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Education: FAQs
Please
explain the new check clearing law.
Check 21, the new federal law that affects check clearing
rules started October 28, 2004. The law allows financial
institutions to use electronic image capturing and
transmission technology to improve the check collection
process. The process will produce an electronic check
for processing versus a paper check for clearing – it
will be called a substitute check. What does that
mean to you? It means the Credit Union is required
to accept substitute checks and the time it use to
take to clear a check will be drastically reduced.
For instance, you write and mail your normal mortgage
payment on the last payroll Friday of the month, it
use to take about 7 to 10 days or so for the money
to come out of your account. Sound about right? Now
you mail that check on Friday and the funds could
be deducted from your account as early as Tuesday
or Wednesday, depending on your financial institution.
That’s just a for instance, depending on your
circumstances the timing could be different. Be aware,
and as always, we recommend that you have the funds
available in your account BEFORE you write a check.
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What
is Courtesy Pay? Courtesy
pay is a new service available to our standard
checking account members. It is an extra layer
of member protection from returned checks. Have
you ever inadvertently bounced a check or have
forgotten to write a check card purchase or
ATM withdrawal in your check register? The credit
union has added Courtesy pay to our checking
account layer of member protection to help you
avoid those situations. If you inadvertently
overdraft your account, the credit union will
pay the overdraft for you, even it if makes
your account negative, and charge you the regular
bounced check fee. You then have 30 days to
bring the account current. But as always, the
credit union wants to keep your money in your
pocket, so we’ll still look
in your savings account first to see if we can transfer
monies from there to cover the draft, then to
your overdraft line of credit, and finally to
the courtesy pay option which will cover only
up to $500. Make no mistake about it, we’re
not saying go ahead and use all those checks
in your checkbook, because we’re buying.
No, we’re saying, we know we’re
all human and mistakes happen, we just don’t
think the whole world, including the person
you wrote the check to, their financial institution,
and anyone else involved needs to know. Plus,
we’re trying to keep your
money in your pocket, you won’t incur additional
fees from the person or business you wrote the check
to. Consider Courtesy Pay, an extra layer of member
protection. We’re here to help.
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How
do I get a copy of a substitute check?
The procedures for requesting and receiving a copy of
a personal check will remain mostly the same. The only
difference is if an original copy of the check is requested,
a substitute check may be sent instead.
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I
deposited a check into my account and it was returned
(bounced). I did not receive the original check
back, I got a copy instead. What do I do now? Because
of a new federal law, Check 21, the copy was returned
instead of the original check. The copy returned to
you is of legal tenure and can be redeposited if you
so wish. It’s as good as the original check that
was given to you.
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Can
I download my Credit Union account history information
to my personal computer? If you
have a share draft/checking account and the QuickTeller
on-line service you can download account history information
to your personal computer. Once you are logged into
the QuickTeller online, on the left hand side is a menu
of options. Under Export It, you have the options to
download, Scheduled Transfers, Transfer History, Account
History, or Register Names on an account. Still have
questions, for additional information, click on “Help”
on the online menu.
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What
is the Teen Checking account? The
Credit Union realizes the importance of getting kids
started on the right foot when it comes to financial
matters. This account gives our teen members, ages 13
to 17, the financial freedom of being responsible for
their own money while under the tutorage of their guardian/parent
and the Credit Union. This account comes with all the
conveniences of our standard checking account with the
exception of lower spending limits on the SmartCash
Visa Check Card. Our young member will have access to
their account via QuickTeller phone and on-line access,
free overdraft protection from their savings, along
with other great features. Contact a Member Service
Representative for additional information.
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How
do I establish an account? To establish
an account visit a Member Services Representative or
download a membership application. Complete the application
and deposit $5.00 into your share account. Congratulations
– the benefits of membership are now available!
Please note, due to new federal regulations additional
identifying information may be required. Please refer
to the membership application for more details.
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How
long do I have to be a member before I can apply for
a loan or purchase specialty tickets?
You can join the Credit Union and immediately take advantage
of all the benefits of membership. Go ahead, join today
and start the refinance of your car right away!
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What
are the hours for both locations?
Towson
Monday – Wednesday & Friday 8am – 4pm
Thursday 8am – 6pm
Perry Hall
Monday - Thursday 9am -5pm
Friday 9am – 6pm
Saturday 9am – 12noon
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What
are the phone hours for the Credit Union?
The phone hours are the same as the office hours. However,
if you have someone’s direct extension, you can
reach their desk to leave a message for them before
and after regular business hours by dialing their extension
once you hear the closed message.
