Activate Your  
Visa Classic Immediately 

  Our records indicate you requested a Visa Classic credit card from Commonwealth Credit 
Union. We are sure you will find it is one of the most useful products we provide. 

• No annual fee and convenient, low 

• 25 day grace period (from statement 

interest rates 

• Works at millions of places that 

accept Visa credit cards 

• No interest on purchases if account 

is paid in full each month 
• Auto Rental Insurance (A.R.I.) 
• 24-Hour Emergency Roadside 

Assistance Service *A standard fee is 
charged for this service. 

date to due date) 

• Cash advances from ATMs 
• Lost/Stolen Card Services 
• Emergency Card & Cash 
Replacement Service 

• Cardholder Inquiry Service 
• $200,000 travel accident insurance 
• Annual activity ensures automatic 

renewal of your card 

  NOTE: If a sticker appears on the enclosed card, please activate immediately. To activate 
the Visa Classic Card, use your card and PIN at any ATM machine or call the number posted 
on the sticker on the front of the card.  

If you have ordered an additional card for a joint cardholder, that card will be mailed 
separately, and only one call will need to be placed to activate.  All cards will also have 
same PIN number. We hope you enjoy the total convenience this card has to offer, and we 
appreciate the opportunity of serving you. 

  Please try your Visa Classic Credit Card upon receipt.  If everything works properly, and 
you have an existing Commonwealth Credit Union Visa Classic, please destroy your old Visa 
Classic as it will no longer be valid; use only your new Visa Classic. 

IMPORTANT INFORMATION 

AUTOMATIC PAYMENTS ALERT 
  Be sure to change your recurring 
payments to your new VISA number. 
This includes automatic payments 
such as insurance, fitness clubs, 
utilities, etc. Please notify all -
businesses that conduct such 
automatic transactions of your new 
credit card account number. 

REGISTER WITH “VERIFIED BY VISA” 
Your Commonwealth Credit Union Visa 
Classic Card is now equipped with 
Verified by Visa- a free program that 
protects your card with a password 
that you create.  This security feature 
automatically protects your card when 
you use it at participating online 
retailers. Registration takes just 
minutes. To register, go to 
www.ccuky.org, Click on Services, 
choose Loans, then Credit Cards. 
Proceed to the Verified by Visa link in 
order to complete registration  
PROTECTED BY FALCON 

  Our card users are protected by 
Falcon, a service that analyzes card 
usage to identify possible fraudulent 
card use or card theft. 

Be Sure To 
Sign 
The Back 
Of Your 
Card!

• Takes just a moment to do 
• Helps prevent fraudulent use of your 
card 
• Required by Visa 

05/10 

 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
COMMONWEALTH CREDIT UNION, 
INC. 
VISA CLASSIC AND VISA PLATINUM 
AGREEMENT AND DISCLOSURE  
COMMONWEALTH CREDIT UNION 
417 High Street, P.O. Box 978, Frankfort, KY 
40602-0978 
502.564.4775 (cid:140) 800.228.6420 

this 

"you," 

"your," 

agreement, 

In 
and 
"cardholder"  mean  the  applicant  or  joint  -
if  any,  named  as  a  result  of 
applicant, 
cardholder's application (or person authorized to 
use  the  account);  "we,"  "us"  and  "our"  mean 
Commonwealth Credit Union; "card" or "cards" 
means the card or cards issued by us to you. 

The  terms  and  conditions  governing  the  use  of 
our  Visa  Platinum  Credit  Card  or  Visa  Classic 
Credit  Card  accounts  are  printed  on  this  form.  
These  Terms  and  Conditions  may  be  amended 
and  supplemented  by  separate  notices  to  you,  -
including  any  notices  you  have  previously 
received  from  us.    The  disclosures  required  by 
Federal law are set forth below, and we are also 
enclosing  important  information  regarding  your 
rights to dispute billing errors.  Keep this so you 
can  refer  to  it  if  you  have  any  questions 
regarding  your  account.    Any  use  of  your  Card 
or  Account  confirms  your  acceptance  of  the 
this  Agreement, 
terms  and  conditions  of 
including  the  obligation  to  pay  us  for  all 
balances due on your account as specified in this 
agreement.  Commonwealth  Credit  Union 
reserves the right to change the benefit features -
associated with your card at any time. 

