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February 01, 2010

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Julie Fabula

What if your Visa interest is calculated based on average daily balance?

Steve Van Beek

Julie, the restrictions apply regardless of which balance computation method the credit union uses. The Credit CARD Act, as implemented by Reg Z, has prohibited the practices listed in the posting. You'll need to work with your processor to be sure they are not charging interest on any partial payments when a grace period is in effect on a member's account. The best resource is to work through the staff commentary explanation and examples. http://nafcucomplianceblog.typepad.com/RegZFinalSections/OSCto226.54.pdf

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