Varex SL Employees Credit Union
Checking/Debit Card Agreement

In this Agreement and disclosure Statement, the words “you” and “your” mean each and all of those who agree to be bound by this agreement; “Card” means the Varex SL Employees Credit Union’s debit card and any duplicates, renewals, or substitutions the Credit Union issues to you; “Account” means the account designated on the application for your debit Card; “Credit Union” means the Credit Union whose name appears on this Agreement or anyone to whom the Credit Union transfers this Agreement; and “Transaction” means use of the Card or the Account number on the Card, and a Personal Identification Number or “PIN” when required, to perform a transaction with this Card.
  1. Issuance of Card: You have requested the Credit Union to issue you a Card that can be used to access funds in your account. The Credit Union will issue you a PIN that must be used with the Card for transactions that require use of a PIN. Do not reveal your PIN to anyone else or write it down where it is available to others.
  2. Responsibility for Transactions: You are responsible for all transactions you make with the Card or that you authorize another person to make with the Card. If the Account is a joint account, all transactions involving the Account are binding on all Account holders. Section 16 below tells you about your responsibility for unauthorized transactions.
  3. Use of the Card: You may use the Card and PIN to: withdraw cash from your Account at ATMs, merchants, or financial institutions that accept VISA cards; transfer funds between your Account and another account you have with the Credit Union; and make deposits to one of your accounts at the Credit Union. You may use the Card without the PIN to: purchase goods or services at places that accept VISA cards (these are point of sale of POS transactions); order goods or services by mail or telephone from places that accept Visa cards; and make automatic payments from your account to pay bills or other charges, providing that the person or organization that you are paying agrees to accept payments this way. Use of the Card, the Account number on the Card, the PIN, or any combination of the three for payments, purchases, or to obtain cash for merchants, financial institutions, or others who honor VISA cards is an order by you for the withdrawal of the amount of the Transaction from your account. Each Transaction with the Card will be charged to your Account on the date the Transaction is posted to your Account. Use of the Card is subject to the terms and conditions of your Account, and any future changes to your Account may affect your use of the Card. The Credit Union may charge withdrawals to the Checking Account in any order it chooses and if funds are not sufficient to cover all withdrawals, the Credit Union may pay Card Withdrawals and dishonor regular Checks. The Credit Union cannot honor stop payment requests on Card Withdrawals.
  4. Card Ownership: The Credit Union reserves the right to cancel you Card at any time. You may also cancel you Card at any time. The Card will remain the property of the Credit Union and you agree to surrender the Card to the Credit Union at any time upon request. You further agree and understand that in the event the Credit Union elects to pick up and take possession of your Card(s), you will pay the costs of that pick up, not to exceed the amount of $200.00.
  5. Advances and Line of Credit: If you are issued a Overdraft Line of Credit with your Debit Card and the Credit Union makes advances to pay any checks or VISA Debit Card advances which exceed the balance in your Checking Account, this amount will be added to your Overdraft Line of Credit. The maximum amount of advances made by the Credit Union is established by the Credit Union and printed on your monthly statement.
  6. Access Limitation: If you use your Debit Card for an ATM transaction, you understand that it only accesses your checking account and that withdrawals by ATM will not exceed your Checking Account balance and/or your Overdraft Line of Credit balance.
  7. Promise to Repay Advances/Terms: For value received and to be received, you agree and promise to pay the Credit Union all sums advanced from time to time on your Overdraft Line of Credit under this Agreement plus a FINANCE CHARGE (interest) at the periodic rate and ANNUAL PERCENTAGE RATE as disclosed on the current Loan Liner Addendum. The FINANCE CHARGE begins to accrue on the date of each advance. The FINANCE CHARGE is computed when a payment is made by multiplying the unpaid balance by the periodic rate for the number of days the balance is outstanding. The balance subject to FINANCE CHARGE is the daily principal balance after adding new advances and other charges and subtracting payments and other credits.
  8. Minimum Monthly Payments: Minimum payments on each loan account shall be 3% of the outstanding principal balance with a minimum monthly payment of $25.00. Payments shall be due on the 30th of each month except when an advance is made on a loan account having a zero balance, the first payment shall be due on the 30th of the month following the advance and when subsequent advances result in an increase in the minimum monthly payments, such increase shall become effective on the 30th of the month following the month in which the advance(s) was made. Each payment on a loan account will first be applied to the FINANCE CHARGE and then the remainder will be applied to the unpaid principal balance; any unpaid portion of the FINANCE CHARGE will be paid by subsequent payments and not added to principal. In the event that you exceed your Overdraft Line of Credit limit, you will be obligated to make payments in an amount sufficient to reduce the account balance down to your limit in addition to the regular monthly payments.
  9. Acceleration, Costs and Fees: In the event any payment on your Overdraft Line of Credit is not made when due, or if an event of default occurs under any security agreement which may be executed in connection herewith, then the entire unpaid balance of all loan accounts under this agreement plus accrued interest shall become immediately due and payable at the option of the Credit Union. You also agree to pay the costs of collection and reasonable attorney’s fees and court costs.
  10. Lien and Set-off Rights: The Credit Union shall have a lien and right of setoff and you agree to pledge all of your shares, deposits, accumulated dividends or interest, which you have now or in the future, whether held individually, jointly, as multiple parties, in trust, or in transaction accounts, as security for any and all money advanced under this agreement and interest accrued thereon, and authorize the Credit Union in the case of default to apply the same to payments of said obligation. This pledge does not include amounts held under an Individual Retirement Account.
