Home Equity Visa

Yes, I (we) would like to have a HELP Loan Visa Classic Credit Card issued to us in connection with my/our Home Equity Line-Of-Credit at Commonwealth Credit Union. The HELP Visa Classic Credit Card is for access to the HELP Line-Of-Credit only.

The HELP Visa Classic Credit Card is only to access the HELP (home equity) Line-Of-Credit loan. I/we understand that the credit limit on this HELP Visa Classic Card is the same as the credit limit on my/our HELP Line-Of-Credit loan. For complete disclosure, click here.

Primary Account Owner

First Name:		MI:		Last Name:
Account #:			Social Security Number:

Mailing Address:
City:	State:	ZIP:
Home Phone:	Email:
Work Phone:	Fax:
Employer:

If different from Mailing Address:

Residential Address:
City:		State:	ZIP:

Joint Account Owner (If Applicable)

First Name:		MI:		Last Name:
Account #:			Social Security Number:

Mailing Address:
City:	State:	ZIP:
Home Phone:	Email:
Work Phone:	Fax:
Employer:

If different from Mailing Address:

Residential Address:
City:		State:	ZIP:

Signatures

Primary Owner Signature:	_____________________________________________
Date:	________________________

Joint Owner Signature:	_____________________________________________
Date:	________________________

Please print, sign and mail this form to

P.O. Box 978, Frankfort, Ky 40602-0978,

or drop off at any Commonwealth Credit Union branch.

COMMONWEALTH CREDIT UNION, INC.
HOME EQUITY VISA CLASSIC CREDIT CARD DISCLOSURE

COMMONWEALTH CREDIT UNION
417 High Street, P.O. Box 978, Frankfort, KY 40602-0978
502.564.4775 s 800.228.6420

In this agreement, "you," "your," and "cardholder" mean the applicant or joint applicant, if any, named as a result of cardholder's application (or person authorized to use the account); "we," "us" and "our" mean Commonwealth Credit Union; "card" or "cards" means the card or cards issued by us to you.

The terms and conditions governing the use of our Visa Home Equity Classic Card accounts are printed on this form. These Terms and Conditions may be amended and supplemented by separate notices to you, including any notices you have previously received from us.The disclosures required by Federal law are set forth below, and we are also enclosing important information regarding your rights to dispute billing errors. Keep this so you can refer to it if you have any questions regarding your account. Any use of your Card or Account confirms your acceptance of the terms and conditions of this Agreement, including the obligation to pay us for all balances due on your account as specified in this agreement. Commonwealth Credit Union reserves the right to change the benefit features associated with your card at any time.

FINANCE CHARGE (interest) is charged on outstanding balances. The FINANCE CHARGE (interest) is calculated from the date of posting.

The FINANCE CHARGE begins to accrue on the date the transaction is posted to the account. The FINANCE CHARGE will be imposed on all funds borrowed for the period in which they are outstanding and will be computed on the outstanding unpaid balance at the current ANNUAL PERCENTAGE RATE for the actual time the balance remains unpaid.

We use a Performance Plus Pricing formula which is a tiered interest rate pricing program based on your overall credit performance as reflected in your credit report with the maximum interest rate being 21% APR (ANNUAL PERCENTAGE RATE) the maximum allowed by law.

CASH ADVANCE - A FINANCE CHARGE will be imposed on Cash Advances that you obtain through the use of your Card from the date of posting. The FINANCE CHARGE begins to accrue on the date the transaction is posted to the account. The FINANCE CHARGE will be imposed on all funds borrowed for the period in which they are outstanding and will be computed on the outstanding unpaid balance at the current ANNUAL PERCENTAGE RATE for the actual time the balance remains unpaid. The FINANCE CHARGE is computed on any unpaid principal balance(s) for the period such balance(s) is outstanding and is calculated at the time payment is made. The balance changes each time new amounts are advanced or payments made or credit given.

