12. How to Stop Payment on a Balance Transfer
You may request a stop payment on a Balance Transfer by 
notifying  us  by  telephone  at  the  number  shown  on  your 
monthly  statement.  The  request  will  only  be  effective  for 
14  days  unless  during  that  period  you  confirm,  in  writing, 
which describes with certainty the item on which payment 
is  to  be  stopped.  Notice  must  be  received  by  us  at  ESL, 
Cardholder Service, P.O. Box 31112, Tampa, FL 33631-3112 in 
a timely manner so as to afford us a reasonable opportunity 
to  act  upon  it.  In  any  event,  we  may  disregard  any  stop 
payment request six months after we receive it unless you 
renew it in writing within the six month period. We will use 
commercially  reasonable  efforts  to  stop  payment  of  the 
Balance  Transfer.  However,  you  agree  that  we  will  not  be 
responsible in any way if a Balance Transfer is processed or 
otherwise presented for payment after you have requested 
us  to  stop  payment  and,  using  commercially  reasonable 
efforts, we are unable to stop the payment.

13. Credit Information
We may investigate your credit standing and request credit 
reports about you in connection with your application and 
updates,  renewals,  extensions  and  collection  activity  and 
as otherwise permitted by law. At your request, we will tell 
you  whether  we  requested  a  report  and,  if  so  the  name 
and address of the credit reporting agency which provided 
it.  We  may  disclose  information  about  your  account  to 
credit bureaus and creditors who inquire about your credit 
standing.

14. Returns and Credit Balances
Merchants and others who honor the Card may give credit 
for  returns  or  adjustments  by  sending  a  credit  transaction 
which will post to your account. The credit will be applied 
first to pay what you owe us under this Agreement. If there is 
a credit balance (i.e. a balance in your favor) on your account, 
we will hold it and apply it to future amounts owed but will 
not pay you interest on it. We will refund a credit balance to 
you if you ask. If the credit balance is greater than $50, your 
request must be in writing. If a credit balance greater than $1 
remains in your account for six months, we will automatically 
refund it to you. We may charge to your account or you will 
pay us any amount that we refund in error.

15. Exchange Rates for Foreign Transactions
Purchases and Cash Advances made in foreign countries and 
foreign currencies will be billed to you in U.S. Dollars. 

The  exchange  rate  between  the  transaction  currency  and 
the  billing  currency  used  for  processing 
international 
transactions is a rate selected by Visa from the range of rates 
available  in  wholesale  currency  markets  for  the  applicable 
central processing date, this rate may vary from the rate Visa 
itself  receives,  or  the  government-mandated  rate  in  effect 
for the applicable central processing date, plus 1%.

16. Monitoring Telephone Calls
By  using  your  Card  the  first  time,  you  authorize  ESL  and 
its servicer to record and monitor your calls regarding this 
account.

17. Responsibility for Use of Card/Notices
Each person who has accepted and agreed to the terms of 
this  Agreement  is  individually  responsible  for  all  amounts 
owed  on  the  account  and  all  are  jointly  responsible  for  all 
amounts owed. This means ESL can enforce this Agreement 
against any of you individually or all of you together. You are 
responsible  for  advances  obtained  by  anyone  that  one  of 
you authorizes to use the account. Each of you remains fully 
responsible even if another agreement, a divorce decree, or 
a court order directs only one of you or a third party to pay. 
Statements  and  notices  addressed  and  mailed  to  any  one 
of  you  at  the  most  recent  address  we  have  for  you  in  our 
records will be considered to have been sent to all of you.

18. Liability for Unauthorized Use
You  may  be  liable  for  the  unauthorized  use  of  your  Card. 
You will not be liable for unauthorized use that occurs after 
you notify us orally or in writing at Cardholder Service, P.O. 
Box  31112, Tampa,  FL  33631-3112  or  at  800.449.7728  (or 
from  outside  the  United  States  at  727.571.2200)  of  the 
loss,  theft  or  possible  unauthorized  use.  Notwithstanding 
the above, you may be liable for any amount to the extent 
allowed  under  applicable  law  if  we  determine  that  you 
were grossly negligent or fraudulent in the handling of your 
account.

19. Governing Law
Any legal question under this Agreement will be decided in 
accordance with applicable federal and New York State law 
without regard to the laws of any other state. This Agreement 
is made, and credit is extended in New York.

