Account Opening Procedures

Customer IdentificationRequirements

 In accordance with Section 326 of the USA PATRIOTACT signed October 26, 2001, Self Reliance (NY) Federal Credit Union isrequired to obtain a copy of the documents used in identifying our new accountcustomers and in identifying signatory individuals added to an existing or newaccount. 

In some cases,identification will be requested for those individuals banking with SelfReliance (NY) Federal Credit Union prior to the effective date of the customeridentification requirements because original documentation was not obtainedwith the opening of the account, or the Credit Union is unable to form areasonable belief that it knows the true identity of the existingcustomer. 

In all cases wepledge to protect our member’s identity and confidentiality.


Deposit Availability Policy

When a deposit is made to your account, the funds may not be available immediately. For example, if you deposit a check on Tuesday, you may not be able to withdraw the funds from that check, and we may not pay another check with those funds, until Wednesday or even later. See the Availability Timeline below for details about when you can use the funds from different types of deposits. 

If you withdraw funds from a check deposit, and the check is later returned unpaid, we may charge the check back to your account. 


Availability Timeline for Deposits to Established Accounts

Below is our general policy for deposits to accounts open for more than 30 days. Longer delays may apply , and different rules apply for checks deposited to accounts open 30 days or less

A business day is any day of the week except Saturday, Sunday, and Federal holidays. A deposit made before 2:00 p.m. on a business day is considered deposited that day. A deposit made after that time, or on a day we are closed, is considered deposited the next business day. 

When a deposit is made by... Deposited funds are available...
Electronic Payment - Direct Deposit The same business day
Cash The next business day
Wire Transfer The next business day
Check from an account at this bank (On-US check) The next business day
U.S. Treasury check payable to you

Government, cashier's, certified, or teller's check payable to you

Postal money order, Federal Reserve Bank check, or Federal Home Loan bank check payable to you
Up to $5,000.00 is available on the next business day. Any remainder over $5,000.00 is available in 2 business days. 
Other checks not specifically described above - i.e. personal checks, employer checks, re-imbursement checks The first $200.00 is available on the next business day. Up to $4,800.00 is available in 2 business days. Remainder over $5,000.00 available in 7 business days. 
Re-Deposited Checks - returned unpaid one already, repeated overdrafts, etc. (See Longer Delays May Apply below) 7 business days


Check Cashing, Immediate Availability, and Holds on Other Funds 

We may cash a check or make a check deposit available immediately if you have funds to cover that check in any of your accounts with us. If we do, we will hold those funds (equal to the amount of the check) in your account(s) according to the timelines described elsewhere in this policy.


Longer Delays May Apply 

Funds from check deposits may be delayed for up to 7 business days if: 

  • We believe a deposited check 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 6 months. 
  • There is a bank emergency, such as failure of computer or communications 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. Third party (double endorsed) checks will not be accepted.The credit union will not cash checks for non-members. The credit union may cash a check, drawn on a credit union member’s account, for a non-member upon presentation of adequate identification documents, and subject to a manager’s approval.


Availability Timeline for Deposits to New Accounts

(Open 30 days or less)

When a deposit is made by... Deposited funds are available...
Electronic Direct Deposit The same business day
Wire Transfer The next business day
U.S. Treasury check payable to you The first $5,000.00 is available on the next business day. Any remainder over $5,000.00 is available in 9 business days. 
Government, cashier's, certified, teller's, or traveler's check that is payable to you

Postal money order, Federal Reserve Bank check, or Federal Home Loan Bank check payable to you
The first $5,000.00 is available on the next business day. Any remainder over $5,000.00 is available in 9 business days. 
Other checks not specifically described above - i.e. personal checks, employer checks, reimbursement checks, etc. Credit Union Policy - No Maximum (consider 7 business days minimum)


REGULATION D FACTS

What is Regulation D?


Federal Regulations require credit unions, as well as banks, to limit the way withdrawals may be made from a savings/money market account.  Withdrawals in excess of these limits may result in a fee or account closure.  Regulation D, limits you to make no more than six (6) withdrawals or transfers from each savings and money market account during a calendar month.  Your checking account is excluded from this regulation.

 

 What accounts does it affect and how?

 
Savings/Money Market Accounts: During  any month , you may not make more than six withdrawals or transfers to another account of yours or to a third party.  These transactions include withdrawals or transfers to another account of yours, online banking transfers, overdraft protection transfers, transfers done over the phone with our Member Service representatives, and ACH withdrawals.
 
To help you understand these Reg. D savings/money market account transaction limitations, and to avoid excess activity charges, please review the following information:
        

What transactions are affected by the Regulation D limitation?

 
    • Transfers made using Online Banking.
    • Transfers made over the phone, fax or e-mail by a Member Service Representative on your behalf
    • ACH withdrawals
    • Automatic transfers to another deposit account at SRNYFCU
    • Automatic transfers to a third party or another institution

You are limited to a total of six such transfers per month.

 
In order to ensure that no more than the permitted numbers of withdrawals or transfers are made, the Regulation requires that depository institutions take steps to prevent excessive transactions.  Transfers/withdrawals in excess of the 6 transfer/withdrawal limitations are subject to an excessive transaction fee.  If you exceed these six transfer limitations during a month, you will be charged a $10.00 excessive transaction fee, ACH withdrawals will be returned unpaid even if there are funds available and you will not be able to make further transfers or withdrawals.
 

What transactions are not affected by Regulation D?

 
  • ATM transactions (subject to the daily amount limits and sufficient available funds)
  • Transfers made to SRNYFCU loans.
  • Withdrawals made in person at any SRNYFCU branch.
  • Self Reliance NetTeller Bill Pay (which uses funds from your checking account).
  • Deposits                                                                                                                                                                                               
 
 What are my options once an account has reached its Regulation D limit?
 
You may complete withdrawals and transfers in person, by mail, or at an ATM. 
 

If an account used for Overdraft Protection has reached its Regulation D limit, will overdraft requests be honored?

 
No. The Overdraft Protection account is a Savings Account, therefore, you will receive a notice by mail and incur an Insufficient Funds fee ($10.00) for every overdraft attempted beyond your cumulative (as listed above) monthly limit of six.
 

I have authorized a merchant to automatically withdraw payments from my Savings Account - do these count against my monthly limit?


Yes. These payments (which you might know as "ACH" or "EFT" transactions) follow Regulation D limitations. Any withdrawals attempted beyond your monthly limit will not be honored, and you will receive a notice by mail and incur an Insufficient Funds fee ($10.). 
 

Tips to avoid Regulation D Limits on Savings and Money Market Accounts

  •  Have your Direct Deposit sent to your checking account, which is not subject to Regulation D.  You can make unlimited transactions from your checking account.
  • Arrange all ACH withdrawals and preauthorized debits to come out of your checking account instead of your savings or money market account.
  • Plan ahead and make one large transfer from your savings or money market account instead of several small transfers.
  • Use ATMs or perform your transfers in person from your savings or money market account.