Founders Federal Credit Union 737 Plantation Road Lancaster, SC 29720 1-800-845-1614 foundersfcu.com
CREDIT CARD AGREEMENT
IN THIS AGREEMENT, "YOU" AND "YOUR" MEAN ANY PERSON WHO ACCEPTS THIS AGREEMENT, ALL CARDHOLDERS, OR ANYONE ANY CARDHOLDER PERMITS TO USE THE CARD. THE "CARD" MEANS ANY CREDIT CARD ISSUED TO YOU OR THOSE DESIGNATED BY YOU UNDER THE TERMS OF THIS AGREEMENT. "WE", "US", "OUR" AND THE "CREDIT UNION" MEANS FOUNDERS FEDERAL CREDIT UNION OR ITS SUCCESSORS. BY USING YOUR CARD, YOU AGREE TO ALL OF THE TERMS AND CONDITIONS SET FORTH HEREIN. THIS AGREEMENT SUPERSEDES ALL PRIOR AGREEMENTS AND DISCLOSURE STATEMENT RELATING TO YOUR ACCOUNT.
BINDING ARBITRATION: YOUR ACCOUNT WILL BE SUBJECT TO A MANDATORY BINDING ARBITRATION AGREEMENT THAT LIMITS YOUR RIGHTS TO BRING LEGAL ACTION IN COURT, INCLUDING CLASS ACTION LAWSUITS. PLEASE SEE THE BINDING ARBITRATION AGREEMENT AT THE END OF THIS CREDIT CARD AGREEMENT FOR DETAILS.
THE GRANTING OF THIS SECURITY INTEREST IS A CONDITION FOR THE ISSUANCE OF CREDIT UNDER THIS AGREEMENT.
YOU SPECIFICALLY GRANT US A CONSENSUAL SECURITY INTEREST IN ALL INDIVIDUAL AND JOINT ACCOUNTS YOU HAVE WITH US NOW AND IN THE FUTURE TO SECURE REPAYMENT OF CREDIT EXTENDED UNDER THIS AGREEMENT. YOU ALSO AGREE THAT WE HAVE SIMILAR STATUTORY LIEN RIGHTS UNDER STATE AND/OR FEDERAL LAW. IF YOU ARE IN DEFAULT, WE CAN APPLY YOUR FUNDS ON DEPOSIT TO THE AMOUNT YOU OWE.
Funds on deposit in an Individual Retirement Account or any other account that would lose special tax treatment under state or federal law if given are not subject to this security interest.
If you have other loans with us, collateral securing such loans will also secure your obligations under this Agreement, unless that other collateral is your principal residence or non-purchase money household goods.
Using Your Card. You can purchase or lease goods and services from any merchant who honors your Card, and you may obtain cash advances from financial institutions and ATM machines that accept the Card, up to the lesser of your established credit limit or $5,000.00 from financial institutions that accept a Mastercard Credit Card. Funds advanced from your credit card for balance transfers and at ATMs are considered cash advances and will decrease your available cash amount. See your monthly billing statement for your available cash amount. You agree not to present your Card or obtain a cash advance for any extension of credit in excess of your available credit limit; however, if you do exceed your credit limit, you agree to make immediate payment sufficient to bring the balance below the credit limit. Certain purchases and cash advances require authorization prior to completion of the transaction. In some cases, you may be asked to provide identification. If our system is not working, we may not be able to authorize a transaction, even though you have sufficient credit available. Also, for security reasons, we may block the use of your Card in certain countries or geographic areas. We will have no liability to you or others if any of these events occur.