PURCHASES - Purchases will accrue FINANCE CHARGES from the date of posting and will otherwise be calculated in the same manner as Cash Advances. A FINANCE CHARGE will be imposed on Purchases of goods and services that you obtain through the use of your Card. The FINANCE CHARGE begins to accrue on the date the transaction is posted to the account. The FINANCE CHARGE will be imposed on all funds borrowed for the period in which they are outstanding and will be computed on the outstanding unpaid balance at the current ANNUAL PERCENTAGE RATE for the actual time the balance remains unpaid. The FINANCE CHARGE is computed on any unpaid principal balance(s) for the period such balance(s) is outstanding and is calculated at the time payment is made. The balance changes each time new amounts are advanced or payments made or credit given.

SPECIAL PROMOTIONS - From time to time, we may offer you a promotional rate, under which purchases of goods or services, balance transfers, or other transactions, may be billed to your Account with special promotional terms. The period of time for which the promotional rate applies may be limited. Any promotional rates, and the corresponding periodic rate, will appear in your monthly statement. The Finance Charges, minimum payment, application of payments and other terms for special promotions may differ from the standard terms described in this Agreement and as may be shown on your Account Statement. The standard terms of this Agreement apply to any special promotion except where changed by the special promotion. Except to the extent modified by the terms of the special promotion, standard terms will continue to apply to any and all transactions that are not subject to a special promotion. If you elect a special promotion, you agree to the terms of the promotion and understand that any unpaid balance related to the special promotion will be subject to the standard terms for regular purchases or Cash Advances when the promotional period ends. We are not required to give you advance notice before resuming or starting to bill you according to the standard terms described in this Agreement. You understand that the terms of any special promotion may be cancelled if at any time you are in default under this Agreement. If you are in default under this Agreement, you may not be eligible for any special promotions.
You understand that we reserve the right to change the ANNUAL PERCENTAGE RATE upon giving notice, as required by law. See HELP Loan Credit Agreement for rate change procedures.
The minimum periodic payment is $70.00 per $5,000 unpaid balance shown on your monthly billing statement, plus any amount over your assigned limit and any amount past due. Payments will be in U.S. dollars. You will pay for all purchases and cash advances made by you or an authorized user. You may pay more at any time without a penalty. All payments are made to the address above.
In the event legal action is required to collect unpaid balance, all costs, including attorney's fees of 25% of the balance due, or such greater amount as may be reasonable, just, and allowed by law, and also those costs, expenses and attorney's fees incurred in appellate, bankruptcy, and post-judgement proceedings, as allowed by law, shall be imposed.
Documentary stamp taxes, as may be required by law, shall be imposed on each Cash Advance at the time the loan is made. In the State of Florida, such tax is computed at the rate of $0.15 per hundred dollars or any fraction thereof.
Additional charges, plus applicable taxes, may also be assessed if you pay us with a check which is not honored by your financial institution, request a copy of a document, make delinquent payments, make charges which exceed your credit limit, request a replacement card or use your card for a transaction at an automated teller machine, if such charges are not prohibited by law or regulation. All such charges shall be treated as Credit Purchases for purposes of calculating Finance Charges unless prohibited by law or regulation.
If you have other loans from us, or receive other loans in the future, collateral securing those loans shall also secure obligations under this agreement. Funds advanced on your VISA Home Equity Classic Credit Card shall be secured by your primary dwelling under the terms and conditions as reflected in the Home Equity Credit Agreement and Truth-In-Lending Disclosure.
If the Cardholder wishes to cancel a pre-authorized payment, the Cardholder must contact the institution with whom the agreement was made.