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Where
are you? Can I get directions?
Towson Office.
23 West Susquehanna Avenue, Towson, MD 21204.
From I695 (the Baltimore Beltway) take exit 26A York
Road, heading south. Follow York Road south to the fourth
light - turn right onto Washington Avenue. (There is
a parking garage right before the turn.) Follow Washington
Avenue through the heart of Towson past the post office.
Immediately before the road ends at Towsontown Blvd,
turn left into the parking lot.
Perry Hall Office.
8640 Ridgely’s Choice Drive, Baltimore, MD 21236.
From the I695 inner loop. Take the White Marsh Blvd,
Route 43 exit 31-C (left exit). Go to the third light
and turn left, toward US 1 North. The next light is
Belair Road, turn right. Once you crest the hill, take
a left at the next light onto Ridgely’s Choice
Drive; the Credit Union is on your left.
From the I695 outer loop. Take exit 32-B toward Bel
Air US 1 North. Go approximately 1.7 miles and turn
left on Ridgely’s Choice Drive. The Credit Union
is on your left. See www.mapquest.com
for more details.
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Please
explain check holds. Check holds
are a security feature where the Credit Union makes
deposits unavailable until the funds are processed through
the Federal Reserve System. The funds are placed into
your account the day you transact the deposit and you
will receive the current dividend rate on the funds,
but they are not available for use until they have gone
through the process of being presented to the financial
institution where the check was drawn and the funds
made available to the Credit Union. This is done to
protect your account from future bounced checks in the
event a deposit is returned.
Check holds vary based on whether or not the financial
institution it was drawn on is local or non-local. Local
check holds will not exceed two business days, non-local
check holds are normally five business day. With both
types of holds, $100 is available the first business
day after the deposit. As with every rule, there are
exceptions, please refer to the “Know the Facts”
brochure available at both locations or request one
by emailing info@bcefcu.com.
Please note: the funds will be held against
the account where the majority of the deposited money
went. If you prefer the hold be placed on funds elsewhere,
please let the teller know at the time of deposit.
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Why
does my change of address have to be in writing?
The Credit Union believes in account security,
we don’t sell your information to anyone and we
don’t believe in giving it away either. We request
your change of address in writing so we can verify the
signature against your membership application. Thieves
have been known to change an address on an account and
then request additional services be mailed to the new
address and you would never know; we’re trying
to prevent this.
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How
do I use an ATM card?
The SmartCash card is what they refer to as a check
card. You can use it to access your checking
account without the hassle of writing a check. To purchase
something, simply present the card for payment where
ever you see the Visa logo. If the sales clerk asks
you debit or credit, you can choose either; it depends
on if you’re comfortable punching in the four
digit Personal Identification Number or if you prefer
to sign your name. (Some warehouse companies ask that
you use the debit access only.) Complete the sale by
using your PIN or signing the receipt. Now save your
receipt to verify that the money came out of your account
by verifying it against your monthly checking account
statement.
To get money out of an ATM machine, place the card in
the machine the way the picture on the machine asks,
and then follow the directions on the screen. Normally
the first thing you do is punch in your PIN, then choose
what you want to do; account transfer, balance inquiry,
withdraw cash, or at the BCEFCU branch machines –
deposit a check or cash. It should only take a minute
or two to access your account. The Credit Union reminds
you that your safety comes first and to always go to
a well lit ATM and to be aware of your surroundings.
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How
many times can I use my ATM card in a day and what is
the daily maximum dollar amount?
You can access your account nine times a day with a
$500 maximum at an ATM, and, 15 times a day with a maximum
of $1,000 for purchases. The Credit Union will not charge
a fee for the first eight withdrawals a month, after
that there is a $1.00 fee per transaction – unless
you use a BCEFCU machine (they’re always fee-free!)
The Credit Union cannot guarantee you will not be charged
a fee (surcharge) to use another financial institution’s
machine. We have made an alliance with three area Credit
Unions that allow you to use their machines fee-free.
However, remember that using them still counts against
your eight withdrawals a month. Go to the ATM/Phone
Banking page under the Products & Services menu
to see the listing and location of the other Credit
Union machines.
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If
I’m eligible for membership through my employer
and I retire or leave, do I need to close my account?
No, the Credit Union’s policy is, “Once
you’re a member, always a member.” You do
not have to close your account, but if you have payroll
deduction to a loan from your paycheck you should contact
the Loan Department to make other payment arrangements.
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