YOUR ABILITY TO WITHDRAW FUNDS AT ERIE COMMUNITY CREDIT UNION
Our policy is to make funds from your deposits available to you on the next business day after the day we receive your deposit. At that time, you can withdraw the funds in cash and we will use the funds to pay checks/debits that you have written.
Electronic direct deposits will be available on the day we receive the deposit. For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit on a day we are not open, we will consider that the deposit was made on the next business day we are open.
Longer delays may apply
In some cases, we will not make all of the funds that you deposit by check available to you on the next business day after the day of your deposit. Depending on the type of check that you deposit, funds may not be available until the fifth business day after the day of your deposit. However, the first $100 of your deposit will be available on the first business day.
If we are not going to make all of the funds from your deposit available on the next business day, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will mail you the notice by the day after we receive your deposit. If you will need the funds from a deposit right away, you should ask us when the funds will be available.
In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:
- We believe a check you deposited will not be paid.
- You deposit checks totaling more than $5,000 on any one day.
- You redeposit a check that has been returned unpaid.
- You have overdrawn your account repeatedly in the last six months.
- There is an emergency, such as failure of communications or computer equipment.
We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the third business day after the day of your deposit.
Special rules for new accounts
If you are a new member, the following special rules will apply during the first 30 days your account is open.
The first $5,000 from a deposit of U.S. Treasury checks will be available on the first business day after the day of your deposit. The excess over $5,000 will be available on the ninth business day after the day of your deposit. Funds from wire transfers into your account will be available on the first business day after the day we receive the transfer.
Funds from electronic direct deposits to your accounts will be available on the day we receive the deposit. Funds from deposited cash and the first $5,000 of a day’s total deposits of cashier’s, certified, teller’s, traveler’s, and state and local government checks will be available on the first business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you (and you may have to use a special deposit slip). The excess over $5,000 will be available on the ninth business day after the day of your deposit. If you do not make the deposit in person to one of our employees, the $5,000 will not be available until the second business day after the day of your deposit. Funds from all other check deposits will be available on the ninth business day after the day of your deposit.
Deposits at Non-proprietary ATMs
Funds from any deposits (cash or checks) made at automated teller machines (ATMs) we do not own or operate may not be available until the fifth business day after the date of your deposit. This rule does not apply at ATMs that we own or operate. All ATMs that we own or operate are identified as our machines.
Foreign Checks
Checks drawn on financial institutions located outside the U.S. (foreign checks) cannot be processed the same as checks drawn on U.S. financial institutions. Foreign checks are exempt from the policies outlined in this disclosure. Generally, the availability of funds for deposits of foreign checks will be delayed for the time it takes us to collect the funds from the financial institutions upon which it is drawn.
Rate Schedule
The rates and terms applicable to your account at the Credit Union are provided in the Rate Schedule / Truth in Savings Account Disclosures. The Credit Union may offer other rates for these accounts from time to time.
Truth-in-Savings Account Disclosures
Except as specifically described, the following disclosures apply to all of the accounts. All accounts in this Rate Schedule are share accounts.
1. Rate Information - The Annual Percentage Yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the dividend rate and frequency of compounding for an annual period. For all accounts, the Dividend Rate and Annual Percentage Yield may change as determined by the Credit Union’s Board of Directors. The savings (01) account must have a balance of $5.01 to earn the stated APY. Once a particular balance range is met, the Interest Rate and Annual Percentage Yield for that balance range will apply to the full balance of your account.
2. Nature of Dividends - Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period and are not guaranteed.
3. Dividend Compounding and Crediting - The compounding and crediting of dividends and dividend period applicable are set forth in this Rate Schedule. The Dividend Period is the period of time at the end of which an account earns dividend. The Dividend Period begins on the first calendar day of the period and ends on the last calendar day of that period.
4. Accrual of Dividends - For all accounts, dividends will begin to accrue on non cash deposits (e.g. checks) on the business day you make the deposit to your account.
5. Balance Information - The minimum balance requirements applicable to each account are set forth in the Rate Schedule. For regular share accounts, there is a minimum daily balance required to obtain the Annual Percentage Yield for the dividend period. If the minimum daily balance is not met, you will not earn the stated Annual Percentage Yield. For all accounts using a Daily Balance method, interest is calculated by applying a daily periodic rate to the principal in the account each day.
6. Account Limitations - For Savings and Special Savings accounts, no more than six (6) pre-authorized, automatic, or telephone transfers may be made from each account to another account or to a third party in any month, and no more than three (3) of these six (6) transfers may be made by check, draft, or debit card to a third party. If you exceed these limitations, your account may be subject to a fee or be closed. For Christmas Savings accounts, the entire balance will be transferred to your Savings (01) Account on or after October 1st and the account will remain open. For Christmas Savings accounts, if you withdraw from your account, you will be charged a fee as disclosed in the Fee Schedule. However, no fee will be charged if the withdrawal occurs within seven (7) days of the date the account is opened. For Money Market accounts, if you make more than three (3) withdrawals per month from your account, you will be charged a fee as disclosed in the Fee Schedule. In addition, if your balance falls below $2,500.00, your account will be closed and the funds will be transferred to your Savings (01) Account. For Traditional IRA Accumulation, Roth Accumulation and Coverdell IRA Accumulation accounts, see the IRA disclosure for account limitations. For Checking Accounts no limitations apply.
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USA Patriot Act – Customer Identification Program Policy
To our account holders and potential account holders: In accordance with Section 326 of the USA Patriot Act of 2001, which requires the credit union to help the government fight the funding of terrorism and money laundering activities, the credit union is required to obtain basic identifying information from you and verify that information when you open a new account.
This means the credit union staff will ask you for some basic information such as your name, address, date of birth, and other information designed to help us identify you. The credit union staff will also ask to see documents identifying you such as a social security card, driver’s license, passport, and/or some other government-issued document.
In some cases, identification will be requested for those individuals conducting business with the credit union prior to the effective date of the member identification requirements. This is because original documentation was not obtained with the opening of the account or the credit union is unable to form a reasonable belief that it knows the true identity of the existing account holder.
In all cases, protection of our member’s identity and confidentiality is the credit union’s pledge to you. Erie Community Credit Union appreciates your patience and understanding as we all do our part in complying with the account identification procedures required by the federal USA Patriot Act of 2001.
Respectfully,
The Board of Directors, Staff and Members of the Erie Community Credit Union
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