Business Visa Platinum Credit Card  
Account Agreement 

2303 South Center Road 
Burton, MI  48519 
Ph 810-715-3542 • TF 800-882-6457 
Fx 810-600-2590 • www.elgacu.com 

This Business Visa Credit Card Account Agreement (“Agreement”) giv-
en to you when you opened your Card account (“Account”) will govern 
your Business Visa Credit Card and Account issued by ELGA (“Credit 
Union”). In this Agreement, the words "you," "your," "yours," "applicant," 
and "Borrower" mean any person who signs the application for this Ac-
count,  any  joint  obligor,  guarantor,  authorized  user,  or  the  person 
whose  name  is  embossed  on  the  Card.  The  words  "we,"  "us,"  "our," 
and "Credit Union" mean ELGA Credit Union. The word "Card" means 
any one or more credit cards issued under this Account. If you sign an 
application for this Account or sign or use any Card or PIN, or al-
low others to use the Card or PIN, you and they will have accepted 
this Agreement just as if you and they signed it, and you and they, 
jointly  and  severally,  will  be  bound  by  the  following  terms  and 
conditions which will govern this Account. 

1.  You Promise to Pay 
You promise to pay us all amounts, plus any Interest Charges, which 
arise  from  use  of  the  Card  or  Account  by  you  or  any  other  person, 
and to be jointly and severally liable with such a person, unless such 
other person does not have actual, implied, or apparent authority for 
such use, and you received no benefit from the use. You promise to 
pay us either by direct payment or by automatic transfers from shares 
or by payroll deduction. 

2.  Account Access 
a.  Purchases, Cash Advances, and Balance Transfers. 
You must sign the Card to use it. Once you have signed the Card, you 
can  use it to  buy  or lease  goods, services, or insurance wherever the 
Card is honored, up to the full amount of your Credit Line. You may use 
your  Account  to  get  cash  advances  from  us.  You  may  also  use  your 
Card to get a cash advance from participating financial institutions and 
to access your line of credit at automatic teller machines (“ATMs”) with-
in the VISA network or any other ATMs. 
b.  VISA Convenience Checks.  
If we approve, you may obtain advances under your Account by writing 
preprinted VISA convenience loan checks that we supply to you. Your 
use of loan checks will be shown either as a purchase, cash advance, 
or balance transfer on your monthly statement. We may not honor your 
loan  check  if:  your  check  is  post-dated;  payment  of  the  check  would 
exceed  your  Credit  Line;  a  check  is  signed  by  person  without  author-
ized access; the amount of the check is less than the minimum required 
amount; your Account has been terminated or suspended, or any drafts 
have  been  reported  lost  or  stolen.  You  may  stop  payment  on  a  loan 
check if you provide us with the exact information describing the check. 
If you give us incorrect information, we will not be responsible for failing 
to stop payment. You understand there may be a charge for each stop 
payment order requested. Our liability for a wrongful dishonor is limited 
to  your  actual  charges;  however,  a  dishonor  for  the  reasons  stated 
above is not a wrongful dishonor. Only the person whose name is print-
ed  on  a convenience check may sign it. All convenience checks must 
be written in U.S. dollars. We will not certify a convenience check. You 
may write these checks for any amount providing your total outstanding 
balance  does  not  exceed  your  available  Credit  Line  and  your  credit 
card  remains  in  good  standing.  We  are  entitled  to  return  it  unpaid  if 
there is not enough available credit on your Account to pay it, if you are 
in  default  under  this  Agreement,  if  your  card  or  convenience  checks 
have been reported lost or stolen, or if the convenience check is post-
dated. A VISA convenience check may not be used to make a payment 
on  your VISA credit card account or any  other loan account you have 
with  us.  The  Credit  Union  shall  have  no  liability  for  any  convenience 
check returned in excess of your Credit Line. 

