23. Additional Cardholders, Authorized Users, and Others Using 
Your Account: You may authorize others to use your Account.  
At your request, we may issue one additional Card to you.  This 
additional Card must be issued with the individual name of the 
authorized user embossed thereon.  You promise to pay for all 
purchases and cash advances made by anyone you authorize to use 
your Account with or without a Card, whether or not you notify 
us that he or she will be using the Account and whether or not he 
or she exceeds any limits imposed by you on his or her use of the 
Card.  If another person has use of your Account and you want to 
end that person's privilege, you must notify us by writing to us, by 
calling us, or in person.  In order to avoid unauthorized use, you 
should recover any cards in that person's possession.

24.  Use  of  the  Card:  We  are  not  responsible  if  anyone  refuses  to 
honor this Card or any convenience check or for any failure of an 
ATM to process a cash advance request.  If there is a problem with 
merchandise or services obtained with this Card, you may have the 
right not to pay the remaining amount due on such merchandise or 
services.  This right does not, however, apply to merchandise or 
services obtained with convenience checks or with money from a 
cash advance. Following this Agreement is an explanation of your 
rights to dispute billing errors.  We will have no responsibility for 
merchandise or services purchased with this Card.

25. Unauthorized Use of Card: You will be liable for all authorized 
charges to the account including charges obtained by all persons 
whom you authorize to use the account.  You may be liable for the 
unauthorized use of your MCU VISA Card.  You will not be liable 
for unauthorized use which occurs after you notify us at: PCSU-
MCU, P.O. Box 31112, Tampa, Florida 33631-3112,  orally or in 
writing, of the loss, theft or possible unauthorized use. 

26. Important Notice: Do not use your credit card before you read 
this  agreement  or  if  this  agreement  contains  any  blank  space.  
You  are  entitled  to  a  completely  ﬁlled  in  copy  of  this  credit 
agreement.

27.  Original Application:  You  agree  to  let  the  Credit  Union  keep 
the signed copy of your VISA application to comply with federal 
and/or state law.

28. Governing Law/Effective Date: This agreement and all matters 
arising out of or in connection with any credit transaction shall 
be  governed  by,  and  construed  in  accordance  with  the  laws  of 
the State of New York and the applicable laws of the U.S.  This 
Agreement  will  become  effective  as  to  Cash Advances  when 
you use the Card to take a Cash Advance.  This Agreement will 
become  effective  as  to  Purchases  when  you  use  the  Card,  and 
the  sales  slip  or  other  document  you  sign  in  connection  with 
such use is accepted by us or our representatives at our ofﬁce in 
New York. (This Agreement will not become effective as a result 
of unauthorized use of the Card for any Purchase which occurs 

before  you  ﬁrst  use  the  Card  and  after  its  loss  or  theft).   The 
Credit Union may terminate this Agreement or cancel your card 
at any time.  Such termination, or cancellation, however, will not 
effect your obligation to pay the account balance.

29. Lost or Stolen Cards:  You must notify us immediately if a Card 
is lost or stolen or if you believe there has been or is about to be 
unauthorized use of Card by calling: (800) 449-2728

30. Prohibited Use: You may not use your MCU VISA Card for 

any illegal transaction.

31.  Foreign Transactions:  A 1% International Transaction Fee will 
be  assessed  on  all  transactions  where  the  merchant  is  located 
outside the U.S. The converted transaction amount will be shown 
separately from the International  Transaction Fee on your billing 
statement. This fee will be assessed on all international purchases, 
credit vouchers, and cash disbursements. The exchange rate for 
transactions in a foreign currency will be 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 the government mandated 
rate in effect for the applicable central processing date, plus the 
1% International Transaction Fee. 

