New Mexico Educators Federal Credit Union
VISA® CREDIT CARD  
AGREEMENT AND DISCLOSURE

Terms. In this Agreement, the following definitions will apply 
throughout. The words, “you,” “your,” and “yours” mean the 
person(s)  who  applied  for  the  Account,  the  person(s)  to 
whom  we  issue  the  Card(s)  or  Convenience  Checks,  the 
person  who  uses  the  Account,  co-borrower/co-signer,  and 
any joint applicant or guarantor all of whom are bound by all 
the terms and conditions of the Agreement. The word “Card” 
means  one  or  more  Cards  that  we  have  issued  with  your 
Account number. The words “we,” “us,” and “our” mean New 
Mexico  Educators  Federal  Credit  Union,  Albuquerque,  New 
Mexico, its successors and assigns. The words “Convenience 
Checks” mean one or more checks that we may provide to 
access your Credit Card Account. This Agreement is binding 
on  each  Cardholder,  borrower,  or  co-borrower  obtaining 
credit with the Card, jointly and severally.

Agreement  and  Promise  to  Pay.    This  is  your  current 
agreement governing the use of your New Mexico Educators 
Federal Credit Union Credit Card (“Card”) Account (“Account”). 
The  first  time  that  you  or  someone  you  authorize  uses, 
accepts  or  signs  the  Card(s),  it  will  mean  that  you  have 
accepted and agreed to this Agreement and you promise to 
pay  us  the  total  amount  of  any  purchases,  advances  and 
Convenience  Check  advances  together  with  any  Finance 
Charges, fees, other charges and collection costs. If this is a 
Joint  Account,  each  of  you  separately  and  all  of  you  jointly 
will be liable for all amounts owing on the Account and will 
be responsible for complying with this Agreement, even if the 
Account is only used by one of you. Further, if this is a Joint 
Account,  each  of  you  agrees  that  we  may  mail  statements 
and  notices  regarding  the  Account  to  the  single  address 
shown  on  our  records  as  the  address  for  statements  and 
notices regarding the Account (“the Account Address”). 

Use of Account.  Your line of credit amount and Card terms 
will be disclosed to you when you receive your Card. The full 
amount of your credit line is available to buy or lease goods 
or services wherever the Card is honored. In most cases, you 
will be asked to present your Card and sign a sales slip or to 
give your Personal Identification Number. Your cash advance 
limit  is  available  for  cash  advances,  cash  advances  at  any 
automated teller machine that accepts the Card or by using 
Convenience  Checks.  The  total  amount  charged  on  your 
Account,  including  purchases,  cash  advances,  Finance 
Charges,  fees  or  other  charges  must  always  remain  below 
your credit limit. 

Internet gambling may be illegal in the jurisdiction in which 
you are located, including the United States. Your card may 
only  be  used  for  legal  transactions.  Display  of  a  payment 
card logo by an online merchant does not mean that Internet 
gambling transactions are lawful in all jurisdictions in which 
you may be located.

Additional  Cards.    You  may  request  additional  Cards  on 
your  Account  for  yourself  or  others  and  you  may  permit 
another  person  to  have  access  to  the  Card  or  Account 
Number, provided that person signs a Credit Card application 
or an authorized user form. However, if you do, you are liable 
for all charges made by those persons. You must notify us to 
revoke permission for any person you previously authorized 
to use your Account. If you tell us to revoke another person’s 
use of your Account, we may close the Account and issue a 
new Card or Cards with a different Account Number. You are 
responsible for the use of each Card issued on your Account 
according to the terms of this Agreement.  Notwithstanding 
the foregoing, due to federal laws and regulations, if you are 
under 21 years of age and you revoke the permission of your 
co-borrower,  we  may  request  that  you  obtain  another 
co-borrower who is 21 years of age or older or terminate your 
account, in our sole discretion.

Balance Transfers and Promotions.  We may from time 
to time offer special rates on balance transfers and balances 
created through other promotional programs. If you transfer 
a balance from another creditor’s Account through a balance 

transfer promotion, the transferred balance will be subject to 
the terms of the applicable balance transfer offer. Balance 
transfers may be treated as cash advance transactions. With 
each balance transfer and other promotional programs, the 
terms,  including  the  ANNUAL  PERCENTAGE  RATE  and  the 
corresponding  monthly  periodic  rate  used  in  determining 
your  FINANCE  CHARGE  and  the  effective  dates,  will  be 
detailed in the offer.

