Your Billing Rights: Keep This Document For Future Use
This notice tells you about your rights and our responsibilities under the Fair Credit Billing Act.
Minimum periodic payments are required on each loan in the amounts indicated in your Open-End Line of Credit Agreement and Disclosure Statement, based upon the unpaid principal balance determined after the most recent advance on that loan. The minimum periodic payment is not reduced as the balance declines. Payments will apply first to late charges, then to finance charges and to the principal due. You may repay your balance due in full or in part without any repayment penalty at any time. If your loans are on payroll deduction, payments will be made with the same frequency as your payroll cycle, commencing with the payroll cycle following our most recent advance.
FINANCE CHARGES – BALANCE COMPUTATION
Loan advances and other debits to your loan accounts are subject to finance charges from the date of the initial advance and continuing until the amounts that you owe are repaid. The finance charge is computed by multiplying the daily periodic rate by the unpaid principal balance, and then multiplying the result by the number of days since the last payment. The unpaid principal balance is that amount owing on your account at the close of business each day, after all payments and credits have been subtracted and all new advances have been added.
What To Do If You Find A Mistake On Your Statement
If you think there is an error on your statement, write to us at:
NORTHROP GRUMMAN FEDERAL CREDIT UNION
GARDENA, CA 90247
In your letter, give us the following information:
- Account information: Your name and account number.
- Dollar amount: The dollar amount of the suspected error.
- Description of problem: If you think there is an error on your bill, describe what you believe is wrong and why you believe it is a mistake.
You must contact us:
- Within 60 days after the error appeared on your statement.
- At least three (3) business days before an automated payment is scheduled, if you want to stop payment on the amount you think is wrong.
You must notify us of any potential errors in writing. You may call us, but if you do we are not required to investigate any potential errors and you may have to pay the amount in question.
What Will Happen After We Receive Your Letter
When we receive your letter, we must do two things:
- Within 30 days of receiving your letter, we must tell you that we received your letter. We will also tell you if we have already corrected the error.
- Within 90 days of receiving your letter, we must either correct the error or explain to you why we believe the bill is correct.
While we investigate whether or not there has been an error:
- We cannot try to collect the amount in question, or report you as delinquent on that amount.
- The charge in question may remain on your statement, and we may continue to charge you interest on that amount.
- While you do not have to pay the amount in question, you are responsible for the remainder of your balance.
- We can apply any unpaid amount against your credit limit.
After we finish our investigation, one of two things will happen:
- If we made a mistake: You will not have to pay the amount in question or any interest or other fees related to that amount.
- If we do not believe there was a mistake: You will have to pay the amount in question, along with applicable interest and fees. We will send you a statement of the amount you owe and the date payment is due. We may then report you as delinquent if you do not pay the amount we think you owe.
If you receive our explanation but still believe your bill is wrong, you must write to us within 10 days telling us that you still refuse to pay. If you do so, we cannot report you as delinquent without also reporting that you are questioning your bill. We must tell you the name of anyone to whom we reported you as delinquent, and we must let those organizations know when the matter has been settled between us.
If we do not follow all of the rules above, you do not have to pay the first $50 of the amount you question even if your bill is correct.
You have 60 days from the receipt of this statement to dispute any transactions. After that time period ends, this statement is deemed accurate and final.
California Insurance Code Section 779.30 Required Notice
NOTICE: This insurance may not cover an advance or charge under your credit line if your disability or death results from a condition for which you have seen a doctor or chiropractor in the six months before the advance or charge.