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• Truth in savings

• Funds Availability Policy and Disclosure

• Privacy Policy

1. Interest 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 quarterly as determined by SRU Federal Credit Union's Board of Directors.
2. Source of Dividends. Dividends are paid from current income and available earnings after all required transfers to reserves at the end of the dividend period.
3. Dividend Compounding and Crediting. The compounding and crediting 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 Rates and Annual Percentage Yields are the rates and yields as of the last dividend declaration date which is set forth in the Rate Schedule.
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. For all accounts, if you close your account before accrued dividends are credited, accrued dividends will be paid.
5. Balance Information. The minimum balance requirements applicable to each account are set forth in the Rate Schedule. For Share and Share Draft Checking accounts, there is a minimum average daily balance required to obtain the Annual Percentage Yield for the dividend period. If the minimum average daily balance is not met, you will not earn the stated Annual Percentage Yield. For all accounts using an Average Daily Balance method, dividends are calculated by applying a periodic rate to the average daily balance in the account for the period. The Average daily balance is determined by adding the full amount of principal in he account for each day of the period and dividing that figure by the number of days in the period.
6. Account Limitations. For Money Market and IRA accounts, no more than six (6) preauthorized, automatic or telephone transfers may be made 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 Club accounts, the entire balance will be transferred to another account of yours on or after October 1st and the account will remain open.  You may make one (1) withdrawal from your Christmas Club account during the club period from October 1st through September 30th.  Upon a second withdrawal, your account will be closed.  For Share and Share Draft accounts, no account limitations apply

Funds Availability Policy and Disclosure

This policy disclosure describes your ability to withdraw funds at SRU Federal Credit Union. It only applies to the availability of funds in “transaction accounts”. Transaction accounts are accounts that do not limit the number or types of withdrawals or transfers you may make. 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 of your accounts are affected by this policy.

1. General Policy.  Our policy to make funds from your cash and check deposits available to you on the same 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 that you have written.  For determining the availability of your deposits, ever day is a business day except Saturdays, Sundays, and federal holidays.  If you make a deposit before 5:00 p.m. on a business day that we are open, we will consider that day to be the day of your deposit.  However, items will be posted as soon as they are received and assessed an NSF fee if you do not have the funds in your account at the time of posting.  If you make a deposit after 5:00 p.m. or on a day we are not open, we will consider that the deposit was made on the next business day we are open. 

2. Determining the Availability of a Deposit. When we delay the availability of a deposit the length of the delay is determined by counting the business days from the day of your deposit. Everyday is a business day except Saturdays, Sundays and federal holidays. If you make a deposit on a day that we are not open, we will consider the deposit to have been made on the next business day we are open.

If you make a deposit to an ATM that we own or operate before 12:00 p.m. on a business day that we are open, we will consider that day to be the day of your deposit. However we will consider deposits to an ATM that we own or operate made after 12:00 p.m. or on a day that we are not open as deposited on the next business day we are open. 

The length of the delay varies depending on the type of deposit and is explained below.

3. Holds On Other Funds. 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.

4. Longer Delays May Apply. Funds you deposit by check may be delayed for longer period under the following circumstances:       

•  We believe a check you deposit will not be paid.

• You deposit checks totaling more than $5,000 on anyone day.

• You deposit a check that has been returned unpaid.

• You have overdrawn your account repeatedly in the last six (6) months.

• There is an emergency, such as failure of communications or computer equipment.

• Credit card checks.

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 eleventh (11^th) business day after the day of your deposit.

5. Special Rules for New Accounts. If you are a new member, the following special rules will apply during the first thirty (30) days your account is open.

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 by 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. The excess over $5,000 will be available by the ninth (9^th) 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 by the ninth (9^th) business day after the day of your deposit.

10. Deposits at Nonproprietary ATMs. Funds from any deposits (cash or checks) made at automated teller machines (ATMs) we do not own or operate will not be available until the fifth (5th) 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.

11. 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.

Privacy Policy

Privacy Statement and Policy

SRU Federal Credit Union recognizes the importance of your financial privacy and remains committed to protecting the privacy of our members’ information.  In order to protect your privacy, SRU Federal Credit Union has adopted the following privacy policy:

Categories of information that is collected:

SRU Federal Credit Union collects non-public personal information about you from the following sources:

• Information we receive from you on loan applications or other forms;

• Information about your transactions with us and

• Information we receive from consumer reporting agencies.

Categories of information that may be disclosed:

SRU Federal Credit Union does not disclose any nonpublic personal information about our members and former members to anyone, except as permitted by law.

Information Disclosed to Service Providers and Joint Marketers:

SRU Federal Credit Union may disclose non-public personal information to the following types of third parties:

• Others, such as insurance companies and SRU FCU’s data processor.

We only provide information to our service provider which is necessary to the mission of SRU Federal Credit Union and as permitted by law.

Confidentiality and Security of Member Information:

SRU Federal Credit Union restricts access to non-public personal information about you to the appropriate employees, board members, and vendors who need to know that information to provide or service our products and services to you.  We maintain physical, electronic, and procedural safeguards that comply with federal regulations to guard your non-public personal information.

Send mail to Customer Service with questions or comments about this web site.

SRU Federal Credit Union is not responsible for the content, accuracy, or policies of linked websites that are not administered by SRUFCU. Links to third party websites are provided as a courtesy and their use is subject to the following disclaimers: The member is leaving the credit union’s web site; The member is linking to an alternate web site not operated by the credit union; The credit union is not responsible for the content of the alternate web site; The credit union does not represent either the third party or the member if the two enter into a transaction; and Privacy and security policies may differ from those practiced by the credit union.

Copyright © 2002 - 2004 SRU Federal Credit Union - all rights reserved
Last modified: 03/05/08