Commonwealth Credit Union VISA HOME EQUITY CLASSIC CARD TERMS AND CONDITIONS

The person ("Cardholder") whose name is embossed on the face of your VISA Home Equity Classic Card ("Card"), and each Cardholder, in the event more than one Card is issued bearing the same account number by signing or using said Card, receipt of which is acknowledged, agrees with the Issuer of the Card whose name is printed on the reverse ("Issuer") as follows:

Goods and services ("Credit Purchases") may be purchased or leased by means of such card by Cardholder from any retail business establishment ("Seller") who honors same upon the execution of a sales slip evidencing such Credit Purchases and bearing the account number of Cardholder embossed on the face of such Card. Additionally, VISA Home Equity Classic Card Cash Advances ("Loans") may be obtained through the use of such Cards; (a) upon execution of a written request of Cardholder in a form furnished to him from any financial institution that is a member, alone or in association with other, of VISA/MASTERCARD, Inc. and ; (b) upon execution of a written separate agreement with us for a VISA Home Equity Classic Card overdraft financing agreement, if offered by us.
Cardholder shall be liable and agrees to pay us for Credit Purchases made by, or for loans extended to, Cardholder or anyone else using such Card unless the use of such Card is by a person other than the Cardholder; (a) who does not have actual, implied or apparent authority for such use, and; (b) from which Cardholder receives no benefit. Additionally, Cardholder shall be jointly and severally liable and agrees to pay for all Credit Purchases and Loans obtained through the use of any other Card bearing Cardholder's account number that has been issued to another person by reason of such person being a member of Cardholder's family or otherwise issued upon Cardholder's request (all such Cards bearing the same VISA Home Equity Classic Card account number hereinafter collectively called ("Related Cards").
All cards and convenience checks are our property, and are not transferable and must be surrendered upon demand. They can be cancelled as well as repossessed by us or our designee, and the privileges thereof revoked, at any time without prior notice.
Cardholder shall not use Card, or permit the use of Related Cards, to obtain Credit Purchases or Loans, which will increase Cardholder's VISA Home Equity Classic Card indebtedness to us in an amount in excess of the limit established by us.
All Credit Purchases and Loans are effected at the option of the Seller and Cash Advancing Financial Institution, - respectively, and we shall not be responsible for refusal by any Seller or Cash Advancing Financial Institution to honor the Card or any Related Card. Any refund, adjustment or credit allowed by Seller shall not be cash but rather by credit advice to us which shall be shown as a credit on Cardholder's account statement with us.
We will send to Cardholder, at monthly intervals determined by us, a statement reflecting for the prior monthly period all HELP Loan, VISA Home Equity Classic Card and Related Card transactions. Such statement shall be deemed correct and accepted by Cardholder and all holders of Related Cards unless we are notified to the contrary in writing within 60 days of mailing of such statement. Cardholder will pay such statement by remitting to us either the full amount billed or, at Cardholder's option, an installment equal to at least the required minimum payment in U.S. Dollars.
Interest on Loans and Credit Purchases will be charged in accordance with the finance charge calculation method referred to above. The rate of interest shall be established by us and may change as stated in Section 4 in the HELP Loan Credit Agreement.
If the Card is cancelled or surrender is demanded by us, or if Cardholder defaults in any payment due, or is deceased, bankrupt or insolvent, or any attachment or garnishment proceedings are initiated against Cardholder or his property, we may elect to declare all amounts owed to us to be immediately due and payable without notice or demand of any kind.
This agreement may be amended from time to time by us by written notice mailed to Cardholder at Cardholder's last known address.
Except to the extent that Federal Law is applicable, the validity, construction and enforcement of this agreement, and all matters arising out of the issuance and use of the Card, shall be governed by the laws of the state in which the principal office of Issuer is located.
