PREMIER MEMBERS CREDIT UNION

VISA Classic, Secured VISA Classic, VISA Platinum, VISA Platinum Rewards and 
Secured  VISA  Platinum  Minimum  Payments  will  be  an  amount  equal  to  2.50%  of 
Your  new  unpaid  VISA  Classic,  Secured  VISA  Classic,  VISA  Platinum,  VISA 
Platinum  Rewards  or  Secured  VISA  Platinum  balance  at  the  end  of  each  billing 
cycle,  subject  to  the  lesser  of  $35.00  or  Your  balance,  plus  any  portion  of  the 
Minimum  Payments  shown  on  prior  statement(s)  which  remains  unpaid,  plus  any 
amount that exceeds Your approved Credit Limit. 

You may, by separate agreement, authorize Us to charge Your payment directly to 
Your share or share draft account. 

LATE CHARGE (EXCEPT VISA). If Your payment is more than 15 days late, You 
will be charged $15.00. 

RETURNED CHECK CHARGE (EXCEPT VISA). You will be charged $15.00 for any 
check (or other negotiable instrument used for payment) which is returned unpaid. 

FINANCE CHARGES (EXCEPT VISA).  A Finance Charge will be assessed on any 
unpaid principal balance for each Feature Category of Your Account for the period 
such  balance  is  outstanding.  Balances  change  each  time  advances  are  made, 
payments  are  made  or  credits  given  under  any  Feature  Category.  The  Finance 
Charge begins to accrue on the date of each advance and there is no grace period. 

HOW TO DETERMINE THE FINANCE CHARGE (EXCEPT VISA). For all Feature 
Categories  (Except  VISA),  the  Finance  Charge  is  determined  by  multiplying  Your 
unpaid balance at the close of each day in the billing cycle being accounted for by 
the  applicable  Daily  Periodic  Rate.  The  unpaid  balance  is  the  balance  each  day 
after  payments,  credits,  and  unpaid  Finance  Charges  to  that  balance  have  been 
subtracted  and  any  new  advances,  insurance  premiums  or  other  charges  have 
been added to Your unpaid balance. These daily Finance Charges are then added 
together  and  the  sum  is  the  amount  of  the  Finance  Charge  owed  for  the  Feature 
Category being accounted for. The total Finance Charge You owe on Your Account 
for  each  billing  cycle  is  the  sum  of  all  the  Finance  Charges  due  for  all  applicable 
Feature Categories. 

VISA FINANCE CHARGES. In the case of any transactions under Your VISA Classic, 
Secured  VISA  Classic,  VISA  Platinum,  VISA  Platinum  Rewards  or  Secured  VISA 
Platinum Feature Categories, the balances subject to the periodic Finance Charge are 
the average daily transactions balances outstanding during the month (including new 
transactions).  To  get  the  average  daily  balance,  We  take  the  beginning  balance  of 
Your Account each day, add any new purchases, balance transfers, cash advances, 
debit adjustments or other costs and charges and subtract any payments, credits and 
unpaid  Finance  Charges.  This  gives  Us  the  daily  balance.  Then,  We  add  up  all  the 
daily balances for the billing cycle and divide them by the number of days in the billing 
cycle. The Finance Charge for a billing cycle is computed by multiplying the average 
daily  balance  subject  to  a  Finance  Charge  by  the  Daily  Periodic  Rate  times  the 
number of days in the billing cycle. 

You  can  avoid  Finance  Charges  on  purchases  by  paying  the  full  amount  of  the 
entire  balance  owed  each  month  within  25  days  of  Your  statement  closing  date. 
Otherwise,  the  new  balance  of  purchases,  and  subsequent  purchases  from  the 
date  they  are  posted  to  Your  Account,  will  be  subject  to  a  Finance  Charge.  Cash 
advances  and  balance  transfers are always subject to a Finance Charge from the 
later of the date they are posted to Your Account or from the first day of the billing 
cycle in which the cash advance is posted to Your Account. 

