Dear Merrick Bank Customers,
Thank you for your continued patronage. We value your business and have heard from
many of our customers that they may be experiencing some confusion about the CARD
Act and when it goes into effect. Below is information that we hope you find helpful
to clear up some of the confusion.
After reading the information below, if you still have questions regarding any communication
from Merrick there are links to other sites that may assist you.
Thank you again.
Sincerely,
Richard Urrutia,
President, Merrick Bank
Q: What is the CARD ACT?
A: The CARD Act or the "Card Accountability Responsibility Disclosure Act" is legislation
that Congress passed and the President signed on May 22, 2009. The CARD Act was
not effective when it was signed but contains several effective dates. The first
one is August 20, 2009. The Act has caused banks, including Merrick, to change some
of their policies and practices. We and our vendors are working diligently to make
necessary changes and are confident we will have them in place by the required effective
dates.
Q: Didn't the CARD Act already go into effect?
A: No. The CARD Act or the "Card Accountability Responsibility Disclosure Act" is
legislation that Congress passed and the President signed on May 22, 2009. The CARD
Act was not effective when it was signed but contains several effective dates.
Q: How can I get specific reasons why my account terms changed?
A: You can get a detailed letter outlining why specific changes were made to the
Terms and Conditions governing your account by writing to the Merrick Bank Credit
Department at the following address: Merrick Bank Corporation, Credit Department,
P.O. Box 5000, Draper, UT 84020-5000, or you can call 801-545-6702. You will be
provided with a statement of such reasons within thirty (30) days of receiving your
request.
Q: If the President signed the CARD Act in May, why aren't these changes required
now?
A: Although the Act was passed by Congress in May 2009, it has three primary effective
dates by which issuers need to have its requirements implemented. Below is a summary
of several elements of the Act:
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Key Parts of the
Credit Card Act of 2009 and Effective Dates:
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Key Items
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Effective Date
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President Obama signs the Credit CARD Act
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May 2009
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45-Day Advance Notice
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Aug 2009
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Opt-Out Rights
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Aug 2009
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Billing Period
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Aug 2009
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Due Dates and Times
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Feb 2010
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Expedited Payment Fees
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Feb 2010
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Payment Allocation
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Feb 2010
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Double-Cycle Billing
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Feb 2010
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Limits on Over Limit Fees
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Feb 2010
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Youth and Credit
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Feb 2010
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Sub-prime Fees
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Feb 2010
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For complete details regarding the CARD ACT please go
to the actual site at:
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Card Act
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Q: How can I obtain additional information regarding the CARD Act?
A: There are many websites containing information regarding the CARD Act. We have
listed some websites that are not affiliated with, or endorsed by Merrick below:
printable version
CARD ACT Frequently
Asked Questions
Frequently
Asked Questions
