VISA Credit Card Agreement
and
Regulation “Z” Disclosures

Please read this information carefully. This is your copy of the VISA Credit Card Agreement and Disclosures made pursuant to the Truth in Lending Act.
(c)  Overlimit Charge: A fee of $29 will be imposed in any Billing Cycle in 
1.   INTRODUCTION. This Agreement covers your VlSA Credit Card (“Card”) 
issued through iQ Credit Union. In this Agreement the words “you”, “your” 
which the outstanding balance (including unpaid FINANCE CHARGES) 
exceeds yours credit limit at any time.
and “yours” mean any joint obligator, guarantor, authorized user or the person 
whose name is embossed on the Card. The words “we”, “us” and “our” mean 
iQ Credit Union.
You do not have to sign this agreement, but once you or any person permitted 
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You do not have to sign this agreement, but once you or any person permitted 
or allowed by you has received this Card, any other card issued for this account 
or card privilege, and retained it, signed it, or used it, you and they will be bound 
by the terms and conditions of it, just as if you and they have signed it.

in the Account on the closing date of any Billing Cycle, including any FINANCE 
CHARGE, will be shown on the Periodic  Statement for that Billing Cycle as the 
“New Balance”.
(a) PURCHASES. A FINANCE CHARGE will be imposed on purchases included 
in the New Balance and transactions for purchases posted during the following 
Billing Cycle when your New Balance is not paid in full within 25 days after the 
closing date of the Billing Cycle.

(d)  Returned Check Charge: A $25 charge will be made when a check 
submitted by you for payment on an account is returned to us, regard-
less of the reason.

2.  YOU PROMISE TO PAY. You promise to pay us in United States dollars, by 
cash, check or money order as provided by this agreement, all such amounts, 
plus FINANCE CHARGES which arise from such use of the Card 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 beneﬁ t for the use.

3.  PURCHASES AND CASH ADVANCES. You may use your account for 
purchases of services and merchandise from participating sellers or lessors 
of goods, labor, insurance, and/or services that honor your Card. You may not 
use your card for any illegal or unlawful transactions, and   we may decline to 
authorize any transaction that we believe poses an undue risk of illegality or 
unlawfulness. You may also use your account and Card to get cash advances 
from participating ﬁ nancial institutions. You may use your card and personal 
identiﬁ cation number to obtain cash advances at automated teller machines 
designated with the VISA or Plus System networks. The monthly statement 
will  identify  the  merchant  or  ﬁ nancial  institution  at  which  transactions  were 
made, but sales, cash advance, credit or other slips cannot be returned with 
the statement. You will retain the copy of such slips furnished at the time of 
the transaction in order to verify the monthly statement. The Credit Union may 
make a reasonable charge for photocopies of slips you may request.

4.  CONVENIENCE CHECKS. If we approve, you may obtain advances under 
your account by writing preprinted loan drafts (convenience checks) that we 
supply to you. Your use of convenience checks will be shown as credit advances 
on your periodic statement. We may not honor the convenience check if it is 
post-dated, payment of the check will exceed your credit limit, a convenience 
check  is  signed  by  a  person  without  authorized  access,  the  amount  of  the 
check  is  less  than  the  minimum  required  amount,  your  account  has  been 
terminated  or  suspended,  or  any  convenience  checks  have  been  reported 
lost or stolen.  You may stop payment on a convenience check if you provide 
us with the exact information describing the convenience 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 convenience check printing and 
charges for stop payment requests, returned items, check copies, and other 
fees or costs we incur in handling your convenience checks. Our liability for a 
wrongful dishonor is limited to your actual losses; however, a dishonor for the 
reasons stated above is not a wrongful dishonor.

5.  PERIODIC STATEMENTS. If at the end of any monthly periodic interval
which  we  may  determine  the  “Billing  Cycle”,  you  have  an    outstanding 
undisputed debit or credit balance in your account, or if there is any FINANCE 
CHARGE imposed with respect to your account, we will send you a periodic 
statement  regarding  the  account  for  that  Billing  Cycle.  The  statement  will 
show any purchases, cash advances, and payments or credits made to your 
Account during that billing cycle, as well as your “New Balance”. Your state-
ment will identify also the  “Required Payment Due” you must make for that 
billing period and the date it is due. You may pay in full for all your purchases 
and cash advances each month or you may repay in monthly installments. 
You agree that the periodic statement is correct and accepted by you unless 
we receive from you proper written notiﬁ cation of a billing error, within 60 days 
after we mailed the periodic statement to you.
6. CONDITIONS  UNDER  WHICH  A  FINANCE  CHARGE  WILL  BE 
IMPOSED. The total outstanding balance of purchases and cash advances 