20. Change in Terms
A  change  in  terms  notice  regarding  this  account  will  be 
made in accordance with applicable regulation.

YOUR BILLING RIGHTS  
KEEP THIS NOTICE FOR FUTURE USE

This  notice  contains  important  information  about  your 
rights  and  our  responsibilities  under  the  Fair  Credit  Billing 
Act.

NOTIFY  US  IN  CASE  OF  ERRORS  OR  QUESTIONS  ABOUT 
YOUR  STATEMENT  –  If  you  think  your  statement  is  wrong, 
or  if  you  need  more  information  about  a  transaction  on 
your statement, write to Cardholder Service, P.O. Box 31112, 
Tampa, FL 33631-3112. We must hear from you no later than 
60  days  after  we  sent  you  the  FIRST  statement  on  which 
the  error  or  problem  appeared.  You  can  telephone  us  at 
800.820.6039, but doing so will not preserve your rights.

In your letter, give us the following information:

•  Your name and account number.
•  The dollar amount of the suspected error.
•  Describe  the  error  and  explain  if  you  can,  why  you 
believe there is an error. If you need more information, 
describe the item you are not sure about.

YOUR  RIGHTS  AND  OUR  RESPONSIBILITIES  AFTER  WE 
RECEIVE YOUR WRITTEN NOTICES – We must acknowledge 
your  letter  within  30  days,  unless  we  have  corrected  the 
error  by  then.  Within  90  days,  we  must  either  correct  the 
error or explain why we believe the statement was correct.

After  we  receive  your  letter,  we  cannot  try  to  collect  any 
amount  you  question,  or  report  you  as  delinquent.  We 
can  continue  to  bill  you  for  the  amount  you  question, 
including  finance  charges,  and  we  can  apply  any  unpaid 
amount against your credit limit. You do not have to pay any 
questioned amount while we are investigating, but you are 
still obligated to pay the parts of your statement that are not 
in question.

If we find that we made a mistake on your statement, you 
will  not  have  to  pay  any  finance  charges  related  to  any 
questioned  amount.  If  we  didn’t  make  a  mistake,  you  may 
have to pay finance charges, and you will have to make up 
any missed payments on the questioned amount. In either 
case, we will send you a statement of the amount you owe 
and the date that it is due.

If you fail to pay the amount that we determine you owe, we 
may report you as delinquent. However, if our explanation 
does not satisfy you and you write to us within 10 days telling 
us that you still refuse to pay, we must tell anyone we report 
you to that you have a question about your statement. And, 
we must tell you the name of anyone we reported you to. 
We must tell anyone we report you to that the matter has 
been settled between us when it finally is. If we don’t follow 
these rules, we cannot collect the first $50 of the questioned 
amount, even if your statement was correct. 

Special Rule for Credit Card Purchases
If you have a problem with the quality of property or services 
that  you  purchased  with  an  ESL  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 property or services. There are two limitations to 
this right.

1. You must have made the purchase in your home state 
or, if not within your home state, within 100 miles of 
your current mailing address; and

2. The purchase price must have been more than $50. 

These limitations do not apply if ESL owns or operates the 
merchant,  or  if  ESL  mailed  you  the  advertisement  for  the 
property or services.

Accepted by:
ESL Federal Credit Union
Corporate Headquarters
225 Chestnut Street
Rochester, NY 14604

ESL Federal Credit Union

ESL 
Credit Card 
Agreement

for:
ESL Visa® Credit Card

ESL Rewards Visa 
Signature® Credit Card

M-124837 (04/18)

RETAIL INSTALLMENT CREDIT AGREEMENT

1. Agreement
This Agreement is between ESL Federal Credit Union (called 
“ESL”, “us”  or “we”)  and  each  person  who  accepts  the  Visa 
account  (called  “you”).  The  word  “Card”  refers  to  any  Visa 
Card(s) or Card number we issue under this Agreement. Sign 
your Card before you use it. The first use of your Card or the 
Card number means that you accept and agree to be bound 
by all the terms of this Agreement.

