Visa 
AGREEMENT AND
DISCLOSURE 
STATEMENT
January 22, 2010

M-98587

You agree to the following terms and conditions and any amendments thereto.
Accepting This Agreement
Before you sign or use the SchoolsFirst Federal Credit Union Visa� credit card issued to you, please read this Agreement thoroughly, because by using the credit card you will be agreeing with us to the terms and conditions stated in this Agreement. If you do not wish to be bound by this Agreement, do not use the credit card, and write to us and tell us that you wish to cancel your credit card account with us. If you have received a card or checks to access the card account, destroy them.
Definitions
In this Agreement the words �you�, �your�, and �yours� mean each and all of the person(s) who apply for and/or use the card, the words �credit card� mean the SchoolsFirst Federal Credit Union Visa� credit card, and the words, �we�, �our�, �us�, and �Credit Union� mean the SchoolsFirst Federal Credit Union.
Liability of All Cardholders and Authorized Users
You understand that you are liable for the payment of all sums due under this Agreement. If there is more than one borrower or authorized user on this account, each person, individually, and all persons jointly are obligated to repay all sums due under this Agreement. You agree that all statements made in your application for your credit card were for the purpose of obtaining credit and are true, correct, and complete to the best of your knowledge and belief.
Credit Limit
This Agreement establishes a credit card account for you with an open end line of credit. We will establish a credit limit for you, and may increase or decrease that credit limit from time to time. We have provided you with a separate written disclosure stating the credit limit for purchases and cash advances on your account, and that disclosure is made a part of this Agreement by this reference. Your monthly statements will show the amount of credit available to you for purchases and cash advances as of the statement date. We will give you written notice of any change in your credit limit. If your credit limit is decreased for any reason, any subsequent request for a credit limit increase will be subject to credit application and approval. You agree not to use your account in any way which would make the unpaid balance of your account or cash advances on your account exceed your credit limit. You also agree to pay us the amount of any transactions on your account in excess of your credit limit along with your regular minimum payment at your next scheduled payment due date. Purchases and advances are subject to daily limits that may restrict the full use of your Credit Limit.
Pledges of Shares
You grant us a consensual security interest in your accounts and have pledged funds on deposit in your account (except IRA or Deferred Compensation) to satisfy debts that are due us. We reserve the right to exercise this pledge of shares for liabilities owed to us against any account held by you individually or jointly with any other person(s) to the fullest extent permitted by law.
Security
This paragraph applies only if you have a �share secured credit card�, which requires a separate security agreement. To secure your obligation, you grant us a security interest in your deposit account at the Credit Union, under a SchoolsFirst Federal Credit Union Visa Card Security Agreement that you have signed. The Security Agreement is incorporated into and made part of this Agreement and Disclosure Statement by this reference.
Personal Identification Number
A Personal Identification Number (PIN) may be obtained by selecting your own PIN at any SchoolsFirst FCU branch or by calling (877) 315-3483. This PIN may be used by you with your credit card to obtain a cash advance on your account at any Automated Teller Machine (ATM) displaying the Visa� logo or to make purchases at any designated point of sale (POS) machine. Please keep your PIN confidential and do not write it on or keep it with your credit card.
Credit Information
You agree that we may re-examine and re-evaluate your creditworthiness at any time. You authorize us to obtain, from time to time, information from others, including, but not limited to credit reporting agencies, concerning you and your credit accounts. You also authorize us to respond to requests from others and to provide information regarding the status and history of your account with us. However, we are not obligated to release any such information to anyone unless we are required by law to do so. You agree that we have the right to refuse future advances under your line of credit or reduce your credit limit upon re-examination and re-evaluation of your creditworthiness, should your creditworthiness change significantly.
Change of Name, Address, Employment, Telephone
You agree to promptly report to us any change in your name, address, employment, or telephone number.
Purchases/Cash Advances
You may access your line of credit by making a purchase at a merchant�s location that accepts the credit card, by requesting a Balance Transfer orally or electronically, or in writing, or by making a cash advance. We will not be responsible or liable to you should anyone refuse to accept or honor your card, or should anyone retain your card and not return it to you. You may request cash advances under this Agreement by writing a SchoolsFirst FCU convenience check; by making a written, telephone or electronic request to us; or by requesting a cash advance at a financial institution or an ATM that accepts the credit card. You agree to repay all advances for purchases and cash advances made to you or at the request of a joint borrower or authorized user under this Agreement, and you understand that all purchases and cash advances will be subject to the terms of this Agreement. You agree not to request advances or make purchases or use your account in any way that would make the unpaid balance of your account exceed your credit limit. Cash advances cannot be used to pay any amount you owe under this Agreement or under any other credit agreement or account you have with us now or in the future.
