Legal

Legal Requirements



Reg CC - Availability of Funds and Collection of Checks

Our general policy is to make funds from your deposits available to you on the same business day as the day we receive your deposit. At that time, you can withdraw the funds in cash and, in the case of Share Draft Checking accounts, we will use the funds to pay checks that you have written. Please remember that even after we have made funds available to you and you have withdrawn the funds, you are still responsible for checks that are returned to us unpaid and for any other problems involving any items you have cashed or deposited.

Longer Delays May Apply: In some cases, we will not make all of the funds that you deposit by check available to you on the same business day as the day of your deposit. Depending on the type of check that you deposit, funds may not be available until the fifth business day after the day of your deposit. However, the first $200 of your deposit will be available on the same business day. If we do not 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 branch premises, we will mail you the notice no later than the day after we receive your deposit. If you need the funds from a deposit right away, please ask us when funds will be available.

Reg D - Reserve Requirements of Depository Institutions

Regulation D is a federal law that applies to all financial institutions insured by the federal government. This law restricts the number of transfers and/or withdrawals members may make from their savings accounts using an audio response system (VoiceChoice), HomeBanking service, or automatic overdraft protection. Each member is limited to six (6) transfers/withdrawals per month from their savings accounts, including pre-authorized payments/withdrawals or telephone and email requests to our Call Center. Regulation D affects savings and Money Market Accounts but does not apply to checking accounts. Automatic overdraft protection from a Line of Credit loan is not subject to this regulation. Furthermore, overdraft protection from a CoastHills Federal Credit
Union Line of Credit is FREE. There is no limit to the number of withdrawals/transfers a member may make from their savings account by mail, at an ATM or at a branch in person.

USA Patriot Act - Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism

On September 11, 2001, our lives changed forever because of the attacks on our country. In an effort to protect you and our country, President Bush signed the USA Patriot Act into law on October 26, 2001.

One section of the USA Patriot Act says we must:

  • Verify the identity of any person seeking to open an account (includes Trust, Investment, Safe Deposit, Loans and Deposit Accounts)
  • Maintain records of the information used to verify the person's identity including name, address, and their identifying means. If the staff at CoastHills Federal Credit Union asks you to provide a photo ID, the request is not meant to invade your privacy or not acknowledge you if you are a long time member. We are simply complying with a new federal regulation that is designed to protect you from identity theft and protect the credit union from being used for criminal activity

We proudly support all efforts to protect and maintain the security of our members and our country.

Check 21

The Check Clearing for the 21st Century Act (Check 21) was signed into law on October 28, 2003, and became effective on October 28, 2004. The purpose of the new law was to introduce a new negotiable instrument called the substitute check and to improve the U.S. payment system. Check 21 has brought about some changes, of which you need to be aware.

Your cancelled checks may actually be a substitute check, or Image Replacement Document (IRD), a legal equivalent to the original. These will look different - a smaller image than the original, front and back, with a statement printed to the left, which reads, "This is a legal copy of your check. You can use it in the same way you would use the original check."

Substitute checks may clear quicker than paper checks, which take at least a day or two to process and present to the paying financial institution. This is where Check 21 may have a direct impact, as it may eventually eliminate check float time. This means that once this program is in place, when you write a check, the money should be in your account at that time.

Click here for more information about Check 21.

Account Verification Audit

As part of our risk management process our auditors, McGladrey & Pullen, will be performing an account verification in which our members will be asked to confirm the accuracy of an account balance. This process is required by our auditors and regulators. As part of this procedure you may be randomly selected. It is one of many internal control processes followed by the credit union to enhance the accuracy and reliability of our financial reporting systems, which ultimately protect you.

Errors or Questions Regarding an Electronic Transfer

If you believe a transfer listed on your statement or receipt is wrong, or if you need more information about the transfer, please contact us. Disputes must be submitted no later than 60 days after we sent the first statement on which the problem or error appeared. Please include the following information:

  • Your name and account number
  • A detailed description of the error or the transfer you are unsure about (including the transaction date) and the reason for the inquiry
  • The dollar amount of the suspected error

If we are notified orally, we may require that you send your complaint or question in writing within 10 business days.

We will notify you of the results of our investigation within 10 business days after we hear from you and we will correct any error promptly. However, if we need more time, we can 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 disputed amount in order to grant you use of the funds while we complete our investigation. If the error you assert is an unauthorized VISA transaction, other than a cash disbursement at an ATM, we will credit your account within five business days, unless we determine that the circumstances or your account history warrant a delay, in which case you will receive credit within 10 business days. If we ask you to put your dispute in writing and do not receive it within 10 business days, we may not credit your account.

If it is determined that there is no error, we will send you a written explanation within three business days of completing our investigation. You may ask for copies of the documents that we used in our investigation.

*If you give notice of an error within 30 days after you make the first deposit to your account, we will have 20 business days instead of 10 business days.
**If you give notice of an error within 30 days after you make the first deposit to your account and the error involves a point of sale transaction or a transaction initiated outside the U.S., its possessions and territories, we will have 90 days instead of 45 days to investigate.