(b) CASH  ADVANCES.  A  FINANCE  CHARGE  will  be  imposed  on  cash 
advances  from  the  date  posted  to  the  account  to  the  date  paid.  The 
FINANCE CHARGE as disclosed on the statement is only ﬁ gured through 
the statement date. The FINANCE CHARGE will continue to accrue from 
that date to the date paid. There is no time within which to pay to avoid this 
FINANCE CHARGE. In addition, a cash advance fee FINANCE CHARGE 
equal  to  2%  of  the  cash  advance  (or  $5.00,  whichever  is  greater)  will  be 
applied to each cash advance. 

7. THE METHOD OF DETERMINING THE BALANCE UPON WHICH A FINANCE 
CHARGE MAY BE IMPOSED. The FINANCE CHARGE on your account will be 
ﬁ gured by applying the Daily Periodic Rate to the “Average Daily Balance” of your 
account including current transactions and multiplying this ﬁ gure by the number 
of  days  in  the  Billing  Cycle.  To  compute  the  “Average  Daily  Balance”,  we  take 
the beginning balance of your account each day, add any new Purchases/ Cash 
Advances and subtract any payments, credits, and unpaid FINANCE CHARGES.
This gives us the daily balances. Then we add up all the daily balances for the 
Billing Cycle and divide the number of days in the Billing Cycle. This gives us the 
“Average Daily Balance”.
8. METHOD OF DETERMINING THE AMOUNT OF THE FINANCE CHARGE.
The FINANCE CHARGE based on a periodic rate is ﬁ gured by applying the Daily 
Periodic Rate to the Average Daily Balance of purchases and cash advances by 
the number of days in the Billing Cycle. The Daily Periodic Rate for VISA classic 
purchases is .038356%, with a corresponding ANNUAL PERCENTAGE RATE of 
14.00%. The Daily Periodic Rate for VISA Gold purchases is .035479%, with a 
corresponding ANNUAL PERCENTAGE RATE of  12.95%. The Daily Periodic rate 
for cash advances (including balance transfers) on VISA Classic Gold accounts is 
.04654% with a corresponding ANNUAL PERCENTAGE RATE of 16.99%.

Visa Classic 
Visa Gold 

DAILY PERIODIC  
.038356% 
.035479% 

ANNUAL
14%
12.95%

The FINANCE CHARGE for any Billing Cycle will be the sum of the FINANCE 
CHARGE  for  purchases  and  the FINANCE  CHARGE  for  cash  advances. 
However, the portion of your balance that is the result of purchases has a different 
treatment if you pay all of that portion by at least twenty-ﬁ ve (25 days) after we send 
you your billing statement. In that event, we will zero out the FINANCE CHARGE
that would otherwise be charged on that portion of your account balance. For this 
purpose,  payment  will  be  applied  ﬁ rst  to  unpaid  FINANCE  CHARGE,  then  to 
unpaid purchases and cash advances from prior billing statements (starting with 
the portion of the balance subject to the lowest interest rate.”

9. THE CONDITIONS UNDER WHICH ANY OTHER CHARGES MAY BE IMPOSED.

(a)  Membership Fee: An Annual Membership Fee for the VISA Cards is:

Visa Classic 
Visa Gold 

$   5
$ 15

You m
ay avoid these fees based on your Member Rewards level. See  
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You m
the Service Pricing Schedule or Member Rewards brochure for details.

(b)  Fees and Cost: We may pay someone else to help collect your account if you 
do not pay. You also will pay us that amount. This includes our reasonable 
lawyerʼs fees whether or not there is a lawsuit, including fees on any appeal, 
subject to limits set by  applicable law. You will also pay any court costs. These 
fees and costs may be added to your loan balance and bear interest at the 
ANNUAL PERCENTAGE RATE applicable at that time.

(e)  Research  and  Copying:  If  you  ask  us  to  examine  your  account  or 
provide copies of documents, except in resolution of a billing error, 
we may charge you $5 for each copy and $25 per hour for research.
(f)  Convenience Check Stop Payment: A $17 charge will be imposed for 

each convenience check stop payment request.

(g)  Card Replacement: A $5 card replacement fee may be imposed to 

replace a lost or damaged card. 

(h)  Pin  Replacement: A  $3  charge  may  be  imposed  for  each  Personal 

Identiﬁ cation Number (PIN) replacement requested by you.

(i)  Late Fee: A late fee will be imposed when any payment is 15 days past 
due. The fee $15 if the outstanding balance is less than $250 and $25 
if the balance is $250 or more.

