VISA RETAIL INSTALLMENT CREDIT AGREEMENT
The Summit Federal Credit Union

In this Agreement the word “card” or “card(s)” refers to all VISA cards issued 
to you, including any substitute or renewal card(s) (which we are authorized to 
reissue at any time). The words “you,” “your,” and “yours” refer to each VISA 
applicant and anyone else the applicant permits to use a card. The words “we,” 
“us,” and “our” refer to The Summit Federal Credit Union.

SIGNATURE AND CREDIT LIMIT. Sign your card before you use it. The first 
use of your card, check, or the card number means that you accept and agree 
to be bound by all the terms of this Agreement. Prior thereto, you will not be 
responsible for any purchase or lease of property or services or cash advances 
by use of the card after its loss or theft. Your initial credit limit is stated on the 
carrier containing the card(s), and your current credit limit will appear on your 
billing statement. You may request an increase in your credit limit by a written 
application or telephone request to us. We have the right to increase or reduce 
your credit limit or to terminate your borrowing privileges at any time without 
prior notice to you. You may not allow the outstanding balance of your account 
to exceed the credit limit which we approve. We may, at our discretion, make 
advances  from  your  account  in  excess  of  your  credit  limit,  but  that  will  not 
change the amount of your credit limit. Any such advances are subject to all 
the provisions of this Agreement. You agree to repay any outstanding amounts 
which exceed your credit limit immediately on our demand. 

USE  AT  AUTOMATED  TELLER  MACHINES.  If  your  card  can  be  used  at 
ATMs, you have been given a PIN. You promise that you will not give your card 
or PIN to anyone who is not authorized to use your card. You also agree not to 
write your PIN on the card itself.

USE  OF  THE  CARD.  You  may  use  the  card  to  make  purchases  or  leases  of 
goods or services in person, by mail, electronically (through the Internet) or 
by  telephone  from  merchants  and  others  who  accept  VISA  cards.  You  may 
also obtain cash loans (called “cash advances”) from us, from other financial 
institutions participating in the VISA program, from automated teller machines 
which are part of the PLUS or Visa network, or by using a convenience check 
which we send you for that purpose. 

(Not all ATMs provide such access and you will need to use your PIN at those 
that do.) Cash advances can be used to make balance transfers. You will owe us 
the amount charged by use of the card, your card number or your PIN, plus any 
other charges provided in this Agreement, all payable in U.S. dollars.

We  will  not  be  responsible  for  the  failure  of  any  third  party  to  honor  your 
card. Furthermore, utilization of your card in some cases (for instance, for a 
transaction in an amount above a certain level) will be subject to our approval. 
We will make every effort to approve all your transactions in accordance with 
the terms of this Agreement. 

However, there are times when our approval system is not working, and there 
are  other  cases  (for  instance,  abnormal  frequent  use  of  the  card)  where  our 
approval  will  be  withheld.  Because  of  security  reasons,  we  cannot  divulge 
the  details  of  our  approval  system.  However,  you  agree  that  we  will  not  be 
responsible for the failure to approve a transaction in such cases.

NO USE FOR ILLEGAL TRANSACTIONS. You agree not to use the Card, the 
Card number or your PIN in connection with any illegal transaction, such as, 
but not limited to, illegal gambling. The Credit Union may assume, without any 
further inquiry, that all transactions made by you or someone authorized by you 
using the Card, the Card number or the PIN are legal, even if the Credit Union 
has actual or imputed knowledge of information which might reasonably lead 
it to question whether a particular transaction is legal.

