CREDIT
AND
SECURITY
AGREEMENT
CONSUMER LINE OF CREDIT
AND
CREDIT CARD AGREEMENT,
DISCLOSURES, RATES
AND OTHER INFORMATION
Effective December 2012
I. CREDIT AND SECURITY AGREEMENT
Page
A. The Credit and Security Agreement
|
B. Additional Terms Applicable to
Consumer Lines of Credit
6
C. Additional Terms Applicable to Credit Cards
10
D. Rates Table
17
II. YOUR BILLING RIGHTS
18
more than
just money®
BEGU
PO Box 97050, Seattle WA 98168
206-439-5700 or toll-free 800-223-2328
Keep This Agreement For Your Records
I. CREDIT AND SECURITY AGREEMENT
CONSUMER LINE OF CREDIT AND CREDIT CARD
A. This Credit and Security Agreement ("Agreement"), which
includes Truth in Lending Act and Fair Credit Billing Disclosures,
governs your consumer loan plan ("Plan") with Boeing
Employees' Credit Union ("BECU"). Your Plan involves open-end
consumer line of credit and credit card loans for personal, family,
or household purposes. In this Agreement the words "you," and
"your" mean any person who signs in acceptance of the Plan and
the words "we," "us," and "our" mean BECU. When you sign as
a loan applicant, you agree, jointly and severally with any other
person who signs as a loan applicant (thus establishing a "Joint
Plan"), to be bound by all the terms and conditions set out in this
Credit and Security Agreement, as amended from time to time, in
any credit voucher and in any disclosures or statements of terms
and conditions accompanying any access devices given with any
future credit advances, which shall collectively govern your Plan
and are incorporated herein by reference. While you may not have
requested or been approved for a particular advance or device
under your Plan, you agree that if at any time in the future you
request or are approved for any such credit advance or device, your
relationship with BECU for that account will be governed by these
agreements.
1. How the Plan Works. The Plan is an open-end credit plan,
including either or both a consumer line of credit or credit card.
We contemplate that, from time to time, you will use your Plan to
borrow money from us ("credit advance"). To borrow under the Plan
you must activate each of the Plan's credit accounts individually.
You may do this by submitting a credit request as explained below. If
your request is approved, we will furnish you with a credit voucher
providing information about your credit limit, annual percentage
rate, any other applicable fees or charges, and any additional terms
and conditions. In this Agreement, the capitalized word "Credit
Voucher" means the document titled "Credit Voucher and
Opening Disclosures" for a consumer line of credit loan ("Line
of Credit") or "VISA Credit Voucher and Opening Disclosures"
for a Visa credit card ("Card").
2. Plan Accounts. The Rates Table in Part D of this Agreement
includes the different types of credit extensions and advances we
offer (called "accounts" or "loans") and includes the range of rates
that may be imposed under the Plan. Certain account transactions
under the Plan, such as line of credit advances or credit card
transactions, are also subject to additional terms described later in
this Agreement that may vary from the general Plan terms set out
below. In this Agreement, the capitalized word "Loans" means
extensions of credit under your Line of Credit and/or Card.
3. Account Establishment and Access. You may submit a credit
request in any manner authorized by us. When you sign as a loan
applicant on BECU's Master Credit Application, BECU will
establish a Plan under which you may, at your option, request to
establish consumer line of credit and/or credit card accounts. When
you have multiple active Plans (for example, a Joint Plan with one
co-applicant and another Joint Plan with a different co-applicant)
and you make a credit request, it is your responsibility to inform
us under which of these Plans to establish your account. From the
date of the Plan application, we may require that you update the
information you submitted to us when you established your Plan
in order for us to evaluate your credit request. If you already have
a Line of Credit and you request and qualify for a Credit Card, or
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if you already have a Credit Card and you request and qualify for
a Line of Credit, we will establish a new account under your Plan.
We are not required to establish an account or make a loan under the
Plan when you submit a credit request, and we may also refuse an
advance request at any time.
4. Joint Plans. Each time you submit a credit application for
another consumer line of credit and/or credit card with a different
co-applicant, you request that another Joint Plan be established for
you. You understand and agree that while a Joint Plan is in effect,
you and the co-applicant of the Joint Plan: (a) has each authorized
the other to individually request, authorize, or receive credit
advances; (b) has each agreed to be jointly and severally liable for
repayment of all amounts owed and for any loans obtained; and
(c) has each agreed to all of the loan terms and conditions, even
if you did not specifically authorize or request the credit advance
or receive any benefit from it. If any one of you does not wish any
future loans under the Plan or is unwilling to be personally liable for
them, any one of you must write to BECU to terminate the Plan and
the termination will be effective as to all of you.
5. Credit Limit. If we approve your request for an account, we will
establish a credit limit on the Line of Credit and/or Card account.
You agree not to attempt to obtain more credit than the amount of
your credit limit. If you temporarily exceed your credit limit, you
understand such credit does not increase your credit limit and you
agree to pay us that excess amount and applicable finance charges,
immediately. We can increase or decrease your loan credit limit at
our discretion. We will notify you in writing on a Credit Voucher,
on your statement, or by separate notice if the amount of your credit
limit goes up or down. We may reduce your credit limit, suspend
your credit privileges, close your account or Plan or otherwise
terminate your ability to use your Plan. We may do this at any time
and for any reason, subject to applicable law. Your obligations
under this Agreement continue even after we have done this. You
may cancel your credit limits established for applicable loans
upon written request to BECU. If your account is suspended, you
must immediately return any authorized access devices, including
credit cards. Any use of an account, access device or service after
suspension will be considered fraudulent.