2. Using the Card/Account
You may use the Card to make purchases in person, by mail, 
electronically  (through  the  Internet)  or  by  telephone  from 
merchants and the others who accept Visa Cards. Any financial 
service provided by ESL Federal Credit Union may be used for 
any transaction permitted by law. You agree that the illegal 
use of any financial service will be deemed an action of default  
and/or  breach  of  contract  and  such  service  and/or  other 
related services may be terminated at the discretion of ESL. 
You further agree, should illegal use occur, to waive the right 
to sue ESL for such illegal activity directly or indirectly related 
to it. You also agree to indemnify and hold ESL harmless from 
any suits or other legal action or liability, resulting from such 
illegal use. ESL is not responsible if any merchant refuses to 
accept  the  Card. You  may  also  obtain  cash  advances  from 
ESL,  from  other  financial  institutions  participating  in  the 
Visa  program,  and  from  ATMs  which  display  the  PLUS  or 
VISA network logos. (Not all ATMs provide such access and 
you will need to use your Personal Identification Number at 
those that do.) 

3. Credit Limit
When  we  send  you  the  Card,  and  on  each  Monthly 
Statement, we will tell you your credit limit. You may request 
an  increase  in  your  credit  limit  by  a  written  application, 
online  application  or  a  telephone  request.  The  portion  of 
your payments applied to the principal may be re-borrowed, 
up to your current credit limit. We can adjust your credit limit 
at  any  time,  including  automatic  credit  line  increases  for 
those who qualify or terminate your borrowing privileges at 
any time without prior notice to you. You may not allow the 
balance outstanding under this Agreement to exceed your 
credit limit. We may, however, at our discretion, honor your 
request for an advance that will exceed your credit limit. If 
we do, all the provisions of this Agreement will apply to that 
excess, you will be charged finance charges on the advance, 

and  you  must  pay  the  entire  excess  to  us  on  demand. We 
may restrict the amount of your credit limit that can be used 
for Cash Advances.

4. Payments
You agree to repay all advances made under this Agreement 
in response to a request by you or anyone you authorize and 
all finance charges and all other charges and amounts owed 
under  this  Agreement. Within  25  days  after  the  statement 
closing  date  each  month,  you  must  make  a  minimum 
payment: 

A.  For  accounts  opened  June  1,  2017  through  April  30, 
2018 – The minimum payment will be equal to  the sum 
of: (i) the greater of 2.7% of your Total New Balance or $25; 
(ii) any amounts that are past due; (iii) the portion of your 
balance that exceeds your credit limit; (iv) any applicable 
rewards participation fee then due; (v) any late fees that 
you owe; and (vi) any other fees you may owe. 

B.  For all other accounts – The minimum payment will be 
equal to the sum of: (i) the greater of 2.0% of your Total 
New Balance or $30; (ii) any amounts that are past due; (iii) 
the portion of your balance that exceeds your credit limit; 
(iv) any applicable rewards participation fee then due; (v) 
any late fees that you owe; and (vi) any other fees you may 
owe. 

You  may  pay  more  than  the  minimum  due  or  your 
entire indebtedness in full at any time. We may  allocate 
payments  to  amounts  due  in  any  manner  or  order  chosen 
by  us,  provided  we  comply  with  any  applicable  laws  or 
regulations.

5. Receipt of Payment
If  we  receive  your  payment,  with  a  payment  stub,  at  the 
address indicated on the front of your monthly statement by 
5:00 p.m., Monday through Friday (excluding legal holidays) 
we will credit it to your account the same day. If your payment 
is received later in the day, it will be credited to your account 
the next business day. If we receive your payment at another 
location or without the payment stub, we will credit it within 
five business days. We may return without presentment or 
protest and without credit to your account any check which 
is:  (i)  missing  a  signature;  (ii)  drawn  with  different  numeric 
and written amounts; (iii) postdated; (iv) not payable to ESL; 
(v) not paid upon presentment; (vi) drawn on a bank outside 
the United States.

6. Irregular Payments
We will not lose any rights if we accept late payments, partial 
payments, checks or money orders marked “payment in full” 
or with similar words or phrases or other irregular payments.

7. Payment Holidays
From  time  to  time,  we  may  offer  you  a  payment  holiday 
allowing you to skip a minimum payment. Finance charges, if 
any, will continue to accrue on your balance at the applicable 
periodic  rate  and  the  period  within  which  you  must  pay 
the Total  New  Balance  to  avoid  paying  finance  charges  on 
purchases will not be extended. The regular payment terms 
will resume at the end of the payment holiday.

