11.  Finance Charges on Account Balance

A FINANCE CHARGE computed on a monthly periodic rate (“MPR”) 
will  begin  to  accrue  for  new  Purchases,  if  you  do  not  pay  the  New  
Balance  in  full  within  25  days  after  the  billing  date  of  the  statement  on 
which the new Purchases first appear. A FINANCE CHARGE computed 
on a monthly periodic rate (“MPR”) will begin to accrue on the transaction 
date  of  Cash Advance(s)  or  Purchases  (except  as  provided  above),  or 
the first day of the billing cycle, whichever is later, and will continue to be 
imposed until you have paid any outstanding balance in full. The Credit 
Union calculates the FINANCE CHARGE as follows:

a.  The  FINANCE  CHARGE  will  be  figured  by  applying  the  monthly 
periodic rate of your Account, indicated in the following schedule, to the  
average  daily  balance  of  Purchases  and  Cash Advances.  The  monthly  
periodic  rate  and  ANNUAL  PERCENTAGE  RATE  (APR)  to  be  used  is  
determined by the Account applied for or approved by us pursuant to the 
terms of your application.

APR 
MPR 

7.85% 
.654% 

8.85% 
.738% 

11.85% 
.988% 

13.85% 
1.15% 

15.90% 
1.33% 

The  APR  and  MPR  are  variable  and  are  based  on  individual  
creditworthiness and our underwriting standards. Your actual rate will be 
set forth in your monthly statements.

You may consult with one of our loan officers regarding the category  
assigned after evaluation of a completed application for our Credit Card. 
Your APR will be set forth in each monthly statement.

b.  To get the total average daily balance on your Account, we take the 
beginning balance of your Account each day, add any new Purchases and 
Cash Advances, unpaid Finance Charges, current late payment fees, any 
annual  fee,  if  applicable,  and  other  fees,  and  subtract  any  payments  or 
credits. This is your daily balance. Then we add up all the daily balances 
for  the  billing  cycle  and  divide  their  total  by  the  number  of  days  in  the  
billing cycle. This gives you the average daily balance. This determines the 
balance subject to the FINANCE CHARGE.

The  Credit  Union,  in  its  sole  discretion,  may  change  the  Monthly  
Periodic Rate and ANNUAL PERCENTAGE RATE from time to time.  Any 
change in the Finance Charge shall apply both to the outstanding balance 
and any new Purchase and Cash Advances.  If the current effective rates 
are different, they are disclosed on an enclosed/attached insert.

12.  Promotional Finance Charges

From time to time and in our sole discretion we may offer a special 
rate  applicable  to  certain  transactions  such  as  particular  purchases  (as 
defined by us), balance transfers or cash advances.  Applicable terms and 
conditions will be disclosed at the time any such promotion is offered, and 
are incorporated into this Agreement by reference. The promotional rate 
will apply only to the transactions and for the period of time set forth in any 
such offer from us. Existing balances and new purchases or advances not 
expressly subject to any such promotion will remain governed by the terms 
and conditions of this Agreement. In addition, the terms and conditions of 
this Agreement will govern your obligations regarding any unpaid balance 
or transactions that are made subject to any such promotional offer, that 
are not fully paid within the time period set forth in such promotional offer.

13.  Interest Rate Adjustment (Default Rate) 

Founders  Federal  Credit  Union  will  adjust  the  interest  rate  on  your 
Account  whenever  your Account  is  three  Minimum  Payments  past  due. 
We  will  change  the  interest  rate  to  a  variable  rate  of  17.9%  ANNUAL  
PERCENTAGE RATE, which is a monthly periodic rate of 1.49% on the 
first  day  of  the  billing  cycle  following  the  cycle  that  was  three  Minimum 
Payments Past Due. After six consecutive billing cycles of your Account 
being paid pursuant to the terms of your agreements with the Credit Union, 
we will change the interest rate to the rate that is then applicable to your 
Account, which will become effective on the first day of the billing cycle 
following the sixth consecutive billing cycle. 

14.  Monthly Statement
  We  will  send  you  a  monthly  billing  statement  whenever  there  is  
activity  on  your Account.  Your  monthly  statement  will  show  an  itemized 
list of current charges (Purchases and Cash Advances) to your Account, 
your new balance, any Finance Charges, the Minimum Payment Due, and 
the Payment Due Date. In addition, it will show your current Credit Limit,  
Payments,  and  Credits,  a  summary  showing  your  Purchases  and  Cash 
Advances,  the  merchant,  electronic  terminal  or  financial  institution  at 

which  transactions  were  made,  as  well  as  other  information  concerning  
your  Account.  Sales,  Cash  Advance,  credit  or  other  slips  cannot  be  
returned with any statement. You will retain a copy of such slip furnished 
at the time of the transaction in order to verify your monthly statement.

eStatements:  If provided electronically, you will be sent a notice via 
email that will direct you to a site we maintain or cause to be maintained 
where you may access, review, print and otherwise copy/download your 
periodic statements using procedures that we authorize. Emails from us 
will be sent to the email address provided by any owner.

15.  Merchant Disputes/ATM 

The Credit Union is not responsible for the refusal of any merchant or 
financial institution to honor your Card except as set forth in the Special 
Rules for Credit Card Purchases set forth at the end of this Agreement. 