3.  Credit Line  
If we approve your application, this Agreement will constitute a revolv-
ing  line  of  credit  for  an  amount  which  will  be  the  Credit  Line  under 
your  Account. We  will  advise  you  of  the  amount  of  your  Credit  Line. 
That amount will be the maximum amount you may have outstanding 
at any one time. You agree not to attempt to obtain more credit than 
the  amount  of  your  Credit  Line.  However,  if  you  temporarily  exceed 

your Credit Line, you agree to repay the excess immediately, even if 
we  have  not  yet  billed  you.  Obtaining  such  credit  does  not  increase 
your  Credit  Line.  We  retain  the  right  to  increase  or  decrease  your 
Credit  Line  at  any  time.  Any  increase  or  reduction  in  the  amount  of 
your Credit Line will be shown on your monthly statement or by sepa-
rate  notice  together  with  any  changes  in  the  applicable  Minimum 
Monthly  Payments.  Your  eligibility  for  this  Credit  Line  is  determined 
by our loan policy and may be terminated at our sole discretion, with-
out demand or notice. You may close your Credit Line at any time by 
notifying us in writing and returning all Cards cut in half. If you termi-
nate  this  Agreement  or  if  we  terminate  or  suspend  your  credit  privi-
leges,  the  provisions  of  this  Agreement  and  your  liability  hereunder 
shall  otherwise  remain  in  full  force  and  effect  until  you  have  paid  us 
all sums due us under this Agreement and returned all Cards. 

4.  Minimum Monthly Payment 
We  will  mail  you  a  statement  every  month  if  your  Account  has  a  bal-
ance.  You  agree  that  you  will  pay  each  month  not  less  than  the  mini-
mum  monthly  payment  on  or  before  the  closing  date.  The  minimum 
monthly  payment  will  be  3.0%  of  your  outstanding  balance  shown  on 
your  statement  (“New  Balance”),  or  $25,  whichever  is  greater.  If  your 
outstanding balance is less than $25, you agree to pay the balance in 
full. In addition to the minimum monthly payment, you agree to pay any 
“Overlimit Amount” and any amount past due shown on your statement 
each month by the due date shown on your Statement. You may pay in 
full for all your purchases and cash advances each month, or you may 
repay in monthly installments. We can  accept late payments or  partial 
payments, or checks, drafts, or money orders marked “payment in full” 
without prejudice to our rights under this Agreement, which are hereby 
explicitly reserved. A credit posting from a merchant or reversal of fees 
does not constitute a minimum payment. Payments will be applied first 
to  interest  and  to  fees,  then  to  purchase  balances,  then  to  cash  ad-
vance and balance transfer balances, and finally to any other charges 
or amounts owed. The minimum monthly payment may be allocated at 
the  Credit  Union’s  discretion  to  pay  off  lower  rate  balances,  such  as 
promotional offers, before higher rate balances, such as cash advances 
or  purchases.  Payments  in  excess  of  the  minimum  monthly  payment 
will be allocated first to higher rate balances, as applicable. From time 
to time, we may allow you to skip your minimum monthly payment due. 
If  you  choose  to  skip  that  payment,  Interest  Charges  will  continue  to 
accrue  in  accordance  with  this  Agreement.  Payments  received  at: 
ELGA Credit Union, 2305 S. Center Rd., Burton, MI 48519, at or before 
5:00 PM Eastern Time on any business day will be credited to your Ac-
count as of that date; payments received by mail at that address after 
5:00 PM Eastern Time or on a weekend will be posted to your Account 
as of the next business day. 

5.  Security Interest 
By signing your application, to secure your Account, you granted us a 
purchase  money  security  interest  under  the  Michigan  Uniform  Com-
mercial Code in any goods you purchase through your Account. If you 
default, we will have the right to recover any of these goods that have 
not been paid for through application of your payments in the manner 
described in Section 4. In addition, you granted us a security interest 
in all your shares and deposits, present and future, and all accounts 
(except Individual Retirement Accounts and Keogh Accounts) with the 
Credit  Union  to  secure  your  Account  and  agree,  upon  default,  the 
Credit  Union  may  apply  all  that  is  secured  to  pay  any  amounts  due 
under  this  Agreement,  without  further  notice  to  you.  You  further 
agree  that  collateral  securing  other  loans  with  the  Credit  Union 
(except  loans  secured  by  real  property)  also  secures  this  Ac-
count. 