A. FINANCE CHARGE (interest) is charged on 
outstanding 
FINANCE 
balances.  The 
CHARGE  (interest)  is  calculated  from  the 
date of posting of a cash advance. 

  Credit  Card  FINANCE  CHARGE  (interest) 
charged on outstanding balances will be based 
on  Daily  Periodic  Rate.  The  Daily  Periodic 
the  Annual 
Rate  will  equal  1/365  of 
Percentage Rate. Interest will be calculated on 
the  average  daily  balance  times    the  number 
of days in the billing cycle times the Annual -
Percentage Rate divided by 365. 

  The  interest  rate  for  Share  Secured  Credit 
Cards  is  3%  above  the  dividend  rate  earned 
on  pledged  shares  and  will  be  subject  to 
change quarterly if the dividend rate changes. 

  We  use  a  Performance  Plus  Pricing  formula 
which is a tiered interest rate pricing program 
based  on  your  overall  credit  performance  as 
in  your  credit  report  with  the 
reflected 
interest  rate  being  21%  APR 
maximum 
(ANNUAL  PERCENTAGE  RATE) 
the 
maximum allowed by law. 
  CASH  ADVANCE  -  A  Finance  Charge 
will  be  imposed  on  Cash  Advances  that  you 
obtain  through  the  use  of  your  Card  during 
the current billing cycle from the date of each 
such  Cash  Advance  or  from  the  first  day  of 
the  billing  cycle  in  which  the  Cash  Advance 

2

is 

indicated  on 

the  New  Balance 

is  posted  to  the  account,  whichever  is  later, 
and  will  continue  to  accrue  until  paid  if  paid 
during the same billing cycle as made.  If not 
paid  in  full  during  the  same  billing  cycle  as 
made,  the  Finance  Charge  will  continue  to 
accrue on the unpaid balance until the closing 
date of the billing cycle preceding the date on 
which the entire New Balance is paid in full.  
If 
the 
Cardholders’s statement for the prior monthly 
period is paid in full within 25 days after the 
closing  date,  no  Finance  Charge  will  be 
imposed  during  the  current  billing  cycle  for 
Cash  Advances  made  during  the  previous 
billing cycles.  The balance of Cash Advances 
subject  to  Finance  Charge  is  the  average 
daily  outstanding  unpaid  balance,  which  is  -
determined by dividing the sum of the daily -
balances  during  the  billing  cycle  by  the 
number  of  days  in  the  cycle.    Each  daily 
balance of Cash Advances are determined by 
adding to the previous balance any new Cash 
Advances as of the transaction date or the first 
day  of  the  billing  cycle  in  which  posted,  -
whichever 
later,  and  subtracting  each 
payment and credit on the date of receipt, but 
excluding any unpaid Finance Charges. 
  PURCHASES  -  Purchases  will  accrue 
Finance  Charges  from  the  date  of  posting 
and  will  otherwise  be  calculated  in  the  same 
manner  as  Cash  Advances.    A  Finance 
Charge  will  be  imposed  on  Purchases  of 
goods  and  services  that  you  obtain  through 
the  use  of  your  Card  only  if  you  elect  not  to 
pay  the  entire  New  Balance  shown  on  your 
previous  monthly  statement  within  25  days 
from the closing date of the statement.  If you 
elect  not  to  pay  the  entire  New  Balance 
shown  on  your  previous  monthly  statement 
within 25 days from the closing date of the -
statement, a Finance Charge will be imposed 
on  the  unpaid  balance  of  the  Purchases  from 
the  statement  closing  date  and  on  Purchases 
made during the current billing cycle from the 
date  of  posting  each  such  Purchases  to  the 
account, and will continue to accrue until the 
closing date of the billing cycle preceding the 
date on which the entire New Balance is paid 
in  full.  The  balance  of  Purchases  subject  to 
the  average  daily 
is 
Finance  Charges 
outstanding  unpaid  balance,  which 
is 
determined  by  dividing  the  sum  of  daily 
balances  during  the  billing  cycle  by  the  -
number  of  days  in  the  cycle.    Each  daily 
balance  of  the  Purchases  is  determined  by 
adding,  to  the  previous  balance,  the  new 
Purchases  posted  through  that  date  if  the 
previous  balance  was  not  paid  in  full  within 
25  days  of  the  statement  closing  date,  and 
subtracting  each  payment  and  credit  on  the 
date  of  receipt,  but  excluding  any  unpaid 
Finance Charges. 
  SPECIAL  PROMOTIONS  -  From  time  to 
time,  we  may  offer  you  a  promotional  rate, 
under  which  purchases  of  goods  or  services, 
balance  transfers,  or  other  transactions,  may 
be  billed 
to  your  Account  with  special 
promotional  terms.  The  period  of  time  for 

