IBM Southeast Employees' Federal Credit Union
P.O. Box 5090
Boca Raton, FL 33431-0890
561.982.4700 • 800.873.5100

CREDIT CARD AGREEMENT

IN  THIS  AGREEMENT, "YOU"  AND  "YOUR"  MEAN  ANY  PERSON  WHO  ACCEPTS  THIS  AGREEMENT  OR  USES  THE  CARD.  THE  "CARD"  MEANS  ANY  CREDIT  CARD  ISSUED  TO  YOU  OR  THOSE
DESIGNATED  BY  YOU  UNDER  THE  TERMS  OF  THIS  AGREEMENT.  "WE",  "US",  "OUR"  AND  THE  "CREDIT  UNION"  MEANS  IBM  SOUTHEAST  EMPLOYEES'  FEDERAL  CREDIT  UNION  OR  ITS
SUCCESSORS.

SECURITY:  YOU  SPECIFICALLY  GRANT  US  A  CONSENSUAL
SECURITY  INTEREST  IN  ALL  INDIVIDUAL  AND  JOINT  ACCOUNTS
YOU  HAVE  WITH  US  NOW  AND  IN  THE  FUTURE  TO  SECURE
REPAYMENT OF CREDIT EXTENDED UNDER THIS AGREEMENT. YOU
ALSO  AGREE  THAT  WE  HAVE  SIMILAR  STATUTORY LIEN  RIGHTS
UNDER  STATE AND/OR  FEDERAL  LAW.  THE  GRANTING  OF  THIS
SECURITY  INTEREST  IS  A  CONDITION  FOR  THE  ISSUANCE  OF
CREDIT  UNDER  THIS  AGREEMENT.  IF  YOU  ARE  IN  DEFAULT, WE
CAN APPLY YOUR SHARES TO THE AMOUNT YOU OWE. Shares  and
deposits  in  an  Individual  Retirement  Account  or  any  other  account  that
would lose special tax treatment under state or federal law if given are not
subject to this security interest.

If  you  have  other  loans  with  us,  collateral  securing  such  loans  may  also
secure your obligations under this Agreement, unless that other collateral
is your principal residence or non-purchase money household goods.

Using Your Card.  You can  purchase  or  lease  goods  and  services  from  any
merchant  who  honors  your  Card,  and  you  may  obtain  cash  advances  from
financial  institutions  and  ATM  machines  that  accept  the  Card,  up  to  your
maximum  credit  limit.  You agree  not  to  present  your  Card  or  obtain  a  cash
advance  for  any  extension  of  credit  in  excess  of  your  available  credit  limit;
however,  if  you  do  exceed  your  credit  limit,  you  agree  to  make  immediate
payment  sufficient  to  bring  the  balance  below  the  credit  limit.  Certain
purchases and cash advances require authorization prior to completion of the
transaction. In some cases, you may be asked to provide identification. If our
system  is  not  working,  we  may  not  be  able  to  authorize  a  transaction,  even
though you have sufficient credit available. Also, for security reasons, we may
temporarily  block  the  use  of  your  Card  in  certain  countries  or  geographic
areas. We will have no liability to you or others if any of these events occur.

(PIN). We  may 

Identification  Number 

Personal 
issue  a  Personal
Identification  Number  (PIN)  for  use  with  your  Card.  This  PIN  is  confidential
and should not be disclosed to anyone. You may use your PIN and your Card
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  Funds
Transfer,  the  terms  and  conditions  of  your  Electronic  Funds  Transfer
Agreement may affect your rights.

Promise To Pay. You promise to pay us in U.S. dollars for (a) all purchases,
cash  advances,  and  balance  transfers  made  by  you  or  anyone  whom  you
authorize  to  use  the  Card;  (b)  all  Interest  Charges  and  all  other  charges  or
fees;  (c)  collection  costs  and  attorney's  fees  as  permitted  by  applicable  law,
and any costs incurred in the recovery of the Card; and (d) credit in excess of
your credit limit that we may extend to you.

