| Truth
in Lending
FAQ
Change in Federal
Regulations
Regarding Member Loans
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Frequently
Asked Questions
1. Why is my Due Date being changed on my loan?
Due to recent Federal Regulations, members with certain loan types
must receive their Loan Statement 21 days prior to their Due Date.
For the Credit Union to comply with this regulation we must change
the due date on these loan types to the 27th of the month in order
for members to receive their Statement within the required period
of time.
2. Will my payment be made on the new Due Date if I’m
setup for auto-payment on my loan?
No, unless otherwise requested by the member, we will not make
any changes to the way your payment is being made, even though
your Due Date will be the 27th of the month.
3.
What if I want my payment to come out on the new Due Date?
Just contact the Credit Union, and we can change your payment
date to the revised Due Date.
4. What if I currently have automatic bi-weekly, weekly,
semi-monthly or monthly payments?
We will be keeping the same payment date for all auto-payments,
whether bi-weekly, weekly, semi-monthly or monthly. Once again,
we are only changing the Due Date.
5. What if I pay my loan manually?
You have the option of paying on the 27th of the month, or you
can continue to pay on the date you are currently paying.
6. Will my October payment be skipped?
No, if you’re setup as Auto-payment then your loan will
be paid on your existing Due Date for October, and if manually
paying you must make your October payment as usual.
7. Will I be charged a late fee or reported as delinquent
during the months of September and October?
No, since the new Due Dates will not go
into effect until November, we are waiving all Late Fees and
Delinquency Reporting to the Credit Bureaus for the months of
September and October. However, we will begin reporting to the
credit bureaus and assessing late fees in November.
Members who would
like further information regarding this issue can contact NM Energy
FCU through your InfoDesk.
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Your
savings federally insured to at least $250,000 and backed by the full faith
and credit of the United States Government National Credit Union Administration,
a U.S. Government Agency.
