Reg CC
What is Reg CC?
Funds availability regulation on deposits
What does BCSCU make available on ATM Deposits?
$250
What is Reg E?
Regulation E provides a basic framework that establishes the rights, liabilities, and responsibilities of participants in electronic fund transfer systems such as automated teller machine transfers, telephone bill-payment services, point-of-sale (POS) terminal transfers in stores, and preauthorized transfers from or to a consumer's account (such as direct deposit and social security payments). The term "electronic fund transfer" (EFT) generally refers to a transaction initiated through an electronic terminal, telephone, computer, or magnetic tape that instructs a financial institution either to credit or to debit a consumer's asset account.
During what month do people sleep the least?
February, its the shortest month!
What is the first $225 rule?
First $225 of any deposit NOT low risk must be made available next business day. Remaining funds available on third business day
ATM Deposits over $250; what time do the remaining funds become available?
Midnight of the second business day
What transactions are NOT EFT?
Wires
Funds verifications
Auto internal transfers
Certain telephone transfers - transferring from savings to checking are exempt
What has four wheels and flies?
A garbage truck.
For low risk deposits; what is our "Next Day Availability"?
BCSCU defines next day availability as next business day
What is the definition of a new account?
An account is new during the first 30 days it is open
*an account is not NEW if adding an additional suffix
When do Members see our EFT disclosures?
Account opening (Membership & Account Agreement)
Also when opening a checking account and getting debit card (Membership & Account Agreement)
Setting up Online Banking
Annual EFT notice
What spends all the time on the floor but never gets dirty?
Your Shadow
What are examples of high risk deposits?
Large Depsoits
Re-deposited checks
repeat overdrafts
reasonable cause
foreign checks
emergency condition
What Reg CC exemptions are made for new accounts?
No additional hold notice required
BCSCU holds discretion on all deposits to new accounts
What are BCSCU's EFT Services?
Debit & Credit Cards
ACH & ACHO
Internet Banking
Billpay
What animal turns about 200 times around its axis after it dies?
A roast chicken.
What is the full name of Reg CC?
Regulation CC (Availability of Funds and Collection of Checks)
Where do you find BCSCU's Reg CC disclosures?
Account opening Agreement
Posted Notices: lobbies, ATMs
Case by case via internal Hold Notice
Why is access to EFT statements so important?
EFT items have specific error resolution needs
What can you give a man with no hair that he will never part with?
A comb.