Check 21
If you think you can get away with a little float, think again. You know what float is – you write a check today hoping it won’t be deducted from your account for a couple more days. That won’t work anymore! The Check Clearing for the 21st Century Act (Check 21) will cut the time it takes to clear from days to hours.
To make check processing faster, federal law permits financial institutions to replace original checks with “substitute checks.” These checks are similar in size to original checks with a slightly reduced image of the front and back of the original check. The front of a substitute check states: “This is a legal copy of your check. You can use it the same way you would use the original check.” You may use a substitute check as proof of payment just like the original check.
In certain cases, federal law provides a special procedure that allows you to request a refund for losses you suffer if a substitute check is posted to your account. The losses you may attempt to recover under this procedure may include the amount that was withdrawn from your account and fees that were charged as a result of the withdrawal. The amount of your refund under this procedure is limited to the amount of your loss or the amount of the substitute check, whichever is less. You also are entitled to interest on the amount of your refund if your account is an interest-bearing account. If your loss exceeds the amount of the substitute check, you may be able to recover additional amounts under other law. We may reverse the refund if we later are able to demonstrate that the substitute check was correctly posted to your account.
If you believe that you have suffered a loss relating to a substitute check that you received and that was posted to your account, please contact us at (contact information, for example phone number, mailing address, e-mail address). You must contact us within (number of day, not less than 40) calendar days of the date that we mailed (or otherwise delivered by a means to which you agreed) the substitute check in question or the account statement showing that the substitute check was posted to your account, whichever is later. We will extend this time period if you were not able to make a timely claim because of extraordinary circumstances. Your claim must include:
A description of why you have suffered a loss.
An estimate of the amount of your loss.
An explanation of why the substitute check you received is insufficient to confirm that your suffered a loss. A copy of the substitute check.
Check Cashing Limits
Payroll checks
A payroll check from one of our known
SEGs may be cashed upon verification
of member, if the payroll check is from
an unknown employer group the regular checks rule applies.
Regular checks
Checks that are not drawn on
LRRCU, including members’ personal
checks, may be cashed up t
$100.00 if member does not have sufficient funds in account (to cover amount of check) that can be frozen for 5 days for local and 11 days for non-local (length of hold if deposited). If check is over $100 then it must be deposited and put on hold with $100 being available immediately.
$1000.00 if member has the full amount of check being cashed in account that can be frozen for 5 days for local and 11 days for non-local (length of hold if deposited). Over $1000 if member has the full amount of check being cashed in account that can be frozen for 5 days for local and 11 days for non-local (length of hold if deposited).
3rd Party checks
$100.00 if member does not have sufficient funds in account that can be frozen for 11 days (length of hold if deposit). Check must be deposited with an 11 day hold placed. No money will be available until the 11th day following the date of deposit.
$1000.00 if member has full amount of check being cashed in account that can be frozen for 11 days (length of hold if deposited). Over $1000 if member has the full amount of check being cashed in account that can be frozen for 11 days (length of hold if deposited).
Cash transactions over $1000.00 require additional approval from supervisor/senior officer.
Delinquency Notice
Lancaster Red Rose Credit Union reports to all 3 credit bureaus. Failure to pay your loan or MasterCard payments on time will result in a negative rating on your credit report. LRRCU reports monthly to each bureau.
Member Identification Program
As required by the USA Patriot Act of 2001, which requires Lancaster Red Rose Credit Union to help the government fight the funding of terrorism and money laundering activities, Lancaster Red Rose Credit Union must obtain basic identifying information from you and verify that information when you open a new account or conduct any transactions. This means that Lancaster Red Rose Credit Union staff will ask you for some basic information such as your name, address, date of birth, and other information designed to help us identify you. Lancaster Red Rose Credit Union may also ask to see documents identifying you such as driver’s license, passport, or some other government issued document. This program will require additional verification for individuals whose true identity cannot be verified using the standard verification methods. LRRCU will not open an account [or will close it within 30 days] if it cannot verify a member’s identity.
