Important Account Disclosure Information

You must read the following important disclosure statement and be a BFFCU member before applying for a VISA® Check Card.

BUCKS FIRST FCU VISA CHECK CARD
AGREEMENT AND DISCLOSURE

This VISA Check Card Agreement is the contract which covers your and our rights and responsibilities concerning the VISA Check Card services offered to you by Bucks First Federal Credit Union (“Credit Union”). In this Agreement, the words “you” and “yours” mean those who sign the application or account card as applicants, joint owners, or any authorized users. The words “we,” “us,” and “our” mean the Credit Union. The word “account” means any one or more checking accounts you have with the Credit Union. Visa Check Card transactions are electronically initiated transfers of money from your account through the VISA Check Card services described below. By signing an application or account card for VISA Check Card services, signing your Card, or using any service, each of you, jointly and severally, agree to the terms and conditions in this Agreement and any amendments for the VISA Check Card services offered.

1. VISA Check Card. If approved, you may use your Card to purchase goods and services from participating merchants. If you wish to pay for goods or services over the Internet, you may be required to provide card member security information before you will be permitted to complete the transaction. You agree that you will not use your card for any transaction that is illegal under applicable federal, state, or local law. Funds to cover your Card purchases will be deducted from your checking account. For one-time debit transactions, you must consent to the Credit Union’s overdraft protection plan in order for the transaction amount to be covered under the plan. Without your consent, the Credit Union may not authorize and pay an overdraft resulting from these types of transaction. Services and fees for overdrafts are shown in the document the Credit Union uses to capture the member’s opt-in choice for overdraft protection and the Schedule of Fees and Charges.
   
   For other types of transactions, if the balance in your account is not sufficient to pay the transaction amount, the Credit Union may pay the amount and treat the transaction as a request to transfer funds from other deposit accounts, approved overdraft protection accounts, or loan accounts that you have established with the Credit Union. If you initiate a transaction that overdraws your account, you agree to make immediate payment of any overdrafts together with any service charges to the Credit Union. In the event of repeated overdrafts, the Credit Union may terminate all services under this Agreement. You may use your Card and PIN (Personal Identification Number) in automated teller machines of the Credit Union, VISA/PLUS, STAR networks, and such other machines or facilities as the Credit Union may designate. In addition, you may use your card without a PIN for certain transactions on the Visa and STAR networks. However, provisions of this Agreement relating to Visa transactions do not apply to transactions processed through non-Visa networks. To initiate a Visa Debit transaction, you may sign a receipt, provide a card number or swipe your card through a point-of-sale (POS) terminal and choose to route the transaction over a Visa network. Please refer to the Member Liability section of this Agreement for terms and conditions. At the present time, you may also use your Card to:
   • Withdraw funds from your checking account.
   • Make POS (Point-of-Sale) transactions with your Card and PIN (Personal Identification Number) to purchase goods or services at merchants that accept VISA.
   • Order goods or services by mail or telephone from places that accept VISA.
   • Receive cash back where merchants allow.
   The following limitations on the frequency and amount of VISA Check Card transactions may apply:
   • Purchase amounts are limited to the amount in your account.
   • You may withdraw up to a maximum of $500.00 in any one day from an ATM machine, if there are sufficient funds in your account.
   • Any combination of nine (9) ATM or POS transactions per day or $2,500.00 per day.
2. Transfer Limitations None.
   
   
3. Conditions of VISA Check Card Services.
   a. Ownership of Cards. Any Card or other device which we supply to you is our property and must be returned to us, or to any person whom we authorize to act as our agent, or to any person who is authorized to honor the Card, immediately according to instructions. The Card may be repossessed at any time at our sole discretion without demand or notice. You cannot transfer your Card or account to another person.
   
   b. Honoring the Card. Neither we nor merchants authorized to honor the Card will be responsible for the failure or refusal to honor the Card or any other device we supply to you. If a merchant agrees to give you a refund or adjustment, you agree to accept a credit to your account in lieu of a cash refund.
   
   c. Foreign Transactions
   VISA - Purchases and cash withdrawals 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 cardholder statement posting date.
   
   d. Security of Access Code. The access code issued to you is for your security purposes. Any code issued to you is confidential and should not be disclosed to third parties or recorded on or with the Card. You are responsible for safekeeping your access code. You agree not to disclose or otherwise make your access code available to anyone not authorized to sign on your accounts. If you authorize anyone to use your access code, that authority shall continue until you specifically revoke such authority by notifying the Credit Union. You understand that any joint owner you authorize to use an access code may withdraw or transfer funds from any of your accounts. If you fail to maintain the security of this access code and the Credit Union suffers a loss, we may terminate your VISA Check Card services immediately.
   
   e. Joint Accounts. If any of your accounts accessed under this Agreement are joint accounts, all joint owners, including any authorized users, shall be bound by this Agreement and, alone and together, shall be responsible for all VISA Check Card transactions to or from any share draft and checking or loan accounts as provided in this Agreement. Each joint account owner, without the consent of any other account owner, may, and hereby is authorized by every other joint account owner to, make any transaction permitted under this Agreement. Each joint account owner is authorized to act for the other account owners, and the Credit Union may accept orders and instructions regarding any VISA Check Card transaction on any account from any joint account owner.
   
   f. Electronic Check Conversion/Electronic Returned Check Fees. If you pay for something with a check you may authorize your check to be converted to an electronic fund transfer. You may also authorize merchants to electronically debit your account for returned check fees. You are considered to have authorized these electronic funds transfers if you complete the transaction after being told (orally or by a notice posted or sent to you) that the transfer may be processed electronically or if you sign a written authorization.
   
