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Membership and Master Credit Application Welcome to Boeing Employees' Credit Union (BECU)! 1. Primary Member Information and Ownership IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT.

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Loans and Credit Application Packet - BECU











Effective November 2013


A. The Creditand Security Agreement..........................1

B. Additional Terms Applicable to

Personal Lines of Credit.................................................6

C. Additional Terms Applicable to Credit Cards.........10

II. YOUR BILLING RIGHTS......................................18

PO Box 97050, Seattle WA 98168

206-439-5700 or toll-free 800-223-2328

Keep This Agreement For Your Records



A. This Creditand Security Agreement (“Agreement”), which

includes Truth in Lending Act and Fair Credit Billing Disclosures,

governs your consumer loan plan (“Plan”) with Boeing Employees’

Credit Union (“BECU”). Your Plan involves open-end personal

line of credit and credit card extensions of credit for personal,

family, or household purposes. In this Agreement the words “you,”

and “your” mean any person who signs in acceptance of the Plan

and the words “we,” “us,” and “our” mean BECU. When you sign

as a loan applicant, you agree, jointly and severally with any other

person who signs as a loan applicant (thus establishing a “Joint

Plan”), to be bound by all the terms and conditions set out in this

Creditand Security Agreement, as amended from time to time, in

any credit voucher and in any disclosures or statements of terms

and conditions accompanying any access devices given with any

future credit advances, which shall collectively govern your Plan

and are incorporated herein by reference. While you may not have

requested or been approved for a particular advance or device

under your Plan, you agree that if at any time in the future you

request or are approved for any such credit advance or device, your

relationship with BECU for that account will be governed by these


1. How the Plan Works. The Plan is an open-end credit plan,

including either or both a personal line of credit or credit card.

We contemplate that, from time to time, you will use your Plan

to borrow money from us (“credit advance”). To borrow under

the Plan you must activate each of the Plan’s credit accounts

individually. You may do this by submitting a credit request as

explained below. If your request is approved, we will furnish you

with a credit voucher providing information about your credit

limit, annual percentage rate, any other applicable fees or charges,

and any additional terms and conditions. In this Agreement, the

capitalized word “Credit Voucher” means the document titled

Credit Voucher and Opening Disclosures” for a personal

line of credit loan (“Line of Credit”) or “BECU VISA Credit

Voucher and Opening Disclosures” for a Visa credit card


2. Plan Accounts. The BECU Lending Rates and Related

Disclosures (the “Disclosures”) include important information

about the credit extensions and advances we offer (called

“accounts” or “loans”) and includes the range of rates that may

be imposed under the Plan. Certain account transactions under the

Plan, such as line of credit advances or credit card transactions, are

also subject to additional terms described later in this Agreement

that may vary from the general Plan terms set out below. In this

Agreement, the capitalized word “Loans” means extensions of

credit under your Line of Creditand/or Card.

3. Account Establishment and Access. You may submit a credit

request in any manner authorized by us. When you sign as a loan

applicant on BECU’s Master CreditApplication, BECU will

establish a Plan under which you may, at your option, request to

establish personal line of credit and/or credit card accounts. When

you have multiple active Plans (for example, a Joint Plan with one

co-applicant and another Joint Plan with a different co-applicant)

and you make a credit request, it is your responsibility to inform

us under which of these Plans to establish your account. From the

date of the Plan application, we may require that you update the

information you submitted to us when you established your Plan

in order for us to evaluate your credit request. If you already have

a Line of Creditand you request and qualify for a Credit Card, or


if you already have a Credit Card and you request and qualify for

a Line of Credit, we will establish a new account under your Plan.

We are not required to establish an account under the Plan when you

submit a credit request, and we may also refuse an advance request

at any time.

4. Joint Plans. Each time you submit a credit application for

another personal line of credit and/or credit card with a different coapplicant,

you request that another Joint Plan be established for you.

You understandand agree that while a Joint Plan is in effect, you

and the co-applicant of the Joint Plan: (a) has each authorized the

other to individually request, authorize, or receive credit advances;

(b) has each agreed to be jointly and severally liable for repayment

of all amounts owed and for any loans obtained; and (c) has each

agreed to all of the loan terms and conditions, even if you did not

under the Plan or is unwilling to be personally liable for them,

any one of you must write to BECU to terminate the Plan and the

termination will be effective as to all of you.

5. Credit Limit.

in response to your credit request, we also will establish a credit

limit on this account. You agree not to attempt to obtain more credit

credit limit, you understand such credit does not increase your credit

loan credit limit at our discretion. We will notify you in writing on

a Credit Voucher, on your statement, or by separate notice if the

amount of your credit limit goes up or down. We may reduce your

credit limit, suspend your credit privileges, close your account or

Plan or otherwise terminate your ability to use your Plan. We may

do this at any time and for any reason, subject to applicable law.

Your obligations under this Agreement continue even after we

have done this. You may cancel your credit limits established for

is suspended, you must immediately return any authorized access

devices, including credit cards. Any use of an account, access

device or service after suspension will be considered fraudulent.

6. Promise to Pay. You promise to pay BECU the total of all credit

advances on each account (including any credit advances requested

by any co-borrower or by any authorized user of a credit card),

any Credit Voucher on the payment terms set forth below. This

includes any requests for payments to a third party or for payment

or deposit to your savings or checking account. Payments must be

made in U.S. Dollars.

a. Payment Methods. You promise to make your periodic

payment for Line of Credit accounts under this Agreement by

automatic transfer from shares or deposits, and for Card accounts

by such automatic transfer or by direct deposit, personal check,

automatic transfer, you understand that it is your responsibility

to be sure that there are adequate funds in your account to satisfy

due. You must make your scheduled payments on loans under

this Agreement regardless of the payment method you select to

make payments.


. Minimum Payment. You agree that, on or before the due date

indicated on your periodic statement, you will pay at least the

minimum payment that is required under this Agreement and is

c. Pre-payment and Irregular Payments. You may pay all or

However, payments in excess of your minimum payment will not

relieve you of your obligation to make your subsequent minimum

payment due date, a prepayment or early payment will reduce the

partial payments and payments marked “payment in full” that are

not sent to the following address without losing our rights under

7. Periodic Statements.

statement period, we will send you a statement to the address shown

8. Security Agreement

a. BECU Lien.

deposits, and dividends in all joint and individual accounts held

by you, now and in the future, to the extent of your obligations

you own any shares pledged and that there are no liens against

withdraw a portion of your shares or deposits without affecting


and in the future, as security for all credit advances made under

or other accounts to the extent that applicable law precludes the

pledge of such accounts, or to loans secured by real property


By completing and signing the Plan application, you signify your

in all your individual and joint BECU share and deposit accounts

you have with us, now or in the future (excluding retirement or

other accounts to the extent that applicable law precludes the

pledge of such accounts), to secure your BECU loans under

the Plan (including the credit card account). You authorize us,

without further notice to you, to apply the balances in these

account(s) to pay any amounts due under the Plan if you should


9. Default. You will be in default under this Agreement if any of the

following happens on any account:

a. you do not make a payment as required by this Agreement on

or before the payment due date;

b. you exceed your credit limit without our permission;

c. you become subject to bankruptcy, incompetency or insolvency

proceedings or you die;

d. if we believe (in our sole discretion, subject to applicable law.)

or any time we reasonably deem ourselves insecure;

e. you make any untrue statements or omissions or provide false


any reason;

g. you violate or fail to comply with any term of this Agreement

or any other agreement you have with BECU;

h. you no longer qualify for BECU membership.

