales slips or cash advance slips or any other instrument acknowledging or recognizing a 

transaction, and to use such copies to identify transactions reported on your periodic statement.   

• You will not authorize anyone else to use your Card or transfer your Card to anyone. 
• You will not use your Card in an illegal transaction or in connection with an Internet gambling transaction. 
• You will take reasonable steps to protect the security and confidentiality of the PIN for your Card. 

Interest Rates and Interest Charges 

Annual Percentage Rate (APR) for 
Purchases 

APR for Cash Advances 

Paying Interest  

For Credit Card Tips from the Federal 
Reserve Board 

7.75% 
This APR will vary based on the 6-month Treasury Bill 
rate.* 

7.75% 
This APR will vary based on the 6-month Treasury Bill 
rate.* 

Your due date is at least 21 days after the close of each 
billing cycle. We will not charge you any interest on 
purchases if you pay your entire balance by the due date 
each month.  We will begin charging interest on cash 
advances on the transaction posting date. 

To learn more about factors to consider when applying 
for or using a credit card, visit the website of the Federal 
Reserve Board at 
http://www.federalreserve.gov/creditcard. 

*The first 6-month T-bill auction held each quarter will establish an index to which a margin of 7.5% will be added to set the 
interest rate.  The rate is subject to change each quarter. 

Fees 
Annual Fee 
Transaction Fees 

• Cash Advance 

• Foreign Transaction 

• ATM  

Penalty Fees 

• Late Payment 

• Returned Payment 

None 

None 

1% for transactions conducted in two  currencies and 
0.8% for transactions conducted in one currency 

$0.75 for each transaction 

$5  

$5 

How  We  Will  Calculate  Your  Balance:     We  figure  the  interest  charge  on  your  account  by  applying  the  periodic  rate  to  the 
“average  daily  balance”  of  your  account  (including  current  transactions).    To  get  the  “average  daily  balance”  we  take  the 
beginning balance of your account each day, add any new purchases, and subtract any payments or credits.  This gives us the 
daily balance.  Then, we add up all the daily balances for the billing cycle and divide the total by the number of days in the billing 
cycle.  This gives us the “average daily balance.” 

Billing  Rights  information  on  your  rights  to  dispute  transactions  and  how  to  exercise  those  rights  is  provided  in  this  Account 
Agreement. 

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Rates and Charges:  You agree to the rates and charges and methods of computation set forth in this document, which are 
made in accordance with the Truth-in-Lending Law.  The Monthly Periodic Rate for the monthly billing cycle is equal to 1/12 of 
the Annual Percentage Rate (APR). The Monthly Periodic Rate will be computed to 1/100th of one percent. The method for 
figuring the APR is explained below. The APR is subject to change on the first day of the first billing cycle at the beginning of 
each quarter (January, April, July and October).  If the APR should change, then the Monthly Periodic Rate will change and the 
new rate will take effect on the first day of the billing cycle of January, April, July and October.  The APR will equal 7.5 
percentage points plus the Index Rate. The Index Rate is the 26 week Treasury Bill rate set at the first Auction held in January, 
April, July and October and adjusted up to the nearest 1/4%. Increases in the APR will result in a higher finance charge, which 
may result in additional payments over a longer period in order to repay the purchases balance or your cash advance balance. 
The increased APR will apply to any balance outstanding on the effective date of the change as well as to future purchases and 
advances. There is no minimum APR.  The APR will not exceed 18% per year or the maximum permitted by applicable law, 
whichever is lower. The APR and the Monthly Periodic Rate used to compute your finance charge appears on your monthly 
statement.  

Foreign Currency Transactions:  Foreign currency transactions will be converted to U.S. Dollars by Visa.  Under the currency 
conversion procedure that Visa currently uses, the non-U.S. dollar transaction amount is converted into a U.S. dollar amount by 
multiplying the transaction amount in the non-U.S. dollar currency by a currency conversion rate.  The conversion rate that Visa 
typically  uses is either  a government-mandated rate,  or a  wholesale rate provided to  Visa.   The currency  conversion rate that 
Visa uses for a particular transaction is the rate in effect for the applicable currency at the time the transaction is processed. This 
rate may differ from the rate in effect when the transaction occurred or when it was posted to your Account, and may be higher 
than the rate you could have gotten if you had converted U.S. dollars into cash.  If a transaction initially in a foreign currency is 
converted to U.S. dollars before it is entered into the Visa or Interlink networks, the conversion rates and fees of the company 
that did the conversion will apply.  Visa applies a 0.8% International Transaction fee to single currency transactions where the 
currency has already been pre-converted into U.S. dollars and a 1% fee for multi-currency transactions where both the country 
codes  and  currency  codes  are  different.    The  fee  is  applied  after  converting  the  transaction  currency  into  U.S.  dollars.    Two 
separate entries will appear on your statement, one for the foreign transaction and one for the International Transaction fee.  The 
State Employees’ Credit Union does not apply any additional conversion fee other than what Visa imposes. 

Refusal to Honor Card:  The Credit Union has no liability or responsibility if any Merchant refuses to honor the Card. 

Notice  of  Negative  Information:    The  Credit  Union  may  report  information  about  your  Account  to  credit  bureaus.  Late 
payments, missed payments, or other defaults on your account may be reflected on your credit report. 

