Debit/Credit Accounts in Gloversville & Broadalbin, NY | First Choice Financial Federal Credit Union - First Choice Financial Federal Credit Union

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Policies and Disclosures

title Privacy Policies

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Click Here for the FCFFCU Privacy Policy
Click Here for the Card Guard Privacy Policy

title EFT Agreement and Disclosures

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Click Here for EFT Disclosures

title Fee Schedule
(Effective August 2022)

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ELECTRONIC BANKING / CREDIT CARD:

Debit Card Replacement Fee........................................$5.00

Debit Card Replacement RUSH fee............................$40.00
ATM Withdrawal Transactions ......................................$1.00

(per transaction in excess of 5/month)*

* No surcharge / transaction fees at CU locations

Credit Card Replacement RUSH fee ..........................$40.00
*FREE Debit Card Point of Sale Transactions ............

(Point, Pin & Signature based transactions are FREE)

WIRE TRANSFER:

Domestic Outgoing......................................................$25.00

International Outgoing ................................................$40.00

CHECKS:

Bank Checks ........................................1st Free, $1.00 each

Copy of Bank Check......................................................$2.00

Stop Payment Bank Check ........................................$25.00

Money Orders ......................................................$1.00 each

ACCOUNT RELATED FEES:

Courtesy Pay (CPAY) ..........................................$30.00/Item

(Payment of overdrafts, ACH Items, Internet Bill Payer, Debit Card

transactions, & ATM withdrawal items up to $500 including fees)

Deposited Checks (returned) ......................................$30.00

Overdraft (returned Debit/NSF) ..................................$30.00

Stop Payment (all items) ............................................$25.00

Protest Draft/Check Fee..............................................$25.00

Restraining Notice/Legal Processing/Levies..........................$50.00

Inactive Account Fee........................................$ 5.00/month

(If inactive for 2 years & less than $250 in account)

Copy of Paid Draft ........................................................$2.00

Account Research ........................1st Free, $25.00/per hour

(With a 1 Hour Minimum)

Incorrect Address Fee ................................................$ 2.00

Photocopy of Open or Closed Account ................$2.00/page

Closed Account Fee....................................................$25.00

(If closed within 3 months of opening)

Escheat processing fee ..............................................$25.00

IRA Transfer/Closeout fee ..........................................$25.00

Misc. Overnight Fee ....................................................$40.00

Regulation D

title What is Regulation D?

Regulation D, often referred to Reg D, is a federal regulation that limits the number and type of withdrawals from a non-transaction account. All depository institutions are subject to Regulation D.

- The Basic Rule -
A depositor may make no more than six transfers and/or withdrawals out of a non-transaction account per calendar month.

What accounts are accounted for under Regulation D at FCFFCU?
Non-transaction accounts at First Choice Financial FCU include savings and money markets.
What transactions are included and excluded from the Regulation?

As cited in §204.2(d)(2) Regulation D imposes a six transfer/withdrawal limit on the following types of transactions:
·Pre-authorized or automatic withdrawals;
telephone transfers; or
·Transfers initiated through online or
mobile banking to another account at the
same credit union or to a third party during a calendar month or statement cycle.
·Overdraft transfers.

Transactions not included in the six transfer/withdrawal limit are as follows:
·Credits to an account.
·Transfers from a credit union account to
the same credit union for purposes of
repaying loans and associated expenses; and
·Transfers or withdrawals the member
makes in person through an ATM, by mail,
by messenger, or by telephone (which results in the mailing of a share draft/check to the member).

What are some tips to help manage your account(s) to avoid Regulation D limits?
·Plan your budget and transactions in order to make one large transfer instead
of several small transfers.
·Keep sufficient balances in your
checking account to avoid overdrafts.
Every overdraft made from your savings account into your checking account counts as one Regulation D transaction. You are only allowed six overdrafts to cover checks and three to cover POS and Visa® Check Card transactions.
·Set up ACH automatic debits with merchants or service providers to come
out of your checking account instead of your savings account.

As a reminder...

·If you have more than one savings account, the six-limitation rule applies to
each savings/money market suffix per account.
·Checking accounts are not subject to Regulation D. Set up ACH automatic deposits with your employer, Social Security Administration, etc. to post your checking account instead of your saving account.

At First Choice Financial FCU, once a member reaches their six transactions, any limited transac- tion by regulation thereafter will be rejected and subject to NSF fees and/or possibly other institution fees like courtesy pay.