Line of Credit Payments now due 25th

The first pieces of the Credit CARD Act of 2009 went into effect at the end of August.

The Credit CARD Act is meant to protect people from some of the unfriendly practices of credit card companies. The Act applies to any kind of open-end credit - so that includes our Lines of Credit.

What this Means for You:

Line of Credit payments are now due on the 25th of the month.
Payment used to be due on the 15th. This gives you more time between when the statement is mailed and when you have to send in your payment.

Minimum payments are calculated on the 31st of the month before they are due.

Your minimum payment on your Line of Credit is 3.5% of the outstanding balance. That amount is calculated on the 31st of the month before it's due. That's important to know, because you may owe more (or less) from month to month. Web Teller and Phone Teller will show your up-to-date payment amount for the month, on the 1st of the month - but not before then.

The payment amount that shows on Web Teller or Phone Teller is the minimum payment for the month. If you make a partial payment, it will not reduce the "payment amount" showing - but you can see that information in your transaction history.

If you have questions, please contact our Loan Department at 315-473-0242.

Cooperative Federal accounts are federally insured by NCUA Cooperative Federal is an Equal Housing Lender
Cooperative Federal is an equal housing lender
Cooperative Federal accounts are federally insured by NCUA