Regulation D

The Federal Reserve’s Regulation D limits certain withdrawals and transfers from your share account. The following withdrawals and/or transfers are limited to a total of six per account per calendar month:

  • Internet transfers from a share account to another deposit account
  • Phone transfers from a share account to another deposit account via CSE’s Telephone Teller
  • Phone transfers from a share account to another deposit account
  • Overdraft transfers from a share account to a checking account
  • Automated funds transfers from a share account to another deposit account

The following withdrawals and/or transfers are not limited on your share account and can be performed as often as needed:

  • Transactions completed in person at a branch
  • Transactions performed at an ATM
  • Transfers to loans or credit cards
  • Transactions sent in by mail

NOTE: Checking accounts are exempt from Regulation D and therefore have no withdrawal and transfer limitations.

Truth-In-Savings Account Disclosure

Except as specifically described, the following disclosures apply to all of the accounts. All accounts described in the disclosure are share accounts.

  1. Rate Information. The Annual Percentage Yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the dividend rate and frequency of compounding for an annual period. For all accounts, the Dividend Rate and Annual Percentage Yield may change quarterly as determined by the Credit Union’s Board of Directors. The Dividend Rates and Annual Percentage Yields are the rates and yields as of the last dividend declaration date which is set forth in the Rate Schedule.
  2. Nature of Dividends. Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period.
  3. Dividend Compounding and Crediting. The compounding and crediting of dividends and dividend period applicable to each account are set forth in the Rate Schedule. The Dividend Period is the period of time at the end of which an account earns dividend credit. The Dividend Period begins on the first calendar day of the period and on the last calendar day of the period.
  4. Accrual of Dividends. For all accounts, dividends will begin to accrue on noncash deposits (e.g. checks) on the business day you make the deposit to your account. For all accounts, if you close your account before accrued dividends are credited, accrued dividends will not be paid.
  5. Balance Information. To open any account, you must deposit or already have on deposit the minimum required share(s) in any account. Some accounts may have additional minimum opening deposit requirements. The minimum balance requirements applicable to each account are set forth in the Rate Schedule. For all accounts using a daily balance method, dividends are calculated by applying a daily periodic rate to the principal in the account each day.
  6. Account Withdrawal Limitations. For Regular Share accounts, you may make no more than six (6) transfers and withdrawals from your account to another account of yours or to a third party in any month by means of a preauthorized, automatic or Internet transfer, by telephonic order or instruction, or by check, draft, debit card or similar order. If you exceed these limitations, your account may be subject to a fee or be closed. For a Christmas Club account, the entire balance will be paid to you by check or transferred to another account of yours on or after October 1 and the account will remain open. If you withdraw any of your account balance at any time, we will close your account and pay you the full account balance. However, no fee will be charged if the withdrawal occurs within seven (7) days of the date the account is opened. For a Vacation Club account, the entire balance will be paid to you by check or transferred to another account of yours on or after April 1 and the account will remain open. If you withdraw any of the account balance at any time, we will close your account and pay you the full account balance. However, no fee will be charged if the withdrawal occurs within seven (7) days of the date the account is opened. For IRA Savings and Share Draft accounts, no account limitations apply.  
  7. Fees for Overdrawing Accounts. Fees may be imposed on each check, draft, item, ATM card withdrawal, debit card point of purchase, preauthorized automatic debit, telephone initiated withdrawal or any other electronic withdrawal or transfer transaction that is drawn on an insufficient available account balance. The entire balance in your account may not be available for withdrawal, transfer or paying a check, draft or item. You may consult the Funds Availability Policy Disclosure for information regarding the availability of funds in your account. Fees for overdrawing your account may be imposed for each overdraft, regardless of whether we pay or return the draft, item or transaction. Please refer to the Fee Schedule for current fee information.
  8. Membership. As a condition of membership, you must purchase and maintain the minimum required share(s) as set forth below.

          Par Value of One Share                    $25.00
          Number of Shares Required                       1
 

Fee Schedule
Share Draft Account Fees  
Overdraft Transfer $1.50/Transfer
NSF $10.00/Item
Returned Item $10.00/Item
Stop Payment $3.00/Item
Share Draft Printing Prices may vary depending upon style
Certified Draft $3.00/Draft
Paid Draft:
  Copy
  Original

$2.00/Item
$5.00/Item
Other Service Fees (applicable to all accounts)
Account Reconciliation $15.00/Hour
Account Research $15.00/Hour
Statement Copy $1.00/Copy
Deposited Item Return $5.00/Item
Wire Transfer:
  Incoming
  Outgoing

$5.00/Transfer
$10.00/Transfer
ATM Card Replacement $5.00/Card
Account History $1.00/Page
Stop Payment Teller Check $5.00/Item
Teller Check $3.00 after 1 free per day
Teller Check Copy $10.00/Item
Transaction Voucher Copy $5.00/Item
Money Order $1.50/Item
Electronic Funds Transfer Fees  
ATM $0.75/Withdrawal, transfer, or inquiry after
3 free per month
POS None
ACH (EFT)
  Item Returned
  Stop Payment

$10.00
$3.00

The rates and fees appearing with this Schedule are accurate and effective for accounts as of the last dividend declaration date indicated on this Truth-in-Savings Disclosure. If you have any questions or require current rate and fee information on your accounts, please call the Credit Union. 

