| |
The
Chicago Post Office Employees Credit Union(CPOECU)
is committed to protecting your privacy. We recognize
the importance of protecting the personal information
of our members and of our obligation to keep the
information you provide to us secure and confidential.
When
you access our Web site, or use our other products
or services, we and our business partners who
help us deliver these products to you will have
access to your personal information. As a general
rule, CPOECU does not disclose to third parties
private information that you submit which personally
identifies you. However, there are several exceptions
to this general rule which include, but are
not limited to the following:
|
|
Where
it is necessary for completing transactions. |
|
|
In
order to verify the existence and condition
of your account for a third party, such
as a credit bureau or merchant. |
|
|
In
order to comply with a government agency
or court order. |
|
|
If
you give us your written permission. |
The
Chicago Post Office Employees Credit Union provides
services and products which are in compliance
with By-laws, policies and other disclosures that
have been approved by the Board of Directors.
You should read and be familiar with these policies
and disclosures. They establish the rules which
control your accounts with us.
Some
of the common features of our accounts include,
but are not limited to the following:
|
|
You
must complete payment of one share ($25.00)
as a condition of membership. |
|
|
Dividends
are declared monthly and paid from current
income and available earnings, after required
transfers to reserves at the end of the
dividend period. |
|
|
Member
accounts are insured by American Share Insurance.
This institutuion is not federally insured. |
In
order to comply with the U. S. A. Patriot Act,
effective October 1, 2003, the Chicago Post Office
Employees Credit Union is required to verify the
identity of members and joint owners applying
for and opening new accounts/services or adding
signatories to existing accounts/services with
the credit union. Information that we are required
to obtain includes:
|
|
Name |
|
|
Mailing
and Residence Address
(Absolutely no P O boxes only) |
|
|
Social
Security Number or Tax Identification Number |
|
|
Date
of Birth |
|
|
Copy
of a government issued photo ID
(such as driver's license, passport, Student
ID, State issued ID, etc.) |
|
|
Telephone
# with area code |
|
|
Credit
Bureau report will be run to verify above
information |
Lack
of identity verification: When opening new accounts
without proper and/or incomplete identification
or information, a hold may be put on the account's
initial deposit until required indemnification
is received. Transactions will not be allowed
until proper identification is received. Identification
is required to be on file within 30 days. If
proper identification or information is not
received within 30 days of account/services
opening it will be closed immediately.
Additional data or identification, as required
under the USA Patriot Act, may also be gathered
depending on the type of account applied for
or opened.
Data
on existing members will be gathered as they
open or use additional services offered by the
credit union or add signatories on accounts
The
USA Patriot Act requires the credit union to
maintain records of the identification verification
and update the information.
Confidentiality
of this information will be maintained as required
under the Privacy Act and all other applicable
laws and regulations.
| Funds
Availability Policy |
|
In
compliance
with the Regulation "C" and the Expedited
Funds Availability Act, the Chicago Post Office
Employees Credit Union adopts the following "Funds
Availability" Policy.
| A. |
The
following items are available immediately
upon deposit |
|
1. |
Funds
from electronic (ACH) deposits |
| B. |
Next
Day Availability Items shall include: |
|
1. |
Treasury
Checks |
|
2. |
United
States Postal Service money orders |
|
3. |
Federal
Reserve Bank or Federal Home Loan Bank checks |
|
4. |
State
or local Government checks |
|
5. |
Cashiers,
certified or tellers' checks |
|
6. |
Checks
drawn on the Chicago Post Office Employees
Credit Union |
|
7. |
The
lesser of $100 of the aggregate deposited
on any one banking day to all accounts of
the member by check other than the above
types of items. |
| C. |
Check
"holds" will be placed on items
not listed above according to the following
schedule. |
|
1. |
A
two-business-day "hold" will be
placed on all local checks |
|
2. |
Non-local
checks will be placed on "hold"
for five business days |
|
3. |
Items
deposited in a non-proprietary ATM will
be treated as Non-local |
|
4. |
Longer
delays may be placed on items deposited
for the following reasons: |
|
|
a. |
We
have reason to believe the item will not
be paid |
|
|
|
~ |
We
have been notified that the item will be
e dishonored |
|
|
|
~ |
The
check is payable to two parties and the
same person appears to have endorsed for
both names |
|
|
|
~ |
The
check deposited was written more than six
months ago |
|
|
|
~ |
We
have confidential information that the member
is engaged in check kiting |
|
|
b. |
Deposits
in excess of $5,000 on one day |
|
|
c. |
A
check which was previously returned is re-deposited |
|
|
d. |
The
member has overdrawn their account repeatedly
in the past six months (accounts has been
overdrawn six or more days in the past six
months) |
|
|
e. |
The
deposit is made to a new account. |
| D. |
Any
check - other than U. S. Treasury - presented
for deposit in excess of $500 must be
verified PRIOR to deposit. After verification,
check should be deposited and placed on
"hold" for the appropriate amount
of days. Any check that is less than $500
may be deposited prior to verification
if there is money in the account to cover
the check. That amount should be placed
on "hold" until the check clears.
If there is any doubt, the check should
be presented to Branch Manager for disposition.
|
|