   
4. Fees and Charges. There are certain fees and charges for VISA Check services. From time to time, the charges may be changed. We will notify you of any changes as required by applicable law. The following fees and charges will be deducted from your checking account as applicable. If you use an ATM not operated by us, you may be charged a fee by the ATM operator and by any national, regional, or local network used in processing the transaction (and you may be charged a fee for a balance inquiry even if you do not complete a fund transfer). The ATM surcharge will be debited from your account if you elect to complete the transaction or continue with the balance inquiry.
   • ATM withdrawals - $2.00 per withdrawal in excess of 5 per calendar month
   • Balance inquiry - $1.00
   • We do not charge for any POS transactions at the present time
   • Non-Sufficient Funds (NSF) fee - $30.00
   • Visa Rush Fee is $ 25.00
   
   
5. 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 was made with your Card or Card number without your permission, and is either a VISA or Interlink trvvansaction, you will have no liability for the transaction, unless you are grossly negligent in the handling of your card. If a transaction was made without your permission and is not a VISA or Interlink transaction, was made at an ATM or if you are grossly negligent in the handling of your card, your liability is determined as follows. If you tell us within two (2) business days, you can lose not more than $50.00 if someone uses your Card without your permission. If you do NOT tell us within two (2) business days after you learn of the loss or theft of your card, and we can prove we could have stopped someone from using your Card without your permission if you had told us, you could lose as much as $500.00. Also, if your statement shows transfers that you did not make, TELL US AT ONCE. If you do not tell us within sixty (60) days after the statement was mailed to you, you may not get back any money lost after the sixty (60) days if we can prove that we could have stopped someone from making the transfers if you had told us in time. If a good reason (such as a hospital stay) kept you from telling us, we will extend the time periods. If you believe your Card has been lost or stolen or that someone has transferred or may transfer money from your account without your permission, call:
   
   (215) 788-5270 . (800) 450-5656
   Fax: (215) 788-5083
   (800) 991-4965 (After Hours)
   or write to:
   Bucks First Federal Credit Union
   2104 Bath Road . Bristol, PA 19007
   
6. Right to Receive Documentation.
   a. Periodic Statements. Purchases and withdrawals made through any VISA Check Card transactions will be recorded on your periodic statement. You will receive a statement monthly unless there is no transaction in a particular month. In any case, you will receive a statement at least quarterly.
   b. Terminal Receipt. You can get a receipt at the time you make any transaction (except inquiries) involving your account using an ATM and/or point-of-sale (POS) terminal.
7. Account Information Disclosure. We will disclose information to third parties about your account:
   • As necessary to complete transfers;
   • To verify the existence of sufficient funds to cover specific transactions upon the request of a third party, such as a credit bureau or merchant;
   • If your account is eligible for emergency cash and/or emergency card replacement services, and you request such services, you agree that we may provide personal information about you and your account that is necessary to provide you with the requested service(s);
   • To comply with government agency or court orders; or
   • If you give us your written permission.
8. Business Days. Our business days are Monday through Thursday 9:00 AM - 5:00 PM and Friday 9:00 AM - 6:00 PM excluding holidays.
   
   
9. Credit Union Liability for Failure to Make Transfers. If we do not complete a transfer to or from your account on time or in the correct amount according to our agreement with you, we may be liable for your losses or damages. However, we will not be liable for direct or consequential damages in the following events:
   • If, through no fault of ours, there is not enough money in your accounts to complete the transaction, if any funds in your accounts necessary to complete the transaction are held as uncollected funds pursuant to our Funds Availability Policy, or if the transaction involves a loan request exceeding your credit limit.
   • If you used your Card or access code in an incorrect manner.
   • If the ATM where you are making the withdrawal does not have enough cash.
   • If the ATM was not working properly and you knew about the problem when you started the transaction.
   • If circumstances beyond our control (such as fire, flood, or power failure) prevent the transaction.
   • If the money in your account is subject to legal process or other claim.
   • If funds in your account are pledged as collateral or frozen because of a delinquent loan.
   • If the error was caused by a system of any participating ATM network.
   • If the electronic transfer is not completed as a result of your willful or negligent use of your Card, access code, or any EFT facility for making such transfers.
   • Any other exceptions as established by the Credit Union.
10. Notices. All notices from us will be effective when we have mailed them or delivered them to your last known address in the Credit Union’s records. Notices from you will be effective when received by the Credit Union at the address specified in this Agreement. We reserve the right to change the terms and conditions upon which this service is offered. We will mail notice to you at least twenty-one (21) days before the effective date of any change. Use of this service is subject to existing regulations governing the Credit Union account and any future changes to those regulations.
    
