Credit Card
Agreement
and Truth-
in-Lending
Disclosure
Michigan First
CREDIT UNION
MICHIGAN FIRST CREDIT UNION
CREDIT CARD AGREEMENT
AND TRUTH-IN-LENDING DISCLOSURE
THIS IS YOUR AGREEMENT WITH MICHIGAN
FIRST CREDIT UNION (CREDIT UNION) REGARDING
RIGHTS AND RESPONSIBILITIES ASSOCIATED
WITH OBTAINING A VISA CREDIT CARD. THE
DISCLOSURE STATEMENTS THAT FOLLOW
ARE REQUIRED BY FEDERAL REGULATIONS,
INCLUDING THE TRUTH IN LENDING AND FAIR
CREDIT BILLING ACTS. PLEASE READ THIS
DISCLOSURE CAREFULLY TO BE FAMILIAR WITH
YOUR RIGHTS AND RESPONSIBILITIES. IT IS
IMPORTANT TO RETAIN THIS NOTICE FOR FUTURE
REFERENCE AND TO NOTIFY US AT ONCE IF ANY
PARTS ARE UNCLEAR.
1. WORDS OFTEN USED IN THIS AGREEMENT.
The word "Agreement" means this Michigan First Credit
Union Credit Card Agreement and Truth-in-Lending
Disclosure and the document provided to you along with
this agreement and disclosure containing Credit Card
Account Opening Disclosures and information concerning
How Your Annual Percentage Rate is Determined In this
Agreement, the words "you" and "your" mean or refer to
each and all persons who have applied for the Card or
Cards. "Card" means the Visa Credit Card or Cards, and
any duplicates and renewals thereof, or substitutions
thereof, we may issue to you. "Account" means your Visa
Credit Card line of credit loan account with us. "We," "us"
and "ours" means or refers to Michigan First Credit Union
and the document provided to you along with this
agreement and disclosure containing Credit Card Account
Opening Disclosures and information concerning How
Your Annual Percentage Rate is Determined.
2. THIS IS YOUR CONTRACT WITH US. Once this
Agreement is sent to you, it becomes a binding contract.
When you (i) signed a paper application for your Account, (ii)
completed an on-line application for your account, (iii)
applied for your Account by calling our Call Center, or (iv)
applied for your account in person with one of our Financial
Sales Representatives, you acknowledged that you would
receive a copy of this Agreement and promised to abide by
the terms of this Agreement, including all applicable laws.
This Agreement is a Truth-In-Lending Disclosure Statement
as well as a contract.
3. SIGN THE CARD. Your Card(s) have been embossed
as you have directed. Each Card must be signed (in the space
provided on the back) by the person whose name is embossed
thereon. That signature must be in the same form as embossed
on the front of the Card. However, your liability under this
Agreement does not depend on whether you sign your Card.
4. USING THE CARD. By using this Card, you are
agreeing to comply with the terms of this Agreement. To
make a Purchase or Cash Advance, present the Card to a
participating Visa plan merchant or financial institution and
sign the sales draft or cash advance draft (when required)
which will be imprinted with your Card or generated after
your Card's number has been magnetically read or
otherwise provided. Please note that we are not responsible
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if a particular Visa plan merchant or financial institution
refuses to honor your Card. You can receive a copy of any
draft you sign or a corresponding transaction slip when
using the Card. You should retain all such items to verify
your monthly statement. We will upon request furnish you
with a copy of a draft for a charge per copy; however,
there will be no charge in cases involving error resolution.
You may use your Card to make purchases and cash
advances primarily for personal, family, or household
purposes. In addition, you may obtain cash advances from
the Credit Union or from other financial institutions that
accept Visa Cards or ATMs that accept Visa Cards.
Whenever you request a transaction, you may be required
to prove your identity. When the amount advanced
appears on a subsequent statement, that statement
reference will be conclusive evidence of the request. To
obtain an advance at an ATM you must use a Personal
Identification Number (PIN) that was issued for use with
the Card.
5. ILLEGAL TRANSACTIONS. You agree that you
will only use your Account for transactions that are legal
where you reside. Display of a payment card logo by an on-
line merchant does not mean that the transaction with that
merchant is legal where you reside. You agree not to use
your Card for any illegal transactions. We will not be liable
if you engage in any illegal transactions.
