VISA RETAIL INSTALLMENT CREDIT AGREEMENT

The Summit Federal Credit Union

In this Agreement the word “card” or “card(s)” refers to all VISA cards
issued to you, including any substitute or renewal card(s) (which we are
authorized to reissue at any time). The words “you,” “your,” and “yours”
refer to each VISA applicant and anyone else the applicant permits to use
a card. The words “we,” “us,” and “our” refer to The Summit Federal
Credit Union.

SIGNATURE AND  CREDIT  LIMIT.  This Agreement  shall  not
become effective with respect to the purchase or lease of property or
services unless and until you or a person authorized by you first signs a
sales slip or memorandum evidencing a purchase or lease of property or
services by use of the card. Your electronic or telephonic authorization to
a merchant to debit your credit card account to pay for the purchase or
lease of property or services shall be considered your signature on a sales
slip or memorandum evidencing the purchase or lease. The Agreement
will be effective with respect to cash advances when you or someone you
authorize signs an advance request, a convenience check or gives some
other authorization for a cash advance or uses the card or your Personal
Identification Number (“PIN”) at an automated teller machine (“ATM”)
or otherwise to obtain a cash advance. Prior thereto, you will not be
responsible for any purchase or lease of property or services or cash
advances by use of the card after its loss or theft. Your initial credit limit
is stated on the carrier containing the card(s), and your current credit limit
will appear on your billing statement. You may request an increase in
your credit limit by a written application or telephone request to us. We
have the right to increase or reduce your credit limit or to terminate your
borrowing privileges at any time without prior notice to you. You may
not allow the outstanding balance of your account to exceed the credit
limit which we approve from time to time. We may, at our discretion,
make advances from your account in excess of your credit limit, but that
will not change the amount of your credit limit. Any such advances are
subject to all the provisions of this Agreement. You agree to repay any
outstanding amounts which exceed your credit limit immediately on our
demand.

USE AT AUTOMATED TELLER MACHINES. If your card can be
used at ATMs, you have been given a PIN. You promise that you will not
give your card or PIN to anyone who is not authorized to use your card.
You also agree not to write your PIN on the card itself.

USE OF THE CARD. You may use the card to make purchases or
leases of goods or services in person, by mail, electronically (through the
Internet) or by telephone from merchants and others who accept VISA
cards. You may also obtain cash loans (called “cash advances”) from us,
from other financial institutions participating in the VISA program, from
automated teller machines which are part of the PLUS SYSTEM ATM
network, or by using a convenience check which we send you for that
purpose.

(Not all ATMs provide such access and you will need to use your PIN at
those that do.) Cash advances can be used to make balance transfers. You

will owe us the amount charged by use of the card, your card number or
your PIN, plus any other charges provided in this Agreement, all payable
in U.S. dollars.

We will not be responsible for the failure of any third party to honor your
card. Furthermore, utilization of your card in some cases (for instance, for
a transaction in an amount above a certain level) will be subject to our
approval. We will make every effort to approve all your transactions in
accordance with the terms of this Agreement.

However, there are times when our approval system is not working, and
there are other cases (for instance, abnormal frequent use of the card)
where our approval will be withheld. Because of security reasons, we
cannot divulge the details of our approval system. However, you agree
that we will not be responsible for the failure to approve a transaction in
such cases.

NO USE FOR ILLEGAL TRANSACTIONS. You agree not to use
the Card, the Card number or your PIN in connection with any illegal
transaction, such as, but not limited to, illegal gambling. The Credit Union
may assume, without any further inquiry, that all transactions made by
you or someone authorized by you using the Card, the Card number or
the PIN are legal, even if the Credit Union has actual or imputed knowledge
of information which might reasonably lead it to question whether a
particular transaction is legal.

FOREIGN TRANSACTIONS. Purchases and cash advances made in
foreign countries and foreign currencies will be billed to you in U.S.
dollars. The exchange rate to dollars will be determined in accordance
with the operating regulations established by Visa International from time
to time. As of the date these disclosures were published, those regulations
established the conversion rate as either the rate selected by Visa from the
range of rates available in wholesale currency markets, which may vary
from the rate Visa itself receives, or the government-mandated rate in
effect for the applicable central processing date. The currency conversion
rate used on the processing date may differ from the rate that would have
been used on the purchase date or statement posting date. You will be
required to pay any International Service Assessment or other fee that
Visa imposes on you or us in connection with the transaction, which is
currently 1% of the transaction amount.

