SchoolsFirst FCU | Payment Shield Plus Term and Condition Changes for Consumer Loans and Credit Cards

We recently informed you that we’re making changes to the terms and conditions of the Payment Shield Plus program. These changes were effective Sept. 1, 2024.

The protection type you previously elected will continue under the new terms and conditions. Claims submitted to activate protection for protected events that occurred on or before Aug. 31, 2024, will be processed according to the terms of the protection then in force.

It is important to review the summary table(s) below and the new Payment Shield Plus Contract (Member Agreement) to make sure you completely understand your protection.

View the updated Member Agreement for credit cards and consumer loans. The linked Member Agreement replaces the current Agreement you have. All terms, conditions and exclusions of the new Member Agreement went into effect Sept. 1, 2024.

Program Fees Changes

The fee(s) below will be applied monthly to protected loans up to the Member Agreement maximums. An increase in fee could result in a higher last loan payment or may extend the duration of the loan. Contact us if you have questions about how this affects your loan or about changing your monthly payments.

Loan Type & Package Option	Monthly Debt Protection Fee per $1,000 Outstanding Loan Balance		Change Impact
	Through Aug. 31, 2024	As of Sept. 1, 2024
Consumer Option 1: LifePlus, Disability, & Involuntary Unemployment	$3.79	$4.32	Increase
Consumer Option 2: Disability & Involuntary Unemployment	$3.00	$3.01	Increase
Consumer Option 3: LifePlus & Disability	$2.67	$3.33	Increase
Consumer Option 4: Disability	$1.92	$2.02	Increase
Consumer Option 5: LifePlus	$0.81	$1.35	Increase
Credit Card Option 1: LifePlus, Disability, & Involuntary Unemployment	$3.79	$3.28	Decrease
Credit Card Option 2: Disability & Involuntary Unemployment	$3.00	$1.96	Decrease
Credit Card Option 3: LifePlus & Disability	$2.67	$2.38	Decrease
Credit Card Option 4: Disability	$1.92	$1.07	Decrease
Credit Card Option 5: LifePlus	$0.81	$1.35	Increase

Summary of Program Changes

The new program features (terms, conditions and/or exclusions) will be applied to all protected loans on the effective date of the change. For complete details of any changes, please refer to the enclosed Member Agreement.

Program Feature	What the Change Means to You	Section in the Enclosed Member Agreement to Reference for More Information
Outstanding Balance Maximum	The Outstanding Balance Maximum has increased to $100,000. This means the Program Fee will be applied to your actual loan balance up to the new maximum. If because of this change, more of your loan's Outstanding Balance will be protected; your monthly fee will increase accordingly. This increase in monthly fee could result in a higher last loan payment or may extend the duration of your loan.	NOTICES, page 1
LifePlus	The maximum protection amount has increased to $100,000. The age when protection levels decrease has been increased from 70 to 75. This means that if you die: before the last day of the month in which you turn 75, we will cancel 100% of your protected loan balance, up to $100,000. after the month in which you turn 75, we will cancel 25% of your protected loan balance, up to $25,000.	PROTECTED EVENTS, LOSS OF LIFE, page 2
Involuntary Unemployment	The maximum cancellation amount per period of Involuntary Unemployment has increased to $6,000.	PROTECTED EVENTS, page 3