8. Finance Charge
The total finance charge you owe for a billing cycle will be 
equal  to  the “Periodic  Rate  Finance  Charge.” The  minimum 
finance  charge  is  $.50  in  any  billing  cycle  during  which 
there is an outstanding balance in your account subject to 
a finance charge. You will continue to pay a finance charge 
at  a  periodic  rate  calculated  as  described  in  and  under 
this  Agreement  until  what  you  owe  is  paid  in  full.  Finance 
charges can continue to accrue after the date your monthly 
statement is generated. Therefore, even if you pay the Total 
New Balance shown on your monthly statement and do not 
take  any  additional  advances  after  that  date,  you  may  still 
owe  additional  finance  charges  which  accrued  after  that 
Total New Balance was determined.

A.  Periodic  Rate  Finance  Charge  –  We  calculate  the 
Periodic  Rate  Finance  Charge  by  (i)  multiplying  the 
applicable daily periodic rate by (a) the “purchase average 
daily  balance”  and  (b)  the “Cash  Advance  average  daily 
balance”;  (ii)  adding  those  amounts  together;  and  
(iii)  multiplying  the  sum  by  the  number  of  days  in  the 
billing cycle.

(1) Amount to Which Periodic Rate is Applied

To  get  the  “purchase  average  daily  balance,”  each 
day  we  take  the  beginning  balance  of  your  account 
attributable  to  purchases  that  day,  add  any  new 
purchases  or  purchase  debits  that  day  and  subtract 
any payments or credits attributable to purchases that 
day. We do not include any unpaid finance charges. This 
gives us the “purchase daily balance.” Then we add up 
all  the “purchases  daily  balances”  for  the  billing  cycle 
and divide the total by the number of days in the billing 

cycle. This gives us the “purchase average daily balance.” 
However, the “purchase average daily balance” will be 
considered $0 if you pay your Total New Balance in full 
by  the  billing  cycle  date  and  you  paid  your  previous 
balance in full by the billing cycle date. 

To get the “Cash Advance average daily balance,” each 
day  we  take  the  beginning  balance  of  your  account 
attributable  to  Cash  Advances  that  day,  add  any  new 
Cash  Advances  or  Cash  Advance  debits  that  day  and 
subtract  any  payments  or  credits  attributable  to  Cash 
Advances  that  day.  We  do  not  include  any  unpaid 
finance charges. This gives us the “Cash Advance daily 
balance.” Then  we  add  up  all  the “Cash  Advance  daily 
balances”  for  the  billing  cycle  and  divide  the  total  by 
the  number  of  days  in  the  billing  cycle. This  gives  us 
the “Cash  Advance  average  daily  balance.” There  is  no 
“grace” period for Cash Advances.

(2) Determination of the Daily Periodic Rate
The  daily  periodic  rate  equals  the  Annual  Percentage 
Rate (APR) divided by 365.

Introductory Rate – An introductory daily periodic rate 
of 0.00% which is equivalent to an APR of 0.00% will be 
used for the first 12 monthly billing cycles following the 
date on which your account is opened unless the Past 
Due Rate applies (see below).

Purchase and Balance Transfer Base Rate: 

a. ESL Visa Credit Card – After the introductory rate 
period  ends,  and  provided  the  Past  Due  Rate  does 
not apply, the APR will be variable and will equal the 
highest domestic Prime Rate published in the Money 
Rates  section  of  The  Wall  Street  Journal  as  of  five 
business  days  prior  to  the  first  day  of  the  calendar 
month  in  which  the  billing  cycle  begins  (called  the 
“Index”) plus 5.00 to 14.24 percentage points based 
on  your  creditworthiness  (5.00%  to  14.24%)  (called 
the “Base  Rate”).  The  Base  Rate  can  change  on  the 
first day of each billing cycle. 

b. ESL Rewards Visa Signature Credit Card – After the 
introductory rate period ends, and provided the Past 
Due Rate does not apply, the APR will be variable and 
will equal the highest domestic Prime Rate published 
in the Money Rates section of The Wall Street Journal 
as  of  five  business  days  prior  to  the  first  day  of  the 
calendar  month  in  which  the  billing  cycle  begins 

(called  the  “Index”)  plus  8.00  to  14.24  percentage 
points  based  on  your  creditworthiness  (8.00%  to 
14.24%)  (called  the “Base  Rate”). The  Base  Rate  can 
change on the first day of each billing cycle. 