Dear Card Member:
This  is  your  contract.    Please  read  it  and  keep  it  for  your  records 
because when you use your Card, you’ve agreed to the terms in the 
contract.                
Municipal Credit Union

by _______________________ 
Ahmed Campbell, Vice President, Loan Operations
P.O. Box 992, Peck Slip Station 
New York, New York 10272-0992

YOUR BILLING RIGHTS
KEEP THIS NOTICE FOR FUTURE USE
This notice contains important information about your rights and our 
responsibilities under the Fair Credit Billing Act.

A.  NOTIFY  US  IN  CASE  OF  ERRORS  OR  QUESTIONS 

ABOUT YOUR STATEMENT: 
If  you  think  your  statement  is  wrong,  or  if  you  need  more 
information about a transaction on your statement, write us on a 
separate sheet at the address listed on your statement.  Write to us 
as soon as possible.  We must hear from you no later than 60 days 
after we send you the ﬁrst statement on which the error or problem 
appeared.  You can telephone us, but doing so will not preserve 
your rights.
In your letter, give us the following information:
•  Your name and account number.

•  The dollar amount of the suspected error.
•  Describe  the  error  and  explain,  if  you  can,  why  you  believe 
there is an error.  If you need more information, describe the 
item you are not sure about.

If you have authorized us to pay a credit card account automatically 
from your share account or draft account, you can stop the payment 
on any amount you think is wrong.  To stop the payment your letter 
must reach us three business days before the automatic payment 
is scheduled to occur.

B. YOUR RIGHTS AND OUR RESPONSIBILITIES AFTER WE 

RECEIVE YOUR WRITTEN NOTICE

  We must acknowledge your letter within 30 days, unless we have 
corrected the error by then.  Within 90 days, we must either correct 
the error or explain why we believe the statement was correct.
  After we receive your letter, we cannot try to collect any amount 
you question, or report you as delinquent.  We can continue to send 
statements to you for the amount you question, including ﬁnance 
charges,  and we can apply any unpaid amount against your credit 
limit. You do not have to pay any questioned amount while we are 
investigating, but you are still obligated to pay the parts of your 
statement that are not in question.
If we ﬁnd that we made a mistake on your statement, you will not 
have to pay any ﬁnance charges related to any questioned amount.  
If we didn’t make a mistake you may have to pay ﬁnance charges, 
and you will have to make up any missed payments on the ques-
tioned amount.  In either case, we will send you a statement 
of the amount you owe and the date that it is due.

If you fail to pay the amount that we think you owe, we may 
report you as delinquent.  However, if our explanation does 
not satisfy you and you write to us within ten days telling 
us that you still refuse to pay, we must tell you the name of 
anyone we reported you to.  We must tell anyone we report 
you to that the matter has been settled between us when it 
ﬁnally is.  

C. SPECIAL RULE FOR CREDIT CARD PURCHASES

If you have a problem with the quality of property or services that 
you purchased with a 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 property or services.  
There are two limitations on this right: (a) You must have made 
the purchase in your home state or, if not within your home state, 
within  100  miles  of  your  current  mailing  address;  and  (b) The 
purchase price must have been more than $50.00.  The limitations 
do not apply if we own or operate the merchant, or if we mailed 
you the advertisement for the property or services.

7/09 M-98007

Municipal Credit Union

VARIABLE RATE
VISA CARDHOLDER AGREEMENT
AND DISCLOSURE STATEMENT
RETAIL INSTALLMENT CREDIT AGREEMENT

1. Deﬁnitions:  In  this Agreement  the  words  “we”,  “us”  and 
“our”  mean  Municipal  Credit  Union,  22  Cortlandt  Street, 
New York, New York 10007.  The words “you”, “your” and 
“cardholder” mean anyone in whose name a VISA Card is 
issued.

  Annual Percentage Rate: The cost of your credit as a yearly rate.
  Finance Charge:  The dollar amount the credit will cost you.
2. Purchases: Your Card can be used to buy or lease goods 
or buy services any place that honors VISA.  The debt that 
results from a Purchase will be transferred to us.

