Heritage
CREDIT LINE ACCOUNT AGREEMENT
Federal
AND FEDERAL DISCLOSURE STATEMENT
P.O. Box 189
Newburgh, IN 47629-0189
THIS IS YOUR CREDIT LINE ACCOUNT AGREEMENT AND IT INCLUDES NECESSARY FEDERAL TRUTH-IN-
(812) 253-MYCU (6928) (phone)
LENDING DISCLOSURE STATEMENTS, MY CHOICE VISA, MY CHOICE PLUS VISA, MY PREFERRED VISA AND
(270) 830-8233 (phone)
MY PREFERRED PLUS VISA AGREEMENTS, AND ANY SPECIAL INSTRUCTIONS REGARDING THE USE OF
(812) 853-1749 (fax)
YOUR MY CHOICE VISA, MY CHOICE PLUS VISA, MY PREFERRED VISA AND MY PREFERRED PLUS CREDIT
CARDS, AND/OR ANY OTHER ACCOUNT ACCESS DEVICE. PLEASE BE CERTAIN TO READ THIS
AGREEMENT CAREFULLY AND NOTIFY US AT ONCE IF ANY PARTS ARE UNCLEAR.
Interest Rate and Interest Charges
Annual Percentage Rate
My Choice VISA:
1.75%
Introductory APR for 6 months.
(APR) For Purchases
After that Your APR will be
%. This APR will vary with the market based on
the Prime Rate.
My Choice Plus VISA:
1.75% Introductory APR for 6 months.
After that Your APR will be
%. This APR will vary with the market based on
the Prime Rate.
My Preferred VISA:
1.75% Introductory APR for 6 months.
After that Your APR will be
%. This APR will vary with the market based on
the Prime Rate.
My Preferred Plus VISA:
1.75%
Introductory APR for 6 months.
After that Your APR will be
%. This APR will vary with the market based on
the Prime Rate.
Annual Percentage Rate
My Choice VISA: 0.00% Introductory APR for 6 months.
(APR) For Balance
After that Your APR will be
%. This APR will vary with the market based on the
Transfers
Prime Rate.
My Choice Plus VISA: 0.00% Introductory APR for 6 months.
After that Your APR will be
%. This APR will vary with the market based on the
Prime Rate.
My Preferred VISA: 0.00% Introductory APR for 6 months.
After that Your APR will be
%. This APR will vary with the market based on the
Prime Rate.
My Preferred Plus VISA: 0.00% Introductory APR for 6 months.
After that Your APR will be
%. This APR will vary with the market based on the
Prime Rate.
Annual Percentage Rate
My Choice VISA:
%
(APR) For Cash Advances
This APR will vary with the market based on the Prime Rate.
My Choice Plus VISA:
%
This APR will vary with the market based on the Prime Rate.
My Preferred VISA:
%
This APR will vary with the market based on the Prime Rate.
My Preferred Plus VISA:
%
This APR will vary with the market based on the Prime Rate.
Consumer Line of Credit:
%
SEE PAGE 2 for more important information about Your Account
Copyright Oak Tree Business Systems, Inc., 2013-2021. All Rights Reserved.
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OTBS 016YCC HFCU (11/21)
Interest Rate and Interest Charges (continued)
Penalty APR And When
18.00%
it Applies
This APR may be applied to Your VISA Feature Category if:
1) You make a late payment.
How Long Will The Penalty APR Apply? If Your APRs are increased for this reason, the
Penalty APR applied to transactions that occur after the increase may be applied
indefinitely. For transactions that occurred prior to the effective date of the increase, the
increase will apply indefinitely unless 6 consecutive payments are received on or before
the due date during the six-month period following such increase.
Paying Interest
For VISA, We will not charge You interest on purchases if You pay Your entire balance owed
each month within 25 days of Your statement closing date. For all Feature Categories, We will
begin charging interest on balance transfers and cash advances on the transaction date.