If LRRCU opens an account and the new member is required to provide us with further verification documents – those documents must be presented to us within 30 days or the account will be closed.
If an account is opened while final ID verification is in progress the account may be used with the following restrictions: - Only a share account will be opened, no share drafts, no credit, debit or ATM cards will be issued and no loans initiated.
The Fair and Accurate Credit Transactions Act (FACT Act)
The FACT Act addresses consumers’ rights to understand and protect the information in their credit reports and to get help when their financial information has been stolen. The Act addresses your rights to have better information about the contents and use of your credit report. You are entitled to one free credit report annually.
Experian experian.com
888.397.3742 Fraud Unit & Credit Repot Request
Equifax equifax.com
800.685.1111 Credit Report Request
800.525.6285 Fraud Unit
TransUnion transunion.com
800.916.8800 Credit Report Request
800.680.7289 Fraud Unit
Federal Trade Commission ftc.gov
877.382.4357
Free Credit Report annualcreditreport.com
877.322.8228
Privacy Policy
Lancaster Red Rose Credit Union is committed to making available financial products and services that will enable our members to meet their financial needs and reach their financial goals. Protecting personal information and using it in a manner consistent with our members’ expectations is a high priority for everyone associated with the Lancaster Red Rose Credit Union.
As a member of our Credit Union, you also have the responsibility to safeguard your financial information. To ensure that you can rely upon the quality of products and services we make available, our Credit Union stands behind the following policy:
Lancaster Red Rose Credit Union will only collect the personal information that is necessary to conduct our business. That means, just what is necessary to provide competitive financial products and services-and NO MORE.
Lancaster Red Rose Credit Union will protect your personal information.— Our Credit Union will maintain strong security controls to ensure that the member information in our files and computers is protected. Where appropriate, we will use security-coding techniques to protect against unauthorized access to personal records, ensure accuracy and integrity of communication and transactions, and protect member confidentiality.
Lancaster Red Rose Credit Union will partner only with businesses that follow strict confidentiality requirements. We will not sell member information to telemarketing firms. The businesses that we do select will offer products designed to enhance our member's economic well being. Under no circumstances will we authorize these firms to charge your account without your express consent.
Lancaster Red Rose Credit Union will offer you a choice in how your information is used. Any member of our Credit Union may elect to keep information from being shared with our business partners. We will inform you on how to exercise your choice at that time, and will take all reasonable steps to make sure your requests are followed.
Negative Balance and Closed Accounts Notice
Lancaster Red Rose Credit Union reports to Chex Systems and to Coast to Coast Financial Services all closed accounts due to abuse and all negative balance accounts. LRRCU reports accounts on a daily basis.
Funds Availability
Same Day Availability
Cash
Wire Transfers
Electronic Direct Deposits
US , State, & Local Government Checks payable to you
Checks drawn on us (LRRCU)
Cashier’s and Certified Checks payable to you
Money Orders payable to you
Travelers Checks
Payroll Checks known to CU
The 1st $100 00 of any check deposits (other than 3rd party checks). Unless LRRCU has reason to believe the check will be returned unpaid.
5th Business Day Availability
ATM Deposits
Local Checks
Beginning with the following routing numbers:
0110, 0111, 0112, 0113, 0114, 0115, 0116, 0117, 0118, 0119, 0210, 0211, 0212, 0213, 0214, 0215, 0216, 0219, 0260, 0280, 0310, 0311, 0312, 0313, 0319, 0360, 2110, 2111, 2112, 2113, 2114, 2115, 2116, 2117, 2118, 2119, 2210, 2211, 2212, 2213, 2214, 2215, 2216, 2219, 2260, 2280, 2310, 2311, 2312, 2313, 2319, 2360
11th Business Day Availability
All 3rd Party Checks
Non – Local Checks (Any checks with the beginning routing numbers not on Local Checks list.)
Any check that LRRCU believes may be returned unpaid
