Please print PFFCU's Express Loan Credit Agreement and retain for your records.

Police and Fire Federal Credit Union
EXPRESS LOAN Credit Agreement and Truth-in-Lending Disclosure

This EXPRESS LOAN Credit Agreement and Truth in Lending Disclosure will be referred to as "EXPRESS LOAN". "You" and "Your" mean each person who signs EXPRESS LOAN. "PFFCU", "we" or "us" means Police and Fire Federal Credit Union or anyone to whom PFFCU transfers its rights under EXPRESS LOAN.

WHAT IS EXPRESS LOAN?
EXPRESS LOAN is PFFCU’s streamlined loan system for Personal Lines of Credit, Signature Loans and VISA Credit Cards (the "Loans") and any additional loan products that may be added. By signing EXPRESS LOAN you will be able to apply for future Personal Lines of Credit, Signature Loans, VISA (Platinum, Classic and Secured) accounts and increases in credit, as well as take advances on existing loans, without the need to visit a branch or sign any additional documents. You may also request a decrease for the credit limit of any line of credit or VISA account without the need to visit a branch or sign any additional documents.

HOW EXPRESS LOAN WORKS
Once you have signed EXPRESS LOAN, you will only need to provide PFFCU with an application for the particular loan, or increase in credit line you want. PFFCU will then tell you whether you qualify for the loan or increase in credit line. No additional signatures are necessary. You can also call at any time and take an advance on available funds from your line of credit or VISA. Your signature on EXPRESS LOAN signifies your agreement to the terms and conditions of EXPRESS LOAN, the EXPRESS LOAN Addendum and your obligation to repay the loan and any advances.

REPAYMENT
You promise to repay PFFCU for all advances made to you under EXPRESSLOAN, plus any applicable charges described in this Agreement, the Addendum or any other list of charges published by PFFCU. All payments must include any past due amounts, applicable late fees and any amounts by which you exceed your credit limit. You promise to pay interest on what you owe, until the total amount has been repaid. You may pay your loan balance in full at any time, without penalty. PFFCU may accept late payments, partial payments, or checks, money orders or other negotiable instruments or payments marked "paid in full", without losing any of our rights under this Agreement.

Minimum monthly payments, as disclosed in the Addenda and periodic statements, are required on each loan account, as long as a balance exists. Any payments you make in excess of any required minimum payment, will not effect your obligation to make future monthly payments, in accordance with this Agreement, as long as any unpaid balance remains.

The Annual Percentage Rate (APR) for your loan(s) will depend on the loan type, your credit score at the time of application, the payment method, whether the rate is variable and any other factors considered by PFFCU in its credit decision. The Signature Loan Addendum provides disclosures for four specific loan amounts, as examples. You will receive disclosures for your actual loan amount, including your payment amount, before your first payment is due. For PLOC and VISA, you will receive disclosures for the APR for which you were approved, once your application has been approved.

For all loans that receive a discount in the APR for automatic payment from your PFFCU account, you agree that if automatic payment is stopped, for any reason, the APR on your loan will increase to the APR applicable for cash payments, as disclosed. If this occurs, the amount of your loan payments may increase.

COST OF CREDIT - PLOC
The Finance Charge is the total cost to you of obtaining credit through EXPRESS Loan. For Personal Lines of Credit (PLOC), we calculate the Finance Charge on your account each day by taking the ending balance for that day multiplied by the daily periodic rate. The ending balance each day is determined by taking the previous day’s ending balance, adding any new advances and fees, and subtracting any payments. Payments are first applied to any unpaid finance charges before being applied to the outstanding balance. For PLOC Advances, the Finance Charge begins to accrue on the date of the advance and accrues for each day the balance remains unpaid.

