Account Regulations

Account Regulations & Compliance

Multiple state and federal regulations govern the way SFPCU accounts can be used and accessed. Here are brief explanations of the rules that affect you most.

Regulation CC – Availability of Funds

The purpose of this regulation is to ensure a prompt availability of funds deposited by members and to expedite the return of checks.

Our general policy is to provide same-day availability to funds deposited at an SF Police Credit Union branch, and to delay availability from deposits made at a shared branch/service center or ATM. During the delay, you may not withdraw the funds in cash and we will not use the funds to pay checks that you have written. Our policy is as follows:

Same Day Availability: Funds from your cash and check deposits made in person to one of our employees, and funds from electronic direct deposits to your account will be available on the day we receive the deposit.

Deposits at Automatic Tellers: Funds from any deposit made at an ATM we own or operate will be available on the first business day after the day of your deposit. Funds from any deposit made at an ATM we do not own or operate may not be available until the third business day after the day of your deposit, with $200 being made available on the first business day after the day of your deposit.

Deposits at Shared Branch Locations (Service Centers): Funds from a deposit made at a shared branch/service center location may not be available for two business days after the day of your deposit for local checks, five business days for non-local checks. For both local and non-local checks the first $100 will be available on the first business day following the day of deposit. Ask us if you would like a listing of routing numbers for local and non-local checks.

Exception Holds: We reserve the right, on an exception basis, to place a hold (or extend a hold) on checks deposited at the credit union. Should we invoke this right, you will be notified in writing of the hold, and told when the funds will be available (which typically is up to five business days, but in some cases may be more, as permitted by Regulation CC). If the deposit is not made to one of our employees, we will mail you the notice by the day after we receive your deposit.

New Accounts: If you are a new member, funds from a check deposit may be subject to extended holds, as permitted by Regulation CC for new accounts. Generally, these funds will be available on the eleventh business day after the day of deposit, but longer periods are allowed.

Regulation D

Details of Regulation D

The following chart identifies which types of transactions are included in the transaction limitations and which are unlimited:

Transactions Limited to a total of Six Transfers Per Month Unlimited Transactions
Automatic transfers to other accounts Non-transactional* account to Loan transfers
Preauthorized payments to a third party (ACH withdrawals) Deposits
Transfers from non-transactional accounts (except to loans) Transfers performed at an ATM
Transfers done over the phone either automated or speaking to a Financial Service Representative, including wire transfers Transfers in person at a teller window
Overdraft Transfers from non-transactional accounts Withdrawals made in person, by mail, or by messenger at a SFPCU branch
Online Banking Transfers from non-transactional accounts (except to loans) ATM cash withdrawals and transfers (subject to the daily amount limits and sufficient available funds)
Debit Card usage - Point of Service (POS) transactions

* At SFPCU non-transactional accounts include: Share Savings, Split-Rate, Holiday and Money Market Wealth Builder accounts.

What happens if I reach the limit of 6?

The 7th transaction will be rejected. If you are using a Savings account for overdraft protection on your Share Draft Checking account, the transaction will be rejected, the check returned as NSF (non-sufficient funds) and you may be subject to the $25 NSF fee plus any fees charged by whomever the check was written to. Even if you have the funds available in your deposit account, once the transfer limit of 6 is reached, no more of the covered withdrawals can be made until the next month.

If you are eligible for SFPCU’s Courtesy Advance program instead of receiving an NSF, we will cover your additional checks up to the $500 limit. You will still incur the $25 Courtesy Advance OD fee for each check, but you will not incur any additional charges from the bank trying to collect payment for your check.

To prevent reaching 6 transactions:

  • Have all pre-authorized withdrawals (insurance, utilities, etc.) withdrawn from your Share Draft Checking account.
  • Keep sufficient funds in your Share Draft Checking account to cover your checks and withdrawals, so you don’t have to transfer as frequently.
  • Have your Direct Deposit initially deposited into your checking account instead of your savings account. Checking accounts are transactional accounts and do not have the same Reg D restrictions.

What happens to my account if I continually exceed the transaction limitations?

Regulation D requires that SFPCU take steps to prevent excessive transactions in non-transactional accounts. Excessive transactions are transfers or withdrawals in excess of the six transfer withdrawal limitations from your Savings and Money Market accounts. For members who continue to violate those limits after they have been contacted by the SFPCU, the Regulation requires that either the account be closed or that the funds be transferred to a transaction account that the depositor is eligible to maintain.

Why does SFPCU need to adhere to Reg D?

  • Regulation D applies to all financial institutions.
  • The Regulation was implemented by the Board of Governors of the Federal Reserve System, whose job is to ensure financial institutions maintain adequate reserves for the funds they have on deposit

Contact us today if you have any questions about Regulation D and its impact on your accounts.

Regulation DD – Truth in Savings

This regulation requires that credit unions provide members with standardized disclosures about fees, interest rates, annual percentage yields (APY), and other terms of deposit accounts. This allows members or potential members to make comparisons of deposit products among financial institutions. We are required to provide our members, or potential members, with account disclosure information:

  • Before an account is opened or a service is provided, whichever is earlier.
  • When the terms change (with a few exceptions), if the change adversely affects the member.
  • On most term share accounts that renew or mature (depending on maturity date).
  • On periodic statements.
  • On advertisements.
  • Upon request.

Regulation Z – Truth in Lending Act

This act was passed to ensure that financial institutions disclose credit terms in a way that allows consumers to compare credit terms in a reasonable manner. Before the act was passed, few banking institutions presented their credit terms in similar formats, making it hard for consumers to understand the differences between loans. Now, all credit unions must use the same credit terminology and expressions of rates in order to protect consumers against inaccurate and unfair credit billing and credit card practices.

Financial Services for First Responders
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  • NMLS ID# 409710

APR = "Annual Percentage Rate". Actual APR is based on your credit profile and may be higher than the lowest rate available. Posted rates may include promotional discounts and other terms and conditions. APY = "Annual Percentage Yield". Rates are subject to change without notice.

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