Disclosures, Policies, & Fees

121 Financial Credit Union
Privilege Pay Policy

It is the policy of 121 Financial Credit Union (Credit Union) to comply with applicable laws and regulations and to conduct business in accordance with applicable safety and soundness standards.

A non-sufficient funds (negative balance) may result from: A) the payment of checks, electronic funds transfers, or other withdrawal requests, B) payments authorized by the member, C) the return, unpaid, of items deposited to the account, D) the imposition of
applicable service charges or fees, and/or E) the deposit of items which according to the Credit Union’s Funds Availability Policy are treated as not yet “available.”

The Credit Union is not obligated to pay any item presented for payment to your account if the account does not contain sufficient collected funds. Rather than automatically returning unpaid any non-sufficient funds (NSF) items that you may have, the Credit Union may consider, without obligation on our part, approving your reasonable overdrafts. This discretionary overdraft service*, Privilege Pay, will be limited and may include fees and charges, including any NSF, Privilege Pay, and/or Overdrawn Account fee(s) as set forth in our Rate and Fee schedules.

In order to be considered for this discretionary overdraft service*, your checking account must A) be used primarily for personal and household purposes, B) have been open for at least thirty (30) days, C) and thereafter must be maintained in good standing, D) qualify for VISA® Check card, E) be brought to a positive balance (not overdrawn) at least once every thirty (30) days, F) not be
subject to any legal or administrative order or levy, and G) no account owner can be delinquent on any loan obligation to the Credit Union.

The Credit Union may refuse to pay an overdraft for you at any time, even though your account is in good standing and even though the Credit Union may have previously paid overdrafts for you. The Credit Union has no obligation to notify you before the Credit Union pays or returns any item. The amount of any overdraft plus our NSF, Privilege Pay, and/or Overdraft fee(s) that you owe the Credit Union shall be due and payable upon demand. If there is an overdraft paid by the Credit Union on an account with more than
one (1) owner on the signature card, each account owner, and agent if applicable, of an account on which an overdraft occurs shall be jointly and severally liable for such overdrafts plus our NSF, Privilege Pay and/or Overdraft fee(s).

Limitations: Privilege Pay Overdraft service is available only to eligible personal checking accounts. Money Market accounts are
not eligible. The Credit Union may limit the number of accounts eligible for overdraft service to one account per household. The
determination of whether an item will be paid or returned will be made only at the time it is presented. If you have requested
overdraft protection, the Credit Union will honor drafts drawn on insufficient funds by first transferring funds from another account (as allowed by law — see Regulation D) or loan, as you have directed, or as required by under the Credit Union’s overdraft
protection policy. If sufficient funds are not available from another account or loan as you have directed to cover an item in full, the
Credit Union will then consider extending Privilege Pay Overdraft service. There must be sufficient funds or sufficient limit to cover
an item in its entirety from one source (either overdraft protection or Privilege Pay Overdraft service), or the item will be returned.

*The Privilege Pay Overdraft service does not constitute an actual or implied agreement between you and the Credit Union. Nor does it constitute an actual or implied obligation of or by the Credit Union. This service represents a purely discretionary courtesy or privilege that the Credit Union may provide to you from time to time which may be withdrawn or withheld by the Credit Union at any time without prior notice, reason or cause.

Patriot Act

Important Information About Procedures For Opening a New Account

To help the government fight the funding of terrorism and money laundering activities, Federal Law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. The need for preventing identity fraud is amplified now that we understand the threat goes beyond financial implications.

What this means for you:

When you open an account, apply for a loan or are added as a signatory to an existing account or loan, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We will also ask to see your driver's license or other identifying documents.

We appreciate your understanding as we work together to prevent identity fraud for your protection and to maintain the security of your funds and our country. If you have any questions or concerns about our identity verification policies, please speak with a credit union staff member.

Transfer Limitations

Federal regulation (Regulation "D") limits to six (6) per month the number of certain “electronic" transfers you can make from all accounts except Regular Savings (Share) and Checking (Share Draft). The regulation defines these electronic transfers as:

  • Those automatically generated to cover overdrafts.
  • Those generated by telephone requests, by Private Line (telephone banking) or Private PC (Internet banking).
  • Preauthorized transfers made to another person or company (third party). 
  • There is no limit on requests made to any loan account with the Credit Union account when such a request is initiated in person, by mail or at an ATM.

You may check the number of "Reg D" transfers from your savings accounts any time through Private Line. Use transaction code 734# (RDI#).

e-Statement Agreement

Agreement: You specifically consent and agree that we, 121 Financial Credit Union, may provide to you electronically, all periodic statements, hereinafter referred to as “E-Statement(s).” You also specifically consent and agree that we may provide all disclosures, agreements, contracts, receipts, notices, modifications, amendments, and all other evidence of our transactions with you or on your behalf electronically. (Hereinafter all such documentation is referred to as “electronic record(s)”). E-Statements may only be accessed after you log-in to your account through Internet Banking at our web site (www.121fcu.org). E-Statements for the prior calendar month (or quarter, if you receive only quarterly statements), will be available for viewing within five (5) business days of the last business day of the calendar month (or quarter). A notice will be posted at our Internet Banking web site when E-Statements become available. E-Statements posted to our web site will remain available for at least 180 days. We reserve the right to send any or all records or statements to you in paper form to your current mailing address in our file. You have a right to receive paper copies of any electronic records if applicable law specifically requires us to provide such documentation. You have a right to receive past or current statements in paper form. There may be a fee associated with this service as set forth in your Rate and Fee Schedule. You may withdraw your consent to receive E-Statements and records electronically at any time. To withdraw your consent to receive E-Statements and electronic records, or to request a paper copy of your statements, contact us in person at any branch office; or, call us at (904) 723-6300 (or toll-free in Florida at (800) 342-2352); or write us at: 121 Financial Credit Union, PO Box 40769, Jacksonville, FL 32203. You may also withdraw your consent to receive statements and records electronically at any time through Internet Banking by going to the VIEW STATEMENT screen and clicking on the provided link to change your statement setting and follow the prompts to change your chosen delivery method back to US Mail. Any notice will not become effective until received by us and we have had sufficient time to act on it (up to two (2) business days). A fee to cancel this service or to request paper copies of statements or electronic records may be imposed as set forth in your Rate and Fee Schedule. Any E-Statement posted to our web site will be considered delivered on the day that it was first made available to you for viewing. This Agreement, including the validity of any signatures or consents, any claims, or any disputes arising hereunder shall be construed in accordance with and governed by the Laws of the State of Florida. 

