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Credit Union News
Wisconsin consumers are now able to obtain a free annual credit report, thanks Credit Transactions Act. You can obtain a free report compiled by any of the three credit reporting companies, TransUnion, Equifax or Experian, at a special website, by calling a toll free number or by mail. A credit report contains information on your debts, how you pay your bills, and whether you've been sued or filed for bankruptcy. Lenders, credit card issuers, insurers and other businesses use it to evaluate your applications for credit, insurance or renting a home.
You may order your reports from each of the three nationwide consumer reporting companies at the same time, or you can order from only one or two. The law allows you to order one free copy from each of the nationwide consumer reporting companies every 12 months. Once you receive your report, review the information on it to see if it is accurate, complete and up-to-date. Your credit score is not included with your free report, but may be requested when you order your report for a fee. For more information about credit reports and how to request your file and how to correct errors on your report, go to the Federal Trade Commission web site at www.ftc.gov and click on “Information on Free Credit Reports”. The website for requesting your credit report is: www.annualcreditreport.com . The toll free number is: 1-877-322-8228.
 2010 Holiday Schedule:
January 1, 2010 - Closed
Saturday January 2, 2010 - Drive Thru Open 9:00 - 12:00pm
Good Friday, April 2, 2010 - Open till 5:30pm
Memorial Day, May 31, 2010 - Closed
Independence Day Observed, Monday July 5, 2010 - Closed
Labor Day, September 6, 2010 - Closed
Thanksgiving Day, Nov. 25, 2010 - Closed
Christmas Eve, Dec. 24, 2010 - Open till 12:00 Noon
Christmas Day, December 25, 2010 - Closed
New Year's Eve, Dec. 31, 2010 - Open till 1:00 p.m.
New Year's Day, Jan. 1, 2011 - Closed
Mastercard Disclosure
These regulations are effective January 1, 2009. In this Agreement the words
“you” and “your” mean each and all of those who agree to be bound by this
Agreement; “Card” means the Mastercard, and any duplicates, renewals, or
substitutions the Credit Union issues to you; “Account” means your Mastercard,
or credit card line of credit account with the Credit Union, and “Credit Union”
means the Credit Union whose name appears on the Agreement or anyone to
whom the Credit Union transfers this Agreement.
1. Using Your Account. If you are approved for an Account, the Credit Union
will establish a line of credit for you and notify you of your credit limit. You
agree that your credit limit is the maximum amount (purchases, cash advances,
finance charges, plus “other charges”) that you will have outstanding on your
Account at any time. Each payment you make to your Account will restore your
credit limit by the amount of the payment applied to the principal loan balance,
unless you are over your credit limit. If you are over your credit limit, you must
pay the amount you are over before payments will begin to restore your credit
limit. You may request an increase in your credit limit only by a method
acceptable to the Credit Union. The Credit Union has the right to reduce your
credit limit, refuse to make an advance, and/or terminate your Account at any
time for any reason not prohibited by law.
2. Using the Credit Card. You may use your Card to make purchases from
merchants and others who accept Mastercard. In addition, you may obtain cash
advances from the Credit Union and from other financial institutions that accept
Mastercard and from some automated teller machines (ATMs) that accept
Mastercard. (Not all ATMs accept Mastercard.) To obtain cash advances from
an ATM, you must use the Personal Identification Number (PIN) that is issued
to you for use with your Card.
3. Responsibility. You agree to pay all charges (purchases and cash advances)
to your Account that are made by you or anyone whom you authorize to use
your Account. You also agree to pay all finance charges and other charges added
to your Account under the terms of this Agreement or another agreement you
made with the Credit Union. If this is a joint Account, Section 17 below also
applies to your Account.
4. Finance Charges. You have a 25 day grace (no finance charge) period on
your purchases balance and for new purchases if you paid the Total New
Balance for purchases on your last statement by the end of the grace period. You
also have a 25 day grace period for new purchases if you did not have a purchase
balance on your last statement. The grace period starts on the statement closing
date. If you do not pay the Total New Balance for purchases by the end of the
grace period, finance charges will be imposed on the unpaid purchase balance
from the first day of the next billing cycle and on new purchases from the date
they are posted to your Account. Finance charge is imposed on cash advances
from the date they are posted to your Account.