6.  Periodic Statements 
Each  month,  if  your  outstanding  balance  exceeds  $1,  we  will  send 
you a statement showing new purchases, cash advances, payments, 
and credits made to your Account during the billing period, your Pre-
vious  Balance,  your  "Total  New  Balance,"  any  Interest  Charge,  and 
any  other  charges.  Your  statement  also  will  identify  the  remaining 

© 2017 Farleigh Wada Witt. All rights reserved. 

Business Visa Platinum Credit Card Account Agreement • September 2017 • 1  

 
 
 
ELGA Credit Union (cid:1) Business Visa Platinum Credit Card Account Agreement 

Credit  Line  available  and  the  Minimum  Monthly  Payment  you  must 
make for that billing period and the date it is due. For statement verifi-
cation purposes, you agree to retain copies of transaction slips result-
ing from each purchase, each advance, and other transaction on your 
Account.  Unless  you  notify  us  of  a  billing  error  as  described  below, 
you accept your monthly statement as an accurate statement of your 
Account with us. 

7.  Circumstances Under Which an Interest Charge 

Will Be Imposed 

The  total  outstanding  balance  of  purchases,  balance  transfers,  and 
cash advances in the Account on the closing date of a billing period, 
including  any  Interest  Charge,  will  be  shown  on  the  Periodic  State-
ment for that billing period as the "New Balance." 
a.  Cash Advances and Balance Transfers.  
We  begin  charging  an  Interest  Charge  on  cash  advances  and  bal-
ance  transfers  from  the  date  of  each  transaction.  There  is  no  time 
period within which to pay to avoid a periodic Interest Charge on cash 
advances or balance transfers. 
b.  Purchases.  
Your due date is at least 25 days after the close of each billing period. 
An  Interest  Charge  will  be  imposed  on  the  portion  of  purchases  in-
cluded  in  the  New  Balance  that  is  not  paid  by  the  due  date.  This 
“grace  period”  allows  you  to  avoid  an  Interest  Charge  on  purchases 
for a billing period. If you do not pay the New Balance for purchases 
within  the  grace  period,  your  Interest  Charge  will  accrue  on  any  un-
paid  purchase  transactions  from  the  first  day  of  the  billing  period  in 
which the payment is due. 

8.  Method Used to Determine the Balance on Which 

the Interest Charge May Be Computed and 
Amount of Interest Charge 

The Credit Union figures the Interest Charge on your Account by multi-
plying  the  "Average  Daily  Balance"  of  purchases,  balance  transfers, 
and cash advances for your Account (including current transactions) by 
the Monthly Periodic Rate. To get the "Average Daily Balance" we take 
the  beginning  balance  of  your  Account  each  day,  add  any  new  pur-
chases  or  cash  advances,  and  subtract  any  payments  or  credits,  un-
paid  Interest  Charge  and  unpaid  late  charges.  This  gives  us  the  daily 
balance.  Then,  we  add  up  all  the  daily  balances  for  the  billing  period 
and divide the total by the number of days in the billing period. Howev-
er, current transactions are excluded from the Purchase balance. This 
gives  us  the  "Average  Daily  Balance."  To  get  the  “Monthly  Periodic 
Rate,” we divide the Annual Percentage Rate in effect for the billing pe-
riod by 12. 