Funds Availability Policy Disclosure

Your ability to withdraw funds at CSE Credit Union, Inc.  Our policy is to delay the availability of funds that you deposit in your account. 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.

Determining the Availability of a Deposit.  The length of the delay is counted in business days from the day of your deposit. Every day is a business day except Saturdays, Sundays, and federal holidays. If you make a deposit before 4:00 p.m. 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 4:00 p.m. or on a day we are not open, we will consider that the deposit was made on the next business day that we are open. The length of the delay varies depending on the type of a deposit and is explained below.

Next-Day Availability.  Funds from the following deposits are available on the first business day after the day of your deposit:

  • U.S. Treasury checks that are payable to you.
  • Wire transfers, including preauthorized credits, such as social security benefits and payroll payments.
  • Checks drawn on CSE Credit Union, Inc.
  • Cash.
  • State and local government checks that are payable to you.
  • Cashier's, certified, and teller's checks that are payable to you.
  • Federal Reserve Bank checks, Federal Home Loan Bank checks, and postal money orders, if these items are payable to you. 

All other checks carry a local hold.

If you have any questions about a specific check, please ask your branch manager. Our policy is to make funds from local checks available as follows:

Availability of other check deposits - Local Checks.  The first $200 from a deposit of local checks will be available on the first business day after the day of your deposit. The remaining funds will be available on the second business day after the day of your deposit. For example, if you deposit a local check of $700 on a Monday, $200 of the deposit is available on Tuesday. The remaining $500 is available on Wednesday.

Longer Delays May Apply.  We may delay your ability to withdraw funds deposited by check into your account an additional number of days using certain exceptions. Connecticut law provides an exception to the Connecticut funds availability schedules when we believe a check you deposit will not be paid.

Federal law provides for exceptions to the federal funds availablility schedules when:

  • You deposit checks totaling more than $5,000 on any one day.
  • You re-deposit a check that has been returned unpaid. 
  • You have overdrawn your account repeatedly in the last six months.
  • We believe a check you deposit will not be paid.
  • There is an emergency, such as failure of communications or computer equipment.

Under rules established by the Federal Reserve Board, we may further extend the hold under any of the federal exceptions that apply to the deposit. 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 fourth business day after the day your deposit would otherwise be available for withdrawal.

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. 

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:

The first $5,000 from a deposit of U.S. Treasury checks will be available on the first business day after the day of your deposit. The excess over $5,000 will be available on the ninth business day after the day of your deposit. Funds from wire transfers into your account will be available on the first business day after the day we receive the transfer.

Funds from deposits of cash and the first $5,000 of a day's total deposits of cashier's, certified, teller's, traveler's, and state and local government checks will be available on the first business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you. The excess over $5,000 will be availalbe on the ninth business day after the day of your deposit. If you do not make the deposit in person to one of our employees, the first $5,000 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 ninth business day after the day of your deposit.

In Case of Errors or Questions About Your Statement or Electronic Transfers

In case of errors or questions about your statement, including electronic transfers, call us at 860-522-5388 or write to us on a separate sheet of paper at CSE Credit Union, 84 Wadsworth St, Hartford, CT 06106 as soon as you can.  We must hear from you no more than sixty (60) days after we sent you the FIRST statement in which the problem or error appeared.  In the case of alterations and unauthorized signatures on share drafts, we must hear from you within 14 calendar days after receiving the FIRST statement indicating the unauthorized signature or altered share draft. 

  1. Tell us your name and account number.
  2. Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information.
  3. Tell us the dollar amount of the suspected error.

If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days. We will determine whether an error occurred within 10 business days after we hear from you and will correct any error promptly.  If we need more time, however, we may take up to 45 days to investigate your complaint or question. If we decide to do this, we will credit your account within 10 business days for the amount you think is in error so that you will have the use of the money during the time it takes us to complete our investigation.  If we ask you to put your complaint in writing, and we do not receive it within 10 business days, we may not credit your account. For errors involving new accounts, point-of-sale, or foreign-initiated transactions, we may take up to 90 days to investigate your complaint or questions. For new accounts, we may take up to 20 business days to credit your account for the amount you think is in error.

Click here for a copy of this disclosure and an account reconciliation worksheet.    

NCUA

Your shares at CSE Credit Union are federally insured. Share insurance coverage is provided by the National Credit Union Administration (NCUA), an independent government agency that charters, regulates and insures credit unions. Your deposits here at CSE Credit Union are insured up to $250,000 through NCUA. This is very similar to the way deposits in banks are insured by the Federal Deposit Insurance Corporation (FDIC). Both are backed by the full faith and credit of the U.S. government. You can rest easy knowing that not one penny of insured savings has ever been lost by a member of a federally insured credit union. For more information about NCUA insurance, visit www.ncua.gov.