Printed copies are available at your request. You may obtain a printed copy by calling (315) 471-1116 or by visiting one of our offices.
Cooperative Federal accounts are federally insured to the maximum legal limit by the National Credit Union Administration (NCUA), a government agency. NCUA insurance is funded entirely by the credit union movement and backed by the full faith and credit of the United States of America. In addition to examinations conducted by NCUA, the Supervisory Committee conducts account verifications and oversees an annual audit conducted by a CPA firm. Officials and staff are bonded. Members' transactions are held in strict confidence.
NCUA insures individual accounts up to $250,000; retirement accounts/IRAs to $250,000.
To learn more about your account insurance, visit NCUA - Share Insurance Fund.
We Do Business in Accordance With Federal Fair Lending Laws
UNDER THE FEDERAL FAIR HOUSING ACT, IT IS ILLEGAL, ON THE BASIS OF RACE, COLOR, NATIONAL ORIGIN, RELIGION, SEX, HANDICAP, OR FAMILIAL STATUS (HAVING CHILDREN UNDER THE AGE OF 18), TO:
IF YOU BELIEVE YOU HAVE BEEN DISCRIMINATED AGAINST, YOU SHOULD SEND A COMPLAINT TO:
Assistant Secretary for Fair Housing and Equal Opportunity
Department of Housing and Urban Development
Washington, D.C. 20410
For processing under the Federal Fair Housing Act
National Credit Union Administration
Office of Consumer Financial Protection
Alexandria, VA 22314-3428
For processing under NCUA Regulations
UNDER THE EQUAL CREDIT OPPORTUNITY ACT, IS IT ILLEGAL TO DISCRIMINATE IN ANY CREDIT TRANSACTION:
IF YOU BELIEVE YOU HAVE BEEN DISCRIMINATED AGAINST, YOU SHOULD SEND A COMPLAINT TO:
National Credit Union Administration
Office of Consumer Financial Protection
Alexandria, VA 22314-3428
Our policy is to delay the availability of funds from your cash and check deposits. During the delay, you may not withdraw the funds in cash and we will not use the funds to pay share drafts or checks that you have written.
Determining Availability Of A Deposit
The length of the delay is counted in business days from the day of your deposit. Every day is a business day except Saturdays, Sundays, and federal holidays. We have different deposit dropbox cutoff hours for different deposit locations. If you make a deposit to our dropbox before our cutoff time 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 to our dropbox after our cutoff time or on a day we are not open, we will consider that the deposit was made on the next business day we are open. Our cutoff hours are available at the Credit Union. The earliest cutoff time that may apply is 9:30 am. The length of the delay varies depending on the type of deposit and is explained below.
Funds from electronic direct deposits to your account will be available on the day we receive the deposit. Funds from cash deposits will be available to you on the same business day after we receive your deposit.
Funds from the following deposits are available on or before the first business day after the day of your deposit:
If you make the deposit in person to one of our employees, funds from the following deposits are also available on the first business day after the day of your deposit:
Other Check Deposits
All other checks. The first $225 from a deposit of a check or checks will be available on or before the first business day after the day of your deposit. The remaining funds will be available on the second business day after the day of your deposit.
For example, if you deposit a personal check of $700 in person on a Monday, $225 of the deposit is available on or before Tuesday. The remaining $475 is available on Wednesday. If you deposit a check of $700 on a Monday in the dropbox after 10:00 am, $225 of the deposit is available on or before Wednesday. The remaining $475 is available on Thursday.
Longer Delays May Apply
Funds you deposit by check may be delayed for a longer period under the following circumstances:
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 be available no later than the seventh business day after the day of your deposit.
Special Rules For New Accounts
If you are a new member, the following special rules will apply during the first 30 days your account is open. Funds from electronic direct deposits to your account will be available on the day we receive the deposit. Funds from deposits of cash, wire transfers, and the first $5,525 of a day’s total deposits of cashier’s, certified, teller’s, traveler’s, and federal, state and local government checks will be available on the first business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you. The excess over $5,525 will be available on the seventh business day after the day of your deposit. If your deposit of these checks (other than a U.S. Treasury check) is not made in person to one of our employees, the first $5,525 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 seventh business day after the day of your deposit.