6. Promise to Pay. You promise to pay BECU the total of all credit
advances on each account (including any credit advances requested
by any co-borrower or by any authorized user of a credit card),
finance charges, and other amounts set forth in this Agreement and
any Credit Voucher on the payment terms set forth below. This
includes any requests for payments to a third party or for payment
or deposit to your savings or checking account. Payments must be
made in U.S. Dollars.
a. Payment Methods. You promise to make your periodic
payment for Line of Credit accounts under this Agreement by
automatic transfer from shares or deposits, and for Card accounts
by such automatic transfer or by direct deposit, personal check,
draft, electronic funds transfer, or wire transfer. If you pay by
automatic transfer, you understand that it is your responsibility
to be sure that there are adequate funds in your account to satisfy
the payment on the specified date or your loan will become past
due. You must make your scheduled payments on loans under
this Agreement regardless of the payment method you select to
make payments.
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b. Minimum Payment. You agree that, on or before the due date
indicated on your periodic statement, you will pay at least the
minimum payment that is required under this Agreement and is
specified on the periodic statement. The method of determining
this amount is set forth in Section 2.d of Part B below for a Line
of Credit and Section 12.b of Part C below for a Credit Card.
c. Pre-payment and Irregular Payments. You may pay all or
part of your loan(s) early, at any time, without paying any penalty.
However, payments in excess of your minimum payment will not
relieve you of your obligation to make your subsequent minimum
payments on the dates when due. Instead of advancing your
payment due date, a prepayment or early payment will reduce the
principal amounts owing on your account. BECU reserves the
right to refuse partial payments. We may accept late payments,
partial payments and payments marked "payment in full" that are
not sent to the following address without losing our rights under
this Agreement.
ALL COMMUNICATIONS CONCERNING ANY DISPUTED
DEBTS, INCLUDING ANY CHECK OR INSTRUMENT
TENDERED AS FULL SATISFACTION OF A DEBT
(INCLUDING LOANS), SHALL BE SENT ONLY TO THE
ATTENTION OF: Risk Management Representative - Account
Dispute, P.O. Box 97050, Seattle, WA 98124-9750.
7. Periodic Statements. If your account has an outstanding debit
or credit balance in excess of $1.00 at the end of a billing cycle/
statement period, we will send you a statement to the address shown
in our records reflecting balances and activity in that account.
8. Security Agreement
a. BECU Lien. You agree BECU has a lien on all your shares,
deposits, and dividends in all joint and individual accounts held
by you, now and in the future, to the extent of your obligations
to BECU. You agree that BECU's lien is independent of any
security agreement and BECU may enforce its lien in any
manner, at any time allowed by applicable law. You agree that
you own any shares pledged and that there are no liens against
them other than ours. BECU may, at its sole option, allow you to
withdraw a portion of your shares or deposits without affecting
its security interest.
b. Pledge of Shares, Deposit Accounts and Certificates of
Deposit. You pledge all your BECU shares, deposit accounts,
and certificates of deposit in which you have an interest, now
and in the future, as security for all credit advances made under
this Agreement. However, this pledge will not apply to retirement
or other accounts to the extent that applicable law precludes the
pledge of such accounts, or to loans secured by real property
or a dwelling. You agree that we need not retain or possess any
certificate or evidence of account to enforce our security interest.
You understand that if you default on your Plan, BECU may
apply all that is pledged to repayment of your loan(s).
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By completing and signing the Plan application, you signify your
specific intent to pledge to us and to grant us a security interest
in all your individual and joint BECU share and deposit accounts
you have with us, now or in the future (excluding retirement or
other accounts to the extent that applicable law precludes the
pledge of such accounts), to secure your BECU loans under
the Plan (including the credit card account). You authorize us,
without further notice to you, to apply the balances in these
account(s) to pay any amounts due under the Plan if you should
default.
9. Default. You will be in default under this Agreement if any of the
following happens on any account:
a. you do not make a payment as required by this Agreement on
or before the payment due date;
b. you exceed your credit limit without our permission;
c. you become subject to bankruptcy, incompetency or insolvency
proceedings or you die;
d. if we believe (in our sole discretion, subject to applicable law.)
that there has been an adverse change in your financial condition
or any time we reasonably deem ourselves insecure;
e. you make any untrue statements or omissions or provide false
signatures on any application or financial statement furnished to
BECU or fail to provide us financial information we request;
f. your payment is dishonored by your financial institution for
any reason;
g. you violate or fail to comply with any term of this Agreement
or any other agreement you have with BECU;
h. you no longer qualify for BECU membership.
10. Upon or Following Default. Upon the occurrence of any
event of default under this Agreement, we have the right, subject to
applicable law, to terminate or suspend your credit privileges under
this Agreement, to require repayment and to change the terms of
your subaccount and this Agreement. In requiring repayment, we
may demand that you immediately pay the entire unpaid balance
of all your loans under your Plan, increase the minimum payments,
and/or may apply any loan account payment to any outstanding
account balance under the Plan. BECU may start a collection action
in the county in which BECU is located or where you reside if you
live outside of Washington. Default on any loan, account or other
obligation that you have with us, including loans which are not
part of the Plan, will constitute default under this Agreement.
11. Reformation of Fees and Charges. If any fee or charge, or
any portion of any fee or charge, including but not limited to a
finance charge or method of computing a finance charge, would but
for this sentence be unlawful, the language of this Agreement shall
be automatically reformed to eliminate any excessive or unlawful
portion of such fee. In no event shall the fees charged under this
agreement exceed the maximum allowed under applicable state or
federal law. In its sole discretion, BECU may charge and collect a
lesser amount than that specified in this Agreement, or forego any
other rights under this Agreement. Any waiver of any provision of
this Agreement shall not be deemed a waiver of such rights in the
future.
