Thread Options
#1798121 - 03/25/13 06:11 PM Periodic Statements - 14 day or 21 day Notice
LAK Offline
Junior Member
Joined: Oct 2012
Posts: 43

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!

Return to Top
Lending Compliance
#1798190 - 03/25/13 07:39 PM Re: Periodic Statements - 14 day or 21 day Notice LAK
swiggles Offline
Power Poster
swiggles
Joined: Aug 2001
Posts: 7,333
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?
_________________________
The more you sweat in training, the less you bleed in battle.......

Return to Top
#1798218 - 03/25/13 08:56 PM Re: Periodic Statements - 14 day or 21 day Notice LAK
HRH Okie Banker Offline
Power Poster
Joined: Jan 2003
Posts: 3,070
Oklahoma
We left ours too.
Last edited by Okie Banker; 03/25/13 08:56 PM. Reason: at 21 days and didn't change to 14
_________________________
Just working here until I get my letter from Hogwarts.

Return to Top
#1798231 - 03/25/13 09:17 PM Re: Periodic Statements - 14 day or 21 day Notice LAK
ahkcompliance Offline
Diamond Poster
Joined: Sep 2008
Posts: 2,470
Midwest
We changed ours to at 21 days. We did not go back and change to 14 days when the revised the rule.

Return to Top

Moderator:  Andy_Z