Convenience Checks.  Convenience Checks may be used 
to purchase goods and services or to obtain cash up to the 
amount  of  your  available  credit  limit.  We  will  treat 
Convenience  Checks  as  a  cash  advance.  We  will  charge  a 
Finance  Charge  on  Convenience  Check  advances  from  the 
date the Convenience Check is posted to your Account, until 
the day we receive payment in full. Each Convenience Check 
must  be  in  the  form  we  have  issued  and  must  be  used 
according  to  the  instructions  we  give  you.  Only  the  person 
whose  name  is  printed  on  them  may  use  Convenience 
Checks.  Convenience  Checks  may  not  be  used  to  pay  any 
amount  owed  to  us  under  this  or  any  other  New  Mexico 
Educators Federal Credit Union Card Agreement. We will not 
certify  any  Convenience  Checks,  nor  will  we  return  paid 
Convenience Checks.

Statements.    Each  month  in  which  your  Account  has  a 
balance  you  will  receive  a  statement  showing  the  balance 
due.  Your  statement  will  show  the  minimum  amount  you 
must  pay  and  the  date  by  which  we  must  receive  your 
payment.  The  due  date  will  be  at  least  21  days  after  the 
statement is mailed. The statement also shows your current 
credit  limit  and  an  itemized  list  of  current  charges,  cash 
advances,  including  cash  advances  made  by  Convenience 
Checks, payments and credits, an itemized summary of the 
purchase  balance,  the  cash  advance  balance,  Finance 
Charges on each, and other important information.

FINANCE  CHARGES:
Please  see  enclosed  Addendum  for  information  on 
Finance Charges.
Payment  Default.    The  Penalty  Rate  applies  to  new  and 
outstanding  account  balances  if  you  fail  to  make  the 
required  minimum  payment  to  New  Mexico  Educators 
Federal  Credit  Union  within  60  days  after  the  payment  is 
due.    The  increase  will  terminate  once  the  cardholder  has 
made six consecutive minimum payments on time, starting 
with the first payment after the date on which it is imposed.  
If  the  six  consecutive  on  time  minimum  payments  are  not 
made, we have the option of keeping the Penalty ANNUAL 
PERCENTAGE RATE on your account indefinitely, subject to 
applicable laws and regulations. 

Security  Interest.  (This  only  applies  to  Secured  Card 
Accounts.)  To  secure  payment  of  all  amounts  you  owe  on 
your Account or otherwise to New Mexico Educators Federal 
Credit  Union,  you  assign,  pledge  and  grant  us  a  security 
interest in your interest in the Security Account, including the 
initial  funds  with  which  you  established  your  Security 
Account  and  any  additional  funds  thereto  as  well  as  all 
interest accrued thereon, pursuant to the Security Account 
Assignment Agreement you executed.

Minimum Monthly Payment.  You agree to pay a minimum 
monthly payment equal to: (1) the greater of $10.00 or 2% 
of the new balance (rounded to whole dollars), plus the past 
due amount of any prior minimum monthly payments; plus 
(2)  the  full  amount  by  which  the  Account  balance  exceeds 
your credit line. If the total amount owed is less than $10.00, 
the  minimum  monthly  payment  will  equal  the  entire  new 
balance shown on the monthly statement. You may pay any 
amount  in  excess  of  your  minimum  monthly  payment  and 
you  may  pay  your  Account  in  full.  Should  you  fail  to  make 
your minimum payment, by the payment due date, you agree 
to pay a Late Payment Fee. You agree that we may change 
this Late Payment Fee.

VISA® CREDIT CARD AGREEMENT AND DISCLOSURE (Cont.)  

2 

Additional Payment Terms.  All payments must be made 
in U.S. dollars and delivered to us at any one of our branch 
offices or to the address shown on the monthly statement. If 
we  receive  your  payment  before  5:00  p.m.  (Mountain 
Standard Time) on a business day, at the address shown on 
the front of your monthly statement or at any of our branch 
offices, we will credit your payment as of the date of receipt. 
All  other  payments  will  be  credited  to  your  Account  on  the 
next business day following receipt. We may accept late or 
partial  payments  as  well  as  payments  marked  “PAID  IN 
FULL” or other restrictive endorsements, without losing any 
of  our  rights  under  this  Agreement  and  without  such 
payments  constituting  full  accord  and  satisfaction  of  the 
debt. If you make payments using personal checks, and your 
financial institution refuses to pay the check and returns it 
to us, you agree to pay a Return Payment Fee. If your loan 
Account balance is less than the minimum payment amount 
you must pay the entire balance. You may repay all or part of 
what you owe at any time. However, so long as you owe any 
amount you must continue to make your periodic minimum 
payment. Your minimum monthly payment will be allocated 
to your account in accordance with all applicable laws and 
regulations.   

Personal  Identification  Number.    We  will  issue  you  a 
Personal Identification Number (“PIN”) to be used with your 
Card. You agree not to write this PIN on your Card, and not to 
carry your PIN with you at the same time as you carry your 
Card. We will treat any charge made by you using your Card 
and PIN as having been authorized by you. If you keep your 
PIN with the Card, we can refuse to reissue your Card.

