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Crane Gulf Federal Credit Union MasterCard® Credit Card

Agreement and Disclosure Statement

Please read and retain this copy of your Credit Card Agreement and Disclosure Statement.

TERMS USED IN THIS AGREEMENT. This Agreement and Disclosure Statement ("Agreement") covers your Credit Card Account ("Account") with us. In this Agreement, the words "you" and "your" mean any person who signs this Agreement or any person who uses the Card. "We," "our," and "us" mean Crane Gulf Federal Credit Union. The "Card" means any credit card issued to you or those designated by you under the terms of this Agreement. "Use of the Card" means any procedure used by you, or someone authorized by you, to make a purchase or obtain a cash advance whether or not the purchase or advance is evidenced by a signed written document. "Unauthorized use of the Card" means the use of the Card by someone other than you who does not have actual, implied, or apparent authority for such use, and from which you receive no benefit. In this Agreement, any plural terms shall be deemed singular and any singular terms shall be deemed plural when context and construction so require.

EXTENSION OF CREDIT. If your application is approved, we may, at our discretion, establish an Account in your name and cause one or more Cards to be issued to you or those designated by you. In such event, you authorize us to pay for your Account, all items reflecting credit purchases and cash advances obtained through use of the Card. If your Account is issued to you and others as a joint account, each use of your Account shall be an extension of credit to all. Each of you shall be jointly and severally liable, and notice mailed to one of you shall be deemed notice to all.

CONVENIENCE CHECKS. We may, at our discretion, issue checks to you which may be used for any purpose other than making a payment for credit to your Account. By signing such checks, you authorize us to pay the item for the amount indicated and post such amount as a cash advance to your Account. The Credit Union does not have to pay any item which would cause the outstanding balance in your Account to exceed your credit limit.

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 let us know in writing and if he or she has a Card, you must return that Card with your written notice for it to be effective.

CREDIT LIMITS. You promise that payments made for your Account resulting from use of the Card will, at no time, cause the outstanding balance in your Account to exceed your credit limit as established by us or as adjusted from time to time at our discretion.

PROMISE TO PAY. You promise to pay us in U.S. dollars for (i) all purchases, cash advances, and balance transfers made by you or anyone whom you authorize to use the Card or Account, (ii) FINANCE CHARGES and other charges or fees, (iii) collection costs and attorney’s fees as permitted by applicable law, and any costs incurred in the recovery of the Card, and (iv) credit in excess of your credit limit that we may extend to you. At the end of each monthly billing cycle, you will be furnished with a periodic statement showing (i) the "Previous Balance" (the outstanding balance in the Account at the beginning of the billing cycle), (ii) the amount of all cash advances, purchases, Over-the-Limit fees, Late Charges, and FINANCE CHARGES and other charges posted to your Account during the billing cycle, (iii) the amount of all payments and credits posted to your Account during the billing cycle, and (iv) the "New Balance," which is the sum of (i) and (ii) less (iii). A periodic statement will be furnished monthly for your Account.

You agree to pay on or before the "Payment Due Date" shown on the periodic statement either the entire New Balance or a minimum payment of at least 5% of the New Balance or $18, whichever is greater.

In addition to the minimum payment shown on your periodic statement, you agree to pay any amounts in excess of the credit limit established by us and any past due minimum payments. Your minimum payment based on the factors set forth above is determined by multiplying the New Balance on your Account by the minimum payment factor for your Account. If the New Balance is $18.00 or less, you will pay it in full. You may make extra payments in advance of the due date without penalty, and you may repay any funds advanced, credit extended, or amount outstanding at any time without penalty for early payment. Regardless of the amount of any extra payments during a given month, a monthly payment will be required the following month if a balance remains in your Account.

COST OF CREDIT. You will pay a FINANCE CHARGE for all advances made against your Account. Balance transfers will be treated as cash advances and cash advances incur a FINANCE CHARGE from the date they are posted to your Account. New purchases will not incur a FINANCE CHARGE on the date they are posted to your Account if you have paid the Account in full by the Payment Due Date shown on your previous monthly statement or if there was no Previous Balance. The Payment Due Date will be not less than 25 days from the billing cycle closing date shown on your statement. No additional FINANCE CHARGE will be incurred whenever you pay the Account in full prior to the Payment Due Date. The periodic rate used to compute the FINANCE CHARGE is as follows:

You will pay a FINANCE CHARGE for all advances made against your Account at a periodic rate ranging from .024384% to .049315% per day, corresponding to an ANNUAL PERCENTAGE RATE ranging from 8.9% to 18%. Your actual Daily Periodic Rate and corresponding ANNUAL PERCENTAGE RATE will be determined based on your creditworthiness and provided to you in writing when your application is approved.