  11. Limitation on Dollar Amounts and Frequency of Transactions: There is a daily maximum of three ATM withdrawals of $300.00 per transaction with your Debit Card. You may make any number of transactions in one business day. For purposes of determining your limit, a day ends at 5:00 PM. Friday, Saturday and Sunday count as one day for daily withdrawal limit purposes.
  12. Charges and Fees: The current fees and charges applicable to this account are listed on the attached Schedule of Fees. Fees and charges may change from time to time. You may ask us to send you a current schedule at any time. The amount of any fees or charges will be deducted automatically from your Account.
  13. Right to Receive Documentation of Transactions: The monthly statement for the Checking account will identify the merchant, financial institution or ATM at which Card withdrawals were made, but sales, cash advance credit or other slips cannot be returned with your statement. Statements and notices will be mailed to you at the most recent address you have given the Credit Union. Notice sent to any one of you will be considered notice to all. You should retain your copy of such slips furnished at the time of the transaction in order to verify the monthly statement. The Credit Union may make a reasonable charge for photocopy requests.
  14. Business Days: The business days of the Credit Union are Monday through Friday 8:00AM -4:30 PM. Holidays are not included.
  15. Disclosure of Account Information to Third Parties: The Credit Union will disclose information to third parties about your Account or the Transactions you make: 1.) When it is necessary for completing transactions; or 2.) In order to verify the existence and condition of your Account for a third party such as a credit bureau or merchant or 3.) In order to comply with government agency or court orders, or 4.) If you give us your written permission.
  16. Member Liability: Tell us AT ONCE if you believe your card has been lost or stolen. Telephoning is the best way of keeping your possible losses down. You could lose all the money in your account (plus your maximum overdraft line of credit). If a transaction is made with your card or card number without your permission, and is either a VISA or Interlink transaction, you will have no liability for the transaction, unless you were grossly negligent in the handling of your account or card. Your liability for unauthorized use of your card or account will be determined under the following paragraphs for transactions that are not VISA or Interlink transactions, for transactions at ATMs, or if you were grossly negligent in the handling of your account or card. If you tell us within two business days, you can lose no more than $50 if someone used your card without your permission. If you do NOT tell us within two business days after you learn of the loss or theft of your card, and we can prove that that we could have stopped someone from using your card without your permission if you had told us, you could lose as much at $500. Also, if your statement shows transfers that you did not make, tell us at once. If you do not tell us within 60 days after the statement was mailed to you, you may not get back any money you lost after the 60 days if we can prove that we could have stopped someone from taking the money if you had told us in time. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time periods. If you believe the Card or PIN has been lost or stolen or that someone has transferred or may transfer money from your Account without your permission, call: 801-973-5052 or write: Varex SL Employees Credit Union, 1678 S. Pioneer Road, Salt Lake City, Utah 84104.
  17. Liability for Failure to Make Transfers: If the Credit Union does not complete a transaction on time or in the correct amount according to the terms of this agreement, the Credit Union will be liable for your losses or damages. However, there are some exceptions. The Credit Union will NOT be liable, for instance:
    • If, through no fault of the Credit Union’s, you do not have enough money in your Account to make the transfer.
    • If you have an Overdraft Line of Credit with the Credit Union and the Transaction would exceed your Line of Credit limit.
    • If the ATM where you are making the transfer does not have enough cash.
    • If the terminal or system was not working properly and you knew about the breakdown when you started the transfer.
    • If circumstances beyond the Credit Union’s control (such as fire or flood) prevent the transfer.
    • If your Account is subject to legal process or other claim.
    • If you used a damaged or expired access device or one that has been reported lost or stolen, of if you use an incorrect PIN.
    • If the Credit Union believes that something is wrong, for example that your card has been stolen.
    • For pre-authorized transfers, if through no fault of the Credit Union, the payment information for a preauthorized transfer is not received.
  18. Foreign Transactions: Transactions that are initiated in foreign countries and foreign currencies will be charged to your Account in U.S. dollars. The conversion rate to dollars will be at: 1.) The wholesale market rate, or 2.) The government-mandated rate, whichever is applicable, in effect one (1) day prior to the processing date, increased by (1%).
  19. Effect of Agreement: Even though the sales, cash advance, or other slips that you sign or receive when using the Card or the Account number on the Card may contain different terms, this Agreement is the sole Agreement that applies to all Transactions involving the Card.
  20. Agreement Amendments: The Credit Union may change the periodic rate(s) or otherwise amend this agreement, or refuse any request for an advance at any time for any reason not prohibited by law. The Credit Union may terminate this agreement upon adverse re-evaluation of a maker’s creditworthiness, upon failure of a maker to satisfy the terms of the agreement, or at the option of a maker or of the Credit Union for a good cause. Action taken under this paragraph shall not affect the obligation of you or any other obligator.
  21. No Waiver: The Credit Union can delay enforcing any of its rights under this Agreement and the law any number of times without losing them.
  22. Final Expression: This agreement is the final expression of the term and conditions of the VISA Debit/line of credit between you and the credit union: this written agreement may not be contradicted by evidence of any alleged oral agreement. Use of your VISA Debit card indicates that you will abide by all the terms and conditions disclosed in this agreement. Keep a copy of this agreement with your PIN number in a safe place for future reference.