16.  Skip Payment Option

At our option, we may offer you the opportunity to not make (“skip”) 
a  minimum  payment  during  certain  designated  billing  cycles  (“skip  
payment period”).  If you do not make your minimum payments as provided 
in this Agreement, during such designated billing cycles, you understand 
that we will continue to apply finance charges to your Account. Beginning 
with the billing cycle following an allowed skip payment period, all other 
provisions of this Agreement will apply.  We have no obligation to accept  
your application for any skip payment period offered, and you authorize 
us  to  investigate  your  creditworthiness  including  obtaining  consumer 
credit reports. We may charge you an application processing fee of up to 
$35 for each skip payment period that we may offer to cover our costs of  
investigating your qualifications for this extension including but not limited 
to the costs associated with researching your creditworthiness.

17.  Late Payment Fee

Credit  Union  will  charge  your  Account  a  late  payment  fee  of  up 
to  $32  for  each  billing  period  in  which  your  minimum  payment  is  not  
received  by  the  statement  closing  date.  This  fee  will  be  added  to  your  
Account Balance.

18.	 Returned	Payment	or	Insufficient	Funds	Fee

Credit  Union  will  charge  your  Account  up  to  a  $32  fee  if  your  
payment by any method, including check, electronic transfer, home banking  
transaction  or  otherwise,  is  not  honored,  collected  by  us,  or  if  we  must 
return it to you because it cannot be processed for any reason. This fee 
may be added to your Account balance, or collected from you on demand.

19.  Charge for Copies and Research

If you ask for a copy of any document, such as a sales slip or billing 
statement, a charge of $20 per hour may be imposed for the time it takes 
to research and locate the document. In addition, a copying fee of $2 per 
copy will be imposed. However, no charge will be imposed in connection 
with any actual or asserted billing error. 

20.  Your Responsibility and Liability for Unauthorized Use and Lost 
or Stolen Cards

If  your  Card  is  lost  or  stolen,  or  if  you  believe  someone  used  it  
without  your  permission,  you  must  notify  the  Credit  Union  at  once  by 
calling 1-800-845-1614, or providing written notice to: Founders Federal 
Credit  Union,  737  Plantation  Road,  Lancaster,  South  Carolina  29720.  If 
notice  is  given  orally,  you  will  promptly  confirm  it  in  writing.  The  Credit 
Union may require you to provide us certain information in writing to help 
us  investigate  any  unauthorized  use.  Further,  you  agree  to  cooperate 
and assist us or any government or law enforcement agent or agency in  
investigating,  collecting  or  pursuing  any  other  rights  (civil  and  criminal) 
relating  to  any  unauthorized  use.  In  this  regard,  you  agree  to  file  an  
appropriate police report when asked to do so. Do not use the Card after 
you  have  notified  the  Credit  Union,  even  if  you  find  them  or  have  them 
returned to you.

for  non-ATM 

You  are  liable  for  all  transactions  that  you  authorize.  No  Liability:  
You  will  have  no  liability  for  unauthorized  use  of  your  Card    or  other  
Access  Devices 
the  “Visa  
Network”  if  the  following  conditions  are  met:  (1)  You  have  not  been  
negligent;  and  (2) You  have  not  committed,  participated  in  or  conspired 
to commit any fraudulent act or scheme involving the use of your Credit  
Card  Account.  Limited  Liability:  For  transactions  on  other  networks 
or  ATM transactions,  you  may  be  liable  for  unauthorized  transactions  
using  your  Card  or  other  Access  Devices  that  occur  before  we  are  

transactions  made  over 

notified.  However,  your  liability  for  unauthorized  use  on  networks  other  
than  Visa  will  not  exceed  $50.  In  any  case,  you  will  not  be  liable  for  any  
unauthorized use after notifying us of the loss, theft or unauthorized use of your 
Card or other Access Devices.

21.  Default

You  will  be  in  default  if:  (a)  you  fail  to  pay  the  Minimum  Payment  Due 
by  the  Payment  Due  Date;  (b)  the  Credit  Union,  in  its  sole  discretion,  feels  
insecure (For example: Our good faith belief that your ability to pay your acount 
is impaired; use of your Account in any manner or in any way that may expose 
the  Credit  Union  to  a  risk  of  loss;  etc);  (c)  your  ability  to  repay  is  materially  
reduced by a change in your employment, by an increase in your obligations, 
by bankruptcy or insolvency proceedings involving you, by your death, or (for  
community  property  state  residents  only)  by  a  change  in  marital  status  or  
domicile; (d) you exceed your Credit Limit without our permission; (e) you have 
made a false or misleading statement to us in your application or otherwise; (f) 
you are in default under any other agreement with us; (g) if you use or authorize 
the use of any Card(s) to make or facilitate any illegal transaction; or (h) you fail 
to perform any of your other obligations under the terms of this Agreement as it 
may be amended. Upon default we may close your Account to future purchases 
and  advances  and,  to  the  extent  not  prohibited  by  Governing  Law,  demand  
immediate payment of your entire Account balance, after giving you any notice 
and  opportunity  to  cure  the  default  if  required  by  applicable  law.  The  Credit 
Union’s  sole  obligation  hereunder  with  regard  to  determining  and  declaring 
an  event  of  default  is  the  exercise  of  “good  faith,”  based  on  its  subjective  
understanding of applicable facts and law. We shall also have the right to close 
your Account and terminate access privileges where your Account is inactive for 
such periods of time as we may from time-to-time determine to be appropriate 
for protecting both our and your interests.

22.  Collection Costs

You  agree  to  pay  all  costs  incurred  by  the  Credit  Union  in  collecting 
any  amounts  you  owe  or  in  enforcing  or  protecting  the  Credit  Union’s  rights  
under this Agreement, including attorneys’ fees of 20% of the unpaid balance or 
such greater sum as may be reasonable, and also those costs, expenses and  
attorneys’  fees  incurred  in  any  appellate,  bankruptcy  and  post-judgment  
proceedings, except as limited or prohibited by applicable law.