9.  Periodic Rate and Corresponding Annual 

Percentage Rate  

a.  Standard Rates.  
The Monthly Periodic Rate is 1.075% and corresponding Annual Per-
centage Rate is 12.90%. 
b.  Introductory Rates.  
At our discretion, we may offer you an introductory or promotional An-
nual Percentage Rate for your Account. Any introductory or promotional 
Annual  Percentage  Rate  will  be  subject  to  the  terms  of  the  offer  and 
this  Agreement.  We  will  provide  you  with  information  on  the  offer,  in-
cluding the time period the introductory or promotional Annual Percent-
age Rate is in effect in the materials that we send to you about the offer 
after you receive your Credit Card. 
c.  Penalty Rate. 
If we  do  not receive  a  payment  within  60 days  of the  date it is due,  a 
penalty  Annual  Percentage  Rate  of  17.90%  will  be  applied  to  all  bal-
ances (current and future) on  your Account. If you make six consecu-
tive payments on or before their due dates, we will adjust your Annual 
Percentage  Rate  to  the  standard  rate  that  would  otherwise  apply  to 
your Account pursuant to this Agreement. 

10.  Conditions Under Which Other Charges  

May Be Imposed.  

You agree to pay the following fees and charges on your Account: 

a.  Late Fee.  
If we do not receive your full minimum payment on or before the due 
date, you agree to pay a late fee of up to $25. 
b.  Returned Item Fee.  
If any check or draft we receive from you as payment for any amount 
you owe to us is returned to us unpaid, you agree to pay a returned 
item fee of up to $25. 
c.  Card Replacement Fee.  
You agree to pay $5 for each replacement Card you request. 
d.  Photocopy Fee.  
You will pay $1 per page for each copy of a statement or sales draft 
you  request  (unless  the  request  relates  to  a  billing  error  that  we 
made). 
e.  Attorney's Fees and Costs.  
If you fail to make any payment when due or are otherwise in default 
under any part of this Agreement, you agree to pay us all costs to col-
lect your Account, including court costs and reasonable attorney fees 
whether or not there is a lawsuit, and fees on any appeal and fees for 
bankruptcy  proceedings,  appeals,  and  any  post-judgment  collection 
services,  if  applicable.  These  fees  and  costs  may  be  added  to  your 
Account balance and will bear interest at the Annual Percentage Rate 
in effect at that time. 

11.  Conditions of Card Use  
The use of your Card and Account are subject to the following condi-
tions: 
a.  Use.  
Your Card and Account may be used only for valid and lawful purpos-
es. You may not use your Card (i) to make Purchases or obtain Cash 
Advances  for  any  illegal  transaction,  or  (ii)  for  any  internet  or  online 
gambling transactions. If you use your Card for any illegal or prohibited 
transaction,  this  Agreement  also  applies  to  such  transaction  and  you 
agree to pay any and all amounts related to such transaction pursuant 
to  the  terms  of  this  Agreement.  We  may,  at  our  sole  discretion  and 
without warning, restrict the use of or terminate your Card if we notice 
excessive  use  of  your  Card  or  other  suspicious  activities  or  if  we  rea-
sonably believe the Card is or has been used for one or more illegal or 
prohibited transactions. 
b.  Ownership of Cards.  
Any Card or other credit instrument or device which we supply to you 
is our property and must be returned to us, or to any person whom we 
authorize  to  act  as  our  agent,  or  to  any  person  who  is  authorized  to 
honor the Card, immediately according to instructions. The Card may 
be repossessed at any time in our sole discretion without demand or 
notice. You cannot transfer your Card or Account to another person. 
c.  Honoring the Card.  
We may decline to honor any transaction for any reason. Neither we 
nor  merchants  authorized  to  honor  the  Card  will  be  responsible  for 
the failure or refusal to honor the Card or any other credit instrument 
or device we supply to you. If a merchant agrees to give you a refund 
or adjustment, you agree to accept a credit to your Account in lieu of 
a cash refund. 
d.  Currency Conversion/International Transaction Fee.  
Purchases and cash advances made in foreign countries will be billed 
to  you  in  U.S.  dollars.  The  currency  conversion  rate  for  international 
transactions  as  established  by  VISA  International,  Inc.  is  a  rate  se-
lected by VISA from the range of rates available in wholesale curren-
cy 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, 
you  will  be  charged  an  International  Transaction  Fee  of  up  to  1%  of 
the  transaction  amount  for  any  card  transaction  made  in  a  foreign 
country. 