(j)  Surcharge: If you use an ATM that is not operated by us, you may be 
charged an ATM surcharge by the ATM operator or an ATM network 
utilized for such a transaction. The ATM surcharge will be debited from 
your account if you elect to complete the transaction.

(k)  Foreign Transaction Fee: You will be charged a fee of 1% of the transaction 

amount for any card transaction made in a foreign country.

10.  SECURITY INTEREST. We retain no security interest in any   property 
under this agreement unless you have executed a separate security agree-
ment with us. Any such security interests so granted remain in effect until 
expressly released by us.

11.  THE MINIMUM PERIODIC PAYMENT REQUIRED. Minimum payment 
will be the greater of $25 or 3% of any new balance, rounded to the nearest 
dollar, plus the greater of any amount past due or any amount in excess 
of your credit line.

12.  PAYMENTS. Payments mailed must reach our ofﬁ ce by the due date. 
Where the due date falls on a weekend or holiday, payments are due the 
last working day prior to the due date.

13.  CREDIT LINE. We have established and advised you of the “Credit 
Line” which is the limit on the total balance which may be outstanding in 
your account at any one time. You agree not to attempt to obtain more 
credit  than  the  amount  of  this  Credit  Line.  However,  if  you  temporar-
ily  exceed  your  Credit  Line,  you  agree  to  repay  the  excess  immedi-
ately, even if we have not yet billed you. Obtaining such credit does not 
increase your Credit Line; however, we can increase your Credit Line at 
our sole discretion.

14.   LOSS OR THEFT OF CREDIT CARD. You agree to notify us immedi-
ately, orally or in writing, at iQ Credit Union, PO Box 1739, Vancouver, 
Washington, 98668, or telephone (360) 695-3441, or (800) 247-4364 of 
the loss, theft or unauthorized use of your Credit Card. After normal Credit 
Union hours and on weekends and holidays, phone (360) 694-5463 or (800) 
999-3441 and then notify the Credit Union at the ﬁ rst opportunity during 
business hours. If you notify us of your lost or stolen Credit Card, you will 
not be liable for any losses. This liability exclusion will apply provided you 
were  not  grossly  negligent  or  fraudulent  in  handling  your  Credit  Card, 
otherwise your liability for unauthorized VISA Credit Card transactions may 
be up to $50.

15. TERMINATION. We may terminate or suspend your credit privileges 
under this agreement, at any time, at our sole discretion, without demand 
or notice. If we are required by law to give you a reason for adverse action 
or credit denied, we will do so. You must notify us in writing if you decide to 

 
 
 
 
 
 
 
 
 
 
 
Visa 
Credit Card

Agreement 
and 
Regulation “Z”
 Disclosures

terminate the agreement. If you terminate this agreement or if we terminate 
or suspend your credit privileges the provisions of the agreement and your 
liability hereunder shall otherwise remain in full force and effect until all 
cards or credit instruments or devices issued to you have been canceled 
and/or returned to us and you have paid us all sums due us.

16.  TRANSFER OF ACCOUNT. You cannot transfer your account to any 
other person.

17.  HONORING  THE  CARD.  Neither  we  nor  merchants  authorized  to 
honor the card will be responsible for the failure or refusal of anyone to 
honor the card or any other credit instrument or device we supply you.

18.  REFUNDS. If a seller agrees to give you a refund or adjustment, you 
agree to accept a credit to your account in lieu of a cash refund.

19.  ADDRESS.  You  agree  to  advise  us  promptly  if  you  change 
your  mailing  address.  We  can  accept  address  corrections  received 
from  the  U.S.  Postal  Service  or  from  any  authorized  user. All  written 
notices and statements from us to you will be sent to your address as it 
appears on our records.

Written notices and inquires from you must be sent to:
iQ Credit Union
P.O. Box 1739
Vancouver, WA 98668-1846

20. CREDIT  REPORTS.  You  authorize  us  to  make  or  have  made 
any  credit  employment  and/or  investigative  inquiry  we  deem  appro-
priate  for  the  extension  of  credit  or  collection  of  amounts  owing  on 
the  account.  We  can  furnish  information  concerning  your  account  to 
consumer  reporting  agencies  and  others  who  appear  to  have  a 
business need for that information.

21. 
IRREGULAR PAYMENTS. We can accept late payments or  partial 
payments, or checks and money orders marked “payment in full”, without 
prejudice  to our  rights  under  this agreement  which  are  hereby  explicitly 
reserved.

22.  DEFAULT. You will be in default if you fail to comply with any provision 
of this agreement, if you provide us with false information or signature, or 
if you default on any account or other obligation that you have with us.