HOW TO STOP PAYMENT OF A CHECK. You may request stop
payment of a convenience check by notifying us by telephone at the
following  telephone  number:  (585)  453-7030  or  (800)  836-SFCU,
extension 7030. Your stop payment request will only be effective for
fourteen (14) days from your notice unless the stop payment request is in
writing, signed by you, describes with certainty the item on which the
payment is to be stopped, and is received by us at 100 Marina Drive,
Rochester, New York, 14626, in a timely manner so as to afford us a
reasonable opportunity to act upon it. In any event, we may disregard any
stop payment request six (6) months after we receive it unless you renew
the stop payment request by writing to us within that six month period. If
you request a stop payment, a fee of $25.00 will be charged to your
account, even if we are unsuccessful in stopping the payment. We will
use commercially reasonable efforts to stop payment on your convenience

check. However, you agree that we will not be responsible in any way if
a convenience check is cashed or otherwise presented for payment after
you have requested us to stop payment and, using commercially reasonable
efforts, we are unable to stop payment.

MONTHLY STATEMENT. If you have a balance in your account at the
end of your billing period, we will send you a statement. It will show
separately your purchase(s), your cash advance(s), the finance charge, the
minimum payment due, and the date the payment is due. The statement will
be sent to you at least 21 days before the date that your payment is due.

PAYMENTS. Payments should be sent to:
VISA
P.O. Box 41769
Philadelphia, PA 19101-1769

There could be a delay of up to five (5) days in crediting the payment to
your account if you send a payment to us at any other address. All payments
must be made in U.S. Dollars and drawn on a financial institution located
in the United States.

MINIMUM PAYMENT. The minimum payment will be the sum of (a)
through (c) below:

(a) 2.4% of the total New Balance as shown on your monthly
billing statement;
(b) entire portion of the New Balance in excess of your credit limit;
(c) any amount past due.

NOTE: If the sum of (a) through (c) is less than $25, a minimum payment
of $25 will be due. However, if the New Balance shown on your monthly
statement is less than $25, the entire New Balance will be due. The New
Balance includes outstanding indebtedness for purchases and/or cash
advances, fees, finance charges, and any other obligation(s) under this
Agreement.

If the minimum payment computed as above is not an even dollar amount,
the minimum payment due may be rounded to the next higher dollar.

PAYING MORE THAN THE MINIMUM. You may at any time
pay more than the minimum amount due, or even the total new
balance shown on your monthly statement. The sooner you pay your
New  Balance,  the  less  you  have  to  pay  in  FINANCE  CHARGES.
Paying more than the minimum in one month, however, does not relieve
you of your obligation to pay the minimum monthly payment in every
other month.

FINANCE  CHARGES.  FINANCE  CHARGES  on  your  account
will be determined by applying a Periodic Rate to the “average daily
balance” for your purchases and cash advances. FINANCE CHARGE
accrues on both purchases and cash advances from the date of the transaction
or the first day of the billing cycle in which the transaction is posted to
your account, whichever is later, to the date that payment for the purchase
or cash advance is credited to your account. However, you can avoid
paying a finance charge on current billing cycle purchases (those itemized
on your statement) if: (i) you pay for the new purchases by the due date
appearing on the statement; and (ii) the statement shows no previous

balance for purchases, or you paid the previous balance for purchases in
full by the due date shown on the previous statement. The due date will
be at least twenty-five (25) days from the closing date of the billing cycle.

We  calculate  the  FINANCE  CHARGE  on  your  account  by  (1)
multiplying the applicable Periodic Rate described below by (a) the
“purchase average daily balance”, and (b) the “cash advance average
daily balance” and (2) adding together the results of those calculations.

To get the “purchase average daily balance” we take the beginning daily
balance of your account attributable to purchases, add new purchases or
debits attributable to purchases, and subtract any payments or credits
attributable to purchases. We do not include unpaid finance charges in
that calculation. This gives us the “purchase daily balance.” Then we add
up all the purchase daily balances for the billing cycle and divide the total
by the number of days in the billing cycle. This gives us the “purchase
average daily balance.”

