Check Cashing Policy - Revised 04/22/08

$5 Check Cashing Fee - Effective 06/01/08                                                      Members must have a minimum of $50 in a regular share account or at least one other active credit union service to cash checks or else be subject to a $5 per check cashing fee.

$5 Non-Member Check Cashing Fee - Effective 10/07                                        Non-Members will be charged a $5.00 fee to cash each check. Non-members must have current ID, the check must be fully completed and dated within the past six months, and the presented check must be confirmed that it is drawn on the credit union.

The credit union will copy the non-members ID and ask for their right thumbprint to be inked on the check next to the signature line for security and identity purposes. An alternative to paying the fee: open an account with the credit union.

$1000 Daily Minimum - Effective 10/07                                                                  Due to the cost and risk of having substantial cash on hand at the credit union, members who do not have an active account relationship other than their primary share account will be limited to receiving $1000 per business day unless such funds are electronically deposited into the account.

Revised Dormant Account Policy - Effective May 1, 2008
A $2.00 per month dormant account fee will be applied to all regular share and share draft 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. 

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.