The Annual Percentage Rate will vary with the Market based on the Prime Rate and may adjust monthly. It will be the sum of an index plus a margin. The "Index" for any given month will be equal to the "Prime Rate" posted in the Selected Interest Rates section of the Federal Reserve website at www.federalreserve.gov, fifteen days prior to the beginning of each month. If the Selected Interest Rates section is not updated that day, we will select the rate on the next day it is updated. If the Index changes on or before this day in any given month your Annual Percentage Rate and monthly periodic rate may change on your statement that is produced on or after the first day of the subsequent month. If the Index increases you may pay more in finance charges. For PLOC the margins are 3.9%, 7.9% or 12.9%, for automatic deduction and 4.4%, 8.4% or 12.9% for cash payments. The Annual Percentage Rate on your PLOC will never be lower than 9.9%, 13.9%, or 17.9%, depending on the margin applied to your account.

Rates will not increase above the highest rate permitted by the National Credit Union Administration (currently 18% corresponding to a daily periodic rate of .0493 and monthly periodic rate of 1.5%).

COST OF CREDIT - VISA
The Finance Charge is the total cost to you of obtaining credit through EXPRESS Loan. For VISA Accounts, we calculate the Finance Charge on your account by applying the monthly periodic rate, corresponding to the applicable Annual Percentage Rate to the "Average Daily Balance" for the month. To get the"Average Daily Balance", we take the beginning balance on your account each day, add the new purchases and/or cash advances, and subtract any payments and/or credits. When we subtract any payments and/or credits, we apply them first against other fees and charges you owe us, then against any unpaid Finance Charges. After this we apply any remaining payments and credits to your outstanding balance (if your account has balances with different APRs, we will allocate your payment equal to the total minimum payment due, to the lowest APR balances first; payment amounts in excess of the total minimum payment due will be applied to balances with higher APRs before balances with lower APRs). This gives us the daily balance. We add up all the daily balances for the billing cycle and divide by the number of days in the billing cycle. This provides the "Average Daily Balance".

The Annual Percentage Rate will vary with the Market based on the Prime Rate and may adjust monthly. It will be the sum of an index plus a margin. The "Index" for any given month will be equal to the "Prime Rate" posted in the Selected Interest Rates section of the Federal Reserve website at www.federalreserve.gov, fifteen days prior to the beginning of each month. If the Selected Interest Rates section is not updated that day, we will select the rate on the next day it is updated. If the Index changes on or before this day in any given month your Annual Percentage Rate and monthly periodic rate will change on your statement that is produced on or after the first day of the subsequent month. If the Index increases, your monthly payments and minimum payments may increase and it may take you longer to pay what you owe in full. For Visa the margins are 5.9%, 9.9% or 14.65%.

For VISA Cash Advances, the Finance Charge begins to accrue on the date of the advance and accrues for each day the balance remains unpaid. For VISA purchases, Finance Charges will begin to accrue as noted in the How to Avoid Paying Interest on Purchases section contained in the Addendum. Rates will not increase above the highest rate permitted by the National Credit Union Administration (currently 18% corresponding to a daily periodic rate of .0493 and monthly periodic rate of 1.5%).

CREDIT LINES AND ADVANCES
For PLOCs and VISA accounts, PFFCU will establish a self replenishing line of credit for you, and notify you of the amount when your loan is approved. The Security Interest and Agreement and the VISA Security Agreement, contained in this EXPRESSLOAN Agreement, shall also apply to all balances that exceed your line of credit or VISA credit limit. You agree not to let the account balance exceed your approved credit line. If it does, you must immediately repay the entire amount by which you exceeded the credit line to PFFCU. Each payment you make on the account will restore your credit line by the amount of the payment that was applied to your principal balance. You may request an increase in your credit line, which must be approved by a PFFCU Loan Officer.

PFFCU is not required to make advances to you under EXPRESSLOAN and can refuse a request for an advance, at any time, and for any reason. PFFCU may also, at any time, reduce or close your credit line, for PLOC and VISA, for good cause. Good cause includes, but is not limited to, your failure to comply with the terms of this Agreement, account inactivity and any default of this Agreement, or any circumstances that PFFCU feels, in its opinion, would effect your obligation to repay your loan, including a change in your credit score. PFFCU may consider information received from outside sources, including obtaining and reviewing credit and consumer reports, in any review of your loans.