10. Upon or Following Default. Upon the occurrence of any

event of default under this Agreement, we have the right, subject to

applicable law, to terminate or suspend your credit privileges under

this Agreement, to require repayment and to change the terms of

your account and this Agreement. In requiring repayment, we may

demand that you immediately pay the entire unpaid balance of all

your loans under your Plan, increase the minimum payments, and/

or may apply any loan account payment to any outstanding account

balance under the Plan. BECU may start a collection action in the

county in which BECU is located or where you reside if you live

outside of Washington. Default on any loan, account or other

obligation that you have with us, including loans which are not

part of the Plan, will constitute default under this Agreement.

11. Reformation of Fees and Charges. If any fee or charge, or

any portion of any fee or charge, including but not limited to a

for this sentence be unlawful, the language of this Agreement shall

be automatically reformed to eliminate any excessive or unlawful

portion of such fee. In no event shall the fees charged under this

agreement exceed the maximum allowed under applicable state or

federal law. In its sole discretion, BECU may charge and collect a

other rights under this Agreement. Any waiver of any provision of

this Agreement shall not be deemed a waiver of such rights in the



12. Voluntary Payment Protection. We may offer Voluntary

Payment Protection to you. Voluntary Payment Protection is not

necessary to obtain credit. If you purchase Voluntary Payment

Protection from us, you authorize us to add the fees monthly to your

loan balance and charge you interest on the entire balance. At our

option we may change your payment or the period of time necessary

to repay the loan balance. The rate used to determine the fees may

change in the future. If the rate changes, we will provide any notices

required by applicable law.

13. Amendments

a. Plan Termination. You or any co-applicant may terminate

your Plan in writing at any time. BECU may also terminate

your entire Plan or any part of your Plan at any time. All other

provisions of this Agreement shall otherwise remain in full force

and effect until you pay all sums due us. You understand that

terminating your Plan will not relieve you of your obligations on

any outstanding loan balances at the time of termination.

b. Plan Changes. You agree that BECU may, at any time, change

any part of this Agreement (including but not limited to adding

new provisions, deleting existing ones, or changing any other

terms and conditions of this agreement relating to your Plan

or account), provided we have given you notice in advance of

the change, if required by law. Any notice of change in terms

required by law will be sent to the last address appearing on the

records of BECU, unless you notify us of the change in your

address within a reasonable time prior to the notice being sent.

14. Attorneys’ Fees, Costs and Enforcement. You agree to pay

BECU’s internal and external costs, collection and other expenses

such as expert witnesses, debt collectors, court costs, and reasonable

attorneys’ fees and legal expenses whether or not there is a lawsuit,

including attorneys’ fees in any arbitration or mediation, on appeal,

in any bankruptcy (or state receivership or other insolvency

proceeding) and in any forfeiture or other proceeding. A Collection

Charge will be imposed if we must telephone you, write to you, or

make a personal visit due to any default on your part. All of these

charge may be imposed on them at the highest rate applied to any

of your credit advances. The security provisions in Section 8 of this

Part A of the Agreement also secure payment of all these amounts.

BECU may delay enforcing any right under this Agreement without

losing that right or any other right. In the event you die, we can

collect any amounts outstanding under your Plan as immediately

owed against your estate or against anyone who obtained an advance

under your Plan. If any provisions of this Agreement or related

agreement are deemed unenforceable or invalid, the remaining

provisions will remain in full force and effect.

15. Assignment. We have the right to assign and transfer our rights

under this Agreement and any amounts you owe to us. The term

“us” shall be deemed to include each and every immediate and

successive assignee. You do not have the right to assign or transfer

any of your rights, duties or obligations under this Agreement.

16. Notices. All notices and statements will be sent to the last

address appearing on BECU records. You agree to advise us

promptly if you change your mailing address. We can accept address

corrections received from the U.S. Postal Service.


17. Credit Information/Financial Statements. You authorize us

to release information to others regarding the status and history of

your Plan. You agree to provide us upon request at any time with a

in our sole discretion. You agree we may obtain credit reports,

employment or investigative inquiries on you at any time, at our sole

option, for any reason, including but not limited to determining your

eligibility for other products and services or determining whether

18. Governing Law. Our approval of this Agreement and of any

credit extension or advance under this Agreement occurs in the state

of Washington. This Agreement shall be governed by the Federal

laws and the laws of the state of Washington as they each apply. In

accepting the terms of this contract, you agree that venue for any

action brought by you or brought by us to enforce the terms of the

agreement is properly located in King County, Seattle, Washington.



This section contains additional terms and conditions pertaining to

the overdraft protection personal line of credit account (“Line of

Credit”). The terms and conditions in this section are in addition

to and modify the terms and conditions of the Plan with respect

to Lines of Credit. All other attributes, terms and conditions of the

Plan, including but not limited to the security interest granted under

section and will also govern your Line of Credit. In the event of an

inconsistency between Section I A and this section I B, the terms of

this section I B shall prevail.

1. Joint Accounts. You understand that any joint account holder on

your deposit account with checking account features, or any person

authorized to use an access device for this account may access your

Line of Creditand you and they agree to be jointly and severally

liable for such transactions.

2. Promise to Pay


a. Responsibility. By using your account to engage in

transactions after we furnish a Credit Voucher to you, you agree

to the credit limit, annual percentage rate, any other applicable

fees and charges, and any terms and conditions set forth in the

Credit Voucher, which will be incorporated into and become part

of this Agreement and will govern your Plan. Any person or

entity that has accepted, signed, used, or authorized the use of a

Line of Credit under the Plan, regardless of whether this person is

named in the application or otherwise, agrees to be and is bound

by the terms of this Agreement.

b. Payment Methods. Your required minimum payment will

be made by automatic transfer from your savings or checking

account at BECU. At any time, you may pay additional amounts

by such automatic transfer or by personal check, draft, electronic

funds transfer, or wire transfer.

c. Crediting Payments if Not Made by Automatic Transfer.

Payments received at BECU, P.O. Box 97050, Seattle, WA

day will be credited to your account as of that date; payments

d. Payment - Minimum Amount and Allocation.

3. Finance Charges

a. Penalty Rate.





b. Timing of Finance Charges and Payments.


made. When you make a payment during the period on which

your monthly statement is based, then this statement will specify

the amount of interest that you paid.

c. How to Determine Unpaid Daily Balance and Finance

Charges. The unpaid daily principal balance is the amount of

outstanding indebtedness that remains unpaid at the close of

each business day after all transactions for the day are posted

to your Line of Credit. Transactions are posted by subtracting

the amount of any payments or credits (thus decreasing the

balance) and adding the amount of any new advances plus the

cost of Voluntary Payment Protection, if any (thus increasing the

balance). The daily principal balance will include any unpaid

foregone by BECU or prohibited by applicable law. We multiply

this balance by the applicable daily periodic rate to calculate the

charges for the other days in the period on which your monthly

d. Determination of DPR and Corresponding APR. The

DPR and APR for which you initially qualify now or in the

or employment history. The DPR and corresponding APR

for each account under the Plan will be set forth in the Credit

Voucher that is sent to you. Your rate on any account is subject

to change with additional advances, based on your credit history.

BECU may change the rates it offers from time to time and may

DPR and corresponding APR based on changes in your credit

the time of the initial advance on your account, then you may

cancel the Line of Credit account without obligation if, within

four business days of the date of your initial Credit Voucher, you

provide BECU with written notice and return all of the funds

account funds after that date, you waive any right to cancel this


4. Other Account Fees and Charges

a. A Late Payment Fee in an amount equal to $25.00 or 5% of

the minimum payment, whichever is greater, will be imposed on

payments that are not paid or are paid ten (10) or more calendar

days after the payment due date.

b. A Returned Payment Fee in an amount equal to $25.00 or the

amount of the returned payment, whichever is smaller, will be

imposed if any check, instrument or other item given as payment

on your Plan is uncollectible or is dishonored for any reason.