6. PROMISE TO PAY. You promise to repay to us all
debts and the FINANCE CHARGE thereon arising from
any authorized use of the Card. You agree not to let
someone else use the card without our consent. If the
application was signed by two persons, the Account is
joint; that is, each of you, separately and jointly with each
other, is liable for all debts on the Account and FINANCE
CHARGE(S). Your obligation to pay all such debts and
FINANCE CHARGE(S) continues even though an
agreement, divorce decree or other court judgment to
which we are not a party may direct that only one of you,
or some person other than you (or both of you), must pay
such debts and FINANCE CHARGE.
7. CREDIT LINE. When we approved your application,
we established a self-replenishing line of credit for you and
notified you of the amount thereof ("credit limit") in the
document your Card/s were attached to. That document is
hereby incorporated herein as part of this Agreement. You
agree not to let your Account Balance exceed such amount,
and you agree to pay us the total amount over the credit limit
upon our demand whether or not we authorized the
advance(s) which caused you to exceed your credit line.
Unless you are in default, each payment you make on the
Account will replenish your credit limit by the part of that
payment which is applied to principal. You may request an
increase in the credit limit by a written application, which
must be approved by us. We may increase or decrease the
limit from time to time or may, with good cause, revoke
your Card and terminate this Agreement; in either event, we
will give you written notice of such action. "Good Cause"
includes your failure to satisfy the terms of this Agreement
or our adverse reevaluation of your creditworthiness; in
either event, we will give you written notice of such action.
In the event your Account is cancelled or revoked due to
default, the balance at the time of default may be transferred
in-house with the Credit Union and, as a consequence
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thereof, be separately billed as an in house arrangement or
included within any other open-end credit plan you have
with us, with collection to be at the same rate and under the
same terms and conditions as provided for in this
Agreement. You may terminate this Agreement, at any time
and for any reason, by giving us written notice.
Nevertheless, termination by you or by us does not affect
your obligation to pay all debts and FINANCE CHARGE
thereon arising from authorized use of your Card. The Cards
remain our property and you must recover and surrender to
us all Cards upon our request or upon termination of this
Agreement.
8. JOINT ACCOUNTS. If more than one person signed
the application, each person who signed it promises to pay
all amounts owed to us under this Agreement. Each of you
authorizes the other(s) to make purchases, withdrawals or
cash advances individually. Any one of you may cancel the
Account. The cancellation will be effective to all of you.
Each of you is jointly and severally obligated. This means
that we may collect money owed to us from each of you or
from all of you regardless of your current domestic
relationship or other legal proceedings. In any event, all of
you will continue to be jointly and severally obligated until
all Cards are returned and the debt is extinguished.
9. AUTHORIZED USERS. You may allow Authorized
Users on your Account by notifying us that you want
someone added to the account as an Authorized User and
obtaining our consent. Additionally, though not allowed,
you will be deemed to have personally authorized another
user in the following ways: (1) by lending your Card or
Account Number to another (without our required
consent); or (2) by any other means in which you would be
legally considered to have allowed another to use your
Account or be legally prevented from denying that you did
SO. You should think carefully before you allow someone to
become an Authorized User (in any manner). By doing so,
you authorize the person to use your Account to the same
extent you can, including but not limited to making
Purchases, Cash Advances, Balance Transfers and allowing
others to use your Account. Your Account does not permit
you to limit the nature or amount of authority you give to
any Authorized User and you agree that you will not
attempt to do SO. An Authorized User's authority will
continue until you both notify us that you are terminating
the authority and you physically retrieve the Card. If you
cannot retrieve the Card, you will remain liable for any
transactions we cannot prevent after you notify us.