Billing Right Notice

In Case of Errors or Questions about your Card:

Telephone us at 801-973-5052 or write us at Varex SL Employees Credit Union, 1678 South Pioneer Rd, Salt Lake City, Utah 84104, as soon as you can, if you think your statement or receipt is wrong of if you need more information about a Transaction listed on the statement or receipt. We must hear from you no later than 60 days after we sent the FIRST statement on which the problem or error appeared.

1.) Tell us you name and Account number.
2.) Describe the error the Transaction you are unsure about, and explain as clearly as you can why you believe it is in error or why you need more information.
3.) Tell us the dollar amount of the suspected error.

If you tell us orally, we may require that you send us you complaint or question in writing within ten (10) business days. We will tell you the result of our investigation within 10 business days (20 business days for POS transactions or if the transaction is initiated outside the U.S.) after we hear from you and will correct any error promptly. If we need more time, however, we may take up to forty-five (45) days (ninety (90) days for POS transactions or if the transaction is initiated outside the US) to investigate your complaint or question. If we decide to do this, we will credit your Account within ten (10) business days (twenty (20) business days for POS transactions or if the transaction is initiated outside the U.S.) for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within ten (10) business days, we may not credit your Account.

If we decide that there was no error we will send you a written explanation within three (3) business days after we finish our investigation. You may ask for copies of the documents that we used in our investigation.

Fees for your Debit Card-Effective June 2005

Over limit Fee - $15.00
Late Payment Fee - $15.00
Cash Advance (without Card) - $5.00
Card/Pin Replacement - $5.00
Reissue of Debit Card (Every 2 Years) - $5.00
ODV (authorized debit transactions, which take Checking account into the negative) - $25.00
Courtesy Pay (per item) - $25.00
Must OPT IN to receive Courtesy Pay Privledges