Unless otherwise required by law, we are not obligated to attempt

to collect any check more than once.

c. A Collection Charge will be imposed if we must telephone you,

write to you, or make a personal visit due to any default on your



5. Advances and Access

a. Limitations on Credit Advances. You will receive a Credit

Voucher showing the amount of the credit limit on your Line

of Credit, which is the maximum amount you may draw upon

You may access credit on your Line of Credit, repay any portion

of the amount borrowed, and reborrow any portion up to your

b. Overdraft Access. You may access your Line of Credit by

writing drafts, and overdrawing your checking account or

your deposit account with checking account features with us,

may, at our sole discretion, access this account on your behalf

if you have scheduled automatic payments for which there are

this if the advance to cover the scheduled payment would cause

a request for an advance on your Line of Creditand we will

understand that any owner on your checking account or your

deposit account with checking account features may obligate you

to your checking account or your deposit account with checking

conditions of your checking account or your deposit account with

checking account features, we may cancel your Line of Credit

from any and all liability which might arise if the transfer does

c. Suspension of Line. Your ability to draw upon the Line

reinstated, upon re-enrolling for automatic payment transfer and

6. Change in Terms (including Finance Charges). You agree that




This section contains additional terms and conditions pertaining to

the credit card account of your Plan (“Card”). References to “Card”

below relate to the account associated with the credit card and not

only to transactions conducted through use of the physical credit

card, other credit instrument or device which we supply to you,

itself. The terms and conditions in this section are in addition to and

modify the terms and conditions of the Plan. All other attributes,

terms and conditions of the Plan, including but not limited to the

security interest granted under Section 8 of Part A of this Agreement,

Card account. In the event of an inconsistency between Section I A

and this section I C, the terms of this section I C shall prevail.

1. Responsibility and Applicability of Terms. Any person or

entity that has accepted, signed, used, or authorized the use of a

Card under the Plan agrees to be and is bound by the terms of this

Agreement. In this Agreement, the word “Cardholder” means the

applicant and co-applicant(s) for the Plan associated with the Card,

and each authorized user of the Card (“User”), whether named in an

application as a User, or otherwise. In this Part C of the Agreement,

“you” means the Cardholder(s) associated with a particular Card

and on your monthly statement.

New Balance: The sum of all of the unpaid Purchases, Cash

and any other fees or charges outstanding on the closing date.

Previous Balance: The sum of all unpaid Purchases, Cash

and any other fees and charges at the beginning of the billing

cycle (it is the same amount that was shown as “New Balance”

on the closing date on the statement for the preceding billing


Purchases: Transactions involving advances other than Balance

Transfers and Cash Advances. Purchases may include Foreign

Transactions, account charges, and adjustments associated with

any transaction.

2. Liability. You will be liable for all credit obtained under your

Card by any Cardholder. If there is more than one Cardholder, then

each will be liable, jointly and severally, for all credit obtained

through use of the Card. If two or more persons are responsible to

pay any outstanding balance, we may refuse to release any of them

from liability until all of the unexpired Cards issued pursuant to

the Plan have been returned to us and the balance is paid in full. If

you request us to issue a Card on your account to another person,

or if you allow any person to have access to your Card or account

number with your permission to make a charge, you will be liable

for all charges made by that person, including charges for any Cash

Advances or any Purchases from merchants or in amounts that

you may not have intended the person to make. In addition, you

transactions, to the same extent as if you made them yourself.

3. Purchases and Cash Advances. Any Cardholder can use the

Card for Purchases and Cash Advances. You may not use the


Card for any illegal or unlawful transaction and we may decline

to authorize any transaction that we believe poses an undue risk of

illegality or unlawfulness.

4. Balance Transfers. You may use your Card to transfer balances

from other accounts to your Card with us (“Balance Transfer”). You

may request a Balance Transfer by completing the balance transfer

portion of the credit application, by completing and returning to us

one of the balance transfer requests forms we may send you from

time to time, or by writing or telephoning us. Interest begins to

accrue as of the date a balance transfer is posted to your account.

You agree that you will not make Balance Transfers payable to cash,

to you, to any individual, to a deposit account, or to any BECU

loan account and, if you do make any such Balance Transfer, BECU

reserves the right to convert the transaction to a Cash Advance.

5. Daily Periodic Rate (DPR) and Annual Percentage Rate

(APR). The DPR and corresponding APR used to calculate the

FINANCE CHARGE for your Card will be stated in a Credit

Voucher provided to you when you open your credit card account.

(That document is a part of this Agreement.) After you open your

account, rate information will be provided in periodic statements

that we send to you.

a. Variable Rates. A variable DPR and APR will be used to

calculate the interest charge applicable to your account, after the

expiration of any applicable introductory rate period. The APR

will be based on the value of an index. The index will be the

highest U.S. Prime Rate published in the Money Rates section of

This Prime Rate is a reference index and is not the lowest interest

rate available. If The Wall Street Journal does not publish the

Rate, we may substitute another index, subject to applicable law.

To determine the APR that will apply to your credit card, we

will add a margin to the value of the index. The current range of

APRs that can apply is disclosed in the Disclosures. The margin

and the corresponding APR applicable to your account will be

stated in a Credit Voucher provided to you when you open your

credit or employment history. Your APR can change on the

Increases or decreases in the U.S. Prime Rate will cause increases

or decreases in the APR, resulting in increases or decreases in

the interest charge, which in turn will affect the number of your

regularly scheduled minimum payments. There is no limit on the

amount by which this variable APR can change in any month.

b. Introductory or Promotional Rate. If you have not

previously received a BECU credit card and you establish a BECU

credit card account, you may be eligible for an introductory rate

or promotional rate. Any introductory rate, and the period for

which it will be in effect, will be stated on the Credit Voucher

provided to you when you open your credit card account. Any

promotional rate, and the period for which it will be in effect,

will be stated in a notice provided to you at the beginning of the

promotional rate period. The introductory rate or promotional

rate may be extended by BECU in its discretion.


6. Finance Charges


a. Purchases.

b. Cash Advances.


Advance Fee (FINANCE CHARGE) of 2% of the amount of

the Cash Advance, not to exceed $10.00.

c. Balance Transfers.

. How to Determine Finance Charges:


b. Calculation of Finance Charge.

(i) Calculation of Finance Charges for Cash Advances and

Balance Transfers.

(ii) Calculation of Finance Charges for Purchases.

shown on your statement each month. If you do not pay the entire

New Balance on or before the Payment Due Date each month, the

unpaid portion of the New Balance will accrue interest beginning

We calculate the Finance Charge by multiplying the Average

Daily Balance by the number of days in the billing cycle and then

multiplying by the Daily Periodic Rate. We calculate the Average

Daily Balance of Purchases by taking the beginning balance

of your account each day that is attributable to Purchases, add

any new Purchases as of the date those charges are posted to

your account and subtract any additional payments, credits, and

unpaid Finance Charges and fees or other charges. Then we add

up all the daily balances for the billing cycle and divide the total

by the number of days in the billing cycle. If you paid the entire

New Balance shown on the previous monthly statement by the

Payment Due Date shown on that statement, the portion of the

New Balance shown on the current statement that is paid by the

Payment Due Date shown on that statement will be excluded

from the calculation of the balance each day.

8. Other Account Fees and Charges

a. A Late Payment Fee in an amount equal to $25.00 or the amount

of the late payment, whichever is smaller, will be imposed on

minimum payments not paid by the payment due date.

b. A Returned Payment Fee in an amount equal to $25.00 or the

amount of the returned payment, whichever is smaller, will be

imposed if any check, instrument or other item given as payment

on your Card is uncollectible or is dishonored for any reason.

