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”) 
given 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 Account, any joint obligor, guarantor, author-
ized  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  is-
sued under this Account. If  you sign an application for this Ac-
count  or  sign  or  use  any  Card  or  PIN,  or  allow  others  to  use 
the  Card  or  PIN,  you  and  they  will  have  accepted  this  Agree-
ment just as if you and they signed it, and you and they, jointly 
and severally, will be bound by the following terms and condi-
tions 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  ap-
parent  authority  for  such  use,  and  you  received  no  benefit  from 
the use. You promise to pay us either by direct payment or by au-
tomatic 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 wher-
ever 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 finan-
cial institutions and to access your line of credit at automatic teller 
machines (“ATMs”) within 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;  pay-
ment of the check would exceed your Credit Line; a check is signed 
by  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 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 incor-
rect  information,  we  will  not  be  responsible  for  failing  to  stop  pay-
ment.  You  understand  there  may  be  a  charge  for  each  stop  pay-
ment 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 
printed  on  a  convenience  check  may  sign  it.  All  convenience 
checks must be written in U.S. dollars. We will not certify a conven-
ience 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  re-
turned in excess of your Credit Line. 

3.  Credit Line  
If  we  approve  your  application,  this  Agreement  will  constitute  a 
revolving 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  in-
crease  or  reduction  in  the  amount  of  your  Credit  Line  will  be 
shown on your monthly statement or by separate 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, without 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 terminate this 
Agreement  or  if  we  terminate  or  suspend  your  credit  privileges, 
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 
balance. You agree that you will pay each month not less than the 
minimum monthly payment on or before the closing date. The min-
imum  monthly  payment  will  be  3.0%  of  your  outstanding  balance 
shown  on  your  statement  (“New  Balance”),  or  $10,  whichever  is 
greater. If your outstanding balance is less than $10, you agree to 
pay  the  balance  in  full.  In  addition  to  the  minimum  monthly  pay-
ment,  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 purchas-
es  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 ex-
plicitly  reserved.  A  credit  posting  from  a  merchant  or  reversal  of 
fees does not constitute a minimum payment. Payments will be ap-
plied first to interest and to fees, then to purchase balances, then to 
cash  advance  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  bal-
ances, 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  accord-
ance with this Agreement. Payments received at: ELGA Credit Un-
ion,  2305  S.  Center  Rd.,  Burton,  MI  48519,  at  or  before  5:00  PM 
Eastern Time on any business day will be credited to your Account 
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 Ac-
count as of the next business day. 

© 2014 Farleigh Wada Witt. All rights reserved. 

Business Visa Platinum Credit Card Account Agreement • July 2014 • 1  

 
 
 
ELGA Credit Union (cid:1) Business Visa Platinum Credit Card Account Agreement 

5.  Security Interest 
By signing your application, to secure your Account, you granted 
us  a  purchase  money  security  interest  under  the  Michigan  Uni-
form Commercial 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 ap-
ply all that is secured to pay any amounts due under this Agree-
ment,  without  further  notice  to  you.  You  further  agree  that  col-
lateral  securing  other  loans  with  the  Credit  Union  (except 
loans secured by real property) also secures this Account. 

6.  Periodic Statements 
Each month, if your outstanding balance exceeds $1, we will send 
you  a  statement  showing  new  purchases,  cash  advances,  pay-
ments, and credits made to your Account during the billing period, 
your  Previous  Balance,  your  "Total  New  Balance,"  any  Interest 
Charge, and any other charges. Your statement also will identify 
the  remaining  Credit  Line  available  and  the  Minimum  Monthly 
Payment  you must  make for  that  billing  period  and  the date  it  is 
due. For statement verification purposes, you agree to retain cop-
ies  of  transaction  slips  resulting  from  each  purchase,  each  ad-
vance, 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 Peri-
odic Statement for that billing period as the "New Balance." 

a.  Cash Advances and Balance Transfers.  
We  begin  charging  an  Interest  Charge  on  cash  advances  and 
balance 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 pur-
chases  included  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 Bal-
ance for purchases within the grace period, your Interest Charge 
will accrue on any unpaid 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 
multiplying  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 purchases or cash advances, and subtract 
any  payments  or  credits,  unpaid  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 num-
ber of days in the billing period. However, 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 period by 12. 

9.  Periodic Rate and Corresponding Annual 

Percentage Rate  

a.  Standard Rates.  
The  Monthly Periodic Rate is 1.075% and corresponding Annual 
Percentage Rate is 12.90%. 

b.  Introductory Rates.  
At our discretion, we may offer you an introductory or promotional 
Annual  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,  including  the  time  period  the  introductory  or  promo-
tional Annual Percentage 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 
balances  (current  and  future)  on  your  Account.  If  you  make  six 
consecutive payments on or before their due dates, we will adjust 
your Annual Percentage Rate to the standard rate that would oth-
erwise 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 $10 for each replacement Card you request. 

d.  Photocopy Fee.  
You  will  pay  $3  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 de-
fault  under  any  part  of  this  Agreement,  you  agree  to  pay  us  all 
costs to collect your Account, including court costs and reasona-
ble  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 
conditions: 

a.  Use.  
Your Card and Account may be used only for valid and lawful pur-
poses. 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 

© 2014 Farleigh Wada Witt. All rights reserved. 

Visa Credit Card Account Agreement & Disclosures • July 2014 • 2 

ELGA Credit Union (cid:1) Business Visa Platinum Credit Card Account Agreement 

prohibited transaction, this Agreement also applies to such transac-
tion  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 termi-
nate  your  Card  if  we  notice  excessive  use  of  your  Card  or  other 
suspicious activities or if we reasonably 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  instruc-
tions. The Card may be repossessed at any time in our sole dis-
cretion 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 responsi-
ble 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 in-
ternational 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. In addition, you will be charged an International 
Transaction  Fee  of  up  to  2%  of  the  transaction  amount  for  any 
card transaction made in a foreign country. 

e.  Notices and Payments.  
All  notices  will  be sent  to  your  address  as shown  in  the  applica-
tion. 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 re-
ceived. Written notices and inquiries to us must be sent to: ELGA 
Credit Union, 2305 S. Center 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 confidential and should not be disclosed to third par-
ties. 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  Account.  To  keep  your  Account  se-
cure, 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 
under this Agreement. However, you may purchase any loan pro-
tection  available  through  us  and  have  the  monthly  fee  added  to 
your  outstanding  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 
occur: (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  attorney's  fees  and  costs  we  incur,  including  fees  and 
costs in any appeal or bankruptcy proceeding. We can delay en-
forcing any right under this Agreement without losing that right or 
any other right. We will notify 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 
provisions that are severable shall remain in effect. 

16.  Unauthorized Card Transactions  
If you authorize anyone to use your Card in any manner, that au-
thority  will  be  considered  unlimited  in  amount  and  manner  until 
you specifically revoke such authority by notifying the Credit Un-
ion  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 device 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  authorized  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 unauthor-
ized use means the use of the card by someone other than you, 
your officers, authorized signers, employees or agents. If an em-
ployee uses the card in an unauthorized manner, there is no limit 
on the potential liability 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 updated credit information upon request. We may investi-
gate your credit directly or through a credit reporting agency. 

18.  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. 

19.  Acknowledgement 
You  understand  and  agree  to  the  terms  and  conditions  in  this 
Agreement. You acknowledge that you have received a copy of this 
Agreement. This Agreement is a final expression of the agreement 
between you and the Credit Union. 

© 2014 Farleigh Wada Witt. All rights reserved. 

Visa Credit Card Account Agreement & Disclosures • July 2014 • 3