Central Willamette Community Credit Union
IMPORTANT NOTICE – ADJUSTMENT OF LOAN PAYMENT DUE DATE
Due to recent changes in federal lending regulations, we find it necessary to adjust your loan payment due date. This change affects all loans originated under your Open End Loan Agreement and Disclosure, and all home equity loans and lines of credit. (First mortgage real estate loans, business loans and closed end loans (Indirect Loans) are excluded.) Please review your statement due dates for loans affected by this change.
Payment Due Date
Beginning with payments due in September, 2009, the due date for payments on all loan accounts will be changed to be the 27th day of the month. This will permit us to send your monthly statements at least 21 days prior to the payment due date as required by recent changes in federal law. If your current payment is due between the 27th and the 30th of each month, your payment due date will remain the same.
Weekly, Bi-Weekly and Semi-Monthly Payments
If you currently make weekly (one time per week), bi-weekly (once every other week) or semi-monthly (twice per month) payments, your contractually required minimum payment will be adjusted to a single payment, due on the 27th of each month.
For example:
* Weekly Payments: Current weekly amount multiplied by 52 and divided by 12 equals your single payment amount.
* Bi-Weekly Payments: Current bi-weekly amount multiplied by 26 and divided by 12 equals your single payment amount.
* Semi-Monthly Payments: Current semi-monthly payment multiplied by 2 equals your single payment amount.
This change does not affect your ability to continue to make weekly, bi-weekly or semi-monthly payments as you always have. We encourage you to continue with your existing payment arrangements in order to continue paying off your loan as anticipated. We are simply adjusting the contractual payment requirements to monthly payments in order to enable us to comply with recent federal lending regulations.
Automatic Payments
Most automatic payments are not affected by this change. Any automatic loan payments, transfers, or payroll deduction payments will continue as you have previously authorized unless the Credit Union notifies you. You do not need to make any changes to your automatic loan payments unless you choose to do so for your own convenience.
We apologize for any inconvenience this regulatory change may cause. Please feel free to contact us at 541-928-4536 if you have any questions about this notice.