Unless otherwise required by law, we do not have to attempt to

collect any check more than once.

c. A Card Replacement Fee of $5.00 may be assessed for each

Card lost, stolen or destroyed.

d. A Card Recovery Assessment will be imposed and may be

added to your balance if: 1) you use your Card after the Card has

been cancelled, and 2) we must pay a recovery fee to a third party

who obtains the Card for us.

e. A Copy Request Charge of $3.00 may be imposed for copies of

each document that you request in connection with this account,

other than those provided in response to a billing error notice

under the Fair Credit Billing Act.

f. A Collection Charge will be charged if it is necessary to

telephone you, write to you, or hire a third party to make a

personal visit due to any default on your part. If a personal visit

is necessary, the amount charged will be the larger of $50.00 or

the cost of the third party’s services.

g. A Stop Payment Fee charge of $5.00 may be imposed for each

stop payment on a Convenience Check.

h. A Foreign Transaction Fee equal to 1 percent (1%) of the

amount of a transaction to be effectuated in whole or in part,

at your direction, in a nation other than the United States of

America (an “International Transaction”) under section 9 of this

Part C, immediately below.

9. Foreign Transactions and Foreign Exchange. If you use your


Card for an International Transaction, the exchange rate between the

transaction currency and the billing currency used for processing

International Transactions will be a rate selected by Visa from

the 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 1 percent

(1%) Foreign Transaction Fee will apply to all International

Transactions, regardless of whether or not currency conversion

is involved and applies to all international purchases, reversals of

merchant transactions, and cash disbursement original and reversal

transactions. The currency conversion rate on the day before the

transaction processing date may differ from the rate in effect at the

time of the transaction or on the date the transaction is posted on

your account. You agree to accept the converted amount in U.S.


10. Change in Terms. You agree that we can change the terms of

this Agreement (including but not limited to any of the examples of

time upon proper advance notice to you, where required by law. We

consider that you have accepted changes if you keep or use the card

after the notice. The new terms, including an increase or decrease

extended on and after the effective date of the change. New terms

as to any unpaid balance outstanding as of the effective date of the


11. Security Interest. In addition to the security interest granted

amounts outstanding from time to time in connection with the Card:


a. Deposit Account. If you are issued a secured Card, you have

signed or will be required to sign a separate security agreement

and/or deposits in BECU to secure your Card. The amount of the

security for such a Card is the amount of your credit limit and you

may not have any access to or control of that amount.

b. Goods Purchased. You hereby grant us a security interest

in each item purchased with advances obtained under this

Agreement. This security interest will remain in full force and

effect as long as there is an outstanding balance on the item

purchased. If we have the right to demand full payment of your

new balance, we may also take possession of this property (you

promise to give it to us if we ask) and sell it to satisfy your debts

and obligations. Any outstanding debt will be allocated upon the

time to give you notice of any such sale.

12. The Minimum Periodic Payment Required

a. Payments.

any business day will be credited to your Card as of that date;

or federal holiday will be credited as of the next business day.

payment is received at any other address or not accompanied by

the remittance portion of the monthly statement for your Card.

b. Payment - Minimum Amount and Allocation. If you elect

not to pay your New Balance in full, you must make a payment

according to the following schedule on or before the due date

shown on your statement. If the New Balance is less than $25,

your minimum payment will be the full balance; if this balance is

$25 to $1,000 your minimum payment will be $25; if this balance

is more than $1,000 your minimum payment will be 2½% of this

balance rounded down to the nearest whole dollar. A credit posting

from a merchant or reversal of fees do not constitute any part of

a minimum payment. The minimum payment will be allocated

at BECU’s discretion to pay off lower rate balances, such as

promotional offers, before higher rate balances, such as Cash

Advances or Purchases. Payments in excess of the minimum

From time to time, we may allow you to skip your Minimum

Periodic Payment due. If you choose to skip that payment,

FINANCE CHARGES, and voluntary payment protection costs,

if any, will continue to accrue in accordance with this Agreement.

c. Past Due and Overlimit Amounts. In addition to the above,

the minimum payment will also include the greater of any amount

past due or any amount by which the New Balance exceeds the

approved credit limit for the account. If your account is past

due, and/or overlimit, that amount of the minimum payment is

immediately due.

d. Payment in Full. The payment of a New Balance in full will

not eliminate the need to make a minimum payment for the next

billing cycle if there are new purchases or cash transactions in

the next billing cycle.

13. Lost, Stolen, or Unauthorized Use of Your Card. You agree

to notify us immediately, orally or in writing, of the loss, theft, or

unauthorized use of your Card. We may investigate any cases of

unauthorized use of your Card. We may terminate or limit access

your Card or convenience checks may have been lost or stolen, or

that there may be unauthorized access to your Card. Unless you

have been negligent or have engaged in fraud, you will not be liable

for any unauthorized transactions using your lost or stolen Card. If

you are liable for unauthorized transactions, your liability will not

exceed $50. You will not be liable for unauthorized transactions that

occur after you notify us at:

BECU, P.O. Box 97050, Seattle, WA 98124-9750

Telephone: (206) 439-5700 or outside Seattle at 1-800-233-2328

Hours: 7:00 a.m. - 7:00 p.m. PT Monday-Friday;

9:00 a.m. - 1:00 p.m. PT Saturday.

After hours only for use of reporting the loss, theft,

or unauthorized use of your Card: Call 1-800-449-7728

14. Additional Provisions

a. Ownership of Cards. Any Card is our property and must be

returned to us or our agent, immediately upon demand. If we ask,

you will destroy the Card by cutting it in half and will surrender

it to us or our agent, mail it to us, or take it to a location we


b. Honoring of Card. We will not be responsible for the

failure or refusal of anyone to honor the Card. Although your



New Balance may be less than your credit limit, we may fail or

decline to authorize a particular transaction due to the failure of

a communications or computer system, due to other operational

participation in the Plan or, at our discretion, other reasons that

we deem to be appropriate.

c. Transfer of Card. You cannot transfer your Card to any other

that has been authorized by you or another Cardholder.

d. Transactions with Internet Merchants. In order to make

If the password is incorrect, we may deny the transaction.

e. Merchant Return Policy. If a merchant discloses a policy

such as “no returns,” “no refund”, “no return or credit without

f. Merchant Refunds.

or adjustment, you will accept a credit to your Card in lieu of a

cash refund.

g. Merchant Reservations

policy and follow it if you cancel. If you cancel, obtain the

h. Recurring Merchant Transactions. If you authorize a

your Card, you must notify the merchant when you want to

discontinue the repeat transactions or if your Card account is

closed or a new Card number is issued by us.

i. Merchant Dispute Assistance.

section will control.

j. Transactions.

k. Phone Inquiries.

y calling BECU at 206-439-5700 or, outside Seattle at 1-800-

233-2328 or by writing us at the address provided below.

l. Our Address. Please address all other correspondence, letters

l. and Our notices Address. (excluding Please payments) address all with other respect correspondence, to Cards to letters us at:

and Customer notices Service (excluding P.O. Box payments) 31112 with Tampa respect Florida to 33631-3312.