Illegal Transactions. You agree that your Card and account will not be used
to make or facilitate any illegal transactions as determined by applicable law;
and that any such use will constitute an event of default under this Agreement.
We may decline any transaction that we believe to be illegal under applicable
law,  including  but  not  limited  to  any  transaction  involving  or  relating  to  any
gambling activity. You agree that we will have no liability or responsibility for
any  such  use  by  you  or  any  authorized  user(s);  or  for  declining  any  such
transaction.  You further  agree  to  indemnify  and  hold  us  harmless  from  any
suits,  liability, damages  or  adverse  action  of  any  kind  that  results  directly  or
indirectly  from  such  illegal  use.  You promise  to  pay  us  any  and  all  amounts
owing on your Card for any transactions made by you, even if the transaction
is determined to be illegal.

Joint Accounts. Each of you will be responsible, jointly and severally, for the
repayment  of  amounts  owed,  regardless  of  who  initiated  any  transaction
under the account.

Others Using Your Account. If  you allow anyone else to use your account,
you will be liable for all credit extended to such persons. You promise to pay
for  all  purchases  and  advances  made  by  anyone  you  authorize  to  use  your
account,  whether  or  not  you  notify  us  that  he  or  she  will  be  using  it.  If
someone  else  is  authorized  to  use  your  account  and  you  want  to  end  that
person's privilege, you must notify us in writing, and if he or she has a Card,
you must return that Card with your written notice for it to be effective.

Ownership  of  Card. 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 use of the account immediately upon our request.

Interest  Charges.  Average  Daily  Balance  including  new  transactions:
Interest Charges will accrue on your average daily balance outstanding during
the month. To get the average daily balance, we take the beginning balance
each day, add any new purchases, cash advances, balance transfers or other
advances,  and  subtract  any  payments,  unpaid  interest  charges,  and  unpaid
late  charges.  This  gives  us  the  daily  balance.  Then,  we  add  up  all  the  daily
balances  for  the  billing  cycle  and  divide  that  by  the  number  of  days  in  the
billing  cycle.  We  then  multiply  that  by  the  periodic  rate  corresponding  to  the
Annual  Percentage  Rate  on  your  account.  If  you  have  different  rates  for
purchases,  cash  advances  or  balance  transfers,  separate  average  daily
balances for each will be calculated and the appropriate periodic rate is then
applied to each.

Grace  Period  on  Purchases  Only: You  can  avoid  Interest  Charges  on
purchases by paying the full amount of the new balance for purchases each
month by the date on which the payment is due. Otherwise, the new balance
of your account, and subsequent advances from the date that they are posted
to the account, will be subject to an Interest Charge. You cannot avoid Interest
Charges on cash advances and balance transfers; even if you pay the entire
cash advance or balance transfer balance by the payment due date, you will
incur the Interest Charges accrued from the date the cash advance or balance
transfer is posted to your account.

Fees.  In  addition  to  the  Interest  Charges  set  forth  above,  you  agree  to  also
pay  any  and  all  fees  that  you  incur  as  disclosed  to  you  on  your  Truth-in-
Lending  Statement  or  similar  disclosures  (as  may  be  amended  from  time  to
time), or as disclosed to you during the term of your Card.

If  Your  Card  is  Lost  or  Stolen  or  if  an  Unauthorized  Use  Occurs. You
agree  to  notify  us  immediately  if  your  Card  is  ever  lost  or  stolen  or  if  an
unauthorized  use  may  have  occurred.  "Unauthorized  use"  means  the  use  of
the  Card  by  someone  other  than  you  who  does  not  have  actual,  implied  or
apparent authority for such use, and from which you receive no benefit. The
telephone number to call is (800) 873-5100. You agree to follow up your call
with  notice  in  writing  to  us  if  required  at:  P.O. Box  5090,  Boca  Raton,  FL
33431-0890.  You  also  agree 
facts,
circumstances  and  other  pertinent  information  relating  to  any  loss,  theft  or
possible unauthorized use of your Card and comply with such procedures as
we may require in connection with our investigation. You will be liable for any
unauthorized use only if we can prove that you were grossly negligent in your
use  or  handling  of  your  Card,  or  if  we  can  prove  that  you  used  your  Card
fraudulently.

in  determining 

to  assist  us 

the 

Minimum Payment Due; Crediting of Payments. Payments are due in the
amount and on the date disclosed on your billing statement. If your payment
is  received  by  us  on  a  business  day  at  the  address  and  by  the  time
designated on the billing statement, it will be credited to your account on the
date  of  receipt.  If  payment  is  made  at  any  location  other  than  the  address
designated  on  the  periodic  statement,  credit  for  such  payment  may  be
delayed  up  to  five  (5)  days.  Payments  will  be  applied  in  any  order  we
determine, subject to applicable law.