For Credit Card Tips from
To learn more about factors to consider when applying for or using a Credit Card,
the Consumer Financial
visit the website of the Consumer Financial Protection Bureau at
Protection Bureau
http://www.consumerfinance.gov/learnmore
Fees
Transaction Fees
Overdraft Transfer
$5.00
Cash Advance
For VISA, up to 2.00% of each advance ($10.00 minimum).
Balance Transfer
For VISA, up to 4.00% of each transfer ($10.00 minimum).
Foreign Transaction
For VISA, 1.00% of each foreign currency transaction in U.S. dollars.
For VISA, 1.00% of each U.S. Dollar transaction that occurs in a foreign country.
Penalty Fees
Late Payment
For VISA, up to $25.00.
For Consumer Line of Credit, 5.00% of the payment ($13.00 maximum).
Returned Payment
For VISA, up to $30.00.
For Consumer Line of Credit, $30.00.
How We Will Calculate Your Balance: For VISA, We use a method called "average daily balance (including new purchases)"
For Consumer Line of Credit, We use a method called "daily balance." See Your Account Agreement for details.
Loss of Introductory Rate: We may end Your introductory APR and apply the Penalty APR if You make a late payment.
Billing Rights: Information on Your rights to dispute transactions and how to exercise those rights is provided in Your
Account Agreement.
SEE PAGE 1 for more important information about Your Account
In this Agreement, the reference to "We," "Us," "Our" and "Credit Union" mean HERITAGE FEDERAL CREDIT UNION. The words "You" and "Your" mean each
person accepting this Agreement. If this is a joint Account, read singular pronouns in the plural. The words "Card" and "Credit Card" mean any My Choice
VISA,
My
Choice Plus VISA, My Preferred VISA or My Preferred Plus VISA Credit Card issued to You by Us and any duplicates or renewals. "Convenience Checks" mean
the special Account access devices that We may provide for Your use from time to time.
You, as the Borrower, under a Credit Line Account ("Account"), understand that the following Federal Disclosure Statement and the terms and conditions found
herein constitute Our Agreement with You. You may request advances on Your Account through a variety of means which could include (but may not be limited
to)
telephonic requests, advance request forms, vouchers, checks, charge slips, Convenience Checks, debit cards, ATM cards, Credit Cards, wire transfers, direct
transfers and/or wire transfers to specific payees identified by You, direct transfers to Your share/share draft or other Credit Union account and the like. Regardless
of the means by which any advance is made, You promise to pay Us all amounts charged to Your Account by You or by any user who has access to Your Account,
with actual, apparent or implied authority for use of Your Account, including Finance Charges and other fees or charges described herein.
Copyright Oak Tree Business Systems, Inc., 2013-2021. All Rights Reserved.
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OTBS 016YCC HFCU (11/21)
FEATURE CATEGORIES. Your Account has Feature Categories which may include Consumer Line of Credit (including Overdraft Protection), My Choice VISA, My
Choice Plus VISA, My Preferred VISA and My Preferred Plus VISA.
Variable Rate
Daily Periodic
Annual Percentage
Feature Category
Index
Margin
Rate
Rate
%
%
My Choice VISA
%
%
My Choice Plus VISA
%
%
My Preferred VISA
%
%
My Preferred Plus VISA
%
%
Consumer Line of Credit
ADVANCES. Whenever You request a transaction, We may require You to
or prepayment will not delay Your next scheduled payment. All payments to Us
prove Your identity. Advances made on Your Account will be processed
must be in lawful money of the United States. We may apply each payment to
according to the instructions You give Us (such as by wire transfer, direct transfer
whichever Feature Category We wish. For all Feature Categories (except VISA),
to Your Credit Union account or by other such means) and You authorize Us to
payments will be applied first to any Late Charges owing, then to the Finance
do this, or We may draw a draft or check made payable to You and mail it to
Charge due, then to the outstanding principal balance. To the extent permitted
You. When the amount advanced appears on a subsequent statement, that will
by law, We may apply VISA payments in an order of Our choosing. Any unpaid
be conclusive evidence of Your advance request unless You notify Us that You
portion of the Finance Charge will be paid by subsequent payments and will not
disagree with any such item appearing on Your periodic statement according to
be added to Your principal balance. You understand that any delay in the
the provision of this Agreement titled "Your Billing Rights: Keep this Document
repayment of Your unpaid balance will increase Your periodic Finance Charges
for Future Use."
and any acceleration in the repayment of Your unpaid balance will decrease
Your periodic Finance Charges.