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12. Voluntary Payment Protection. We may offer Voluntary
Payment Protection to you. Voluntary Payment Protection is not
necessary to obtain credit. If you purchase Voluntary Payment
Protection from us, you authorize us to add the fees monthly to your
loan balance and charge you interest on the entire balance. At our
option we may change your payment or the period of time necessary
to repay the loan balance. The rate used to determine the fees may
change in the future. If the rate changes, we will provide any notices
required by applicable law.
13. Amendments
a. Plan Termination. You or any co-applicant may terminate
your Plan in writing at any time. BECU may also terminate
your entire Plan or any part of your Plan at any time. All other
provisions of this Agreement shall otherwise remain in full force
and effect until you pay all sums due us. You understand that
terminating your Plan will not relieve you of your obligations on
any outstanding loan balances at the time of termination.
b. Plan Changes. You agree that BECU may, at any time, change
any part of this Agreement (including but not limited to adding
new provisions, deleting existing ones, or changing any other
terms and conditions of this agreement relating to your Plan
or account), provided we have given you notice in advance of
the change, if required by law. Any notice of change in terms
required by law will be sent to the last address appearing on the
records of BECU, unless you notify us of the change in your
address within a reasonable time prior to the notice being sent.
14. Attorneys' Fees, Costs and Enforcement. You agree to pay
BECU's internal and external costs, collection and other expenses
such as expert witnesses, debt collectors, court costs, and reasonable
attorneys' fees and legal expenses whether or not there is a lawsuit,
including attorneys' fees in any arbitration or mediation, on appeal,
in any bankruptcy (or state receivership or other insolvency
proceeding) and in any forfeiture or other proceeding. A Collection
Charge will be imposed if we must telephone you, write to you, or
make a personal visit due to any default on your part. All of these
costs and expenses may be added to your present debt and a finance
charge may be imposed on them at the highest rate applied to any
of your credit advances. The security provisions in Section 8 of this
Part A of the Agreement also secure payment of all these amounts.
BECU may delay enforcing any right under this Agreement without
losing that right or any other right. In the event you die, we can
collect any amounts outstanding under your Plan as immediately
owed against your estate or against anyone who obtained an advance
under your Plan. If any provisions of this Agreement or related
agreement are deemed unenforceable or invalid, the remaining
provisions will remain in full force and effect.
15. Assignment. We have the right to assign and transfer our rights
under this Agreement and any amounts you owe to us. The term
"us" shall be deemed to include each and every immediate and
successive assignee. You do not have the right to assign or transfer
any of your rights, duties or obligations under this Agreement.
16. Notices. All notices and statements will be sent to the last
address appearing on BECU records. You agree to advise us
promptly if you change your mailing address. We can accept address
corrections received from the U.S. Postal Service.
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17. Credit Information/Financial Statements. You authorize us
to release information to others regarding the status and history of
your Plan. You agree to provide us upon request at any time with a
current financial statement or updated credit information requested
in our sole discretion. You agree we may obtain credit reports,
employment or investigative inquiries on you at any time, at our sole
option, for any reason, including but not limited to determining your
eligibility for other products and services or determining whether
there has been an adverse change in your financial condition.
18. Governing Law. Our approval of this Agreement and of any
credit extension or advance under this Agreement occurs in the state
of Washington. This Agreement shall be governed by the Federal
laws and the laws of the state of Washington as they each apply. In
accepting the terms of this contract, you agree that venue for any
action brought by you or brought by us to enforce the terms of the
agreement is properly located in King County, Seattle, Washington.
B. ADDITIONAL TERMS APPLICABLE TO CONSUMER
LINES OF CREDIT
This section contains additional terms and conditions pertaining to
the overdraft protection consumer line of credit account ("Line of
Credit"). The terms and conditions in this section are in addition
to and modify the terms and conditions of the Plan with respect
to Lines of Credit. All other attributes, terms and conditions of the
Plan, including but not limited to the security interest granted under
Section 8 of Part A of this Agreement, are not modified by this
section and will also govern your Line of Credit. In the event of an
inconsistency between Section I A and this section IB, the terms of
this section I B shall prevail.
1. Joint Accounts. You understand that any joint account holder on
your deposit account with checking account features, or any person
authorized to use an access device for this account may access your
Line of Credit and you and they agree to be jointly and severally
liable for such transactions.
2. Promise to Pay
a. Responsibility. By using your account to engage in
transactions after we furnish a Credit Voucher to you, you agree
to the credit limit, annual percentage rate, any other applicable
fees and charges, and any terms and conditions set forth in the
Credit Voucher, which will be incorporated into and become part
of this Agreement and will govern your Plan. Any person or
entity that has accepted, signed, used, or authorized the use of a
Line of Credit under the Plan, regardless of whether this person is
named in the application or otherwise, agrees to be and is bound
by the terms of this Agreement.
b. Payment Methods. Your required minimum payment will
be made by automatic transfer from your savings or checking
account at BECU. At any time, you may pay additional amounts
by such automatic transfer or by personal check, draft, electronic
funds transfer, or wire transfer.
c. Crediting Payments if Not Made by Automatic Transfer.