    The following information is a list of safety precautions regarding the use of Automated Teller Machines (ATM) and night deposit facilities:
    
    
    • Be aware of your surroundings, particularly at night.
    • Consider having someone accompany you when the ATM or night deposit facility is used after dark.
    • Close the entry door of any ATM facility equipped with a door.
    • If another person is uncomfortably close to you at the time of your transaction, ask the person to step back before you complete your transaction. If it is after the regular hours of the financial institution and you are using an ATM, do not permit entrance to any person you do not know.
    • Refrain from displaying your cash at the ATM or night deposit facility. As soon as your transaction is completed, place your money in your purse or wallet. Count the cash later in the safety of your car or home.
    • If you notice anything suspicious at the ATM or night deposit facility, consider using another ATM or night deposit facility or coming back later. If you are in the middle of a transaction and you notice something suspicious, cancel the transaction, take your Card or deposit envelope, and leave.
    • If you are followed after making a transaction, go to the nearest public area where people are located.
    • Do not write your personal identification number or code on your ATM Card.
    • Report all crimes to law enforcement officials immediately. If emergency assistance is needed, call the police from the nearest available public telephone.
11. Billing Errors. In case of errors or questions about electronic funds transfers from your checking account or if you need more information about a transfer on the statement or receipt, telephone us at the following number or send us a written notice to the following address as soon as you can. We must hear from you no later than sixty (60) days after we sent the first statement on which the problem appears. Call us at:
    (215) 788-5270 . (800) 450-5656
    Fax: (215) 788-5083
    Bucks First Federal Credit Union
    2104 Bath Road . Bristol, PA 19007
    Tell us your name and account number.
    Describe the electronic transfer you are unsure about, and explain as clearly as you can why you believe the Credit Union has made an error or why you need more information.
    Tell us the dollar amount of the suspected error.
    If you tell us orally, we may require that you send us your complaint or question in writing within ten (10) business days.
    We will determine whether an error has occurred within ten (10)* business days 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 to investigate your complaint or question. If we decide to do this, we will credit your account within ten (10)* business days 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.
    We will tell you the results within three (3) business days of completing our investigation. If we decide that there was no error, we will send you a written explanation. You may ask for copies of the documents that we used in our investigation.
    * If you give notice of an error within thirty (30) days after you make the first deposit to your account, we will have twenty (20) business days instead of ten (10) business days.
    ** If you give notice of an error within thirty (30) days after you make the first deposit to your account, notice of an error involving a point of sale transaction, or notice of an error involving a transaction initiated outside the U.S. its possessions and territories, we will have ninety (90) days instead of forty-five (45) days to investigate.
    NOTE: If the error you assert is an unauthorized VISA transaction, other than a cash disbursement at an ATM, we will credit your account within five (5) business days unless we determine that the circumstances or your account history warrant a delay, in which case you will receive credit within ten (10) business days.
12. Termination of EFT Services. You may terminate this Agreement or any EFT service under this Agreement at any time by notifying us in writing and stopping your use of your Card and any access code. You must return all Cards to the Credit Union. You also agree to notify any participating merchants that authority to make bill payment transfers has been revoked. We may also terminate this Agreement at any time by notifying you orally or in writing. If we terminate this Agreement, we may notify any participating merchants making preauthorized debits or credits to any of your accounts that this Agreement has been terminated and that we will not accept any further preauthorized transaction instructions. We may also program our computer not to accept your Card or access code for any EFT service. Whether you or the Credit Union terminates this Agreement, the termination shall not affect your obligations under this Agreement for any EFTs made prior to termination.
13. Governing Law. This Agreement is governed by the Bylaws of the Credit Union, federal laws and regulations, the laws and regulations of the state of Pennsylvania and local clearinghouse rules, as amended from time to time. Any disputes regarding this Agreement shall be subject to the jurisdiction of the court of the county in which the Credit Union is located.
14. Enforcement. You are liable to us for any loss, cost or expenses we incur resulting from your failure to follow this Agreement. You authorize us to deduct any such loss, costs or expenses from your account without prior notice to you. If we bring a legal action to collect any amount due under or to enforce this Agreement, we shall be entitled, subject to applicable law, to payment of reasonable attorney’s fees and costs, including fees on any appeal, bankruptcy proceedings, and any postjudgement collection actions.

Important Terms Of Our Home Equity Line Of Credit

THIS DISCLOSURE CONTAINS INFORMATION ABOUT OUR VARIABLE RATE, HOME EQUITY LINE OF CREDIT. YOU SHOULD READ IT CAREFULLY AND KEEP THIS COPY FOR YOURSELF.