Cards to us at:

Customer Service P.O. Box 31112 Tampa Florida 33631-3312.

m. Inactivity. BECU reserves the right to terminate the credit if

m. there Inactivity. are no transactions BECU reserves in one the year. right to terminate the credit if

there n. Non-Activation. are no transactions If the in Cardholder one year. fails to activate the Card

n. within Non-Activation. 30 calendar days If the after Cardholder the card is fails sent to to activate the Cardholder, the within BECU 30 reserves calendar the days right after to cancel the card your is account. sent to the Cardholder,

BECU o. Closing reserves your the Account. right to You cancel can your cancel account. or close your account

o. by Closing either calling your Account. us at 206-439-5700 You can cancel or, outside or close Seattle your at account 1-800-

by 233-2328 either calling or writing us at us 206-439-5700 at the address or, outside provided Seattle above. at 1-800- If you

233-2328 cancel the or Account, writing you us at must the immediately address provided pay everything above. If you

cancel owe us, the including Account, any you amounts must immediately owed but not pay yet everything billed to you.

owe If you us, do including not pay any us amounts immediately, owed outstanding but not yet billed balances to you. will


you do not pay us immediately, outstanding balances will


subject to the terms and conditions of this Agreement. You

be also subject agree to return the terms to us and or destroy conditions your of Card(s) this Agreement. and any unused You

also Convenience agree to return Checks. to You us or agree destroy that your will Card(s) not attempt and any to unused make


Checks. You agree that you will not attempt to make

or our termination or suspension of your credit privileges. You

or further our termination understandand or suspension agree that of it is your credit sole responsibility privileges. You to

further terminate understand your authorization and agree that of all it reoccurring is your sole transactions responsibility you to

terminate may have your scheduled authorization with merchants of all reoccurring or other third transactions parties. you

may have scheduled with merchants or other third parties.


15. add BECU the BECU REWARDS Rewards Program PROGRAM (“Program”) OPTION. to your You Card may account. elect to

add Upon the enrolling BECU Rewards in the Program, you (“Program”) agree to to accept your the Card terms account. and

Upon conditions enrolling contained the in Program, the BECU you Rewards agree to accept Program the Terms terms and

conditions Conditions contained that are in in addition the BECU to the Rewards terms and Program conditions Terms of this and

Conditions Agreement that and which are in addition otherwise to governs the terms your and Card. conditions The terms of this of

Agreement the Program and become which effective otherwise immediately governs your upon Card. our The receipt terms and of

the acknowledgment Program become of your effective instructions immediately to enroll upon you our in the receipt Program and

acknowledgment and will apply only of your to the instructions purchases to of enroll goods you and in services the Program made

and with will your apply Card after only that to the effective purchases date. of goods and services made

with your Card after that effective date.




Your Billing Rights: Keep this Document for Future Use

This notice tells you about your rights and our responsibilities

under the Fair Credit Billing Act.

What To Do If You Find a Mistake on Your Statement

If you think there is an error on your credit card statement, write

to us at:

Customer Service,

P.O. Box 31112,

Tampa, FL 33631-3112

If you think there is an error on your personal line of credit

statement, write to us at:

Research and Adjustments,

P.O. Box 97050,

Seattle, WA 98124-97050

In your letter, give us the following information:

Account information: Your name and account number.

Dollar amount: The dollar amount of the suspected error.

Description of problem: If you think there is an error on your

bill, describe what you believe is wrong and why you believe it is

a mistake.

You must contact us:

scheduled, if you want to stop payment on the amount you think is


You must notify us of any potential errors in writing. You may call

us, but if you do we are not required to investigate any potential

errors and you may have to pay the amount in question.

What Will Happen After We Receive Your Letter

When we receive your letter, we must do two things:

1. Within 30 days of receiving your letter, we must tell you that

we received your letter. We will also tell you if we have already

corrected the error.

2. Within 90 days of receiving your letter, we must either correct

the error or explain to you why we believe the bill is correct.

While we investigate whether or not there has been an error:

delinquent on that amount.

may continue to charge you interest on that amount.

responsible for the remainder of your balance.


• We can apply any unpaid amount against your credit limit.

• If we made a mistake: You will not have to pay the amount in

question or any interest or other fees related to that amount.

• If we do not believe there was a mistake: You will have to pay

the amount in question, along with applicable interest and fees.

We will send you a statement of the amount you owe and the date

payment is due. We may then report you as delinquent if you do

not pay the amount we think you owe.

If you receive our explanation but still believe your bill is wrong,

you must write to us within 10 days telling us that you still refuse

to pay. If you do so, we cannot report you as delinquent without

also reporting that you are questioning your bill. We must tell you

the name of anyone to whom we reported you as delinquent, and

we must let those organizations know when the matter has been

settled between us.

If we do not follow all of the rules above, you do not have to pay


purchased with your 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 purchase.

To use this right, all of the following must be true:

1. The purchase must have been made in your home state or

necessary if your purchase was based on an advertisement we

mailed to you, or if we own the company that sold you the goods

or services.)

2. You must have used your credit card for the purchase. Purchases

made with cash advances from an ATM or with a check that

accesses your credit card account do not qualify.

3. You must not yet have fully paid for the purchase.

the purchase, contact us in writing at:

Customer Service,

P.O. Box 31112,

Tampa, FL 33631-3112.

While we investigate, the same rules apply to the disputed amount

you our decision. At that point, if we think you owe an amount and

you do not pay, we may report you as delinquent.


BECU 550 11/2013

BECU 850 10/2012

What you should know about Home Equity Lines of Credit

the plan. Remember, though, that the APR for a home equity line is based on the interest rate alone and will not reflect closing costs and

other fees and charges, so you’ll need to compare these costs, as well as the APRs, among lenders.

Variable interest rates

Home equity lines of credit typically involve variable rather than fixed interest rates. The 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). In such cases, the interest rate you

pay for the line of credit will change, mirroring changes in the value of the index. Most lenders cite the interest rate you will pay as the value

of the index at a particular time, plus a “margin,” such as 2 percentage points. Because the cost of borrowing is tied directly to the value of

the index, it is important to find out which index is used, how often the value of the index changes, and how high it has risen in the past. It is

also important to note the amount of the margin. Lenders sometimes offer a temporarily discounted interest rate for home equity lines—an

“introductory” rate that is unusually low for a short period, such as 6 months. Variable-rate plans secured by a dwelling must, by law, have a

ceiling (or cap) on how much your interest rate may increase over the life of the plan. Some variable-rate plans limit how much your

payment may increase and how low your interest rate may fall if the index drops. Some lenders allow you to convert from a variable interest

rate to a fixed rate during the life of the plan, or let you convert all or a portion of your line to a fixed-term installment loan.

Cost of establishing and maintaining a Home equity Line

Many of the costs of setting up a home equity line of credit are similar to those you pay when you get a mortgage. For example:

A fee for a property appraisal to estimate the value of your home;

An application fee, which may not be refunded if you are turned down for credit;

Up-front charges, such as one or more “points” (one point equals 1 percent of the credit limit); and

Closing costs, including fees for attorneys, title search, mortgage preparation and filing, property and title insurance, and taxes.

In addition, you may be subject to certain fees during the plan period, such as annual membership or maintenance fees and a transaction

fee every time you draw on the credit line. You could find yourself paying hundreds of dollars to establish the plan. And if you were to draw

only a small amount against your credit line, those initial charges would substantially increase the cost of the funds borrowed. On the other

hand, because the lender’s risk is lower than for other forms of credit, as your home serves as collateral, annual percentage rates for home

equity lines are generally lower than rates for other types of credit. The interest you save could offset the costs of establishing and

maintaining the line. Moreover, some lenders waive some or all of the closing costs.

How will you repay you home equity plan?

Before entering into a plan, consider how you will pay back the money you borrow. Some plans set a minimum monthly payment that

includes a portion of the principal (the amount you borrow) plus accrued interest. But, unlike with typical installment loan agreements, the

portion of your payment that goes toward principal may not be enough to repay the principal by the end of the term. Other plans may allow

payment of interest only during the life of the plan, which means that you pay nothing toward the principal. If you borrow $10,000, you will

owe that amount when the payment plan ends.