9011 LASER UD FI14764 (cid:20)(cid:21)-2010

page 1 of 3

COPYRIGHT 2009 Securian Financial Group, Inc. All rights reserved.

IN  THIS  AGREEMENT, "YOU"  AND  "YOUR"  MEAN  ANY  PERSON  WHO  ACCEPTS  THIS  AGREEMENT  OR  USES  THE  CARD.  THE  "CARD"  MEANS  ANY  CREDIT  CARD  ISSUED  TO  YOU  OR  THOSE
DESIGNATED  BY  YOU  UNDER  THE  TERMS  OF  THIS  AGREEMENT.  "WE",  "US",  "OUR"  AND  THE  "CREDIT  UNION"  MEANS  IBM  SOUTHEAST  EMPLOYEES'  FEDERAL  CREDIT  UNION  OR  ITS
SUCCESSORS.

total 

increase  your 

Late  or  Partial  Payments. Any  payment  that  delays  the  reduction  of  your
balance  will 
interest  costs.  Partial  payments  or
prepayments will not delay your next scheduled payment - you will still need
to make the minimum scheduled payment by the next scheduled due date to
keep your account current. We may accept late payments, partial payments,
checks  or  money  orders  marked  "payment  in  full"  and  such  action  shall  not
constitute  final  settlement  of  your  account  or  a  waiver  or  forgiveness  of  any
amounts owing under this Agreement.

Enforcement. We do not lose our rights under this or any related agreement
if we delay enforcing them. 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.

Returns and Adjustments. Merchants  and others who honor  the Card may
give  credit  for  returns  or  adjustments,  and  they  will  do  so  by  submitting  a
credit slip which will be posted to your account. If your credits and payments
exceed what you owe us, the amount will be applied against future purchases
and  cash  advances.  If  the  credit  balance  amount  is  $1  or  more,  it  will  be
refunded upon your written or verbal request.

Plan Merchant Disputes. We  are not responsible for the refusal of any plan
merchant  or  financial  institution  to  honor  your  Card.  Also,  we  are  not
responsible for goods or services that you purchase with the Card unless: (a)
your  purchase  was  made  in  response  to  an  advertisement  we  sent  or
participated in sending you; or (b) your purchase cost more than $50 and was
made  from  a  plan  merchant  in  your  state  or  within  100  miles  of  your  home;
and  only  if  you  have  made  a  good  faith  attempt,  but  have  been  unable  to
obtain  satisfaction  from  the  plan  merchant.  You  must  resolve  all  other
disputes directly with the plan merchant. We do not warrant any merchandise
or services purchased by you with the Card.

Statements and Notices. Statements and notices will be mailed to you at the
most recent postal address or e-mail address (if you have elected to receive
such documents via electronic means) you have given us. Notice sent to any
one of you will be considered notice to all.

Notification  of Address  Change.  You  will  notify  us  promptly  if  you  change
your  address  for  any  reason.  In  order  to  prevent  identity  theft,  your  identity
may need to be verified before we act upon the notification. You can, at any
time,  logon  to  your  online  banking  account  and  update  your  mail  or  email
information.

Copy  Received. You  acknowledge  that  you  have  received  a  copy  of  this
Agreement.

Governing  Law. This  Agreement  shall  be  construed  under  federal  law  and
state law in the state in which we are primarily located, and the venue shall be
located  in  the  county  and  state  in  which  we  are  primarily  located.  Operating
regulations of Visa may also apply. This Agreement is the contract that applies
to all transactions even though the sales, cash advance, convenience check,
credit or other slips you sign or receive may contain different terms.

Default; Acceleration; Credit Suspension; Collection Costs. You will be in
default if: (1) you fail to make any payment on time; (2) if you fail to keep any
promises  you  have  made  under  this Agreement  or  under  other Agreements
you have with us; (3) if you die; (4) if you file a petition in bankruptcy or have a
bankruptcy  petition  filed  against  you,  or  if  you  become  involved  in  any
insolvency,  receivership  or  custodial  proceeding;  (5)  if  anyone  attempts  to
take any of your funds held by us via legal process or if you have a judgment
or  tax  lien  filed  against  you;  (6)  if  you  make  any  false,  inaccurate,  or
misleading statements in any credit application or credit update; or (7) if we, in
good  faith,  believe  that  your  ability  to repay  what you  owe is or soon  will  be
impaired, or that you are unwilling to make your payments.