3. Advances: Your  Card  can  be  used  to  obtain  an  advance 
(loan)  at  any  of  our  branch  offices,  at  any  financial 
institution  which  honors VISA  or  any  other  authorized 
location.    If  you  have  received  a  personal  identiﬁcation 
number (PIN), you may use your Card and PIN to obtain 
advances  at  any ATM  that  accepts  your  Card.    Except  as 
otherwise provided in this Agreement, such advances shall 
be treated as Cash Advances under this Agreement. 

4.  Convenience Checks: Upon request, and from time to time, 
we may send you convenience checks for use in borrowing 
under this Agreement.  All convenience checks you use will 
be treated as cash advances under this  Agreement unless 
we advise you otherwise. You may not use the convenience 
checks to make payments on any MCU credit card account. 
You understand that if you use a convenience check to make 
a purchase and you have a dispute with that purchase, the 
dispute is not covered by the Billing Rights Summary below.  
You  understand  that  the  convenience  checks  will  not  be 
returned to you.

5.  Purchases Treated  as  Cash Advances:    We  consider 
certain transactions to be the equivalent of cash advances, 
and we reserve the right to treat them as cash advances under 
this Agreement. Those transactions include using the Card 
or Account to purchase wire transfer money orders, money 
orders that are not issued by a ﬁnancial institution or are 
not in U.S. currency, travelers checks, casino gaming chips, 
lottery tickets, off-track betting, wagers at racetracks, and 
tax payments. 

 
 
 
 
 
6.  Maximum Credit Limit: We will from time to time notify you 
of  the  maximum  amount  of  credit  which  we  will  extend  you 
under  this Agreement.   A  portion  of  your  credit  limit,  called 
the cash advance limit, will be available for cash advances.  We 
may increase or decrease the credit limit or cash advance limit at 
anytime.  The cash advance limit will be shown on your monthly 
statement.  We will not be responsible for failing to extend credit 
to you under this Agreement.  You agree not to allow the balance 
on your account to go over the maximum credit limit.  We will not 
extend credit if:
•  The extension of credit would cause the balance of your account 
to  exceed  your  credit  limit  or  if  the  balance  of  your  account 
already exceeds your credit limit, or 

•  Anything has happened that allows us to declare your account in 

default and therefore immediately due, or
•  Your Card has been canceled or suspended. 
If we do extend credit under any of the conditions above, it will be 
covered by the terms and provisions of this Agreement.  We may 
delay extending credit if you have previously sent us a payment by 
check or other negotiable instrument which has been returned as 
unpaid for any reason.

7.  Monthly  Billing  Statement:    If  you  have  a  balance  in  your 
account,  we  will  send  you  a  monthly  billing  statement.    It  will 
show  the  total  amount  of  your  Purchases  and  Cash Advance  
Accounts, the ﬁnance charge, the minimum payment due, and the 
date the payment is due. 

8a.Finance  Charge  on  Purchases:   A  finance  charge  will  be 
imposed on each Purchase from the date the Purchase is posted 
to your account until the date it is paid in full, with the following 
exceptions: You may avoid  ﬁnance charges, on purchases during 
any billing period if: (1) the opening balance on Purchases during 
any billing period was zero (0); or (2) the total of payments and 
credits  posted  during  the  billing  period  equals  or  exceeds  the 
opening balance for that billing period.

  We  calculate  the  Finance  Charge  on  Purchases  by  applying  the 
periodic  rate  to  the  “average  daily  balance”  of  your  Purchase 
Account (including current transactions).  To get the “average daily 
balance” we take the beginning balance of your Purchases Account 
each day, add any new Purchases and subtract any payments or 
credits  applied  to  Purchases  that  day,  unpaid  ﬁnance  charges, 
late charges, overlimit fees and returned item fees.  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” which 
is  shown  on  your  statement  as  the  Finance  Charge  Balance  for 
Purchases.  Finally, we multiply the average daily balance by the 
daily periodic rate and the number of days in the billing period.
  The  daily  periodic  rate  and  corresponding Annual  Percentage 
Rate  may  vary  (increase  or  decrease)  quarterly  based  upon  the 