Payments received at BECU, P.O. Box 97050, Seattle, WA
98124-9750 at or before 5:00 PM Pacific Time on any business
day will be credited to your account as of that date; payments
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received by mail at that address after 5:00 PM Pacific Time, on a
weekend or federal holiday will be posted to your Account as of
the next business day. Crediting to your Account may be delayed
up to five days if payment is received by mail at any other address
or if mailed payment is not accompanied by any remittance slip
or statement we provide.
d. Payment - Minimum Amount and Allocation. The Line of
Credit minimum payment amount will be the greater of $25 or
2% of the outstanding balance on your account at the end of the
billing cycle statement period which begins on the second day
of the month and ends on the first day of the following month
("Ending Balance"). The Ending Balance does not include late
payment fees but includes voluntary payment protection costs,
returned payment fees and the cost of collection and attorneys
due to your default. When credit availability is suspended or
terminated, the minimum payment amount will be calculated
for the remaining balance at 2% of the outstanding balance at
the time of suspension or termination, and will be fixed at that
amount until the balance is paid in full. Payments will be applied
first to late payment fees and other fees and charges (other
than finance charges), then to accrued finance charges, and the
remainder, if any, to the balance, unless otherwise agreed to by
BECU or required by applicable law.
3. Finance Charges
a. Penalty Rate. If, on this account or on any account that you
have with us, you make any payment that is returned or your
total Minimum Periodic Payment is not paid within 29 days of
the payment due date (within 27 days during the February credit
reporting period or 28 days for February reporting period in
leap years), twice within any 12 month period, the ANNUAL
PERCENTAGE RATE will be increased to the lesser of 19.9%
or the highest rate allowed by law. The Daily Periodic Rate in this
event shall be the Annual Percentage Rate divided by 365 (366
in a leap year). If your Daily Periodic Rate (and corresponding
ANNUAL PERCENTAGE RATE) is increased as described, it
may be subsequently reduced at our discretion after a minimum
of twelve months at which time it is determined that no payment
for any amounts owed BECU has been late during the 12-month
period, and your other accounts with BECU are in good standing
(current and non-negative). Rate changes shall be effective
beginning on the first day on the next Billing Cycle following
the late payment or determination. A loan whose rate is reduced
will be subject to subsequent increases should future payment
be missed in a manner described within this section. If the Daily
Periodic Rate and corresponding ANNUAL PERCENTAGE
RATE increase, the FINANCE CHARGE will increase and
your minimum payment may be higher.
b. Timing of Finance Charges and Payments. You will be
obligated to pay a finance charge that will begin to accrue as
of the date on which any credit advance is made. There is no
grace period in which you may avoid incurring a finance charge
by paying off the balance. Credit advances may be directly
deposited to one of your deposit accounts and will be subject
to a finance charge from the date of deposit even if you do not
withdraw the money immediately. Credit advances and payments
made by automatic transfer will be posted to your account when
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made. When you make a payment during the period on which
your monthly statement is based, then this statement will specify
the amount of interest that you paid.
c. How to Determine Unpaid Daily Balance and Finance
Charges. The unpaid daily principal balance is the amount of
outstanding indebtedness that remains unpaid at the close of
each business day after all transactions for the day are posted
to your Line of Credit. Transactions are posted by subtracting
the amount of any payments or credits (thus decreasing the
balance) and adding the amount of any new advances plus the
cost of Voluntary Payment Protection, if any (thus increasing the
balance). The daily principal balance will include any unpaid
fees or charges including finance charges, unless otherwise
foregone by BECU or prohibited by applicable law. We multiply
this balance by the applicable daily periodic rate to calculate the
daily finance charge, then add this charge to the daily finance
charges for the other days in the period on which your monthly
statement is based. The total finance charge is the sum of the
daily finance charges during this period.
d. Daily Periodic Rate and Corresponding Annual Percentage
Rate. The Daily Periodic Rate and ANNUAL PERCENTAGE
RATE for which you initially qualify now or in the future
may depend on your credit qualifications, income, credit or
employment history. The Daily Periodic Rate and corresponding
ANNUAL PERCENTAGE RATE for each account under the
Plan will be set forth in the Credit Voucher that is sent to you.
Your rate on any account is subject to change with additional
advances, based on your credit history. BECU may change the
rates it offers from time to time and may review your credit
qualifications periodically and adjust your Daily Periodic Rate
and corresponding ANNUAL PERCENTAGE RATE based on
changes in your credit qualifications. If you receive your initial
Credit Voucher after the time of the initial advance on your
account, you may cancel this Agreement without obligation by
providing the Credit Union with written notice and returning all
of the funds advanced to you within three calendar days of the
initial advance. Once you use the account funds in any manner
you waive any right to cancel this Agreement.
4. Other Account Fees and Charges
a. A Late Payment Fee in an amount equal to $25.00 or 5% of
the minimum payment, whichever is greater, will be imposed on
payments that are not paid or are paid ten (10) or more calendar
days after the payment due date.
b. A Returned Payment Fee in an amount equal to $25.00 or the
amount of the returned payment, whichever is smaller, will be
imposed if any check, instrument or other item given as payment
on your Plan is uncollectible or is dishonored for any reason.
Unless otherwise required by law, we are not obligated to attempt
to collect any check more than once.
c. A Collection Charge will be imposed if we must telephone you,
write to you, or make a personal visit due to any default on your
part.
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5. Advances and Access
a. Limitations on Credit Advances. You will receive a Credit
Voucher showing the amount of the credit limit on your Line
of Credit, which is the maximum amount you may draw upon
without getting our specific approval for additional advances.