Regardless of the minimum required payment on your home equity line, you may choose to pay more, and many lenders offer a choice of

payment options. Many consumers 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. If your plan has a

variable interest 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% interest rate, your monthly payments would be $83. If the rate rises over time to 15%, your monthly

payments will increase to $125. Similarly, if you are making payments that cover interest plus some portion of the principal, your monthly

payments may increase, unless your agreement calls for keeping payments the same throughout the plan period. If you sell your home,

you will probably be required to pay off your home equity line in full immediately. If you are likely to sell your home in the near future,

consider whether it makes sense to pay the up-front costs of setting up a line of credit. Also keep in mind that renting your home may be

prohibited under the terms of your agreement.

Lines of credit vs. traditional second mortgage loans

If you are thinking about a home equity line of credit, you might also want to consider a traditional second mortgage loan. This type of loan

provides you with a fixed amount of money, repayable over a fixed period. In most cases, the payment schedule calls for equal payments

that pay off the entire loan within the loan period. You might consider a second mortgage 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 both the APR and other charges. Do not, however, simply compare the APRs, because the

APRs on the two types of loans are figured differently:

The APR for a traditional second mortgage loan takes into account the interest rate charged plus points and other finance


Page 2 of 4

What you should know about Home Equity Lines of Credit

If you are in the market for credit, a home equity plan is one of several options that might be right for you. Before making a decision,

however, you should weigh carefully the cost 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 amount you've borrowed, plus interest, could

mean the loss of your home.

Home Equity Plan Checklist

Ask your lender to help fill out this checklist.

Basic Features Plan A Plan B

Fixed annual percentage rate % %

Variable annual percentage rate % %

Index used and current value % %

Amount of margin

Frequency of rate adjustments

Amount/length of discount (if any)

Interest-rate cap 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?

What is a Home Equity Line of Credit?

A home equity line of credit is a form of revolving credit in which your home serves as collateral. Because a home often is a consumer’s

most valuable asset, many homeowners use home equity lines only for major items, such as education, home improvements, or medical

bills, and choose not to use them for day-to-day expenses. With a home equity line, you will be approved for a specific amount of credit.

Many lenders set the credit limit on a home equity line by taking a percentage (say, 75%) of the home’s appraised value and subtracting

from that balance owed on the existing mortgage. For example:

Appraised value of home



x 75%

Percentage of appraised value = $75,000

Less balance owned on mortgage - $40,000

Potential line of credit $35,000

In determining your actual credit limit, the lender will also consider your ability to repay the loan (principal and interest) by looking at your

income, debts, and other financial obligations as well as your credit history. Many home equity plans set a fixed period during which you

can borrow money, such as 10 years. At the end of this “draw period,” you may be allowed to renew the credit line. If your plan does not

allow renewals, you will not be able to borrow additional money once the period has ended. Some plans may call for payment in full of any

outstanding balance at the end of the period. Others may allow repayment over a fixed period (the “repayment period”), for example, 10

years. Once approved for a home equity line of credit, you will most likely be able to borrow up to your credit limit whenever you want.

Typically, you will use special checks to draw on your line. Under some plans, borrowers can use a credit card or other means to draw on

the line. There may be other 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) or keep a minimum amount outstanding. Some plans may also require that you take an initial advance

when the line is set up.

What should you look for when shopping for a plan?

If you decide to apply for a home equity line of credit, look for the plan that best meets your particular needs. Read the credit agreement

carefully, and examine the terms and conditions of various plans, including the annual percentage rate (APR) and the costs of establishing

BECU 850 10/2012

Page 1 of 4

What you should know about Home Equity Lines of Credit

The APR for a home equity line of credit is based on the periodic interest rate alone. It does not include points or other charges.

Disclosures from lenders

The federal 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 (other than a variable-rate feature) changes before the

plan is opened, the lender must return all fees if you decide not to enter into the plan because of the change. When you open a home

equity line, the transaction puts your home at risk. If the home involved is your principal dwelling, the Truth in Lending Act gives you 3 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 lender in writing within the 3-day period. The lender must then cancel its security interest in your home and return all fees— including

any application and appraisal fees—paid to open the account.

What if the lender freezes or reduces your line of credit?

Plans generally permit lenders to freeze or reduce a credit line if the value of the home “declines significantly” or, when the lender

“reasonably believes” that you will be unable to make your payments due to a “material change” in your financial circumstances. If this

happens, you may want to:

Talk with your lender. Find out what caused the lender to freeze or reduce your credit line and what, if anything, you can do to

restore it. You may be able to provide additional information to restore your line of credit, such as documentation showing that

your house has retained its value or that there has not been a “material change” in your financial circumstances. You may want to

get copies of your credit reports (go to the Federal Trade Commission’s website, at, for information about

free copies) to make sure all the information in them is correct. If your lender suggests getting a new appraisal, be sure you

discuss appraisal firms in advance so that you know they will accept the new appraisal as valid.

Shop around for another line of credit. If your lender does not want to restore your line of credit, shop around to see what other

lenders have to offer. You may be able to pay off your original line of credit and take out another one. Keep in mind, however, that

you may need to pay some of the same application fees you paid for your original line of credit.


Annual Membership or Maintenance Fee. An annual charge for access to a financial product such as a line of credit, credit card, or account. The fee is

charged regardless of whether or not the product is used.

Annual Percentage Rate (APR). The cost of credit, expressed as a yearly rate. For closed-end credit, such as car loans or mortgages, the APR includes

the interest rate, points, broker fees, and other credit charges that the borrower is required to pay. An APR, or an equivalent rate, is not used in leasing


Application Fee. Fees charged when you apply for a loan or other credit. These fees may include charges for property appraisal and a credit report.

Balloon Payment. A large extra payment that may be charged at the end of a mortgage loan or lease.

Cap (interest rate). A limit on the amount that your interest rate can increase. Two types of interest-rate caps exist. Periodic adjustment caps limit the

interest-rate increase from one adjustment period to the next. Lifetime caps limit the interest-rate increase over the life of the loan. By law, all adjustable-rate

mortgages have an overall cap.

Closing or Settlement Costs . Fees paid when you close (or settle) on a loan. These fees may include application fees; title examination, abstract of title,

title insurance, and property survey fees; fees for preparing deeds, mortgages, and settlement documents; attorneys’ fees; recording fees; estimated costs of

taxes and insurance; and notary, appraisal, and credit report fees. Under the Real Estate Settlement Procedures Act, the borrower receives a good faith

estimate of closing costs within three days of application. The good faith estimate lists each expected cost as an amount or a range.

Credit Limit. The maximum amount that may be borrowed on a credit card or under a home equity line of credit plan.

Equity. The difference between the fair market value of the home and the outstanding balance on your mortgage plus any outstanding home equity loans.

Index. The economic indicator used to calculate interest-rate adjustments for adjustable-rate mortgages or other adjustable-rate loans. The index rate can

increase or decrease at any time. See also Selected Index Rates for ARMs over an 11-year Period (

for examples of common indexes that have changed in the past.

Interest Rate. The percentage rate used to determine the cost of borrowing money, stated usually as a percentage of the principal loan amount and as an

annual rate.

Margin. The number of percentage points the lender adds to the index rate to calculate the ARM interest rate at each adjustment.

Minimum Payment . The lowest amount that you must pay (usually monthly) to keep your account in good standing. Under some plans, the minimum

payment may cover interest only; under others, it may include both principal and interest.

