or not he or she exceeds any limits imposed by you on his or her 
use of the Card.  If another person has use of your Account 
and you want to end that person's privilege, you must notify 
us by writing to us, by calling us, or in person.  In order to 
avoid unauthorized use, you should recover any cards in that 
person's possession.

25. Use of the Card: We are not responsible if anyone refuses to 
honor this Card or any convenience check or for any failure 
of an ATM to process a cash advance request.  If there is a 
problem with merchandise or services obtained with this Card, 
you may have the right not to pay the remaining amount due 
on such merchandise or services.  This right does not however, 
apply to merchandise or services obtained with convenience 
checks or with money from a cash advance. Following this 
Agreement is an explanation of your rights to dispute billing 
errors.   We  will  have  no  responsibility  for  merchandise  or 
services purchased with this Card.

26. Unauthorized Use of Card: You will be liable for all authorized 
charges to the account including charges obtained by all persons 
whom you authorize to use the account.  You may be liable for 
the unauthorized use of your MCU VISA Secured Card.  You 
will not be liable for unauthorized use which occurs after you 
notify  us  at:  PSCU-MCU,  P.O.  Box  31112, Tampa,  Florida 
33631-3112, orally or in writing, of the loss, theft or possible 
unauthorized use.  

27. Important Notice: Do not use your credit card before you 
read this agreement or if this agreement contains any blank 
space.  You are entitled to a completely ﬁlled in copy of this 
credit agreement.

28. Original Application: You agree to let the Credit Union keep 
the signed copy of your VISA application to comply with federal 
and/or state law.

29. Governing Law/Effective Date: This agreement and all matters 
arising out of or in connection with any credit transaction shall 
be governed by, and construed in accordance with the laws of 
the State of New York and the applicable laws of the U.S.   This 
Agreement will become effective as to Cash Advances when 
you use the Card to take a Cash Advance.  This Agreement will 
become effective as to Purchases when you use the Card, and 
the sales slip or other document you sign in connection with 
such use is accepted by us or our representatives at our ofﬁces 
in New York. (This Agreement will not become effective as a 
result of unauthorized use of the Card for any Purchase which 
occurs before you ﬁrst use the Card and after its loss or theft).  
The Credit Union may terminate this Agreement or cancel your 
Card at any time.  Such termination, or cancellation, however, 
will not effect your obligation to pay the account balance.

30. Lost or Stolen Cards:  You must notify us immediately if a Card 
is lost or stolen or if you believe there has been or is about to be 
unauthorized use of Card by calling:   (800) 449-7728

31. Prohibited Use: You may not use your MCU VISA Card for 

any illegal transaction.

32. Foreign Transactions:  A 1% International Transaction Fee will 
be assessed on all transactions where the merchant is located 
outside the U.S. The converted transaction amount will be shown 
separately from the International  Transaction Fee on your billing 
statement. This fee will be assessed on all international purchases, 
credit vouchers, and cash disbursements. The exchange rate for 
transactions in a foreign currency 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, plus the 
1% International Transaction Fee. 

Dear Card Member:
This is your contract.  Please read it and keep it for your records 
because when you use your Card, you’ve agreed to the terms in 
the contract.                
Municipal Credit Union

by _______________________ 
Ahmed Campbell, Vice President, Loan Operations
P.O. Box 992, Peck Slip Station 
New York, New York 10272-0992

  _______________________________

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.

A.   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 us on 
a separate sheet at the address listed on your statement.  Write 
to us as soon as possible.  We must hear from you no later than 
60 days after we send you the ﬁrst statement on which the error 
or problem appeared.  You can telephone us, 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.

If you have authorized us to pay a credit card account automatically 
from your share account or draft account, you can stop the payment 
on any amount you think is wrong.  To stop the payment your letter 
must reach us three business days before the automatic payment is 
scheduled to occur.

B.   YOUR  RIGHTS AND  OUR  RESPONSIBILITIES AFTER 

WE RECEIVE YOUR WRITTEN NOTICE

  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 send 
statements to 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 think you owe, we may report 
you as delinquent.  However, if our explanation does not satisfy you 
and you write to us within ten days telling us that you still refuse to 
pay, 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. 

C.   SPECIAL RULE FOR CREDIT CARD PURCHASES

If you have a problem with the quality of property or services that 
you purchased with a 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 on this right: (a) 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  (b) The 
purchase price must have been more than $50.00.  The limitations 
do not apply if we own or operate the merchant, or if we mailed 
you the advertisement for the property or services.