Holds on Other Funds (Other Account)
If we accept for deposit a check that is drawn on another financial institution, we may make funds from the deposit available for withdrawal immediately but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then not be available for withdrawal until the time periods that are described elsewhere in this disclosure for the type of check that you deposited.
Holds on Other Funds (Check Cashing)
If we cash a check for you that is drawn on another financial institution, we may withhold the availability of a corresponding amount of funds that are already in your account. Those funds will be available at the time funds from the check we cashed would have been available if you had deposited it.
Cash Withdrawal Limitation
We place certain limitations on withdrawals in cash. In general, of a member’s funds available for withdrawal on a given day, a maximum of $2,500 is available for cash withdrawal per day. day. Any remaining funds available for withdrawal may be withdrawn by check, or will be available in cash on the following business day up to the $2,500 limit, and so on.
When funds from a deposit are made available to you and are withdrawn, you are responsible for any problems with the deposit, such as checks that were deposited being returned unpaid.
We welcome any further questions that you may have regarding the availability of your deposited funds. You may reach us by phone at (315) 473-0220 if you have a question about a deposit.
Important Information About Checking Accounts
Your Checking Account is federally insured by the NCUA, up to $250,000 per account and backed by “the full faith and credit” of the United States. The credit union is committed to keeping fees as low as we are able. Your Checking Account does not earn dividends. Members with these accounts will be notified of any adverse changes in fees in writing 30 days in advance.
Statutory Lien Notice
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. C–5— HOLDS TO STATUTORY LIMITS ON ALL DEPOSITS. SYRACUSE COOPERATIVE FEDERAL CREDIT UNION DBA COOPERATIVE FEDERAL
Privacy & Trust
Privacy Rights at Syracuse Cooperative Federal Credit Union
Syracuse Cooperative Federal Credit Union (dba Cooperative Federal) is owned and governed by its members and run by an elected board of directors. Preserving your privacy is a high priority at SCFCU. This notice explains how we collect, use, and safeguard your personal information. We are committed to providing you with competitive products and services to meet your financial needs. To do this, we collect and sometimes share information about you to complete your transactions and to provide you with certain financial opportunities.
Information We Collect And Disclose About You
We collect nonpublic personal information about you from a variety of sources, including:
We may disclose all of the information that we collect, as described above, to companies that provide services on our behalf (for example, a check printing company or a mailing service) or to other financial institutions with whom we have a joint agreement (such as another credit union or an insurance company), or to an affiliate that provides financial services (like mortgage lending, insurance, financial planning, brokerage services, accounting, preparation of tax-returns). We do not permit these third parties to sell or otherwise release the information we provide to them. We may disclose information we collect about you under other circumstances as permitted or required by law. These disclosures typically include information to process transactions on your behalf, conduct the operations of the credit union, protect the security of our financial records, follow your instructions, or when we have your consent.
If you terminate your membership with SCFCU, we will not share information we have collected about you, except as permitted or required by law.
How We Protect Your Information
We restrict access to nonpublic personal information about you to those staff, directors or other volunteers who have a specific purpose in utilizing that information to provide products or services to you. Our staff, directors, and other volunteers are trained in the importance of maintaining confidentiality and member privacy. We maintain physical, electronic, and procedural safeguards that comply with federal regulations and leading industry practices to safeguard your nonpublic personal information. If you have any questions, please contact us.
Syracuse Cooperative Federal Credit Union may report information about your account to credit bureaus. Late payments, missed payments or other defaults on your account may be reflected in your credit report.
This Agreement covers the rights and responsibilities concerning your Accounts and the rights and responsibilities of the credit union providing this agreement (Credit Union). In this Agreement, the words "you" and "yours" mean anyone who signs an account card or account change card (Account Card). The words "we," "us," and "our" mean the Credit Union. The word "account" means any one or more share or other accounts you have with the Credit Union. Your account type(s) and ownership features are designated on your Account Card. By signing an Account Card, each of you, jointly and severally, agree to the terms and conditions in this Agreement and Account Card, the Funds Availability Policy Disclosure, Truth-in-Savings Disclosure, Electronic Funds Transfer Agreement and Disclosure, Privacy Notices and any Account Receipt accompanying this Agreement, and the Credit Union's Bylaws and policies, and any amendments to these documents from time to time which collectively govern your Membership and Accounts.
