Compliance Corner



DATE	POLICY / SUBJECT	EXPLANATION


05/25/10	Unlawful Gambling Notice	- The Department of the Treasury and the Federal Reserve Board has issued a joint final rule to implement the Unlawful Internet Gambling Enforcement Act. The rule focuses on screening for unlawful Internet gambling businesses at the time of account opening. The purpose of this rule is to prevent unlawful Internet gambling businesses from utilizing the banking system.

04/12/10	Truth-in-Savings (TIS)	- Effective date of May 1st, for dividends paid to your savings account on May 31st, you must maintain a daily balance of at least $100.00 in your savings account each day to obtain the disclosed annual percentage yield. Once an account balance exceeds the required minimum balance, dividends will be paid on the entire amount in the account for that day.

02/26/10	Truth-in-Savings (TIS)	Addition of Mobile Banking and updating of the Funds Availability Disclosure to align with the Federal Reserve's reduction in check processing centers.

08/18/09	Credit Card Variable Rate	The Credit Card Act of 2009, which was signed into law on May 22, 2009, has forced changes to our VISA credit card program. Effective February 1, 2010, the interest rate will be based on the Prime Rate as published in the “Money” section of The Wall Street Journal plus 7 percent. The rate will be determined semi-annually by the index on January 1, and July 1, adjusting February 1 and August 1, if necessary. The interest rate will never be more than 18% or less than 10%. The rate will not change more than 4% in any year. If this change went into effect today the rate would be: Prime Rate is 3.25% + 7.0 = 10.25%, compared to the present rate of 10.0%.

06/23/09	International ACH Transactions (IAT)	On September 18, 2009, huge changes will take place in the ACH world with the implementation of International ACH Transactions (IAT). Currently transactions can flow to and from the United States, Canada, Mexico and five European countries. The date above will provide the ability for these countries and others to begin sending and receiving ACH transactions. If you receive an IAT, the only difference you might notice is additional information on your statement. Although this will not have a big affect on you, the member, we have been working diligently behind the scenes to make sure we are in compliance and able to receive these transactions when and if they arrive.

06/15/09	Fee Changes	Please click here for fee changes effective June 15, 2009.

12/31/08	Non-VISA Pin-less transactions	Your SCFCU Visa® debit card allows you to conduct transactions on the PULSE® debit network, which generally requires you to enter your PIN. Some merchants are authorized to accept non-Visa debit transactions without requiring you to enter your PIN. These merchants must provide you with a clear way of choosing to make a Visa Check Card transaction if they support this option. If you choose to sign to authorize a debit transaction, the transaction will be routed as a Visa transaction. Please be advised that should you choose to make a transaction without a PIN, different terms may apply. Provisions of your cardholder agreement that specifically relate to Visa transactions are inapplicable to non-Visa debit transactions.

12/31/08	Annual Privacy Policy	We are required by NCUA on a annual basis to notify our members about the personal data we collect and how it is used. Click here for the brochure!

03/31/05	VISA - Foreign Transaction FEE	Effective April 1, 2005, there will be a 1% Foreign Transaction Fee on all transactions originating with a SCFCU Visa credit card or debit card. In the past this fee was included in the total amount, but now it will be listed as as separate itemized transaction. This fee is included in all ATM and POS transactions. If you have any questions, please feel free to contact Laurie Warfel or Tim Kenney in the Yankton office. This fee is imposed for the purpose of converting currency values only.

*SCFCU - COMPLIANCE CORNER*
	Welcome to the SCFCU's webpage designed to keep our members informed of rules and regulations that effect their accounts and membership at the Credit Union!