10. PAYMENTS. We will send you a statement every
month showing your Previous Balances of purchases and
cash advances, the current transactions on your account, the
remaining credit available under your Credit Line, the New
Balances of purchases and cash advances, the Total New
Balance, the FINANCE CHARGE due to date, and the
Minimum Payment required. Every month you promise to
pay at least the Minimum Payment on or before the due date
shown on your statement. You may, of course, pay more
frequently, pay more than the Minimum Payment, or pay the
Total New Balance in full, and you will reduce the
FINANCE CHARGE by doing SO. The Minimum Payment
will be either (a) 3% of your Total new Balance (rounded to
the nearest dollar), or $25.00, whichever is greater, or (b)
your total New Balance, if it is less than $25.00 plus (c) any
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portion of the Minimum Payment(s) shown on prior
statement(s) which remains unpaid. In addition, at any time
your total New Balance exceeds your credit limit, you must
immediately pay the excess upon our demand. Any payment
check or other form of payment that you send us for less
than the full balance due that is marked "paid in full" or
contains a similar notation, or that you otherwise tender in
full satisfaction of a disputed amount, must be sent to the
Credit Card Services Dispute Processing, P.O. Box 10409
Des Moines, IA 50306. We reserve all our rights
regarding these payments (e.g., if it is determined that
there is no valid dispute or if any such check is received
at any other address, we may accept the check and you
will still owe any remaining balance). We may refuse to
accept any such payment by returning it to you, not
cashing it, or destroying it. All other payments that you
make should be sent to the appropriate payment address.
The Credit Union at its sole discretion, may give you
the option of skipping one or more monthly credit card
payments during the calendar year. If you are eligible to
skip a payment for any given month the minimum monthly
payment shown on your periodic statement will be zero. If
you do so, interest charges on outstanding balances will
continue to accrue during those months, but late charges
will not be applied. Here's the best part - you don't even
need to apply.
11. PAYMENT ALLOCATION. We may select and
change the method by which payments and credits are
allocated to your account at our sole discretion; however,
payments will be allocated to billed amounts before they are
allocated to unbilled amounts (transactions incurred since
your last statement) and payments amounts in excess of the
required minimum monthly payment will be applied to
higher rate balances before they are applied to lower rate
balances. Payment for more than the minimum amount due
will be accepted as a single payment for the month; the
amount over the minimum is not applied toward future
payments due.
12. FINANCE CHARGE. Your account is subject to a
variable rate. Your ANNUAL PERCENTAGE RATE
(APR) may increase or decrease if the Index used by the
Credit Union increases or decreases. The Index is the
highest rate of interest indentified as the "Prime Rate" in
the "Money Rates" section of The Wall Street Journal on
the third business day preceding the end of the most
recently concluded calendar quarter. To determine the
ANNUAL PERCENTAGE RATE that will apply to your
account, a Margin is added to the value of the Index. Your
Margin and the required disclosures of your ANNUAL
PERCENTAGE RATE and corresponding monthly
periodic rate are set forth in the "How Your Annual
Percentage Rate is Determined" section of the separate
document provided to you referred to in Section 1. The
ANNUAL PERCENTAGE RATE can change quarterly
on the first day of the billing cycles which begin in the
months of January, April, July, and October. There is no
limit on the amount by which the ANNUAL
PERCENTAGE RATE can change except that the
ANNUAL PERCENTAGE RATE will never be more
than 25.00%. In no event will the rate ever exceed the
maximum rate permitted by law.
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Any change in the ANNUAL PERCENTAGE RATE
affects your entire balance and is effective at the beginning
of the first billing cycle which follows the change. The
Credit Union reserves the right to substitute a similar index
if the index described above becomes unavailable.
The FINANCE CHARGE is calculated by applying the
above periodic (monthly) rate to the Average Daily
Balance (including new purchases). An "Average Daily
Principal Balance" is calculated separately for purchases
and cash advances and is determined as follows: For each
day during the statement period (billing cycle) the
principal balances of purchases and of cash advances
from the previous day are increased by any purchases or
cash advances posted to the Account that day and
decreased by any payments or credits posted to the
Account that day. Such daily principal balances are
separately totaled and then divided by the number of days
in the statement period (billing cycle), resulting in the
"Average Daily Principal Balances" of purchases and
cash advances shown on your statement.
You can avoid FINANCE CHARGES on purchases by
paying the full amount of the New Balance of Purchases
each month on or before the payment due date shown on
your monthly statement. Otherwise, the New Balance of
Purchases, and subsequent purchases from the date they
are posted to your account, will be subject to FINANCE
CHARGE, except that if during the previous billing cycle
you paid all amounts owing in full by the Payment Due
Date, then in the current billing cycle you will have a free
interest period on the amount of the New Balance of
Purchases remaining from the previous billing cycle that
is paid by the Payment Due Date based on our payment
allocation method.