 
 
 
 
 
 
 
 
 
the 

terms 

terms  of 

which  the  promotional  rate  applies  may  be  -
limited.  Any  promotional  rates,  and  the  -
corresponding  periodic  rate,  will  appear  in 
your  monthly 
statement.  The  Finance 
Charges,  minimum  payment,  application  of 
for  special 
payments  and  other 
promotions  may  differ  from  the  standard 
terms described in this Agreement and as may 
be  shown  on  your  Account  Statement.  The 
standard terms of this Agreement apply to any 
special  promotion  except  where  changed  by 
the  special  promotion.  Except  to  the  extent 
modified  by 
the  special 
promotion,  standard  terms  will  continue  to 
apply  to  any  and  all  transactions  that  are  not 
subject  to  a  special  promotion.  If  you  elect  a 
special  promotion,  you  agree  to  the  terms  of 
the promotion and understand that any unpaid 
balance  related  to  the  special  promotion  will 
be  subject  to  the  standard  terms  for  regular 
the 
purchases  or  Cash  Advances  when 
promotional period ends. We are not required 
to give you advance notice before resuming or 
starting  to  bill  you  according  to  the  standard 
terms  described  in  this  Agreement.  You  -
understand  that  the  terms  of  any  special 
promotion  may  be  cancelled  if  at  any  time 
you  are  in  default  under  this  Agreement.  If 
you are in default under this Agreement, you 
special 
may  not  be  eligible 
promotions. 

for  any 

B. You  understand  that  we  reserve  the  right  to 
change  the  rate  of  the  Finance  Charge  upon 
giving  notice,  required  by  law,  provided  that 
such change shall not apply to the balance due 
for  past  charges  if  no  additional  charges  are 
made  hereunder  after  such  change. 
  If 
additional  charges  are  made,  such  change 
shall  apply  to  the  balance  due  for  past 
charges. 

C. The minimum periodic payment for cash pay 
accounts  is  $10.00  or  3%  of  the  unpaid 
balance  shown  on  your  monthly  billing 
statement,  whichever  is  greater,  plus  any 
amount  over  your  assigned  limit  and  any 
amount past due.  Other payment options are 
available.  Payments  will  be  in  U.S.  dollars. 
You  will  pay  for  all  purchases  and  cash 
advances made by you or an authorized user. 
You  may  pay  more  at  any  time  without  a 
penalty. All payments are made to the address 
above. 

D. In the event legal action is required to collect 
unpaid balance, all costs, including attorney’s 
fees  of  25%  of  the  balance  due,  or  such 
greater  amount  as  may  be  reasonable,  just, 
and  allowed  by  law,  and  also  those  costs, 
expenses  and  attorney’s  fees  incurred  in 
appellate,  bankruptcy,  and  post-judgment  -
proceedings,  as  allowed  by  law,  shall  be 
imposed. 