Minimum Monthly Payments
You will receive a statement for each monthly billing period in which your account has an outstanding or credit balance. The minimum monthly payment on your account is calculated at 2% of the statement balance or $25, whichever is greater. If your account balance is greater than your limit or your account is past due, you will be billed for the greater of: the minimum monthly payment; or the past due amount; or the Overlimit amount. If the account is not paid down to the limit or below, the account is subject to closure. The minimum monthly payment must be received at the payment center on or before the payment due date reflected on the front of your monthly billing statement or the payment may be considered past due. Payments made in excess of the minimum payment will be applied first to the balance with the highest interest rate, then successively to each lower interest rate until the excess payment amount is exhausted. If you have a credit balance on your account due to merchant credits, adjustments or overpayments, we will hold and apply this credit balance against future purchases and cash advances, or refund it at your written request. An increase or decrease in the Annual Percentage Rate may result in an increase or decrease in your monthly payment.
Promise to Pay
You agree to pay us, at the payment address stated on the front of your monthly billing statement, all sums which have been accumulated on your account by you or others with your permission, together with any finance charges, late charges and any other service charges computed on your account as set forth in this Agreement.
Authorizations
Most transactions require approval of funds.  Approvals result in placing a hold against your credit limit.  We may limit the number or amount of approvals or purchases and advances per day or deny transactions when we detect unusual or suspicious activity, even if you have sufficient credit available.  We are not liable for failing to approve any transaction and we may, although we are not required to, approve transactions above your available credit.  We are not liable if a merchant, financial institution, or ATM does not honor your card.
Membership Requirement
You must be a Member in good standing to be eligible for a credit card with us.  We may suspend card privileges, including closing your account, if you do not maintain your Membership with us in good standing.
Responsibility for Account
You agree to repay us according to the terms of this Agreement for all purchases, advances, finance charges, fees and collection costs, if any, arising from the use of this account by you or any other person you permit to use your card and/or account (even if that person exceeded the amount for which you gave permission).  If you decide to close your account please notify us orally or in writing and return all card(s) on the account.  You remain liable for any transactions to the account that we cannot prevent after you notify us.  Any person using the account and/or card is jointly and severally responsible for all charges on the account.
Lost, Stolen or Unauthorized Use
It is important to continually monitor your monthly statements to identify any unauthorized transactions. If your card is lost or stolen, or you believe that someone has accessed or may access money from your card without your permission, notify us immediately. If you notice unauthorized or fraudulent activity on your card, notify us immediately. Notify us at the phone number or address listed on your statement under �How to Reach Us�. Calling us is the best way to report any problems or get questions answered. Your liability may be limited subject to federal law and Visa regulations. In the event your card is used fraudulently, you agree to assist us in our investigation and you agree to sign an affidavit of fraud and forgery.
Rewards Cards Terms and Conditions
If you are participating in a Visa Rewards Card program, we have provided you with a separate written disclosure stating additional Terms and Conditions on your Rewards Card account, and that disclosure is made part of this Agreement by this reference. 
Rewards Card Annual Fee
You will be charged an annual fee in the amount of $25.00, beginning in the twelfth month following the account open date, which will be your �anniversary date.�  The fee will be assessed yearly thereafter, in your anniversary month.
Annual Percentage Rate
SchoolsFirst FCU has a loan program, which features a range of interest rates for some of its consumer loans. A rate is based on a variety of factors, including the applicant�s credit rating. 
This Agreement establishes the Annual Percentage Rate for both Purchases and Cash Advances under this credit card program. We have provided you with a separate written disclosure stating the Annual Percentage Rate that will apply to purchases and cash advances on your account. That disclosure is made part of this Agreement by this reference. 
See Annual Percentage Rate - Variable Rate Credit Card Programs below for additional information on variable rate cards.
See Annual Percentage Rate - Penalty Rate below for additional information.
Annual Percentage Rate  -  Variable Rate Credit Card Programs
The Annual Percentage Rate is subject to change monthly on the first day of the billing cycle.  Note that an increase in the Annual Percentage Rate may result in greater interest charges and a larger monthly payment.
The rate is determined by adding an index plus a margin.  The index is the highest �Prime Rate� as reported in the �Money Rates� tables of The Wall Street Journal on the first business day of the month preceding the start date of each current billing cycle.  The tier and margin, and subsequently the APR you receive, is determined by your creditworthiness. The maximum Annual Percentage Rate is 18.00%. 
Variable Rate Margins
                                             Gold              Rewards          Platinum
            Purchases Balance Transfers Cash Advances
 Tier 1
 Margin 7.25% 7.25% 12.25%
 Margin 8.25% 8.25% 13.25%
 Margin 5.25% 5.25% 10.25%
 