If your application is approved, the initial Daily Periodic Rate and corresponding ANNUAL PERCENTAGE RATE for your Account are disclosed in the attached RATES AND FEES SCHEDULE. Those rates will fall within one of the following three tiers that will be assigned to you based upon your creditworthiness:

Premium

Standard

Tier I and Share Secured MasterCard

Thereafter, approximately 30 days before the anniversary date of your account, we will review your credit. Based on your creditworthiness, we may adjust your Daily Periodic Rate and corresponding ANNUAL PERCENTAGE RATE. We will notify you at least 30 days in advance of any change in your Daily Periodic Rate and corresponding ANNUAL PERCENTAGE RATE. Rate changes to your Account, if any, will take effect on the first billing cycle following your anniversary date and will affect existing balances.

If at any time a Premium or Standard Account is 60 days or more past due, the rate will increase to the maximum Daily Periodic Rate and corresponding ANNUAL PERCENTAGE RATE then charged for Tier I and Share Secured MasterCard Accounts, but not more than 18%. An increased rate may be adjusted to the tier and corresponding rate you currently qualify for after payments have been made as required for six consecutive months.

The FINANCE CHARGE is figured by applying the periodic rate to the balance subject to FINANCE CHARGE, which is the "Average Daily Balance" of your Account, including certain current transactions. The Average Daily Balance is arrived at by taking the beginning balance of your Account each day and adding any new cash advances, and, unless you pay your Account in full by the Payment Due Date shown on your previous monthly statement or there is no previous balance, adding in new purchases and subtracting any payments or credits and unpaid FINANCE CHARGES. This gives us the daily balance. The daily balances for the billing cycle are then added together and divided by the number of days in the billing cycle. The result is the Average Daily Balance. The FINANCE CHARGE is determined by multiplying the Average Daily Balance by the number of days in the billing cycle and applying the periodic rate to the product.

SKIP-A-PAYMENT. From time to time we may offer opportunities for you to skip or reduce one or more payments during the year or we may temporarily reduce FINANCE CHARGES. FINANCE CHARGES will continue to accrue during skip-a-payment promotions. When we offer skip-a-payment and reduced rate promotions, we will notify you of the duration of the promotion. The original terms in this Agreement will resume upon expiration of each promotion.

LIABILITY FOR UNAUTHORIZED USE. You may be liable for the unauthorized use of your Card up to a maximum of $50.00. However, you will not be liable for any unauthorized use of your Card if you notify our designee Town North National Bank, 4455 LBJ Freeway, P.O. Box 815909, Farmers Branch, TX 75381, Telephone No. (800) 442-4757, orally or in writing, of the loss, theft, or possible unauthorized use. The foregoing liability limitation does not apply unless (i) you have exercised reasonable care with the Card, (ii) you have not reported two or more incidents of unauthorized Card use within the previous 12 months, and (iii) you have maintained your Account in good standing. In addition, the foregoing limitation does not apply to cash advances obtained at an ATM.

CREDITING OF PAYMENTS. All payments on your Account received by 10:00 a.m., Dallas, Texas time (during our designee’s business day at the address designated for payment on the monthly periodic statement), will be credited to your Account on the date of receipt. IF PAYMENT IS MADE AT ANY LOCATION OTHER THAN SAID DESIGNATED ADDRESS, CREDIT FOR SUCH PAYMENT MAY BE DELAYED UP TO FIVE DAYS. All payments on your Account will be applied first to collection costs, then to any Late Charges, then to any Over-the-Limit fees, then to any FINANCE CHARGE or other charges due, and then to the unpaid principal balance. Interest paid or agreed to be paid shall not exceed the maximum amount permissible under applicable law, and in any contingency whatsoever, if we shall receive anything of value deemed interest under applicable law which would exceed the maximum amount of interest permissible under applicable law, the excessive interest shall be applied to the reduction of the unpaid principal amount or refunded to you.