E. Documentary stamp taxes, as may be required 
by  law,  shall  be  imposed  on  each  Cash 
Advance at the time the loan is made.  In the 
State  of  Florida,  such  tax  is  computed  at  the 
rate  of  $0.15  per  hundred  dollars  or  any 
fraction thereof. 

3

F. Additional  charges,  plus  applicable  taxes, 
may  also  be  assessed  if  you  pay  us  with  a 
check which is not honored by your financial 
institution,  request  a  copy  of  a  document, 
make  delinquent  payments, 
a 
replacement  card  or  use  your  card  for  a 
transaction at an automated teller machine, if 
such  charges  are  not  prohibited  by  law  or 
regulation.    All  such  charges  shall  be  treated 
as  Credit  Purchases 
for  purposes  of 
calculating Finance Charges unless prohibited 
by law or regulation. 

request 

institution  with  whom 

G. If  you  have  other  loans  from  us,  or  take  out 
other  loans  in  the  future,  collateral  securing 
those loans shall also secure your obligations 
under this agreement.  However, your primary 
dwelling  shall  not  secure  your  obligations 
under this agreement even if the issuer has or 
later acquires a mortgage on the dwelling. 
H. If  the  Cardholder  wishes  to  cancel  a  pre-
authorized  payment,  the  Cardholder  must 
contact 
the 
the 
agreement was made. 
CCU VISA TERMS AND CONDITIONS 
The  person  (“Cardholder”)  whose  name  is 
embossed  on  the  face  of  your  VISA  (“Card”), 
and each Cardholder, in the event more than one 
Card is issued bearing the same account number 
by  signing  or  using  said  Card,  receipt  of  which 
is  acknowledged,  agrees  with  the  Issuer  of  the 
Card  whose  name  is  printed  on  the  reverse 
(“Issuer”) as follows: 
1.  Goods  and  services  (“Credit  Purchases”) 
may  be  purchased  or  leased  by  means  of 
such  card  by  Cardholder  from  any  retail 
business 
(“Seller”)  who 
honors  same  upon  the  execution  of  a  sales 
slip  evidencing  such  Credit  Purchases  and  -
bearing the account number of Cardholder -
the  face  of  such  Card.  
embossed  on 
Additionally,  VISA  Cash  Advances 
(“Loans”)  may  be  obtained  through  the  use 
of  such  Cards;  (a)  upon  execution  of  a 
written  request  of  Cardholder  in  a  form  -
financial 
furnished 
institution  that  is  a  member,  alone  or  in 
association  with  other,  of  VISA,  Inc.  and  ; 
(b)  upon  execution  of  a  written  separate 
agreement  with  us  for  a  VISA  overdraft 
financing agreement, if offered by us. 

establishment 

from  any 

to  him 

2.  Cardholder shall be liable and agrees to pay 
us for Credit Purchases made by, or for loans 
extended to, Cardholder or anyone else using 
such Card unless the use of such Card is by a 
person  other  than  the  Cardholder;  (a)  who 
does  not  have  actual,  implied  or  apparent 
authority  for  such  use,  and;  (b)  from  which 
Cardholder 
-
Additionally, Cardholder shall be jointly and 
severally  liable  and  agrees  to  pay  for  all 
Credit  Purchases  and  Loans  obtained 
through  the  use  of  any  other  Card  bearing 
Cardholder’s  account  number  that  has  been 
issued  to  another  person  by  reason  of  such 
person  being  a  member  of  Cardholder’s 
family 
upon 
Cardholder’s request (all such Cards bearing 

receives  no  benefit. 

otherwise 

issued 

or 

 
 
the same VISA account number hereinafter -
collectively called (“Related Cards”). 

3.  All  cards  and  convenience  checks  are  our  -
property,  and  are  not  transferable  and  must 
be  surrendered  upon  demand.    They  can  be 
cancelled as well as repossessed by us or our 
designee, and the privileges thereof revoked, 
at any time without prior notice. 

