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Disclosures

To access our Truth in Savings Disclosures, please click here.

To all Members of Commodore Perry Federal Credit Union (CPFCU):

All members are hereby notified that the management of CPFCU in its complete and sole discretion, will terminate or withdraw from a members or members of CPFCU, any product or service or any related product or service (of any kind or nature), when in the opinion of the management of CPFCU, the product or service is used or could be used in an illegal manner(s) or for an illegal transaction(s) by a member or members. Additionally, the member or members of CPFCU who use of could use the product or service in an illegal manner(s) or for an illegal transaction(s) shall indemnify and hold harmless CPFCU and/or its officers, directors, management, agents, attorneys and employees from any and all damages, claims, fees, expenses, attorney fees, costs, etc., of any kind or nature which arise, may arise, could arise, or are threatened to arise from any of the foregoing.

By way of example and not by limitation, if a member or members utilize a CPFCU credit card or debit card for gambling purposes or for playing schemes of chance, CPFCU has the right to terminate or cancel the charges incurred on the card but is also authorized to terminate the privileges to utilize the credit charges incurred on the card but is also authorized to terminate the privileges to utilize the credit card or debit card.

Please utilize the products and service of Commodore Perry Federal Credit Union in a responsible manner.

NOTICE: STATUTORY LIEN REGULATION:

If you are in default on a financial obligation to us, federal law gives us the right to apply the balance of shares and dividends in your account(s) at the time of default to satisfy that obligation. Once you are in default, we may exercise this right without further notice to you.

The lien applies to financial obligations of members. The definition of “member” includes members who are “primarily, secondarily or otherwise responsible for an outstanding financial obligation to the credit union, including without limitation an obligor, maker, co-maker, guarantor, co-signer, and endorser surety or accommodation party.”

This means a lien can be impressed on shares of a guarantor or other accommodation party.

DIVIDENDS EARNING SCHEDULE:

Funds deposited earn dividends based on an average daily balance. This means that as long as your average daily balance does not slip below the minimum balance currently in effect, the funds you deposit begin earning dividends immediately.
Dividends are posted quarterly on all share & share draft accounts quarterly and are available for withdrawal the 1st of each new quarter. Flagship Dividend Share account dividends are posted monthly and are available for withdrawal the 1st of each new month.

FUNDS AVAILABILITY:

Our policy is to make funds from your deposits available to you on the first business day after the day we receive your deposit. At that time, 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 5:00pm 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 5:00pm or on a day we are not open, we will consider that the deposit was made on the next business day we are open.

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 first business day after the day of your deposit. Depending on the type of check that you deposit, funds may not be available until the seventh business day after the day of your deposit. However, the first $100 of your deposits will be available on the first business day.

If we are not going to make all of the funds from your deposit available on the first business day, we will notify you at the time that 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 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.

In addition, funds you deposit b check may be delayed for a longer period under the following circumstances:

  • We believe a check you deposit will not be paid.
  • You deposit check totaling more than $5000 on any one day.
  • You redeposit a check that has been returned unpaid.
  • You have overdrawn your account repeatedly in the last six months.
  • There is an emergency, such as failure of communication 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 fifth business day after the day of your deposit.

SPECIAL RULES FOR NEW ACCOUNTS

If you are a new member, the following special rules may apply during the first 30 days your account is open.

The first $5,000 from a deposit of U.S. Treasury checks will be available on the ninth business day after the day of your deposit. Funds from wire transfers into your account will be available on the first business day after the day we receive the transfer.

Funds from deposits of cash and the first $5,000 of a day’s total deposits of cashier’s, certified teller’s, traveler’s and state and local government checks will be available on the first business day after the day of your deposit meets certain conditions. For example, the checks must be payable to you. The excess over $5,000 will available on the ninth business day after the day of your deposit. If you do not make the deposit in person to one of our employees, the first $5,000 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 fifth business day after the day of your deposit.

We welcome further questions that you may have regarding availability of your deposited funds.

ELECTRONIC FUNDS TRANSFER/HOME BANKING AGREEMENT AND DISCLOSURE:

What You Can Do. Internet Banking may be used to:

  • View account summaries and transaction histories.
  • Make withdrawals from your share and share draft accounts.
  • Transfer funds between your share and share draft accounts, between non-related accounts whenever you request.
  • Make recurring loan payments.
  • Make stop payments request.
  • View and print out e-statements.
  • Some other options, such as Bill Pay, may be available depending on your Credit Union.

Transfer Limitations

  • None.

Member Liability. Notify the Credit Union AT ONCE if you believe your Internet Banking access has been compromised. Telephoning is the best way of keeping your possible losses down. You could lose all the money in your account (plus your maximum overdraft line of credit). If you notify us within 2 business days after you learn of the unauthorized access, you can lose no more than $50 if someone accessed your account without permission. If you do NOT tell us within 2 business days and we can prove we could have stopped someone from accessing your account without your permission if you had told us, you could lose as much as $500.

Also, if your statement shows transfers that you did not make, tell the Credit Union at once. If you do not tell us within 60 days after the statement was mailed to you, you may not get back any money you lost after the 60 days if we can prove that we could have stopped someone from taking the money if you had told us in time. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time periods.

If you believe an unauthorized person has accessed your account and that person has transferred or may transfer money from your account without your permission, call or write the Credit Union.  Contact information is available the website.

Account Information Confidentiality. We will disclose information to third parties about your account or the transfers you make:

  • Where it is necessary for completing transfers, or
  • In order to verify the existence and condition of your account for a third party, such as a credit bureau or merchant, or
  • In order to comply with government agency or court orders, or
  • If you give us your written permission.

Business Days

  • See the website for the Credit Union’s business hours.

Credit Union Liability. If we do not complete a transfer to or from your account on the time or in the correct amount according to our agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable, for instance:

  • If, through no fault of ours, you do not have enough money in your account to make the transfer.
  • If the transfer would go over the credit limit on your overdraft line.
  • If circumstances beyond our control (such as fire or flood) prevent the transfer, despite reasonable precautions that we have taken.
  • There may be other exceptions stated in our agreement with you.

Error Resolution. In case of errors or questions about your electronic transfers, telephone or write the Credit Union as soon as you can, if you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt. We must hear from you no later than 60 days after we sent the first statement on which the problem or error appeared.

  • Tell us your name and account number (if any).
  • Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information.
  • Tell us the dollar amount of the suspected error. If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days.

We will determine whether an error occurred within 10 days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days to investigate your compliant or question. If we decide to do this, we will credit your account within 10 business days for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your compliant or question in writing and we do not receive it within 10 business days, we may not credit your account.

For errors involving new accounts, point of sale, or foreign-initiated transactions, we may take up to 90 days to investigate your complaint or question. For new accounts, we may take up to 20 business days to credit your account for the amount you think is in error. We will tell you the results within three business days after completing our investigation.  If we decide that there was no error, we will send you a written explanation. You may ask for copies of the documents that we used in our investigation.