To get the “cash advance average daily balance” we take the beginning
daily balance of your account attributable to cash advances, add new
cash advances or debits attributable to cash advances and subtract any
payments or credits attributable to cash advances. We do not include
unpaid finance charges in this calculation. This gives us the “cash advance
daily balance.” Then we add up all the cash advance daily balances for the
billing cycle and divide the total by the number of days in the billing cycle. This
gives us the “cash advance average daily balance” of your account.

All VISA Credit Card Accounts available have variable interest rates.
The variable rate is determined at the beginning of each billing cycle by
adding the margin assigned to your account (VISA Gold 4.25%, VISA
Platinum 5.75%, VISA Classic 7.50%) to the Index (defined below).
The Index is the highest prime rate published in the Wall Street Journal in
the “Money Rates” section, on the last Tuesday of the calendar month
immediately preceding the beginning of the billing cycle.  The Index rate
is the index from which your ANNUAL PERCENTAGE RATE and
corresponding monthly Periodic Rate will be determined. If the Index
becomes unavailable, another index will be selected. Your rate may increase
or decrease depending upon the Index as of the next billing cycle. All
other things being the same, a rate increase will increase the amount of
FINANCE  CHARGE  and  may  increase  the  scheduled  minimum
payment.  No matter what the Index is, in no event shall the ANNUAL
PERCENTAGE RATE exceed 18% or a corresponding monthly Periodic
Rate of 1.5%. Your initial ANNUAL PERCENTAGE RATE will be
specified in a document that is part of this Agreement and is provided
when your account is open. As of January 1, 2012 the corresponding
monthly Periodic Rates are the following: VISA Gold 0.625%, VISA
Platinum 0.75%, VISA Classic 0.895%.

LATE FEE. If any part of your minimum payment is more than 10 days
late, you will be charged a fee of up to $25.00.

CASH ADVANCE FEE. A fee of one percent (1%) of the cash advance
amount shall be imposed for any cash advance.

INSUFFICIENT FUNDS FEE. If any check or pre-authorized withdrawal
submitted to us as a payment on the account is returned to us for insufficient
funds, you will be charged a fee of $25.00. We may assess this charge the first
time your payment is not honored, even if it is paid on resubmission.

CARD/PIN FEE. A fee of $5.00 will be imposed for replacement of
existing credit cards and PINs.

DUPLICATE SALES DRAFT FEE. A fee of $5.00 will be imposed
for copies of sales draft receipts.

STATEMENT/HISTORY COPY FEE. If you request documentary
evidence of a transaction on your account, we may pass along to you the
cost to us of researching this evidence at a rate of $20.00 per hour, with a
minimum charge of $5.00. No such charge will be imposed for billing
statement errors or inquiries.

CONVENIENCE CHECK COPY FEE. There is a $5.00 charge for each
copy or $20.00 per hour charge, whichever is less. Members at The Summit’s
Pinnacle Level (refer to the current Credit Union fee schedule for Benefit Level
information) check copies are free.

LOST OR STOLEN CARDS. If a card is lost or stolen, you must immediately
inform us, orally or in writing, at any office or branch, of the time, place, and
manner of loss or theft and of your name and VISA account number.

LIABILITY  FOR  UNAUTHORIZED  USE.  Under Visa’s  Zero
Liability  Policy,  you  have  liability  protection  for  all  of  your  card
transactions that take place on the Visa system unless you are guilty of
gross negligence or fraud. Should someone steal your card or your
card  number  or  otherwise  obtain  and  use  your  card  or  your  card
number without your permission, you pay nothing for their activity
unless you were grossly negligent or acted fraudulently. If you notice
unauthorized activity on your account, promptly contact us to report
it. It is important to continually monitor your monthly statement to
identify any unauthorized transactions. We may impose greater liability
on you if we reasonably determine that the unauthorized transaction
was caused by your gross negligence or fraudulent action - which
may  include  your  delay  for  an  unreasonable  time  in  reporting
unauthorized transactions. In any case, you must immediately notify
the credit union of loss, theft or unauthorized use of your card or your
card number. Notice of unauthorized use may originally be oral, but
must be followed by written notice. Notice must be given to:

1-800-449-7728
PSCU Service Centers, Inc.
Customer Service
P.O. Box 31112
Tampa, Florida 33631-3112

If you tell us within two (2) business days after you learn that your card
or card number has been lost/stolen, you will not be liable for any losses
on your account. If you do not tell us within two (2) business days after
you learn of the loss or theft of your card or card number and you were
grossly negligent or acted fraudulently, your liability will not exceed $50.