SECURITY. As permitted by law, to secure all transactions under this Agreement
in either joint or individual Accounts, We have the right to impress and enforce a
Consumer Line of Credit Minimum Monthly Payments will be established at the
statutory lien against Your shares on deposit with Us (other than those deposits
close of each billing cycle at an amount equal to 3.00% of Your then outstanding
established under a governmental approved tax deferral plan such as an IRA or
principal balance, subject to the lesser of $15.00 or Your balance, plus any
Keogh account), and any dividends due or to become due to You from Us to the
portion of the Minimum Payments shown on prior statement(s) which remains
extent that You owe on any unpaid balance on Your Account and We may
unpaid, plus any amount that exceeds Your approved Credit Limit.
enforce Our right to do so without further notice to You. Additionally, You agree
that We may set-off any mutual indebtedness.
My Choice VISA, My Choice Plus VISA, My Preferred VISA and My Preferred
Plus VISA Minimum Payments will be an amount equal to 3.00% of Your new
OTHER SECURITY. Collateral (other than household goods or any dwelling)
unpaid balance at the end of each billing cycle, subject to the lesser of $25.00
given as security for any other loan You may have with Us will secure all amounts
or Your balance, plus any portion of the Minimum Payments shown on prior
You owe Us now and in the future if that status is reflected in the "Truth-in-
statement(s) which remains unpaid, plus any amount that exceeds Your
Lending Disclosure" in any particular Agreement evidencing such debt.
approved Credit Limit.
CONSENSUAL LIEN ON SHARES. If You have been issued a Credit Card,
If You make a payment by 5:00 p.m. central time, We will consider that day to
ATM card or debit card, You grant and consent to a lien on Your shares
be the day of Your payment. However, if You make a payment after 5:00 p.m.
with Us (except for IRA and Keogh accounts) and any dividends due or
central time, We will consider that the payment was made on the next day.
to become due to You from Us to the extent You owe on any unpaid
Credit Card balance and/or unpaid Consumer Line of Credit Balance
You may, by separate agreement, authorize Us to charge Your payment directly
created through the use of Your ATM card or debit card.
to Your share or share draft account.
LINE OF CREDIT LIMITS. You will be notified of each specific Credit Limit for
LATE CHARGE (EXCEPT VISA). If Your payment is more than 10 days late,
each Feature Category for which You are approved. Unless You are in default,
You will be charged the lesser of $13.00 or 5.00% of the payment due.
any Credit Limits established for You will generally be self-replenishing as You
make payments.
OTHER FEES AND CHARGES (EXCEPT VISA). You will be charged the
following fees associated with the use of Your Account: (a) $30.00 for any check
You will keep Your unpaid balance within Your Credit Limit set by Us, and You
(or other negotiable instrument used for payment) which is returned unpaid; and
will pay any amount over Your Credit Limit on Our demand whether or not We
(b) an overdraft transfer fee FINANCE CHARGE of $5.00 for each such advance.
authorize the advances which caused You to exceed Your Credit Limit. Even if
Your unpaid balance is less than Your Credit Limit, You will have no credit
FINANCE CHARGES (EXCEPT VISA). A Finance Charge will be assessed on
available during any time that any aspect of Your Account is in default.
any unpaid principal balance for each Feature Category of Your Account for the
period such balance is outstanding. Balances change each time advances are
JOINT ACCOUNTS. Each Borrower will be responsible, jointly and severally, for
made, payments are made or credits given under any Feature Category. The
the repayment of any amounts owed. If any Account access device, such as a
Finance Charge begins to accrue on the date of each advance and there is no
Personal Identification Number (PIN) is requested and approved, You
grace period.
understand that any such Account access device(s) will be mailed only to the
primary Borrower at the address that We have on file for You. We may refuse to
HOW TO DETERMINE THE FINANCE CHARGE (EXCEPT VISA). For all
follow any instructions which run counter to this provision.