Equipment and Software Requirements: To receive E-Statements or electronic records and to access our Internet Banking service, you need internet access and a web browser, (such as Microsoft’s Internet Explorer or Netscape Navigator which are available for download at our Internet Banking web site), and you must be enrolled for Internet Banking service. Further information and assistance is available at the link to FREQUENTLY ASKED QUESTIONS at our Internet Banking web site. By selecting to receive E-Statements, you represent that you have such equipment and software and that you can download, access, read, review, print and store the EStatements we provide to you.

Electronic Signature. You consent and agree that your use of a key pad, mouse or other device to select an item, button, icon or similar act/action while using any electronic service we offer; or in accessing or making any transactions regarding any agreement, acknowledgment, consent, terms, disclosures or conditions constitutes your signature, acceptance and agreement as if actually signed by you in writing. Further, you agree that no certification authority or other third party verification is necessary to the validity of your electronic signature; and that the lack of such certification or third party verification will not in any way affect the enforceability of your signature or any resulting contract between you and the Credit Union. Changing your statement delivery method will become effective immediately upon receipt by the Credit Union and will remain in effect until the Credit Union receives notification otherwise and has sufficient time to act on it (up to two business days).

Funds Availability Policy

This Disclosure describes your ability to withdraw funds at 121 Financial 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 redeposit 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 seventh 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 ninth business day after the day of your deposit.

6. DEPOSITS AT NONPROPRIETARY ATMS — Funds from any deposits (cash or checks) made at automated teller machines (ATMs) we do not own or operate will not be available until the fifth business day after the date of your deposit. This rule does not apply at ATMs that we own or operate. All ATMs that we own or operate are identified as our machines.

7. FOREIGN CHECKS — Checks drawn on financial institutions located outside the U.S. (foreign checks) cannot be processed the same as checks drawn on U.S. financial institutions. Foreign checks are exempt from the policies outlined in this Disclosure. Generally, the availability of funds for deposits of foreign checks will be delayed for the time it takes us to collect the funds from the financial institution upon which it is drawn.


Same Day ACH

Same Day ACH Summary:

Phase One of the Same Day ACH rule change required all Receiving Depository Financial Institutions (RDFIs) to process Same Day credit transactions and make funds available to members by the end of the banking day. As required by the rule change, 121 Financial Credit Union now accepts and makes available all incoming Same Day ACH credit transactions by 5 p.m. EST.

Phase Two went into effect on September 15, 2017. Phase Two required all Receiving Depository Financial Institutions (RDFIs) to process Same Day debit transactions by end of the banking day. 121 Financial Credit Union processes incoming Same Day ACH debits by the end of the same banking day the entry is received.

Phase Three, requires all Receiving Depository Financial Institutions (RDFIs) to have funds must available to the Receiver on the day of origination by 5 p.m. EST.

What is Same Day ACH? Same Day ACH is an amendment to NACHA rules that will establish a new option for same-day clearing and settlement of ACH transactions. ACH transactions can now be processed the same day.

Phase One, effective September 23, 2016 - Allowed for Same Day origination of credits only. Funds must be made available to the Receiver on the day of origination by the end of the receiving bank’s processing day.

Phase Two, effective September 15, 2017* - Allowed for Same Day origination of debits. Debited funds must be settled with the Receiver on the day of origination by the end of the receiving bank’s processing day.

Phase Three, effective March 16, 2018 - Funds must be made available to the Receiver on the day of origination by 5 p.m. local time.

Will 121 Financial Credit Union take part in Same Day ACH? Yes. As required by the rule change, 121 Financial Credit Union started accepting and making available all incoming Same Day ACH transactions beginning with each phase. 121 Financial Credit Union began processing incoming ACH Same Day debits for consumer members.

Online and mobile banking can help you manage your account and avoid overdrafts.

What this means to you:

  • Billing companies, such as utilities or credit card companies, can now offer same-day bill payment via their websites and call centers, allowing you to have your bill payments made and completed on a single business day.
  • Companies can accept and convert checks that settle on a single business day.
  • Preauthorized payments may also process on the same day, so you may see these payments post later in the day.

Bill collectors may attempt to use Things to Consider:

  • If you currently verify funds and transfer funds to cover an ACH in the morning, you need to consider that additional transactions could hit later in the day.
  • When paying bills online, please be aware of the effective date of any ACH transactions. If you go online to make a bill payment, that payment could clear the same day and could cause an overdraft if funds are not available.
  • If you are completing any type of authorization for payment through ACH, it can clear that same day.
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