23.  Updating and Disclosing Financial Information
  We may report your performance under this Agreement to credit reporting  
agencies  and  secure  follow-up  credit  reports  on  you  for  any  legitimate  
business  reason,  including  if  you  fail  to  make  your  minimum  payments  on 
time. We can reinvestigate and reevaluate any information you provide on your 
Credit  Card  application  at  any  time,  and  in  the  course  of  doing  so,  we  may 
ask you to provide additional information, request credit bureau reports and/or  
otherwise verify your current credit standing. Access to Account Information: You 
agree that all borrowers and authorized users will have access to information  
regarding transactions on your Account, including but not limited to Purchases 
and Cash Advances, Account Balances, Account History, Payments and other  
information relating to or arising with regard to this Account or any transaction.

24.  Correcting the Credit Union’s Credit Report

If you think the Credit Union reported erroneous information about you to 
a credit reporting agency, call the Credit Union at the telephone number listed 
on  your  monthly  billing  statement.  Credit  Union  will  promptly  investigate  the 
matter.  Credit  Union  will  contact  each  credit  reporting  agency  whose  records 
may reflect an error. Credit Union will require them to correct your report if its 
investigation decides that you were correct. If Credit Union disagrees with you 
after the investigation, Credit Union will advise you, in writing or by phone, and 
instruct you how to submit to those agencies a statement of your position that 
will become a part of your credit record with them. The instructions will include 
the name, address, and phone number of each such agency, along with other  
pertinent information.

25.  Closing Your Account

Any  individual  cardholder  without  the  consent  of  other  cardholders, 
may  close  your Account  at  any  time  by  notifying  the  Credit  Union  in  writing. 
Credit Union may close your Account or suspend your Card privileges at any 
time  without  prior  notice.  Credit  Union  may  also  reissue  a  different  Card  or  
different checks at any time. You must return the Card to the Credit Union upon 
request. You agree that the Card remains the property of Credit Union. Each 
Card we issue will have an expiration date. Upon expiration of your Card your 
Account will automatically terminate; or the Credit Union, in its sole discretion, 
may extend your Agreement and issue a new Card with a new expiration date. 

If your Account is closed, expires or your credit privileges are terminated or 
suspended, you will remain responsible for paying all amounts you owe us 
according to the terms of this Agreement. Without limiting the foregoing, the 
Credit Union has the right to terminate your Line of Credit or any part of the 
services provided persuant to this Agreement and to demand the return of 
all Cards, Access Checks and other access devices if the Credit Union, in its 
sole discretion, feels that it is insecure for any reason whatsoever; including 
but not limited to mismanagement of your Account, failing to safeguard any 
access device, creation of any credit balances by you that may increase the 
risk of loss or exposure of the Credit Union or failing to cooperate with the 
Credit Union or others with regard to any claim of unauthorized use or any 
other defense to payment under applicable law.

26.  Changing This Agreement

The Credit Union may change the terms of this Agreement, including the 
Annual Percentage Rate, at any time. Except where limited by applicable law, 
the new terms, including, but not limited to, increasing the finance charge or 
the way the Credit Union calculates finance charges, late charges, and the  
Minimum Payment Due, will apply both to new purchases and cash advances  
and to the existing outstanding balance of your Account as of the day of the 
change. In accordance with applicable law, the Credit Union will notify you of 
any increased charge or change by writing to you at the most recent address 
shown for you on the Credit Union’s records.

27.  Delay in Enforcement/Waivers

The  Credit  Union  may  delay  or  waive  enforcement  of  any  of  the  
provisions  of  this  Agreement,  including  any  agreement  to  make  timely  
payments, without losing its right to enforce the same provision later or any 
other  provisions  of  this  Agreement.  You  waive  the  right  to  receive  notice 
of  any  waiver  or  delay  or  presentment,  demand,  protest  or  dishonor.  You 
also  waive  any  applicable  statute  of  limitations  to  the  full  extent  permitted 
by law and any right you may otherwise have to require the Credit Union to  
proceed against any person before suing you to collect. You understand that 
the Credit Union will not be liable for a merchant’s or other parties’ refusal to 
honor your Card whether due to an error by the Credit Union, the merchant, 
the Credit Union’s authorized agent, or other third party.

28.  Change of Name, Address or Employment

You will notify immediately the Credit Union in writing if your name, home 

address, or employment changes.

29.  Additional Terms of Credit Card Agreement

To the extent not prohibited by applicable law, the terms, interpretation  
and enforcement of any claim or dispute arising under this Agreement, as 
well  as  all  parties’  rights  and  duties,  will  be  governed  by  South  Carolina  
law  regardless  where  you  may  reside  or  use  your  Account.  Further, 
this  Agreement  is  the  contract  which  governs  all  transactions  on  your  
Account even though Sales, Cash Advances, Credit or other slips may contain  
different terms. You may not transfer or assign your Account or Card to any 
other  person.  The  Credit  Union  may  assign  or  transfer  this Account,  your 
Account  balance,  or  this  Agreement  to  another  person,  who  will  have  all 
of our rights hereunder. This Agreement is binding on your heirs and legal  
representatives. If there are joint obligors or authorized users for this credit  
plan, each of you will have the right to use the Account to obtain loans pursuant  
to the terms hereof. Any one obligor’s elections, transactions and directions 
to  the  Credit  Union  shall  be  binding  upon  all  obligors.  Each  of  you  will  be  
liable for all obligations owing on the Account whether borrowed by you or  
otherwise and whether within or beyond the Credit Limit. Your liability will be 
joint and several. Either party has the right to cancel this Agreement. Further 
each of you are responsible for all amounts borrowed by any authorized user(s). 
Authorized users and other users may also be required to repay the amount 
owed  for  charges  they  make;  however,  you  remain,  at  all  times,  primarily  
responsible for all amounts owed. All Cards, billing statements and notices will 
be mailed or delivered to the address given on the application for either applicant  
unless you direct otherwise in writing. If any law or judicial ruling makes any 
provision of this Agreement unenforceable, the other provisions will remain 
in full force and effect. You agree that your Account will also be subject to 
all rules and regulations of  Visa U.S.A., Inc. as applicable. If there is any  
conflict between this Agreement and the rules and regulations of Visa U.S.A., 
Inc. the rules and regulations of Visa U.S.A., Inc. will control.