For Personal Lines of Credit only: If requested, any overdrafts on your PFFCU checking account will be charged against your unsecured credit limit, equal to the amount of the overdraft, and will be subject to the Finance Charge in effect at that time. If sufficient funds are not available from your line of credit, no overdraft protection from your line will be available.

SECURITY INTEREST AND AGREEMENT
For all current and future outstanding debt, liability or loans subject to EXPRESSLOAN, you agree that PFFCU, to the extent permitted by applicable law, and in addition to such rights as it may have under law, shall have a security interest in, a statutory lien upon, and a right to set off against such debt, liability or loan, without prior notice, all of your shares, including future additions, in any and all individual, joint, custodial, agency or other PFFCU accounts in which you have an interest, whether or not then due. You agree that entire balances of any accounts can be offset for the debts of any one or all of the joint owners of an account(s). For all VISA accounts, you acknowledge the need to, and have initialed the designated space(s), in the signature box, acknowledging the separate VISA Security Agreement below. 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 acknowledge that all of your current and future loans are cross-collateralized, which means that anything pledged as security for a specific loan, will also secure any other loans you have with PFFCU. For example, if you are past due and in default on your PFFCU Personal Line of Credit, and you also have an auto loan with PFFCU, PFFCU can repossess and sell your auto to satisfy your debt, even if your auto loan is not delinquent.

For secured VISA, you have pledged specific shares in an S10 account to PFFCU to secure your credit limit. These shares and deposits, and any others, as stated above, are subject to a security interest in your VISA account. Any adjustment in your credit line will be reflected in the balance of your S10 account. PFFCU will hold your S10 pledged shares, for 45 days after your account is closed, before applying them to any outstanding balance. Any surplus funds will be deposited to your S1 account.

VISA SECURITY AGREEMENT
To secure repayment of VISA loan transactions, including any balances in excess of my/our credit limit, I/we jointly and individually hereby pledge all shares, deposits and certificates that I/we now have or hereafter may have in PFFCU, whether held individually, jointly or in any other manner (for Secured VISAs an amount equal to the total credit extended must be deposited into an S10 account which will be the primary pledge for the VISA). This pledge acts as a security for this loan to the extent of any unpaid balance. This pledge however does not include amounts held under an "Individual Retirement Account" or any other account that would lose special tax treatment under state or federal law. This pledge is to secure the repayment of the loan and interest fines, costs or expenses that may accrue, thereon. You authorize PFFCU to apply any or all such pledge amounts to the payment of said loan and interest, fines, costs or expenses in the event of default, as defined by the Credit Card Agreement. BY HAVING PREVIOUSLY INITIALED IN THE SIGNATURE BOX OF YOUR ELA AGREEMENT, YOU WARRANTED THAT you have read the foregoing statement and understand that you pledge shares, deposits and certificates as security for this loan.

DEFAULT
You will be in default if: (1) you break any promise made under EXPRESSLOAN; (2) you do not use the money you received for the purposes stated in your application; (3) PFFCU, in good faith, means that PFFCU can enforce its rights under EXPRESSLOAN against any one of you individually or against all of you together.

If you have a joint account, all loans under this EXPRESSLOAN Agreement must be in the names of all owners. If any joint owner wishes to have a loan in his/her name only, he/she may sign an EXPRESSLOAN Agreement on a separate account, held in his/her name alone.

POWER OF ATTORNEY
If your loans under EXPRESSLOAN are paid automatically through payroll deduction, you hereby appoint PFFCU your Attorney-in-Fact to make the necessary changes in your deductions for any payment increase on an existing loan, or to set up deductions for a new loan. In addition, if the APR on your loan(s) is subject to increase because you cease automatic payment of your loan(s), you appoint PFFCU as your Attorney-in-Fact to change the payment for your loan.