FOREIGN TRANSACTIONS. Purchases and cash advances made in foreign 
countries  and  foreign  currencies  will  be  billed  to  you  in  U.S.  dollars.  The 
exchange rate to dollars will be determined in accordance with the operating 
regulations established by Visa International. As of the date these disclosures 
were published, those regulations established the conversion rate as either the 
rate  selected  by  Visa  from  the  range  of  rates  available  in  wholesale  currency 
markets, which may vary from the rate Visa itself receives, or the government 

mandated rate in effect for the applicable central processing date. The currency 
conversion rate used on the processing date may differ from the rate that would 
have  been  used  on  the  purchase  date  or  statement  posting  date.  You  will  be 
required  to  pay  any  International  Service  Assessment  or  other  fee  that  Visa 
imposes on you or us in connection with the transaction, which is currently 1% 
of the transaction amount.

HOW TO STOP PAYMENT OF A CHECK. You may request stop payment 
of a convenience check by notifying us by telephone at the following telephone 
number: (585) 453-7030 or (800) 836-SFCU, extension 7030. Your stop payment 
request will only be effective for fourteen (14) days from your notice unless the 
stop payment request is in writing, signed by you, describes with certainty the 
item on which the payment is to be stopped, and is received by us at 100 Marina 
Drive,  Rochester,  New  York,  14626,  in  a  timely  manner  so  as  to  afford  us  a 
reasonable opportunity to act upon it. In any event, we may disregard any stop 
payment request six (6) months after we receive it unless you renew the stop 
payment request by writing to us within that six month period. If you request 
a stop payment, a fee of $29.00 will be charged to your account, even if we are 
unsuccessful  in  stopping  the  payment.  We  will  use  commercially  reasonable 
efforts to stop payment on your convenience check. However, you agree that we 
will not be responsible in any way if a convenience check is cashed or otherwise 
presented for payment after you have requested us to stop payment and, using 
commercially reasonable efforts, we are unable to stop payment.

MONTHLY STATEMENT. If you have a balance in your account at the end 
of your billing period or a transaction occurred during the billing period, we 
will send you a statement. It will show separately your purchase(s), your cash 
advance(s), the finance charge, the minimum payment due, and the date the 
payment is due. The statement will be sent to you at least 21 days before the date 
that your payment is due.

PAYMENTS. Payments should be sent to:

VISA
P.O. Box 37603
Philadelphia, PA 19101-0603

There could be a delay of up to five (5) business days in crediting the payment 
to your account if you send a payment to us at any other address. All payments 
must be made in U.S. Dollars and drawn on a financial institution located in 
the United States.

MINIMUM PAYMENT. The minimum payment will be the sum of (a) through 
(c) below:

(a) 2.4% of the total New Balance as shown on your monthly billing  
      statement;
(b) entire portion of the New Balance in excess of your credit limit;
(c) any amount past due.

NOTE: If the sum of (a) through (c) is less than $25, a minimum payment of 
$25 will be due. However, if the New Balance shown on your monthly statement 
is less than $25, the entire New Balance will be due. The New Balance includes 
outstanding  indebtedness  for  purchases  and/or  cash  advances,  fees,  finance 
charges, and any other obligation(s) under this Agreement. 

If the minimum payment computed as above is not an even dollar amount, the 
minimum payment due may be rounded to the next higher dollar.

PAYING  MORE  THAN  THE  MINIMUM.  You  may  at  any  time  pay  more 
than  the  minimum  amount  due,  or  even  the  total  new  balance  shown  on 
your monthly statement. The sooner you pay your New Balance, the less you 
have to pay in FINANCE CHARGES. Paying more than the minimum in one 
month, however, does not relieve you of your obligation to pay the minimum 
monthly payment in every other month. 

FINANCE  CHARGES.  FINANCE  CHARGES  on  your  account  will  be 
determined by applying a periodic rate to the “average daily balance” for your 
purchases and cash advances. FINANCE CHARGES accrue on both purchases 
and cash advances from the date of the transaction or the first day of the billing 
cycle  in  which  the  transaction  is  posted  to  your  account,  whichever  is  later, 
to the date that payment for the purchase or cash advance is credited to your 

 
 
 
 
 
 
 
account.  However,  you  can  avoid  paying  a  finance  charge  on  current  billing 
cycle purchases (those itemized on your statement) if: (i) you pay for the new 
purchases by the due date appearing on the statement; and (ii) the statement 
shows no previous balance for purchases, or you paid the previous balance for 
purchases in full by the due date shown on the previous statement. The due date 
will be at least twenty-five (25) days from the closing date of the billing cycle. 

of sales draft receipts.

