Disclosures

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Jefferson Parish Employees Federal Credit Union is not responsible for the content of web sites which may be accessible via links from this site but not operated by us. We do not represent either the third party site or you if you enter into a transaction with the third party site. Privacy and security policies of third party web sites may differ from those practiced by the credit union.

Funds Availability Policy Disclosure

This Disclosure describes your ability to withdraw funds at Jefferson Parish Employees Federal Credit Union. It only applies to the availability of funds in transaction accounts. The Credit Union reserves the right to delay the availability of funds deposited to accounts that are not transaction accounts for periods longer than those disclosed in this policy. Please ask us if you have a question about which accounts are affected by this policy.

1. GENERAL POLICY — Our policy is to make funds from your cash and check deposits available to you on the same business day that we receive your deposit. Electronic direct deposits will be available on the day we receive the deposit. Once they are available, you can withdraw the funds in cash and we will use the funds to pay checks that you have written. For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit before close of business on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after the close of business or on a business day we are not open, we will consider that the deposit was made on the next business day we are open.

2. RESERVATION OF RIGHT TO HOLD — In some cases, we will not make all of the funds that you deposit by check available to you on the same business day that we receive your deposit. Funds may not be available until the second business day after the day of your deposit. However, the first $225.00 of your deposit will be available on the first business day after the day of your deposit. If we are not going to make all of the funds from your deposit available on the same business day, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees or if we decide to take this action after you have left the premises, we will mail you the notice by the next business day after we receive your deposit. If you will need the funds from a deposit right away, you should ask us when the funds will be available.

3. HOLDS ON OTHER FUNDS — If we cash a check for you that is drawn on another financial institution, we may withhold the availability of a corresponding amount of funds that are already in your account. Those funds will be available at the time funds from the check we cashed would have been available if you had deposited it. If we accept for deposit a check that is drawn on another financial institution, we may make funds from the deposit available for withdrawal immediately but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then not be available for withdrawal until the time periods that are described elsewhere in this Disclosure for the type of check that you deposited.

4. LONGER DELAYS MAY APPLY — We may delay your ability to withdraw funds deposited by check into your account an additional number of days for these reasons:

  • -  We believe a check you deposit will not be paid.

  • -  You deposit checks totaling more than $5,525.00 on any one (1) day.

  • -  You deposit a check that has been returned unpaid.

  • -  You have overdrawn your account repeatedly in the last six (6) months.

  • -  There is an emergency, such as failure of communications or computer equipment.

    We will notify you if we delay your ability to withdraw funds for any of these reasons and we will tell you when the funds will be available. They will generally be available no later than the seventh business day after the day of your deposit.

5. SPECIAL RULES FOR NEW ACCOUNTS — If you are a new member, the following special rules will apply during the first 30 days your account is open.

Funds from electronic direct deposits to your account will be available on the day we receive the deposit. Funds from deposits of cash, wire transfers, and the first $5,525.00 of a day’s total deposits of cashier’s, certified, teller’s, traveler’s, and federal, state, and local government checks will be available on the same business day that we receive your deposit if the deposit meets certain conditions. For example, the checks must be payable to you. The excess over $5,525.00 will be available on the ninth business day after the day of your deposit. If your deposit of these checks (other than a U.S. Treasury check) is not made in person to one of our employees, the first $5,525.00 will not be available until the second business day after the day of your deposit. Funds from all other check deposits will be available on the first business day after the day of your deposit.

6. CASH WITHDRAWAL LIMITATION — We place certain limitations on withdrawals in cash. In general, $225.00 of a deposit is available for withdrawal in cash by the first business day after the day of deposit. In addition, a total of $400.00 of other funds becoming available on a given day will be available for withdrawal in cash at or after 4:30 p.m. that day. Any remaining funds will be available for withdrawal in cash by the following business day.

Discretionary Courtesy Overdraft Privilege Policy

Subject to the restrictions herein, the Credit Union’s Courtesy Overdraft Privilege Service will pay checks or other items drawn on an account (including in-person withdrawals, ATM withdrawals, other electronic withdrawals and point-of-sale transactions) even if the account is overdrawn, up to a $500.00 maximum per account and a maximum of $350,000.00 overall for all credit union accounts. The Courtesy Pay Program is NOT a line of credit or loan. Further, the Credit Union is not obligated to pay any item presented for payment if the drawer’s account does not contain sufficient available funds to pay the item and any discretionary decision by the Credit Union to pay an item in no way obligates the Credit Union to pay any additional items where there are insufficient funds in the drawer’s account to pay the item or to provide prior notice to the drawer(s) of the Credit Union’s decision to refuse to pay any additional non-sufficient fund checks or items.

All accounts in good standing will be automatically enrolled in the Courtesy Pay Program after 90 days of being opened. Any account owner, however, may “opt out” of the Courtesy Pay Program at any time by providing written notice to the Credit Union.

