News & Announcements

Loan Due Date Changes

To Our Members,

On May 22, 2009, the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act) was signed into law.  This new law was put into place to curb deceptive credit card billing practices.  Although the CARD Act primarily affects credit card accounts, the new law contains certain provisions affecting open end consumer loan accounts (auto loans, signature loans, overdraft protection lines of credit, signature lines of credit, share secured loans and stock secured loans).  The new law requires creditors to mail a periodic statement at least 21 days before the payment due date.  Currently, periodic statements are mailed out to you at the beginning of each month however; this practice does not meet the requirements of the CARD Act.

Effective with payments beginning in September, your new monthly payment due date will be the last day of the month.  If your due date is currently other than the last day of the month, your new due date will be the last day of the month.  You can continue to make your payment anytime during the month using your payment coupon, but your actual due date will now be the last day of the month. 

Please note that this change only affects consumer loan accounts (auto loans, signature loans, overdraft protection lines of credit, signature lines of credit, share secured loans and stock secured loans).  Real Estate Loans are not affected by this change. 

We apologize for any inconvenience this change may cause.  If you have any questions, please contact our loan department at (860) 646-8870 ext. 111, 112 or 114.