In February, the Federal Reserve consolidated check processing into one office. All US checks are now considered “local” checks. The BCFCU generally will make the first $100 of a check deposit available when you make the deposit, This is one day earlier than the regulation requires. It is important to note, however, that this availability does NOT mean that the check has cleared the maker's account. If you have doubts about the collect-ability of a check – wait 10 business days; that's how long it takes for us to get notice of a bad check!
Effective July 1, 2010, there are rules going into effect regarding fees for Debit Card Insufficient Funds (NSF) transactions. While the BCFCU does not have what is commonly known as a “courtesy pay” program, we will be prohibited from charging NSF fees for debit card transactions.
It is our policy to decline any transaction request (paper check, ACH item, electronic payment, debit card transaction, etc...) when there are not enough funds available at the time the request is made. According to our agreement with VISA, the BCFCU must pay all authorized debit card transactions, even if the money which was in the account at the time of authorization is withdrawn in the interval between then and when the transaction is settled. This happens when members rely on the VISA authorization system to “keep track” of their money. Of course, the system cannot know about checks that were written or pending automatic bill payments. To discourage repeated debit card NSF transactions, we will be instituting tighter controls over Debit Card privileges. Repeated NSF transactions will result in cancellation of the card.
It is also important to know that the balance we upload to the debit card authorization system INCLUDES any funds available to you from your attached Share Savings account and/or your overdraft line of credit! An ATM balance inquiry will tell you your “Open to Buy” amount, which is the uploaded balance less any transaction holds placed by the authorization system. It is NOT the balance in your credit union account!
