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Frequently Asked Questions and Answers
Card Act Frequently asked Questions & Answers
Question:
I received a Change in Terms Notice that states a change in my due date to the 27th of each month. I do not want to change my due date. Can I send you a notice that I want the due date changed back?
Answer:
No. We are bound by the Credit Card Accountability and Disclosure Act of 2009. (Credit Card Act) We must keep your due date the 27th of the month to remain in compliance with this new regulation.
Question:
Can I still have payroll deduction to pay my loan payment?
Answer:
Yes. Your loan can still be set-up on payroll deduction. Keep in mind, the due date will remain the 27th of the month.
Question:
Will this new regulation affect my 1st and 2nd Mortgage due date?
Answer:
No. The new regulation only applies to open-ended lending such as personal loans and HELOC products.
Question:
I thought the Credit Card Act only applied to credit cards. Why does the Card Act apply to my personal loan?
Answer:
When the Credit Card Accountability Responsibility and Disclosure Act of 2009 was written, law makers included “all open-ended lending”. OPCS Federal Credit Union uses open-ended documents for our consumer loans along with our HELOC products. The only loans not included in the Credit Card Act are our Home Equity Loans and loans prior to July 1, 2006.
Question:
Will I be receiving late charges because of these changes?
Answer:
During the month of September, no late fees will be assessed on loans that are affected by the Credit Card Accountability Responsibility and Disclosure Act of 2009.
Question:
Can I still use the loan coupons that I have and just change the due date on them?
Answer:
Yes. Your loan coupons help you to remember a loan payment is due and helps the credit union in crediting the right loan.
Question:
Before when I made a weekly, bi-weekly or semi-monthly payment my due date would advance to the next weekly, bi-weekly or semi-monthly payment date. Will this still occur?
Answer:
No, your due date will remain the 27th of each month. Once the complete payment amount for the month is satisfied, then the due date will advance to the 27th of the next month.
Question:
Are all financial institutions required to make this change? Will I get notices from other financial institutions if I have a credit card or loan with them?
Answer:
The Card Accountability Responsibility and Disclosure Act of 2009 applies to all financial institutions that issue credit cards or offer open-ended lending products.
Question:
Who do I contact about changing this regulation?
Answer:
Contact your representatives in Washington, DC.
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