30.  Convenient Payment Option

If  you  requested  the  Convenient  Payment  Option  in  your  Application,  
all  Minimum  Payments  Due  will  automatically  be  deducted  from  your  

designated  Checking  or  Savings  Account  on  your  Payment  Due  Date.  If 
your  designated  Account  does  not  contain  sufficient  funds,  no  automatic  
deduction will be made; we will bill you for the Minimum Payment Due; and 
your Account will be charged up to a $32 insufficient funds fee and you will be 
responsible for making the payment by some other means.

31. Insurance 

If you elect insurance, as set forth in your application, then the charges  
will be added to your Account balance on each billing cycle, if your designated  
insurance  application  is  approved.  Credit  insurance  is  voluntary  and  not  
required  to  obtain  a  Credit  Card  Account  with  us.  You  have  a  right  to  
terminate this insurance at anytime by notifying us in writing.

32.  Compliance  with  Applicable  Laws  and  Prohibition  of  Illegal  
Transactions

You warrant and agree that you will at all times comply with all Applicable 
Laws; and that your card and services are at all times subject to Applicable 
Laws. Further, you warrant and agree that  your Credit Card, other access 
device  or  any  related  Account  will  not  be  used  to  make  or  facilitate  any  
illegal  transaction(s)  as  determined  by  applicable  law;  and  that  any  such 
use,  including  any  such  authorized  use,  will  constitute  an  event  of  default 
under  this  Agreement.  Certain  federal  and/or  state  laws  or  Card  Service  
Providers’ Rules may limit or prohibit certain transactions such as (but not  
limited to) those coded as possible gambling transactions. The Credit Union  
may decline to accept, process or pay any transaction that we believe to be  
illegal  or  unenforceable  (regarding  your  obligation  to  pay  us  or  otherwise) 
under  applicable  law;  or  which  is  otherwise  limited  or  prohibited,  including 
but not limited to any transaction involving or relating to any gambling activity. 
Such prohibition or limitations may affect some otherwise proper or allowable 
transactions such as charges incurred at a hotel-casino. You understand and 
agree such limitations/prohibitions are not within the Credit Union’s control 
and that the Credit Union will not have any liability, responsibility or culpability  
whatsoever  for  any  such  use  by  you  or  any  authorized  user(s);  or  for  
declining to accept, process, or pay any such transaction. You further agree 
to  indemnify  and  hold  the  Credit  Union  harmless  from  any  suits,  liability,  
damages or adverse action of any kind that results directly or indirectly from 
any such use of your Account and/or access devices.

33.  “Electronic  Signature”  Disclosure,  Communications,  Statements, 
Agreements and Notices

You specifically agree that the Credit Union may provide all disclosure,  
statements,  agreements,  notices,  amendments,  revisions  and  other  
documents electronically. For instance, if you apply for any service on our 
Website,  all  agreements  and  disclosures  will  be  made  available  to  you  
electronically. You  will  be  able  to  download  and/or  print  these  disclosures, 
statements,  agreements  and  notices  through  an  appropriate  electronic  
terminal and/or printer. You should review all such disclosures, statements, 
agreements  and  notices,  and  keep  them  in  a  safe  and  convenient  place. 
You consent and agree that your use of a key pad, mouse or other device 
to select an item, button, icon or similar act/action while using any electronic 
service we offer; or in accessing or making any transactions regarding any  
agreement,  acknowledgment,  consent,  terms,  disclosures  or  conditions  
constitutes your signature, acceptance and agreement as if actually signed 
by you in writing. Further, you agree that no certification authority or other 
third party verification is necessary to the validity of your electronic signature; 
and  that  the  lack  of  such  certification  or  third  party  verification  will  not  in 
any way affect the enforceability of your signature or any resulting contract  
between you and the Credit Union.

You  agree  that  we  have  no  obligation,  liability  or  responsibility  
to  respond,  act  upon,  or  follow  any  instruction  to  us  that  is  received  
electronically, by email or otherwise, unless we are able to authenticate  
the communication to our satisfaction. You further agree that the Credit 
Union has no obligation or liability for acting upon any such instruction that 
it in good faith believes to be authentic. You further acknowledge and agree 
that the Internet is inherently insecure; and agree that we have no liability or 
responsibility for any loss, claim or damages that arises or in any way relates 
to our response(s) to any email or other electronic communication which we 
believe you have submitted to us.

34. Recording Conversations

You understand and agree that for our mutual protection we may monitor 

and record any of our telephone conversations.

