On May 22, 2009, the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act) was signed into law. Altra fully supports this new law that curbs deceptive credit card billing practices. The law requires creditors to notify consumers 21 days in advance of any payment due date.

The CARD Act may affect your loan payments
While the law was written for credit cards, the language applies to other types of open-end credit such as Altra’s Home Equity Lines of Credit, Personal Unsecured Lines of Credit, and other Freedom Lending loans (vehicles, boats, RVs, cycles, personal loans, etc.). This has created issues for Altra on how to provide proper notification to our members who prefer to make weekly, bi-weekly, or semi-monthly payments. In order to be able to give everyone 21 days notice, all loans must be set up on a monthly repayment schedule.

CARD Act of 2009 FAQ
How will my monthly billing notice be sent?
Can I opt out of receiving a monthly billing notice?
What is a bi-weekly vs. semi-monthly loan payment?
Can I continue weekly/bi-weekly/semi-monthly payments to my loan?
Can I continue direct deposit or payroll deposits from my employer to my loan?
Why is my Interest Only HELOC payment now due on the 15th?
What will my new monthly payment be?
Examples of how the CARD Act of 2009 could affect your loan payments

If you are currently receiving eStatements and other notices from Altra electronically, you will receive an email saying that your payment notice is available to view in Altra's Free Access 24 Online 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 credit card and loan eStatements in order to conserve natural resources and reduce the expense of mailing a paper notice. You may also make your loan payments securely online with Free Access 24 Online Banking.

Find more information below or contact Altra at 800-755-0055 (7:30 a.m. to 6 p.m. CT). We would be happy to answer your questions and get you set up with our free online services.

No, there is no opt-out feature provided for in the CARD Act. Altra 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.

Bi-weekly payments occur every other week, resulting in 26 payments per calendar year. Semi-monthly payments occur twice per month, resulting in 24 payments per year.

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.

Yes. Altra encourages all types of automatic repayment such as payroll deduction or direct deposit. When Altra converted your loan payment from a weekly, bi-weekly, or semi-monthly payment amount to a monthly payment amount, we also advanced your payment due date far enough into the future to allow for 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.

The formula to convert a loan payment amount from weekly to monthly is: Weekly payment amount multiplied by 52 (weeks in a year), divided by 12 (months in a year). Example: Weekly payment amount of $7.50 x 52, divided by 12 = $32.50

The formula to convert a loan payment amount from bi-weekly to monthly is: Bi-weekly payment amount multiplied by 26 (bi-weekly payments in a year), divided by 12 (months in a year). Example: Bi-weekly payment amount of $15.00 x 26, divided by 12 = $32.50

The formula to convert a loan payment amount from semi-monthly to monthly is: Semi-monthly payment amount multiplied by 24 (semi-monthly payments in a year), divided by 12 (months in a year). Example: Semi-monthly payment amount of $15.00 x 24, divided by 12 = $30.00

On the 20th of each month, Altra bills you for the interest due on your HELOC since the 21st of the prior month.  Having your payment due date on the 15th of the next month 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. 

These are example scenarios showing how the CARD Act of 2009 could affect your loan repayment schedule. For more information about your specific loan, please contact Altra at 800-755-0055.