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
MINIMUM MONTHLY PAYMENTS (PAYMENT SCHEDULE). Though You
accounted for by the applicable Daily Periodic Rate. The unpaid balance is the
need only pay the Minimum Monthly Payments, You understand that You have
balance each day after payments, credits, and unpaid Finance Charges to that
the right to repay at any time without penalty. You also understand that You will
balance have been subtracted and any new advances or other charges have
only be charged periodic Finance Charges to the date You repay Your entire
been added to Your unpaid balance. These daily Finance Charges are then
balance. You may make larger payments without penalty. Any partial payment
added together and the sum is the amount of the Finance Charge owed for the
Copyright Oak Tree Business Systems, Inc., 2013-2021. All Rights Reserved.
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OTBS 016YCC HFCU (11/21)
Feature Category being accounted for. The total Finance Charge You owe on
not send You a statement if We feel Your Account is uncollectible or if We have
Your Account for each billing cycle is the sum of all the Finance Charges due for
started collection proceedings against You because You defaulted. EACH
all applicable Feature Categories.
STATEMENT IS DEEMED TO BE A CORRECT STATEMENT OF ACCOUNT
UNLESS YOU ESTABLISH A BILLING ERROR PURSUANT TO THE
VISA FINANCE CHARGES. In the case of any transactions under Your My
FEDERAL TRUTH-IN-LENDING ACT.
Choice VISA, My Choice Plus VISA, My Preferred VISA and My Preferred
VISA Plus Feature Categories, the balances subject to the periodic Finance
OUR RESPONSIBILITIES TO HONOR CONVENIENCE CHECKS. We are
Charge are the average daily transactions balances outstanding during the
under no obligation to honor Your Convenience Checks if: (1) by paying a
month (including new transactions). To get the average daily balance, We take
Convenience Check, You would exceed Your Credit Limit; (2) Your Cards or
the beginning balance each day, add any new purchases, balance transfers,
Convenience Checks have been reported lost or stolen; (3) Your Account has
cash advances, debit adjustments or other charges and subtract any
been cancelled or has expired. If a postdated Convenience Check is paid and,
payments, credits and unpaid Finance Charges. This gives Us the daily
as a result, any other Convenience Check is returned unpaid, We are not
balance. Then, We add up all the daily balances for the billing cycle and divide
responsible for any resulting loss or liability.
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
DEFAULT. You will be in default if: (a) You do not make any payment or perform
Finance Charge by the Daily Periodic Rate times the number of days in the
any obligation under this Agreement, or any other agreement that You may have
billing cycle.
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
You can avoid Finance Charges on purchases by paying the full amount of the
or misleading statement in Your credit application and/or in Your representations
entire balance owed each month within 25 days of Your statement closing date.
to Us while You owe money on Your Account; or (d) A judgment or tax lien should
Otherwise, the new balance of purchases, and subsequent purchases from the
be filed against You or any attachment or garnishment should be issued against
date they are posted to Your Account, will be subject to a Finance Charge. Cash
any of Your property or rights, specifically including anyone starting an action or
advances and balance transfers are always subject to a Finance Charge from
proceeding to seize any of Your funds on deposit with Us; and/or (e) We should,
the later of the date they are posted to Your Account or from the first day of the
in good faith, believe Your ability to repay Your indebtedness hereunder is or
billing cycle in which the transaction is posted to Your Account.
soon will be impaired, time being of the very essence.
