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INSIDE Fall 2009 Important Information for Members CARD Act – Q & A Rock Solid Visa® Free Online Education Celebrate International Credit Union Day Nominations of Credit Union Directors Election Information SESLOC Checking – Ideal for Students Briefs
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CARD Act – Questions and Answers
Here are some common questions about changes resulting from the new federal regulations.Q: Does this mean I must make my payment sooner than usual? A: No. Your payment date is pushed back, which provides extra time for your payment to reach us.
Q: What if I don't want my payment date to change? A: We realize that many members have chosen due dates to fit their monthly cash flow. Although we are required to change the due date, you may continue making payments on your current schedule without penalty.
Q: Will I need to change my payroll deduction or automatic payments? A: No. If your loan payments are automatically deducted from your paychecks, no action is necessary. Whether you are paid once-monthly or more frequently, you may continue your regular deductions as before. Periodic payments and other automatic transfers also remain unaffected.
Q: Do consumers have the right to opt out of all changes in credit card terms? A: No. The opt-out clause protects consumers from certain types of rate increases, such as those based on the cardholder’s creditworthiness or market conditions. |
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Mailing Address: P.O. Box 5360 San Luis Obispo, CA 93403 |
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| This publication does not constitute legal, accounting or other
professional advice. Although it is intended to be accurate,
neither the publisher nor any other party assumes liability
for loss or damage due to reliance on this material. © 2009 SESLOC Federal Credit Union. |