The Finance Charge on outstanding balances in your Account will be charged at
an initial monthly periodic rate of .825% which is a corresponding ANNUAL
PERCENTAGE RATE of 9.9%.
To get the average daily balance, the daily balances for purchases and cash
advances for the billing cycle are added and the totals are divided by the number
of days in the cycle. To get the daily balance for cash advances, new cash
advances are added to the day’s beginning balance and payments and credits are
subtracted. To get the daily balance for purchases, new purchases are added to
the day’s beginning balance and payments and credits are subtracted; however,
new purchases are not added if you paid the Total New Balance for purchases
on your last statement by the end of the grace period or if you did not have a
purchase balance your last statement. Fees are not included in the calculation of
the average daily balance. Finance charges will continue to accrue on your
Account until what you owe under this Agreement is paid in full.
5. Other Charges. The following other charges (fees) will be added to your
Account, as applicable:
a) Late Payment Fee: You will be charged $20.00 if you fail to make your
minimum payment within 7 days of its due date.
b) Draft Copy Fee: You will be charged $5.00 for each copy of a sales draft
that you request. This fee will not be charged if the request is related to a billing
error made by the credit union.
c) Card Replacement Fee: You will be charged $5.00 for replacement of a
card if the card is lost, stolen, or replaced for any other reason.
d) Annual Fee: NONE
e) Over Limit Fee: You will be charged $15.00 in any month that you exceed
your credit limit.
6. Payments. Each month you must pay at least the minimum payment shown
on your statement by the date specified on the statement or no later than 25 days
from the statement closing date, whichever is later. You may pay more
frequently, pay more than the minimum payment, or pay the Total New Balance
in full. If you make extra or 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). Each monthly payment will be the greater of $20.00 or 5% of
your New Balance on Mastercard, plus the amount of any prior minimum
payments that you have not made, 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.
7. Payment Allocation. Each payment will be applied first to the Finance
Charge then due, then to any additional unpaid charges and the remainder will
be applied to the Principal Loan Balance; any unpaid portion of the Finance
Charge will be paid by subsequent payments and not added to the Principal
Loan Balance.
8. Security Interest. Each purchase and cash advance through your account
constitutes a loan by us to you in the State of Wisconsin. You agree that the
Wisconsin Consumer Act applies to all these loans even though you may use
them for business purposes, or you are a person not otherwise covered by the
act. To secure each purchase loan, you grant us a security interest under the
Uniform Commercial Code in any goods you purchase with it. If you default,
we will have the right to recover any of these goods which have not been fully
paid through our application of your payments in the manner described in
paragraph 6. If you give or have given us any other security interests for all your
debts, your card account will also be secured by the property described in those
security agreements (except for your home, home furnishings, appliances, and
clothing) whenever your account balance exceeds $1,000.00.
9. Default. You will be in default if you fail to make a minimum payment when
due twice during any 12-month period. You will also be in default if breaking
any promise you make under this Agreement materially impairs your ability to
repay what you owe. When required by state law, the Credit Union will send you
notice of your default and give you 15 days from the date the notice was sent to
cure your default. If you do not cure your default within the 15 days, the Credit
Union can demand immediate payment of the entire amount you owe on your
Account. The Credit Union is required to give you notice only two times during
any 12-month period. If notice is not required, the Credit Union can demand
immediate payment of the entire amount you owe on your Account, if you are
in default. If immediate payment is demanded, you agree to continue paying
finance charges at the periodic rate charged before default until what you owe
has been paid.
10. Liability for Unauthorized Use. You may be liable for the unauthorized
use of your Card. You will not be liable for unauthorized use that occurs after
you notify the Credit Union, orally or in writing, of the loss, theft, or possible
unauthorized use. In any case, your liability will not exceed $50. You can notify
the Credit Union by calling (800) 808-7230, Monday through Friday, 7:00 a.m.
to 9:00 p.m., CST. All other times, call 1-800-991-4961.
11. Changing or Terminating Your Account. The Credit Union may amend
the terms of the Account at any time by providing 15 days notice to you, except
that 90 days notice is required by those situations governed by Section 422.415
of the Wisconsin Statutes.
The credit union reserves the right to limit the frequency of plan changes
between rate options.