STATEMENTS AND NOTICES
On a regular basis you will receive a statement showing all transactions made by you on your EXPRESSLOAN loans, during the period covered by the statement. Statements and Notices will be mailed or made available to the first named person listed on the account under which this EXPRESSLOAN is made, to the most recent address on file with PFFCU. Notice to any one of you will be considered notice to all.

LOAN PROTECTION or INSURANCE
Any loan protection or insurance is optional and is not required to obtain a loan. You may purchase loan protection or insurance from any provider you wish.

For Lines of Credit and Signature Loans – You have the option of applying for loan protection. Please notify PFFCU when you apply for a loan, if you wish to protect your loan.

For VISA – If you want insurance for your VISA account, please contact PFFCU for more information and details.

FEES
Fees and explanations for these fees are contained in the Addenda to this Agreement, and also, in PFFCU’s schedule of fees, which is available here.

EFFECT OF SIGNATURE
You agree that your signature on or acknowledgement of EXPRESSLOAN will act as your signature on any and all verbal or written applications you submit to PFFCU for establishment of a line of credit, signature loan and VISA. Your signature and or acknowledgment will also act as your authorization for, and agreement to repay any advances and increases in credit made under EXPRESSLOAN. Your signature and or acknowledgement signify that all information and representations made to PFFCU on all applications and communications are true and correct to the best of your knowledge. If you do not sign a separate application for a VISA Credit Card or line of credit, your use of the card or the line, or your failure to close the VISA account or line of credit within 30 days of your approval for the same, will signify your acceptance of the terms and conditions of this EXPRESSLOAN Agreement, the ELA Addendum and the PFFCU Member Account Agreement.

Your signature and or acknowledgement signify that you will fully cooperate with PFFCU to adjust for any clerical errors in the documentation and to complete and sign any and all necessary documents in connection with your loan. You agree to comply with all requests to do the same within 30 days of the mailing of the request. You agree to assume all cost for failing to comply with correction or other such requests in the 30 days period.

TERMINATING OR CHANGING THE PLAN
PFFCU has the right to change the terms and conditions of EXPRESSLOAN, including the annual percentage rate, and the index or margin on variable rate loans, contained in the Addendum, at its discretion. You will receive notice of any change, as required by applicable law.

PFFCU reserves the right and you agree that PFFCU may review any accounts subject to EXPRESSLOAN on a periodic basis. You agree that PFFCU may review and consider information received from outside sources, including credit and consumer reports, in connection with any such review. Subject to the review, if there is an adverse change in your credit qualifications, you agree that PFFCU may raise the interest rate, index or margin on any of your accounts subject to EXPRESSLOAN. You will receive notice of any change, as required by applicable law.

PFFCU may add new loan products to EXPRESSLOAN. Any loan products added to EXPRESSLOAN are subject to the terms and conditions of EXPRESSLOAN, as if specifically named herein. PFFCU can terminate EXPRESSLOAN, or the availability of any particular loan therein, at any time. You may cancel EXPRESSLOAN, upon written notice to PFFCU, at any time. Your obligation to pay the unpaid balances for any loan or account under EXPRESSLOAN continues, under the provisions of EXPRESSLOAN, no matter who terminates EXPRESSLOAN.

ADDITIONAL GENERAL PROVISIONS
(1) In case any provision of this Agreement is held invalid for any reason, such determination shall not affect the remaining provisions of the Agreement, and the Agreement will be enforced as though such provision had not been included; (2) The paragraph headings are meant for illustration only, and are not considered inclusive; (3) This Agreement is subject to the laws of the Commonwealth of Pennsylvania, and all federal laws so applicable. (4) PFFCU may waive any of its rights under this Agreement, without losing any of them. The failure of PFFCU to exercise any of its rights pursuant to this Agreement does not preclude PFFCU from exercising them in the future. (5) You agree that PFFCU, in connection with any application for credit or increase, may obtain and review any credit report(s), and may verify any information provided by you in connection with any Application. (6) Any terms and information contained in this Agreement are subject to change.