STATEMENT/HISTORY  COPY  FEE.  If  you  request  documentary  evidence 
of a transaction on your account, we may pass along to you the cost to us of 
researching this evidence at a rate of $20.00 per hour, with a minimum charge of 
$5.00. No such charge will be imposed for billing statement errors or inquiries.

We calculate the FINANCE CHARGE on your account by (1) multiplying the 
applicable  periodic  rate  described  below  by  (a)  the  “purchase  average  daily 
balance”,  and  (b)  the  “cash  advance  average  daily  balance”  and  (2)  adding 
together the results of those calculations.

CONVENIENCE  CHECKS.  There  is  a  $5.00  charge  for  each  check  copy. 
Members  at  The  Summit’s  Pinnacle  and  Affinity  Level  (refer  to  the  current 
Summit  Rate  and  Fee  Schedule  for  Benefit  Level  information)  receive  check 
copies for free.

To  get  the  “purchase  average  daily  balance”  we  take  the  beginning  daily 
balance of your account attributable to purchases, add new purchases or debits 
attributable to purchases, and subtract any payments or credits attributable to 
purchases. We do not include unpaid finance charges in that calculation. This 
gives  us  the  “purchase  daily  balance.” Then  we  add  up  all  the  purchase  daily 
balances  for  the  billing  cycle  and  divide  the  total  by  the  number  of  days  in 
the billing cycle. This gives us the “purchase average daily balance.” To get the 
“cash  advance  average  daily  balance”  we  take  the  beginning  daily  balance  of 
your account attributable to cash advances, add new cash advances or debits 
attributable to cash advances and subtract any payments or credits attributable 
to cash advances. We do not include unpaid finance charges in this calculation. 
This  gives  us  the  “cash  advance  daily  balance.”  Then  we  add  up  all  the  cash 
advance daily balances for the billing cycle and divide the total by the number of 
days in the billing cycle. This gives us the “cash advance average daily balance” 
of your account.

All VISA credit card accounts available have variable interest rates. The variable 
rate is determined at the beginning of each billing cycle by adding the margin 
assigned  to  your  account  (VISA  Gold  4.25%,  VISA  Platinum  5.75%,  VISA 
Classic 7.50%) to the Index. The Index is the highest prime rate published in 
the Wall Street Journal in the “Money Rates” section, on the last Tuesday of the 
calendar month immediately preceding the beginning of the billing cycle. The 
Index rate is the index from which your ANNUAL PERCENTAGE RATE and 
corresponding monthly periodic rate will be determined. If the Index becomes 
unavailable, another index will be selected. Your rate may increase or decrease 
depending upon the Index as of the next billing cycle. All other things being the 
same, a rate increase will increase the amount of FINANCE CHARGE and may 
increase the scheduled minimum payment. No matter what the Index is, in no 
event shall the ANNUAL PERCENTAGE RATE exceed 18% or a corresponding 
monthly  periodic  rate  of  1.5%.  Your  initial  ANNUAL  PERCENTAGE  RATE 
will be specified in a document that is part of this Agreement and is provided 
when your account is open. 

LOST OR STOLEN CARDS. If a card is lost or stolen, you must immediately 
contact Cardholder Services at 866-820-4085 to inform us of the time, place, 
and manner of loss or theft and of your name and VISA account number.