movement in the highest prime rate as published in the Wall Street 
Journal on March 15th, June 15th, September 15th, and December 
15th of each year (“index date”). If the Wall Street Journal  is not 
published on any of these dates, the index will be the highest prime 
rate published on the ﬁrst publication date immediately following 
the  index  date.   To  obtain  the  Annual  Percentage  Rate  we  add 
7.9% to the published index. To obtain the daily periodic rate we 
divide the Annual Percentage Rate  by 365.  A change in the daily 
periodic rate and corresponding Annual Percentage Rate resulting  
from a change in the index on the index dates stated above will 
be effective as of the billing date indicated on your April, July, 
October and January monthly billing statements respectively.  An 
increase in the Annual Percentage Rate may result in an increase 
in the amount of your minimum payment.

8b. Finance Charge on Cash Advances: A ﬁnance charge  will be 
imposed on each Cash Advance from the day the Cash Advance is 
obtained until the date it is paid in full.  We calculate the Finance 
Charge on Cash Advances by adding any Transaction Fee applied 
to new Cash Advances to the amount determined by applying the 
periodic rate to the “average daily balance” of your Cash Advances 
Account (including current transactions).  To get the “average daily 
balance” we take the beginning balance of your Cash Advances 
Account each day, add any new Cash Advances, and subtract any 
payments  or  credits  applied  to  Cash Advances  that  day,  unpaid 
ﬁnance  charges,  late  charges,  over  limit  fees,  transaction  fees, 
and returned item fees.  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” which is shown on your statement 
as the Finance Charge  Balance for Cash Advances.  Finally, we 
multiply  the  average  daily  balance  by  the  daily  periodic  rate  of 
.04904% (corresponding Annual Percentage Rate of 17.90%) and 
the number of days in the billing period. 

8c. Minimum Finance Charge: There will be a minimum Finance 
Charge    of  ﬁfty  cents  ($.50)  for  each  billing  period  in  which  a 
ﬁnance charge is payable on your Purchases Account. 

8d.  Cash Advance Transaction  Fee:   You  will  pay  a  transaction 
fee (ﬁnance charge) each time you obtain a Cash Advance. The 
transaction fee will be 3% of the amount advanced but not less 
than $1.00 or more than $30.00.

9.  Returned Item Fee:  We will charge you a returned item fee of 
$20.00 whenever your payment is returned to us for insufﬁcient 
funds or any other reason.

10. Late Charges: You will pay a late charge of $25.00  any time 
a minimum payment remains unpaid for more than one billing 
period.  

11.  Overlimit  Fee: You  will  pay  an  overlimit  fee  of  $20.00  if  the 
principal  balance  of  Purchases  and  Cash Advances  exceeds 

your established credit limit on the closing date of your billing 
period.

12. Payment:  You promise to pay us all the amount borrowed under 
this Agreement  and  any  other  amount  which  you  may  owe  us 
pursuant to this Agreement.

  At any time and without penalty, you may repay all or part of what 
you owe.  You must, however, make at least the minimum payment 
each month.  This minimum payment will be the total of: (1) the 
greater of [a] 1/60th of the outstanding principal Cash Advances 
and  Purchases,  or  [b]  $5.00,  or  the  balance  due,  whatever  is 
less; plus (2) currently calculated ﬁnance charges, cash advance 
transaction fees, other fees and charges incurred during the billing 
period, and insurance premium charges; plus (3) any minimum 
payment amount which is past due; plus (4) any amount in excess 
of your credit limit.

Paying more than the minimum payment for your account for any 
billing period will not relieve you of the obligation to pay any 
further minimum payment for your account.

13.  Payment Allocation: Your  payment  will  be  applied  in  the 
following  order  to  any  of  these  costs  you  owe:  (1)  collection 
costs, (2) fees and other card charges, (3) late charges, ﬁnance 
charges  and  insurance  premiums  in  manner  and  order  Credit 
Union elects, (4) unpaid principal balance of accrued Purchases 
and Cash Advances.

