Q: What is Access Control Advantage?
Q: How do I activate my Access Control Advantage Loan Card?
Q: How do I order Access Control Advantage checks?
Q: Does the unused portion of my Access Control Advantage loan line earn dividends?
Q: How much does it cost to participate in Access Control Advantage?
Q: What interest rate will be charged on Access Control Advantage loans?
Q: How will I be notified of my Access Control Advantage account status?
Q: How do I increase my Access Control Advantage loan line?
Q: How do I decrease my loan line?
Q: What is my minimum monthly payment and how is it calculated?
Q: How are my repayments allocated to my Access Control Advantage loan account?
Q: May I use my Access Control Advantage account for a home loan?
Q: What is my loan payment due date?
Q: Can I change my due date?
Q: Do I have a grace period?
Q: Can I make a payment over the phone or online?
Q: What should I do if my Access Control Advantage Loan Card or checks are lost, stolen, or damaged?
Q: Who should I contact if my Access Control Advantage Loan Card has been blocked?
Q: Can I change my PIN (Personal Identification Number)?
Q: Can I add an additional Accountholder?
Q: How do I change my address?
Q: Can I close my Access Control Advantage account? If so, will I be assessed any penalties?
Q: After I terminate my account, what happens to the remaining loan line that has not been used?
Q: What happens to my Access Control Advantage account if I lose my job or change my employer?
Q: How can I obtain disclosure information regarding my Access Control Advantage account?
Q: What if I can't view and print the forms available on this site?
Q: What is Access Control Advantage?
A: Access Control Advantage (“ACA”) is a company dedicated exclusively to the improvement of qualified plans for the participant, plan sponsor and record keeper. With its patented automated qualified plan distribution and loan origination, documentation and administration solutions, ACA has proven to be an effective, compliant and original solution that meets the highest priority challenges in qualified plans today.
Q: How do I activate my Access Control Advantage Loan Card?
A: After signing up for Access Control Advantage, you'll receive a welcome kit, which includes your Loan Card and Customer Agreement and Disclosure document. To activate your Loan Card, simply call 800-562-1337.
Q: How do I order Access Control Advantage checks?
A: To order checks, call Customer Service at 800-346-8380 (Monday through Friday, 9:00am – 5:00pm ET) to request a Signature Card Form. Once a completed Signature Card Form is received, access checks will be mailed to you.
To order additional checks once your signature is on file with ACA, login to your account, go to My Account/Order Checks, and select the “Reorder Checks” button.
Q: Does the unused portion of my Access Control Advantage loan line earn dividends?
A. Yes, your available loan line, which is invested in a money market account, earns daily tax-deferred dividends that are transferred back into your plan investments periodically.
Q: How much does it cost to participate in Access Control Advantage?
A: There are normal loan fees, which you can view on your participant web site.
The fees associated with Access Control Advantage are listed below.
 |
Program setup: |
Ask your HR department |
|
Annual maintenance: |
Ask your HR department |
|
Each cash advance by check or card: |
$2 |
|
Returned payment: |
$20 |
|
Overnight delivery: |
$20 per domestic card delivery |
$10 per international card delivery | ||
$30 per access check delivery |
||
|
Rejected account access check: |
$20 |
|
Manual Processing*: |
$2 per month |
In addition, as described below, a service fee on your loans will be paid to Access Control Advantage, Inc., which provides the program and administers your account.
*Electronic statements will be offered free of charge when available. Fee will apply only after electronic statements are available.
Q: What interest rate will be charged on Access Control Advantage loans?
A: The Annual Percentage Rate ("APR") for each of your loans is a variable rate, which may change monthly. The APR in effect at the time your Access Control Advantage account is established will be provided to you at the time you apply for your account. As described in the Customer Agreement and Disclosures, the APR is based on the prime rate plus a service fee ("margin"). The prime rate means the highest prime rate published in the "Money Rates" section of the Wall Street Journal on the last business day of each calendar month. When the APR changes, it will apply only to new loans taken when the new rate is in effect. Any changes will be effective on the first day of the next billing cycle, but only as new loans are taken.
For more information regarding how finance charges are calculated, click here to access the Access Control Advantage Customer Agreement and Disclosures.
Q: How will I be notified of my Access Control Advantage account status?
A: You will receive a monthly statement showing your Access Control Advantage loan transactions during the previous month. The statement also includes the minimum amount that is currently payable as well as any interest and fees charged to your account. In addition, you may check your account status and statements at any time by clicking here.
Q: How do I increase my Access Control Advantage loan line?
A. Please log on to your plan website to determine your eligibility and request a loan line increase.
Q: How do I decrease my loan line?