4.  Cardholder shall not use Card, or permit the 
use  of  Related  Cards,  to  obtain  Credit 
Purchases  or  Loans,  which  will  increase 
Cardholder’s VISA indebtedness to us in an 
amount in excess of the limit established by 
us. 

Financial 

the  option  of 

5.  All Credit Purchases and Loans are effected 
the  Seller  and  Cash 
at 
Advancing 
-
Institution, 
respectively, and we shall not be responsible 
for refusal by any Seller or Cash Advancing 
Financial  Institution  to  honor  the  Card  or 
any  Related  Card.    Any  refund,  adjustment 
or credit allowed by Seller shall not be cash 
but  rather  by  credit  advice  to  Issuer  which 
shall  be  shown  as  a  credit  on  Cardholder’s 
account statement with us. 

6.  We  will  send  to  Cardholder,  at  monthly 
intervals  determined  by  Issuer,  a  statement 
reflecting  for  the  prior  monthly  period  all 
VISA  and  Related  Card  transactions.    Such 
statement  shall  be  deemed  correct  and 
accepted  by  Cardholder  and  all  holders  of  -
Related Cards unless we are notified to the -
contrary in writing within 60 days of mailing 
of such statement.  Cardholder will pay such 
statement  by  remitting  to  us  within  25  days 
of the closing date reflected on the statement 
either 
full  amount  billed  or,  at 
Cardholder’s option, an installment equal to 
at  least  the  required  minimum  payment  in 
U.S. dollars. 

the 

7.  Interest  on  Loans  and  Credit  Purchases  will 
be  charged  in  accordance  with  the  finance 
charge calculation method referred to above.  
The rate of interest shall be established by us 
and  may  change  as  stated  in  the  Visa 
Classic/Visa 
Card 
Disclosure. 

Platinum 

Credit 

8.  If  the  Card  is  cancelled  or  surrender  is 
demanded by us, or if Cardholder defaults in 
any payment due, or is deceased, bankrupt or 
insolvent, or any attachment or garnishment 
proceedings  are  initiated  against  Cardholder 
or  his  property,  we  may  elect  to  declare  all 
amounts  owed  to  Issuer  to  be  immediately 
due and payable without notice or demand of 
any kind. 

9.  This  agreement  may  be  amended  from  time 
to  time  by  us  by  written  notice  mailed  to 
last  known 
Cardholder  at  Cardholder’s 
address. 

10.  Except  to  the  extent  that  Federal  Law  is  -
applicable,  the  validity,  construction  and 
enforcement  of  this  agreement,  and  all 
matters arising out of the issuance and use of 
the  Card,  shall  be  governed  by  the  laws  of 
the  state  in  which  the  principal  office  of 
Issuer is located. 

11.  

The  Cardholder  must  notify  us  at  the 
address listed above, orally or in writing, in 
the event the Card(s) has been lost or stolen. 
Cardholder  may 
the 
be 
unauthorized  use  of  the  Card  or  Related 
Cards as provided in this paragraph. 

liable 

for 

is 

no 

limit 

there 

  A.  If 10 or more cards are issued for use by 
employees  of  a  single  business  or  other  -
organization, 
to 
Cardholder’s  liability  for  any  unauthorized 
the  Cardholder 
use 
notifies  Issuer  as  provided  herein; 
the 
business  or  organization  may  only  impose  -
liability  on  its  employees  for  unauthorized 
uses  of  a  card  as  authorized  by  Federal  law 
and regulation. 

that  occurs  before 

  B.  If  the  cardholder  fails  to  meet  the 

following standards: 

1. The cardholder must have exercised  

reasonable care in safeguarding his or 
her card from risk of loss or theft. 

2. The cardholder must not have reported 
two or more incidents of unauthorized 
use within  
the preceding twelve months. 