Personal Identification Number (PIN). We may issue a Personal Identification Number (PIN) for use with your Card. This PIN is confidential and should not be disclosed to anyone. You may use your PIN and your Card to access your account, and all sums advanced will be added to your account balance. In the event a use of your PIN constitutes an Electronic Funds Transfer, the terms and conditions of your Electronic Funds Transfer Agreement may affect your rights. You agree not to write your PIN on your Card, you will not keep your Card and PIN together, and you will not provide your PIN to anyone who is not an authorized user. Except as otherwise provided in this agreement, advances through ATM access will be treated as cash advances under this Agreement. Advances at authorized ATM's are limited to a total of $500 during any 24-hour period. The total of all cash advances on your account and any withdrawals from your other accounts through an ATM in any 24-hour period may be combined for the purpose of this limitation. We are not responsible if any ATM does not have enough cash for your transaction or is not in proper working order. Although we do not charge a fee for this service, others may. Owners of ATMs that we do not own may charge fees in addition to any fees disclosed in this Agreement. This is not a fee charged by your Credit Union; however, any such fee will be added to your account. The party charging the fee is required to provide appropriate disclosures to you with regard to any such fees.
Promise To Pay. You promise to pay us in U.S. dollars for (a) all purchases, cash advances, and balance transfers made by you or anyone whom you authorize to use the Card; (b) all Interest Charges and all other charges or fees; (c) collection costs and attorney's fees as permitted by applicable law, and any costs incurred in the recovery of the Card; and (d) credit in excess of your credit limit that we may extend to you.
Suspension of electronic services and access to funds on deposit. Subject to applicable law, we may suspend some or all electronic services and access to your checking or other account(s) if you become delinquent on any of your credit card or deposit obligations to us, you cause a loss to us, or other reasons disclosed in the Membership Agreement. These services and account access may also be suspended or terminated due to inactivity or nonparticipation as allowed by law. In any case, we shall not be liable to you in any regard in connection with such suspension of services.
Negative Information Notice: We may report information about your account to credit bureaus. Late payments, missed payments, or other defaults on your account may be reflected in your credit report.
Illegal Transactions. You agree that your Card and account will not be used to make or facilitate any illegal transactions as determined by applicable law; and that any such use will constitute an event of default under this Agreement. We may decline any transaction that we believe to be illegal under applicable law, including but not limited to any transaction involving or relating to any gambling activity. You agree that we will have no liability or responsibility for any such use by you or any authorized user(s); or for declining any such transaction. You further agree to indemnify and hold us harmless from any suits, liability, damages or adverse action of any kind that results directly or indirectly from such illegal use. Y ou promise to pay us any and all amounts owing on your Card for any transactions made by you, even if the transaction is determined to be illegal.
Joint Accounts. Each of you will be responsible, jointly and severally, for the repayment of amounts owed, regardless of who initiated any transaction under the account.
Others Using Your Account. If you allow anyone else to use your account, you will be liable for all credit extended to such persons. You promise to pay for all purchases and advances made by anyone you authorize to use your account, whether or not you notify us that he or she will be using it. If someone else is authorized to use your account and you want to end that person's privilege, you must notify us in writing.
You shall have sole responsibility for notifying us in writing regarding cancellation of charging privileges of authorized user(s). Y ou shall return to us the Card upon cancellation. You shall be responsible for any and all charges made prior to the return of the Card to us.
Ownership of Card. Your Card remains our property and may be cancelled by us at any time without notice. You agree to surrender your Card and to discontinue use of the account immediately upon our request.
Interest Charges. You agree to pay interest at the rate(s) disclosed to you at the time you open your account and as may be changed from time to time in accordance with applicable law. Average Daily Balance including new transactions : Interest Charges will accrue on your average daily balance outstanding during the month. T o get the average daily balance, we take the beginning balance each day, add any new purchases, cash advances, balance transfers, insurance premiums, debt protection fees or other fees or advances, and subtract any payments, unpaid interest charges, and unpaid late charges. This gives us the daily balance. Then, we add up all the daily balances for the billing cycle and divide that by the number of days in the billing cycle. We then multiply that by the periodic rate corresponding to the Annual Percentage Rate on your account. If you have different rates for purchases, cash advances or balance transfers, separate average daily balances for each will be calculated and the appropriate periodic rate is then applied to each.
