Visa Credit Card  
Account Agreement 

2303 South Center Road 
Burton, MI  48519 
Ph 810-715-3542 • TF 800-882-6457 
Fx 810-600-2590 • www.elgacu.com 

This Visa Credit Card Account Agreement (“Agreement”) and the 
Account  Disclosures  (“Account  Disclosure”)  given  to  you  when 
you opened your Card account (“Account”)  will govern your  Visa 
Credit Card and Account issued by ELGA (“Credit Union”). In this 
Agreement,  the  words  "you,"  "your,"  "yours,"  "applicant,"  and 
"Borrower"  mean  any  person  who  signs  the  application  for  this 
Account, any joint obligor, guarantor, authorized user, or the per-
son whose name is embossed on the Card. The words "we," "us," 
"our,"  and  "Credit  Union"  mean  ELGA  Credit  Union.  The  word 
"Card" means any one or more credit cards issued under this Ac-
count.  If  you  sign  an  application  for  this  Account  or  sign  or 
use any Card or PIN, or allow others to use the Card or PIN, 
you and they will have accepted this Agreement just as if you 
and  they  signed  it,  and  you  and  they,  jointly  and  severally, 
will  be  bound  by  the  following  terms  and  conditions  which 
will govern this Account. 

1.  You Promise to Pay 
You  promise  to  pay  us  all  amounts,  plus  any  Interest  Charges, 
which arise from use of the Card or Account by you or any other 
person, and to be jointly and severally liable with such a person, 
unless  such  other  person  does  not  have  actual,  implied,  or  ap-
parent  authority  for  such  use,  and  you  received  no  benefit  from 
the use. You promise to pay us either by direct payment or by au-
tomatic transfers from shares or by payroll deduction. 

2.  Account Access 
a.  Purchases, Cash Advances, and Balance Transfers. 
You must sign the Card to use it. Once you have signed the Card, 
you  can  use  it  to  buy  or  lease  goods,  services,  or  insurance 
wherever the Card is honored, up to the full amount of your Credit 
Line.  You may  use  your  Account  to get cash  advances  from  us. 
You may also use your Card to get a cash advance from partici-
pating financial institutions and to access your line of credit at au-
tomatic teller machines (“ATMs”) within the VISA network or any 
other ATMs.  
b.  VISA Convenience Checks.  
If we approve, you may obtain advances under your Account by 
writing  preprinted  VISA convenience  loan  checks  that  we  supply 
to  you.  Your  use  of  loan  checks  will  be  shown  either  as  a  pur-
chase, cash advance, or balance transfer on your monthly state-
ment. We may  not  honor  your  loan check if:  your check is post-
dated;  payment  of  the  check  would  exceed  your  Credit  Line;  a 
check is signed by person without authorized access; the amount 
of the check is less than the minimum required amount; your Ac-
count  has  been  terminated  or  suspended,  or  any  drafts  have 
been  reported  lost  or  stolen.  You  may  stop  payment  on  a  loan 
check if you provide us with the exact information describing the 
check. If you give us incorrect information, we will not be respon-
sible for failing to stop payment. You understand there may be a 
charge for each stop payment order requested. Our liability for a 
wrongful  dishonor  is  limited  to  your  actual  charges;  however,  a 
dishonor for the reasons stated above is not a wrongful dishonor. 
Only the person whose name is printed on a convenience check 
may  sign  it.  All convenience checks  must  be  written  in  U.S.  dol-
lars. We will not certify a convenience check. You may write these 
checks  for  any  amount  providing  your  total  outstanding  balance 
does  not  exceed  your  available  Credit  Line  and  your  credit  card 
remains  in  good  standing.  We  are  entitled  to  return  it  unpaid  if 
there  is  not  enough  available credit  on  your  Account  to  pay  it,  if 
you  are  in  default under  this Agreement, if  your card or  conven-
ience checks have been reported lost or stolen, or if the conven-
ience check is post-dated. A VISA convenience check may not be 
used to make a payment on your VISA credit card account or any 

other loan account you have with us. The Credit Union shall have 
no liability for any convenience check returned in excess of your 
Credit Line. 