Availability Of Terms
All terms described below are subject to change. If these terms change, other than the Annual Percentage Rate and you decide, as a result, not to enter into an agreement with us, you are entitled to a refund of any fees you paid to us or anyone else in connection with your application.

Security Interest
We will take a Deed of Trust/Mortgage on your home. You could lose your home if you do not meet certain obligations in your agreement with us.

Possible Actions

Termination
If you fail to meet the terms of repayment, or if you act or fail to act in a way that adversely affects our security interest or other rights in the Security Property, or if you have committed fraud or made a material misrepresentation in connection with the account, we may, subject to the Governing Law, terminate the plan, require payment in full of the entire outstanding balance in a single payment or cause the Security Property to be sold and the proceeds of such sale to be applied to your obligation to us. You agree to pay any reasonable costs of protecting, retaking, repairing or selling the Security Property.

Suspension
Your right to request additional advances may be suspended, or your maximum credit limit reduced, at our option in the following instances: (1) you fail to make the scheduled payments due to us; (2) you fail to make timely payments to the holders of Deeds of Trust/Mortgages senior to ours; (3) you fail to pay real property taxes prior to delinquency; (4) you fail to maintain the required property insurance; (5) the value of the Security Property declines significantly below the appraised value upon which we relied in approving your application; (6) we reasonably believe that your ability to meet your payment obligations is impaired because of a material change in your financial circumstances; (7) governmental action precludes our imposing the interest rate provided herein or adversely affects the priority of our security interest such that the value of our interest is less than 120% of your maximum credit limit; (8) the maximum interest rate under the plan is reached; or (9) government regulatory authorities find that further advances under this plan constitute an unsafe and unsound practice. When the condition which caused the suspension of advances or reduction of your maximum credit limit no longer exists, the original terms of your agreement will be reinstated. You understand that if your right to request additional advances is suspended or your maximum credit limit is reduced, you still owe us whatever sums you have already borrowed, all other charges under your agreement and applicable Finance Charges.

Minimum Payment Requirements
You can obtain credit advances for 120 months (the “draw period”). At our option, we may extend the draw period. During the draw period, payments will be due on a monthly basis. Your minimum monthly payment will be established at the time of each advance or change in the interest rate at an amount equal to a percentage of your then outstanding account balance in accordance with the following table, subject to the lesser of $50 or your account balance.

After the draw period ends, you will no longer be able to obtain credit advances and you must repay your outstanding account balance (the “repayment period”). The length of the repayment period will depend on the date and amount of your last advance but in no event will exceed 240 months. During the repayment period, minimum payments will be due on a monthly basis and will be established on the first day of the repayment period, or change in interest rate, at the amount necessary to fully amortize your then outstanding account balance by the Agreement Maturity Date, subject to the lesser of $50 or your account balance.

Interest Rate In Effect At Close Of Billing Cycle	Percent Of Unpaid Balance
11.00% & Less	1.00%
11.01 & Greater	1.50%

Minimum Payment Example
If you made only the minimum payments and took no other credit advances, it would take 222 months to pay off a credit advance of $10,000 at an ANNUAL PERCENTAGE RATE of 7.00%. During that period, you would make 60 monthly payments of $125 followed by 161 payments of $50.00 and a final payment of $42.30.

Fees And Charges
To open a line of credit, you must pay us an application fee of $250-$400. This fee is due and payable 3 days after you receive this disclosure and this fee is non-refundable unless the terms shown herein change prior to your account being established and, as a result, you decide not to enter into an agreement. You may also be required to pay certain fees to third parties. These fees generally total from $175 - $500. If you ask, we will give you an itemization of the fees you will have to pay to third parties.

Insurance
You must carry insurance on the property that secures this plan.

Minimum Draw And Balance Requirements
The minimum credit advance you can receive is $500.

Tax Deductibility
You should consult a tax advisor regarding the deductibility of interest and charges for the line of credit.

When Your Home is on The Line

What You Should Know About Home Equity Lines of Credit
More and more lenders are offering home equity lines of credit. By using the equity in your home, you may qualify for a sizable amount of credit, available for use when and how you please, at an interest rate that is relatively low. Furthermore, under the tax law - depending on your specific situation - you may be allowed to deduct the interest because the debt is secured by your home.

If you are in the market for credit, a home equity plan may be right for you or perhaps another form of credit would be better. Before making this decision, you should weigh carefully the costs of a home equity line against the benefits. Shop for the credit terms that best meet your borrowing needs without posing undue financial risk. And, remember, failure to repay the line could mean the loss of your home.

What is a home equity line of credit?
A home equity line is a form of revolving credit in which your home serves as collateral. Because the home is likely to be a consumer’s largest asset, many homeowners use their credit lines only for major items such as education, home improvements, or medical bills and not for day-to-day expenses.

With a home equity line, you will be approved for a specific amount of credit - your credit limit - meaning the maximum amount you can borrow at any one time while you have the plan.

