1026.5 discusses timing of the periodic statement for all open end credit. For credit card plans it discusses 21 day notice. It goes on to say that regardless of a "grace" period, we must mail or deliver at least 14 days prior to the date on which the required minimum periodic payment must be received in order to avoid being treated as late for any purpose and we can't treat it late for any purpose within the mailing or receiving date of the 14 days.

I remember way back they had everyone change it to 21 days then they retracted it to 14 days.

We do have a "courtesy" period, but within that period the customer is being charged interest. They would not receive a late fee if they pay within that period. Am I correct in saying that both our PCL and HELOCs would be compliant set at minimum of 14 days since we do not have a "grace" period or would we be required to add 14 days to the courtesy period which is 10 days, would we have to set it out 24 days?

Thanks in advance!

I think that for credit cards, it's still 21 days....other open-end lines, 14. But I'm talking off the top of my pea brain. We had adjusted all of our open-end accounts to 21 days and then just left it that way after the legislators/regulators stumbled backwards.

Anyone else?

We left ours too.

We changed ours to at 21 days. We did not go back and change to 14 days when the revised the rule.