Points (also called Discount Points). One point is equal to 1 percent of the principal amount of a mortgage loan. For example, if a mortgage is $200,000,

one point equals $2,000. Lenders frequently charge points in both fixed-rate and adjustable-rate mortgages to cover loan origination costs or to provide

additional compensation to the lender or broker. These points usually are paid at closing and may be paid by the borrower or the home seller, or may be split

between them. In some cases, the money needed to pay points can be borrowed (incorporated in the loan amount), but doing so will increase the loan

amount and the total costs. Discount points (also called discount fees) are points that you voluntarily choose to pay in return for a lower interest rate.

BECU 850 10/2012

Page 3 of 4

What you should know about Home Equity Lines of Credit

Security Interest. If stated in your credit agreement, a creditor’s, lessor’s, or assignee’s legal right to your property (such as your home, stocks, or bonds)

that secures payment of your obligation under the credit agreement.

Transaction Fee. Fee charged each time a withdrawal or other specified transaction is made on a line of credit, such as a balance transfer fee or a cash

advance fee.

Variable Rate. An interest rate that changes periodically in relation to an index, such as the prime rate. Payments may increase or decrease accordingly.

Where to go for help?

For additional information or to file a complaint about a bank, savings and loan, credit union, or other financial institution, contact one of the following federal

agencies, depending on the type of institution.

Regulatory Agency Regulated Entity(ies) Telephone/Website

Federal Reserve Consumer Help

P.O. Box 1200

Minneapolis, MN 55480

Consumer Financial Protection

Bureau (CFPB)

P.O. Box 4503

Iowa City, IA 52244

Office of the Comptroller of the Currency (OCC)

Customer Assistance Unit

1301 McKinney Street Suite 3450

Houston, TX 77010

Federal Deposit Insurance

Corporation (FDIC) Consumer Response Center

1100 Walnut Street, Box #11

Kansas City, MO 64106

Federal Housing Finance Agency (FHFA)

Consumer Communications Constitution Center

400 7th Street, S.W.

Washington, DC 20024

National Credit Union Administration (NCUA)

Consumer Assistance

1775 Duke Street

Alexandria, VA 22314-3428

Federal Trade Commission

(FTC) Consumer Response Center

600 Pennsylvania Avenue, N.W.

Washington, DC 20580

Securities and Exchange Commission (SEC)

Complaint Center

100 F Street, N.E.

Washington, DC 20549-0213

Farm Credit Administration Office of

Congressional and Public Affairs

1501 Farm Credit Drive

McLean, VA 22102-5090

Small Business Administration

(SBA) Consumer Affairs

409 3rd Street, S.W.

Washington, DC 20416

Commodity Futures Trading Commission (CFTC)

1155 21st Street, N.W.

Washington, DC 20581

U.S. Department of Justice (DOJ)

Criminal Division

950 Pennsylvania Avenue, N.W.

Washington, DC 20530

Department of Housing and Urban Development


Office of Fair Housing/Equal Opportunity

451 7th Street, S.W.

Federally insured state chartered bank members of the

Federal Reserve System

Insured depository institutions and credit unions (and

their affiliates) with assets greater than $10 billion, and

non-depository institutions such as mortgage originators,

mortgage brokers and servicers, larger participants of

other financial services products, private education loan

providers, and payday lenders

National banks and federally chartered savings


Federally insured state chartered banks that are not

members of the Federal Reserve System

Fannie Mae, Freddie Mac, and the Federal Home Loan


(888) 851-1920

(855) 411-2372

(800) 613-6743

(877) ASK-FDIC or

(877) 275-3342

(202) 649-3811

Federally chartered credit unions (800) 755-1030

Finance companies, retail stores, auto dealers,

mortgage companies and other lenders, and credit


Brokerage firms, mutual fund companies, and

investment advisers

Agricultural lenders (703) 883-4056

Small business lenders

Commodity brokers, commodity trading advisers,

commodity pools, and introducing brokers

(877) FTC-HELP or

(877) 382-4357

(202) 551-6551

(800) U-ASK-SBA or

(800) 827-5722

(866) 366-2382

Fair lending and fair housing issues (202) 514-3301

Fair lending and fair housing issues (800) 669-9777

More Resources. For more resources on mortgages and other financial topics, visit

BECU 850 10/2012

Page 4 of 4


Ask your lender to help fill out this checklist.

Plan A

Plan B


Fixed annual percentage rate . . . . . . . . . . . . . . . . . . . . . . . . .

Variable annual percentage rate . . . . . . . . . . . . . . . . . . . . . . . .

Index used and current value . . . . . . . . . . . . . . . . . . . . . . . . .

Amount of margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Frequency of rate adjustments . . . . . . . . . . . . . . . . . . . . . . . .

Amount/length of discount (if any) . . . . . . . . . . . . . . . . . . . . . .

Interest rate cap and floor . . . . . . . . . . . . . . . . . . . . . . . . . . .

Length of plan

Draw period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Repayment period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .







Initial fees

Appraisal fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Application fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Up-front charges, including points. . . . . . . . . . . . . . . . . . . . . . .

Closing costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


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? . . . . . . . . . . . . . . . . . . . . . .



P.O. Box 97050

Seattle, Washington 98124-9750

(206) 439-5700 · FAX (206) 439-5822

(800) 233-2328




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 Mortgage/Deed of Trust on your home (“Security Property”). You could lose your home if you do not meet certain obligations in your

agreement with us.

Possible Actions


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.


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) you default on any material obligation under

the terms of your agreement with us (such as failing to occupy the security property as your principal residence if that is a condition of your account);

(6) the value of the Security Property declines significantly below the appraised value upon which we relied in approving your application; (7) we

reasonably believe that your ability to meet your payment obligations is impaired because of a material change in your financial circumstances; (8)

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; (9) the maximum interest rate under the plan is reached; or (10) 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

Variable Rate Advances

You can obtain credit advances for 120 months (the draw period). During the draw period, payments will be due on a monthly basis during any time that

you have a balance on your account. At our option, we may extend the draw period. Your minimum monthly payment will be an amount equal to all

accrued but unpaid Finance Charges at the close of each billing cycle, subject to the lesser of $100 or your 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 amount of your last advance but in no event will exceed 180 months. During the

repayment period, your minimum periodic payment will be established on the first day of the repayment period or change in interest rate, to the amount

necessary to fully amortize your then outstanding account balance by the agreement maturity date, subject to the lesser of $100 or your balance.

The sum of the minimum periodic payments due for both variable rate and fixed rate balance(s) is the amount you owe on this home equity line of credit

for the billing cycle being accounted for.

Fixed Rate Advances

You can obtain credit advances for 120 months (the draw period). During the draw period, payments will be due on a monthly basis. During the draw

period, your minimum periodic payment for fixed rate advances will be established at the time of each such advance to the amount necessary to fully

amortize your then outstanding fixed rate balance over the period of time designated by you (the length of which may be restricted in part by the amount

of such advance or the method in which it was obtained). Your specific minimum periodic payment and estimated repayment term for fixed rate advances

will be disclosed to you at the time of each such advance on a separate page titled "Home Equity Line of Credit Fixed Rate Advance Voucher."

After the draw period ends, you will no longer be able to obtain credit advances and must pay your outstanding balance. The length of the repayment

period will depend on the date of your advance along with the period of time that such advance is amortized, but in no event will exceed 180 months.

During the repayment period your minimum periodic payment will be calculated in the same manner as during the draw period.

The sum of the minimum periodic payments due for both variable rate and fixed rate balance(s) is the amount you owe on this home equity line of credit

for the billing cycle being accounted for.

