News & Information
Pathways Financial Credit Union & American Chemical Society Federal Credit Union Merger and Voting Information
On behalf of the Board of Directors of The American Chemical Society Federal Credit Union (ACSFCU), we want to share important news about our plans to bring more value to your through a merger partnership with Pathways Financial Credit Union, Inc. Through this merger, we will be able to deliver you exciting new products and services designed to improve your financial well-being.
We have compiled several links of valuable information about the merger for your review. We hope that these answer any questions you may have, and are looking forward to your support in taking a bold step towards a prosperous future.
Merger Information and Voting Guide - Click Here!
Frequently Asked Questions about the Merger - Click Here!
Funds Availability Policy
Changes in the Federal Reserve System mean that all checks on U.S. Banks are now "local checks". The revised Funds Availability Policy to comply with the Federal changes is below.
Your Ability To Withdraw Funds
Our policy is to make funds from your cash and check deposits available to you on the first business day after the day we receive your deposit. Electronic direct deposits will be available on the day we receive the deposit. Once they are available, 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 3:30 p.m. 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 3:30 p.m. 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 you deposit, funds may not be available until the second business day after the day of your deposit. The first $100 of your deposits; however, may be available on the first business day.
If we are not going to make all of the funds from your deposits available on the first business day, we will notify you at the time you make the 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 by check may be delayed for a longer period under the following circumstances: We believe a check you deposit will not be paid. You deposit checks totaling more than $5,000 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 computer or communication 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 7th 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 $5,000 of a day’s total deposits of cashier’s, certified, teller’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 $5,000 will be available on the ninth 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 $5,000 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.
Is my Money safe at ACSFCU?
Yes, Your ACSFCU is now and always has been managed in a financially prudent and cautious manner. ACSFCU has not invested in Sub-Prime mortgages, derivative financial products, credit-swaps and the other "sophisticated" financial products that have brought havoc to Wall Street and the "Big Banks".
First, your accounts are backed by the National Credit Union Share Insurance Fund (NCUSIF), a fund maintained by the U.S. Treasury and administered by the National Credit Union Administration (NCUA). Federal insurance protects your money in share savings, share draft/checking, money market, share certificate, trust, and retirement accounts.
NCUA coverage is to credit unions as FDIC, or Federal Deposit Insurance Corporation, coverage is to banks. Both funds are backed by the full faith and credit of the U.S. government.
And now, passage of the Emergency Economic Stabilization Act of 2008 increases NCUA coverage from $100,000 to $250,000. The increase is temporary. Funds may be insured for even more than $250,000, depending on how you establish your accounts.
Second, ACS Federal Credit Union operates with a safety net of capital that helps us weather temporary setbacks. And, we maintain an "allowance for loan losses." This additional cushion anticipates losses when some members fail to repay loans.
Third, ACS Federal Credit Union is examined regularly by NCUA to make sure we are engaging in safe and sound operations. Your ACS FCU has earned the highest available rating!
We at ACS Federal Credit Union can assure you that your money is safe.
ACS Federal Credit Union Board of Directors
Oliver K Williams, III
American Chemical Society Federal Credit Union