Many lenders set the credit limit on a home equity line by taking a percentage (say, 75 percent) of the appraised value of the home and subtracting the balance owed in the existing mortgage. For example:

Appraisal Of Home	$100,000
Percentage	x 75%
Percentage Of Appraised Value	$ 75,000
Less Mortgage Debt	- $ 40,000
Potential Credit Line	$ 35,000

In determining your actual credit line, the lender will also consider your ability to repay, by looking at your income, debts, and other financial obligations, as well as your credit history.

Home equity plans often set a fixed period during which you can borrow money, such as 10 years. When this period is up, the plan may allow you to renew the credit line. But in a plan that does not allow renewals, you will not be able to borrow additional money once the time has expired. Some plans may call for payment in full of any outstanding balance. Others may permit you to repay over a fixed time, for example 10 years.

Once approved for the home equity plan, usually you will be able to borrow up to your credit limit whenever you want. Typically, you will be able to draw on your line by using special checks.

Under some plans, borrowers can use a credit card or other means to borrow money and make purchases using the line. However, there may be limitations on how you use the line. Some plans may require you to borrow a minimum amount each time you draw on the line (for example, $300) and to keep a minimum amount outstanding. Some lenders also may require that you take an initial advance when you first set up the line.

What should you look for when shopping for a plan?
If you decide to apply for a home equity line, look for the plan that best meets your particular needs. Look carefully at the credit agreement and examine the terms and conditions of various plans, including the annual percentage rate (APR) and the costs you’ll pay to establish the plan. The disclosed APR will NOT reflect the closing costs and other fees and charges. You’ll need to compare these costs, as well as the APRs, among lenders.

Interest Rate Charges and Plan Features.
Home equity plans typically involve variable interest rates rather than fixed rates. A variable rate must be based on a publicly available index (such as the prime rate published in some major daily newspapers or a U.S. Treasury bill rate); the interest rate will change, mirroring fluctuations in the index. To figure the interest rate that you will pay, most lenders add a margin, such as 2 percentage points, to the index value. Because the cost of borrowing is tied directly to the index rate, it is important to find out what index and margin each lender uses, how often the index changes, and how high it has risen in the past.

Sometimes lenders advertise a temporarily discounted rate for home equity lines - a rate that is unusually low and often lasts only for an introductory period, such as six months.

Variable rate plans secured by a dwelling must have a ceiling (or cap) on how high your interest rate can climb over the life of the plan. Some variable rate plans limit how much your payment may increase, and also how low your interest rate may fall if interest rates drop.

Some lenders may permit you to convert a variable rate to a fixed interest rate during the life of the plan, or to convert all or a portion of your line to a fixed term installment loan.

Agreements generally will permit the lender to freeze or reduce your credit line under certain circumstances. For example, some variable rate plans may not allow you to get additional funds during any period the interest rate reaches the cap.

Costs to Obtain a Home Equity Line.
Many of the costs in setting up a home equity line of credit are similar to those you pay when you buy a home. For example:

• A fee for a property appraisal, which estimates the value of your home.
• An application fee, which may not be refundable if you are turned down for credit.
• Up-front charges, such as one or more points (one point equals one percent of the credit limit).
• Other closing costs, which include fees for attorneys, title search, mortgage preparation and filing, property and title insurance, as well as taxes.
• Certain fees during the plan. For example, some plans impose yearly membership or maintenance fees.
• You also may be charged a transaction fee every time you draw on the credit line.

You could find yourself paying hundreds of dollars to establish the plan. If you were to draw only a small amount against your credit line, those charges and closing costs would substantially increase the cost of the funds borrowed. On the other hand, the lender’s risk is lower than for other forms of credit because your home serves as collateral. Thus, annual percentage rates for home equity lines are generally lower than rates for other types of credit. The interest you save could offset the initial costs of obtaining the line. In addition, some lenders may waive a portion or all of the closing costs.

How will you repay your home equity plan?
Before entering into a plan, consider how you will pay back any money you might borrow. Some plans set minimum payments that cover a portion of the principal (the amount you borrow) plus accrued interest. But, unlike the typical installment loan, the portion that goes toward principal may not be enough to repay the debt by the end of the term. Other plans may allow payments of interest alone during the life of the plan, which means that you pay nothing toward the principal. If you borrow $10,000, you will owe that entire sum when the plan ends.

Regardless of the minimum payment required, you can pay more than the minimum and many lenders may give you a choice of payment options. Consumers often will choose to pay down the principal regularly as they do with other loans. For example, if you use your line to buy a boat, you may want to pay it off as you would a typical boat loan.

Whatever your payment arrangements during the life of the plan - whether you pay some, a little, or none of the principal amount of the loan - when the plan ends you may have to pay the entire balance owed, all at once. You must be prepared to make this balloon payment by refinancing it with the lender, by obtaining a loan from another lender, or by some other means. If you are unable to make the balloon payment, you could lose your home.

With a variable rate, your monthly payments may change. Assume, for example, that you borrow $10,000 under a plan that calls for interest only payments. At a 10 percent interest rate, your initial payments would be $83 monthly. If the rate should rise over time to 15 percent, your payments will increase to $125 per month. Even with payments that cover interest plus some portion of the principal, there could be a similar increase in your monthly payment, unless the agreement calls for keeping payments level throughout the plan.

