Effective February 22, 2010, the law requires that:
• The due date must be the same day each month. The due date could be set as the last day of the month or it could be a specific date in the month, such as the 4th.
• The payment cut-off time generally cannot be earlier than 5 p.m. on the due date.
• If the payment due date falls on a weekend or a holiday when the credit union does not accept or receive mailed payments, then any mailed payment received by the credit union before the cut off time on the next business day would be considered an on-time payment.
Since you mail your payments, you would have until the cut-off time on the next business day to make your timely payment. However, if the credit union accepts or receives payments on the due date by a method other than mail, such as electronic or telephone payments, and you make a payment using that other method, you would still need to make the payment by the due date.
If you followed the payment requirements and you were still charged a late payment fee, you can dispute the charge with the credit union. Notify your credit union in writing using the billing error notice instructions, which should be on the back of the periodic credit card statement. Be sure to use the address specified after “Send Billing Inquiries to:” on the back of the statement. This may not be the same address where you send your payment.