Bridgewater Credit Union
 
Commercial Loans

business debit card disclosure statement

Business VISA Check Cardholder Agreement

The following terms and conditions are agreed to by you and us when we issue you a card at your request. In this agreement references to "you" and "your" mean the accountholder(s) and anyone who has authority to utilize the account(s). "We", "us" and "our" mean Bridgewater Credit Union. To the extent that any of the following terms and conditions are void or unenforceable under applicable law, this Cardholder Agreement shall be treated as if such terms and conditions did not exist and all of the other terms and conditions shall continue in full force and effect.

All of the terms set forth in the Initial Disclosure of Terms and Conditions of Electronic Fund Transfer Services are hereby made part of this Cardholder Agreement and shall govern the use of your card.

Any account which may be accessed by use of your card may also be governed by a separate set of rules and regulations which shall remain in effect with respect to such accounts, unless inconsistent with the agreements set forth in this Cardholder Agreement in which case the terms and conditions set forth herein shall control.

1. Use of Card.

You may use your card to carry out the transactions described in the Disclosure Statement under the heading "Transfer Types and Limitations". We may agree with you in the future that other transactions can be carried out using your card and, in such event, we will notify you as to those transactions.

You agree not to use your card to effectuate any transaction, which is unlawful under applicable law, such as unlawful gambling.

2. Limitations on Transfers.

(a) You may withdraw up to $500.00 or your available balance (whichever is smaller) per card per day, from our terminals each calendar day unless you request and are approve for a higher amount.

(b) You may purchase, utilizing the debit card feature of your card, up to $5,000.00 of goods and/or services per card each calendar day from places that accept the card.

(c) For security reasons, we may impose other limits on transfers you can make using our terminals, authorized telephone transfer services, or other electronic transfer system.

(d) Use of your card outside of the United States of America may be subject to certain limitations. If you plan to travel outside of the United States, you should contact us for information concerning such limitations in various countries.

(e) If your account is a statement savings deposit account, or money market statement account, you may not make more than 6 transfers per month to another account with us or to a third party by means of a preauthorized or automatic transfer, or telephonic agreement, order or instruction, and no more than 3 of the 6 such transfers may be made by check, draft, debit card, or similar order made by you and payable to third parties.

3. Charges for Use of Your Card.

We have published a Service Charges Schedule which sets forth all applicable charges which we can make in connection with the use of your card or any electronic funds transfer. Please refer to our most recently published Service Charges Schedule. We reserve the right to amend the Services Charges Schedule at any time and will give you notice if we do. You agree to pay all such charges which you have incurred and hereby authorize us to charge your deposit account(s) with the aggregate outstanding amount of such charges from time to time.

4. Use of Your Card Outside the United States.

Purchases, cash withdrawals and cash advances 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 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 card holder statement posting date.

A fee of 1 % of the transaction amount posted to your account will be imposed on all foreign transactions, including purchases, cash withdrawals, cash advances and credits to your account. A foreign transaction is any transaction that you complete or a merchant completes on your card outside of the U.S., Puerto Rico or the U.S. Virgin Islands.

A devaluation of the US dollar against the foreign currency in which the transaction was made will result in a higher than expected dollar amount charged to your account. This currency differential, along with any transaction fee for the foreign exchange could result in your account becoming overdrawn.

5. Evidence of Transactions.

In the event that we institute legal action against you in connection with this account, we may introduce into evidence a copy, microfilm, or microfiche of any document evidencing transaction under this Cardholder Agreement and such copy, microfilm or microfiche shall be deemed as valid as the original document.

6. Notices.

Any notice sent by us shall be effective when mailed to you at your last address on our records. To the extent allowed by law, notices from you to us must be in writing and shall be effective when received by us.

7. Default.

In the event that you default in connection with any obligation owed to us, you agree to reimburse us for all costs of collection, including reasonable attorneys' fees.

8. Maintenance of Accounts.

As long as this Cardholder Agreement is in effect, you agree to maintain at least one account for which your card can be used. If you close all of such accounts, this Cardholder Agreement will terminate and you must return your card to us immediately.

9. Ownership of Card.

The card which we issue to you will remain our property and you may not transfer it to any other person. You agree to return the card to use immediately upon demand or upon termination of this Cardholder Agreement. We will program the machines in which your card can be used to retain your card following the termination of this Cardholder Agreement and in certain other events.

10. Authorization to Withdraw Funds from your Account(s).

You hereby authorize us to withdraw funds from your account(s) to satisfy any transaction which you have made utilizing your card. Such authorization includes the right to charge your accounts for funds distributed to you and for charges which you have incurred pursuant to this Cardholder Agreement.

11. Amendments.

We reserve the right to modify the terms and conditions set forth in this agreement at any time, including modifications to our Schedule of Fees and Charges. Unless applicable law requires a longer notice period, we may modify this agreement by mailing a notice of the modification to you at your address as shown on our records at least thirty days prior to the effective date of the modifications.

12. Governing Law.

This Agreement shall be governed by and construed under the laws of the Commonwealth of Massachusetts.

13. Lost or Stolen Card Liability.

You agree to be liable for any unauthorized transactions using your lost or stolen Business VISA Check Card.

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