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boamacy
Posts: 86
Registered: ‎06-07-2009
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boa grace period

just noticed it changed from 20 to 25 days.......extra 5 days........... big deal !!
Senior Contributor
score_building
Posts: 3,560
Registered: ‎01-10-2008
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Re: boa grace period

20 days is getting a bit too skimpy on the float to be worthwhile.  i'm sure they'd be going to 15 and then 10, etc. if the pendulum wasn't pushed in the other direction for them.

FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Frequent Contributor
Karatz
Posts: 318
Registered: ‎09-25-2008
0

Re: boa grace period


boamacy wrote:
just noticed it changed from 20 to 25 days.......extra 5 days........... big deal !!

Ya i just noticed that too. Did a bill pay to pay off my bike 3 days after statement date, so I have till 10th of next month before the statementj with the bike payment shows up,, then 20 some days to pay it.

TransUnion/Equifax
746/754
Date: 9/24/2009/10/02/2009
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Epic Contributor
haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: boa grace period


score_building wrote:

20 days is getting a bit too skimpy on the float to be worthwhile.  i'm sure they'd be going to 15 and then 10, etc. if the pendulum wasn't pushed in the other direction for them.



Yep, the new law requires at least a 21-day grace period.

Now, if only they were required to accept payments on weekends...
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: boa grace period


haulingthescoreup wrote:

score_building wrote:

20 days is getting a bit too skimpy on the float to be worthwhile.  i'm sure they'd be going to 15 and then 10, etc. if the pendulum wasn't pushed in the other direction for them.



Yep, the new law requires at least a 21-day grace period.

Now, if only they were required to accept payments on weekends...

 

Problem solved!

 

SEC. 106. RULES REGARDING PERIODIC STATEMENTS.

(a) In General- Section 127 of the Truth in Lending Act (15 U.S.C. 1637) is amended by adding at the end the following:

‘(o) Due Dates for Credit Card Accounts-

‘(1) IN GENERAL- The payment due date for a credit card account under an open end consumer credit plan shall be the same day each month.

(2) WEEKEND OR HOLIDAY DUE DATES- If the payment due date for a credit card account under an open end consumer credit plan is a day on which the creditor does not receive or accept payments by mail (including weekends and holidays), the creditor may not treat a payment received on the next business day as late for any purpose.’.

(b) Length of Billing Period-

(1) IN GENERAL- Section 163 of the Truth in Lending Act (15 U.S.C. 1666b) is amended to read as follows:

‘SEC. 163. TIMING OF PAYMENTS.

‘(a) Time To Make Payments- A creditor may not treat a payment on an open end consumer credit plan as late for any purpose, unless the creditor has adopted reasonable procedures designed to ensure that each periodic statement including the information required by section 127(b) is mailed or delivered to the consumer not later than 21 days before the payment due date.

‘(b) Grace Period- If an open end consumer credit plan provides a time period within which an obligor may repay any portion of the credit extended without incurring an additional finance charge, such additional finance charge may not be imposed with respect to such portion of the credit extended for the billing cycle of which such period is a part, unless a statement which includes the amount upon which the finance charge for the period is based was mailed or delivered to the consumer not later than 21 days before the date specified in the statement by which payment must be made in order to avoid imposition of that finance charge.’.

(2) EFFECTIVE DATE- Notwithstanding section 3, section 163 of the Truth in Lending Act, as amended by this subsection, shall become effective 90 days after the date of enactment of this Act.

(c) Clerical Amendments- The table of sections for chapter 4 of the Truth in Lending Act is amended--

(1) by striking the item relating to section 163 and inserting the following:

‘163. Timing of payments.’; and

(2) by striking the item relating to section 171 and inserting the following:

‘171. Universal defaults prohibited.

‘172. Unilateral changes in credit card agreement prohibited.

‘173. Applicability of State laws.’.

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haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: boa grace period

You know, I thought that I remembered reading that somewhere, but it didn't come up on the site that I pulled off of Google. Thanks!
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: boa grace period

Summaries are written by journalist. I tend to prefer to read the bill itself. You just have to be good at gobbledygook.

 

And you are welcome!


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