Card Act 2009 FAQ8/26/2009
Frequently Ask Questions (FAQ) – For Members with Home Equity Lines of Credit, Overdraft Protection Lines of Credit (not including Courtesy Pay), and/or Personal Lines of Credit
Why is HEWFCU making the changes to my account?
The Credit Card Accountability Responsibility and Disclosure Act of 2009, also known as the CARD Act of 2009, was signed into law on May 22, 2009. While the primary focus of the Act was on credit cards, it also included a requirement that we send you a periodic statement on all your open end credit loans with HEW Federal Credit Union 21 days prior to your payment due date.
In order to mail your periodic statement to meet the requirement, the due date on our open end credit loans will be moved to 30th of each month. This will allow you to receive the statement which will display your next due date and payment amount.
Will I need to make changes on how I pay my loan?
No, you will continue to make your payments as you do today. There will be no changes for members paying by direct deposit, payroll allotment or automatic transfer. You will only need to contact us if you would like to make a change in the payment method or frequency.
Will my loan payment change?
Line of Credit payments change monthly based on the current balance. Your monthly payment will continue to adjust upward or downward depending on the balance of the loan at the end of the month.
This calculation has not changed.
I am making bi-weekly payments. Will I need to make any change?
No, your payments will continue to post to your line of credit and when the full monthly payment due is satisfied the due date will advance to the next month.
How will I know how much the amount of my payment?
Your new payment amount will be displayed on your monthly statement.
My payment due date has been moved ahead one month. Is this an issue?
No, to ensure that all members have time to review the new information, we decided to move the next due date ahead one month.
Where can I call if I still have questions?
You may reach us by phone at (800) 742-5582 or (202) 488-5400.
Frequently Ask Questions (FAQ) – For Members with Signature Loans and Vehicle Loans
Why is HEWFCU making the changes to my account?
The Credit Card Accountability Responsibility and Disclosure Act of 2009, also known as the CARD Act of 2009, was signed into law on May 22, 2009. While the primary focus of the Act was on credit cards, it also included a requirement that we send you a periodic statement on all your open end credit loans with HEW Federal Credit Union 21 days prior to your payment due date.
Members have chosen the payment due dates based on their salary cycles on signature loans and vehicle loans. In order to maintain the current due dates on the signature and vehicle loans we have chosen to terminate the open end agreements on these loans and convert these loans to closed end agreements.
Will I need to make changes on how I pay my loan?
No, you will continue to make your payments as you do today. There will be no changes for members paying by direct deposit, payroll allotment or automatic transfer. You will only need to contact us if you would like to make a change in the payment method or frequency.
Will my loan payment change?
You loan payment amount and the frequency of your loan payments will not change.
How will I know how much the amount of my payment?
Your loan payment amount has not changed. You will continue to pay the amount disclose on your original Disclosure and Agreement.
My payment due date has been moved ahead one month. Is this an issue?
No, to ensure that all members have time to review the new information, we decided to move the next due date ahead one month.
Where can I call if I still have questions?
You may reach us by phone at (800) 742-5582 or (202) 488-5400.
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