How We Will Calculate Your Balance. We use a method called "average daily balance (including new purchases)."
Effective Date. The information about the costs of the card described in this disclosure is accurate as of May 20, 2010. This information may have changed after that date. To find out what may have changed, contact the Credit Union.
Finance Charges: New purchases posted to your account during a billing cycle will not incur a finance charge for that billing cycle if you had a zero or credit balance at the beginning of that billing cycle, or you paid the entire new balance on the previous cycle's billing statement by the payment due date of that statement;otherwise a finance charge will be accrue from the date a purchase is posted to your account. To avoid an additional finance charge on the balance of the purchases, you must pay the entire new balance on the billing statement by the payment due date of that statement. A finance charge begins to accrue on cash advances from the date you get the cash advance or from the first day of the billing cycle in which the cash advance is posted to your account, whichever is later.
Payments: Each month you must pay at least the minimum payment shown on your statement by the date specified on the statement. You may pay more frequently, pay more than the minimum payment or pay the total new balance in full. To make an extra larger payments, you are still required to make at least the minimum payment each month your account has a balance( other than a credit balance). The minimum payment is 3% of your total new blance, or $25.00, whichever is greater, plus the amount of any prior minimum payments that you have not made, and any amount you are over your credit limit. In addition to the minimum payment you must also pay, by the date specified above, the amount at any prior minimum payment(s) that you have not made, all outstanding unpaid fees and charges, and any amount you are over your credit limit. The credit Union also has the right to demand immediate payment of any amount by which you are over your credit limit.
Statements: Statements will be mailed to you at the appropriate address you have given the Credit Union. A monthly statement will be mailed every month showing your previous balances of purchases and cash advances, the current transaction on your account, credit limit , remaining credit available under your credit limit, minimum payment required, and all other fees and charges.
Security Interest: You grant the Credit Union a security interest under the Uniform Commercial Code and under any common law rights the Credit Union may have in any goods you purchase. Your shares you have in any individual or joint account with the Credit Union, except for shares in an individual Retirement Account or in any other account that would lose special tax treatment under state or federal law if given as security. These other shares may be withdrawn unless you are in default under this agreement. You authorize the Credit Union to apply the balance in your individual or joint share accounts to pay any accounts due on your Account if you should default.
Collateral securing other loans you have with the credit union may also secure this loan, except that a dwelling will never be considered as security for this account, notwithstanding anything to the contrary in any other agreement.
YOUR BILLING RIGHT IN CASE OF ERRORS OR INQUIRIES ABOUT YOUR BILL
What to do if you find a Mistake On Your Statement
In your letter, give us the following information:
You must contact us:
You must notify us of any potential error in writing or electronically. You may call us, but if you do we are not required to investigate any potential error and you may have to pay the amount in question.
What Will Happen After We Receive Your Letter.
When we receive your letter, we must do two things:
If we do not follow all of the rules above, you do not have to pay the first $50.00 of the amount you question even if your bill is correct.
Your Right if You Are Dissatisfied With your Card Purchases.
If you are dissatisfied with the goods or services that you have purchased with your 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 purchases.
To use this right, all of the following must be true.
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The Credit Union is an Equal Housing Lender.
We do business in accordance with the Federal Housing Law and the Equal Credit Opportunity Act
Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government.
National Credit Union Administration, A U.S. Government Agency.