             Purchases Balance Transfers Cash Advances
 Tier 2
 Margin 9.25% 9.25% 14.25%
 Margin 10.25% 10.25% 15.25%
 Margin 7.25% 7.25% 12.25%
 
             Purchases Balance Transfers Cash Advances
 Tier 3
 Margin 11.25% 11.25% 16.25%
 Margin 12.25% 12.25% 17.25%
 Margin 9.25% 9.25% 14.25%
 
             Purchases Balance Transfers Cash Advances
 Tier 4
 Margin 17.90% 17.90% 17.90%
 Margin 17.90% 17.90% 17.90%
 Margin 17.90% 17.90% 17.90%
 


Annual Percentage Rate  - Penalty Rate
If your credit card account is delinquent 60 days, we will increase your Annual Percentage Rate on the entire balance to 18.00%. This rate will remain in effect until such time as your VISA account reflects a satisfactory payment history for a minimum of 6 consecutive months from the date of the increase. At that time, your credit card rate will be lowered to reflect your original tier.
Monthly Periodic Rate
The Monthly Periodic Rate is determined by dividing the Annual Percentage Rate by twelve (12 months in a year).
Calculation of Interest Charges
Interest Charges for each monthly billing cycle will be calculated by multiplying the Average Adjusted Daily Balance by the Monthly Periodic Rate. We will calculate your Average Adjusted Daily Balance as follows: We take the outstanding balance (all amounts you owe) at the start of the day. Then, in the sequence in which the amounts post to your account, we add the amount(s) of all debits and subtract the amount(s) of all payments and credits which post to your account that day. After applying payments and credits, we subtract any amount of late charge, interest charge, and any other charges that remain unpaid.
The result is the adjusted daily balance for that day. We add together all the adjusted daily balances for each day in the billing cycle and divide the total by the number of days in the billing cycle. The result is the Average Adjusted Daily Balance for that billing cycle.
Interest Charges are imposed only if you do not pay in full the new balance for Purchases shown on your Periodic Statement within 25 days of the end of the statement period. However, interest charges will be assessed and will accrue on any cash advance (see Purchases/Cash Advances) from the date that such cash advance transaction is posted to your account to the date the cash advance balance is paid in full or the Statement Closing Date whichever comes first, even if payment of the entire New Balance is received by us by the Payment Due Date. In other words, there is no time period within which credit extended to you by a cash advance may be repaid without incurring a interest charge.
Late Charge
If the minimum payment due is not received by the Credit Union within 15 days after the payment due date, a late charge of $25 will be imposed.
Additional Fees and Service Charges
We may charge additional service charges for the following:
�	each draft copy that you request: $10
�	additional copies of your monthly billing statement: $2 (per statement)
�	any payment instrument or method including check, in-person, ACH or other electronic transaction returned to us for any reason: $20
�	researching transactions occurring prior to your most recent account statement: $20 per hour, minimum $20
�	card replacement fee: $5
�	convenience check stop payment:  $15
�	balance transfer stop payment fee:  $15
�	each request to have a credit card delivered by courier:  $20
Change in Terms
See International Service Fee. This Agreement is the contract which applies to all transactions on your Account, even though the sales, Cash Advance, credit, or other documents you sign, agree to, or receive, may contain different terms.  We may amend, modify, add to, or delete from this Agreement any term, condition, service, or feature at any time, including the amount or calculation of INTEREST CHARGES.  Unless we state otherwise, the change will affect any unpaid balance outstanding and any subsequent transactions.  A notice will be mailed to your last known address at least forty-five (45) days prior to the effective date of the change as required by federal or other law.  When a notice of change in terms is required, it may be sent as late as the effective date of the change when the change has been agreed to in writing by you.  Rates are based on approved credit. 
Cancellation of Card
You may cancel your card at any time in writing, enclosing all cards on your account cut in two. Cancellation of the card will end all charging privileges.  We have the right to revoke your right to use the credit card at any time. We can do this with or without cause and without giving you notice. We may list revoked credit cards in a cancellation bulletin or otherwise inform firms honoring the credit card that the credit card issued to you has been revoked or cancelled. If we revoke the credit card or it expires, you must return it to us if we so request. Also, if a firm that accepts the credit card asks you to surrender an expired or revoked credit card, you must do so. You may not use the credit card after it has expired or after it has been revoked.  Cancellation or revocation of your credit card will not affect your obligation to pay any amounts that may be due under this Agreement.
Illegal Activity
Your Visa� card may not be used for any illegal activity. Internet gambling may be illegal in the jurisdiction in which you are located, including the United States and its territories. Your card may only be used for legal transactions. Display of a payment card logo by an online merchant does not mean that Internet gambling or other transactions are legal in the jurisdiction in which you are located. You agree to repay, according to the terms of this Agreement, transactions you initiate by use of your card, whether deemed legal or illegal.
Internet Transactions