Minimum Payment Example

Variable Rate Advances

If you made only the minimum payments and took no other credit advances, it would take 124 months to pay off a credit advance of $10,000 at an

ANNUAL PERCENTAGE RATE of 4.24%. During that period, you would make 120 monthly payments of $100.00, followed by 3 monthly payments of

$100.00 and a final payment of $59.65.

Fixed Rate Advances

If you made only the minimum payments and took no other credit advances, it would take 120 months to pay off a fixed rate credit advance of $10,000 at

an ANNUAL PERCENTAGE RATE of 5.49%*. During that period, you would make 119 monthly payments of $108.64, and a final payment of $107.44.

Copyright Oak Tree Business Systems, Inc., 1999-2014. All Rights Reserved. Page 1 of 2 OTBS 021 New BECU (10/14)

BECU (10/14)

*This is an interest rate we have recently used and this rate does not include costs other than interest.

Fees And Charges

To open a line of credit you must pay certain fees to third parties. These fees generally total from $0.00 to $2,756. If you ask, we will give you an

itemization of the fees you will have to pay to third parties.

Other Products

If you ask, we will provide you with information on any other home equity products we offer.


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

Minimum Draw And Balance Requirements

Variable Rate Advances

The minimum variable rate credit advance you can receive is $100.

Fixed Rate Advances

The minimum fixed rate credit advance you can receive is $5,000. The maximum number of fixed rate advance account balances that may be outstanding at

any given time is three.

Tax Deductibility

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

Variable Rate Feature

This plan has a Variable Rate feature. The Annual Percentage Rate (corresponding to the periodic rate) and the minimum payment during the draw and the

repayment periods for Variable Rate Advances can change as a result. The Annual Percentage Rate includes only interest and no other costs. The Annual

Percentage Rate is based on the value of an index. The index is the highest Prime Rate as published in The Wall Street Journal in effect on the last day of

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Questions & answers

How do I apply for a BECU credit card?

Establish your membership by clicking the "Join & Apply" button below. Get access to Online Banking. Log into Online Banking to apply for your BECU Credit Card.

What credit score do you need for a BECU credit card?

The BECU Cash Back Visa requires you to have excellent credit, which is a credit score of at least 750.

How do I get a BECU credit card?

Establish your membership by clicking the "Join & Apply" button below. Get access to Online Banking. Log into Online Banking to apply for your BECU Credit Card.

How long does it take to get a BECU credit card?

If your application is approved and all required documents have been obtained, your credit card will arrive in the mail within 5-7 business days. You will receive a PIN in a separate mailing within 7-10 business days.

Does BECU have a credit card?

The BECU Visa credit card features no annual, balance transfer, foreign transaction, or cash advance fees.

What is the minimum credit score for a Wells Fargo Credit Card?

Most Wells Fargo credit cards require a credit score of 700+. The exceptions are the Wells Fargo Rewards Card, which requires a score of 750+, and the Wells Fargo Cash Back College Card, which is available to students with limited credit.

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BECU Employee Scholarship

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In the spirit of community impact and People Helping People, WGU is proud to offer the BECU Employee Scholarship. These scholarships, each valued at up to $3,000, are designed for BECU employees who are contributing to their communities and who wish to further their careers in business or IT.

WGU’s programs are built to be flexible and to fit the lives of busy working adults. In most cases, you’ll complete courses on your schedule, with 24/7 online access to learning materials and the ability to take tests as soon as you know the material. 

Scholarship valued up to:


This scholarship will be credited to your account at the rate of $750 per six-month term, renewable for up to four terms.

Interested in this scholarship? The first step is to apply for admission.

Apply to WGU

Deadline for application:


Before you can apply for this scholarship, you must first apply for admission.

Already applied for admission? Apply for scholarships on the Scholarship Portal.

Apply for scholarships

Other scholarships available:


This scholarship is one of many. Through the generosity of numerous corporations and foundations, plus special federal government appropriations, WGU maintains a robust program of scholarships made available to qualified students.

View all scholarships

Multiple scholarships will be awarded. However, this is a competitive program and scholarships will be awarded based on a candidate’s academic record, financial need, readiness for online study at WGU, and current competency, plus other considerations.

Before monies are distributed, the scholarship recipients must read the WGU Student Handbook and agree to and understand the academic progress, tuition, and refund policies. The student will also be required to agree to the WGU Scholarship Terms and Conditions before monies will be awarded. The student must also meet the university’s On Time Progress requirements to maintain scholarship eligibility. Each student can only be awarded one scholarship that is funded or administered through WGU during their degree program. Recipients must be U.S. citizens or eligible noncitizens.

This scholarship can be used in addition to any tuition discounts for which you may be eligible.

Applicants must provide:

  • a W-2 or paystub as proof of BECU employment 
  • an essay describing how this scholarship will impact the employee's commitment to the community, reinforcing BECU's strong commitment to its community and to people helping people.

3 Steps to Apply For WGU Scholarships

Now that you've looked at scholarship requirements and found one to apply for, here are the steps to apply.

1. Complete the admissions application.

To be considered for any WGU scholarships, you must be provisionally accepted as a WGU student.  Complete the admissions application and work with your enrollment counselor to move through the admissions process. NOTE: Returning WGU graduates should complete the Returning Graduate Application.

Apply to WGU

2. Complete the general scholarship application.

The general application is required for all WGU scholarships and lets us learn more about you and which scholarships you may be eligible for. To access the application, you will need your MyWGU student portal credentials, which will be sent to you shortly after Step 1. NOTE: You are eligible to apply for scholarships within 90 days of starting a degree program, either before or after. You must complete the application within 90 days of your intended start date.

General Scholarship Application

3. Log in to the scholarship portal and apply.

Based on what you tell us in Step 2, we’ll let you know which scholarships you might be eligible for.  Finish up by reviewing the recommended opportunities and completing the supplemental application for each scholarship you’d like to be considered for by logging into the Scholarship Portal. These additional applications need to be submitted within 5 days of submitting the general application.

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Discover why WGU is the ideal university to pursue your unique career goals.

Find your degree

Common Questions About Scholarships

How do you select scholarship recipients?

It depends upon the scholarship. In general, we award scholarships based on the following factors:

  • Meeting the basic eligibility requirements
  • Answers you give on the scholarship application
  • An interview with a scholarship specialist

Some scholarships are also based upon evaluations of prior college transcripts and other tests. We encourage you to apply.

When will I find out if I’m selected?

WGU evaluates scholarship applications on a continual basis because we start new students in their programs every month. Often we are able to make an award decision within 8–10 weeks of receiving your application. In most cases, you will also need to have applied for admission and been accepted to the university. An Enrollment Counselor can help explain the process.

Do I get the scholarship all at once?

No. Scholarship awards are divided into a set amount per term. This amount is credited against your tuition due for each term. The details are explained in the description for each scholarship.

Can I also apply for financial aid?

Yes. You probably should apply for federal financial aid, too. Scholarship awards will only cover a portion of your school expenses, and financial aid can help pay for the rest. You can apply for financial aid while you are waiting for a decision about your scholarship application. It will not hurt your chances to win a scholarship. Click here to learn more about or apply for financial aid.

Thank you to our donors.
Scholarship opportunities are made possible in part by the generous support of many companies, foundations, partner organizations, and individuals, including WGU alumni, faculty, and staff.


When you complete the FAFSA, be sure to list WGU’s school code.

Code: 033394

Financial aid is also available.

You may choose to pay for the remaining portion of your degree through federal financial aid (subject to your eligibility). Pell Grants, which do not have to be repaid, are granted based on financial need. Federal Direct Student Loans are available to all students. Subsidized loans, which are dependent on financial need, reduce the interest due on loans. 

Financial aid info


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