BUSINESS  DAYS.  Our  business  days  are  Monday  through  Friday.

Holidays are not included.

APPLICATION OF PAYMENTS. We may apply all payments and
credits in accordance with our standard operating procedures and with the
requirements of applicable law.

SECURITY INTEREST. To secure repayment of amounts you owe to
The Summit Federal Credit Union under this Agreement, you grant to us a
security interest in all funds now and herafter on deposit with us in all deposit
accounts, shares, dividends, sums due and interest (collectively the “Funds”)
and in any new accounts that you may open with us hereafter, except that the
security interest you grant shall not extend to Funds that by applicable law may
not be made subject to a security interest.

DEFAULT AND COLLECTION COSTS. Nearly all of our accounts are
transacted in a perfectly normal way. However, we have the following rights:

(a)Default. You will be in default on this account if: (i) you fail to
make a required payment on time; (ii) you fail to perform any other
obligation  to  us,  or  any  representation  you  make  proves  to  be
untrue;  (iii)  you  die  or  become  the  subject  of  a  proceeding  in
bankruptcy; or (iv) any third party attempts by legal process to take
any money or other property of yours in our possession; (v) if we
reasonably believe you will not be able to repay us for any reason.

(b)Responses to Default. Upon default we may without notice cancel
the account and require immediate payment of all or any part of the
balance due. We may also exercise any of our other legal rights.

(c)Collection Costs. To the extent permitted by law, you agree to
pay our collection expenses, including without limitation court costs
and reasonable attorneys’ fees.

CANCELLATION. We may reduce your credit limit or cancel the account
altogether. Unless you are in default, we will give you notice of any such
reduction or cancellation. We may also cancel your account by not sending
you a renewal card upon expiration of your outstanding card. You may
cancel your account only by notifying us to that effect and delivering the
card(s) to us (cut in half).

a new address of which you have notified us in writing at least 20 days
before the sending of the statement or notice.

IRREGULAR PAYMENTS. We may accept late payments, partial
payments, or items marked “payment in full” or the like without losing
any of our rights under this Agreement.

DELAY IN ENFORCEMENT. We may delay enforcing our rights
under this Agreement without losing them.

APPLICABLE LAW. Except to the extent that federal law shall be
controlling, your rights, our rights, and the terms of this Agreement shall
be governed by New York law.

NOTICE TO (YOU) THE BUYER: 1. Do not use the card before
you read this agreement or if it contains any blank space. 2. You are
entitled to a completely filled in copy of this credit agreement.

YOUR BILLING RIGHTS
KEEP THIS NOTICE FOR FUTURE USE

This notice tells you about your rights and our responsibilities under the
Fair Credit Billing Act.

WHAT TO DO IF YOU FIND A MISTAKE ON YOUR STATEMENT.
If you think there is an error on your statement, write to us at:

The Summit Federal Credit Union
Canal Ponds Business Park
100 Marina Drive
Rochester, NY 14626-5104

In your letter, give us the following information:  (a) Account information:
Your name and account number;  (b) Dollar amount: the dollar amount of
the suspected error;  (c) 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 (a) Within 60 days after the error appeared on your
statement, (b) at least 3 business days before an automated payment is
scheduled, if you want to stop payment on the amount you think is wrong.

The card(s) at all times remain our property, and must be surrendered
immediately upon our request. Upon cancellation you remain obligated to
repay all amounts due under this Agreement.

You must notify us of an 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.

Regardless of whether your account has been cancelled, no card may be
used after the expiration date indicated on the card.

SHARING  INFORMATION  AMONG  CREDIT  UNION
AFFILIATES. Information you provide to us or that we obtain from
third parties (for example, credit bureaus) will not be shared.