The Cardholder must notify us at the address listed above, orally or in writing, in the event the Card(s) has been lost or stolen. Cardholder may be liable for the unauthorized use of the Card or Related Cards as provided in this paragraph.
1. If 10 or more cards are issued for use by employees of a single business or other organization, there is no limit to Cardholder's liability for any unauthorized use that occurs before the Cardholder notifies Issuer as provided herein; the business or organization may only impose liability on its employees for unauthorized uses of a card as authorized by Federal law and regulation.
2. If the cardholder fails to meet the following standards:
  1. The cardholder must have exercised reasonable care in safeguarding his or her card from risk of loss or theft.
  2. The cardholder must not have reported two or more incidents of unauthorized use within the preceding twelve months.
  3. The account must be in good standing.
Cardholder agrees that Commonwealth Credit Union, its agents or service companies may monitor and/or record any telephone communications with Cardholder.
Finance charge will be imposed on all purchases immediately.
There will be a $75.00 reward fee charged should cardholder not return the card if requested causing the card to be blocked and picked up by a seller.
In the event a card is replaced more than once, there will be a replacement fee of $5.00 for the lost, stolen, revoked or otherwise surrendered card(s). A card will be replaced no more than three times.
All billing disputes will be handled by Commonwealth Credit Union, Inc.
Report lost or stolen cards and or VISA checks to Commonwealth Credit Union, Inc. at the phone number above IMMEDIATELY.
I fully understand that any delinquency or misuse of the VISA Home Equity Classic Card credit card(s) could effect my future credit with the Credit Union.
There will be a $2.00 transfer fee for transferring money from my checking account or my savings account to cover any amount over my assigned limit or to cover any amount that is delinquent.
There will be a $2.00 fee for PIN replacement.
There will be a $1.00 fee per month per $10.00 which exceeds your assigned limit.
If a payment is late, in whole or in part, a late fee will be charged on the 16th day equal to 5% of the payment, $5.00 minimum and $25.00 maximum.
The cost of an authentic credit or debit card ticket copy is $12 except for Travel and Entertainment merchants, which is $25. The cost of ticket copies is subject to change without notification.
Credit card (VISA) checks are available at no cost and terms are as follows:
1. If a credit card check should cause your credit card balance to exceed your assigned limit, there will be a $20.00 return check fee.
2. If a check is written on a blocked or closed credit card account, there will be a $20.00 return check fee.
3. There is a $15.00 fee for each stop payment placed on a check. If three or more checks are stopped, the fee is $25.00. This fee is charged at time of request.
4. There is a $2.00 fee for each copy of an original check.
5. Credit card checks clear as a cash advance so interest will accrue from the date the check is posted.
6. Credit card checks cannot be charged back to the seller, therefore, any disputes must be handled by you, directly with the seller.
7. You may not use convenience checks to make payments on your account.
There will be a cost of $5.00 per card for additional cards for authorized users which are in excess of the four free cards. An authorized user has usage privileges, but only the applicant and/or joint applicant will be able to retrieve account information.
There is a $10.00 fee to place a block on the card per the issuer's request.
To expedite the ordering of any card, there will be a $20.00 fee for a rush card (3 days).
Visa regulations prohibit the use of any plastic with a Visa logo for illegal activity.
VISA Foreign Transactions. Purchases and cash withdrawals made in foreign currencies will be debited from your account in U.S. dollars. The exchange rate between the transaction currency and the billing currency used for processing international transactions is a rate selected by Visa U.S.A., Inc. ("Visa") from a range of rates available in wholesale currency markets for the applicable central processing date, which rate may vary from the rate Visa itself receives, or the government mandated rate in effect for the applicable central processing date. The exchange rate used on the processing date may differ from the rate that would have been used on the purchase date or cardholder statement posting date.