  C.  Cardholder's 

3. The account must be in good standing.  
limit  may  be 
liability 
increased  for  unauthorized  transactions  if  it 
is determined, based on substantial evidence, 
that the Cardholder was grossly negligent or 
fraudulent  in  the  handling  of  the  account  or 
the Card. 

that  Commonwealth 
12.  Cardholder  agrees 
Credit  Union, 
its  agents  or  service  -
companies  may  monitor  and/or  record  any 
telephone communications with Cardholder. 
13. Finance charge will be imposed on all cash -

advances immediately. 

14.  There  will  be  a  $75.00  reward  fee  charged 
should  cardholder  not  return  the  card  if 
requested causing the card to be blocked and 
picked up by a seller. 

15.  In  the  event  a  card  is  replaced  more  than 
once, there will be a replacement fee of $10 
for  the  lost,  stolen,  revoked  or  otherwise 
surrendered card(s). A card will be replaced 
no more than three times.  

16.  All  billing  disputes  will  be  handled  by  -

Commonwealth Credit Union, Inc. 
17. Report lost or stolen cards and or VISA 

checks to Commonwealth Credit Union, Inc. 
at the phone number above 
IMMEDIATELY. 

18.  I  fully  understand  that  any  delinquency  or 
misuse  of  the  VISA  credit  card(s)  could 
effect  my  future  credit  with  the  Credit 
Union. 

19. There  will  be  a  $2.00  transfer  fee  for 
transferring  money  from  my  checking  -
account or my savings account to cover any 
amount  over  my  assigned  limit  or  to  cover 
any amount that is delinquent. 

20. There  will  be  a  $2.00 

fee 

for  PIN 

replacement. 

21.  If  a  payment  is  late,  in  whole  or  in  part,  a 
late fee will be charged on the third day after 
the  due  date,  in  the  amount  of  5%  of  the 

4

 
 
   
 
 
 
 
 
 
 
 
payment,  minimum  $5.00;  Visa  Platinum  – 
10% of payment, minimum $10.00. 

22. The cost of an authentic credit or debit card 
ticket  copy  is  $12  except  for  Travel  and 
Entertainment merchants, which is $25. The 
cost  of  ticket  copies  is  subject  to  change 
without notification. 

23.  Credit  card  (VISA)  checks  are  available  at 

no cost and terms are as follows: 
a.  If a credit card check should cause your 
to  exceed  your 
credit  card  balance 
assigned  limit,  there  will  be  a  $25.00 
return check fee. 

b.  If  a  check  is  written  on  a  blocked  or 
closed  credit  card  account,  there  will  be 
a $25.00  
return check fee. 

c.  There  is  a  $20.00  fee  for  each  stop 
payment  placed  on  a  check.    If  three  or 
more  checks  are  stopped,  the  fee  is 
$25.00.    This  fee  is  charged  at  the  time 
of request. 

d.  There is a $2.00 fee for each copy of an  

original check. 

e.  Credit  card  checks  clear  as  a  cash 
advance  so  interest  will  accrue  from  the 
date the check is posted. 

f.  Credit  card  checks  cannot  be  charged 
back to the seller, therefore, any disputes 
must  be  handled  by  you,  directly  with 
the seller. 

g.  You may not use convenience checks to 

24.  

make payments on your account. 
There will be a cost of $5.00 per card for 
additional  cards  for  authorized  users  which 
are  in  excess  of  the  four  free  cards.    An 
authorized  user  has  usage  privileges,  but 
only the applicant and/or joint applicant will 
be able to retrieve account information. 
25.  To  expedite  the  ordering  of  any  card,  there 
will be a $20.00 fee for a rush card (3 days). 
26. Visa  regulations  prohibit  the  use  of  any 
plastic with a Visa logo for illegal activity. 
27. VISA  Foreign  Transactions.  Purchases  and 
cash withdrawals made in foreign currencies 
will  be  debited  from  your  account  in  U.S. 
dollars.  The  exchange  rate  between  the 
transaction currency and the billing currency 
used 
international 
processing 
transactions  is  a  rate  selected  by  Visa 
U.S.A., Inc. ("Visa") from a 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.  The  exchange  rate  used  on 
the 
processing date may differ from the rate that 
would  have  been  used  on  the  purchase  date 
or cardholder statement posting date. 

for 

  A  fee  of  1%  of 

the  amount  of 

the 
transaction,  calculated  in  U.S.  dollars,  will 
be  imposed  on  all  foreign  transactions, 
including  purchases,  cash  withdrawals  and 
foreign 
credits 
transaction 
that  you 
complete  or  a  merchant  completes  on  your 

account.  A 
transaction 

to  your 

is  any 

card  outside  of  the  U.S.,  Puerto  Rico  or  the 
U.S. Virgin Islands. 