Either you or the Credit Union may terminate this Agreement at any time, but
termination by you or the Credit Union will not affect your obligation to pay the
Account balance plus any finance and other charges you owe under this
Agreement.
SOUTHSHORE CREDIT UNION
MASTERCARD DISCLOSURE AGREEMENT AND REGULATIONS as required by Federal Law. Keep this agreement for your records.
The Card or Cards you receive remain the property of the Credit Union and you
must recover and surrender to the Credit Union all Cards upon request or upon
termination of this Agreement whether by you or the Credit Union. If this is a
joint Account, Section 17 of this Agreement also applies to termination of the
Account.
12. Credit Information. You authorize the Credit Union to investigate your
credit standing when opening or reviewing your Account. You authorize the
Credit Union to disclose information regarding your Account to credit bureaus
and creditors who inquire about your credit standing.
13. Returns and Adjustments. Merchants and others who honor your Card
may give credit for returns or adjustments, and they will do so by sending the
Credit Union a credit slip which will be posted to your Account. If your credit
and payments exceed what you owe the Credit Union, the amount will be
applied against future purchases and cash advances. If the credit balance amount
is $1 or more, it will be refunded upon your written request or automatically
after six months.
14. Additional Benefits/Card Enhancements. The Credit Union may from
time to time offer additional services to your Account, such as travel accident
insurance, at no additional cost to you. You understand that the Credit Union is
not obligated to provide such services and may withdraw or change them at any
time.
15. Foreign Transactions. Purchases and cash advances made in foreign
countries and foreign currencies will be billed to you in U.S. dollars. The
conversion rate to U.S. dollars will be determined in accordance with the
operating regulations established by Mastercard. Currently the currency
conversion rate used to determine the transaction amount in U.S. dollars is either
a government-mandated rate or the wholesale market rate in effect one day prior
to the transaction processing date, increased by one-percent. The currency
conversion 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.
16. Merchant Disputes. The Credit Union is not responsible for the refusal of
any merchant or financial institution to honor your Card. The Credit Union is
subject to claims and defenses (other than tort claims) arising out of goods or
services you purchase with the Card if you have made a good faith attempt but
have been unable to obtain satisfaction from the merchant or service provider,
and (a) your purchase was made in response to an advertisement the Credit
Union sent or participated in sending to you; or (b) your purchase cost more than
$50 and was made in your state or within 100 miles of your home.
17. Joint Accounts. If this is a joint Account, each person on the Account must
sign the Agreement. Each of you will be individually and jointly responsible for
paying all amounts owed under this Agreement. This means that the Credit
Union can require any one of you individually to repay the entire amount owed
under this Agreement. Each of you authorizes the other(s) to make purchases or
cash advances individually. Any one of you may terminate the Account and the
termination will be effective as to all of you.
18. Effect of Agreement. This Agreement is the contract which applies to all
transactions on your Account even though the sales, cash advances, credit or
other slips you sign or receive may contain different terms.
19. No Waiver. The Credit Union can delay enforcing any of its rights any
number of times without losing them.
20. Statements and Notices. Statements and notices will be mailed to you at
the most recent address you have given the Credit Union.
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 Bill
If you think your bill is wrong, or if you need more information about a
transaction on your bill, write us on a separate sheet at the address listed on your
bill. Write to us as soon as possible. We must hear from you no later than 60
days after we sent you the first bill 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.
You may write: Credit Union Card Services
PO Box 8982, Madison, Wisconsin 53701-8982
If you have authorized us to pay your credit card bill automatically from your
savings or share draft 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 bill 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 bill you for the amount you
question, including finance charges, and we can apply an 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 bill that are not
in question.
If you find that we made a mistake on your bill, you will not have to pay any
finance charges related to any questioned amount. If we did not 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 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 bill. And, we must tell you the
name of anyone we reported you to. 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 bill
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. (a) 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 (b) The purchase price
must have been more than $50.
These limitations do not apply if we own or operate the merchant, or if we
mailed you the advertisement for the property or services.
The information about finance charge, Annual Percentage Rate, and Other
charges described in this disclosure is accurate as of January 1, 2009. This
information may have changed after that date. To find out what may have
changed, call or write us at:
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P.O. Box 100737
4580 South Nicholson Ave.
Cudahy, Wisconsin 53110-6113
(414) 769-2345
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