13. PERIODIC STATEMENTS. We will send you a
statement every month showing your previous balance,
purchases and cash advances, payments made on your
account, periodic rate, annual percentage rate, finance
charge and its method of computation, any other charges,
free interest period, payment due date, procedures for error
resolution, Minimum Payment required, and the closing
date with corresponding New Balance for the billing cycle.
You may not receive a statement on your Account if there
has been no activity or if collections procedures have been
initiated against you because you are in default. Each
statement is deemed to be a correct statement unless you
establish a billing error pursuant to the Federal Truth in
Lending Act as described in this Agreement.
14. DEFAULT. You will be in default and we may, to
the extent permitted by law, terminate your credit line and
declare the entire unpaid balance of the account
immediately due and payable, under any of the following
conditions:
you fail to make the minimum payment by the
statement payment due date;
you breach any other promises made in or conditions
of the Agreement and/or any other agreement with us;
you use your card for an illegal transaction;
if you become involved in any insolvency, receivership,
guardianship, conservatorship, or any other proceeding
which determines you are incapable of managing your
financial affairs, including filing for Bankruptcy;
you have made a false or misleading statement in your
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credit application and/or in your representation to us
while you owe money on your account;
a judgment or tax lien is filed against you or any
attachment or garnishment is issued against any of
your property or accounts, including anyone starting
an action or proposing to seize any of your funds on
deposit with us;
we in good faith determine that your creditworthiness
(which includes your ability to repay us) has become
unsatisfactory due to change in employment, increase
in your other obligations, or because of any other
reason, time being of the very essence;
you die; or
government action precludes us from imposing the
annual percentage rate or a government authority has
notified us that continued advances constitute an
unsafe and unsound practice.
In the event of any default, we may, at our option,
declare the entire balance on the Account to be
immediately due and payable. If you are in default we
may, instead of terminating your Account and declaring
the entire unpaid balance due and payable, suspend your
credit privileges but not declare what you then owe
immediately due and payable. If we do the latter, we
reserve the right to later terminate the Account and declare
the entire unpaid balance due and payable at any time
before you cure the default by paying all past due amounts.
15. COLLECTION COSTS. You also agree that, in
case of default, you will pay all usual and customary costs
of collection permitted by law, including, but not limited
to, attorney fees and expenses incurred by us in the
enforcement of this agreement.
16. DELAY OR FAILURE TO ENFORCE. We do not
lose our rights under this or any related agreement if we
delay or fail to enforce them. We can accept late payments
or partial payments without losing any of our rights under
this Agreement.
17. NOTIFICATION OF ADDRESS CHANGE. You
agree to notify us promptly if you change your name,
street address, email address or telephone number.
18. ADDRESS FOR NOTICES TO US. All notices
under this Agreement must be in writing and mailed to
Michigan First Credit Union, 27000 Evergreen Road,
Lathrup Village, Michigan 48076.
19. CHANGE IN TERMS. From time to time, we may
amend this Agreement by mailing a written notice of the
amendment to you at the last address shown for you in our
records. In the event the terms we are changing require
advance notice by law, we will comply with the
requirements of that law.
20. YOU MAY CANCEL THE ACCOUNT. You may
cancel the account whenever you choose. If you do, you
agree to cut each Card in half and return it to us at the
address shown in Section 18 above, along with your
written notification that you wish to cancel the Account.
Such cancellation will become effective within five days
after the notice is received by us. You will still be
responsible for the repayment of any outstanding balance
on your Account and any other amounts that have not yet
been billed to you.
21. WE MAY CANCEL THE ACCOUNT. We have
the right to cancel the Account at any time upon written
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notice sent to you at the last address shown for you in our
records. You agree to discontinue the use of the Cards, and
to return the Cards to us, at our request.