23.  ACCELERATION. If you are in default as provided above, or if we, in 
good faith, reasonably believe that the prospect of payment or performance 
is impaired, amounts you owe us shall, at our option and without notice, 
become immediately due and payable.

24.  DELAY IN ENFORCEMENT. We can delay enforcing any right under 
this agreement without losing that right or any other right.

25. AMENDMENT. We can change this agreement by mailing or deliver-
ing a written notice of change to your address at least 15 days before the 
effective date of the change.

26.  CURRENCY CONVERSION. 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 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.

27.  SEVERABILITY. If any provision of this agreement is held invalid, all 
provisions that are severable from the invalid provision remains in effect.

28.  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 any person whom we authorize to act as our agent, or any person 
who is authorized to honor the card, immediately according to instructions. 
The card may be repossessed at any time at our sole discretion without 
any demand or notice. We will issue you a personal identiﬁ cation number 
(PIN) for use with your card at ATMs. The numbers are issued to you for 
your security purposes. These numbers are conﬁ dential and should not be 
disclosed to third parties. You are responsible for safekeeping your PIN. You 
agree not to disclose or otherwise make available your PIN to anyone not 
authorized to sign on your accounts. To keep your account secure, do not 
write your PIN on your card or keep it in the same place as your card.

29.  GOVERNING  LAW.  This  agreement  will  not  take  effect  until  it  is 
approved by the Credit Union in the State of Washington. All payments shall be made 
to the Credit Union at the Credit Unionʼs ofﬁ ces within the State of Washington. This 
Agreement shall be governed by the laws of the State of Washington.
30.  By  the  use  of  the iQ Credit Union  Visa  Credit  Card  you  acknowledge 
receipt of the Agreement and agree to the terms herein.

YOUR BILLING RIGHTS – Keep This Notice for Future Use.

This  notice  contains  important  information  about  your  rights  and  our 
responsibilities under the Fair Credit Billing Act.

Notify Us in Case of Errors or Questions about your Bill.

If you think your bill is wrong, or if you need more information about a transaction 
on your bill, write us on a separate sheet at the address listed on your bill. Write 
to us as soon as possible. We must hear from you no later than 60 days after we 
sent you the ﬁ rst bill on which the error or problem appeared. You can telephone 
us, but doing so will not preserve your rights.

In your letter, give us the following information:
•  Your name and account number.
•  The dollar amount of the suspected error.
•  Describe the error and explain, if you can, why you believe there is an error. 
If you need more information, describe the item you are not sure about.

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Your Rights and Our Responsibilities After We Receive Your Written Notice
Your Rights and Our Responsibilities After We Receive Your Written Notice

We must acknowledge your letter within 30 days, unless we have corrected the 
error by then. Within 90 days, we must either correct the error or explain why we 
believe the bill was correct.

After we receive your letter, we cannot try to collect any amount you question, or report 
you as delinquent. We can continue to bill you for the amount you question, including 
FINANCE CHARGES, and we can apply any unpaid amount against your Credit 
Line. You do not have to pay any questioned amount while we are investigating, but 
you are still obligated to pay the parts of your bill that are not in question.
If we ﬁ nd that we made a mistake on your bill, you will not have to pay any FINANCE 
CHARGES related to any questioned amount. If we didnʼt make a mistake, you 
may have to pay FINANCE CHARGES, and you will have to make up any missed 
payments of the questioned amount. In either case, we will send you a statement 
of the amount you owe and the date that it is due.

If you fail to pay the amount that we think you owe, we may report you as delin-
quent. However, if our explanation does not satisfy you and you write to us within 
ten days telling us that you still refuse to pay, we must tell anyone we report you to 
that you have a question about your bill. And we must tell you the name of anyone 
we reported you to. We must tell anyone we report you to that the matter has been 
settled between us when it ﬁ nally is.

If we donʼt follow these rules, we canʼt collect the ﬁ rst $50 of the questioned amount, 
even if your bill was correct.

Special Rule for Credit Card Purchases

If you have a problem with the quality of property or services that you purchased 
with a 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 
property or services. There are two limitations on this right;

(a)  You must have made the purchase in your home state or, if not within your 

home state, within 100 miles of your current mailing address, and

(b)  The purchase must have been more than $50.

These limitations do not apply if we own or operate the merchant, or if we mailed 
you the advertisement for the property or services.

Call the Credit Union: (360) 695-3441
Outside the area: (800) 247-4364
TDD: (360) 695-9626
Visit Us At: www.iQcu.com 

03/05

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