7/09  M-98005 

Municipal Credit Union

SECURED VISA CARDHOLDER AGREEMENT
AND DISCLOSURE STATEMENT
RETAIL INSTALLMENT CREDIT AGREEMENT

1.  Deﬁnitions: In this Agreement the words “we”, “us” and “our” mean 
Municipal Credit Union, 22 Cortlandt Street, New York, New York 
10007.  The words “you”, “your” and “cardholder” mean anyone 
in whose name a VISA Card is issued.
Annual Percentage Rate: The cost of your credit as a yearly rate.
Finance Charge: The dollar amount the credit will cost you.
Security Interest: When you agree to back up an advance with 
something that is yours, you are giving a security interest to us.

2.  Purchases: Your Card can be used to buy or lease goods or buy 
services any place that honors VISA.  The debt that results from a 
Purchase will be transferred to us.

3.  Advances: Your Card can be used to obtain an advance (loan) at 
any of our branch ofﬁces, at any ﬁnancial institution which honors 
VISA  or  any  other  authorized  location.    If  you  have  received  a 
personal identiﬁcation number (PIN), you may use your Card and 
PIN to obtain advances at any ATM that accepts your Card.  Except 
as otherwise provided in this Agreement, such advances shall be 
treated as Cash Advances under this Agreement. 

4.  Convenience Checks: Upon request, and from time to time, we 
may send you convenience checks for use in borrowing under this 
Agreement.  All convenience checks you use will be treated as cash 
advances under this  Agreement unless we advise you otherwise. You 
may not use the convenience checks to make payments on any MCU 
credit card account.  You understand that if you use a convenience 
check to make a purchase and you have a dispute with that purchase, 
the dispute is not covered by the Billing Rights Summary below.  
You understand that the convenience checks will not be returned to 
you.

5.  Purchases Treated  as  Cash Advances:    We  consider  certain 
transactions to be the equivalent of cash advances, and we reserve 
the  right  to  treat  them  as  cash  advances  under  this Agreement. 
Those transactions include using the Card or Account to purchase 
wire transfer money orders, money orders that are not issued by a 
ﬁnancial institution or are not in U.S. currency, travelers checks, 
casino  gaming  chips,  lottery  tickets,  off-track  betting,  wagers  at 
racetracks, and tax payments. 

6.  Maximum Credit Limit: We will from time to time notify you of 
the maximum amount of credit which we will extend you under 

 
 
 
 
 
 
 
this Agreement.  A portion of your credit limit, called the cash 
advance  limit,  will  be  available  for  cash  advances.   We  may 
increase  or  decrease  the  credit  limit  or  cash  advance  limit  at 
anytime. The cash advance limit will be shown on your monthly 
statement. We will not be responsible for failing to extend credit 
to you under this Agreement.  You agree not to allow the balance 
on your account to go over the maximum credit limit established 
for your account.  We will not extend credit if:
•  The  extension  of  credit  would  cause  the  balance  of  your 
account to exceed your credit limit or if the balance of your 
account already exceeds your credit limit, or if the balance 
on your Cash Advances and/or Purchases Accounts already 
exceeds a credit limit, or  

•  Anything has happened that allows us to declare your ac-

count in default and therefore immediately due, or

•  Your Card has been canceled or suspended, or 
•  Your Card has expired.

If  we  do  extend  credit  under  any  of  the  conditions  above,  it 
will be covered by the terms and provisions of this Agreement. 
We may delay extending credit if you have previously sent us a 
payment check or other negotiable instrument which has been 
returned as unpaid for any reason.

7.   Monthly Billing Statement:  If you have a balance in your 
account, we will send you a monthly billing statement.  It will 
show  the  total  amount  of  your  Purchases  and  Cash Advance  
Accounts, the ﬁnance charge, the minimum payment due, and 
the date the payment is due. 

8a.  Finance  Charge  on  Purchases:   A  ﬁnance  charge  will  be 
imposed on each Purchase from the date the Purchase is posted 
to your account until the date it is paid in full, with the following 
exceptions: You may avoid ﬁnance charges on purchases during 
any billing period if: (1) the opening balance on Purchases during 
any billing period was zero (0); or (2) the total of payments and 
credits posted during the billing period equals or exceeds the 
opening balance for that billing period.