AMENDMENT. We may change the terms of this Agreement at any time
in accordance with the requirements of applicable law. To the extent
permitted by law and at the Credit Union’s option, amendments will apply
to amounts outstanding both before and after the amendment takes effect.

SENDING OF NOTICES. Unless otherwise required by the applicable
law, any statement or notice to you under this Agreement will be sufficiently
given if sent to your address on file in connection with this account or to

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 tell you that we received your letter. We will
also tell you if we have already 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:  (a) We
cannot try to collect the amount in question, or report you as delinquent on
that amount;  (b) The charge in question may remain on your statement,
and we may continue to charge you interest on that amount; (c) While you
do not have to pay the amount in questoon, you are responsible for the
remainder of your balance; (d) We can apply any unpaid amount against
your credit limit.

After we finish our investigation, one of two things will happen:  (a) 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;  (b) 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 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 dissatisifed with the goods
or services that you have purchased with your 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:  (a) The purchase must have been
made in your home state or within 100 miles of your current mailing
address, and the purchase price must have been more than $50. (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); (b) 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; (c) 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 at:

The Summit Federal Credit Union
Canal Ponds Business Park
100 Marina Drive
Rochester, NY 14626-5104

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.

sfcu  01.01.12

SUMMIT VISA CREDIT CARDS   
RATES AND TERMS 

Interest Rates and Interest Charges 
Annual Percentage Rate (APR) 
for Purchases,  
Balance Transfers, and 
Cash Advances 

VISA Classic 10.75% 
VISA Gold 7.50% 
VISA Platinum 9.00%  

After that, your APR will vary with the market based on the Prime Rate. 

Penalty APR and When it Applies  NONE 
Paying Interest 

Your due date is at least 25 days after the close of each billing cycle. We will not charge you 
interest on purchases if you pay your entire balance by the due date each month. We will 
begin charging interest on cash advances and balance transfers (including balance transfers 
from one Summit credit card to a new Summit credit card) on the transaction date. 

For Credit Card Tips from the 
Consumer Financial Protection 
Bureau 

To learn more about factors to consider when applying for or using a credit card, visit the 
website of the Consumer Financial Protection Bureau at 
http://www.consumerfinance.gov/learnmore.  

Fees 
Annual Fee 

VISA Classic – NONE 

VISA Gold - NONE 

VISA Platinum – NONE 

Transaction Fees 

•  Balance Transfer 

NONE 

•  Cash Advance Fee 

•  Foreign Transaction 

1% of the cash advance amount for any cash advance. 

1% of the transaction amount in U.S. dollars. 

Penalty Fees 

•  Late Payment 

•  Over-the-Credit Limit 

•  Returned Payment 

Up to $25 

NONE 

Up to $25 

Rewards (VISA Platinum only) 
Points 

Balance Transfers 

Every dollar charged equals one point earned. Points expire on 12/31 of the fourth calendar year 
after the year in which the points were earned. Maximum points that can be accrued in one year is 
75,000. Accrual year runs from 1/1 to 12/31. Your account must be current, in good standing and 
not delinquent to redeem points. 
Your new VISA Platinum Card may replace a VISA Classic Card you currently have with The 
Summit.  Any outstanding balances and credit limits under your existing Card may be automatically 
transferred to your new VISA Platinum Card.  You may also transfer balances from your non-
Summit credit cards and loans by filling in the Balance Transfer request form.  These transfers are 
subject to approval.  Amounts transferred will not be counted in determining your rewards points. 

How We Will Calculate Your Balance: We use a method called “average daily balance (including new purchases).” See your 
account agreement for more details. 

Billing Rights:  Information on your rights to dispute transactions and how to exercise those rights is provided in your account 
agreement. 
You must be a member of The Summit FCU to take advantage of its products and services. All VISA products are subject to 
application and credit approval.  The Summit FCU is federally insured by NCUA. Information about the Cards described above is 
accurate as of January 1, 2012, and is subject to change. To find out what may have changed after that date, call us at (585) 453-
7030 or (800) 836-SFCU, ext. 7030, or write to us at: The Summit FCU, 100 Marina Drive, Rochester, NY 14626.