35. Visa Account Updater (VAU)

VAU  is  an  account  updating  service  in  which  your  card  is  automatically  
enrolled.  When  your  card(s)  expire,  are  lost  or  stolen  and  new  cards  are 
issued,  the  service  may  update  relevant  card  data  (card  numbers  and  
expiration  dates)  to  appropriate  merchants  who  participate  in  an  effort  to  
facilitate  uninterrupted  processing  of  your  recurring  charges.  This  service  
provides updates to a Visa database only. The database is accessed by those 
qualified merchants seeking your account information after you have requested 
they process a recurring payment or payments. This service is provided as a 
free benefit to you. If at any time you wish to opt-out of the VAU service or if you 
have any questions, please call 1-800-845-1614 to do so.

36.  Member Communication

By providing a telephone number(s) to us now or anytime at a later date, 
you  authorize  us  or  our  affiliates  and  designees  to  contact  you  regarding  
suspicious activity at such number using any means, including but not limited to 
text messages and pre-recorded voice calls, even if charges may be incurred for 
the calls or text messages by your wireless carrier. Carriers are not responsible  
for undelivered messages.

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 OF ERRORS OR QUESTIONS ABOUT YOUR BILL.

If  you  think  your  bill  is  wrong,  or  if  you  need  more  information  about  a  
transaction on your bill, write us (on a separate sheet) at the address listed on 
your bill. Write to us as soon as possible. We must hear from you no later than 
60 days after we sent you the first bill 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 your Credit Card bill automatically from your 
Savings or Checking 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.

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 bill 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 bill that 
are not in question.

If  we  find  that  we  made  a  mistake  on  your  bill,  you  will  not  have  to  pay 
any  finance  charges  related  to  the  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 us within 25 days 
telling us that you still refuse to pay, we must tell anyone we report you to that 
you have a question about your bill 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 bill was correct.

SPECIAL RULES FOR CREDIT CARD PURCHASES

If  you  have  a  problem  with  the  quality  of  property  or  services  that  you  
purchase  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;

(b) The purchase price must have been more than $50.
These limitations do not apply if we own or operate the merchant, or if we 
mailed you the advertisement for the property or services. Further, the Credit 
Union has no liability for any tort or related claims arising from such purchases.

State Law Disclosures

Notice  to  New  York  and  Vermont  Residents:    We  may  obtain  your  credit  reports  at 
any time for any legitimate purpose associated with the Account, and application or a 
request for an Account including but not limited to reviewing, modifying and collecting 
on your Account. On your request we will inform you if such a report was ordered. If 
so, you will then be given the name and address of the consumer reporting agency  
furnishing  the  report.  New  York  residents  may  contact  the  New  York  State  
Department of Financial Services by telephone (1-877-226-5697) or by visiting their 
website at https://www.dfs.ny.gov/consumers/banking_money for a comparative list of 
credit card rates, fees and grace periods. 

Notice to Ohio Residents:  Ohio laws against discrimination require that all creditors 
make credit equally available to all creditworthy customers, and that credit reporting 
agencies maintain separate credit histories on each individual upon request. The Ohio 
Civil Rights Commission administers compliance with this law.

Notice to Married Wisconsin Residents:  No agreement, individual statement, or court 
order, applying to marital property will adversely affect the creditor’s interest unless the 
creditor, prior to the time credit is extended, is furnished with a copy of the agreement,  
statement,  or  order,  or  has  actual  knowledge  to  the  adverse  provision  when  the  
obligation to the creditor has occurred.

Notice to California Residents:  Regardless of your marital status, you may apply for 
credit in your name alone. After credit approval, you may use the Credit Card Account 
up to its credit limit. You will be liable for payment of all amounts extended under the 
plan  to  you,  any  joint  applicant  or  authorized  user.  Further,  a  negative  credit  report 
reflecting your credit record may be submitted to a credit reporting agency if you fail to 
perform the terms of your credit obligations.

Visa Preferred No Frills
Agreement and 
Disclosure Statement

Federally insured by NCUA.

Form 4367

M-132107

M-132107

 
 
 
   
 
                                     
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Security For Advances and Purchases: The Credit Union will acquire a 
security interest in the property purchased with your Credit Card; and 
collateral securing other loans with us may also secure this Account. 
Also,  you  are  giving  us  a  security  interest  in  your  shares  and  other  
deposits  in  the  Credit  Union.  This  information  was  accurate  as  of  the  
printing August 1, 2020 and after that date is subject to change. For changes 
since  printing,  call  Founders  Federal  Credit  Union  at  1-800-845-1614  or 
write us at: Founders Federal Credit Union, 737 Plantation Road, Lancaster, 
South Carolina 29720.

AGREEMENT AND DISCLOSURE

This  is  your  Agreement  and  Disclosure  Statement  with  Founders  
Federal Credit Union. Please read it carefully and keep it for your records. It 
supersedes all prior agreements and disclosure statements relating to your 
Account. You do not have to sign this Agreement. Your agreement to all of 
these provisions, as amended from time to time including the Card issued by 
us, will be shown by your application for the Card, your acceptance of the 
Card, or your use of the Card, whichever occurs first.

MILITARY LENDING ACT NOTICE

Federal  law  provides  important  protections  to  members  of  the Armed 
Forces  and  their  dependents  relating  to  extensions  of  consumer  credit. 
In  general,  the  cost  of  consumer  credit  to  a  member  of  the Armed  Forces 
and his or her dependent may not exceed an annual percentage rate of 36  
percent.  This  rate  must  include,  as  applicable  to  the  credit  transaction  or  
account:  the  costs  associated  with  credit  insurance  premiums;  fees  for  
ancillary  products  sold  in  connection  with  the  credit  transaction;  any  
application  fee  charged  (other  than  certain  application  fees  for  specified 
credit  transactions  or  accounts);  and  any  participation  fee  charged  (other 
than  certain  participation  fees  for  a  credit  card  account).  To  receive  this  
information and a description of your payment obligation verbally, please call 
1-800-845-1614 during our normal business hours.