FEES AND CHARGES—SEE THE ATTACHED RATES AND FEES SCHEDULE FOR THE AMOUNTS OF THE FOLLOWING CHARGES AND FEES:

LATE CHARGE. If a payment is ten days or more in arrears, you will be charged a Late Charge.

OVER-THE-LIMIT FEE. If your Account balance exceeds your pre-established credit limit you will be charged an Over-the-Limit fee. This fee will be charged only once per month, regardless of the number of times the balance exceeds your credit limit in any given month.

ANNUAL FEE. An Annual Fee will be charged to your Account each year on the anniversary date of the date your Card was issued to you. An Annual Fee will be charged as long as you maintain an active Account.

REISSUANCE FEE. In the event that your Card is not renewed due to inactivity, and you request that the Card subsequently be reissued, you will be charged a Reissuance Fee.

RETURNED CHECK FEE. If any payment you send us is returned unpaid for any reason, we may charge and you agree to pay a Returned Check Fee. We may also assess a Returned Check Fee if for any reason we decline to honor a Convenience Check drawn on your Credit Card Account.

STOP PAYMENT ORDERS. Our rules for stopping payment on ordinary checks, which are set out in our Depository Agreement with you, apply to stop payment orders on Convenience Checks drawn on your Credit Card Account. If you ask us to stop payment or renew a stop payment on a Convenience Check, you will be charged a fee for each stop payment order and each renewal of any such order.

SECURITY. 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 EXTENSIONS MADE UNDER THIS AGREEMENT. THE GRANTING OF THIS SECURITY INTEREST IS A CONDITION FOR THE ISSUANCE OF ANY CARD WHICH YOU MAY USE, DIRECTLY OR INDIRECTLY, TO OBTAIN EXTENSIONS OF CREDIT UNDER THIS AGREEMENT.

Shares and deposits in an Individual Retirement Account or

any other account that would lose special tax treatment under

state or federal law if given as security are not subject to

the security interest you are giving.

ADDITIONAL SECURITY. If you have other loans with us, now or in the future, collateral securing those loans may also secure your obligations under this Agreement. You understand that you should read any security agreement you sign in order to determine if the collateral also secures your obligations under this Agreement and any other agreements you have with us.

DEFAULT. You will be in default (i) if you fail to make any payment on time, (ii) if you fail to keep any promises you have made under this or any other agreement with us, (iii) if you are the subject of an order of relief under Title 11 of the U.S. Code (Bankruptcy), (iv) if anyone tries, by legal process, to take any of your money maintained with us; (v) if you have given false or inaccurate information in obtaining your Card; or (vi) if anything happens which we reasonably believe endangers your ability to repay what you owe.

ACCELERATION. If you are in default, without notice to you we may accelerate your debt and call any amounts you still owe immediately due and payable plus FINANCE CHARGES, which shall continue to accrue until the entire amount is paid. You expressly waive your right to notice of our intent to accelerate and your right to notice that your debt has been accelerated.

NOTIFICATION ADDRESS FOR INFORMATION REPORTED TO CONSUMER REPORTING AGENCIES. If you believe that the information we have reported to credit reporting agencies each month is inaccurate or incomplete, please notify us in writing at: Crane Gulf Federal Credit Union, c/o Town North Bank, 4455 LBJ Fwy., P.O. Box 815909, Dallas, TX 75381. Please include your name, address, home telephone number, and Account number.

CREDIT INVESTIGATION. In connection with your application for credit and, if approved, maintenance of your Account, you agree that we have the right to investigate your credit and employment history, to verify your credit references, to request and use credit reports, and to report the way you pay your Account to credit bureaus and other interested parties.

TERMINATION OR CHANGES. We can terminate this Agreement at any time subject to such notice as may be required by applicable law. You may terminate this Agreement, by written notice, as to future advances at any time. Termination by either party shall not affect your obligation to repay any payments made for your Account resulting from use of the Card as well as FINANCE CHARGES and other related charges. We may change the terms of this Agreement, including the periodic rate, at any time subject to such notice as may be required by applicable law. If you use your Card to make a purchase or obtain a cash advance after having been given notice of a change in terms, you agree that the existing balance in your Account at the time of that use will be subject to the new terms, as shall subsequent uses.