LIABILITY FOR UNAUTHORIZED USE. Under Visa’s Zero Liability Policy, 
you  have  liability  protection  for  all  of  your  card  transactions  that  take  place 
on the Visa system  unless you are guilty of gross negligence or fraud. Should 
someone  steal  your  card  or  your  card  number  or  otherwise  obtain  and  use 
your card or your card number without your permission, you pay nothing for 
their  activity  unless  you  were  grossly  negligent  or  acted  fraudulently.  If  you 
notice  unauthorized  activity  on  your  account,  promptly  contact  us  to  report 
it. It is important to continually monitor your monthly statement to identify 
any unauthorized transactions. We may impose greater liability on you if we 
reasonably  determine  that  the  unauthorized  transaction  was  caused  by  your 
gross negligence or fraudulent action - which may include your delay for an 
unreasonable  time  in  reporting  unauthorized  transactions.  In  any  case,  you 
must immediately notify the credit union of loss, theft or unauthorized use of 
your card or your card number. Notice of unauthorized use may originally be 
oral, but must be followed by written notice. Notice must be given to:

1-866-820-4085
PSCU Service Centers, Inc.
Customer Service
P.O. Box 31112
Tampa, Florida 33631-3112

If  you  tell  us  within  two  (2)  business  days  after  you  learn  that  your  card  or 
card number has been lost/stolen, you will not be liable for any losses on your 
account. If you do not tell us within two (2) business days after you learn of the 
loss or theft of your card and there has been unauthorized use of your card, 
liability will not exceed $50.

BUSINESS DAYS. Our business days are Monday through Friday. Holidays are 
not included.

LATE FEE. If any part of your minimum payment is more than 10 days late, 
you will be charged a fee of up to $25.00.

APPLICATION OF PAYMENTS. We may allocate payments to amounts due 
in any manner or order chosen by us, provided we comply with any applicable 
laws or regulations. 

RUSH  CREDIT  CARD  REPLACEMENT  FEE.  There  is  a  $14  fee  for  credit 
card replacement (for 2-3 day delivery) and a $25 fee for expedited delivery of 
1-2 days.

DESIGN  YOUR  OWN  CARD  FEE.  If  you  Design  Your  Own  Card  a  fee  of 
$9.95 will be charged to create the personalized card. To replace a Design Your 
Own Card, a fee of $5.00 will be charged. 

SECURITY  INTEREST.  To  secure  repayment  of  amounts  you  owe  to  The 
Summit Federal Credit Union under this Agreement, you grant to us a security 
interest in all funds now and hereafter on deposit with us in all deposit accounts, 
shares, dividends, sums due and interest (collectively the “Funds”) and in any 
new  accounts  that  you  may  open  with  us  hereafter,  except  that  the  security 
interest you grant shall not extend to Funds that by applicable law may not be 
made subject to a security interest.

CASH ADVANCE FEE. A fee of one percent (1%) of the cash advance amount 
shall be imposed for any cash advance.

DEFAULT AND COLLECTION COSTS. We have the following rights:

INSUFFICIENT  FUNDS  FEE.  If  any  check  or  pre-authorized  withdrawal 
submitted to us as a payment on the account is returned to us for insufficient 
funds, you will be charged a fee of $25.00. We may assess this charge the first 
time your payment is not honored, even if it is paid on resubmission. There is a 
$25.00 insufficient funds fee for convenience checks presented against a VISA 
that is past due or has insufficient funds available. 

CARD/PIN FEE. A fee of $5.00 will be imposed for replacement of existing 
credit cards and PINs.

