Education Center


Account Regulations & Compliance

There are many State and Federal rules and regulations which govern your account(s) with the SF Police Credit Union. The following is an overview of some of the rules and regulations that affect your account(s).

Patriot Act
This act went into effect to help prevent the funding of terrorism or illegal money laundering activities within the Unites States. The Act requires all financial institutions to obtain, record, and verify information and documents identifying individuals opening an account.

To comply with the Patriot Act, SFPCU will ask you for your name, address, date of birth, and other information to identify you when an account is opened or changed. You will also need to present your driver's license or other government-issued documents. Protecting your privacy, along with your financial assets, is our top priority. Thank you for your understanding and cooperation in this vital effort.

Bank Secrecy Act 
The Bank Secrecy Act, passed by Congress in 1970, establishes recordkeeping and reporting requirements by financial institutions in order to protect the financial systems in the United States from financial crimes including money laundering, financing terrorists and other financial crimes.

Check Clearing for the 21st Century Act
A federal law that went into effect on October 28, 2004 which enables financial institutions to process more checks electronically. This enables financial institutions to capture a picture of the front and back of a check along with related payment information and transmit it electronically. If a financial institution or a customer/member requires a paper check, the financial institution is allowed to use the electronic picture and payment information to create a "substitute check."

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.

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 $100 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 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.