3.  Credit Line  
If  we  approve  your  application,  this  Agreement  will  constitute  a 
revolving line of credit for an amount which will be the Credit Line 
under  your  Account.  We  will  advise  you  of  the  amount  of  your 
Credit  Line.  That  amount  will  be  the  maximum  amount  you  may 
have  outstanding  at  any  one  time.  You  agree  not  to  attempt  to 
obtain more credit than the amount of your Credit Line. However, 
if you temporarily exceed your Credit Line, you agree to repay the 
excess immediately, even if we have not yet billed you. Obtaining 
such credit does not increase your Credit Line. We retain the right 
to  increase  or  decrease  your  Credit  Line  at  any  time.  Any  in-
crease  or  reduction  in  the  amount  of  your  Credit  Line  will  be 
shown on your monthly statement or by separate notice together 
with  any  changes  in the applicable  Minimum  Monthly  Payments. 
Your eligibility for this Credit Line is determined by our loan policy 
and may be terminated at our sole discretion, without demand or 
notice. You may close your Credit Line at any time by notifying us 
in writing and returning all Cards cut in half. If you terminate this 
Agreement  or  if  we  terminate  or  suspend  your  credit  privileges, 
the provisions of this Agreement and your liability hereunder shall 
otherwise remain in full force and effect until you have paid us all 
sums due us under this Agreement and returned all Cards. 

4.  Minimum Monthly Payment 
We will mail you a statement every month if your Account has a 
balance. You agree that you will pay each month not less than the 
minimum  monthly  payment  on  or  before  the  closing  date.  The 
minimum monthly payment will be 3.0% of your outstanding bal-
ance  shown  on  your  statement  (“New  Balance”),  or  $25,  which-
ever is greater. If your outstanding balance is less than  $25, you 
agree  to  pay  the  balance  in  full.  In  addition  to  the  minimum 
monthly  payment,  you  agree  to  pay  any  “Overlimit  Amount”  and 
any  amount  past  due  shown  on  your  statement  each  month  by 
the due date shown on your Statement. You may pay in full for all 
your purchases and cash advances each month, or you may re-
pay in monthly installments. We can accept late payments or par-
tial  payments,  or  checks,  drafts,  or  money  orders  marked  “pay-
ment in full” without prejudice to our rights under this Agreement, 
which are hereby explicitly reserved. A credit posting from a mer-
chant or reversal of fees does not constitute a minimum payment. 
Payments will be applied first to interest and to fees, then to pur-
chase balances, then to cash advance and balance transfer bal-
ances,  and  finally  to  any  other  charges  or  amounts  owed.  The 
minimum monthly payment may be allocated at the Credit Union’s 
discretion to pay off lower rate balances, such as promotional of-
fers, before higher rate balances, such as cash advances or pur-
chases.  Payments  in  excess  of  the  minimum  monthly  payment 
will be allocated first to higher rate balances, as applicable. From 
time  to  time,  we  may  allow  you  to  skip  your  minimum  monthly 
payment due. If you choose to skip that payment, Interest Charg-
es  will  continue  to  accrue  in  accordance  with  this  Agreement. 
Payments received at:  ELGA Credit Union, 2305 S. Center Rd., 
Burton,  MI  48519  at  or  before  5:00  PM  Eastern  Time  on  any 
business  day  will  be  credited  to  your  Account  as  of  that  date; 
payments received by mail at that address after 5:00 PM Eastern 
Time  or  on  a  weekend  will  be  posted  to  your  Account  as  of  the 
next business day. 

5.  Security Interest 
By signing your application, to secure your Account, you granted 
us  a  purchase  money  security  interest  under  the  Michigan  Uni-

© 2021 Farleigh Wada Witt. All rights reserved. 

Visa Credit Card Account Agreement • 05-11-21 • 1  

 
 
 
ELGA Credit Union  Visa Credit Card Account Agreement 

form Commercial Code in any goods you purchase through your 
Account.  If  you  default,  we  will  have  the  right  to  recover  any  of 
these  goods  that  have  not  been  paid  for  through  application  of 
your payments in the manner described in Section 4. In addition, 
you granted us a security interest in all your shares and deposits, 
present and future, and all accounts (except Individual Retirement 
Accounts  and  Keogh  Accounts)  with  the  Credit  Union  to  secure 
your Account and agree, upon default, the Credit Union may ap-
ply all that is secured to pay any amounts due under this Agree-
ment,  without  further  notice  to  you.  You  further  agree  that  col-
lateral  securing  other  loans  with  the  Credit  Union  (except 
loans secured by real property) also secures this Account. 