You may access credit on your Line of Credit, repay any portion
of the amount borrowed, and reborrow any portion up to your
credit limit from time to time without limitation.
b. Overdraft Access. You may access your Line of Credit by
writing drafts, and overdrawing your checking account or
your deposit account with checking account features with us,
as specifically designated by you for overdraft protection. We
may, at our sole discretion, access this account on your behalf
if you have scheduled automatic payments for which there are
not sufficient collected funds in your checking account or your
deposit account with checking account features. We will not do
this if the advance to cover the scheduled payment would cause
your credit limit to be exceeded. We will treat the overdraft as
a request for an advance on your Line of Credit and we will
allow such access subject to the terms of this Agreement. You
understand that any owner on your checking account or your
deposit account with checking account features may obligate you
to overdraft advances. Line of Credit overdraft funds transfers
will be made in $100.00 increments (or the unused portion of the
available credit limit if less than $100.00) and will be transferred
to your checking account or your deposit account with checking
account features. You agree not to let the overdrawn balance
exceed your approved credit limit. If you fail to meet any
conditions of your checking account or your deposit account with
checking account features, we may cancel your Line of Credit
immediately without notice. In any event, you hold us harmless
from any and all liability which might arise if the transfer does
not occur. Transfers from deposit accounts will be governed by
the Membership and Account Agreement. Transfers from a Line
of Credit will be governed by this Agreement.
c. Suspension of Line. Your ability to draw upon the Line
of Credit will be suspended immediately if: (1) the account
specifically designated for overdraft protection by you is closed
for any reason; (2) your automatic payment transfer to your Line
of Credit is cancelled for any reason; or (3) we determine that
no Line of Credit advances have been made within ninety (90)
days from the account establishment or within one (1) year from
the last advance. You may request that your Line of Credit be
reinstated, upon re-enrolling for automatic payment transfer and
upon specifically designating a deposit account with checking
account features for overdraft protection.
6. Change in Terms (including Finance Charges). You agree that
we can change the terms of the Line of Credit (including but not
limited to any of the examples of changes specified in Section 12.b
of Part A of this Agreement) at any time upon proper advance notice
to you, where required by law. Changes may apply both new and
outstanding balances.
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C. ADDITIONAL TERMS APPLICABLE TO CREDIT
CARDS
This section contains additional terms and conditions pertaining to
the credit card account of your Plan ("Card"). References to "Card"
below relate to the account associated with the credit card and not
only to transactions conducted through use of the physical credit
card, other credit instrument or device which we supply to you,
itself. The terms and conditions in this section are in addition to and
modify the terms and conditions of the Plan. All other attributes,
terms and conditions of the Plan, including but not limited to the
security interest granted under Section 8 of Part A of this Agreement,
are not modified by this section and will continue to govern your
Card account. In the event of an inconsistency between Section I A
and this section I C, the terms of this section I C shall prevail.
1. Responsibility and Applicability of Terms. Any person or
entity that has accepted, signed, used, or authorized the use of a
Card under the Plan agrees to be and is bound by the terms of this
Agreement. In this Agreement, the word "Cardholder" means the
applicant and co-applicant(s) for the Plan associated with the Card,
and each authorized user of the Card ("User"), whether named in an
application as a User, or otherwise. In this Part C of the Agreement,
"you" means the Cardholder(s) associated with a particular Card
account. The following additional definitions apply in this Part C
and on your monthly statement.
New Balance: The sum of all of the unpaid Purchases, Cash
Advances, Balance Transfers, finance charges, late payment fees,
and any other fees or charges outstanding on the closing date.
Previous Balance: The sum of all unpaid Purchases, Cash
Advances, Balance Transfers, finance charges, late payment fees,
and any other fees and charges at the beginning of the billing
cycle (it is the same amount that was shown as "New Balance"
on the closing date on the statement for the preceding billing
cycle).
Purchases: Transactions involving advances other than Balance
Transfers and Cash Advances. Purchases may include Foreign
Transactions, account charges, and adjustments associated with
any transaction.
2. Liability. You will be liable for all credit obtained under your
Card by any Cardholder. If there is more than one Cardholder, then
each will be liable, jointly and severally, for all credit obtained
through use of the Card. If two or more persons are responsible to
pay any outstanding balance, we may refuse to release any of them
from liability until all of the unexpired Cards issued pursuant to
the Plan have been returned to us and the balance is paid in full. If
you request us to issue a Card on your account to another person,
or if you allow any person to have access to your Card or account
number with your permission to make a charge, you will be liable
for all charges made by that person, including charges for any Cash
Advances or any Purchases from merchants or in amounts that
you may not have intended the person to make. In addition, you
will owe us finance charges and other fees and charges on these
transactions, to the same extent as if you made them yourself.
3. Purchases and Cash Advances. Any Cardholder can use the
Card for Purchases and Cash Advances. You may not use the
Card for any illegal or unlawful transaction and we may decline
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to authorize any transaction that we believe poses an undue risk of
illegality or unlawfulness.
4. Balance Transfers. You may use your Card to transfer balances
from other accounts to your Card with us ("Balance Transfer"). You
may request a Balance Transfer by completing the balance transfer
portion of the credit application, by completing and returning to us
one of the balance transfer requests forms we may send you from
time to time, or by writing or telephoning us. Interest begins to
accrue as of the date a balance transfer is posted to your Account.
You agree that you will not make Balance Transfers payable to cash,
to you, to any individual, to a deposit account, or to any BECU
loan account and, if you do make any such Balance Transfer, BECU
reserves the right to convert the transaction to a Cash Advance.
5. Daily Periodic Rate and Annual Percentage Rate. The Daily
Periodic Rate and corresponding Annual Percentage Rate used to
calculate the FINANCE CHARGE for your Card will be stated
on a Credit Voucher provided to you when you open your credit
card account. (That document is a part of this Agreement.) After
you open your account, rate information will be provided in periodic
statements that we send you.