For the 6-month period immediately following the date Your Account is
Upon any occurrence of default, We may, to the extent permitted by law, cancel
established purchase transactions will accrue FINANCE CHARGES at an
Your rights under this Agreement, require the return of all access devices and
introductory Daily Periodic Rate of 0.004795% (corresponding to an ANNUAL
declare the entire balance of every Feature Category of Your Account
PERCENTAGE RATE of 1.75%). Upon the expiration of the Introductory Rate
immediately due and payable, without prior notice or demand.
period, the entire balance of purchases existing at that time and in the future will
accrue FINANCE CHARGES at the non-Introductory Rate that would have
COLLECTION COSTS. In the event collection efforts are required to obtain
otherwise been in effect.
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
For the 6-month period immediately following the date Your Account is
incurred in collection and reasonable attorneys' fees incurred in the course
established balance transfer transactions will accrue FINANCE CHARGES at an
of collecting any amounts owed under this Agreement or in the recovery of
introductory Daily Periodic Rate of 0.000000% (corresponding to an ANNUAL
any Collateral.
PERCENTAGE RATE of 0.00%). Upon the expiration of the Introductory Rate
period, the entire balance of balance transfers existing at that time and in the
ENFORCEMENT. We do not lose Our rights under this or any related agreement
future will accrue FINANCE CHARGES at the non-Introductory Rate that would
if We delay enforcing them. We can accept late payments, partial payments or
have otherwise been in effect.
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
VISA VARIABLE RATE. Except for during the Introductory Rate period,
is determined to be unenforceable or invalid, all other provisions remain in full
advances are subject to a Variable Rate which is based on the highest Prime
force and effect.
Rate as published in the Money Rates Section of The Wall Street Journal in
effect on the last day of each calendar month ("Index") plus Our ("Margin"). The
NOTIFICATION OF ADDRESS CHANGE. You will notify Us promptly if You
Index plus the Margin equals the Interest Rate. Changes in the Index will cause
move or otherwise have a change of address.
changes in the Interest Rate on the 1st day of the billing cycle that immediately
follows any such change in the Index. Increases or decreases in the Interest
CHANGE IN TERMS. We may change the terms of this Agreement by mailing
Rate will result in like increases or decreases in the Finance Charge and may
or delivering to You written notice of the changes as prescribed by the Federal
affect the number of Your scheduled payments. Your Interest Rate will never be
Truth-In-Lending Act. To the extent permitted by law, the right to change the
greater than 18.00% and will apply to the remaining principal balance. If the
terms of this Agreement includes, but is not limited to, the right to change the
Index becomes unavailable, We may select another Index and Margin which
periodic rate applicable to Your unpaid balance and/or future advances.
would result in a substantially similar Interest Rate.
INTEGRATED DOCUMENTS. Any separate sheet of paper labeled
VISA PENALTY RATE. If Your VISA Feature Category is more than 60 days
"Additional Disclosure Federal Truth-In-Lending Act," which is delivered
past due, subject to applicable law, the Daily Periodic Rate applicable to Your
together with this Agreement or at a later date becomes an integrated part of
entire balance of transactions existing at that time will become fixed and increase
this Agreement And Disclosure.
to 0.049315% (corresponding ANNUAL PERCENTAGE RATE 18.00%). During
the six month period following such an increase, if We receive the first six
CONSENT TO AGREEMENT. You acknowledge receipt of a copy of this
consecutive required minimum periodic payments when due, the rate applicable
Agreement. By signing the application; or by using Your Account or any Account
to the balance of transactions that occurred prior to such increase will be
access device; or by authorizing another to use Your Account, You agree to and
returned to the standard rate that would have otherwise been in effect.
accept its terms.
OVERDRAFT PROTECTION. We may transfer funds in multiples of $100.00 (or
UPDATING AND DISCLOSING FINANCIAL INFORMATION. You will provide
in such increments as We may from time to time determine) to Your share draft
facts to update information contained in Your original Account application or
account by an advance on Your Account, subject to this provision, to clear any
other financial information related to You, at Our request. You also agree that
overdraft on Your share draft account. Whether or not such transfers occur will
We may, from time to time, as We deem necessary, make inquiries pertaining
be controlled by this Agreement. In any event, You hold Us harmless for any and
to Your employment, credit standing and financial responsibility in accordance
all liability which might otherwise arise if the transfer does not occur. Overdraft
with applicable laws and regulations. You further agree that We may give
protection automatically ceases if this Agreement is ever cancelled or terminated
information about the status and payment history of Your Account to consumer
or Your Account is in default.
credit reporting agencies, a prospective employer or insurer, or a state or
federal licensing agency having any apparent legitimate business need for
PERIODIC STATEMENTS. On a regular basis, You will receive a statement
such information.