  We calculate the Finance Charge on Purchases by applying the 
periodic rate to the “average daily balance” of your Purchase 
Account (including current transactions).  To get the “average 
daily balance” we take the beginning balance of your Purchases 
Account  each  day,  add  any  new  Purchases  and  subtract  any 
payments or credits applied to Purchases that day, unpaid ﬁnance 
charges, late charges, overlimit fees and returned item fees.  This 
gives us the daily balance.  Then, we add up all the daily balances 
for the billing period and divide the total by the number of days 
in the billing period.  This gives us the “average daily balance” 
which is shown on your statement as the Finance Charge Balance 
for Purchases. Finally, we multiply the average daily balance by 
the daily periodic rate of .02986 percent (corresponding Annual 
Percentage Rate of 10.9%) and the number of days in the billing 
period. 

8b. Finance Charge on Advances: A ﬁnance charge will be imposed 
on each Cash Advance from the day the Cash Advance is obtained 
until the date it is paid in full.  We calculate the Finance Charge 
on  Cash Advances  by  adding  any Transaction  Fee  applied  to 
new Cash Advances to the amount determined by applying the 
periodic rate to the “average daily balance” of your Cash Advance 
Account (including current transactions).  To get the “average daily 
balance” we take the beginning balance of your Cash Advance 
Account each day, add any new Cash Advances, and subtract any 
payments or credits applied to Cash Advances that day, unpaid 
ﬁnance  charges,  late  charges,  overlimit  fees,  transaction  fees, 
and returned item fees.  This gives us the daily balance.  Then, 
we add up all the daily balances for the billing period and divide 
the total by the number of days in the billing period.  This gives 
us the “average daily balance” which is shown on your statement 
as the Finance Charge Balance for Cash Advances.  Finally, we 
multiply the average daily balance by the daily periodic rate of 
.04630%  (corresponding  Annual  Percentage  Rate  of  16.90%) 
and the number of days in the billing period. 

8c. Minimum Finance Charge: There will be a minimum Finance 
Charge of ﬁfty cents ($.50) for each billing period in which a 
ﬁnance charge is payable on your Purchases Account. 

8d.  Cash Advance Transaction  Fee:   You  will  pay  a  transaction 
fee (ﬁnance charge) each time you obtain a Cash Advance. The 
transaction fee will be 3% of the amount advanced but not less 
than $1.00 or more than $30.00.

9.   Returned Item Fee:  We will charge you a returned item fee of 
$20.00 whenever your payment is returned to us for insufﬁcient 
funds or any other reason.

10.  Late  Charges: You  pay  a  late  charge  of  $25.00  any  time  a 
minimum  payment  remains  unpaid  for  more  than  one  billing 
period.  

11. Overlimit Fees: You will pay an overlimit fee of $20.00 if the 
principal  balance  of  Purchases  and  Cash Advances  exceeds 
your established credit limit on the closing date of your billing 
period.

12. Payment:  You promise to pay us all the amounts borrowed under 
this Agreement and any other amounts which you may owe us 
pursuant to this Agreement.

  At  any  time  and  without  penalty,  you  may  repay  all  or 
part of what you owe.  You must, however, make at least the 
minimum payment each month.  This minimum payment will 
be the total of: (1) the greater of [a] 1/60th of the outstanding 
principal Cash Advances and Purchases, or [b] $5.00, or the 
balance  due,  whatever  is  less;  plus  (2)  currently  calculated 
ﬁnance  charges,  cash  advance  transaction  fees,  other  fees 
and charges incurred during the billing period, and insurance 
premium  charges;  plus  (3)  any  minimum  payment  amount 
which is past due;  plus (4) any amount in excess of your credit 
limit.

Paying more than the minimum payment for your account for 
any billing period will not relieve you of the obligation to pay 
any further minimum payment for your account.

13.  Payment Allocation: Your  payment  will  be  applied  in  the 
following  order  to  any  of  these  costs  you  owe:  (1)  collection 
costs, (2) fees and other card charges, (3) late charges, ﬁnance 
charges  and  insurance  premiums  in  manner  and  order  Credit 
Union elects, (4) unpaid principal balance of accrued Purchases 
and Cash Advances.

14.  SECURITY  INTEREST:  IN  CONSIDERATION  OF  US 
ISSUING YOU THIS  CARD, YOU  HEREBY  PLEDGE, 
GRANT AND ASSIGN TO US A SECURITY INTEREST 
IN THE  INSURED  SHARE  CERTIFICATE ACCOUNT 
YOU OPENED IN CONNECTION WITH THIS SECURED 
CREDIT  CARD ACCOUNT AND  IN ALL  RENWALS, 
ADDITIONS AND PROCEEDS THERETO. YOU AGREE 
THAT THIS ASSIGNMENT AND SECURITY INTEREST 
INCLUDES AND  GIVES  US THE  EXCLUSIVE  RIGHT 
TO  REDEEM,  COLLECT AND WITHDRAW  FROM 
SUCH  SHARE  CERTIFICATE ACCOUNT ANY  PART 
OR THE FULL AMOUNT YOU OWE US PURSUANT TO 
THIS AGREEMENT.

