us that he or she will be using the Account and whether 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.

24.  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.

25. 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 Gold 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.  
26.  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.

27.  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.

28. 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.

29. 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

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

illegal transaction.

31. 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-98008 

Municipal Credit Union

VISA GOLD 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 Gold 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.
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.  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 
 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 for that 
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 and the number of days in the billing period. 

  The daily periodic rate and corresponding Annual Percentage Rate 
may vary (increase or decrease) quarterly based upon the movement 
in the highest prime rate as published by the Wall Street Journal  
on March 15th, June 15th, September 15th, and December 15th of 
each year (“index date”). If the Wall Street Journal is not published 

on  any  of  these  dates,  the  index  will  be  the  highest  prime  rate 
published on the ﬁrst publication date immediately following the 
index date. To obtain the Annual Percentage Rate we add 6.9% to 
the published index. To obtain the daily periodic rate we divide the 
Annual Percentage Rate by 365.  A change in the daily periodic rate 
and corresponding Annual Percentage Rate resulting from a change 
in the index on the index dates stated above will be effective as of 
the billing date indicated on your April, July, October and January 
monthly billing statements respectively. An increase in the Annual 
Percentage Rate may result in an increase in the amount of your 
minimum payment. 

8b. Finance Charge on Cash 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 
.04904%  (corresponding  Annual  Percentage  Rate  of  17.90%) 
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 $2.00 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  Fee:  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. 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 out-
standing 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.

15. 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.

16. 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.

17. 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.

18. 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.

19.  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: PSCU-MCU, P.O. Box 31112, 
Tampa, Florida 33631-3112.

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

21. VISA Cards: The VISA Gold Card is a part of this Agreement 
and must be signed immediately after you have received it.  Each 
VISA  Gold  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 VISA Gold Card if 
it is used after your account has been canceled or after we have 
requested you to return it to us.

22.  Continued  Effectiveness:  If  any  part  of  this Agreement  is 
determined  by  a  court  to  be  invalid,  the  rest  will  remain  in 
effect.

23. 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