Your Visa� card is automatically enrolled in the Verified by Visa� program. To make transactions over the Internet, merchants may request your Verified by Visa� password to complete the transactions. If a password is not provided, or you do not successfully register with Verified by Visa�, the merchant may deny the transaction. If the password is incorrect, we may deny the transaction. You can select or change your password and view additional terms online at www.SchoolsFirstfcu.org by clicking on the Verified by Visa� link under �Related Topics� on the credit card product pages. By allowing another person to use your Verified by Visa password you are authorizing the transaction(s) on your account.
Foreign Currency Transactions
If you effect a transaction at a merchant that settles in a currency other than U.S. dollars, Visa� Incorporated will convert the charge into a U.S. dollar amount. The conversion rate in U.S. dollars will be either at the government-mandated rate or a wholesale currency market rate determined by Visa� for the processing date on which the transaction is processed. The currency conversion rate used by Visa� on the processing date may differ from the rate that would have been used on the purchase date or the cardholder statement posting date. The Credit Union has no control over the conversion rate. 
International Service Fee
A fee of 2% will be assessed on international transactions. Transactions acquired in U.S. territories, and transactions originating on U.S. military bases, at U.S. embassies and at U.S. consulates, are excluded from this fee. 
Convenience Checks
You may access your credit line by writing checks provided by us for that purpose. The checks will be honored and paid up to your credit limit as long as the account is not in default. You may request a stop payment on a convenience check by phone or in writing. We must receive the request in time to afford us reasonable opportunity to act upon it under the Credit Union�s rules. Oral or telephone requests to stop payment must be confirmed by you in writing to us within fourteen (14) calendar days after your original request, and if not so confirmed, such request will be considered to have lapsed after the fourteen day period. We can only honor a stop payment request for 12 months from the date of request. You agree not to hold us responsible for any claims or liabilities of payees or endorsers on convenience checks for which you have requested payment stopped. You agree not to hold us responsible for the misrouting or delay of a convenience check due to markings placed on the check by you or a prior endorser that obscure any depository endorsement placed by us or our agent. We may recognize the signature of any borrower or authorized user on this account as authorized to transact any business on the account.  Convenience checks cannot be used to pay any amount you owe under this Agreement or under any other credit agreement or account you have with us now or in the future. Convenience checks are considered cash advances and accrue interest according to the method described for cash advances under the �CALCULATION OF FINANCE CHARGES� heading of this disclosure. Transactions made using convenience checks do not earn Rewards points.
Default/Collection/Attorney�s Fees
You will be in default and understand that all loan credit under this Agreement may be terminated if (1) you do not make periodic payments as required by this Agreement, (2) you do not keep any promise made in this Agreement or any other agreement with this Credit Union, (3) any information that you give us to obtain a loan advance is false, (4) any third party attempts by legal process to take any property belonging to you, (5) you die, become insolvent or are a party to any bankruptcy proceeding, or (6) as otherwise provided in this Agreement. If you are in default, we may refuse to make any further advances or refuse charge privileges to you and declare all sums owed under this Agreement immediately due and payable. We may accept late payments or partial payments without losing any of our rights under this Agreement. You understand that if you are in default, we may add to your unpaid balance any reasonable attorney�s fees and court costs, all of which you agree to pay.
Waivers and Severability
We may waive or decline to enforce any of our rights under this Agreement without affecting any of our other rights.  Should any provision of this Agreement be determined to be invalid or unenforceable, that determination shall not affect the validity or enforceability of any other provision.
Governing Law
This Agreement, your credit card line of credit, as well as our rights and duties and your rights and duties regarding them, will be governed by and interpreted in accordance with federal law to the fullest extent possible and, to the extent federal law does not apply, in accordance with California law, regardless of where you live and use your credit card. This Agreement is made in California. All credit will be extended from California, and all repayment must be made in California.
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 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 as �Send Inquiries To�. Write to us as soon as possible. We must hear from you no later than 60 days after we sent 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 the charge is an error. If you need more information, describe the item you are not sure about.
If you have authorized us to pay your credit card bill automatically from your savings or checking 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.
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 did not 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 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 statement, 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 finally is.  If we do not follow these rules, we cannot collect the first $50 of the questioned amount, even if your statement was correct.
Special Rule For Credit Card Purchases
If you have a problem with the quality of property or services that you have 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 within 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.These limitations do not apply if we own or operate the merchant, or if we mailed you the advertisement for the property or services.




