Notices & Disclosures

This disclosure describes your ability to withdraw funds at Erie Community Credit Union. It only applies to the availability of funds in transaction accounts. The Credit Union reserves the right to delay the availability of funds deposited to accounts that are not transaction accounts for periods longer than those disclosed in this policy. Please ask us if you have a question about which accounts are affected by this policy.

Our policy is to make funds from your cash and check deposits available to you on the next business day after we receive your deposit. Electronic direct deposits will be available on the day we receive the deposit. Once they are available, you can withdraw the funds in cash and we will use the funds to pay checks/debits that you have written.

For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit before close of business (Monday-Thursday 5:00 pm or Friday 6:00 pm) 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 after close of business (Monday-Thursday 5:00 pm or Friday 6:00 pm) or on a day we are not open, we will consider that the deposit was made on the next business day we are open.

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 we receive your deposit. Funds may not be available until the second business day after the day of your deposit. However, the first $100 of your deposit will be available on the first business day after the day of your deposit. 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 next business 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.

If we cash a check for you that is drawn on another financial institution, we may withhold the availability of a corresponding amount of funds that are already in your account. Those funds will be available at the time funds from the check we cashed would have been available if you had deposited it. If we accept for deposit a check that is drawn on another financial institution, we may make funds from the deposit available for withdrawal immediately but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then not be available for withdrawal until the time periods that are described elsewhere in this disclosure for the type of check that you deposited.

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 seventh business day after the day of your deposit.

Funds from electronic direct deposits to your account will be available on the day we receive the deposit. Funds from deposits of cash, wire transfers and the first $5,000 of a day’s total deposits of cashier’s, certified, teller’s, traveler’s, and federal, state and local government checks will be available on the next business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you. The excess over $5,000 will be available on the ninth business day after the day of your deposit. If your deposit of these checks (other than a U.S. Treasury check) is not made in person to one of our employees, the first $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.

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.

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.

Except as specifically described, the following disclosures apply to all of the accounts. All accounts described in this Truth-In-Savings disclosure 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 dividend rates and annual percentage yields are the rates and yield as of the last dividend declaration date, which is set forth in the Rate Schedule.

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.

3. Dividend Compounding and Crediting - The compounding and crediting frequency of dividends and dividend period applicable to each account are set forth in the Rate Schedule. The dividend period is the period of time at the end of which an account earns dividend credit. The dividend period begins on the first calendar day of the period and ends on the last calendar day of the period. Dividends are posted to the account on the first day after the end of the dividend 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 - To open any account, you must deposit or already have on deposit at least the par value of one full share in a Savings (01) account. The par value amount is state in the Fee Schedule. Some accounts may have additional minimum opening deposit requirements. The minimum balance requirements applicable to each account are set forth in the Rate Schedule. For Savings and Money Market accounts, there is a minimum daily balance required to earn the annual percentage yield disclosed for the dividend period. If the minimum daily balance is not met each day of the dividend period, you will not earn the stated annual percentage yield. For accounts using a daily balance method as stated in the Rate Schedule, dividends are calculated by applying a daily periodic rate to the balance in the account each day.

6. Account Limitations - For Savings and Special Savings accounts, you may make no more than six (6) transfers and withdrawals from your account to another account of yours to a third party in any month by means of a preauthorized, automatic, or Internet transfer, by telephonic instruction or order, or by check, draft, debit card or similar order. If you exceed these limitations, your account may be subject to a fee or closed. 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, you will be charged a fee as disclosed in the Fee Schedule. 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 Traditional IRA Accumulation, Roth IRA Accumulation and Coverdell ESA Accumulation accounts, see the IRA disclosure for account limitations. For Checking accounts, no account limitations apply.

7. Fees for Overdrawing Accounts - Fees for overdrawing your account may be imposed on each check, draft, item, ATM transaction, and one-time debit transactions (if member has consented to overdraft protection plan for ATM and one-time debit card transactions), preauthorized automatic debit, telephone initiated withdrawal or any other electronic withdrawal or transfer transaction that is drawn on an insufficient available account balance. The entire balance in your account may not be available for withdrawal, transfer or paying a check, draft or item. You may consult the Funds Availability Policy Disclosure for information regarding the availability of funds in your account. Fees for overdrawing your account may be imposed for each overdraft, regardless of whether we pay or return the draft, item or transaction. If we have approved an overdraft protection limit for your account, such fees may reduce your approved limit. Please refer to the Fee Schedule for current fee information.

For ATM and one-time debit transactions, you must consent to the Credit Union's overdraft protection plan in order for the transaction amount to be covered under the plan. Without your consent, the Credit Union, may not authorize or pay an overdraft resulting from these types of transactions. Services and fees for overdrafts are shown in the document the Credit Union uses to capture the member's opt-in choice for overdraft protection and the Schedule of Fees and Charges.

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