6. Finance Charges
a. Purchases. A finance charge will be imposed on the portion
of purchases that are included in the New Balance and remain
unpaid by the payment due date on your monthly statement, and
on purchases made during the following billing cycle.
b. Cash Advances. Finance charges will be imposed on Cash
Advances as follows:
1. As a transactional fee for each Cash Advance, a Cash Advance
Fee (FINANCE CHARGE) of 2% of the amount of -the Cash
Advance, not to exceed $10.00.
2. As periodic charges on an aggregate balance including all Cash
Advances, finance charges as described in Section 7 of this part
C (below), starting on the date of the Cash Advance and lasting
until paid in full.
c. Balance Transfers. Finance charges will be imposed on the
aggregate balance including all Balance Transfers as described
in Section 7 of this part C (below), starting on the date of the
Balance Transfer and lasting until paid in full.
7. How to Determine Finance Charges:
a. The types of FINANCE CHARGES that may be assessed
on your subaccount are daily periodic rate finance charges and
transaction finance charges. Your total FINANCE CHARGES
each billing cycle is the sum of each type of finance charge.
b. Calculation of Finance Charge. All finance charges for
Purchases, Cash Advances and Balance Transfers are added
together to calculate the annual percentage rate for each billing
cycle.
Calculation of Finance Charges for Cash Advances and
Balance Transfers. In addition to Cash Advance Fees (which
only apply to Cash Advances), a Finance Charge on a Cash
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Advance or Balance Transfer will be imposed from the date the
Cash Advance or Balance Transfer is posted to your account until
paid in full. There is no grace period in which you may avoid
incurring a finance charge by paying off the balance resulting
from a Cash Advance or Balance Transfer. We calculate the
Finance Charge by multiplying the Average Daily Balance by
the number of days in the billing cycle and then multiplying
by the Daily Periodic Rate. To get the Average Daily Balance
attributable to Cash Advances and Balance Transfers, we take
the beginning balance of your account each day, add any new
Cash Advances, Balance Transfers, and new Cash Advance Fees,
and subtract any payments, credits posted to your subaccount
and unpaid Finance Charges and other charges. 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 to determine the Average Daily Balance.
Calculation of Finance Charges for Purchases. To avoid
incurring Finance Charges on the balance of the Purchases
reflected on the statement, you must pay the entire New Balance
shown on your statement on or before the Payment Due Date
shown on your statement each month. If you do not pay the entire
New Balance on or before the Payment Due Date each month, the
unpaid portion of the New Balance will accrue interest beginning
on the first day of the billing cycle in which the payment is due.
We calculate the Finance Charge by multiplying the Average
Daily Balance by the number of days in the billing cycle and then
multiplying by the Daily Periodic Rate. We calculate the Average
Daily Balance of Purchases by taking the beginning balance
of your account each day that is attributable to Purchases, add
any new Purchases as of the date those charges are posted to
your account and subtract any additional payments, credits, and
unpaid Finance Charges and fees or other charges. 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. If you paid the entire
New Balance shown on the previous monthly statement by the
Payment Due Date shown on that statement, the portion of the
New Balance shown on the current statement that is paid by the
Payment Due Date shown on that statement will be excluded
from the calculation of the balance each day.
8. Other Account Fees and Charges
a. A Late Payment Fee in an amount equal to $25.00 or the amount
of the late payment, whichever is smaller, will be imposed on
minimum payments not paid by the payment due date.
b. A Returned Payment Fee in an amount equal to $25.00 or the
amount of the returned payment, whichever is smaller, will be
will be imposed if any check, instrument or other item given
as payment on your Card is uncollectible or is dishonored for
any reason. Unless otherwise required by law, we do not have to
attempt to collect any check more than once.
c. A Card Replacement Fee of $5.00 may be assessed for each
Card lost, stolen or destroyed.
d. A Card Recovery Assessment will be imposed and may be
added to your balance if: 1) you use your Card after the Card has
been cancelled, and 2) we must pay a recovery fee to a third party
who obtains the Card for us.
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e. A Copy Request Charge of $3.00 may be imposed for copies of
each document that you request in connection with this account,
other than those provided in response to a billing error notice
under the Fair Credit Billing Act.
f. A Collection Charge will be charged if it is necessary to
telephone you, write to you, or hire a third party to make a
personal visit due to any default on your part. If a personal visit
is necessary, the amount charged will be the larger of $50.00 or
the cost of the third party's services.
g. A Stop Payment Fee charge of $5.00 may be imposed for each
stop payment on a Convenience Check.
h. A Foreign Transaction Fee equal to 1 percent (1%) of the
amount of a transaction to be effectuated in whole or in part,
at your direction, in a nation other than the United States of
America (an "International Transaction") under section 9 of this
Part C, immediately below.
9. Foreign Transactions and Foreign Exchange. If you use your
Card for an International Transaction, the exchange rate between the
transaction currency and the billing currency used for processing
International Transactions will be 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. The 1 percent
(1%) Foreign Transaction Fee will apply to all International
Transactions, regardless of whether or not currency conversion
is involved and applies to all international purchases, reversals of
merchant transactions, and cash disbursement original and reversal
transactions. The currency conversion rate on the day before the
transaction processing date may differ from the rate in effect at the
time of the transaction or on the date the transaction is posted on
your account. You agree to accept the converted amount in U.S.
dollars.
10. Change in Terms. You agree that we can change the terms of
this Agreement (including but not limited to any of the examples of
changes specified in Section 12.b of Part A of this Agreement) at any
time upon proper advance notice to you, where required by law. We
consider that you have accepted changes if you keep or use the card
after the notice. The new terms, including an increase or decrease
in the finance charges, shall be effective as to any subsequent credit
extended on and after the effective date of the change. New terms
other than an increase in the finance charge shall be effective also
as to any unpaid balance outstanding as of the effective date of the
change.