  
 
SchoolsFirst FCU Visa Disclosure 
 
Interest Rates and Interest Charges 
 
Annual Percentage Rate (APR) for Purchases  
 8.50%- 17.90%  
 
This APR will vary with the market based on the Prime Rate. 
 
Annual Percentage Rate (APR) for Secured Card Purchases, Balance Transfers and Cash Advances 
 13.90% 
 
APR for Balance Transfers 
 8.50%-17.90%  
 
This APR will vary with the market based on the Prime Rate. 
 
 
APR for Cash Advances 
 13.50%-17.90% 
 
This APR will vary with the market based on the Prime Rate. 
 
 
Penalty APR and When it Applies 
 17.90% 
This APR may be applied to your account if you: 
1)
 Make your payment 60 days late or: 


2)
 A returned payment causes your account to become 60 days late. 



How Long will the penalty APR Apply? : If your APR is increased for this reason, the Penalty APR will apply until you make 6 consecutive minimum payments when due and do not exceed your credit limit during that time period.  
 
 
Paying Interest 
 Your due date is at least 25 days after the close of each billing cycle. We will not charge you interest on purchases if you pay your entire balance by the due date each month and your previous balance is zero or a credit balance. We will begin charging interest on cash advances, balance transfers and convenience checks on the date they are posted to your account. 
 
Minimum Interest Charge 
 None 
 
For Credit Card Tips from the Federal Reserve Board 
 To learn more about factors to consider when applying for or using a credit card, visit the website of the Federal Reserve Board at http://www.federalreserve.gov/creditcard.
 


 
Fees 
 
Annual Fee 
Visa Gold & Visa Platinum: 
Visa Rewards: 
  
$0 
$25 (waived for the 1st year) 
 
 
Transaction Fees 
�
 Balance Transfer 



 
�
 Cash Advance 



 
�
 Foreign Transactions 



  
$0.00 
 
$0.00 
 
2% of the transaction in U.S. Dollars 
 
Penalty Fees 
�
 Late Payment 



 
�
 Returned Payment 



 
  
$25 imposed 15 days after the due date 
 
$20 
 
Other Fees 
�
 Express Card 



 
�
 Card Replacement 



 
�
 Stop Payment 



  
$20 
 
$5 
 
$15 for Convenience checks or Balance Transfer orders 
 


                              
How We Will Calculate Your Balance: We use a method called �average adjusted daily balance (including new purchases).� 
 
Loss of Introductory APR: We may end your introductory APR (if any) if your payment is 60 days late. 
 
Billing Rights: Information on your rights to dispute transactions is provided in your account agreement