When you sell your home, you probably will be required to pay off your home equity line in full. If you are likely to sell your house in the near future, consider whether it makes sense to pay the up-front costs of setting up an equity credit line. Also keep in mind that leasing your home may be prohibited under the terms of your home equity agreement.

Comparing a line of credit and a traditional second mortgage loan.
If you are thinking about a home equity line of credit you also might want to consider a more traditional second mortgage loan. This type of loan provides you with a fixed amount of money repayable over a fixed period. Usually the payment schedule calls for equal payments that will pay off the entire loan within that time. You might consider a traditional second mortgage loan instead of a home equity line if, for example, you need a set amount for a specific purpose, such as an addition to your home.

In deciding which type of loan best suits your needs, consider the costs under the two alternatives. Look at the APR and other charges. You cannot, however, simply compare the APR for a traditional mortgage loan with the APR for a home equity line because the APRs are figured differently.

• The APR for a traditional mortgage takes into account the interest rate charged plus points and other finance charges.
• The APR for a home equity line is based on the periodic interest rate alone. It does not include points or other charges.

Disclosures from Lenders.
The Truth-in-Lending Act requires lenders to disclose the important terms and costs of their home equity plans, including the APR, miscellaneous charges, the payment terms and information about any variable rate feature. And in general, neither the lender nor anyone else may charge a fee until after you have received this information. You usually get these disclosures when you receive an application form, and you will get additional disclosures before the plan is opened. If any term has changed before the plan is opened (other than a variable rate feature), the lender must return all fees if you decide not to enter into the plan because of the changed term.

When you open a home equity line the transaction puts your home at risk. For your principal dwelling, the Truth-in-Lending Act gives you three days from the day the account was opened to cancel the credit line. This right allows you to change your mind for any reason. You simply inform the creditor in writing within the three day period. The creditor must then cancel the security interest in your home and return all fees- including any application and appraisal fees paid in opening the account.

Glossary

• Annual membership or participation fee. An amount that is charged annually for having the line of credit available. It is charged regardless of whether or not you use the line.
• Annual percentage rate (APR). The costs of credit on a yearly basis expressed as a percentage.
• Application fee. Fees that are paid upon application. An application fee may include charges for property appraisal and a credit report.
• Balloon payment. A lump-sum payment that you may be required to make under a plan when the plan ends.
• Cap. A limit on how much the variable interest rate can increase during the life of the plan.
• Closing costs. Fees paid at closing, including attorneys’ fees, fees for preparing and filing a mortgage, for taxes, title search, and insurance.
• Credit limit. The maximum amount that you can borrow under the home equity plan.
• Equity. The difference between the fair market value (appraised value) of your home and your outstanding mortgage balance.
• Index. The base for rate changes that the lender uses to decide how much the annual percentage rate will change over time.
• Interest rate. The periodic charge, expressed as a percentage, for use of credit.
• Margin. The number of percentage points the lender adds to the index rate to determine the annual percentage rate to be charged.
• Minimum payment. The minimum amount that you must pay (usually monthly) on your account. In some plans, the minimum payment may be "interest only". In other plans, the minimum payment may include principal and interest.
• Points. A point is equal to one percent of the amount of your credit line. Points usually are collected at closing, and are in addition to monthly interest.
• Security interest. An interest that a lender takes in the borrower’s property to assure repayment of a debt.
• Transaction fee. A fee charged each time you draw on your credit line.
• Variable rate. An interest rate that changes periodically in relation to an index. Payments may increase or decrease accordingly.

Where to Go for Help
The following federal agencies are responsible for enforcing the federal Truth-in-Lending Act, the law that governs disclosure of terms for home equity lines of credit. Any questions concerning compliance with the act by a particular financial institution should be directed to its enforcement agency.

State Banks that are Members of the Federal Reserve System Division of Consumer and Community Affairs Mail Stop 801 Federal Reserve Board Washington DC 20551 (202) 452-3693 www.federalreserve.gov	National Banks Office of the Comptroller of the Currency Customer Assistance Unit 1301 McKinney St. Suite 3710 Houston, TX 77010 (800) 613-6743 www.occ.treas.gov
Federally Insured Non-Member State-Chartered Banks and Savings Banks Federal Deposit Insurance Corporation Office of Compliance and Consumer Affairs 550 17th Street, NW Room PA-1730, 7th Floor Washington, DC 20429 (202) 942-3100 or (800) 934-FDIC www.fdic.gov	Federal Credit Unions National Credit Union Administration Office of Public and Congressional Affairs 1775 Duke St. Alexandria, VA 22314 (703) 518-6330 www.ncua.gov
Federally Insured Savings and Loan Institutions and Federally Chartered Savings Banks Office of Thrift Supervision Consumer Programs 1700 G Street, NW, 6thFloor Washington, DC 20552 (202) 906-6237 or (800) 842-6929 www.ots.treas.gov	Mortgage Companies and Other Lenders Federal Trade Commission Consumer Response Center 600 Pennsylvania Avenue, NW Washington, DC 20580 (202) 326-3758 or (877) FTC-HELP www.ftc.gov

Check List

Ask your lender to help fill out this check list.

