and you want to end that person's privilege, you must notify us 
by writing to us, by calling us, or in person.  In order to avoid 
unauthorized use, you should recover any cards in that person's 
possession.

24. Use of the Card: We are not responsible if anyone refuses to 
honor this Card or any convenience check or for any failure of 
an ATM to process a cash advance request.  If there is a problem 
with merchandise or services obtained with this Card, you may 
have  the  right  not  to  pay  the  remaining  amount  due  on  such 
merchandise or services.  This right does not, however, apply to 
merchandise or services obtained with convenience checks or 
with money from a cash advance. Following this Agreement is 
an explanation of your rights to dispute billing errors.  We will 
have no responsibility for merchandise or services purchased 
with this Card.

25. Unauthorized Use of Card:  You will be liable for all authorized 
charges to the account including charges obtained by all persons 
whom you authorize to use the account.  You may be liable for the 
unauthorized use of your MCU VISA Card.  You will not be liable 
for unauthorized use which occurs after you notify us at: PSCU-
MCU, P.O., Box 31112, Tampa, Florida 33631-3112, orally or in 
writing, of the loss, theft or possible unauthorized use.  

26. Important Notice: Do not use your credit card before you 
read this agreement or if this agreement contains any blank 
space.  You are entitled to a completely ﬁlled in copy of this 
credit agreement.

27. Original Application: You agree to let the Credit Union keep 
the signed copy of your VISA application to comply with federal 
and/or state law.

28. Governing Law/Effective Date: This agreement and all matters 
arising out of or in connection with any credit transaction shall 
be governed by, and construed in accordance with the laws of 
the State of New York and the applicable laws of the U.S.   This 
Agreement  will  become  effective  as  to  Cash Advances  when 
you use the Card to take a Cash Advance.  This Agreement will 
become effective as to Purchases when you use the Card, and 
the sales slip or other document you sign in connection with 
such use is accepted by us or our representatives at our ofﬁces 
in New York. (This Agreement will not become effective as a 
result of unauthorized use of the Card for any Purchase which 
occurs before you ﬁrst use the Card and after its loss or theft).  
The Credit Union may terminate this Agreement or cancel your 
Card at any time.  Such termination, or cancellation, however, 
will not effect your obligation to pay the account balance.

29. Lost or Stolen Cards:  You must notify us immediately if a Card 
is lost or stolen or if you believe there has been or is about to be 
unauthorized use of Card by calling: (800) 449-7728

30. Prohibited Use: You may not use your MCU VISA Card for any 

illegal transaction.

31. Foreign Transactions:  A 1% International Transaction Fee will 
be assessed on all transactions where the merchant is located 
outside the U.S. 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. 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, plus the 
1% International Transaction Fee. 

Dear Card Member:
This is your contract.  Please read it and keep it for your records 
because when you use your Card, you’ve agreed to the terms in 
the contract.

Municipal Credit Union

by _______________________ 
Ahmed Campbell,Vice President, Loan Operations
P.O. Box 992, Peck Slip Station 
New York, New York 10272-0992

  _______________________________

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.

A.   NOTIFY  US  IN  CASE  OF  ERRORS  OR  QUESTIONS 

ABOUT YOUR STATEMENT: 
If  you  think  your  statement  is  wrong,  or  if  you  need  more 
information about a transaction on your statement, write us on 
a separate sheet at the address listed on your statement.  Write 
to us as soon as possible.  We must hear from you no later than 
60 days after we send you the ﬁrst statement 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.

If  you  have  authorized  us  to  pay  a  credit  card  account 
automatically from your share account or draft account, you can 
stop the payment on any amount you think is wrong.  To stop the 
payment your letter must reach us three business days before the 
automatic payment is scheduled to occur.

B.   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 statement 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 
send statements to you for the amount you question, including 
ﬁnance charges,  and we can apply any unpaid amount against 
your credit limit. You do not have to pay any questioned amount 
while we are investigating, but you are still obligated to pay the 
parts of your statement that are not in question.
If we ﬁnd that we made a mistake on your statement, you will 
not have to pay any ﬁnance charges related to any questioned 
amount.  If we didn’t make a mistake you may have to pay ﬁnance 
charges, and you will have to make up any missed payments 
on 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 delinquent.  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 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 ﬁnally is.  

