Privacy Policy  
USA Patriot Act .
Funds Availability Policy  

Privacy Policy
The Chicago Post Office Employees Credit Union(CPOECU) is committed to protecting your privacy. We recognize the importance of protecting the personal information of our members and of our obligation to keep the information you provide to us secure and confidential.

When you access our Web site, or use our other products or services, we and our business partners who help us deliver these products to you will have access to your personal information. As a general rule, CPOECU does not disclose to third parties private information that you submit which personally identifies you. However, there are several exceptions to this general rule which include, but are not limited to the following:

Where it is necessary for completing transactions.
In order to verify the existence and condition of your account for a third party, such as a credit bureau or merchant.
In order to comply with a government agency or court order.
If you give us your written permission.


   

USA Patriot Act
In order to comply with the U. S. A. Patriot Act, effective October 1, 2003, the Chicago Post Office Employees Credit Union is required to verify the identity of members and joint owners applying for and opening new accounts/services or adding signatories to existing accounts/services with the credit union. Information that we are required to obtain includes:
Name
Mailing and Residence Address
(Absolutely no P O boxes only)
Social Security Number or Tax Identification Number
Date of Birth
Copy of a government issued photo ID
(such as driver's license, passport, Student ID, State issued ID, etc.)
Telephone # with area code
Credit Bureau report will be run to verify above information

Lack of identity verification: When opening new accounts without proper and/or incomplete identification or information, a hold may be put on the account's initial deposit until required indemnification is received. Transactions will not be allowed until proper identification is received. Identification is required to be on file within 30 days. If proper identification or information is not received within 30 days of account/services opening it will be closed immediately.

Additional data or identification, as required under the USA Patriot Act, may also be gathered depending on the type of account applied for or opened.

Data on existing members will be gathered as they open or use additional services offered by the credit union or add signatories on accounts

The USA Patriot Act requires the credit union to maintain records of the identification verification and update the information.

Confidentiality of this information will be maintained as required under the Privacy Act and all other applicable laws and regulations.

Funds Availability Policy
In compliance with the Regulation "C" and the Expedited Funds Availability Act, the Chicago Post Office Employees Credit Union adopts the following "Funds Availability" Policy.
A. The following items are available immediately upon deposit
1. Funds from electronic (ACH) deposits
B. Next Day Availability Items shall include:
1. Treasury Checks
2. United States Postal Service money orders
3. Federal Reserve Bank or Federal Home Loan Bank checks
4. State or local Government checks
5. Cashiers, certified or tellers' checks
6. Checks drawn on the Chicago Post Office Employees Credit Union
7. The lesser of $100 of the aggregate deposited on any one banking day to all accounts of the member by check other than the above types of items.
C. Check "holds" will be placed on items not listed above according to the following schedule.
1. A two-business-day "hold" will be placed on all local checks
2. Non-local checks will be placed on "hold" for five business days
3. Items deposited in a non-proprietary ATM will be treated as Non-local
4. Longer delays may be placed on items deposited for the following reasons:
a. We have reason to believe the item will not be paid
~ We have been notified that the item will be e dishonored
~ The check is payable to two parties and the same person appears to have endorsed for both names
~ The check deposited was written more than six months ago
~ We have confidential information that the member is engaged in check kiting
b. Deposits in excess of $5,000 on one day
c. A check which was previously returned is re-deposited
d. The member has overdrawn their account repeatedly in the past six months (accounts has been overdrawn six or more days in the past six months)
e. The deposit is made to a new account.
D.

Any check - other than U. S. Treasury - presented for deposit in excess of $500 must be verified PRIOR to deposit. After verification, check should be deposited and placed on "hold" for the appropriate amount of days. Any check that is less than $500 may be deposited prior to verification if there is money in the account to cover the check. That amount should be placed on "hold" until the check clears. If there is any doubt, the check should be presented to Branch Manager for disposition.

   
   
 
 
 
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