1.	 Definitions

In  this  Agreement,  the  word  “Card”  means  either  one  or  more  Visa  
Credit  Cards  and  any  duplicates,  renewals  or  substitutions  we  issue.  The 
words,  “you,”  “your,”  and  “yours”  mean  all  Cardholders  (borrowers  and  
co-borrowers); anyone any cardholder permits to use the Card(s); as well as 
any authorized user for whom an additional Card(s) is issued to the extent of 
their purchases and cash advances, as well as transactions by anyone they 
permit  to  use  the  Card(s).  The  word  “cardholder”  means  any  applicant  or  
co-applicant to whom a Card is issued by us. The words “Credit Union,” “we,” 
“us,” and “our” mean Founders Federal Credit Union. “Applicable Law” shall 
include: “(i) Visa U.S.A. Inc. Bylaws, Visa U.S.A. Inc. Operating Regulations, 
Visa U.S.A. Inc. Certificate of Incorporation, Visa International Bylaws, and 
Visa International Operating Regulations; and (ii) any and all laws, treaties, 
rules,  regulations,  or  regulatory  guidance  of  the  government  of  the  United 
States,  and  any  state  thereof,  or  of  any  applicable  foreign  government  or 
state thereof, as the same may be amended and in effect from time to time.

2.  Pledge of Shares and Security Interest

  By  signing  an  application,  acceptance  or  authorized  use  of  any  
Credit Cards, you grant and pledge a consensual lien to us on all shares on  
deposit	as	defined	by	your	membership	agreement	to	secure	payment	
of your obligations on this account. In addition, you acknowledge our  
statutory  lien  rights  under  the  Federal  Credit  Union  Act;  you  agree 
that  such  a  lien  is  impressed  as  of  the  date  that  this  account  is 
opened; and you agree that we can apply the shares pledged at the 
time  of  any  default  on  this  account  without  further  notice.  “Shares” 
for  the  purpose  of  your  pledge  to  secure  your  obligations  to  the 
Credit  Union  means  all  deposits  in  any  share  savings,  share  draft, 
club,	 certificate,	 P.O.D.,	 revocable	 trust	 or	 custodial	 account(s),	
whether  jointly  or  individually  held  –  regardless  of  contributions, 
that  you  have  on  deposit  now  or  in  the  future.  Your  pledge  does 
not  include  any  I.R.A.,  Keough,  tax  escrow,  irrevocable  trust  or  
fiduciary	account	in	which	you	do	not	have	a	vested	ownership	interest.

SECURITY  AGREEMENT:  Payments  on  your  Account  are  secured  by 
any security interest in any property securing your other obligations to the 
Credit Union, whether existing now or in the future, except your household 
goods and your primary residence. Further, you hereby grant Credit Union 
security interest in all property purchased through this credit plan, including  
a  purchase-money  security  interest  in  any  household  goods  purchased 
with  an  extension  of  credit  upon  this  Account.  These  Purchase-Money  
Security  Interests  shall  secure  faithful  performance  of  all  obligations  
arising under this Agreement; and the Credit Union shall have all of the 
rights  of  a  secured  party  in  accordance  with Article  Nine  of  the  Uniform 
Commercial Code and/or other applicable law.

Military Lending Act Partial Exception: If you or your dependents are  
expressly covered and entitled to the protections provided by the Military  
Lending Act then any provisions of the Agreement (below) that address 
the items expressly excepted in any section to the contrary also do not 
apply to such Loans.

3.  How to Use this Account

You  must  sign  the  Card  in  order  to  use  it. You  can  purchase  or  lease 
goods  and  services  (“Purchases”)  from  any  merchant  who  honors  your 
Card  up  to  your  Maximum  Credit  Limit  by  presenting  your  Card  and  
signing  a  sales  slip  for  the  amount  of  the  Purchase.  You  may  also  use 
the  Card  to  obtain  cash  loans  (“Cash Advances”)  up  to  the  lesser  of  your  
established  credit  limit  or  $5,000.00    from  financial  institutions  that  accept 
a  Visa  Credit  Card.  Funds  advanced  from  your  credit  card  for  Balance  
Transfers  and  at ATMs  are  considered  Cash Advances  and  will  decrease 
your  Available  Cash  amount.  See  your  monthly  billing  statement  for  your 
Available Cash amount. At our discretion, we may change your limits for cash  
advances. We will notify you if we do through your monthly billing statement. 
You agree not to present your Card or obtain a Cash Advance for any extension 
of credit in excess of your available Credit Limit (the difference between your  
outstanding balance and your Maximum Credit Limit) on your Account.

Certain  purchases  and  cash  advances  will  require  an  authorization 
prior to completion of the transaction. In some cases, you may be asked to  
provide  identification.  If  our  system  is  not  working,  we  may  not  be  able  to  
authorize  a  transaction,  even  though  you  have  sufficient  credit  available.  
Also, for security reasons, we may block the usage of your Card in certain 
countries or geographic areas. We will not have any liability to you or others 
if any of these events occur.

You  authorize  us  to  honor  any  Purchase  or  Cash Advance  you  make 
by  telephone  or  mail  on  this  Account.  You  agree  that  a  signature  is  not  
necessary as identification in such cases. We reserve the right to refuse to 
honor any request for credit, to reduce your Credit Limit or terminate your 
Account  at  any  time  using  our  sole  discretion,  based  on  changes  in  the  
economy, the Credit Union’s financial condition, your creditworthiness or for 
any other reason not prohibited by law.