11. Security Interest. In addition to the security interest granted
under Section 8 of Part A of this Agreement and included in the
Plan, one or more of the following is applicable as security for
amounts outstanding from time to time in connection with the Card:
a. Deposit Account. If you are issued a secured Card, you have
signed or will be required to sign a separate security agreement
pledging a specific, non-withdrawable portion of your shares
and/or deposits in BECU to secure your Card. The amount of the
security for such a Card is the amount of your credit limit and you
may not have any access to or control of that amount.
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b. Goods Purchased. You hereby grant us a security interest
in each item purchased with advances obtained under this
Agreement. This security interest will remain in full force and
effect as long as there is an outstanding balance on the item
purchased. If we have the right to demand full payment of your
new balance, we may also take possession of this property (you
promise to give it to us if we ask) and sell it to satisfy your debts
and obligations. Any outstanding debt will be allocated upon the
first-bought, first paid rule. You agree that 10 days is reasonable
time to give you notice of any such sale.
12. The Minimum Periodic Payment Required
a. Payments. Payments received at Card Services, P.O. Box
84707, Seattle WA 98124-6007 before 5 PM Pacific Time on
any business day will be credited to your Card as of that date;
payments received on or after 5 PM Pacific Time, on a weekend
or federal holiday will be credited as of the next business day.
Crediting a payment may be delayed up to five days if the
payment is received at any other address or not accompanied by
the remittance portion of the monthly statement for your Card.
b. Payment - Minimum Amount and Allocation. If you elect
not to pay your New Balance in full, you must make a payment
according to the following schedule on or before the due date
shown on your statement. If the New Balance is less than $25,
your minimum payment will be the full balance; if this balance is
$25 to $1,000 your minimum payment will be $25; if this balance
is more than $1,000 your minimum payment will be 21/2% of this
balance rounded down to the nearest whole dollar. A credit posting
from a merchant or reversal of fees do not constitute any part of
a minimum payment. The minimum payment will be allocated
at BECU's discretion to pay off lower rate balances, such as
promotional offers, before higher rate balances, such as Cash
Advances or Purchases. Payments in excess of the minimum
payment will be allocated to pay off higher rate balances first.
From time to time, we may allow you to skip your Minimum
Periodic Payment due. If you choose to skip that payment,
FINANCE CHARGES, and voluntary payment protection costs,
if any, will continue to accrue in accordance with this Agreement.
c. Past Due and Overlimit Amounts. In addition to the above,
the minimum payment will also include the greater of any amount
past due or any amount by which the New Balance exceeds the
approved credit limit for the account. If your account is past
due, and/or overlimit, that amount of the minimum payment is
immediately due.
d. Payment in Full. The payment of a New Balance in full will
not eliminate the need to make a minimum payment for the next
billing cycle if there are new purchases or cash transactions in
the next billing cycle.
13. Lost, Stolen, or Unauthorized Use of Your Card. You agree
to notify us immediately, orally or in writing, of the loss, theft, or
unauthorized use of your Card. We may investigate any cases of
unauthorized use of your Card. We may terminate or limit access
to your Card if you have notified us or we have determined that
your Card or convenience checks may have been lost or stolen, or
that there may be unauthorized access to your Card. Unless you
have been negligent or have engaged in fraud, you will not be liable
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for any unauthorized transactions using your lost or stolen Card. If
you are liable for unauthorized transactions, your liability will not
exceed $50. You will not be liable for unauthorized transactions that
occur after you notify us at:
BECU, P.O. Box 97050, Seattle, WA 98124-9750
Telephone: (206) 439-5700 or outside Seattle at 1-800-233-2328
Hours: 7:00 a.m. - 7:00 p.m. PT Monday-Friday;
9:00 a.m. - 1:00 p.m. PT Saturday.
After hours only for use of reporting the loss, theft,
or unauthorized use of your Card: Call 1-800-449-7728)
14. Additional Provisions
a. Ownership of Cards. Any Card is our property and must be
returned to us or our agent, immediately upon demand. If we ask,
you will destroy the Card by cutting it in half and will surrender
it to us or our agent, mail it to us, or take it to a location we
designate.
b. Honoring of Card. We will not be responsible for the
failure or refusal of anyone to honor the Card. Although your
New Balance may be less than your credit limit, we may fail or
decline to authorize a particular transaction due to the failure of
a communications or computer system, due to other operational
difficulties or due to issues particular to your account, including
your default of any agreement with us, an adverse change in
your financial situation, an amendment or termination of your
participation in the Plan or, at our discretion, other reasons that
we deem to be appropriate.
c. Transfer of Card. You cannot transfer your Card to any other
person, although you will be liable for any use by anyone else
that has been authorized by you or another Cardholder.
d. Transactions with Internet Merchants. In order to make
transactions over the internet, merchants may request your
Verified by Visa password to complete the transaction. If a
password is not provided, the merchant may deny the transaction.
If the password is incorrect, we may deny the transaction.
e. Merchant Return Policy. If a merchant discloses a policy
such as "no returns," "no refund", "no return or credit without
receipt", "as is", "store credit only", or "all sales final", you will
be bound by that policy when you use your Card to buy goods or
services from that merchant.
f. Merchant Refunds. If a seller agrees to give you a refund
or adjustment, you will accept a credit to your Card in lieu of a
cash refund.
g. Merchant Reservations. When using your Account to make
travel or lodging reservations, obtain the merchant's cancellation
policy and follow it if you cancel. If you cancel, obtain the
merchant's cancellation number that it is required to give you.