AUTOMATIC PAYMENT NOTICE 
  By  sending  your  check,  please  be  aware  that 
you  are  authorizing  Commonwealth  Credit 
Union to use information on your check to make 
a one-time electronic debit from your account at 
the financial institution indicated on your check. 
This  electronic  debit  will  be  for  the  amount  of 
your check; no additional amount will be added 
to  the  amount.  If  we  cannot  collect  your 
electronic payment, we will issue a draft against 
your account. If you do not have sufficient funds 
in your account, a fee of $25.00 will be debited 
electronically from your account. Please contact 
our  Processing  Department  at  800.228.6420  or 
502.564.4775  (ext.  5358)  to  learn  about  other  -
payment  options  if  you  prefer  not  to  have  your 
this  way.  When  we  use 
check  used 
in 
to  make  an 
information  from  your  check 
electronic 
funds  may  be 
transfer, 
withdrawn  from  your  account  as  soon  as  the 
same  day  you  make/we  receive  your  payment, 
and  you  will  not  receive  your  check  back  from 
your financial institution. 

fund 

IN CASE OF ERRORS OR INQUIRES 
ABOUT YOUR STATEMENT OR OPEN-
END LOAN ACCOUNT 
The  Federal  Truth  in  Lending  Act  and  Fair 
Credit Reporting Act requires prompt correction 
of mistakes on your statement of account. If you 
want  to  preserve  your  rights  under  the  Act, 
here’s what to do if you think your statement of 
account 
if  you  need  more 
information about an item: 
1. Do not write on the statement of account.  On 
a separate sheet of paper (you may telephone 
inquiry  but  doing  so  will  not  preserve  your 
rights under the law) write the following: 

is  wrong  or 

  a. Your name and account number 
  b. A  description  of 

the  error  and  an 
explanation (to the extent you can explain) 
why you believe it is an error; 

  c. The dollar amount of the suspect error. 
  d. Any  other 

information  (such  as  your 
address)  which  you  think  will  help  the 
Credit  Union  to  identify  you  or  the  reason 
for your complaint or inquiry.  If you need 
more information, explain the item you are 
not  sure  about  and,  if  you  wish,  ask  for 
evidence of the transaction such as a copy  
  of the request voucher. Do not send in your 
copy  of  any  document  unless  you  have  a 
duplicate for your records. 

2. Send  your  notice  of  statement  error  to  the 
address    above.    Mail  it  as  soon  as  you  can, 
but  in  any  case  early  enough  to  reach  the 
credit union within 60 days after the statement 
was mailed or otherwise delivered to you.  If 
you  have  authorized  your  credit  union  to 
automatically  pay  from  your  savings  account 
and  loan  accounts  with  the  credit  union,  you 
can  stop  or  reverse  payment  on  any  amount 
you think is wrong by mailing your notice so 
the  credit  union  receives  it  within  16  days 
after the statement was sent to you.  However, 

5

 
 
 
 
 
 
 
 
 
 
 
 
 
to  correct  the  problem.    There  are  two 
limitations on this right: 

  a. You  must  have  bought  the  item  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.   

  However,  these  limitations  do  not  apply  if 
the seller is owned or operated by the credit 
union, or if the credit union mailed you the  

  advertisement for the property or services. 