Note: This is the Truth-in-Savings Disclosure for Savings (Share) and Checking (Share Draft) accounts. For Truth-in-Savings information regarding Savings Certificates (Share Certificates) and IRAs, contact us at 315-473-0220 or by email.
|Account Type||Share Savings||Super Share Money Market||Omega Share*||Treehouse Saver|
|Dividend Rate / Annual Percentage Yield||See Current Account Rates||See Current Account Rates||See Current Account Rates||See Current Account Rates|
|Effective Date||See Current Account Rates||See Current Account Rates||See Current Account Rates||See Current Account Rates|
|Dividends Compounded and Credited||Quarterly||Monthly||—||Quarterly|
|Min. to Open||$5||$2,500||$5||$5|
|Min. to Avoid Monthly Service Fee||—||—||—||—|
|Min. to Earn Dividends||$5||$2,500||—||$5|
|Account Type||Draft Checking||Super Share Checking||Super Share Business Checking|
|Dividend Rate / Annual Percentage Yield||See Current Account Rates||See Current Account Rates||See Current Account Rates|
|Effective Date||See Current Account Rates||See Current Account Rates||See Current Account Rates|
|Dividends Compounded and Credited||—||Monthly||Monthly|
|Min. to Open||—||$4,500||$4,500|
|Min. to Avoid Monthly Service Fee||—||$4,500||$4,500|
|Min. to Earn Dividends||—||$4,500||$4,500|
|Account Type||IRA Shares ($50 Min)||IRA Shares ($1,000 Min)|
|Dividend Rate / Annual Percentage Yield||See Current Account Rates||See Current Account Rates|
|Effective Date||See Current Account Rates||See Current Account Rates|
|Dividends Compounded and Credited||Monthly||Monthly|
|Min. to Open||$50||$1,000|
|Min. to Avoid Monthly Service Fee||—||—|
|Min. to Earn Dividends||$50||$1,000|
Approved by the Board on October 30, 2023
A. General Policy Statement
The purpose of this policy is to establish parameters and internal controls governing the expenditures of Syracuse Cooperative Federal Credit Union dba Cooperative Federal (referred to hereafter as the Credit Union). Expenditures of the Credit Union should be customary, prudent, consistent with applicable laws and regulations, and reasonably related to the Credit Union's business objectives and needs. This policy identifies expenditures that are excessive or luxury expenditures, creates processes that are reasonably designed to eliminate such expenditures, and establishes accountability for compliance. Routine operating expenses, capital expenditures, and other reasonable expenses are not prohibited by this policy.
The Credit Union has authority to provide compensation and benefits that are reasonable. This policy establishes a prohibition on expenditures that are excessive or luxury expenditures as required by the Department of the Treasury's Emergency Capital Investment Program regulations (31 CFR part 35), and as may be required by other statutes and regulations.
This policy is the responsibility of the Credit Union's board of directors (board). The board has approved this policy and will review compliance with this policy no less frequently than annually, and summary data on excessive or luxury expenditures will be reported to the board as part of the compliance review.
This policy applies to all employees, officers, and directors of the Credit Union with regard to any expenditure of the Credit Union. In making any expenditure on behalf of the Credit Union, employees, officers, and directors should consider whether the expenditure is an excessive or luxury expenditure that is prohibited under this policy.
E. Excessive or Luxury Expenditures
“Excessive or luxury expenditures” means excessive expenditures on any of the following to the extent not reasonable or appropriate expenditures for business development, staff development, reasonable performance incentives, or other similar reasonable measures conducted in the normal course of the Credit Union's business operations:
(1) Entertainment or events. This category includes fees, dues, tickets costs related to social, athletic, artistic and dining clubs, activities, celebrations or other events, and similar expenditures. Expenditures for charitable contributions and charitable events are not prohibited under this policy. Entertainment or events expenditures in an amount less than $200.00 per instance, and $600.00 on an annual aggregate basis per individual, are exempt from this policy.