OVERDRAFT PROTECTION. We may transfer funds in the amount necessary (or 
in  such  increments  as  We  may  from  time  to  time  determine)  to  Your  share  draft 
account by an advance on Your Overdraft Line of Credit Feature Category, subject 
to this provision, to clear any overdraft on Your share draft account. Whether or not 
such  transfers  occur  will  be  controlled  by  this  Agreement.  In  any  event,  You  hold 
Us harmless for any and all liability which might otherwise arise if the transfer does 
not  occur.  Overdraft  protection  automatically  ceases  if  this  Agreement  is  ever 
cancelled or terminated or Your Account is in default. 

PERIODIC  STATEMENTS.  On  a  regular  basis,  You  will  receive  a  statement 
showing  all  transactions  on  Your  Account  including  amounts  paid  and  borrowed 
since Your last statement. We will mail You a statement each month in which there 
is  a  debit  or  credit  balance  or  when  a  Finance  Charge  is  imposed.  We  need  not 
send You a statement if We feel Your Account is uncollectible or if We have started 
collection proceedings against You because You defaulted. EACH STATEMENT IS 
DEEMED  TO  BE  A  CORRECT  STATEMENT  OF  ACCOUNT  UNLESS  YOU 
ESTABLISH  A  BILLING  ERROR  PURSUANT  TO  THE  FEDERAL  TRUTH-IN-
LENDING ACT.  

OUR  RESPONSIBILITIES  TO  HONOR  CONVENIENCE  CHECKS.  We  are  under 
no  obligation  to  honor  Your  Convenience  Checks  if:  (1)  by  paying  a  Convenience 
Check,  You  would  exceed  Your  Credit  Limit;  (2)  Your  Cards  or  Convenience 
Checks have been reported lost or stolen; (3) Your Account has been cancelled or 

has expired. If a postdated Convenience Check is paid and, as a result, any other 
Convenience  Check  is  returned  unpaid,  We  are  not  responsible  for  any  resulting 
loss or liability. 

DEFAULT.  You  will  be  in  default  if:  (a)  You  do  not  make any payment or perform 
any  obligation  under  this  Agreement,  or  any  other  agreement  that  You  may  have 
with Us; or (b) You should die, become involved in any insolvency, receivership or 
custodial  proceeding  brought  by  or  against  You;  or  (c)  You  have  made  a  false  or 
misleading  statement  in  Your  credit  application  and/or  in  Your  representations  to 
Us while You owe money on Your Account; or (d) A judgment or tax lien should be 
filed against You or any attachment or garnishment should be issued against any of 
Your  property  or  rights,  specifically  including  anyone  starting  an  action  or 
proceeding to seize any of Your funds on deposit with Us; and/or (e) We should, in 
good faith, believe Your ability to repay Your indebtedness hereunder is or soon will 
be impaired, time being of the very essence. 

Upon  any  occurrence  of  default,  We  may,  to  the  extent  permitted  by  law,  cancel 
Your  rights  under  this  Agreement,  require  the  return  of  all  access  devices  and 
declare the entire balance of every Feature Category of Your Account immediately 
due and payable, without prior notice or demand.  

COLLECTION  COSTS.  In  the  event  collection  efforts  are  required  to  obtain 
payment on this Account, to the extent permitted by law, You agree to pay all court 
costs,  private  process  server  fees,  investigation  fees  or  other  costs  incurred  in 
collection  and  reasonable  attorneys’  fees  incurred  in  the  course  of  collecting  any 
amounts owed under this Agreement or in the recovery of any Collateral. 

ENFORCEMENT. We do not lose Our rights under this or any related agreement if 
We  delay  enforcing  them.  We  can  accept  late  payments,  partial  payments  or  any 
other  payments,  even  if  they  are  marked  "paid  in  full"  without  losing  any  of  Our 
rights  under  this  Agreement.  If  any  provision  of  this  or  any  related  agreement  is 
determined  to  be  unenforceable  or  invalid,  all  other  provisions  remain  in  full  force 
and effect. 

NOTIFICATION OF ADDRESS CHANGE. You will notify Us promptly if You move 
or otherwise have a change of address. 

CHANGE  IN  TERMS.  We  may  change the  terms  of  this  Agreement  by  mailing  or 
delivering to You written notice of the changes as prescribed by the Federal Truth-
In-Lending Act. To the extent permitted by law, the right to change the terms of this 
Agreement  includes,  but  is  not  limited  to,  the  right  to  change  the  periodic  rate 
applicable to Your unpaid balance and/or future advances. 