If a check or other item is presented for payment against an account which does not contain sufficient available funds to pay the check or item, the Credit Union will first determine whether there are available funds in another authorized account and, if so, will pay the check or item from available funds in the other authorized account. The account will be charged any applicable transfer fee.

If a check or other item is presented for payment against an account in good standing which does not contain sufficient available funds to pay the check or item, and there are no available funds in any other authorized account, the Credit Union will pay the check or item if payment of the check or item will not cause the account to be overdrawn by more than $500.00. All account fees will be included as part of this $500.00 limit. The account will be charged an applicable overdraft fee for each item cleared. If payment of the check or item will cause the account to be overdrawn by more than $500.00 (including fees and charges), if the account is not in good standing, or the account owner has “opted out” of the Courtesy Pay Program, the check or item will be automatically returned marked “NSF” and applicable fees per item will be charged to the account.

An account in good standing is defined as an account which, at least:

  • The account owner(s) is making regular deposits sufficient to cover transactions;

  • The account owner(s) is bringing the account to a positive end-of-day balance at least

    once every fifteen (15) days;

  • The account is not subject to any legal or administrative order or levy;

  • No account owner has a loan more than thirty (30) days delinquent;

  • There are no questionable transactions associated with the account.

The Credit Union will send a notice by the next business day to the account owner(s) each time the Courtesy Pay Program is used to pay an item. This initial notice will disclose the amount of the overdraft, the fee charged, and the current negative balance of the account. If an account has a negative balance for more than fifteen (15) consecutive days, the Credit Union will send a reminder notice that the account is overdrawn and use of the Courtesy Pay Program will be suspended until such time as the account has a positive end-of-day balance. If an account has a negative balance for more than thirty (30) consecutive days, the Credit Union will send the account owner(s) a second notice regarding the overdrawn status of the account and inform the account owner(s) that the account will be closed in seven (7) days if the account is not brought to a positive balance status. If an account has a negative balance for more than thirty-seven (37) consecutive days, the Credit Union will send a final notice to the account owner(s) that the account has been closed and turned over to the Asset Recovery Department. In accordance with NCUA Rules, any overdrawn balance that is forty-five (45) days past due will be charged off.

In accordance with Louisiana law, the Credit Union may pay any properly payable checks or items which overdraw an account and the owner(s) of the account shall remain jointly and severally liable for payment of any and all checks or items and associated fees or charges.

The Electronic Fund Transfers Agreement and Disclosure provided to account owners at the time a new account is opened governs the duties, rights, and obligations of the account owner(s), any other authorized signers, and the Credit Union with regard to all accounts. In the event of any conflict between this Policy and Disclosure (and any amendments thereto), the terms and conditions of the Electronic Fund Transfers Agreement and Disclosure shall control.

While the Credit Union will typically pay overdrafts on accounts in good standing, payment of overdrafts is merely a courtesy and not a right or obligation. The Credit Union in its sole discretion can discontinue the Courtesy Pay Program for any account at any time without prior notice and without any reason or cause.

ATM Safety Precautions

Automated Teller Machines (ATMs) provide a fast and convenient banking alternative for account holders. As with all financial transactions, please exercise discretion when using an ATM or night deposit facility. To ensure your safety when using an ATM, please follow these important safety precautions.

Before you go to an ATM:

  • Minimize time spent at the ATM by filling out all forms, such as deposit slips, beforehand and having your ATM card out and ready to use.

  • Protect your Personal Identification Number (PIN) and memorize it. Do not write your PIN on the card or carry it with you, and do not share your PIN with anyone, including family and friends.

  • Consider having someone accompany you when using the ATM after dark.

Choosing an ATM:

  • Be alert and aware of your surroundings and use an ATM that is located in an open space with bright lights.

  • If someone appears to be loitering around the ATM, go to another location.

  • If anything looks suspicious, consider canceling the transaction and leave the area at once.

  • If the ATM looks different or appears to have any alterations or attachments to the card slot or PIN pad, do not use it. Immediately report anything suspicious to the bank that operates the ATM.

At the ATM:

  • Focus on what you are doing. Don’t use a cell phone or do anything else that diverts your attention.

  • Never allow a stranger to assist you in conducting an ATM transaction, even if you have trouble.

  • If the ATM retains your card, notify the branch as soon as possible.

  • Prevent others from seeing your PIN entry by using your body or hand to shield the ATM keypad.

  • If you are in a vehicle at a drive-up ATM, only open your window when you are ready to make a transaction. Keep your doors locked and the engine running.

  • When you are finished, put your receipt, card, and money away quickly. Count cash later in the safety of your vehicle, home, or other secure area.

  • As you return to your vehicle after your transaction, have your car keys ready and observe the area around your vehicle.

  • Go to the nearest public area where people are located if you are followed after making a transaction and call the police.

  • If someone does approach you and demands your money, do not resist. Remember everything you can about the person and call the police immediately.