(2) Office and facility renovations. This category includes costs and allowances for office renovation, including expenditures related to furniture, art, office personalization, interior finishing, design and decoration, and similar expenditures. Office and facility renovations expenditures in an amount less than $3,500.00 per instance, and $3,500.00 on an annual aggregate basis per individual, are exempt from this policy.
(3) Aviation or other transportation services.
(i) This category includes charter fees, tickets, slip or docking fees, vehicle installment payments, reservation and travel agent expenses, and similar expenditures associated with transportation services (e.g., airline, train, rental cars, or vans). Mileage reimbursable according to current Internal Revenue Service mileage rates is exempt from this policy. Transportation services in an amount less than $650.00 per instance, and $2,500.00 on an annual aggregate basis per individual, are exempt from this policy.
(ii) The principal executive officer may establish or delegate to an appropriate executive officer the authority to establish processes for reimbursement of reasonable travel expenditures, which processes must be reviewed by executive management no less frequently than annually.
(4) Tax gross-ups. This category includes any reimbursement of taxes owed with respect to any compensation. This category does not apply to tax equalization agreements for employees subject to tax from a non-U.S. jurisdiction.
(5) Other similar items, activities, or events for which the Credit Union may reasonably anticipate incurring expenses or reimbursing an employee for incurring expenses.
(i) Expenditures related to other items not listed in the preceding categories are exempt from this policy in an amount less than $200.00 per instance, and together with all expenditures permitted under this policy, may not exceed $4,000.00 on an annual aggregate basis per individual.
(ii) For the avoidance of doubt, reasonable capital investments in technology, equipment, and similar items that expand the long-term capability of an ECIP recipient to provide products and services to its customers and community are not excessive or luxury expenditures.
(iii) The principal executive officer may establish or delegate to an appropriate executive officer the authority to establish processes for the evaluation and approval of expenditures in the preceding categories that are not luxury or excessive expenditures and that are not otherwise exempt from this policy. These processes must be reviewed by executive management no less frequently than annually, as well as any additional threshold expenditure amounts per item, activity, or event, or a threshold expenditure amount per employee receiving the item or participating in the activity or event under this policy. Such approvals must be reported to the board of directors (which may be in an appropriate summary form) no less frequently than annually.
F. Exceptions or Violations
(1) Any exception or violation of this policy must be promptly reported to the Credit Union's
(i) principal executive officer,
(ii) officer with primary responsibility for the Credit Union's compliance function, or
(iii) officer designated with primary responsibility for overseeing the administration, monitoring, and compliance with this policy. Exceptions and violations must be reported to the board of directors no less frequently than annually, or more frequently as the nature and severity of violation may warrant. All employees, officers, and directors of the Credit Union must adhere to this policy and will be held accountable for compliance. Any employee or officer who violates this policy may be subject to disciplinary action up to and including termination of employment.
(2) Any employee or officer that is aware of any circumstance that may indicate a violation of this policy is required to report such circumstance to their supervisor or the Credit Union's principal compliance officer or compliance group. The Credit Union prohibits retaliation against any employee or officer for making a good faith report of actual or suspected violations of the Credit Union's code of conduct, laws, regulations, or other Credit Union policies, including this policy. A finding of retaliation against any such employee or officer may result in disciplinary action up to and including termination. Failure to promptly report known violations by others may also be deemed a violation of the Credit Union's code of conduct.
(3) Employees and officers may ask questions, raise concerns, or report instances of non-compliance with this policy and/or any of the existing underlying relevant policies by contacting the following: supervisory[at]coopfed[dot]org.
i. On an annual basis, the ECIP recipient will deliver to the Department of the Treasury a certification, executed by two senior executive officers (one of which must be either the ECIP recipient's principal executive officer or principal financial officer) certifying that (i) the Credit Union is in compliance with this policy and (ii) the approval of any expenditure requiring the prior approval of any senior executive officer, any executive officer of a substantially similar level of responsibility, or the board of directors (or a committee of such board), was properly obtained with respect to each such expenditure.