6.  Periodic Statements 
Each month, if your outstanding balance exceeds $1, we will send 
you  a  statement  showing  new  purchases,  cash  advances,  pay-
ments, and credits made to your Account during the billing period, 
your  Previous  Balance,  your  "Total  New  Balance,"  any  Interest 
Charge, and any other charges. Your statement also will identify 
the  remaining  Credit  Line  available  and  the  Minimum  Monthly 
Payment  you must  make for  that  billing  period  and  the date  it  is 
due. For statement verification purposes, you agree to retain cop-
ies  of  transaction  slips  resulting  from  each  purchase,  each  ad-
vance, and other transaction on your Account. Unless you notify 
us of a billing error as described below, you accept your monthly 
statement as an accurate statement of your Account with us. 

7.  Circumstances Under Which an Interest Charge 

Will Be Imposed 

The  total  outstanding  balance  of  purchases,  balance  transfers, 
and cash advances in the Account on the closing date of a billing 
period, including any Interest Charge, will be shown on the Peri-
odic Statement for that billing period as the "New Balance." 
a.  Cash Advances and Balance Transfers.  
We  begin  charging  an  Interest  Charge  on  cash  advances  and 
balance transfers  from  the  date  of  each  transaction.  There is  no 
time period within which to pay to avoid a periodic Interest Charge 
on cash advances or balance transfers. 
b.  Purchases.  
Your  due  date  is  at  least  25  days  after  the  close  of  each  billing 
period. An Interest Charge will be imposed on the portion of pur-
chases  included  in  the  New  Balance  that  is  not  paid  by  the  due 
date. This “grace period” allows  you to avoid an  Interest Charge 
on purchases for a billing period. If you do not pay the New Bal-
ance for purchases within the grace period, your  Interest Charge 
will accrue on any unpaid purchase transactions from the first day 
of the billing period in which the payment is due. 

8.  Method Used to Determine the Balance on 

Which the Interest Charge May Be Computed 
and Amount of Interest Charge  

The  Credit  Union  figures  the  Interest  Charge  on  your  Account  by 
multiplying  the  "Average  Daily  Balance"  of  purchases,  balance 
transfers,  and  cash  advances  for  your  Account  (including  current 
transactions)  by  the  Monthly  Periodic  Rate.  To  get  the  "Average 
Daily  Balance"  we  take  the  beginning  balance  of  your  Account 
each day, add any new purchases or cash advances, and subtract 
any  payments  or  credits,  unpaid  Interest  Charge  and  unpaid  late 
charges. However, current transactions are excluded from the Pur-
chase balance. This gives us the daily balance. Then, we add up all 
the daily balances for the billing period and divide the total by the 
number  of  days  in  the  billing  period.  This  gives  us  the  "Average 
Daily Balance."  To get the “Monthly Periodic Rate,” we divide the 
Annual Percentage Rate in effect for the billing period by 12.  

9.  Periodic Rate and Corresponding Annual 

Percentage Rate  

a.  Standard Rates.  
The Periodic Rate and corresponding Annual Percentage Rate(s) 
used  to  compute  the  Interest  Charge  are  based  on  your  credit 

profile and are disclosed to you in the Account Disclosure provid-
ed with this Agreement when you open your Account.  
b.  Introductory Rates.  
At our discretion, we may offer you an introductory or promotional 
Annual  Percentage  Rate  for  your  Account.  Any  introductory  or 
promotional Annual Percentage Rate will be subject to the terms 
of  the  offer  and  this  Agreement.  We  will  provide  you  with  infor-
mation  on  the  offer,  including  the  time  period  the  introductory  or 
promotional  Annual  Percentage  Rate  is  in  effect  in  the  Account 
Disclosure or in other materials that we send to you about the of-
fer after you receive your Credit Card. 
c.  Penalty Rate. 
If we do not receive a payment within 60 days of the date it is due, 
a penalty Annual Percentage Rate of 17.90% will be applied to all 
balances  (current  and  future)  on  your  Account.  If  you  make  six 
consecutive payments on or before their due dates, we will adjust 
your Annual Percentage Rate to the standard rate that would oth-
erwise apply to your Account pursuant to this Agreement.  