ILLEGAL TRANSACTIONS. You agree that you will not cause or allow the Card to be used in any manner or for any transaction that we believe poses an undue risk or illegality, and we may refuse to authorize any such use or transaction. You agree that any illegal use of the Card will be deemed an act of default under this Agreement. You further agree to waive any right to take legal action against the Credit Union for your illegal use of the Card and to indemnify and hold the Credit Union and MasterCard International, Incorporated harmless from and against any lawsuits, other legal action, or liability that results directly or indirectly from such illegal use.

FOREIGN CURRENCY. If you effect a transaction with your MasterCard in a currency other than U.S. dollars, MasterCard International, Incorporated will convert the charge into a U.S. dollar amount. MasterCard International will use its currency conversion procedure, which is disclosed to institutions that issue MasterCard cards. Currently the currency conversion rate used by MasterCard International to determine the transaction amount in U.S. dollars for such transactions is generally either a government mandated rate or a wholesale rate determined by MasterCard International for the processing cycle in which the transaction is processed, increased by an adjustment factor established from time to time by MasterCard International. The currency conversion rate used by MasterCard International on the processing date may differ from the rate that would have been used on the purchase date or cardholder statement posting date.

ADDITIONAL PROVISIONS. Each provision of this Agreement must be considered as part of the total Agreement and cannot, in any way, be severed from it. However, you also agree that should any part of the Agreement be found invalid, it will in no way affect the remainder of the Agreement. You understand that the validity, construction, and enforcement of this Agreement shall be governed by the laws of the State of Texas to the extent not preempted by applicable federal laws, and it is performable in Crane County, Texas.

We do not warrant any merchandise or services purchased by you with the Card. All purchases and cash advances are extended at the option of the merchant or cash advancing financial institution and we are not responsible for the refusal of any merchant or financial institution to honor your Card.

The Card remains our property at all times, and you agree to immediately surrender the Card upon demand by us. You agree to pay all reasonable costs of collection, including court costs and attorney’s fees, and any costs incurred in the recovery of the Card. We can accept late payments or partial payments or checks or money orders marked "payment in full" without losing any of our rights under this Agreement. We can also delay enforcing any of our rights under this Agreement without losing them. You expressly waive presentment for payment, demand, protest, and notice of protest and dishonor of same. If you move, you agree to immediately notify us in writing of your new address.

 

AGREEMENT AND ACKNOWLEDGMENT. By signing the application for a Card or by using the Card, each person agrees to all the terms and conditions and promises to perform all the obligations, requirements, and duties set forth in this Agreement. The person signing the application as borrower acknowledges receipt of a copy of this Agreement.

 

NOTICE OF YOUR BILLING RIGHTS

KEEP THIS NOTICE FOR FUTURE USE

 

This notice contains important information about your rights and our responsibilities under the Fair Credit Billing Act.

NOTIFY US IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR STATEMENT. If you think your statement is wrong or if you need more information about a transaction on your statement, write us on a separate sheet at the address listed on your statement. Write to us as soon as possible. We must hear from you no later than 60 days after we sent you the first statement on which the error or problem appeared. You can telephone us, but doing so will not preserve your rights.

In your letter, give us the following information:

Your name and Account number.

The dollar amount of the suspected error.

Describe the error and explain, if you can, why you believe there is an error. If you need more information, describe the item you are not sure about.

If you have authorized us to pay your Account automatically from your savings or checking account, you can stop the payment on any amount you think is wrong. To stop the payment your letter must reach us three business days before the automatic payment is scheduled to occur.

YOUR RIGHTS AND OUR RESPONSIBILITIES AFTER WE RECEIVE YOUR WRITTEN NOTICE. We must acknowledge your letter within 30 days unless we have corrected the error by then. Within 90 days, we must either correct the error or explain why we believe the statement was correct.

After we receive your letter, we cannot try to collect any amount you question, or report you as delinquent. We can continue to send statements to you for the amount you question, including FINANCE CHARGES, and we can apply any unpaid amount against your credit limit. You do not have to pay any questioned amount while we are investigating, but you are still obligated to pay the parts of your statement that are not in question.

If we find that we made a mistake on your statement, you will not have to pay any finance charges related to any questioned amount. If we didn’t make a mistake, you may have to pay finance charges, and you will have to make up any missed payments on the questioned amount. In either case, we will send you a statement of the amount you owe and the date that it is due.