C.   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 price must have been more than $50.00.  The 
limitations do not apply if we own or operate the merchant, or if 
we mailed you the advertisement for the property or services.

7/09 M-98003

Municipal Credit Union

FIXED RATE
VISA CARDHOLDER AGREEMENT
AND DISCLOSURE STATEMENT
RETAIL INSTALLMENT CREDIT AGREEMENT

1.  Deﬁnitions: In this Agreement the words “we”, “us” and “our” 
mean Municipal Credit Union, 22 Cortlandt Street, New York, 
New York 10007.  The words “you”, “your” and “cardholder” 
mean anyone in whose name a VISA Card is issued.

  Annual  Percentage  Rate: The  cost  of  your  credit  as  a  yearly 

rate.

  Finance Charge: The dollar amount the credit will cost you.
2.  Purchases: Your Card can be used to buy or lease goods or buy 
services any place that honors VISA.  The debt that results from 
a Purchase will be transferred to us.

3.  Advances: Your Card can be used to obtain an advance (loan) at 
any of our branch ofﬁces, at any ﬁnancial institution which honors 
VISA or any other authorized location. If you have received a 
personal  identiﬁcation  number  (PIN),  you  may  use  your  Card 
and PIN to obtain advances at any ATM that accepts your Card. 
Except as otherwise provided in this Agreement, such advances 
shall be treated as Cash  Advances under this Agreement. 

4.  Convenience Checks: Upon request, and from time to time, we 
may send you convenience checks for use in borrowing under 
this Agreement.  All convenience checks you use will be treated 
as  cash  advances  under  this Agreement  unless  we  advise  you 
otherwise. You  may  not  use  the  convenience  checks  to  make 
payments on any MCU credit card account.  You understand that 
if you use a convenience check to make a purchase and you have a 
dispute with that purchase, the dispute is not covered by the Billing 
Rights Summary below.  You understand that the convenience 
checks will not be returned to you.

5.  Purchases Treated  as  Cash Advances:   We  consider  certain 
transactions to be the equivalent of cash advances, and we reserve 
the right to treat them as cash advances under this Agreement. 
Those transactions include using the Card or Account to purchase 
wire transfer money orders, money orders that are not issued by a 
ﬁnancial institution or are not in U.S. currency, travelers checks, 
casino gaming chips, lottery tickets, off-track betting, wagers at 
racetracks, and tax payments. 

6.  Maximum Credit Limit: We will from time to time notify you 
of  the  maximum  amount  of  credit  which  we  will  extend  you 

 
 
 
 
 
 
 
 
under  this Agreement.   A  portion  of  your  credit  limit,  called 
the cash advance limit, will be available for cash advances.  We 
may increase or decrease the credit limit or cash advance limit at 
anytime.  The cash advance limit will be shown on your monthly 
statement. We will not be responsible for failing to extend credit 
to you under this Agreement.  You agree not to allow the balance 
on your account to go over the maximum credit limit.  We will 
not extend credit if:
•  The extension of credit would cause the balance of your account 
to exceed your credit limit or if the balance of your account 
already exceeds your credit limit, or 
 Anything has happened that allows us to declare your ac-
count in default and therefore immediately due, or

• 

•  Your Card has been canceled or suspended, or 
•  Your Card has expired.
If we do extend credit under any of the conditions above, it will be 
covered by the terms and provisions of this Agreement. We may 
delay extending credit if you have previously sent us a payment 
check or other negotiable instrument which has been returned as 
unpaid for any reason.

7.    Monthly  Billing  Statement:    If  you  have  a  balance  in  your 
account, we will send you a monthly billing statement.  It will 
show  the  total  amount  of  your  Purchases  and  Cash Advance  
Accounts, the ﬁnance charge, the minimum payment due, and 
the date the payment is due. 