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
TERMINATION. Either You or We may cancel Your Account or any particular
there is a debit or credit balance or when a Finance Charge is imposed. We need
Feature Category of Your Account, at any time, whether or not You are in default.
Copyright Oak Tree Business Systems, Inc., 2013-2021. All Rights Reserved.
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OTBS 016YCC HFCU (11/21)
You will, in any case, remain liable to pay any unpaid balances according to the
locations; (c) an overdraft transfer fee FINANCE CHARGE of $5.00 for each
terms of Your Account.
such advance; (d) $15.00 for each copy of a receipt that You request; and (e) a
balance transfer fee FINANCE CHARGE in an amount equal to the greater of
GOVERNING LAW. This Agreement is controlled and governed by the laws of
4.00% of each such balance transfer or $10.00.
the State of Indiana, except to the extent that such laws are inconsistent with
controlling federal law.
LOST CARDS OR CONVENIENCE CHECKS. To report lost or stolen Credit
Cards or Convenience Checks, You will immediately call Us during regular
SPECIFIC TERMS APPLICABLE TO YOUR
business hours at the telephone number shown in this Agreement, and after
MY CHOICE VISA, MY CHOICE PLUS VISA, MY PREFERRED VISA
hours, on weekends and holidays at (855) 887-3938. You may also report lost
AND MY PREFERRED PLUS VISA CREDIT CARDS
or stolen Credit Cards or Convenience Checks by writing to Us at the address
shown in this Agreement.
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
CREDITS. If a merchant who honors Your Card gives You credit for returns or
institutions. You agree not to use Your Card for illegal transactions including, but
adjustments, they will do so by sending Us a slip which will be posted to Your
not limited to, advances made for the purpose of gambling and/or wagering
Account. If Your credits and payments exceed what You owe Us, We will hold
where such practices are in violation of applicable state and/or federal law.
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
OWNERSHIP. Your Card remains Our property and may be cancelled by Us at
Account after six months.
any time without notice. You agree to surrender Your Card and to discontinue its
use immediately upon Our request.
Your Billing Rights: Keep this Document for Future Use
ISSUANCE OF A PERSONAL IDENTIFICATION NUMBER. We will issue,
This notice tells You about Your rights and Our responsibilities under the
upon Your request, a Personal Identification Number (PIN) for use with
Fair Credit Billing Act.
participating Automated Teller Machines (ATMs). This PIN is confidential and
should not be disclosed to anyone. You may use Your PIN to access Your
What To Do If You Find A Mistake On Your Statement
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
If You think there is an error on Your statement, write to Us at Our address shown
and conditions of Your Electronic Fund Transfer Agreement may also affect
in this Agreement. In Your letter, give Us the following information:
Your rights.
Account information: Your name and Account number.
EFFECT OF AGREEMENT. Even though the sales, cash advance, credit or
Dollar amount: The dollar amount of the suspected error.
other slips You may sign or receive when using Your Card contain terms, this
Description of problem: If You think there is an error on Your bill, describe
Agreement is the contract which solely applies to all transactions involving
what You believe is wrong and why You believe it is a mistake.
the Card.
You must contact Us:
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
Within 60 days after the error appeared on Your statement.
notify Us of the loss, theft, or possible unauthorized use by calling Us during
At least three business days before an automated payment is scheduled, if
regular business hours at the telephone number shown in this Agreement,
You want to stop payment on the amount You think is wrong.
and after hours, on weekends and holidays at (855) 887-3938. You may also
notify Us of the loss, theft, or possible unauthorized use by writing to Us at
You must notify Us of any potential errors in writing. You may call Us, but if You
the address shown in this Agreement. In any case, Your liability will not
do We are not required to investigate any potential errors and You may have to
exceed $50.00.
pay the amount in question.