DUPLICATE SALES DRAFT FEE. A fee of $5.00 will be imposed for copies 

(a)Default. You will be in default on this account if: (i) you fail to make a  
required payment on time; (ii) you fail to perform any other obligation  
to us, or any representation you make proves to be untrue; (iii) you die  
or become the subject of a proceeding in bankruptcy; or (iv) any third  
party attempts by legal process to take any money or other property of  
yours in our possession; (v) if we reasonably believe you will not be able  
to repay us for any reason.
(b)Responses to Default. Upon default we may without notice cancel 
the account and require immediate payment of all or any part of the  
balance due. We may also exercise  any of our other legal rights. 
(c)Collection Costs. To the extent permitted by law, you agree to pay 
our collection expenses, including without limitation court costs and  

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
WHAT WILL HAPPEN AFTER WE RECEIVE YOUR LETTER. When we 
receive your letter, we must do two things: 1) Within 30 days of receiving your 
letter, we must tell you that we received your letter. We will also tell you if we 
have already corrected the error; 2) Within 90 days of receiving your letter, we 
must either correct the error or explain to you why we believe the bill is correct. 

While we investigate whether or not there has been an error: (a) We cannot try 
to collect the amount in question, or report you as delinquent on that amount; 
(b) The charge in question may remain on your statement, and we may continue 
to charge you interest on that amount; (c) While you do not have to pay the 
amount in question, you are responsible for the remainder of your balance; (d) 
We can apply any unpaid amount against your credit limit. 

After we finish our investigation, one of two things will happen: (a) 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; (b) 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 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:  (a) 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); (b) 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; (c) 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 Summit Federal Credit Union
Canal Ponds Business Park
100 Marina Drive
Rochester, NY 14626-5104

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. 

 sfcu July 2015

reasonable attorneys’ fees.

CANCELLATION.  We  may  reduce  your  credit  limit  or  cancel  the  account 
altogether.  Unless  you  are  in  default,  we  will  give  you  notice  of  any  such 
reduction or cancellation. We may also cancel your account by not sending you 
a renewal card upon expiration of your outstanding card. You may cancel your 
account only by notifying us in writing. 

The  card(s)  at  all  times  remain  our  property,  and  must  be  surrendered 
immediately  upon  our  request.  Upon  cancellation  you  remain  obligated  to 
repay all amounts due under this Agreement. 

Regardless of whether your account has been cancelled, no card may be used 
after the expiration date indicated on the card. 

SHARING  INFORMATION  AMONG  CREDIT  UNION  AFFILIATES. 
Information you provide to us or that we obtain from third parties (for example, 
credit bureaus) will not be shared. 

AMENDMENT. We may change the terms of this Agreement at any time in 
accordance  with  the  requirements  of  applicable  law.  To  the  extent  permitted 
by  law  and  at  the  Credit  Union’s  option,  amendments  will  apply  to  amounts 
outstanding both before and after the amendment takes effect.

SENDING OF NOTICES. Unless otherwise required by the applicable law, any 
statement  or  notice  to  you  under  this  Agreement  will  be  sufficiently  given  if 
sent to your address on file in connection with this account or to a new address 
of which you have notified us in writing at least 20 days before the sending of 
the statement or notice. 

IRREGULAR PAYMENTS. We may accept late payments, partial payments, 
or items marked “payment in full” or the like without losing any of our rights 
under this Agreement. 

DELAY IN ENFORCEMENT. We may delay enforcing our rights under this 
Agreement without losing them.

APPLICABLE LAW. Except to the extent that federal law shall be controlling, 
your rights, our rights, and the terms of this Agreement shall be governed by 
New York law.

NOTICE TO (YOU) THE BUYER: 1. Do not use the card before you read 
this  agreement  or  if  it  contains  any  blank  space.  2.  You  are  entitled  to  a 
completely filled in copy of this credit agreement.

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 Summit Federal Credit Union
Canal Ponds Business Park
100 Marina Drive
Rochester, NY 14626-5104

In  your  letter,  give  us  the  following  information:  (a)  Account  information: 
Your name and account number; (b) Dollar amount: the dollar amount of the 
suspected error; (c) Description of problem: If you think there is an error on 
your bill, describe what you believe is wrong and why you believe it is a mistake. 

You  must  contact  us  (a)  Within  60  days  after  the  error  appeared  on  your 
statement,  (b)  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.