4.  ATM Access 

If  you  have  received  a  personal  identification  number  (PIN),  you  may 
use  your  Card  and  PIN  to  obtain  Cash Advances  at  any Automatic  Teller 
Machine (“ATM”) that accepts your Card. Your PIN is confidential and should 
not be disclosed to anyone. You agree not to write your PIN on your Card, 
you will not keep your Card and PIN together, and you will not provide your 
PIN to anyone who is not an authorized user. Except as otherwise provided 
in  this  agreement,  advances  through ATM  access  will  be  treated  as  Cash 
Advances under this Agreement. Advances at authorized ATM’s are limited 
to a total of $500 during any 24-hour period. The total of all cash advances on 
your Account and any withdrawals from your other Accounts through an ATM 
in  any  24-hour  period  may  be  combined  for  the  purpose  of  this  limitation.  
We  are  not  responsible  if  any  ATM  does  not  have  enough  cash  for  your  
transaction or is not in proper working order.

Although we do not charge a fee for this service, others may. Owners 
of ATMs that we do not own may charge fees in addition to any fees 
disclosed in this Agreement. This is not a fee charged by your Credit 
Union; however, any such fee will be added to your Account. The party 
charging the fee is required to provide appropriate disclosures to you with 
regard to any such fees.

5.  Maximum Credit Limit

Your  Maximum  Credit  Limit  and  your  Cash  Credit  Limit  (Cash  Advance 
Limit) will appear on your monthly statement. At our discretion, we may change 

your  Credit  Limits  at  any  time,  and  may  provide  separate  limits  for  purchases  
and for cash advances. We will notify you if we do, either by mail or through your 
monthly  billing  statement.  You  may  request  a  change  to  your  Credit  Limit  by  
contacting the Credit Union by telephone or mail. Your continued use of the card 
will  show  your  agreement  to  any  such  increase.  If  you  object  to  an  increase 
in  your  Credit  Limit,  you  must  notify  Credit  Union  in  writing.  Upon  receipt  of 
such  notice,  your  Credit  Limit  will  be  reduced  to  its  prior  limit;  however,  you 
will be responsible for paying any amounts by which you have exceeded the  
reduced  limit.  You  agree  to  pay  any  amounts  you  owe  that  exceed  your  
Maximum Credit Balance upon demand.

You agree we are not obligated to extend to you credit for any amount that 
would cause your outstanding balance to exceed your Maximum Credit Limit, 
or for any amount if your outstanding balance already exceeds your Maximum  
Credit Limit. Any increase in your Maximum Credit Limit requested by you will 
require  you  to  make  a  written  application  for  our  approval.  In  assessing  any 
increase to your Credit Limit under the provisions in this Section (either at our 
discretion  or  upon  request):  (a)  we  may  and  you  authorize  us  to  review  your 
credit history, including consumer credit reports; (b) you authorize us to have 
this review made by third parties to determine whether you meet the criteria we 
have set for such an increase; and (c) this process shall not be pre-screening  
under  the  Fair  Credit  Reporting  Act  or  other  applicable  laws  or  regulations 
based on our existing relationship and this Agreement.

Credit  Balances  in  excess  of  $1  will  be  refunded  upon  your  written  
request or automatically after six months by depositing the Credit Balance to 
your Share Account or by mailing a check to the address to which statements  
are  provided  payable  to  the  order  of  any  cardholder.  You  agree  that  the  
Maximum Credit Limit will at no time exceed the agreed upon amount, and that 
any Credit Balance will not be available or increase the Maximum Credit Limit 
available for new Purchases or Cash Advances during any billing cycle.

6.  Payments

You will be jointly and severally liable and agree to pay the Credit Union for 
all  charges  (purchases,  cash  advances,  finance  charges,  and  other  charges 
added  to  your Account  under  the  terms  of  this  or  any  other  agreements  with 
us) extended to you or anyone else using any Card issued for your Account, 
unless the use of such Card is by a person other than you, who does not have 
actual, implied or apparent authority for such use and from which you receive no 
benefit. Authority includes, but is not limited to, any authorized user’s permitting 
another person to use any Card(s). Further, all users are obligated to us for all 
charges they make, authorize or permit.

The Credit Union can accept late or partial payments as well as payments 
that  are  marked  with  “paid  in  full”  or  other  restrictive  endorsements,  without  
losing  any  of  our  rights  under  this  Agreement.  If  you  pay  more  than  the  
Minimum  Payment  Due,  we  will  allocate  the  excess  amount  to  your Account 
Balance  with  the  highest  annual  percentage  rate.  You  must  pay  the  Credit 
Union  in  U.S.  dollars  drawn  on  funds  on  deposit  in  the  United  States.  If  you 
make  payment  with  other  currencies  or  from  an  institution  domiciled  outside 
the United States, then your payment will not be credited until the funds have 
been  collected  by  us  in  U.S.  dollars.  The  Credit  Union  will  determine  the  
method of applying payments and credits to your Account. 

If  you  have  a  promotional  rate  balance  on  your  Account,  Founders  will  
allocate payments/credits to your Account as follows: Minimum Payments due 
on your Account will be applied first to pay balances incurred during the lowest 
APR promotional period still in effect on your Account. Payments in excess of 
the Minimum Payment Due will be applied first to pay balances incurred during 
the  highest APR  period  still  in  effect  on  your Account. Applicable  terms  and 
conditions, which are disclosed at the time any such promotion is offered, shall 
supersede the terms outlined under “payments” in the Credit Card Agreement 
and Disclosure Statement.

