Important Notice

What is the CARD ACT of 2009?

On May 22, 2009, the Credit Card Accountability  Responsibility and Disclosure Act of 2009 ( CARD ACT) was signed into law. The law requires creditors to notify consumers 21 days in advance of any payment due date.

The CARD ACT will affect your loan due dates.

While the law was written for credit cards, the language also applies to other types of open-end credit such as Bay Credit Union's Home Equity Lines of Credit, personal Unsecured Lines of Credit, and other credit union loans (vehicles, boats, RVs,motorcycles, personal loans, etc.). In order to give everyone 21 days notice, we will be moving all loan due dates to the 28th, of each month.

How will the monthly billing notice be sent to me?

 If you are currently receiving eStatements and other notices from Bay Credit Union electronically, you will receive an email saying that your payment notice is available to view in our Free Home Banking System.

If you are not currently receiving eStatements, you will receive your billing notice in the U.S. Mail.  We encourage you to sign up for free eStatements in order to conserve natural resources and reduce the expense of mailing a paper notice.  You may also make your loan payments securely on-line on our Home Banking Site.

Find more information below or contact us at (850)785-6103 (8:30 a.m. to 4:30 p.m. CT). We would be happy to answer your questions and get you set up with our free on-line services.

I do not want to receive the monthly billing notice.  Can I opt out?

No, there is no op-out feature provided for the CARD act.  Bay Credit Union is required by law to send you a monthly billing notice, 21 days before your monthly due date, for each of your open-end loans.

Is it possible to make weekly, bi-weekly, or semi-monthly payments to my loan?

Yes, any payments you make to your loan prior to the monthly due date are considered "partial payments" and will count towards fulfilling your billed monthly payment amount.  Once you have paid the entire monthly payment amount your due date will advance to the next month.

I currently have payroll deposit from my employer going directly to my loan. Can that continue?

Yes, Bay Credit Union encourages all types of automatic repayment such as payroll deduction or direct deposit.  When we change your due date, we will move it far enough into the future to allow your uninterrupted payroll deposits and partial loan payments to add up to the full monthly payment amount.  Simply let your automatic deposits continue, and your loan will be kept current.

Why are all the loans due on the 28th of the month now?

Between the 3rd and 5th of each month your statements are mailed out. With your payment due date being on the 28th of the month this gives us sufficient time to create and send out the billing notices at least 21 days in advance of your due date, as is required by the CARD act of 2009.