INTEGRATED  DOCUMENTS.  Any  separate  sheet  of  paper  labeled  "Additional 
Disclosure  -  Federal  Truth-In-Lending  Act",  which  is  delivered  together  with this 
Agreement  or  at  a  later  date  becomes  an  integrated  part  of  this  Agreement   
and Disclosure. 

CONSENT  TO  AGREEMENT.  You  acknowledge  receipt  of  a  copy  of  this 
Agreement.  By  signing  the  application;  or  by  using  Your  Account  or  any  Account 
access  device;  or  by  authorizing  another  to  use  Your  Account,  You  agree  to  and 
accept its terms. 

UPDATING AND DISCLOSING FINANCIAL INFORMATION. You will provide facts 
to  update  information  contained  in  Your  original  Account  application  or  other 
financial  information  related  to  You, at Our request. You also agree that We may, 
from  time  to  time,  as  We  deem  necessary,  make  inquiries  pertaining  to  Your 
employment,  credit  standing  and  financial  responsibility  in  accordance  with 
applicable  laws  and  regulations.  You  further  agree  that  We  may  give  information 
about the status and payment history of Your Account to consumer credit reporting 
agencies, a prospective employer or insurer, or a state or federal licensing agency 
having any apparent legitimate business need for such information.  

TERMINATION.  Either  You  or  We  may  cancel  Your  Account  or  any  particular 
Feature Category of Your Account, at any time, whether or not You are in default. 
You  will,  in  any  case,  remain  liable  to  pay  any  unpaid  balances  according  to  the 
terms of Your Account. 

GOVERNING LAW. This Agreement is controlled and governed by the laws of the 
State  of  Colorado,  except  to  the  extent  that  such  laws  are  inconsistent  with 
controlling federal law. 

SPECIFIC TERMS APPLICABLE TO YOUR VISA CLASSIC, 
SECURED VISA CLASSIC, VISA PLATINUM, VISA PLATINUM REWARDS 
AND SECURED VISA PLATINUM CREDIT CARDS 

USE OF YOUR CARD. You may use Your Card to buy goods and services in any 
place  that  it  is  honored  and  to  get  cash  advances  at  participating  financial 
institutions.  You  agree  not  to  use  Your  Card  for  illegal  transactions  including,  but 

Copyright Oak Tree Business Systems, Inc., 2013-2014. All Rights Reserved.                          

Page 3 of 4 

OTBS 016 BVCU (7/14)  

 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
not limited to, advances made for the purpose of gambling and/or wagering where 
such practices are in violation of applicable state and/or federal law. 

What To Do If You Find A Mistake On Your Statement 

OWNERSHIP. Your Card remains Our property and may be cancelled by Us at any 
time  without  notice.  You  agree  to  surrender  Your  Card  and  to  discontinue  its  use 
immediately upon Our request. 

ISSUANCE  OF  A  PERSONAL  IDENTIFICATION  NUMBER.  We  will  issue,  upon 
Your  request,  a  Personal  Identification  Number  (PIN)  for  use  with  participating 
Automated  Teller  Machines  (ATMs).  This  PIN  is  confidential  and  should  not  be 
disclosed to anyone. You may use Your PIN to access Your Account and all sums 
advanced  will  be  added to  Your  Account  balance.  In  the  event  a use of Your PIN 
constitutes  an  Electronic  Fund  Transfer,  the  terms  and  conditions  of  Your 
Electronic Fund Transfer Agreement may also affect Your rights.  

EFFECT OF AGREEMENT. Even though the sales, cash advance, credit or other 
slips You may sign or receive when using Your Card contain terms, this Agreement 
is the contract which solely applies to all transactions involving the Card. 

UNAUTHORIZED  USE.  You may be liable for the unauthorized use of Your Card. 
You will not be liable for the unauthorized use that occurs after You notify Us of the 
loss,  theft,  or  possible  unauthorized  use  by  calling  Us  during  regular  business 
hours at (303) 442-8850 and after hours, on weekends and holidays at (800) VISA-
911.  You  may  also  notify  Us  of  the  loss,  theft,  or  possible  unauthorized  use  by 
writing  to  Us  at  5505  Arapahoe  Avenue,  Boulder,  CO  80303.  In  any  case,  Your 
liability will not exceed $50.00. 