ADDITIONAL VISA PROVISIONS
(1) You are responsible for charges made by anyone to whom you give your VISA card, unless the use of the card is by a person other than you who does not have the actual, implied or apparent authority for such use. This responsibility lasts until the account is closed or terminated, or the card is returned by you. Each person who uses a VISA card with your permission is bound by this agreement, and you should ensure that such person(s) read and understand this Agreement; (2) To make a purchase or cash advance, present the card to a participating VISA plan merchant, to us, or to another financial institution and, if necessary, sign the sales or cash advance draft. You will receive a copy of the draft that you should retain to verify your monthly statement. (3) All credit purchases and loans are effectuated at the option of the seller or cash advancing bank and PFFCU will not be responsible for any refusal to honor your card. (4) Purchases and cash advances that you make in foreign countries and currencies will be billed to you in U.S. Dollars. The conversion to dollars, with any fees, will be made in accordance with VISA operating regulations for international transactions. (5) All credit balances of $1.00 or more will be credited to your VISA account. If you notify us in writing, PFFCU will return any credit balances directly to you within seven days of receiving the request. If a credit balance remains on your account for more than six months, we will make a good faith effort to return the money to you or deposit it into your PFFCU account. If this is not possible the credit will remain on your VISA. (6) EXPRESSLOAN is the contract that applies to all of your transactions, even if sales, credit or cash advance slips may contain differing language. (7) If cash advances are possible through the use of automated teller machines or other electronic devices, PFFCU will furnish you with a Personal Identification Number (PIN), for such use. Your use of the PIN and your card constitutes your signature for such transaction. (8) You agree that your VISA Card may not be used for any illegal transaction(s), as provided in the Illegal Activity Section of your Member Account Disclosures. You also agree that you will not use your VISA card if you have or intend to file a petition in bankruptcy, or if you do not honestly expect to be able to make the minimum payment required upon receipt of your monthly statement. (9) You agree that PFFCU may provide personal data about you to VISA USA, its members, or their respective contractors for the purpose of providing Emergency Cash and Emergency Card Replacement Services and you consent to the release of this information. (10) You agree to notify PFFCU immediately upon discovering that your card has been lost or stolen. You can call toll-free at 1-800-325-3678.

Liability for unauthorized use: Your liability for unauthorized use of your card will not exceed the lesser of $50 or the amount of money, labor, property or services obtained by the unauthorized use, before you notify PFFCU. You can notify PFFCU of the loss, theft or possible unauthorized use by calling us toll free at1-800-325-3678, or writing to VISA at P.O. Box 30495, Tampa, FL 33630. On your notification, please provide your card number, name and address.

YOUR BILLING RIGHTS
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 shown on it, write to us at the address listed on your statement, 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 may telephone us, but doing so will not preserve your rights. In your letter, give us the following information:

  1. Your name.
  2. The dollar amount of the suspected error.
  3. 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.

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 bill you for the amount you question, including finance changes, 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. 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 statement was correct.


ADDENDUM TO POLICE AND FIRE FEDERAL CREDIT UNION
EXPRESS LOAN CREDIT AGREEMENT AND TRUTH IN LENDING DISCLOSURES
PERSONAL LINES OF CREDIT AND VISA

This Addendum is incorporated into and becomes a part of your EXPRESS LOAN Agreement (ELA). Please keep it with your ELA for easy reference.

The information below is for informational purposes only, and is not intended to be your final Truth-in-Lending disclosures. You will receive your final Truth-in-Lending disclosures once your loan has been approved.

PERSONAL LINES OF CREDIT (PLOC)

Interest Rates and Interest Charges (Automatic Deduction)
APR for Cash Advances 9.9% to 18% when you open your account, based on your creditworthiness and payment method. After that your APR will vary with the Market based on the Prime Rate
Minimum Interest Charge None
Paying Interest You will be charged interest from the transaction date.


Interest Rates and Interest Charges (Cash Payments)
APR for Cash Advances 10.4% to 18% when you open your account, based on your creditworthiness and payment method. After that your APR will vary with the Market based on the Prime Rate
Minimum Interest Charge None
Paying Interest You will be charged interest from the transaction date.