	Plan A	Plan B
Basic Features
Fixed annual percentage rate	%	%
Variable annual percentage rate	%	%
Index used and current value
Amount of margin
Current Rate
Frequency of rate adjustments
Amount/length of discount (if any)
Interest rate caps and floor
Length Of Plan
Draw period
Repayment period
Initial Fees
Appraisal fee
Application fee
Up-front charges, including points
Closing costs
Repayment Terms
During the Draw Period
Interest and principal payments
Interest only payments
Fully amortizing payments
When the Draw Period Ends
Balloon payment
Renewal available
Refinancing of balance by lender

Important Account Disclosure Information

You must read the following important disclosure statement and be a BFFCU member before applying for Internet Bill Payer services.

BUCKS FIRST F.C.U. ELECTRONIC BILL PAYMENT SERVICES
CONSUMER AGREEMENT AND INITIAL DISCLOSURES

This is your bill paying agreement with Bucks First Federal Credit Union

You may use Bucks First Federal Credit Union’s bill paying service, “Internet Bill Payer”, to direct Bucks First Federal Credit Union to make payments from your designated checking account to the "Payees" you choose in accordance with this agreement. The terms and conditions of this agreement are in addition to the account agreements, disclosures and other documents in effect from time to time governing your account (The Account Rules).

"You" or "Your" means each person who is authorized to use the service. "Payee" means anyone, including the Credit Union, you designate and the Credit Union accepts as a "Payee".

1. HOW TO SET UP PAYEES/PAYMENTS

   • If you want to add a new "PAYEE", select the "Payee" tab located in your Bill Pay application or speak to a service representative.
   • You may add a new fixed payment to a "Payee" by accessing the service and entering the appropriate information. Most other additions, deletions, or changes can be made in writing or by using the service.
   • The Credit Union reserves the right to refuse the designation of a "Payee" for any reason.
   • You may pay any "Payee" with-in the United States (including U.S. territories and APO’s / AEO’s).
   • The Credit Union is not responsible for payments that can not be made due to incomplete, incorrect, or outdated information.

2. THE BILL PAYING PROCESS

   Single Payments - a single payment will be processed on the business day (generally Monday through Friday, except credit union and federal reserve holidays) that you designate as the payment’s process date, provided the payment is submitted prior to the daily cut-off time on that date. The daily cut-off time, which is controlled by the Credit Union, is currently 2:00 PM Eastern. Payments may range in amounts up to Ten Thousand Dollars ($10,000.00).

   A single payment submitted after the cut-off time on the designated process date will be processed on the next business day. If you designate a non-business date (generally weekends and certain holidays) as the payment’s process date, the payment will be processed on the first business day following the designated process date.

   Recurring Payments - When a recurring payment is processed, it is automatically rescheduled by the system. Based upon your selected frequency settings for the payment, a process date is calculated for the next occurrence of the payment. If the calculated process date is a non-business date (generally weekends and federal reserve holidays), it is adjusted based upon the following rules:
   
   

   • If the recurring payment‘s "Pay Before" option is selected, the process date for the new occurrence of the payment is adjusted to the first business date prior to the calculated process date.
   • If the recurring payment’s "Pay After" option is selected, the process date for the new occurrence of the payment is adjusted to the first business date after the calculated process date.
   
   Note: If your frequency settings for the recurring payment specify the 29th, 30th, or 31st as a particular day of the month for processing and that day does not exist in the month of the calculated process date, then the last calendar day of that month is used as the calculated process date.

3. SINGLE AND RECURRING PAYMENTS

   The system will calculate the Estimated Arrival Date of your payment, this is only an estimate, please allow ample time for you payments to reach your "Payees".

4. CANCELLING A PAYMENT

   A bill payment can be changed or cancelled, anytime prior to the cutoff time on the scheduled process date.

5. AVAILABLE FUNDS

   You agree to have available and collected funds on deposit in the account you designate in amounts sufficient to pay for all requested bill payments, as well as any other payment obligations you have to the Credit Union.

   • The Credit Union reserves the right, without liability, to reject or reverse a bill payment if you fail to comply with the above requirement or any other term of this agreement.
   • If you do not have sufficient funds in the account and the Credit Union has not exercised its right to reverse or reject a bill payment, you agree to pay for such payment obligations on demand.
   • You further agree the Credit Union, at its option, may charge any of your accounts with the Credit Union to cover such payment obligations.

   The Credit Union reserves the right to change the cut-off time. You will receive notice if it changes.