8a.  Finance  Charge  on  Purchases:   A  ﬁnance  charge  will  be 
imposed on each Purchase from the date the Purchase is posted 
to your account until the date it is paid in full, with the following 
exceptions: You may avoid ﬁnance charges on purchases during 
any billing period if: (1) the opening balance on Purchases during 
any billing period was zero (0); or (2) the total of payments and 
credits  posted  during  the  billing  period  equals  or  exceeds  the 
opening balance for that billing period.

  We calculate the Finance Charge on Purchases by applying the 
periodic  rate  to  the  “average  daily  balance”  of  your  Purchase 
Account (including current transactions).  To get the “average 
daily balance” we take the beginning balance of your Purchases 
Account  each  day,  add  any  new  Purchases  and  subtract  any 
payments or credits applied to Purchases that day, unpaid ﬁnance 
charges, late charges, overlimit fees and returned item fees.  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.  This gives us the “average daily balance” which 
is shown on your statement as the Finance Charge Balance for 
Purchases.  Finally, we multiply the average daily balance by the 
daily periodic rate of .04082% (corresponding Annual Percentage 
Rate of 14.90%) and the number of days in the billing period. 

8b. Finance Charge on Cash Advances: A ﬁnance charge  will be 
imposed on each Cash Advance from the day the Cash Advance 
is  obtained  until  the  date  it  is  paid  in  full.   We  calculate  the 
Finance Charge on Cash Advances by adding any Transaction 
Fee applied to new Cash Advances to the amount determined by 
applying the periodic rate to the “average daily balance” of your 
Cash Advance Account (including current transactions).  To get 
the “average daily balance” we take the beginning balance of your 
Cash Advance Account each day, add any new Cash Advances, 
and subtract any payments or credits applied to Cash Advances 
that day, unpaid ﬁnance charges, late charges, overlimit fees, 
transaction fees, and returned item fees.  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.  This gives us the “average daily balance” which is shown 
on  your  statement  as  the  Finance  Charge  Balance  for  Cash 
Advances.  Finally, we multiply the average daily balance by the 
daily periodic rate of .04904%(corresponding Annual Percentage 
Rate of 17.90%) and the number of days in the billing period. 

8c. Minimum Finance Charge: There will be a minimum ﬁnance 
charge of ﬁfty cents ($.50) for each billing period in which a 
ﬁnance charge is payable on your Purchases Account. 

8d. Cash Advance Transaction Fee:  You will pay a transaction 
fee (ﬁnance charge) each time you obtain a Cash Advance. The 
transaction fee will be 3% of the amount advanced but not less 
than $1.00 or more than $30.00.

9.   Returned Item Fee:  We will charge you a returned item fee of 
$20.00 whenever your payment is returned to us for insufﬁcient 
funds or any other reason.

10.  Late  Charges: You  pay  a  late  charge  of  $25.00  any  time  a 
minimum  payment  remains  unpaid  for  more  than  one  billing 
period.  

11. Overlimit Fee: You will pay an overlimit fee of $20.00 if the 
principal  balance  of  Purchases  and  Cash Advances  exceeds 
your established credit limit on the closing date of your billing 
period.

12. Payment:  You promise to pay us all the amounts borrowed under 
this Agreement and any other amounts which you may owe us 
pursuant to this Agreement.

  At any time and without penalty, you may repay all or part of 
what you owe.  You must, however, make at least the minimum 
payment each month.  This minimum payment will be the total 
of:  (1)  the  greater  of  [a]  1/60th  of  the  outstanding  principal 
Cash Advances and Purchases, or [b] $5.00, or the balance due, 
whatever is less; plus (2) currently calculated ﬁnance charges, 
cash advance transaction fees, other fees and charges incurred 

during the billing period, and insurance premium charges; plus  
(3) any minimum payment amount which is past due; plus (4) 
any amount in excess of your credit limit.
Paying more than the minimum payment for your account for 
any billing period will not relieve you of the obligation to pay 
any further minimum payment for your account.

13.  Payment Allocation: Your  payment  will  be  applied  in  the 
following order to any of these costs you owe: (1) collection 
costs, (2) fees and other card charges, (3) late charges, ﬁnance 
charges and insurance premiums in manner and order Credit 
Union elects, (4) unpaid principal balance of accrued Purchases 
and Cash Advances.