A. Call Customer Service at 800-346-8380 (Monday through Friday, 9:00am – 5:00pm ET). In order to process your request, your outstanding balance must be less than the reduced loan limit you are requesting. You will receive a confirmation that your loan line has been decreased once the request has been processed.
Q: What is my minimum monthly payment and how is it calculated?
A. With Access Control Advantage, a loan is only created if you make purchases or receive cash advances with your Loan Card or checks. Your minimum monthly payment due will be determined by how much you borrow and when. On each day that you use your Loan Card or a check to access your loan line, all of your transactions that occur on that day are combined and treated as a single loan. Each monthly billing cycle, we calculate a separate payment amount for each separate loan created during the month. The separate payment amount remains the same for the duration of that loan, and is based on the amortization of the loan over the repayment period (the "Term"). The Term, which is the same for every loan you take and is determined by your Plan Guidelines, begins on the last day of the monthly billing cycle during which the separate loan was created, and may not exceed 60 months.
To determine the total minimum payment due each month, we add together each separate payment amount for each of your outstanding loans, plus any amount past due, any amount in excess of your available loan line, and any other charges or fees incurred, and round it up to the nearest whole dollar. If this amount is less than $10, your minimum payment due will be the entire "New Balance" that appears on your monthly billing statement.
Q: How are my repayments allocated to my Access Control Advantage loan account?
A. The prime rate portion of your interest payments is transferred back to your other plan investments monthly. The principal is returned to your loan line money market account. All repayments, less fees and the margin portion of your interest payments, are paid back to you through your plan.
Q: May I use my Access Control Advantage account for a home loan?
A: If your plan allows it, you may use a loan from your account toward the purchase of your principal residence. Please consult your plan administrator or sponsor and your tax or financial advisor for more information and for assistance in determining what type of loan best suits your circumstances, as a plan loan may not be appropriate.
Q: What is my loan payment due date?
A. The due date is twenty-five (25) days after the closing date shown on the monthly billing statement.
Q: Can I change my due date?
A. You may not adjust or change the due date that is shown on your monthly statement.
Q: Do I have a grace period?
A. There is no grace period for your Access Control Advantage loan account. Finance charges are assessed from the date a transaction is posted to your account for as long as a balance remains outstanding.
Q: Can I make a payment over the phone or online?
A. We are currently unable to accept payments via the phone or online, but we will notify you when this service is available.
Q: What should I do if my Access Control Advantage Loan Card or checks are lost, stolen, or damaged?
A. Immediately contact Customer Service at 800-346-8380 (Monday through Friday, 9:00am - 5:00pm ET) to report the lost or stolen card/checks.
If your card has been lost or stolen during non-business hours, please call 877-813-5356 (24 hours, 7 days a week).
Q: Who should I contact if my Access Control Advantage Loan Card has been blocked?
A. Contact 877-407-2670 (24 hours, 7 days a week).
Q: Can I change my PIN (Personal Identification Number)?
A. Yes, you can change your loan card PIN by calling 888-891-2435 (just be sure to call from the phone number that is on file with Access Control Advantage). You must have your current PIN in order to select a new one.
If you have lost or forgotten your PIN, you may request a new PIN mailer by calling 800-346-8380 (M-F 9:00AM - 5:00PM ET).
Q: Can I add an additional accountholder?
A. No. Since your Access Control Advantage account was established using funds from your retirement plan, only you are permitted to access your loan account.
Q: How do I change my address?
A. You can change your address by visiting your plan participant web site.
Q: Can I close my Access Control Advantage account? If so, will I be assessed any penalties?
A. You may close your account at any time through your plan website. If you close your account, no additional loans may be taken from it and you must continue making payments until your loan balance is completely repaid. If you fail to repay the entire outstanding balance, the IRS requires that the outstanding balance be reported as a distribution that will be subject to income taxation and possibly premature distribution penalties.
Q: After I terminate my account, what happens to the remaining loan line that has not been used?
A: Once you terminate your Access Control Advantage account, unused loan line funds will be transferred back to your other plan investments according to the rules established by your employer.
Q: What happens to my Access Control Advantage account if I lose my job or change my employer?
A. You will be able to continue to access and/or repay your account after you terminate your employment.
Q: How can I obtain disclosure information regarding my Access Control Advantage account?
A. You can view and print the Access Control Advantage Customer Agreement and Disclosures by clicking here. It is also linked on the ACAonline.com homepage.
Q: What if I can't view and print the forms available on this site?
A: The forms on this site were created with Adobe Acrobat and saved as PDF files to preserve their format. If you haven't already done so, you'll need to download and install the free Adobe Acrobat Reader from the Adobe.com website. Click here and follow the instructions on how to install.