Change  of  Terms.    We  can  change  the  terms  of  this 
Agreement,  including  all  fees,  other  charges  and  Annual 
Percentage Rate, at any time, subject to applicable laws and 
regulations. 

Events of Default.  You are in default if you fail to pay the 
minimum payment listed on each billing statement on time, 
file  for  bankruptcy,  exceed  your  credit  limit  without  our 
permission,  or  default  on  this  or  any  other  New  Mexico 
Educators  Federal  Credit  Union  Card  Agreement  you  have 
with us. If you are in default, we may close your Account and 
require  a  shorter  amortization  of  your  account  balance, 
subject  to  applicable  laws  and  regulations.  No  notice  is 
required. We may also declare the whole balance due if you 
die,  if  you  make  false  or  misleading  statements  on  your 
application,  or  if  other  creditors  attach  or  garnish  your 
property. If you have given us a security interest in a share 
Account,  share  draft  Account,  or  certificate  of  deposit,  we 
may  use  the  deposit  amount  to  pay  any  amount  you  owe 
us. 

Collection  Costs.    If  we  have  to  refer  collection  of  your 
Account  to  a  lawyer  (who  is  not  our  salaried  employee),  to 
the  extent  permitted  by  law,  you  will  have  to  pay  our 
attorney’s fee plus court costs and any other fees. 

Information Reporting.  We may report your performance 
under this Agreement to credit reporting agencies, including 
your failure to make minimum payments on time. A negative 
credit  report  may  significantly  harm  your  ability  to  obtain 
credit  from  other  sources.  We  may  also  obtain  follow-up 
credit  reports  on  you  (for  example,  when  we  review  your 
Account  for  a  credit  line  increase).  We  may  exchange 
information  about  you  or  your  Account  with  our  affiliates, 
and, to the extent permitted by law, with  other third parties. 
However,  if  you  prefer  that  we  not  share  such  information 
with our affiliate companies, just call us at (505) 889-7755 

or outside the Albuquerque area, 1-800-347-2838. You may 
also  write  to  us  at  New  Mexico  Educators  Federal  Credit 
Union, P.O. Box 8530, Albuquerque, New Mexico 87198. 

Closing Your Account.  You may close your Account at any 
time  by  notifying  us  in  writing.  However,  you  remain 
responsible to pay the balance according to the terms of this 
Agreement.  We  may  close  your  Account  or  suspend  your 
Account privileges at any time without prior notice. We may 
also reissue a different Card, Account Number, or different 
checks at any time. You must return the Card or the checks 
to us upon request.

Lost or Stolen Cards.  If any Card, Account Number, PIN or 
Convenience Check is lost or stolen, or if you think someone 
used or may use them without your permission, notify us at 
once by calling the telephone number shown on the billing 
statement  or  by  calling  1-800-325-3678.  We  may  require 
you to provide certain information in writing to help us find 
out  what  happened.  Do  not  use  the  Card  or  Convenience 
Checks after we’ve been notified, even if they are found or 
returned.  You  will  not  be  liable  for  any  unauthorized 
purchases or cash advances made after we’ve been notified 
of the loss or the theft; however, you must identify for us the 
charges on the billing statement that were not made by you 
or someone authorized by you, and from which you received 
no benefit.

Credit Authorizations.  We are not responsible if we do not 
approve a purchase or cash advance on your Account, or if a 
third party refuses to accept or honor the Card, even if you 
have sufficient credit available. We may limit the number of 
purchases or cash advances which may be approved in one 
day.  If  we  detect  unusual  or  suspicious  activity  on  your 
Account, we may temporarily suspend your credit privileges 
until we can verify the activity. We may approve purchases or 
cash advances that cause the balance to exceed your credit 
line without waiving any of our rights under the Agreement.

Waiver. Our failure to exercise, or our delay in exercising any 
of our rights under this Agreement for any reason does not 
mean that we will be unable to exercise these rights later. 

Assignment.  You may not sell or transfer your Account or 
any rights or obligations hereunder without our prior written 
consent.  We  may  sell,  assign  or  transfer  your  Account  and 
any  amounts  owed  by  you  to  another  creditor  at  any  time 
without prior notice unless otherwise required by law. If we 
do, this Agreement shall remain in effect.

Applicable Law.  Federal law and the law of the state where 
the  Credit  Union  is  located  shall  govern  the  terms  and 
enforcement  of  this  Agreement.    Invalidity  of  any  part  of  
this Agreement does not affect the remaining parts.

Questions.  If you have any questions about your statement, 
please contact us. You should write to New Mexico Educators 
Federal  Credit  Union,  P.O.  Box  8530,  Albuquerque,  New 
Mexico 87198, or call us at the telephone number that will 
appear on your monthly statement. In case you believe there 
is a mistake on your statement, read the following information 
regarding your right to dispute billing errors.

