CARD Act 2009 Phase 1
Payment notices and change in terms effective August 20, 2009
Payment notice provision
Consumers must receive their statements 21 days before their payment is due. They can’t be considered late until 21 days after the date the statement was mailed.
| Loan type |
What we currently do |
What we're doing moving forward |
| Credit cards |
We mail credit card statements separate from your deposit and loan information. That allows us to mail your credit card statements 21 days before the due date. |
We’ll continue mailing separate credit card statements 21 days before the due date. We’ll consider credit card payments late after the due date printed on the statement. |
Note: Initially, this provision’s wording implied the 21-day notice also applied to open-end loans. On November 6, 2009, Congress amended the CARD Act to clarify it only applies to credit cards. We'll continue to mail combined statements that include open-end loans the first week of every month.
Change in terms provision
Consumers must receive credit card change in term notices 45 days in advance of an APR increase or any significant changes to the Credit Card Agreement. The notice should include a Right to Cancel notice and Fair Repayment terms.
| Loan type |
What we currently do |
What we're doing moving forward |
| Credit cards |
We always try to give you as much advance notice as possible. Previously, we strove to give you at least a 30-day notice when changing terms. |
Now, we’ll be sure to notify you of credit card APR increases or significant term changes at least 45 days ahead of time and include the necessary notices. |
Check out our frequently asked questions for more information. Or, give us a call at 800.637.0852.
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