VISA CREDIT CARD AGREEMENT AND TRUTH IN LENDING DISCLOSURE
Washington State Employees Credit Union
P.O. Box WSECU Olympia, WA 98507 (800) 562-0999
WSECU
In this Agreement the words "you" and "your" mean each and all of those who apply for the card or who sign this Agreement and everyone who receives, signs or uses a card issued under this account. "Card" means the VISA Credit Card and any duplicates and renewals we issue. "Account" means your VISA Credit Card Line of Credit account with us. "We", "us" and "ours" means this Credit Union.
Responsibility
If we issue you a card, you agree to repay all debts and the Interest Charge arising from the use of the card and the card account. For example, you are responsible for charges made by anyone else to whom you give the card, and this responsibility continues until the card is recovered. You cannot disclaim responsibility by notifying us, but we will close the account for new transactions if you so request and return all cards. Your obligation to pay the account balance continues even though an agreement, divorce decree or other court judgment in which we are not a party may direct you or one of the other persons responsible to pay the account. Any person using the card is jointly responsible with you for charges he or she makes, but if that person signs the card he or she becomes a party to this Agreement and is also jointly responsible for all charges on the account, including yours.
Authorized Signer: Anyone who uses your credit cards with your permission. More specifically, someone who has a credit card from your account with their name on it. An authorized user is not legally responsible for the debt and cannot receive information regarding the account.
Joint Account: An account shared by two or more people. Each person on the account is legally responsible for the debt and the account will be reported to each person's credit report.
If Your Card is Lost or Stolen or if an Unauthorized Use Occurs
You agree to notify us immediately if your card is ever lost or stolen or if an unauthorized use may have occurred. The telephone number to call during regular credit union business hours is (800) 562-0999 and (866) 861-5416 on weekends or after business hours. You agree to follow up your call with notice in writing to us at: Washington State Employees Credit Union, P.O. Box WSECU, Olympia, WA 98507. You also agree to assist us in determining the facts, circumstances and other pertinent information relating to any loss, theft or possible unauthorized use of your credit card and comply with such procedures as we may require in connection with our investigation, including assisting in the prosecution of any unauthorized user. You will be liable for any unauthorized use only if we can prove that you were negligent in your use or handling of your Credit Card, or if we can prove that you used your Credit Card fraudulently.
Using the Card
You may use the card issued to you to make purchases in person, by mail, by telephone, or by internet from merchants and others who accept VISA credit cards. In addition, you may obtain cash advances from the Credit Union, from other financial institutions participating in the VISA program and from ATMs (automated teller machines) that participate in the ATM VISA program. You will need to use your PERSONAL IDENTIFICATION NUMBER (PIN) to obtain a cash advance from an ATM.
Illegal Use and Internet Gambling
You agree that all transactions that you initiate by use of your VISA Credit Card are legal in the jurisdiction where you live and/or where the transaction occurred. Internet gambling may be illegal in the jurisdiction in which you are located, including the United States. You may not use the card or account for any illegal or unlawful purpose, and we may decline to authorize any transaction that we believe may be illegal or unlawful. Display of a payment card logo by an online merchant does not mean that internet gambling transactions are lawful in all jurisdictions in which you may be located. You agree to repay according to the terms of this Agreement all transactions you initiate by use of your Credit Card, whether deemed legal or illegal.
Credit Union Business Days
The Credit Union's business days are Monday Friday, excluding holidays. Business hours are Monday - Friday 7:00 a.m. - 7:00 p.m.
Credit Line
If we approve your application, we will establish a self-replenishing Line of Credit for you and notify you of its amount when we issue the card. You agree not to let the account balance exceed this approved Credit Line. Each payment you make on the account will restore your Credit Line by the amount of the payment which is applied to principal. You may request an increase in your Credit Line only by written application to us, which must be approved by our credit committee or loan officer. By giving you written notice our credit committee may reduce your Credit Line from time to time, or with good cause, revoke your card and terminate this Agreement. Good cause includes your failure to comply with this Agreement, suspected fraud, or our adverse reevaluation of your creditworthiness. You may also terminate this Agreement at any time, but termination by either of us does not affect your obligation to pay the account balance. The cards remain our property and you must recover and surrender to us all cards upon our request and upon termination of this Agreement.
Monthly Payment
We will mail you a statement every month showing your previous balances of purchases and cash advances, the current transactions on your account, the remaining credit available under your credit line, the new balances of purchases and cash advances, the total new balance, the Interest Charge due to date, and the minimum payment required. Every month you must pay at least the minimum payment by the due date indicated on your statement. If late, we will assess, and you will pay a late payment fee as disclosed to you on your Visa Disclosures, or as amended. You may, of course, pay more frequently, pay more than the minimum payment, or pay the total new balance in full, and you will reduce the Interest Charge by doing so. The minimum payment will be the greater of 2.5% of your New Balance rounded to the nearest dollar, or $25.00. If your outstanding balance is $25.00 or less you agree to pay the balance in full, plus any portion of the minimum payment(s) shown on prior statement(s) which remains unpaid. In addition, at any time your total new balance exceeds your credit line, you must immediately pay the excess upon our demand. We may accept checks marked "payment in full" or with words of similar effect without losing any of our rights to collect the full balance of your account with us.
Skip Payment
If we make a skip payment option available, you may skip making your payment(s) for certain month(s). If you choose this option, interest will continue to accrue, but no late payment charges will be imposed during the skip period. All credit terms applicable immediately prior to the skip period will again apply once the skip period has expired.
Credit Information
You authorized us to investigate your credit standing when opening, renewing or reviewing your account, and you authorize us to disclose information regarding your account to credit bureaus and other creditors who inquire of us about your credit standing, to the extent authorized in our By-Laws.
Interest Charges
You can avoid Interest Charges on purchases or balance transfers by paying the full amount of the New Balance of Purchases or Balance Transfers each month on or before your payment due date. Otherwise, the New Balance of Purchases or Balance Transfers, and subsequent purchases or balance transfers from the date they are posted to your account, will be subject to an Interest Charge. Cash Advances - An Interest Charge will be imposed on cash advances from the date each cash advance is made. There is no time period within which to pay to avoid a periodic Interest Charge on cash advances. In addition to the Interest Charge imposed by applying the periodic rate, a cash advance fee (Interest Charge) equal to the lesser of 2% of the cash advance amount or $25.00 will be imposed on each cash advance. An Interest Charge is calculated at the ANNUAL PERCENTAGE RATE disclosed to you on your Visa Disclosures or as amended on the average daily principal balance of purchases, cash advances or balance transfers you make and debit adjustments the credit union makes during the statement period. The daily principal balances are totaled, and divided by the number of days in the statement period to produce separate average daily principal balances for purchases, cash advances, and balance transfers to which the periodic rate is then applied.
Other Charges
Your account will be subject to other charges as disclosed to you on your Visa Disclosures or as amended. These charges may be changed by us from time to time in accordance with applicable law.
