Safe and Secure



Dear American Partners FCU Member:

Recently Congress enacted and the Federal Reserve Board approved a new regulation* that requires lenders to mail or deliver monthly periodic statements for credit cards and other “open-end loans” at least 21 days before a payment is due.

The lending agreements that American Partners FCU use are written so that all consumer credit, including auto, signature, and lines of credit are considered “open-end” and are covered under this regulation.

To bring us into compliance with the requirements of this new regulation, the following specific provisions will affect your loans at the credit union: • Monthly statements that contain information for an open-end loan must be mailed 21 days prior to the due date. • The due date for your consumer loans will be changed to the 28th of each month starting with your September 2009 payment. If your current loan payment is on the 28th day or later in the month, it will remain unchanged. Your VISA credit card statement will continue to be mailed separately. For Members that have their loan payments transferred automatically from payroll, savings or from another financial institution, the current transfer date will remain the same. For members that have their loan payments transferred from checking or money market accounts, the payment will transfer on the 28th day of each month going forward.

If it is more convenient for you to maintain your current payment schedule, you may continue making your payment on that day. Please know that it is our desire to comply with the Credit Card Act with little or no inconvenience to our members. Should you have any questions, please feel free to contact an Account Specialist at 336-349-2729 or 800-900-2729.

Kindest Regards,


Dorinda Edwards President/CEO

*Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit Card Act)