14. Insurance: Credit life insurance and/or credit disability insurance 
may be made available to you by the Credit Union.  Insurance 
coverage is not required by us as a condition for the extension 
of  credit.    If  you  should  elect  and  qualify  for  the  same,  the 
coverage will be up to the minimum amount of credit extended 
to you.  If you die, the insurance proceeds will be used to pay 
off your outstanding debt on the account.  If you wish to have 
this  coverage,  you  will  give  us  a  dated  and  signed  written 
statement that you desire to obtain insurance coverage before 
we make it available.  A certiﬁcate describing the coverage will 
be mailed to you 30 days after coverage begins.  The premiums 
for this insurance will be due monthly and will be added to your 
minimum payment each billing period.

15. Default:  You will be in default if you fail to make a minimum 
payment  when  due.   You  will  be  in  default  if  you  break  any 
promise  you  made  under  this Agreement,  or  under  any  other 
written  agreement  made  in  connection  with  use  of  the  card.  
You  will  also  be  in  default  if  you  become  insolvent,  declare 
bankruptcy or die.  When you are in default, the Credit Union 
may demand immediate payment of the entire amount you owe 
under this Agreement without giving you advance notice. 

  Also, we may prohibit any further transactions on your Account, 
cancel  the  Cards,  and  revoke  any  privileges  attaching  to  the 
Cards.  You agree to surrender all Cards to us or our designee 
upon demand.  If you default, we, at our option, may refuse to 
pay any of your convenience checks that are presented to us.  If 
we decide to honor such checks, you will owe us the amount of 
such checks under the terms of this Agreement.

16. No Notice or Loss of Rights:  We do not have to notify you if 
any amount owing under this Agreement is not paid by the day it 
becomes due.  We can do any of the following without notifying 
you or losing any right against you:
a.  accept a check or money order marked “paid in full” or with 
similar language, as a payment under this Agreement, or
b.  give additional time for payment of any amount owing under 

this Agreement, regardless of the length of any additional time 
we previously gave, or

c.  exercise, give up, fail to exercise or delay exercising any right 

against any person.

17. Collection Costs: If you are in default, you agree to pay actual 
costs of collection.  This may include reasonable attorney fees 
not to exceed 20% of the amount due.

18. Amendment:  We  can  change  the  terms  of  this Agreement, 
including the ﬁnance charge, and the annual percentage rate, 
at any time.  Except where limited by applicable law, the new 
terms will apply both to new purchases and cash advances and 
to the full outstanding balance of your account as of the day of 
the change.  In accordance with applicable law, we will notify 
you of any increased charge or change by writing to you at the 
most recent address shown for you on our records.

19.  Statement,  Notices  and  Change  of Address: Any  statement 
for your account or any notice concerning your account or this 
Agreement we send you will be sent to your current mailing 
address as shown in our records concerning your account.  We 
can send it by regular mail.  If your mailing address changes, 
you must promptly notify us in writing of the new address.  Any 
notice you send us must be sent to: PSCU-MCU, P.O. Box 31112, 
Tampa, Florida 33631-3112.

20. No Assignment or Transfer: You cannot assign or transfer your 
rights under this Agreement.  Any assignment or transfer by you 
will be ineffective.

21. VISA Cards: The VISA Card is a part of this Agreement and 
must be signed immediately after you have received it.  Each 
VISA Card issued for use with your account is and will remain 
our property and must be returned to us if requested to do so.  
We or anyone acting for us can keep the VISA Card if it is used 
after your account has been canceled or after we have requested 
you to return it to us.

22.  Continued  Effectiveness:  If  any  part  of  this Agreement  is 
determined  by  a  court  to  be  invalid,  the  rest  will  remain  in 
effect.

23. Additional Cardholders, Authorized Users, and Others Using 
Your Account:  You may authorize others to use your Account.  
At your request, we may issue one additional Card to you.  This 
additional Card must be issued with the individual name of the 
authorized user embossed thereon.   You promise to pay for all 
purchases and cash advances made by anyone you authorize to 
use your Account with or without a Card, whether or not you 
notify us that he or she will be using the Account and whether 
or not he or she exceeds any limits imposed by you on his or 
her use of the Card.  If another person has use of your Account