Unless  otherwise  required  by  specifically  applicable  laws,  for  payments 
received  by  mail  by  5:00  PM  EST,  you  will  receive  credit  that  day;  and  for  
payments made in any other manner, including in person, your Account will be 
credited the day payment is received.

You  authorize  us  to  honor  any  Purchase  or  Cash Advance  you  make  by 
telephone or mail on this Account. You agree that a signature is not necessary 
as  identification  in  such  cases.  We  reserve  the  right  to  refuse  to  honor  any  
request for credit, to reduce your Credit Limit or terminate your Account at any 
time  using  our  sole  discretion,  based  on  changes  in  the  economy,  the  Credit 
Union’s  financial  condition,  your  creditworthiness  or  for  any  other  reason  not 
prohibited by law.

To protect you and us, the Credit Union, in its sole discretion, may place a 
temporary freeze on the credit available to you under this agreement any time 
the Credit Union receives a large payment ($500 or more), by a method other 

than  cash.  In  such  cases,  the  Credit  Union  may  freeze  your  Credit  Line 
until payment is actually collected by us.

7.  Minimum Payment Due

You can pay off your Account balance in full each month or you can 
pay  in  monthly  installments.  If  you  do  not  pay  your  balance  in  full,  you 
agree  to  pay  at  least  a  minimum  payment  of  2%  of  your  new  balance 
(rounded to the nearest whole dollar) or $25, whichever is greater. If the 
new balance shown on your periodic statement is $25 or less, you agree 
to pay this amount. Unless the Credit Union takes other action as a result 
of  a  default  under  this Agreement,  the  Minimum  Payment  Due  will  also 
include any amount that is past due and any amount by which your new 
balance exceeds your Credit Limit. Payments and credits will be applied 
first  to  pay  billed  but  unpaid  finance  charges,  late  charges,  and  similar 
charges  and  next  to  pay  cash  advances  and  purchases.  You  must  pay 
at least the minimum payment each month, but you may pay more than 
that amount at any time without a penalty. The sooner you pay your new  
balance, the less you will have to pay in finance charges. You may pay your entire  
Account balance at any time without penalty.
  Grace  Period  For  Repayment  Of  The  Balance  For  Purchases: 
Grace period for repayment of the balance for purchases is approximately 
30 days from the close of the billing cycle. There is no grace period for 
cash advances or balance consolidations. See your statement for billing 
cycle date.

8.  Returns and Adjustments
  Merchants and others who honor your Card may give credit for returns 
or adjustments, and they will do so by sending the Credit Union a credit 
slip which will be posted to your Account. If your Credits and Payments  
exceed what you owe the Credit Union, the amount will be applied against 
future purchases and cash advances. If the Credit Balance amount is $1 
or more, it will be refunded upon your written request or automatically after 
six months.

9.  Charges Made in Foreign Currencies

Additional  Charges  for  Transactions  in  a  Foreign  Currency  and  
“Cross-Border”  Transactions.  Currency  Conversion  Fee:  If  you  effect 
or  authorize  a  transaction  with  your  access  device  in  a  currency  other 
than  US  Dollars,  Visa  will  convert  the  charge  into  a  US  Dollar  amount. 
The  Visa  currency  conversion  procedure  includes  use  of  either  a  
government  mandated  exchange  rate,  or  a  wholesale  exchange  rate  
selected  by  Visa,  as  applicable.  The  exchange  rate  Visa  uses  will  be 
a  rate  in  effect  on  the  day  the  transaction  is  processed.  This  rate  may  
differ from the rate in effect on the date of the purchase or the date the  
transaction  was  posted  to  your Account. A  Currency  Conversion  Fee  of 
up to 1% may be applied to transactions that are converted from foreign  
currencies to U.S. dollars. Cross-Border Transaction Fee: In addition, Visa 
charges  us  a  Cross-Border  Assessment  up  to  1%  on  each  transaction  
on all Cross-Border Transactions regardless of whether there is a currency  
conversion.  For  purposes  of  this  Section,  “Cross-Border  Transaction” 
shall include both (a) transactions initiated in a foreign country which are  
subsequently  settled  in  the  United  States,  and  (b)  transactions  initiated 
in the United States but which are ultimately settled in a country outside 
of  the  United  States. The  Credit  Union  will  assess  these  fees  to  you  to  
reimburse it for the fee it is required to pay for each of your transactions  
subject  to  these  terms.  The  fee(s)  will  be  shown  separately  on  your  
periodic  billing  statement(s). The  Currency  Conversion  Fee,  if  it  applies 
to  the  transaction,  will  be  included  in  the  transaction  amount  posted  on 
your statement.

10.  Variable Rate Information

Your  APR  for  purchase,  cash  advances  and  balance  transfer  
transactions may vary. Your Credit Card has a variable rate feature  
meaning the Annual Percentage Rate (corresponding to the periodic  
rate)  and  the  term  of  your  Visa  Credit  Card  may  change  due  to  
interest	rate	fluctuations.	The	rate	is	determined	by	adding	a	margin	
between  4.60%  and  12.65%  to  the  prevailing  U.S.  Prime  Rate.  The 
Prime Rate, used to determine your APR, is the rate published in the 
“Money Rates” section of the Wall Street Journal on the 25th day of 
the prior month. The APR will change, if needed, based on this rate 
calculation  method  at  your  billing  cycle  date.  We  reserve  the  right 
NOT to increase the variable rate if Prime increases.

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