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 Please contact Greater Niles Community Federal CU for the latest savings, loan, and fee schedule information.
Frequently asked questions regarding REG D
- Why do you have to follow REG D? We are required by the Federal Reserve Bank to follow REG D.
- What is REG D? REG D is a regulation enforced by the Federal Reserve Bank to prevent financial institutions from structuring funds in an effort to avoid reserve requirements on transaction accounts.
- How does this affect me? REG D allows you to only transact on your SAVINGS accounts a total of 6 times in one month.
- What do you mean by transact? You can deposit as much as you want in your SAVINGS accounts; however, you may only have 6 electronic withdraws from your SAVINGS accounts for one month.
- What counts as electronic withdraws?
- Automatic deductions (AAA Insurance, Paypal, etc)
- Online home banking transfers out of a savings account to another share account or a loan (for a loan payment)
- Tele branch transfers out of a savings account to another share account or a loan (for a loan payment)
- ATM transfers out of a savings account to another share account or a loan (for a loan payment)
- Automatic overdrafting from a savings account to your checking account to cover any checking account transaction (check, debit card purchase, ACH Item, Loan payment, Bill Pay, etc)
- Calling a branch and asking a member service representative to transfer funds from your savings account to another share account or a loan (for a loan payment)
- What doesn’t count as a REG D transaction on my savings accounts? A face to face transfer done with one of our tellers in person.
- How can I avoid coming in all the time to transfer funds? You can keep your funds that you intend on spending for transactions in your checking account.Your checking account is an UNLIMITED transaction account that is not governed by REG D.Only keep the funds in your savings accounts that you intend to save.
- If I leave the funds in my savings account and I have reached my 6 transactions, will I be covered by courtesy pay?NO.Courtesy pay is only utilized on checking accounts.There is NO courtesy pay on savings accounts.
- If I have the funds in my checking account, and I have reached my 6 REG D transactions, will it automatically pull the money from my checking account to cover this transaction? NO.Savings accounts do NOT have automatic over drafting features.Only our checking accounts have automatic over drafting.
- What happens to the transaction if I have reached 6 REG D transactions and a 7th item tries to be deducted from my savings? If it is an ACH transaction, it will be RETURNED UNPAID with the description of: REG D transfers exceeded.If you are trying to transfer funds using Net Branch, Telebranch, or the ATM, it will not allow you to do it.
- How will this affect my debit card transactions? If you have reached your 6 REG D transactions in your savings account, and you have no funds in your checking account (but you have funds in your savings account) and you are trying to make a purchase with your debit card, it WILL NOT AUTHORIZE your purchase.The system can not automatically transfer the funds to cover the purchase (because you have exceeded the 6 REG D transactions), so it won’t consider those funds when determining if you have the funds to authorize that purchase.
- Do I have 6 transfers out of EACH savings account? No, the system counts transactions out of your S1and S50-S59’s cumulatively. So if you have your AAA insurance out of your S50 and 5 Paypal transactions out of your S58, that is your 6 for the month.If your car payment tries to come out of your S1 (after these have occurred), it would be returned UNPAID: REG D transfers exceeded.
- When does this take effect? August 1, 2008
- Will the credit union help me rectify any issues that come up with REG D? For the 1st month (August 2008), if your account attempts to exceed 6 REG D transactions, and the 7th and any after are ACH transactions (automatic deductions, bill payments) we will manually post those for you and send you a letter reminding you that your account is not allowed to go over 6 so that you can set your accounts up correctly so that no payments will be returned.Beginning September 1, 2008, we will NOT manually post any transactions, and we will be enforcing REG D as required.
- What do you suggest as my best course of action to prevent any items from being returned? The best solution is to have all of your auto payments and transfers set up to transfer out of your checking account since there are NO limits to the amount of transactions that you can perform. We would also suggest having direct deposits go in to your checking account. We can then set up distributions so that any money you would like in your savings account will automatically transfer there when you receive your direct deposit. For example, you could have your entire paycheck of $300 deposited in your checking account.Then, we could set it up so that $50 goes to your savings and $10 goes into your Christmas club account, and you won’t have to worry about manually transferring and you won’t have to worry about the 2 transfers affecting REG D. We can set distributions so that they transfer to ANY account you have with our credit union
Privacy Statement:
Our credit union is committed to making available financial products and services that will enable you to meet your financial needs and reach your financial goals. Protecting personal information and using it in a manner consistent with your expectations is a high priority for everyone associated with our credit union. As a member of our credit union, you also have a responsibility to safeguard your financial information. To ensure that you can rely upon the quality of products and services we make available, our credit union stands behind the following privacy policy:
- Our credit union will collect only the personal information that is necessary to conduct our business. That means just what is necessary to provide competitive financial products and services -- no more.
- Our credit union will protect your personal information. Our credit union will maintain strong security controls to ensure that member information in our files and computers is protected. Where appropriate, we will use security coding techniques to protect against unauthorized access to personal records, ensure accuracy and integrity of communications and transactions, and protect member confidentiality.
- You will always have access to your information. As a member of our credit union, you as will always have the opportunity to review your information and make necessary changes to ensure that our records are complete and accurate.
- Our credit union will only share information when absolutely necessary. We will only share information to administer the products and services we provide, when required to do so by the government, or when we partner with other businesses to offer a broader array of products and services.
- Our credit union will partner only with businesses that follow strict confidentiality requirements. The businesses we select will offer products designed to enhance our members´ economic well-being. Under no circumstances will we authorize these firms to charge your account without your express consent, and we will not sell member information to telemarketing firms.
Security Statement:
 Greater Niles Community Federal CU is constantly concerned about our member’s critical information and privacy. With this in mind, we have the following security services installed on our Internet server:
- Each server is behind a Firewall. This UNIX based hardware product blocks critical ports and IP addresses on servers from external attack and access.
- Each server runs proprietary software that constantly monitors the servers for unauthorized use and attempts to "hack" into information. Administrators are contact when forced attacks are committed, and countermeasures can be applied to stop these instances.
- All administrative activity requires user login and authentication. All administrative updates are logged into files that can be reviewed later.
- All servers come with a Global Verisign Certificate (RSA) for digitally encrypted communications between the Web server and your member. Information passed in applications cannot be decrypted by third parties attempting to "pick" information being passed across the Internet backbone.
- All servers run the latest version of Apache Web Server, considered the strongest and most secure Web server software on the market.
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