15. Insurance:  Credit life insurance and/or credit disability insurance 
may be made available to you by the Credit Union.  Insurance 
coverage is not required by us as a condition for the extension 
of  credit.    If  you  should  elect  and  qualify  for  the  same,  the 
coverage will be up to the minimum amount of credit extended 
to you.  If you die, the insurance proceeds will be used to pay off 
your outstanding debt on the account.  If you wish to have this 
coverage, you will give us a dated and signed written statement 
that you desire to obtain insurance coverage before we make it 
available.  A certiﬁcate describing the coverage will be mailed 
to you 30 days after coverage begins.  The premiums for this 
insurance will be due monthly and will be added to your minimum 
payment each billing period.

16. Default:  You will be in default if you fail to make a minimum 
payment  when  due.   You  will  be  in  default  if  you  break  any 
promise  you  made  under  this Agreement,  or  under  any  other 
written  agreement  made  in  connection  with  use  of  the  card.  
You  will  also  be  in  default  if  you  become  insolvent,  declare 
bankruptcy or die.  When you are in default, the Credit Union 
may demand immediate payment of the entire amount you owe 
under this Agreement without giving you advance notice.
  Also,  we  may  prohibit  any  further  transactions  on  your 
Account, cancel the Cards, and revoke any privileges attaching 
to the Cards.  You agree to surrender all Cards to us or our 
designee upon demand.  If you default, we, at our option, may 
refuse to pay any of your convenience checks that are presented 
to us.  If we decide to honor such checks, you will owe us the 
amount of such checks under the terms of this Agreement.

17. No Notice or Loss of Rights:  We do not have to notify you if 
any amount owing under this Agreement is not paid by the day it 
becomes due.  We can do any of the following without notifying 
you or losing any right against you:
a.  accept a check or money order marked “paid in full” or with 
similar language, as a payment under this Agreement, or
b.   give additional time for payment of any amount owing under 
this Agreement, regardless of the length of any additional time 
we previously gave, or

c.  exercise, give up, fail to exercise or delay exercising any right 

against any person.

18. Collection Costs: If you are in default, you agree to pay actual 
costs of collection.  This may include reasonable attorney fees not 
to exceed 20% of the amount due.

19. Amendment: We can change the terms of this Agreement, including 
the ﬁnance charge, and the annual percentage rate, at any time.  
Except where limited by applicable law, the new terms will apply 
both to new purchases and cash advances and to the full outstanding 
balance of your account as of the day of the change.  In accordance 
with applicable law, we will notify you of any increased charge 
or change by writing to you at the most recent address shown for 
you on our records.

20.  Statement,  Notices  and  Change  of Address:  Any  statement 
for your account or any notice concerning your account or this 
Agreement  we  send  you  will  be  sent  to  your  current  mailing 
address  as  shown  in  our  records  concerning  your  account.   We 
can send it by regular mail.  If your mailing address changes, you 
must promptly notify us in writing, of the new address.  Any notice 
you send us must be sent to: PCSU-MCU, P.O. Box 31112, Tampa, 
Florida 33631-3112.

21. No Assignment or Transfer: You cannot assign or transfer your 
rights under this Agreement.  Any assignment or transfer by you 
will be ineffective.

22. VISA Cards: The VISA Secured Card is a part of this Agreement 
and must be signed immediately after you have received it.  Each 
VISA Secured Card issued for use with your account is and will 
remain our property and must be returned to us if requested to do 
so.  We or anyone acting for us can keep the MCU VISA Secured 
Card if it is used after your account has been canceled or after we 
have requested you to return it to us.

23.  Continued  Effectiveness:  If  any  part  of  this  agreement  is 
determined by a court to be invalid, the rest will remain in effect.
24. Additional Cardholders, Authorized Users, and Others Using 
Your Account: You may authorize others to use your Account.  
At your request, we may issue one additional Card to you.  This 
additional Card must be issued with the individual name of the 
authorized user embossed thereon.  You promise to pay for all 
purchases and cash advances made by anyone you authorize to 
use your Account with or without a Card, whether or not you 
notify us that he or she will be using the Account and whether