6. LIABILITY

   • You are solely responsible for controlling the safekeeping of and access to, your Personal Identification Number (PIN).
   • If you want to terminate another person's authority, you must notify the Credit Union and arrange to change your PIN. You will be responsible for any bill payment request you make that contains an error or is a duplicate of another bill payment.
   • The Credit Union is not responsible for a bill payment that is not made if you did not properly follow the instructions for making a bill payment.
   • The Credit Union is not liable for any failure to make a bill payment if you fail to promptly notify the Credit Union after you learn that you have not received credit from a "Payee" for a bill payment.
   • The Credit Union is not responsible for your acts or omissions or those of any other person, including, without limitation, any transmission or communications facility, and no such party shall be deemed to be the Credit Union's agent.
   • In any event, the Credit Union will not be liable for any special, consequential, incidental, or punitive losses, damages, or expenses in connection with this agreement or the service, even if the Credit Union has knowledge of the possibility of them.
   • The Credit Union is not liable for any act, failure to act or delay in acting if it is caused, in whole or in part, by any cause beyond the Credit Union's reasonable control.

7. AMENDMENT TERMINATION

   The Credit Union has the right to change this agreement at any time by notice mailed to you at the last address shown for the account on the Credit Union's records, by posting notice in branches of the Credit Union, or as otherwise permitted by law.

   • The Credit Union has the right to terminate this agreement at any time.
   • You may terminate this agreement by written notice to the Credit Union.
   • The Credit Union is not responsible for any fixed payment made before the Credit Union has a reasonable opportunity to act on your termination notice.
   • You remain obligated for any payments made by the Credit Union on your behalf.
8. SERVICE FEES

   There is no monthly charge for this service. There is a $5.00 monthly inactivity fee after 30 days of non-use. Other fees include a $30.00 insufficient funds fee if there are not enough funds available to cover the requested bill payment. There is a $15.00 stop payment fee if you wish to stop a bill payment request and there is a $5.00 charge for a copy of a cleared bill payment check. The total amount of your monthly fees will be deducted from your checking account on approximately the fifth business day of each month for the previous month’s charges. Changes may be made from time to time and we will give you prior notice either in writing or electronically.

   Miscellaneous Product Fees:
   

   • Overnight Fee: $14.95
   • 2nd Day Fee: $9.95 Standard or $4.95 Economy
   • Charitable Donations: $1.99
   • Gift Pay: $2.99

9. CONTACT IN EVENT OF UNAUTHORIZED TRANSFER

   If you believe your User ID and Password has been lost or stolen, or that someone to whom you have granted authority to use your User ID and Password has exceeded such authority, or that someone has transferred or may transfer money from your Account(s) without your permission, call us immediately at:

   (215) 788-5270 or (800) 450-5656 (nationwide)

   or write:

   Bucks First FCU
   2104 Bath Road
   Bristol, PA 19007

   or email:

   ms@bucksfirstfcu.org

10. WAIVERS

    No delay or omission by us in exercising any rights or remedies hereunder shall impair such right or remedy or be construed as a waiver of any such right or remedy. Any single or partial exercise of a right or remedy by us shall not preclude us from further exercise or the exercise of any other right or remedy. No waiver shall be valid unless in writing and signed by us.

11. GOVERNING LAW

    This Agreement shall be governed by and construed in accordance with the laws of Commonwealth of Pennsylvania without regard to that state's conflict of law provisions.

12. ARBITRATION

    IF A DISPUTE ARISES OUT OF OR RELATES TO THIS AGREEMENT AND IF SAID DISPUTE CANNOT BE SETTLED THROUGH DISCUSSIONS, YOU AGREE THAT ANY CONTROVERSY OR CLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR INVOLVING THE CONSTRUCTION OR APPLICATION OF ANY OF THE TERMS, COVENANTS OR CONDITIONS OF THIS AGREEMENT, BE SETTLED BY ARBITRATION TO BE HELD IN THE METROPOLITAN AREA OF HARRISBURG, PENNSYLVANIA IN ACCORDANCE WITH THE RULES OF THE AMERICAN ARBITRATION ASSOCIATION, AND JUDGMENT UPON THE AWARD RENDERED BY THE ARBITRATOR(S) SHALL BE BINDING UPON YOU AND MAY BE ENTERED IN ANY COURT HAVING JURISDICTION THEREOF.

13. AMENDMENTS

    We may amend or change any of the terms and conditions of this Agreement at any time upon reasonable electronic notice to you. If you do not agree to the change or amendment, you may notify us prior to the effective date of the change or amendment and cancel your access to the Service. Your continued use of the Service after the effective date of change will be deemed acceptance of the change or amendment.

14. SEVERABILITY

    If any provision of this Agreement is determined to be void or invalid, the remainder of this Agreement shall remain in full force and effect

    Login To Bucks On-Line Above To Sign Up For Bill Payer

To continue you must have your current reorder form or a check. You will be asked to enter the "Reorder Indentification Number" from the reorder form or the information from the bottom of a check. If you would like to continue with your reorder click below:

Continue To Reorder Checks»

If you do not have your reorder form, please call or email us at ms@bucksfirstfcu.org.

Thank You