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Important Information Regarding Your Loan


Dear Member:

The Congress recently enacted a new regulation, the Credit Card Accountability, Responsibility, and Disclosure Act of 2009 (Credit CARD Act) that requires lenders to mail or deliver periodic statements for credit cards and other open-end loans at least 21 days before a payment is due.

The lending agreements that TCC Credit Union uses are written so that all consumer credit, including auto, signature, and school tuition loans are considered open-ended and are covered under this regulation.

To comply with the requirements of this new regulation, we are required to make the following changes for all loans cited above:The due date for your consumer loans will be changed to the last day of each month starting with your September, 2009 payment.


  • Late fees will be assessed five days after the payment due date.
  • You will start receiving a statement for your loan account each month.
  • For members that have their loan payments transferred automatically from another financial institution, the current transfer date will remain the same.
  • If your payment is transferred from an account at TCC Credit Union, the transfer date will be the new due date on the loan.

If it is more convenient for you to maintain your current payment schedule, you may continue to send in your payment on that day.If you would like to change the date of transfer or have further questions, please contact Roy Adams at (214) 348-8670, X 106 or 1-800-256-0779, X 106.

Sincerely,



Ronald M. Powers
President


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