10.  Conditions Under Which Other Charges May Be 

Imposed  

You agree to pay the following fees and charges on your Account: 
a.  Late Fee.  
If we do not receive your  full minimum payment on or before the 
due date, you agree to pay a late fee of up to $25. 
b.  Returned Item Fee.  
If  any  check  or  draft  we  receive  from  you  as  payment  for  any 
amount you owe to us is returned to us unpaid, you agree to pay 
a returned item fee of up to $25. 
c.  Card Replacement Fee.  
You agree to pay $5 for each replacement Card you request. 
d.  Pick-up Fee.  
If your Card has been blocked as lost or stolen and is recovered 
and you try to use it, you will be charged $75. 
e.  Photocopy Fee.  
You  will  pay  $1  per  page  for  each  copy  of  a  statement  or  sales 
draft you request (unless the request relates to a billing error that 
we made). 
f.  Attorney's Fees and Costs.  
If you fail to make any payment when due or are otherwise in de-
fault  under  any  part  of  this  Agreement,  you  agree  to  pay  us  all 
costs to collect your Account, including court costs and reasona-
ble  attorney  fees  whether  or  not  there  is  a  lawsuit,  and  fees  on 
any  appeal  and  fees  for  bankruptcy  proceedings,  appeals,  and 
any  post-judgment  collection  services,  if  applicable.  These  fees 
and  costs  may  be  added  to  your  Account  balance  and  will  bear 
interest at the Annual Percentage Rate in effect at that time. 

11.  Conditions of Card Use  
The  use  of  your  Card  and  Account  are  subject  to  the  following 
conditions: 
a.  Use.  
Your  Card  and  Account  may  be  used  only  for  valid  and  lawful 
purposes.  You  may  not use  your  Card  (i)  to make  Purchases  or 
obtain  Cash  Advances  for  any  illegal  transaction,  or  (ii)  for  any 
internet or online gambling transactions. If you use your Card for 
any  illegal  or  prohibited  transaction,  this  Agreement  also  applies 
to such transaction and you agree to pay any and all amounts re-
lated to such transaction pursuant to the terms of this Agreement. 
We  may,  at  our  sole  discretion  and  without  warning,  restrict  the 
use of or terminate your Card if we notice excessive use of your 
Card or other suspicious activities or if we reasonably believe the 
Card  is  or  has  been  used  for  one  or  more  illegal  or  prohibited 
transactions. 
b.  Ownership of Cards.  
Any Card or other credit instrument or device which we supply to 
you is our property and must be returned to us, or to any person 

© 2021 Farleigh Wada Witt. All rights reserved. 

Visa Credit Card Account Agreement & Disclosures • 05-11-21 • 2 

ELGA Credit Union  Visa Credit Card Account Agreement 

whom we authorize to act as our agent, or to any person who is 
authorized  to  honor  the  Card,  immediately  according  to  instruc-
tions. The Card may be repossessed at any time in our sole dis-
cretion without demand or notice. You cannot transfer your Card 
or Account to another person. 
c.  Honoring the Card.  
We may decline to honor any transaction for any reason. Neither 
we nor merchants authorized to honor the Card will be responsi-
ble for the failure or refusal to honor the Card or any other credit 
instrument  or  device  we  supply  to  you.  If  a  merchant  agrees  to 
give you a refund or adjustment, you agree to accept a credit to 
your Account in lieu of a cash refund. 
d.  Currency Conversion/International Transaction Fee.  
Purchases made in foreign countries will be billed to you in U.S. 
dollars.  The  currency  conversion  rate  for  international  transac-
tions, as established by Visa International, Inc., is a rate selected 
by Visa  from  the  range  of  rates  available  in  wholesale  currency 
markets  for  the  applicable  central  processing  date,  which  may 
vary  from  the  rate Visa itself  receives,  or  the  government-
mandated rate in effect for the applicable central processing date. 
In  addition,  you  will  be  charged  an  International  Transaction 
Fee as set forth in the fee disclosure for any card transaction at a 
location  in  a  foreign country  or  with  a  merchant located  in a  for-
eign  country  even  if  you  initiate  the  transaction  from  within  the 
United States. 
e.  Notices and Payments.  
All  notices  will  be sent  to  your  address  as shown  in  the  applica-
tion. You agree to advise us promptly if you change your mailing 
address.  All  payments  should  be  mailed  to  us  at  the  remittance 
address  shown  on  your  monthly  statements.  Payments  received 
at that address will be credited to your Account as of the date re-
ceived. Written notices and inquiries to us must be sent to:  

ELGA Credit Union 
2305 S. Center Road 
Burton, MI 48519 

f.  Personal Identification Number.  
If  we  issue  you  a  Personal  Identification  Number  ("PIN")  for  use 
with  your  Card  in  accessing  your  line  of  credit  at  ATMs,  these 
numbers  are  issued  to  you  for  your  security  purposes.  These 
numbers are confidential and should not be disclosed to third par-
ties. You are responsible for safekeeping your PIN. You agree not 
to  disclose  or  otherwise  make  available  your  PIN  to  anyone  not 
authorized  to  sign  on  your  Account.  To  keep  your  Account  se-
cure, please do not write your PIN on your Card or keep it in the 
same place as your Card. 