Fees and Charges
Penalty Fees
  • Late Payment
  • Returned Payment/ACH Debit Fee

$15 (If your payment is received after your payment due date)

$10 (If a check that you presented for a loan payment is returned for any reason, or you do not have sufficient funds to complete a payment that was to be made automatically)

Other Fees
  • Statement/Document Fee
  • Payment Protection

$3 per statement or document copy, if otherwise available to you online. If archived documents must be accessed, an additional retrieval fee of $30 for the first archived box, and $5 for each additional box of archived records will be charged.

If you choose payment protection for your loan, your payment will be added monthly to your outstanding balance.


How We Will Calculate Your Balance: See your EXPRESS Loan Agreement for more details.

Billing Rights: Information on your rights to dispute transactions and how to exercise those rights is provided in your EXPRESS Loan Agreement.

Your minimum payment will be the greater of 2.25% of the maximum amount of the credit line or $25, plus any past due amount.

Prime Rate: As of April 16, 2012, the Prime Rate is 3.25%. We add 3.9%, 7.9% and 12.9% for automatic payment or 4.4%, 8.4% and 12.9% for cash payments to the Prime Rate to determine the APR. The Annual Percentage Rate on your PLOC will never be lower than 9.9%, 13.9%, or 17.9% depending on the margin applied to your account.


VISA

Interest Rates and Charges
Annual Percentage Rate (APR) for Purchases 9.15% to 18% when you open your account,based on your creditworthiness. After that your APR will vary with the Market based on the Prime Rate.
Annual Percentage Rate (APR) for Cash Advances and Balance Transfers 9.15% to 18% when you open your account, based on your creditworthiness. After that your APR will vary with the Market based on the Prime Rate.
Penalty APR and When it Applies 18% This APR may be applied to your account if you are 61 or more days past due.
How Long Will the Penalty Rate Apply?
The Penalty APR will apply to all existing balances and to future transactions. If we receive six (6) consecutive on-time minimum payments, beginning with the first payment due after the increase, the Penalty APR will terminate and the standard APR will be applied.
How to Avoid Paying Interest on Purchases Your due date is at least 25 days after the close of each billing period. We will not charge you periodic finance charges on new purchases, or any portion of a new purchase, paid by the due date on your current billing statement if you paid your entire balance on your previous billing statement in full by the due date on that statement.
Minimum Interest Charge None
For Credit Card Tips from the Consumer Financial Protection Bureau To learn more about factors to consider when applying for or using a credit card, visit the website of the Consumer Financial Protection Bureau at www.consumerfinance.gov/learnmore.


Fees
Annual Fee None
Transaction Fees
  • Foreign Transaction
1% of the amount of your transaction, in US Dollars, when a currency conversion occurs. 0.8% where a currency conversion is not performed.
Penalty Fees
  • Late Payment
  • Returned Payment/ACH Debit Fee

5% of the payment, due with a maximum fee of $15 (If your payment is received after your payment due date)

$10 (If a check that you presented for a loan payment is returned for any reason, or you do not have sufficient funds to complete a payment that was to be made automatically)

Other Fees
  • Statement / Document Fee
  • Credit Insurance

$3 per statement or document copy, if otherwise available to you online. If archived documents must be accessed, an additional retrieval fee of $30 for the first archived box, and $5 for each additional box of archived records will be charged.

If you choose credit insurance for your loan, your premium will be added monthly to your outstanding balance.


How We Will Calculate Your Balance: We use a method called "Average Daily Balance" See your EXPRESS Loan Agreement for more details.

Billing Rights: Information on your rights to dispute transactions and how to exercise those rights is provided in your EXPRESS Loan Agreement.

Your minimum payment will be the greater of 2.50% of the outstanding balance (rounded up to the next dollar) or $10, plus any past due amount, fees, and/or any amount in excess of your credit line.

Prime Rate: As of April 16, 2012 the Prime Rate is 3.25%. We add 5.9%, 9.9% or 14.65% to the Prime Rate to determine the APR.