22. CREDIT REPORTING AGENCIES. You authorize us
to investigate your credit standing when opening, renewing or
reviewing your Account, and you authorize us to disclose
information regarding our experience with you under this
Agreement to consumer reporting agencies, bureaus and
other creditors. If you request it, we will provide the name
and address of each consumer reporting agency used for this
purpose. If you believe we have reported inaccurate
information about you to a consumer reporting agency, please
notify us at Michigan First Credit Union, 27000 Evergreen
Road, Lathrup Village, Michigan 48076. In doing so, please
identify the inaccurate information and tell us why you
believe it is incorrect. If you have a copy of the credit report
that contains the alleged inaccurate information, please send
us a copy of that report as well. You are hereby notified that
negative information will be provided to appropriate
consumer reporting agencies if you fail to perform your
obligations under this agreement.
23. TRANSACTION SLIPS. Your periodic statement
will identify the merchant, electronic terminal location, or
financial institution at which transactions were made, but
sales, cash advances, credit or other slips cannot be
returned with each statement. You must retain the copy of
such slips furnished at the time of each transaction in order
to verify the transactions listed on your statement. You
agree to pay a reasonable fee for photocopies of transaction
slips that you request.
24. CREDITS. If merchants who honor your Card give
you a credit for returns or adjustments, they will do SO by
processing a credit which we will post to your Account. You
should keep your copy of the credit slip to verify your
monthly statement. If your credits and payments exceed
what you owe us on the Account we will credit such excess
to the Account and, if the amount is $1.00 or more, we will
credit it to your share account after two (2) months or upon
your written request.
25. 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 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. In addition, as provided in Section 30, we
will separately bill you a 1% International Transaction Fee.
26. TRANSACTIONS WITH MERCHANTS.
Return Policies - If a merchant discloses a policy
such as but not limited to "no returns," "no refunds,"
"as is," or "all sales final" you will be bound by that
policy when you use your Account to buy goods or
services from that merchant.
Reservations - When using your Account to make a
travel or lodging reservation, obtain the merchant's
cancellation policy and follow it if you wish to
cancel. If you cancel, obtain the merchant's
cancellation number that is required to be provided
to you. The merchant may charge you for a cancelled
transaction unless you can provide us with the
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merchant's cancellation number.
Recurring Transactions - If you authorize a merchant
to charge your Account for repeat transactions without
your Card, you must notify the merchant, and not us,
when you want to discontinue the repeat transactions.
Dispute Access - If you disagree with a transaction on
your statement or have a dispute with a merchant as a
result of a transaction, you agree to provide us with
information and assistance we reasonably request.
Otherwise, you will pay us for any resulting loss we
have, unless we are prohibited by law from holding
you liable for our loss.
27. CARD AGREEMENT. You understand that your Visa
Credit Card is issued by us, remains our property, and is
subject to rules governing ATM networks, which financial
institutions must follow. The Cards are not transferable. By
using your Card, you are agreeing to the following additional
terms: (1) To abide by the rules and regulations and those of
the participating ATM network as may be amended; (2) That
we and the ATM network may follow all electronic
instructions given through the ATM; (3) that we may restrict
the use of or terminate your Card at any time without notice
to prevent loss to your account or to the Credit Union; (4)
your Card may not be used for any illegal transaction.
28. DAILY LIMITS. You agree to adhere to any daily
limits established by the Credit Union in conformance with
the ATM network agreement and which are subject to
modification to preserve the integrity of the ATM network
and prevent loss to the Credit Union or its members. The
current daily limit is $500.00, the credit union may change
this limit in its discretion and without prior notice.
29. PERSONAL IDENTIFICATION NUMBER (PIN).
Upon request we will furnish you with a Personal
Identification Number (PIN). You agree to keep the PIN
confidential. You also agree you won't write the PIN on the
Card or anything you keep with the Card. Your use of the PIN
and Card in getting a Cash Advance or making a Purchase is
agreed to constitute your signature for purposes of such
transactions. You can also use your card together with your
Personal Identification Number (PIN) to get a Cash Advance
from an Automated Teller Machine (ATM) in the Visa
Network, to get a Cash Advance from a Visa financial
institution, or to make a Purchase from a merchant that uses
the Card in an electronic terminal that accesses the Visa
system. IF YOU FORGET OR DO NOT ENTER YOUR PIN
CORRECTLY, THE ATM MAY KEEP YOUR CARD THE
THIRD TIME THE PIN IS ENTERED INCORRECTLY.
THIS PROCEDURE IS FOR SECURITY MEASURES.