14. Insurance: Credit life insurance and/or credit disability insurance 
may be made available to you by the Credit Union.  Insurance 
coverage is not required by us as a condition for the extension 
of  credit.    If  you  should  elect  and  qualify  for  the  same,  the 
coverage will be up to the minimum amount of credit extended 
to you.  If you die, the insurance proceeds will be used to pay 
off your outstanding debt on the account.  If you wish to have 
this  coverage,  you  will  give  us  a  dated  and  signed  written 
statement  that  you  desire  to  obtain  insurance  coverage  before 
we make it available.  A certiﬁcate describing the coverage will 
be mailed to you 30 days after coverage begins.  The premiums 
for this insurance will be due monthly and will be added to your 
minimum payment each billing period.

15. Default:  You will be in default if you fail to make a minimum 
payment  when  due.   You  will  be  in  default  if  you  break  any 
promise  you  made  under  this Agreement,  or  under  any  other 
written  agreement  made  in  connection  with  use  of  the  Card.  
You  will  also  be  in  default  if  you  become  insolvent,  declare 
bankruptcy or die.  When you are in default, the Credit Union 
may demand immediate payment of the entire amount you owe 
under this Agreement without giving you advance notice.

  Also, we may prohibit any further transactions on your Account, 
cancel the Cards, and revoke any privileges attaching to the Cards.  
You  agree  to  surrender  all  Cards  to  us  or  our  designee  upon 

demand.  If you default, we, at our option, may refuse to pay any 
of your convenience checks that are presented to us.  If we decide 
to honor such checks, you will owe us the amount of such checks 
under the terms of this Agreement.

16. No Notice or Loss of Rights:  We do not have to notify you if 
any amount owing under this Agreement is not paid by the day it 
becomes due.  We can do any of the following without notifying 
you or losing any right against you:
a.  accept a check or money order marked “paid in full” or with 
similar language, as a payment under this Agreement, or
b.   give additional time for payment of any amount owing under 
this Agreement,  regardless  of  the  length  of  any  additional 
time we previously gave, or

c.  exercise, give up, fail to exercise or delay exercising any right 

against any person.

17. Collection Costs: If you are in default, you agree to pay actual 
costs of collection.  This may include reasonable attorney fees not 
to exceed 20% of the amount due.

18.  Amendment:  We  can  change  the  terms  of  this Agreement, 
including  the  ﬁnance  charge,  and  the  annual  percentage  rate, 
at  any  time.    Except  where  limited  by  applicable  law,  the  new 
terms will apply both to new purchases and cash advances and to 
the full outstanding balance of your account as of the day of the 
change.  In accordance with applicable law, we will notify you 
of any increased charge or change by writing to you at the most 
recent address shown for you on our records.

19.  Statement,  Notices  and  Change  of Address: Any  statement 
for your account or any notice concerning your account or this 
Agreement  we  send  you  will  be  sent  to  your  current  mailing 
address as shown in our records concerning your account.  We 
can  send  it  by  regular  mail.    If  your  mailing  address  changes, 
you must promptly notify us in writing of the new address.  Any 
notice you send us must be sent to: PCSU-MCU, P.O. Box 31112, 
Tampa, Florida 33631-3112.

20. No Assignment or Transfer: You cannot assign or transfer your 
rights under this Agreement.  Any assignment or transfer by you 
will be ineffective.

21. VISA Cards: The VISA Card is a part of this Agreement and 
must  be  signed  immediately  after  you  have  received  it.    Each 
VISA Card issued for use with your account is and will remain 
our property and must be returned to us if requested to do so.  We 
or anyone acting for us can keep the VISA Card if it is used after 
your account has been canceled or after we have requested you 
to return it to us.

22.  Continued  Effectiveness:  If  any  part  of  this Agreement  is 
determined  by  a  court  to  be  invalid,  the  rest  will  remain  in 
effect.