CARD Act 2009 Phase 2

Payment requirements effective February 22, 2010

Beginning February 22, 2010, all financial institutions must follow provisions that affect your credit card due date, payment cutoff times, how institutions allocate your payment, and payment fees. Here’s a summary of what’s changing.

Beginning February 22, 2010	What we're doing
Fixed payment due date
Creditors must set your payment due date as the same day each month, or the next business day if it falls on a weekend or holiday.	Currently, the due date varies each month. Beginning in February 2010, we’ll set the credit card payment due date as the 12th of each month. Note: If the 12th falls on a day when we’re closed, we’ll consider payments received the next business day as on time.
Payment cut-off times
Creditors may not set cut-off times for payments received by mail, by phone, electronic means or in person any earlier than 5pm, local headquarters time. If a creditor receives your payment before 5pm, it must be applied the same day. If you make a payment in a local branch and the creditor is open past 5pm, your payment must be credited that day.	When we receive a payment during our business hours, we’ll apply it to your account effective the same day. We’ve been doing it that way for years - it just makes sense.
Payment allocation
When different Annual Percentage Rates (APRs) apply to different balances on your credit card, creditors must apply any payment amount above the minimum payment to the balance with the highest APR first.	At this time, First Tech credit cards have only one APR. We don’t currently offer promotional rates, but if this changes, we’ll be sure to follow the payment allocation guidelines.
Payment fee
Creditors may not charge a separate fee to make a payment by mail, electronic transfer, telephone authorization, or other means, unless the payment involves an expedited service by the creditor’s service representative.	In keeping with our low-fee philosophy, we don’t currently charge a fee to make a payment through any channel.

Learn more about other February 22, 2010, provisions affecting rates and fees and disclosures and other term changes.

If you have any questions, please give us a call at 800.637.0852.