Your  monthly  statement  shall  be  presumed  to  be  correct 
unless you notify us in writing within 15 days from the date 
of mailing in business transactions, or within 60 days from 
the  date  of  mailing  in  case  of  consumer  transactions. 
“Consumer Transaction” means purchases or advances for 
personal, family or household purposes.

 
 
 
VISA® CREDIT CARD AGREEMENT AND DISCLOSURE (Cont.)   

 3

YOUR BILLING RIGHTS
KEEP THIS NOTICE FOR FUTURE USE

After  we  finish  our  investigation,  one  of  two  things 
will happen:

This notice contains important information about your 
rights  and  our  responsibilities  under  the  Fair  Credit 
Billing Act.

•  If  We  Made  a  Mistake:    You  will  not  have  to  pay  the 
amount in question or any interest or other fees related 
to that amount.

What To Do If You Find a Mistake on Your Statement. If 
you  think  there  is  an  error  on  your  statement,  write  us  at: 

Customer Service
P.O. Box 30495
Tampa, FL 33630

Or send an email to:  info@nmefcu.org 

In your letter, give us the following information:

•  Account  Information:  Your  name  and  Account 

Number.

•  Dollar Amount: The dollar amount of the suspected 

error.

•  Description of Problem: If you think there is an error 
on your bill, describe what you believe is wrong and 
why you believe it is a mistake.

You must contact us: 

•  Within  60  days  after  the  error  appeared  on  your   

statement.

•  At  least  3  business  days  before  an  automated 
payment is scheduled, if you want to stop payment 
on the amount you think is wrong.

You must notify us of any potential errors in writing.  You may 
call us, but if you do we are not required to investigate any 
potential  errors  and  you  may  have  to  pay  the  amount  in 
question.

What Will Happen After We Receive Your Letter.

When we receive your letter, we must do two things:   

1.   Within 30 days of receiving your letter, we must notify you 
that we received your letter.  We will also notify you if we 
have corrected the error.

2.   Within  90  days  of  receiving  your  letter,  we  must  either 
correct the error or explain to you why we believe the bill 
is correct.

While  we  investigate  whether  or  not  there  has  been 
an error:

•  We cannot try to collect the amount in question, or 
that  amount. 

report  you  as  delinquent  on 

•  If We Do Not Believe there was a Mistake:  You will have 
to  pay  the  amount  in  question,  along  with  applicable 
interest and fees.  We will send you a statement of the 
amount you owe and the date payment is due.  We may 
then  report  you  as  delinquent  if  you  do  not  pay  the 
amount we think you owe.

If  you  receive  our  explanation  but  still  believe  your  bill  is 
wrong, you must write to us within 10 days telling us that you 
still  refuse  to  pay.    If  you  do  so,  we  cannot  report  you  as 
delinquent  without  also  reporting  that  you  are  questioning 
your bill.  We must tell you the name of anyone to whom we 
reported  you  as  delinquent,  and  we  must  let  those 
organizations  know  when  the  matter  has  been  settled 
between us.

If we do not follow all of the rules above, you do not have to 
pay the first $50 of the amount you question even if your bill 
is correct.

Your  Rights  If  You  Are  Dissatisfied  With  Your  Credit 
Card Purchases. If you are dissatisfied with the goods or 
services that you have purchased with you credit card, and 
you have tried in good faith to correct the problem with the 
merchant, you may have the right not to pay the remaining 
amount due on the purchase.

To use this right, all of the following must be true:

1.  The  purchase  must  have  been  made  in  your  home 
state or within 100 miles of your current address, and 
the  purchase  price  must  have  been  for  more  than 
$50.00. (Note:  Neither of these are necessary if your 
purchase was based on an advertisement we mailed to 
you, or if we own the company that sold you the goods 
or services.)

2.  You must have used your credit card for the purchase.  
Purchases made with cash advances from an ATM or 
with a check that accesses your credit card account 
do not qualify.

3. You must not yet have fully paid for the purchase.

If all of the criteria above are met and you are still 
dissatisfied with the purchase, contact us in writing 
or electronically at:

•  The  charge  in  question  may  remain  on  your 
statement,  and  we  may  continue  to  charge  you 
interest on that amount.

Customer Service
P.O. Box 30495
Tampa, FL 33630

•  While you do not have to pay the amount in question, 
you  are  responsible  for  the  remainder  of  your 
balance.

•  We can apply any unpaid amount against your credit 

limit.

or Email to:  info@nmefcu.org 

While we investigate, the same rules apply to the disputed 
amount as discussed above.  After we finish our investigation, 
we will tell you our decision.  At that point, if we think you owe 
an  amount  and  you  do  not  pay,  we  may  report  you  as 
delinquent. 

 
 
 
 
Member NCUA • Equal Opportunity Lender                                                                                                                                       VAD1  3/10