Events of Default:  At the Credit Union’s option, all amounts due from you to the Credit Union will become immediately due and 
payable  if  any  of  the  following  circumstances  apply:    (a)  default  by  the  Cardholder  in  making  any  payment  when  due  and 
payable,  (b)  default  by  the  Cardholder  under  any  provision  of  these  rules  and  regulations,  (c)  the  Cardholder’s  death  or 
becoming insolvent or making an assignment for the benefit of creditors, (d) a petition being filed or any other proceeding being 
commenced  under  the  Federal  Bankruptcy  Act  or  any  state  insolvency  statute  by  or  against  the  Cardholder,  or  (e)  a  receiver 
being  appointed  for,  or  a  writ  or  order  of  attachment,  levy  or  garnishment  being  issued  against  the  Cardholder  or  any  of  the 
Cardholder’s property, assets or income. To the extent permitted by law, you agree to pay attorney’s fees and collection costs 
we incur in collecting amounts you owe us and enforcing our rights under this Agreement. 

Obtaining Account Information/Receipts: You may obtain information about the balance of your Account by calling our ASK -
SECU automated Voice Response number at 1-800-275-7328 or locally in Raleigh at 839-5400.  This information, along with a 
history of card transactions is also available online through Member Access at  www.ncsecu.org.  You can get a receipt at the 
time you make any transaction with your Card at an ATM or point of sale terminal. 

Periodic Statements:  A statement will be mailed to you after the 20th of each month in which there was a balance or activity on 
your Account.  Statements are also available through Member Access at www.ncsecu.org.  We reserve the right to stop periodic 
statements  if  your  Account  is  inactive.    Notify  the  Credit  Union  immediately  of  any  charge  or  item  which  you  believe  to  be 
incorrect or subject to dispute.  Any charge or item on your monthly statement will be considered to be correct 60 days following 
the statement mail date if written notification from you is not received by that time. 

Payments:  If you choose to pay less than the total New Balance as shown on your monthly statement, a minimum payment is 
required to be made. The minimum payment is computed as 3% of your total New Balance or $25, whichever is greater. 
Generally, payments above the Minimum Payment due will be applied first to higher interest rate balances and then to lower 
interest rate balances.  This may help you pay off your highest interest rate balances more quickly and reduce your interest 
charges.  Payments received at a branch office by 5:30 pm Monday through Friday will be credited the same business day.  
Payments received electronically through an optional payment service, including online through Member Access, or through 
ASK-SECU Voice Response, will be credited based on the terms presented during use of the service.   

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Late Charges:  A late charge of $5 will be added to your account balance if you fail to make a payment equal to or greater than 
the Minimum Payment shown on your monthly statement on or before the 5th day following the Payment Due Date shown on 
that monthly statement. You will only have to pay the late charge once on the same late payment. Any payment you make will be 
treated as being your oldest payment due.  

Overdraft:   You may request overdraft protection if  you maintain  a Credit  Union checking account and a Credit  Union  issued 
VISA card. Overdraft cash advances will be made in $50 increments, up to your credit limit less any outstanding balance. If the 
available amount is less than $50, all funds available will be transferred if these funds are sufficient to cover the item(s) in the 
checking account. You understand that the regular increment amount is subject to change by the Credit Union without notice. If 
your VISA card is thirty or more days past due, or over the approved credit limit, overdraft protection will not be available until the 
account is current. Rates and methods of computation are the same as other cash advances. 

Refunds and Merchant Disputes:  If you are entitled to a refund or credit for any reason, you agree to accept a credit to your 
Card instead of a cash refund, if the merchant does not provide cash refunds.  You will settle all disputes about purchases you 
make using your Card with the merchant who honored the Card.  We are not responsible for the delivery, quality, safety, legality 
or other aspect of goods or services that you purchase from others with the Card. 

Liability for Unauthorized Use:  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  the  address  listed  on  your  bill  or:    Cardholder  Services,  PO  Box  28540,  Raleigh,  NC  
27611-8540, or call us at 1-888-732-8562.  You may also contact us through Member Access at www.ncsecu.org.  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. 

What to do if You Think You Find a Mistake on Your Statement:  If you think there is an error on your statement, write to us 
at  the  address  on  your  bill,  or:    Cardholder  Services,  PO  Box  28540,  Raleigh,  NC    27611-8540.    You  may  also  contact  us 
through Member Access at www.ncsecu.org.  In your letter, give us the following information: 

• Account Information
• 
• 

Dollar Amount
Description  of  Problem
believe it is a mistake. 

:  Your name and account number. 

:  The dollar amount of the suspected error. 

:    If  you  think  there  is  an  error  on  your  bill,  describe  what  you  believe  is  wrong  and  why  you 

You must contact us within 60 days after the error appeared on  your statement.  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.   

While we investigate whether or not there has been an error, the following are true: 

• 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.  
But, if we determine that we made a mistake, you will not have to pay the amount in question or any interest or other 
fees related to 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. 

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 Our 
Mailing Address:  Cardholder Services, PO Box 28540, Raleigh, NC  27611-8540 or www.ncsecu.org.  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. 

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