© 2020 Farleigh Wada Witt. All rights reserved. 

Visa Credit Card Account Agreement & Disclosures • May 2020 • 2 

ELGA Credit Union (cid:1) Business Visa Platinum Credit Card Account Agreement 

e.  Notices and Payments.  
All  notices  will  be  sent  to  your  address  as  shown  in  the  application. 
You agree to advise us promptly if you change your mailing address. 
All payments should be mailed to us at the remittance address shown 
on  your  monthly  statements.  Payments  received  at  that  address  will 
be  credited  to  your  Account  as  of  the  date  received. Written  notices 
and inquiries to us must be sent to: ELGA Credit Union, 2305 S. Cen-
ter Road, Burton, MI 48519 
f.  Personal Identification Number.  
If we issue you a Personal Identification Number ("PIN") for use with 
your  Card  in  accessing  your  line  of  credit  at  ATMs,  these  numbers 
are issued to you for your security purposes. These numbers are con-
fidential and should not be disclosed to third parties. You are respon-
sible for safekeeping your PIN. You agree not to disclose or otherwise 
make  available  your  PIN  to  anyone  not  authorized  to  sign  on  your 
Account. To keep your Account secure, please do not write your PIN 
on your Card or keep it in the same place as your Card. 

12.  Loan Protection 
Loan Protection coverage is not required for any extension of credit un-
der  this  Agreement.  However,  you  may  purchase  any  loan  protection 
available through us and have the monthly fee added to your outstand-
ing  balance  as  purchases.  If  you  elect  to  do  so,  we  will  give  you  the 
necessary disclosures and documents separately. 

13.  Default  
You will be in default under this Agreement if any of the following oc-
cur:  (a) Any  Minimum  Monthly  Payment  is  not  made  when  due; 
(b) You  become  insolvent,  bankrupt,  or  you  die;  (c) You  violate  any 
part  of  this  Agreement,  or  any  other  agreement  with  us;  or  (d) If  we 
reasonably  deem  ourselves  insecure  with  respect  to  your  Account. 
Upon default, we may declare the entire unpaid balance immediately 
due  and  payable,  and  you  agree  to  pay  that  amount  plus  any  attor-
ney's fees and costs we incur, including fees and costs in any appeal 
or  bankruptcy  proceeding.  We  can  delay  enforcing  any  right  under 
this Agreement without losing that right or any other right. We will no-
tify you in writing of any such action as soon as practical if it occurs. 

14.  Governing Law 
This  Agreement  will  not  take  effect  until  it  is  approved  by  us.  This 
Agreement shall be governed by the laws of the State of Michigan. 

15.  Severability  
If any provision of this Agreement is held invalid, the remaining provi-
sions that are severable shall remain in effect. 

16.  Unauthorized Card Transactions  
If you authorize anyone to use your Card in any manner, that authori-
ty will be considered unlimited in amount and manner until you specif-
ically revoke such authority by notifying the Credit Union immediately. 
You are responsible for any transactions made by such persons until 
you  notify  us  that  transactions  and  access  by  that  person  are  no 
longer authorized and you return all cards issued to you. If you fail to 
maintain the security of the Card and the Credit Union suffers a loss, 
we may terminate your Card and account services immediately. You 
agree  to  notify  us  immediately  of  the  loss,  or  the  theft,  or  the  use 
without your permission, of any Card or other credit instrument or de-
vice which we supply to you. You may be liable for any unauthorized 
use on the account. To the extent there are less than ten credit cards 
issued to you for business use by your officers, employees or author-
ized agents, you may not be liable for losses exceeding $50 related to 
credit  transactions  by  unauthorized  parties,  before  you  notify  us  of 
your  lost  or  stolen  credit  card.  If  we  have  issued  ten  or  more  credit 
cards to you, you agree there is no limit on the losses related to any 
unauthorized  use.  You  understand  and  agree  that  unauthorized  use 
means the use of the card by someone other than you, your officers, 
authorized  signers,  employees  or  agents.  If  an  employee  uses  the 
card in an unauthorized manner, there is no limit on the potential lia-
bility for such use. 
Please  notify:  ELGA  Credit  Union,  2305  S.  Center  Rd.,  Burton,  MI 
48519;  Telephone:  810-715-ELGA  (3542)  or  800-882-6457,  orally  or 
in writing of loss, theft, or possible unauthorized use. 