If you are in default, we have the right to demand immediate payment of your
full  account  balance  without  giving  you  notice.  If  immediate  payment  is
demanded, you agree to continue paying interest charges and fees until what
you owe has been paid, and any shares that were given as security for your
account  may  be  applied  towards  what  you  owe.  You  agree  to  pay  all
reasonable costs of collection, including court costs and attorney's fees, and
any costs incurred in the recovery of the Card, subject to applicable law. Even
if  your  unpaid  balance  is  less  than  your  credit  limit,  you  will  have  no  credit
available during any time that any aspect of your account is in default.

Additional  Benefits/Card  Enhancements.  We  may  from  time  to  time  offer
additional  services  to  your  Account  at  no  additional  cost  to  you.  You
understand that we are not obligated to offer such services and may withdraw
or change them at any time.

Convenience Checks. We may, at our discretion, issue checks to you which
may be used for any purpose other than making a payment for credit to your
account.  By  signing  such  check,  you  authorize  us  to  pay  the  item  for  the
amount indicated and post such amount as a cash advance to your account.
We do not have to pay any item which would cause the outstanding balance
in your account to exceed your credit limit.

Credit  Information.  We may  from  time  to  time  request  personal  information
from  you  or  obtain  credit  reports  from  the  credit  reporting  agencies  for  the
purpose of updating your credit status. Your failure to provide such information
when requested by us may result in suspension of credit privileges under this
Agreement,  including  your  ability  to  obtain  any  future  advances  by  any
means. You authorize us to investigate your credit standing when opening or
reviewing  your  account.  You authorize  us  to  disclose  information  regarding
your  account  to  credit  bureau  and  creditors  who  inquire  about  your  credit
standing.

Foreign  Transactions;  Currency  Conversion. Purchases 
and  cash
advances made in foreign currencies will be billed to you in U.S. dollars. The
conversion rate in dollars will be a rate selected by the card company from a
range  of  rates  available  in  wholesale  currency  markets  for  the  applicable
central processing date, which rate may vary from the rate the card company
itself  receives,  or  the  government-mandated  rate  in  effect  for  the  applicable
central  processing  date  in  each  instance. All  transactions  processed  outside
of the United States (which may include internet transactions) will be charged
a  foreign  transaction  fee  in  the  amount  disclosed  on  your  Truth-in-Lending
Statement (as amended from time to time).

Termination;  Change-in-Terms.  We  may,  by  written  notice,  terminate  this
Agreement  at  any  time,  subject  to  applicable  law.  You  may  terminate  this
Agreement by written notice. Termination by either party shall not affect your
obligation to repay any payments made for your account resulting from use of
the Card as well as Interest Charges and fees incurred. We may change the
terms of this Agreement, including the method of calculating the periodic rate,
at  any  time,  by  written  notice,  subject  to  applicable  law.  Use  of  the  Card
constitutes  agreement  and  acceptance  of  any  change  in  terms,  unless
applicable law requires otherwise. Our failure to exercise any of our rights or
to  take  any  action  shall  not  constitute  a  waiver  of  those  rights,  or  an
amendment or change in any of the terms of this Agreement.

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YOUR BILLING RIGHTS - KEEP THIS NOTICE FOR FUTURE USE

This notice tells you about your rights and our responsibilities under the
Fair Credit Billing Act.

What To Do If You Find A Mistake On Your Statement

If you think there is an error on your statement, write to us at the address(es)
listed on your statement.

In your letter, give us the following information:

1.
2.
3.

Your name and member number.
The dollar amount of the suspected error.
If you think there is an error on your bill, describe what you believe is
wrong and why you believe it is a mistake.

You must contact us:

•
•

Within 60 days after the error appeared on your statement.
At least 3 business days before an automated payment is scheduled, if
you want to stop payment on the amount you think is wrong.

You must notify us of any potential errors in writing. You may call us, but if you
do, we are not required to investigate any potential errors and you may have
to pay the amount in question.

What Will Happen After We Receive Your Letter

When we receive your letter, we must do two things:

1.

2.

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.
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
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.

2.

3.

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. (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.)
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.
You must not yet have fully paid for the purchase.

If all of the criteria above are met and you are still dissatisfied with the
purchase, contact us in writing at the address(es) listed on your statement.

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.

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