IN CASE OF ERRORS OR QUESTIONS 
ABOUT YOUR ELECTRONIC TRANSFERS 
the  address  shown  above  or 
Write  us  at 
telephone us at number shown above as soon as 
you can if you think your statement of receipt is 
wrong, or if you need more information about a 
transfer  on  the  statement  or  receipt.    We  must 
hear  from  you  no  later  than  60  days  after  we 
sent you the FIRST statement on which the error 
or problem appeared. 
1. Tell us your name and account number. 
2. Describe  the  error  or  the  transfer  of  which 
you are unsure, and explain your reason why 
you believe there is an error or why you need 
more information. 

3. Tell  us  the  dollar  amount  of  the  suspected 
error.  We will investigate your complaint and 
will  correct  any  error  promptly.    If  we  take 
more than 10 business days to do this, we will 
reaccredit  your  account  for  the  amount  you 
think  is  in  error  so  that  you  will  have  use  of 
the  money  during  the  time  it  takes  us  to 
complete our investigation. 

05/10 

you do not have to meet this 16 day deadline 
to  get  the  credit  union  to  investigate  your 
statement error claim. 

3. The credit union must acknowledge all letters 
pointing out possible errors within 30 days of 
the  receipt,  unless  the  credit  union  is  able  to 
correct  your  statement  during  that  30  days. 
Within 90 days after receiving your letter, the 
credit  union  must  either  correct  the  error  or 
explain  why  the  credit  union  believes  the  -
statement  was  correct.  Once  the  credit  union 
has  explained  the  statement,  the  credit  union 
has  no  further  obligation  to  you  even  though 
you  still  believe  that  there  is an  error,  except 
as provided in paragraph 5 (to follow). 

4. After  the  credit  union  has  been  notified, 
neither the credit union nor an attorney nor a 
collection  agency  may  send  you  collection 
letters  or  take  other  collection  action  with 
respect to the amount in dispute; but periodic 
statements  may  be  sent  to  you,  and  the 
disputed  amount  can  be  applied  against  your 
credit  limit.    You  cannot  be  threatened  with 
damage  to  your  credit  rating  or  sued  for  the 
amount  in  question,  nor  can  the  disputed 
amount  be  reported  to  a  credit  bureau  or  to 
other  creditors  as  delinquent  until  the  credit 
union  has  answered  your  inquiry.    However, 
you remain obligated to pay the parts of your 
outstanding balance not in dispute. 

5. If  it  is  determined  that  the  credit  union  has 
made  a  mistake  on  your  statement,  you  will 
not  have  to  pay  any  finance  charges  on  any 
disputed amount.  If it turns out that the credit 
union has not made an error, you will have to 
pay finance charges on the amount in dispute, 
and  you  will  have  to  make  up  any  missed 
minimum  or  required  payments  on 
the 
disputed  amount.    Unless  you  have  agreed 
that  your  statement  was  correct,  the  credit 
union must send you a written notification of 
what you owe and if it is determined that the 
credit  union  did  make  a  mistake  in  the  -
disputed amount, you must be given the time 
to  pay  which  you  normally  are  given  to  pay 
undisputed  amounts  before  any  more  finance 
charges  or  late  payment  charges  on  the 
disputed amount can be charged to you. 

6. If  the  credit  union’s  explanation  does  not 
satisfy you and you notify the credit union in 
writing  within  10  days  after  you  receive  its 
explanation  that  you  still  refuse  to  pay  the 
disputed amount, the credit union may report 
you  to  the  credit  bureaus  and  other  creditors 
and may pursue regular collection procedures.  
But the credit union must also report that you 
think  you  do  not  owe  the  money,  and  the 
credit union must let you know to whom such 
reports  are  made.    Once  the  matter  has  been 
settled  between you and  the  credit  union,  the 
credit  union  must  notify  those  to  whom  the 
credit union reported you as delinquent of the 
subsequent resolution. 

7. If  you  have  a  problem  with  property  or 
services  purchased  with  a  credit  card,  you 
may  have  the  right  not  to  pay  the  remaining 
amount  due  on  them,  if  you  first  try  in  good 
faith to return them or give the seller a chance 

6