|
|
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
|
Important Information for Members
As the result of new federal
regulations, loan payment
due dates will change. While SESLOC did not engage in the practices that prompted the new regulations, we are required to make changes in order to comply with the law. The first provisions, which went into effect August 20, will affect your consumer loan payment due dates. Payment Dates Change: The new law extends the length of time you have to make your consumer loan or credit card payment to 21 days after your statement postmark date. In order to comply with the law, SESLOC must change the due dates of most consumer loans to the 26th of the month. Visa® credit card payments are due the 12th of each month. Real estate loans remain unchanged. Required Notices: Effective August 20, lenders are required to provide 45 days notice before increasing interest rates or fees. Opt-Out Provision: Credit card issuers must allow you to avoid a future rate increase. If you choose to retain your current rate, the card is closed and you may not make additional charges; however, you have five years to repay your balance. Most other key provisions of this legislation take effect in February 2010. We'll update you in the next Financial Focus newsletter. Please see CARD Act Q & A for more information. |
||
 |
|
|
|
|
|
Mailing Address: P.O. Box 5360 San Luis Obispo, CA 93403 |
 |
|
| 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. |