Statement Information

Members with HELP loans receive a quarterly statement; however, a monthly statement will be generated for those months of EFT (Electronic Funds Transfer) activity. Transactions applicable to all Electronic Fund Transfers via a HELP loan include, but are not limited to, Commonwealth Credit Union's Online Banking, "Tellie," or with your HELP loan credit card (EFT Transactions).

IN CASE OF ERRORS OR INQUIRES ABOUT YOUR STATEMENT OR OPEN-END LOAN ACCOUNT

The Federal Truth in Lending Act and Fair Credit Reporting Act requires prompt correction of mistakes on your statement of account. If you want to preserve your rights under the Act, here's what to do if you think your statement of account is wrong or if you need more information about an item:

Do not write on the statement of account. On a separate sheet of paper (you may telephone inquiry but doing so will not preserve your rights under the law) write the following:
1. Your name and account number
2. A description of the error and an explanation (to the extent you can explain) why you believe it is an error;
3. The dollar amount of the suspect error.
4. Any other information (such as your address) which you think will help the Credit Union to identify you or the reason for your complaint or inquiry. If you need more information, explain the item you are not sure about and, if you wish, ask for evidence of the transaction such as a copy of the request voucher. Do not send in your copy of any document unless you have a duplicate for your records.
Send your notice of statement error to the address above. Mail it as soon as you can, but in any case early enough to reach the credit union within 60 days after the statement was mailed or otherwise delivered to you. If you have authorized your credit union to automatically pay from your savings account and loan accounts with the credit union, you can stop or reverse payment on any amount you think is wrong by mailing your notice so the credit union receives it within 16 days after the statement was sent to you. However, you do not have to meet this 16 day deadline to get the credit union to investigate your statement error claim.
The credit union must acknowledge all letters pointing out possible errors within 30 days of the receipt, unless the credit union is able to correct your statement during that 30 days. Within 90 days after receiving your letter, the credit union must either correct the error or explain why the credit union believes the statement was correct. Once the credit union has explained the statement, the credit union has no further obligation to you even though you still believe that there is an error, except as provided in paragraph 5 (to follow).
After the credit union has been notified, neither the credit union nor an attorney nor a collection agency may send you collection letters or take other collection action with respect to the amount in dispute; but periodic statements may be sent to you, and the disputed amount can be applied against your credit limit. You cannot be threatened with damage to your credit rating or sued for the amount in question, nor can the disputed amount be reported to a credit bureau or to other creditors as delinquent until the credit union has answered your inquiry. However, you remain obligated to pay the parts of your outstanding balance not in dispute.
If it is determined that the credit union has made a mistake on your statement, you will not have to pay any finance charges on any disputed amount. If it turns out that the credit union has not made an error, you will have to pay finance charges on the amount in dispute, and you will have to make up any missed minimum or required payments on the disputed amount. Unless you have agreed that your statement was correct, the credit union must send you a written notification of what you owe and if it is determined that the credit union did make a mistake in the disputed amount, you must be given the time to pay which you normally are given to pay undisputed amounts before any more finance charges or late payment charges on the disputed amount can be charged to you.
If the credit union's explanation does not satisfy you and you notify the credit union in writing within 10 days after you receive its explanation that you still refuse to pay the disputed amount, the credit union may report you to the credit bureaus and other creditors and may pursue regular collection procedures. But the credit union must also report that you think you do not owe the money, and the credit union must let you know to whom such reports are made. Once the matter has been settled between you and the credit union, the credit union must notify those to whom the credit union reported you as delinquent of the subsequent resolution.
If you have a problem with property or services purchased with a credit card, you may have the right not to pay the remaining amount due on them, if you first try in good faith to return them or give the seller a chance to correct the problem. There are two limitations on this right:
1. You must have bought the item in your home state or, if not within your home state, within 100 miles of your current mailing address; and
2. The purchase price must have been more than $50. However, these limitations do not apply if the seller is owned or operated by the credit union, or if the credit union mailed you the advertisement for the property or services.

IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR ELECTRONIC TRANSFERS

Write us at the address shown above or telephone us at number shown above as soon as you can if you think your statement of receipt is wrong, or if you need more information about a transfer on the statement or receipt. We must hear from you no later than 60 days after we sent you the FIRST statement on which the error or problem appeared.

Tell us your name and account number.
Describe the error or the transfer of which you are unsure, and explain your reason why you believe there is an error or why you need more information.
Describe the error or the transfer of which you are unsure, and explain your reason why you believe there is an error or why you need more information.

FS836G 06/05