Disclosures

Limited List of Agreements and Disclosures

• Membership, Account, and Account Services
• Electronic Signatures, Electronic Contracts, and Electronic Records
• Electronic Funds Transfers and Agreements
• Privacy Policy and Agreements
• Uniform Commercial Code Funds Transfers Agreements and Disclosures (related to wire transfers)
• Funds Availability Disclosure (When your funds are available for withdrawal)
• Truth-in-Savings Act Disclosure
• Common Features of All Accounts

Read more in our booklet, Consolidated Agreement (396 KB PDF)

• Third Party Links

  This website provides links to several third-party sites for your convenience, including some belonging to service providers on behalf of State Credit Union. Other links direct you to educational or government sites in an effort to provide comprehensive financial literacy and assistance. Please be aware that these websites are solely the responsibility of the merchant or other party providing the site and the content, including materials and information, is solely the responsibility of the provider of the site. State Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant, or other party that you access through this third-party site are solely between you and that vendor, merchant, or other party. Additionally, State Credit Union’s Privacy Policy does not apply to third-party sites.

  Questions?

  Call us at 1-800-868-8740.

• Transfer Limitations for Savings and Money Management Accounts

  Federal regulations (often referred to as Reg D) require us to limit certain transactions each month on Savings and Money Management accounts to no more than six pre-authorized, automatic, or third-party withdrawals or transfers. These transactions include automatic mortgage payments, insurance drafts, or other bills, as well as transfers through SCU Online and Telephone Teller.

  On a Money Management account, you’ll incur a fee on the seventh and subsequent transactions.

  On a Savings account, the seventh and subsequent transfers will not be allowed.

  If you use savings transfers for overdraft coverage, you will no longer be protected unless you also have an overdraft line of credit. If you don’t, when another item is presented for payment against an insufficient checking account balance, it will either be returned for insufficient funds or covered by Courtesy Pay. Those fees are much larger, and if the item is returned, you may owe additional charges to the merchant, too.

  You can see the number of Reg D transfers you have made each month from within SCU Online.

  Transfers That Count Against Your 6:

  • Telephone Transactions
  • Through SCU Online
  • Wires
  • Automatic and Pre-Authorized
  • Mail or Messenger
  • Checks
  • ACH
  • ATM Card Purchases
  • Bill Payments Made on Biller’s Site
• Patriot Act

  To help the government fight the funding of terrorism and money laundering activities, the USA Patriot Act requires financial institutions to obtain, verify, and record information that identifies each individual who is an owner of an account.

  How This May Affect You

  When you open an account, State Credit Union will request information including your name, address, social security number, date of birth, and other items that may be used for identification purposes. We may also ask to see a government-issued picture ID and other form(s) of identification.

  Member Identification

  The USA Patriot Act, section 326, requires that new account applicants provide current picture identification that verifies identity including name, address, and other identifying information.

  In some cases, identification will be requested for current members if sufficient original documentation was not obtained with the opening of the account. In all cases, protection of our member’s identity and confidentiality is our pledge to you.

  In accordance with federal law, we support all efforts to protect and maintain the security of our members and our country.

• Check 21

  The Check 21 act went into effect in 2004 to help eliminate the need to physically transport paper checks between institutions for payment.

  Over time you will see more of the following:

  1. Many financial institutions will begin processing checks electronically, resulting in less time for your checks to clear. That means many checks you write will be paid from your account faster. So it’s more important than ever for you to have funds on deposit to cover all items before you initiate any transaction from your account, including ATM withdrawals, online banking transactions, or payments that you have drafted automatically.
  2. Financial institutions may replace your checks with new electronic negotiable instruments known as substitute checks. When they do, and you request a copy of a check, you may receive a substitute check that is the legal equivalent of that original check. You will be able to use a substitute check to act as proof of payment just like an original check. It will have the same dimensions as the check you originally wrote, but it will also include additional information. It should bear the language: "This is a legal copy of your check. You can use it the same way you would use the original check."

  
  

  For more detailed information from the Federal Reserve about Check 21, click here.

"State Credit Union" is the tradename for S.C. State Federal Credit Union.