REFUSAL TO HONOR CARDS OR CONVENIENCE CHECKS. We are not
What Will Happen After We Receive Your Letter
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
When We receive Your letter, We must do two things:
Cards or complete a Card withdrawal, or for their retention of the Cards or
Convenience Checks.
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.
FOREIGN TRANSACTIONS. For transactions initiated in foreign countries
2) Within 90 days of receiving Your letter, We must either correct the error or
and foreign currencies, the exchange rate between the transaction currency
explain to You why We believe the bill is correct.
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
While We investigate whether or not there has been an error:
central processing date, which rate may vary from the rate VISA itself
receives; or (b) the government-mandated rate in effect for the applicable
We cannot try to collect the amount in question, or report You as delinquent
central processing date. For transactions that are initiated in a foreign
on that amount.
currency, You will be charged 1.00% of the final settlement amount. For
The charge in question may remain on Your statement, and We may
transactions occurring in foreign countries and initiated in U.S. Dollars, You
continue to charge You interest on that amount.
will be charged 1.00% of the final settlement amount. Transactions initiated
While You do not have to pay the amount in question, You are responsible
via the internet with merchants or other parties located outside of the United
for the remainder of Your balance.
States of America are deemed to occur in the foreign country where the
We can apply any unpaid amount against Your Credit Limit.
merchant or other party is located.
After We finish Our investigation, one of two things will happen:
TRANSACTION SLIPS. Your monthly statement will identify that merchant,
electronic terminal or financial institution at which transactions were made, but
If We made a mistake: You will not have to pay the amount in question or
sales, cash advances, credit or other slips cannot be returned with the statement.
any interest or other fees related to that amount.
If We do not believe there was a mistake: You will have to pay the
LATE CHARGE. If Your payment is one or more days late, You will be charged
amount in question, along with applicable interest and fees. We will send
the lesser of: (a) $25.00; or (b) the amount of the minimum payment due.
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
OTHER FEES AND CHARGES. You will be charged the following fees
think You owe.
associated with the use of Your Card: (a) the lesser of $30.00 or the required
minimum payment amount for the returned payment for any check (or other
If You receive Our explanation but still believe Your bill is wrong, You must write
negotiable instrument used for payment) which is returned unpaid; (b) a cash
to Us within 10 days telling Us that You still refuse to pay. If You do so, We
advance fee FINANCE CHARGE in an amount equal to the greater of 2.00% of
cannot report You as delinquent without also reporting that You are questioning
each such advance or $10. 00 - waived when obtained inside one of Our branch
Your bill. We must tell You the name of anyone to whom We reported You as
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OTBS 016YCC HFCU (11/21)
delinquent, and We must let those organizations know when the matter has been
was based on an advertisement We mailed to You, or if We own the
settled between Us. If We do not follow all of the rules above, You do not have
company that sold You the goods or services.)
to pay the first $50.00 of the amount You question even if Your bill is correct.
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
Your Rights If You Are Dissatisfied With Your Credit Card Purchases
Card account do not qualify.
3) You must not yet have fully paid for the purchase.
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
If all of the criteria above are met and You are still dissatisfied with the purchase,
the merchant, You may have the right not to pay the remaining amount due on
contact Us in writing at Our address shown in this Agreement.
the purchase. To use this right, all of the following must be true:
While We investigate, the same rules apply to the disputed amount as discussed
1) The purchase must have been made in Your home state or within 100 miles
above. After We finish Our investigation, We will tell You Our decision. At that
of Your current mailing address, and the purchase price must have been
point, if We think You owe an amount and You do not pay, We may report You
more than $50.00. (Note: Neither of these are necessary if Your purchase
as delinquent.
Copyright Oak Tree Business Systems, Inc., 2013-2021. All Rights Reserved.
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