12.  Loan Protection 
Loan  Protection  coverage  is  not  required  for  any  extension  of 
credit  under  this  Agreement.  However,  you  may  purchase  any 
loan  protection  available  through  us  and  have  the  monthly  fee 
added  to  your  outstanding  balance  as  purchases.  If  you  elect  to 
do so, we will give you the necessary disclosures and documents 
separately. 

13.  Default  
You will be in default under this Agreement if any of the following 
occur: (a) Any Minimum Monthly Payment is not made when due; 
(b) You  become  insolvent,  bankrupt,  or  you  die;  (c) You  violate 
any  part  of  this  Agreement,  or  any  other  agreement  with  us;  or 
(d) If we reasonably deem ourselves insecure with respect to your 
Account. Upon default, we may declare the entire unpaid balance 
immediately due and payable, and you agree to pay that amount 
plus  any  attorney's  fees  and  costs  we  incur,  including  fees  and 
costs in any appeal or bankruptcy proceeding. We can delay en-
forcing any right under this Agreement without losing that right or 
any other right. We will notify you in writing of any such action as 
soon as practical if it occurs. 

14.  Governing Law 
This Agreement will not take effect until it is approved by us. This 
Agreement shall be governed by the laws of the State of Michigan. 

15.  Severability  
If  any  provision  of  this  Agreement  is  held  invalid,  the  remaining 
provisions that are severable shall remain in effect. 

16.  Loss or Theft of Card  
You agree to notify us immediately of the loss, or the theft, or the 
use  without  your  permission,  of  any  Card  or  other  credit  instru-
ment or device which we supply to you. You may be liable for the 
unauthorized use of your card. You will not be liable for unauthor-
ized use which occurs after you notify:  ELGA Credit Union, 2305 
S.  Center  Rd.,  Burton,  MI  48519;  Phone:  810-715-ELGA  (3542) 
or 800-882-6457, orally or in writing of loss, theft, or possible un-
authorized use. In any case, your liability shall not exceed $50. 

17.  Credit Information/Financial Statements  
You authorize us to release information to others (e.g., credit bu-
reaus,  merchants,  and  other  financial  institutions)  regarding  the 
status and history of your Credit Line. You agree to provide us, at 
any  time  we  deem  necessary,  with  a  current  financial  statement 
and/or updated credit information upon request. We may investi-
gate your credit directly or through a credit reporting agency. 

18.  Amendments  
We  reserve  the  right  to  change  any  terms  or  conditions  of  this 
Agreement at any time, to the extent permitted by applicable law. 
We  will  notify  you  of  the  changes  to  this  Agreement  as  required 
by law. 

19.  Billing Errors Notice, Your Credit Card  

Billing Rights  

Keep this document for future use. This notice tells you about your 
rights and our responsibilities under the Fair Credit Billing Act. 
a.  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:  
ELGA  Credit  Union,  2305  S.  Center  Rd.,  Burton,  MI  48519.  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. 
b.  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  al-
ready 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 report you as 

delinquent on that amount. 

•  The charge in question may remain on your statement, and we 

may continue to charge you interest on that amount. 

•  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. 

© 2021 Farleigh Wada Witt. All rights reserved. 

Visa Credit Card Account Agreement & Disclosures • 05-11-21 • 3 

ELGA Credit Union  Visa Credit Card Account Agreement 

2. 

After we finish our investigation, one of two things will happen: 
1. 

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. 
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 de-
linquent 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. 
c.  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 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: 

1.  The  purchase  must  have  been  made  in  your  home  state  or 
within 100 miles of your current mailing address, and the pur-
chase price must have been more than $50. (Note: Neither of 
these are necessary if your purchase was based on an adver-
tisement 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.  Pur-
chases  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  at  the  above  address.  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. 

20.  Acknowledgment 
You  understand  and  agree  to  the  terms  and  conditions  in  this 
Agreement and the Fair Credit Billing Notice. You acknowledge that 
you  have  received  a  copy  of  this  Agreement,  the  Account  Disclo-
sure,  and  the  Fair  Credit  Billing  Notice.  This  Agreement  is  a  final 
expression of the agreement between you and the Credit Union. 

© 2021 Farleigh Wada Witt. All rights reserved. 

Visa Credit Card Account Agreement & Disclosures • 05-11-21 • 4