Credit Card Aareement and Disclosures
THIS IS YOUR AGREEMENT AND DISCLOSURE STATEMENT WITH MARINE FEDERAL CREDIT UNION.PLEASE READ IT CAREFULLY AND KEEPIT FORYOUR RECORDS.IT SUPERSEDESALL PRIOR AGREEMENTS ANDDISCLOSURE STATEMENTS RELATING TO YOUR ACCOUNT.YOU DO NOT HAVE TO SIGN THIS AGREEMENT.YOUR AGREEMENT TO ALL OF THESE PROVISIONS.AS AMENDED FROM TIME TO TIME INCLUDING THE CARD ISSUED BY US.WILL BE SHOWN BY YOUR APPLICATION FOR THE CARD,YOUR ACCEPTANCE OF THE CARD.OR YOUR USE OF THE CARD WHICHEVER OCCURS EIRST.
1. Definitions. In this Agreement, the word "Card" means either one or more VISA or MasterCard credit cards and any duplicates, renewals or substitutions we issue. The words, "you," "your," and "yours" mean all cardholders (borrowers and co-borrowers): permitted to use the Card(s); as well as any authorized user for whom an additional Card(s) is issued to the extent of their purchases and cash advances, as well as transactions by anyone they permit to use the Card(s). The word "cardholder" means any applicant or co-applicant to whom a Card is issued by us. The words "Credit Union," "we," "us," and "our" means Marine Federal Credit Union or anvone to whom the Credit Union transfers this Aareement. The words "Convenience Checks" mean one or more checks that we may send to you to access your Credit Card Account. "Applicable Law" shall include: 1) VISA U.S.A. Inc. Bylaws. VISA U.S.A. Inc. Operating Regulations, VISA U.S.A. Inc. Certificate of Incorporation, VISA International Bylaws, and VISA International Operating Regulations; MasterCard and; 2) any and all laws, treaties, rules, regulations, or regulatory guidance of the government of the United States, any state thereof, or of any applicable foreign government or state thereof, as the same may be amended and in effect from time to time.
2.Pledae of Shares and Securitv lnterest.
BY SIGNING AN APPLICATION, ACCEPTANCE OR AUTHORIZED USE OF ANY CREDIT CARDS,YOU GRANT AND PLEDGE A CONSENSUAL LIEN TO US ON ALL SHARES TO SECURE PAYMENT OF YOUR OBLIGATIONS ON THIS ACCOUNT. IN ADDITION.YOU ACKNOWLEDGE OUR STATUTORY LIEN RIGHTS UNDER THE FEDERAL CREDIT UNION ACT:YOU AGREETHAT SUCH A LIEN IS IMPRESSED ASOFTHE DATE THATTHIS ACCOUNTIS OPENED:AND YOU AGREE THAT WE CAN APPLY THE SHARES PLEDGED AT THE TIME OF ANY DEFAULT ON THIS ACCOUNT WITHOUT FURTHER NOTICE. "Shares" for the purpose of your pledge to secure your obligations to the Credit Union means all deposits in any share savings, share draft, club, certificate, payable on death, revocable trust, or custodial account(s): whether jointly or individually held--regardless of contributions that you have on deposit now or in the future. Your pledge does not include any I.R.A., Keogh, tax escrow, irrevocable trust, or fiduciary account in which you do not have a vested ownership interest.
SECURITY AGREEMENT: "Non-Purchase-Money Security Interests." Payments on your Account are secured by any security interest in any property securing your other obligations to the Credit Union, whether existing now or in the future, except your household goods and your primary residence. "Purchase-Money Security Interests." You hereby grant the Credit Union security interest in all property purchased/acquired by you or any authorized user pursuant to the use of this Account, including a purchase-money security interest in any household goods purchased/acquired with an extension of credit upon this Account. These Purchase-Money Security Interests shall secure faithful performance of all obligations arising under this Agreement; and the Credit Union shall have all of the rights of a secured party in accordance with Article Nine of the Uniform Commercial Code and/or other applicable law.
Military Lending Act Partial Exception: If you or your dependents are expressly covered and entitled to the protections provided by the Military Lending Act then NO PLEDGE OF SHARES OR LIEN ON SHARES APPLIES EXCEPT FOR A SHARED SECURED CREDIT CARD FORWHICHYOU EXECUTE A SEPARATE SECURITY AGREEMENT.AnV provisions of the Agreement (below) that address the items expressly excepted in any section to the contrary also do not apply to such Loans.
3. How to Use this Account. You must sign the Card in order to use it. You can purchase or lease goods and services (Purchases) from any merchant who honors your Card up to your maximum credit limit by presenting your Card and signing a sales slip or writing a Convenience Check for the amount of the Purchase. You may also use the Card to obtain cash loans (Cash Advances) up to your maximum credit limit from financial institutions that accept the credit card, and by use of preprinted Convenience Checks that the Credit Union may issue to you. You agree not to present your Card, obtain a Cash Advance or write a Convenience Check for any extension of credit in excess of your available Credit Limit (the difference between your outstanding balance and your maximum credit limit) on your account. 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 due to alerts in certain countries or geographic areas. We will have no liability to you or others if any of these events occur. You authorize us to honor any Purchase or Cash Advance you make by internet, telephone, or mail on this account. You agree that a signature is not necessary as identification in such cases. We reserve the right to refuse to honor any reguest for credit, to reduce your credit limit or terminate your account at any time using our sole discretion, based on changes in the economy, the Credit Union's financial condition, your creditworthiness, or for any other reason not prohibited by law.
