Frequently Asked Questions
We answer your most frequently asked questions.
Once you join the Credit Union and have at least $5 on deposit in the share savings account, you can immediately take advantage of all the benefits of membership, including loans. Note: Membership at the Credit Union does not mean you are automatically approved to borrow.
No, the Credit Union’s policy is “Once 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.
You can access your account nine times a day with a $500 maximum daily withdrawal limit at an ATM; for POS (Point of Sale) transactions, 15 times a day with a maximum of $1,000 in 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 free Credit Union branch ATM. The Credit Union cannot guarantee you will not be charged a fee (surcharge) to use another financial institution’s machine. However, remember that using them still counts against your eight withdrawals a month.
We have partnered with Allpoint to give our members access to over 55,000 surcharge-free ATMS across the country. To find an ATM near you, click here.
Check 21, the federal law on check clearing, has been in effect since 2004. The law allows financial institutions to use electronic image capturing and transmission technology to improve the check collection process. The process produces an electronic check for processing instead of a paper check for clearing, which is why you get your check back at the cash register. Paper checks used to take several days to clear through the Federal Reserve. Now if you write a check, generally your account will be charged in one to two business days after your purchase.
Check hold duration varies on the amount of check, type of check, and history of account. Payroll checks and checks drawn off the Credit Union receive no hold and are available immediately. For all other checks, effective July 1, 2020, $225 is available the first business day after deposit, and the remainder is generally available on the second business day. However, the following situations may increase the length of the check hold. Also, effective July 1, 2020:
- The total amount of checks deposited is higher than $5,525 on any day.
- We believe a deposited check may not be paid.
- The check is a third-party check, signed over to you by the payee.
- You deposit a check that has been returned unpaid.
- Your account is new – opened less than 30 days ago.
- You have overdrawn your account repeatedly in the last six months.
- There is an emergency, such as failure of communications or computer equipment.
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
As a result of the Check 21 federal law, you will receive a copy of the check instead of your original in situations where the check is returned. The copy you received is called a substitute check and is legal tenure, as good as the original check. The substitute check can be re-deposited into your account, as long as the funds are now available.
Courtesy Pay is a service that adds a measure of protection to your Share Draft account. Courtesy Pay may cover you when your available account balance is negative, up to your approved limit, for a $25.00 fee per covered overdraft transaction. The $25 fee will be assessed for each item that draws your available balance negative. Note: An “Overdraft” occurs when the amount of the share draft(s) or Payment(s) exceeds the available balance in your Share Draft account. Overdrafts, up to a limit of $500 [including the amount of the overdrawn item(s) and the Courtesy Pay fee(s)], may be honored by Baltimore County Employees Federal Credit Union. You then have up to 30 days to bring the account current, either through a direct deposit, transfer of funds, or a deposit at one of our branch offices.