LOANS: Applications can be picked up through the drive thru or downloaded off the website. Please fill the application out completely and drop it off, or email it, with two current pay stubs. Also be sure to include as much information as possible as to what you are needing financing for with your application! A loan officer will get back to you as soon as possible to obtain further information or to set up a time to sign paperwork.
PRE APPROVAL can no longer be done like the good ol’ days. Due to auditor request and regulation compliance we MUST have proof of income and a loan application filled out before we can do anything. If we have pulled a credit report within the last six months another one may not need to be pulled but we will require current paystubs.
IRS/TAX DEPOSITS: We wanted to make our members are aware that if a transaction comes in and the name attached to that transaction doesn’t match the name on the account, IT MAY BE RETURNED! IRS tax returns especially have to be deposited into your personal account. If it is a joint return it can be posted in your spouse’s personal account (because their name should also be on the return). If we receive a transaction for a member, and the wrong account # is listed for that name, even if you’re trying to deposit it in a family member/significant others account, the transaction could be returned. The returning of such items is to eliminate the possibility of fraud and to protect the Credit Union and it’s members.**
*Title 31 of the Code of Federal Regulations, Part 210 (31 CFR Part 210) requires Federal payments be sent to a deposit account at a financial institution in the name of the recipient*
SAVINGS ACCOUNTS / REG D / OVERDRAFT TRANSFERS: Savings accounts are not meant to be transaction accounts. Per policy regarding Reg D that was implemented in 2011 you may make no more than six (6) transfers and/or withdrawals from your share account to another account of yours, or to a third party in any month by means of a preauthorized, automatic (deposit or withdrawal), internet transfer, telephonic order, or instruction. Any item that is presented against the account that exceeds the limitation could be returned or you will be charged a $5 fee per transaction that goes over the limit.
PAYING AHEAD ON LOANS: You are allowed to pay no more than 45 days in advance on loans you have here with us at Dacotah Federal Credit Union. If you are making additional payments on a loan, and it is set up on auto pay, please verify with a teller/loan officer to make sure the payment will not be rolled the following month. If you have funds coming in from an account somewhere other than Dacotah Federal Credit Union, that would normally go towards your loan, the ACH transaction will STILL pull the funds from that account and will be in your savings account. Please be aware even though you have made additional loan payments on the loan you will continue to accrue interest on the loan until the next payment is made.
INSURANCE CLAIMS ON COLLATERAL WE HAVE A LOAN AGAINST: When you file a claim with your insurance company against a piece of collateral we have a loan against you have two options when you receive the funds. 1) You place the funds in a savings account which is used to fix the damage to the collateral. 2) If you don’t want to get the damage fixed the funds must be applied towards the principle balance of the loan. If you have any questions or concerns please let us know.
SYSTEM ERRORS/BALANCING ACCOUNT: Unfortunately in this day and age, technology is not perfect. There will be the occasional bug or error that will happen. When something like this comes up we will post a notice on the homepage of our website, letting the membership know, as we work to get the problem resolved as soon as possible. Unfortunately its almost impossible to know which members may/may not be affected when something like this happens.
When a situation like this occurs it is important to pay close attention to your account balance and your spending to avoid overdrawing your account. If your account becomes overdrawn you are responsible to clear up the negative balance. While we understand that the account error was not your fault the funds were spent and must be paid. This is where a check register comes in very handy so that you can be documenting each transaction in, and out, of your account to make sure your balance matches what we show for you. If your account balance doesn’t seem correct, whether you’re viewing it on your receipt, online, or given it by one of our staff, please let us know. We will be happy to investigate the situation for you!
STATEMENTS: Our new system no longer requires us to mail a full statement each month in order to stay in compliance. Full statements (savings, checking, loans, and CDs) will be mailed QUARTERLY (Jan, April, July, and Oct). Monthly statements will be CHECKING ONLY. As a reminder, you can access your savings, checking, loans, and certificates online to view any transactions coming in, or out, of the account or view payments made to your loans. As a service to our members we CAN print your statement/transaction history out for you at either office for a fee of $2.00 PER PAGE. End of year statements will be mailed/posted in January. It is important that you keep this statement as it shows your end of year totals for your tax records. You WILL be charged a fee if you require us to print one out for you.
LOAN PAYMENTS: Please note that if your payments are set up to come out automatically, they will do so even if you come in and make the payment or call and have it transferred. If you are unsure if you have requested automatic payments, please ask any of our staff members to check for you. If you have previously requested automatic payments but would now like to change that, please stop in and sign the form requesting the change.
The previous system took payments according to due date but our new system takes the payment automatically according to the payment frequency not according to the next due date. This allows early payoff for those of you who wish to pay extra on your loan but continue making the normal payments.
If you have any questions, please contact Wanda.
ACH/ATM TRANSACTIONS AND NSF FEES:
ACH reports are posted first thing in the morning, and several times throughout the day, Monday through Friday (unless it is a federal holiday). It is the members responsibility to make sure the appropriate funds are in the account to cover any, and all, transactions before they clear the account. Deposits made to the night drop will be processed when we open at 9am, which will be after the first/primary posting of the day. Please make sure the needed funds are in the account to cover any/all transactions or consider applying for an overdraft protection loan.
Due to regulatory compliance, our auditor has mandated that if funds are not available to cover ANY drafts or ACH items then an NSF fee must be charged. Please do not call us to refund these fees as the regulators see this as favoritism to you and we in turn get hit with a violation. Also please do not call us and ask us to HOLD items that may be clearing you account today because your deposit will be coming in later as we cannot hold them. All items must be processed immediately upon presentment.