The merchant may charge you for a cancelled transaction unless
you can provide us with the merchant's cancellation number.
h. Recurring Merchant Transactions. If you authorize a
merchant to charge your Account for repeat transactions with
your Card, you must notify the merchant when you want to
discontinue the repeat transactions or if your Card account is
closed or a new Card number is issued by us.
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i. Merchant Dispute Assistance. If you disagree with a
transaction on your statement or have a dispute with the merchant
as a result of the transaction, you will provide information or
assistance we reasonably request to permit us to investigate the
transaction. Otherwise, you will pay us for any resulting loss
we have (up to the amount of the transaction) unless we are
prohibited by applicable law from holding you liable for our loss.
"Your Billing Rights" controls. If any provision of this paragraph
conflicts with any part of the "Your Billing Rights" section below
that is applicable to the particular transaction, the terms of the
"Your Billing Rights" section will control.
j. Transactions. For statement verification, you will retain your
copy of each receipt (ticket/draft) resulting from each Purchase,
Cash Advance, or other transaction on your Card. We will
provide you with documentary evidence of each transaction upon
your reasonable request or upon proper written notice of a billing
error. (See section C.9.a for cost information.)
k. Phone Inquiries. Inquiries regarding your Card may be made
by calling BECU at 206-439-5700 or, outside Seattle at 1-800-
233-2328 or by writing us at the address provided below.
I. Our Address. Please address all other correspondence, letters
and notices (excluding payments) with respect to Cards to us at:
Customer Service P.O. Box 31112 Tampa Florida 33631-3312.
m. Inactivity. BECU reserves the right to terminate the credit if
there are no transactions in one year.
n. Non-Activation. If the Cardholder fails to activate the Card
within 30 calendar days after the card is sent to the Cardholder,
BECU reserves the right to cancel your account.
o. Closing your Account. You can cancel or close your Account
by either calling us at 206-439-5700 or, outside Seattle at 1-800-
233-2328 or writing us at the address provided above. If you
cancel the Account, you must immediately pay everything you
owe us, including any amounts owed but not yet billed to you.
If you do not pay us immediately, outstanding balances will
continue to accrue finance charges and other fees or charges, and
be subject to the terms and conditions of this Agreement. You
also agree to return to us or destroy your Card(s) and any unused
Convenience Checks. You agree that you will not attempt to make
a Purchase or Cash Advance after you have been notified of your
or our termination or suspension of your credit privileges. You
further understand and agree that it is your sole responsibility to
terminate your authorization of all reoccurring transactions you
may have scheduled with merchants or other third parties.
15. BECU REWARDS PROGRAM OPTION. You may elect to
add the BECU Rewards Program ("Program") to your Card account.
Upon enrolling in the Program, you agree to accept the terms and
conditions contained in the BECU Rewards Program Terms and
Conditions that are in addition to the terms and conditions of this
Agreement and which otherwise governs your Card. The terms of
the Program become effective immediately upon our receipt and
acknowledgment of your instructions to enroll you in the Program
and will apply only to the purchases of goods and services made
with your Card after that effective date.
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D. RATES TABLE
Rate and fees are specified at account opening in a Credit Voucher.
View current rate, charge and fee information at www.becu.org or call us at
206-439-5700 or 800-233-2308.
BECU CONSUMER LINE OF CREDIT
8.9% APR, 10.9%APR, 13.9%APR or 18%APR when you open
your account, based on your creditworthiness.
Default/Penalty Rate: If you fail twice within any 12 month period to make
scheduled payment within 29 days of due date or your Account is
considered in default, the APR will increase up to 19.9% APR.
BECU CREDIT CARD ACCOUNT
INTEREST RATES AND INTEREST CHARGES
Annual Percentage
6.9%, 8.9%, 10.9%,
Rate (APR) for
Purchases, Cash
12.9%, 18%,
when you open your
Advances, and
account, based on your
Balance Transfers
creditworthiness.
Your due date is at least 23 days after the
close of each billing cycle. We will not
charge interest on purchases if you pay
Paying Interest
your entire balance by the due date each
month. We will begin charging interest on
cash advances and balance transfers on
the transaction date.
To learn more about factors to consider
For Credit Card
when applying for or using a credit card,
Tips from the
visit the website of the Consumer
Consumer Financial
Financial Protection Bureau at
Protection Bureau
http://www.consumerfinance.gov/learn
more.
FEES
Annual Fee
None
Transaction Fees
Cash Advance
2% of the amount of the cash advance,
not to exceed $10.
Foreign
1% of the US dollar amount of the
Transaction
foreign transaction.
Penalty Fees
$25 for each payment that is 1 or more
Late Payment
days late.
Return Check
$25.
How We Will Calculate Your Balance: We use a method called "average
daily balance" (including new purchases).
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II. YOUR BILLING RIGHTS
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 credit card statement, write
to us at:
Customer Service,
P.O. Box 31112,
Tampa, FL 33631-3112
If you think there is an error on your consumer line of credit
statement, write to us at:
Research and Adjustments,
P.O. Box 97050,
Seattle, WA 98124-97050
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. 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
When we receive your letter, we must do two things:
1. 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.
2. Within 90 days of receiving your letter, we must either correct
the error or explain to you why we believe the bill is 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.
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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:
1. 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.)
2. 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.
3. 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:
Customer Service,
P.O. Box 31112,
Tampa, FL 33631-3112.
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.
BECU 550 12/2012 ALL RIGHTS RESERVED
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