REFUSAL  TO  HONOR  CARDS  OR  CONVENIENCE  CHECKS.  We  are  not 
liable for the refusal or inability of merchants, financial institutions and others 
to  accept  the  Cards  or  Convenience  Checks,  or  electronic  terminals  to  honor 
the Cards or complete a Card withdrawal, or for their retention of the Cards or 
Convenience Checks. 

FOREIGN  TRANSACTIONS.  For  transactions  initiated  in  foreign  countries and 
foreign  currencies,  the  exchange  rate  between  the  transaction  currency  and  the 
billing currency (U.S. dollars) will be: (a) a rate  selected by VISA from the range of 
rates available in wholesale currency markets for the applicable central processing 
date, which rate may vary from the rate VISA itself receives; or (b) the government-
mandated rate in effect for the applicable central  processing date. For transactions 
that  are  initiated  in  a  foreign  currency,  You  will  be  charged  1.00%  of  the  final 
settlement  amount. For  transactions  occurring  in  foreign  countries  and  initiated  in 
U.S. Dollars, You will be charged 0.80% of the final settlement amount. 

TRANSACTION  SLIPS.  Your  monthly  statement  will  identify  that  merchant, 
electronic  terminal  or  financial  institution  at  which  transactions  were  made,  but 
sales, cash advances, credit or other slips cannot be returned with the statement. 

LATE  CHARGE.  If  Your  payment  is  more  than  10  days  late,  You  will  be  charged 
the lesser of: (a) $25.00; or (b) the amount of the minimum payment due. 

OTHER  FEES  AND  CHARGES.  You  will  be  charged  the  following  fees 
associated  with  the  use  of  Your  Card  (a)  the  lesser  of  $35.00  or  the  required 
minimum  payment  amount  for  the  returned  payment  for  any  check  (or  other 
negotiable  instrument  used for payment) which is returned unpaid; (b) $2.00 for 
each  statement  that  You  request  We  provide  You  with  a  duplicate  copy;  (c) 
$2.00  for  each  document  that  You  request  We  provide  You  with  a  duplicate 
copy;  (d)  $10.00  for  each  sales  draft  that  You  request  We  provide  You  with  a 
duplicate  copy;  (e)  $5.00  for  each  replacement  Personal  Identification  Number 
(PIN)  You  request;  (f)  $30.00  for  each  item  You  request  We  provide  on  an 
expedited  basis;  and  (g)  $80.00  per  hour  each  time  You  request  that  We 
conduct research on Your Card. 

LOST CARDS OR CONVENIENCE CHECKS. To report lost or stolen Credit Cards 
or Convenience Checks, You will immediately call Us during regular business hours 
at  (303)  442-8850 and  after  hours,  on  weekends  and  holidays  at  (800)  VISA-911. 
You may also report lost or stolen Credit Cards or Convenience Checks by writing 
to Us at 5505 Arapahoe Avenue, Boulder, CO 80303. 

CREDITS.  If  a  merchant  who  honors  Your  Card  gives  You  credit  for  returns  or 
adjustments,  they  will  do  so  by  sending  Us  a  slip  which  will  be  posted  to  Your 
Account. If Your credits and payments exceed what You owe Us, We will hold and 
apply  this  credit  against  future  purchases  and  cash  advances,  or  if  it  is  $1.00  or 
more  refund  it  on  Your  written  request  or  automatically  deposit  it  to  Your  Share 
Account after 6 months.   

Your Billing Rights: Keep this Document for Future Use 

If You think there is an error on Your statement, write to Us at Our address shown 
in this Agreement. 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  three  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  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: 

  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. 

After We finish Our investigation, one of two things will happen: 

 

 

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 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 
$50.00 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 
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  purchase  price  must  have  been 
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 at Our address shown in this Agreement.  

This notice tells You about Your rights and Our responsibilities under the Fair 
Credit Billing Act. 

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. 

Copyright Oak Tree Business Systems, Inc., 2013-2014. All Rights Reserved.                          

Page 4 of 4 

OTBS 016 BVCU (7/14)