KEEP YOUR PIN IN A SECRET PLACE. If you authorize us
to issue a Card to anyone else for use through any electronic
access device, you are authorizing that individual to withdraw
funds from any account which can be accessed by that Card,
regardless of whether that individual is authorized to withdraw
money from the account by any other means.
30. FEES AND CHARGES. You agree to pay the various
fees and charges related to this Agreement and included in
the Fee Schedule that is accessible to members upon request.
You agree to pay any related charges that are imposed as a
result of your use of the Visa Credit Card or an ATM. Current
fees associated with the Visa Credit Card include:
Late Payment: If the required minimum payment due
under this Agreement is not received on or before the
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tenth day after its due date, your account may be
charged, and you agree to pay, a LATE CHARGE
of $25.00. No further late charges will be imposed
after this Agreement has become due and payable
in full due to default as specified in the section of
the Agreement entitled "Default." The charge shall
be treated as a purchase on your monthly statement.
Cash Advance Fee: We will impose a fee on each
cash advance transaction of either $10 or 3% of the
amount of each cash advance, whichever is greater.
Returned Checks: If a check or share draft used to
make a payment on your account is returned
unpaid, your account may be charged, and you
agree to pay, a RETURNED CHECK CHARGE of
up to $25.00. The charge shall be treated as a purchase
on your monthly statement.
Returned Electronic Funds Transfer Payments: If an
electronic funds transfer used to make a payment on
your account is returned unpaid, your account may
be charged, and you agree to pay, a RETURNED
ELECTRONIC FUNDS TRANSFER CHARGE of
up to $25.00. The charge shall be treated as a purchase
on your monthly statement.
Draft Copy: Your account may be charged, and you
agree to pay, $5.00 for each copy of a sales draft
and $5.00 for each copy of a statement that you
request (except when such request is made in
connection with a billing error).
Replacement Card: Your account may be charged,
and you agree to pay a fee of $10.00 for
replacement of Card(s).
ATM Fees: Your account may be charged, and you
agree to pay, any ATM fees, including surcharges or
other fees imposed by a financial institution or
network for transactions at ATMs.
International Transaction Fee: Your account may be
charged, and you agree to pay, a 1%
INTERNATIONAL TRANSACTION FEE on all
transactions where the merchant country differs
from the country of the card issuer (that is, for any
transaction outside of the United States). 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.
31. LIABILITY FOR FAILURE TO COMPLETE
TRANSACTIONS. We will not be liable for transactions
that are not completed if any of the following
circumstances apply:
Through no fault of ours, you do not have sufficient
funds available in your credit line;
The transaction would cause you to exceed your
credit limit;
The ATM where you are requesting a cash advance
does not have enough cash;
The terminal or system was not working properly
and you knew of the malfunction at the time you
initiated the transactions;
Circumstances beyond our control (such as fire or
flood) prevent the transaction, despite reasonable
precautions we have taken;
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Your Card is retained by the ATM;
Your Card or PIN has been reported lost or stolen
and your account has been blocked or frozen;
Your account is in default;
You or anyone authorized by you to conduct a
transaction commits fraud or violates any laws or
regulations; or
You fail to follow the instructions on the screen or
terminal.
32. LIABILITY FOR UNAUTHORIZED USE. You
may be liable for the unauthorized use of your credit card.
You will not be liable for unauthorized use that occurs
after you notify Michigan First Credit Union at the
address or telephone number set forth below. You must
notify us orally or in writing of the loss, theft, or possible
unauthorized use. In any case, your liability will not
exceed $50.00. Notify us at:
Card Services Dispute Processing
P.O. Box 10409
Des Moines, IA 50306
866-570-1238
Or
Michigan First Credit Union
27000 Evergreen Road
Lathrup Village, Michigan 48076
800-664-3828
33. LIMITATIONS OF RESPONSIBILITY. We will not
be responsible for merchandise or services purchased by
you with the Card. We are not liable for the refusal or
inability of merchants, financial institutions and others to
accept your card(s) or electronic terminals to honor them or
complete a transaction, or for their retention of the Card(s).
