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The
FACT Act (Fair Credit Reporting)
The Fair Credit Reporting Act (Regulation V), known as the
Fair and Accurate Credit Transactions (FACT) Act, Section
217 has been amended and became effective December 1, 2004.
Notice: Berks Community Federal Credit Union MAY report
information about your account to the credit bureaus. Late
payments, missed payments or other defaults on your account
may be reflected in your credit report.
This amendment to section 217 of the Fair Credit Reporting
Act is designed to aid in the fight against identity theft ,
increase the accuracy of consumer reports and limit the type
and amount of marketing solicitation that you receive.
The FACT Act FREE Credit Report
The Fair
and Accurate Credit Transactions Act of December 1, 2003
enables consumers to fight the rise in incidents of identity
theft and account fraud by offering consumers one Free copy
of their credit report once a year.
Starting, September 1, 2005, you can request a credit report
online at
www.annualcreditreport.com , you should be able to
access it immediately. If you order your report by calling
toll free 1-877-322-8228, your report will be processed and
mailed to you within 15 days. If you order your report by
mail using the Annual Credit Report Request Form, your
request will be processed and mailed to you within 15 days
of receipt.
Whether you order online, by phone, or by mail it may take
longer to receive your credit report if the nationwide
consumer reporting company needs more information to verify
your identity. There may be times when the nationwide
consumer reporting companies receive an extraordinary volume
of requests for credit reports. If that happens you may be
asked to resubmit your request at a later date.
Check 21
Have you recently paid for an item in a store with a check
and the clerk handed your check right back to you?
Changes in Check Processing are Coming!
There have been new changes in check processing, passed into
law in October of 2003, the check clearing for the 21st
Century Act or Check 21. The act will bring the nation’s
check payment system into the digital age and allow
consumers to benefit from better and faster financial
services.
Check 21 will improve today’s existing system that forces
checks to be exchanged physically and often transported
around the country several times before the payment cycle is
completed. Check 21 allows a new approach; it makes legal a
substitute check which is a digital picture of your original
check which can be processed electronically.
Check 21 will be better for you because it detects fraud
faster, since check clearing is faster, fraud can be
detected and investigated sooner which brings about a
quicker resolution. Check 21 also allows for more secure
check information, checks do not have to be physically
transported via truck, train, or plane. Members now have the
right to an investigation by their credit union if an error
occurs.
Check 21 becomes effective on October 28, 2004 and that is
when all financial institutions will have to accept
substitute checks the same way they are required to accept
paper checks. The substitute check contains the same exact
information shown on the original check and it is considered
a legal equivalent.
Please remember that you should always have sufficient money
in your account to cover the payment at the time you write
your check. Check 21 will not allow any float time for a
check to clear; when your check is processed it immediately
clears out of your account.
Extra, Extra, Read All About It!!!
Berks Community Federal Credit Union is committed to YOU!!!
In Order to protect our members' funds, we have begun thumb
printing new members and existing members opening new
accounts. This
will help us reduce check fraud. Rest assured, the
thumbprint will remain on file and will not be used by the
Credit Union for any other purpose.
Dormant Account Fees
You may have recently received a letter indicating that you have
a dormant credit union account. You have received that letter
because Berks Community Federal Credit Union has established a
dormant account policy, effective January 1, 2006. A $2.00 per
month dormant account fee will be applied to all regular share
accounts deemed dormant. A dormant account is an inactive
account which has no member initiated activity for a period of
two years.
Berks Community Federal Credit Union strives to provide
quality financial products and services at low cost or no
cost. In order for the credit union to be able to provide
those services to members, the credit union must also keep
its own costs as minimal as possible. For each credit union
account, the credit union must provide account statements,
newsletters, postage, handling, etc. These mailings increase
costs for the credit union which in turn can lead to
increased cost for the members. The credit union’s goal is
to have members with active accounts, so that we can
continue to offer members quality products and services at
low fees or no fees.
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