The format of CU*Answers’ credit card statements is changing for July statements produced on August 1, 2019. The transactions, fees and interest charged details will be more clearly defined in separate sections. The “Interest Charged Calculation” section will be re-organized so that it is easier to understand the breakdown of balance transfers, cash advances and purchases. A “Total balance owed” for each bucket is also added.
As Geoff Johnson, President/COO states, “The new layout will provide much clearer detail for CU members and credit unions will no longer have to field questions from regulators regarding the statements being Reg Z compliant.”