Cash Advance Base Rate: 

a. For  accounts  opened  June  1,  2017  through  April 
30,  2018  –  After  the  introductory  rate  period  ends, 
and  provided  the  Past  Due  Rate  does  not  apply, 
the  APR  will  be  variable  and  will  equal  the  highest 
domestic  Prime  Rate  published  in  the  Money  Rates 
section of The Wall Street Journal as of five business 
days  prior  to  the  first  day  of  the  calendar  month  in 
which  the  billing  cycle  begins  (called  the  “Index”) 
plus 6.73 to 14.74 percentage points based on your 
creditworthiness (6.73% to 14.74%) (called the “Base 
Rate”). The Base Rate can change on the first day of 
each billing cycle. 

b. For  all  other  accounts  –  17.90%  (there  is  no 
introductory rate on Cash Advances).

Past  Due  Rate  (Penalty  APR)  –  The  APR  applicable 
starting  on  the  first  day  of  the  first  billing  cycle  after 
your  account  becomes  “past  due”  and  continuing 
until  the  billing  cycle  after  the  “past  due”  status  is 
corrected will be 18%. Your account will be “past due” 
if the minimum monthly payment is not made for two 
consecutive billing cycles.

Effect  of  an  Increase  –  An  increase  in  the  APR  will 
result in an increase in the finance charge, the monthly 
payment, and the outstanding balance of your account.

B.  Cash Advance Fee – there is no Cash Advance Fee.

C.  Balance  Transfer  Fee  –  there  is  no  Balance  Transfer 
Fee.

D.  Maximum  Rate  –  The  APR  will  not  exceed  the 
maximum rate allowed by applicable law.

9. Other Charges
You will pay the following other charges as applicable.

A.  Annual  Membership  Fee  –  there  is  no  Annual 
Membership Fee.

B.  Documentary  Evidence  Charge  –  If  you  request 
documentary  evidence  of  a  transaction  (for  example,  a 
copy  of  a  sales  draft  or  a  duplicate  monthly  statement) 

other than in connection with a billing error inquiry, you 
will  pay  a  Documentary  Evidence  Charge  of  up  to  $25 
for  each  document.  The  charge  will  be  added  to  your 
Purchase Balance.

C.  Late Fee – You will pay a Late Fee of up to $25 if your 
Total  New  Balance  on  the  last  day  of  the  billing  cycle 
exceeds  $25  and  your  minimum  payment  has  not  been 
received  within  three  days  following  the  payment  due 
date. The fee will be charged after the third day and added 
to your Purchase Balance.

D.  Returned Payment Charge – You will pay a Returned 
Payment Charge of up to $25 if you pay us with a check 
that your bank will not honor or that is incomplete or if we 
return a check unpaid. The charge will be added to your 
Purchase Balance.

E.  Over  the  Credit-Limit  Fee  –  there  is  no  Over  the 
Credit-Limit Fee.

10. Default
You will be in default if: (i) you fail to make any minimum or 
other required payment by the date it is due; (ii) you violate 
any  of  the  other  terms  of  this  Agreement;  (iii)  you  default 
in the payment of any other loan account with ESL; (iv) you 
die; (v) you file for bankruptcy or become insolvent (unable 
to pay your obligations as they become due); (vi) you make 
any false or misleading statement on any credit application 
or  credit  update  or  fail  to  provide  complete  and  accurate 
financial information within 30 days after a request from ESL 
for  the  information;  (vii)  any  judgment  is  entered  against 
you or any of your deposit accounts at ESL are attached or 
levied upon; or (viii) something happens which ESL believes 
may substantially reduce your ability to repay what you owe. 

When  you  are  in  default,  ESL  has  the  right  to  demand 
immediate  payment  for  your  full  account  balance  without 
prior notice. To the extent permitted by law, you will also be 
required  to  pay  collection  expenses,  including  court  costs 
and reasonable attorney’s fees, incurred by ESL.

11. Balance Transfers
We will not process a Balance Transfer if: (i) you do not have 
enough available credit in your account to cover the Balance 
Transfer  in  full;  (ii)  your  account  or  your  right  to  obtain 
advances has been suspended or terminated; (iii) your Card 
has been reported stolen; or (iv) you are in default under this 
Agreement.