If you fail to pay the amount that we think you owe, we may report you as delinquent. However, if our explanation does not satisfy you and you write to us within ten days telling us that you still refuse to pay, we must tell anyone we report you to that you have a question about your statement. We must tell anyone we report you to that the matter has been settled between us when it finally is.

If we don’t follow these rules, we can’t collect the first $50 of the questioned amount, even if your statement was correct.

SPECIAL RULE FOR CREDIT CARD PURCHASES. If you have a problem with the quality of property or services that you purchased with a 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 property or services. There are two limitations on this right: (i) You must have made the purchase in your home state, or if not within your home state, within 100 miles of your current mailing address; and (ii) The purchase price must have been more than $50.

These limitations do not apply if the credit card issuer owns or operates the merchant, or mailed you the advertisement for the property or services.

I acknowledge I have received a copy of this MasterCard Agreement and Disclosure Statement.

Signature Date

RATES AND FEES SCHEDULE DISCLOSURE

CRANE GULF FEDERAL CREDIT UNION

 

Premium Pricing

Standard Pricing

Tier 1 Pricing

Share Secured Pricing

Annual percentage Rate

(APR) for Purchases

9.00%

12.00%

15.00%

15.00%

APR for Balance Transfers/

Cash Advances

9.00%

12.00%

15.00%

15.00%

Daily Periodic Rate for

Purchases, Balance Transfers

and Cash Advances

.024658%

.032877%

.041096%

.041096%

Past Due APR

15.00%

15.00%

15.00%

15.00%

Grace Period for Purchases

If you have paid your account in full by the due date shown on the previous monthly statement, or there is no previous balance, you have 25 days to repay your account balance before a finance charge on current purchases will be imposed.

Method for Computing the

Balance for Purchases

Average Daily Balance (including new purchases)

Annual Fee

None

Minimum Finance Charge

None

Over Credit Limit Fee

5% of overline balance if over limit at billing date

Late Payment Fee

5% of minimum payment

Foreign Currency Fee

1%

Returned Check Fee

$25

Reissuance of Card Fee

$15

Phone or Operator Assisted Payments Fee

$10

Stop Payment Order Fee

$25

 

The information about the costs of the card described in this Application and Agreement is accurate as of October 12, 2007. This information may have changed after that date. To find out what may have changed, write to us at Crane Gulf Federal Credit Union, P.O. Box 1162, Crane, TX 79731 or call 432-558-7191.

SECURITY. 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 EXTENSIONS MADE UNDER THIS AGREEMENT. THE GRANTING OF THIS SECURITY INTEREST IS A CONDITION FOR THE ISSUANCE OF ANY CARD WHICH YOU MAY USE, DIRECTLY OR INDIRECTLY, TO OBTAIN EXTENSIONS OF CREDIT UNDER THIS AGREEMENT.

Shares and deposits in an Individual Retirement Account or any other account that would lose special tax treatment under state or federal law if given as security are not subject to the security interest you are giving.

ADDITIONAL SECURITY. If you have other loans with us, now or in the future, collateral securing those loans may also secure your obligations under this Agreement. You understand that you should read any security agreement you sign in order to determine if the collateral also secures your obligations under this Agreement and any other agreements you have with us.

 

**______Initial here that you have read and agree with the Security Box above and in the Card Agreement.

 

I certify that I have read and agree to all the terms, authorizations and disclosures contained in the attached Crane Gulf Federal Credit Union MasterCard® Credit Card Agreement and this Rate and Fee Disclosure Statement. I certify that everything I have stated in this certificate is true and correct. I authorize Crane Gulf Federal Credit Union to check my credit, employment, and income references. I understand that the use of any card issued in conjunction with this offer will constitute my acceptance of and will be subject to the terms and conditions of the attached Card Agreement. I understand that the terms of my account are subject to change as provided in this Card Agreement.

By signing the application for a Card or by using the Card, and/or signing this Disclosure, each person agrees to all the terms and conditions and promises to perform all the obligations, requirements, and duties set forth in the attached Card Agreement.

The person signing the application or this Disclosure acknowledges receipt of a copy of this Agreement.

Date:_____________________________

Signatures:

______________________________________________________________ ____________________________________________________________