34. SECURITY INTEREST. If you separately signed
the portion of your application for this Account dealing
with the creation of a security interest, you grant us a
security interest in all present and future shares and
deposits you have with us, whether you own them singly
or own them jointly but have the right to withdraw from
them without the consent of another person not obligated
on the account to secure your Account. This grant does
not apply to Individual Retirement Accounts and other
accounts which provide tax benefits under state or federal
laws. Upon default under this Agreement you agree that
we may apply all of your shares and deposits subject to
this security interest to pay amounts due on the Account
under this Agreement. You also agree to grant us a
security interest in collateral (other than collateral
consisting of (i) real estate that is your principal residence
and (ii) household goods) securing other loans with us to
secure your Account.
35. BUSINESS DAY. Our business days are Monday
through Friday. Saturdays, Sundays and federal holidays
are excluded.
36. GOVERNING LAW. The Agreement and your
Account and any claim, dispute, or controversy arising from
or relating to this Agreement or your Account, whether based
on contract, tort, fraud, and other intentional torts, statute,
common law and/or equity, are governed by and construed in
accordance with the laws of the State of Michigan (without
regard to its conflicts of laws principles or rules) and
applicable federal laws. The legality, enforceability and
interpretation of this Agreement and the amounts contracted
for, charged and received under this Agreement will be
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governed by such laws. This Agreement is entered into
between you and us in the State of Michigan, and we make
credit decisions under this Agreement from the State of
Michigan. You further consent to the jurisdiction and
venue of the State or Federal Courts having jurisdiction
over the City of Lathrup Village, Oakland County,
Michigan.
37. ASSIGNMENT. We may sell, assign or transfer all
or any portion of your Account, or any balance due under
your Account, without prior notice to you. You may not
sell, assign or transfer your Account or any obligations
under this Agreement.
38. LOST/STOLEN CARDS. You agree to notify us
immediately upon discovering that your Card has been lost
or stolen by calling us at 800-449-7728 or 800-664-3828.
39. INFORMATION ABOUT YOU AND YOUR
ACCOUNT. We will not disclose your non-public personal
information to unaffiliated third parties except as otherwise
permitted or authorized by law. Please refer to our Privacy
Policy Notice for a full explanation of how we protect your
information. You may obtain a copy of our Privacy Policy
Notice by calling us at 800-664-3828.
40. BENEFITS AND PROGRAMS. We may from time to
time offer additional services to your Accounts or special
programs related to you being a Cardholder, such as travel
accident insurances, at no additional cost to you. You understand
and agree that we are not obligated to offer such services or
programs and may withdraw or change them at any time.
41. SEVERABILITY. If any provision of this Agreement
is determined to be void or unenforceable under applicable
law, regulation, or rule, all other provisions of this
Agreement shall be valid and enforceable.
42. ENTIRE AGREEMENT/EFFECT OF AGREEMENT.
This Agreement, together with any application you signed or
otherwise submitted in connection with the Account and any
mailer/document sent to you with your Card (all of which are
hereby incorporated by reference in this Agreement),
constitutes the entire agreement between you and us relating
to your Account, supercedes any other prior or
contemporaneous agreement between you and us relating to
your Account, and applies to every transaction relating to the
Account even though a sales or cash advance draft you sign
or a credit slip may contain different terms. This Agreement
may not be amended except in accordance with the
provisions of this Agreement. You further acknowledge
receipt of a copy of this Agreement.
43. CREDIT UNION MEMBERSHIP. You understand
and agree that the closing of your Credit Union Regular
Share Account terminates your status as a member of the
Credit Union, and upon such closing, you can no longer
obtain credit with the Credit Union Visa Card.
The following is important information regarding your
right to dispute billing errors.
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:
Michigan First Credit Union
27000 Evergreen Road
Lathrup Village, MI 48076
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In your letter, give us the following information:
Account information: Your name and account
number.
Dollar amount: The dollar amount of the suspected
error.
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:
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. 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:
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
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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. 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.)
2. You must have used your credit card for the
purchase. Purchases made with cash advances from an
ATM or with a check that accesses your credit card
account do not qualify.
3. 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 [or
electronically] at:
Michigan First Credit Union
27000 Evergreen Road
Lathrup Village, MI 48076
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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Michigan First
CREDIT UNION
The only place to do your banking!
Member Services: 800.664.3828
24-hour Loan Center: 866.933.6333
MichiganFirst.com
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EQUAL HOUSING
Federally Insured by the NCUA
LENDER
Revised 12/2015
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