17.  Credit Information/Financial Statements  
You  authorize  us  to  release  information  to  others  (e.g.,  credit  bu-
reaus, merchants, and other financial institutions) regarding the status 
and history of your Credit Line. You agree to provide us, at any time 
we deem necessary, with a current financial statement and/or updat-
ed  credit  information  upon  request.  We  may  investigate  your  credit 
directly or through a credit reporting agency. 

18. Military Lending Disclosures  
The following disclosures are provided and apply to the borrower who 
is a Covered Member as described below. 
a.  Borrower  Certification  of  Active  Duty.  By  requesting  a  Credit 
Card each borrower certifies to the Credit Union that borrower: (i) 
is a Covered member as a member of the Armed Forces who is 
currently  serving  on  active  duty  (under  a  call  or  order  not  less 
than 30 days) Active Guard or Reserve duty; and (ii) borrower is 
the Covered Member or is a dependent of the Covered Member. 
Borrower(s) authorize the Credit Union to  verify their status as a 
Covered Member or dependent by obtaining information from the 
database  of  the  Department  of  Defense  or  from  a  consumer  re-
port obtained from a consumer reporting agency. 

b.  Military  Annual  Percentage  Rate.  Federal  law  provides  im-
portant  protections  to  members  of  the  Armed  Forces  and  their 
dependents relating to extensions of consumer credit. In general, 
the  cost  of  consumer  credit  to  a  member  of  the  Armed  Forces 
and his or her dependent may not exceed an annual percentage 
rate  of  36%.  This  rate  must  include,  as  applicable  to  the  credit 
transaction or account:  the costs associated with credit insurance 
premiums; fees for ancillary products sold in connection with the 
credit transaction; any application fee charged (other than certain 
application  fees  for  a  credit  card  account);  and  any  participation 
fee charged (other than certain participation fees for a credit card 
account). 

c.  Payment Obligation. Your payment obligation under your Credit 
Card Account is set forth in Sec. 1 and 4 above in the Credit Card 
Agreement. 

d.  Security Interest. The Credit Union’s security interest in all your 
Credit  Union  shares  or  deposits  pursuant  to  the  Credit  Card 
Agreement will not apply your Credit Card Account. A security in-
terest in shares or deposits granted in connection with any other 
credit  card  account,  loan  or  line  of  credit  does  not  secure  the 
Credit  Card  Account  identified  above,  in  spite  of  any  provision 
that  collateral  securing  one  loan  secures  all  of  your  other  Credit 
Union  obligations.  However,  if  you  establish  a  deposit  or  share 
account specifically in connection with your Credit Card Account, 
funds  deposited  in  that  account  after  you  establish  the  Credit 
Card  Account  are  subject  to  our  security  interest  as  set  forth 
above in the Credit Card Agreement. 

For more information about the Military Annual Percentage Rate and 
your  payment  obligation,  please  call  us  at  810-715-3542or  toll-free 
800-882-6457. 
19.  Amendments  
We  reserve  the  right  to  change  any  terms  or  conditions  of  this 
Agreement at any time, to the extent permitted by applicable law. We 
will notify you of the changes to this Agreement as required by law. 

20.  Acknowledgement 
You  understand  and  agree  to  the  terms  and  conditions  in  this  Agree-
ment.  You  acknowledge  that  you  have  received  a  copy  of  this  Agree-
ment. This Agreement is a final expression of the agreement between 
you and the Credit Union. 

© 2020 Farleigh Wada Witt. All rights reserved. 

Visa Credit Card Account Agreement & Disclosures • May 2020 • 3