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What is the Funds Availability Policy (Regulation CC) all about?

This regulation details how many days a credit union has to take a check that is being deposited and convert it into cash. This is not an Aventa policy but a regulation from the federal government. This regulation can apply to check cashing as well. The current policy is available in the branches for you to review.

Why is it getting harder to cash a check?

Primarily due to the massive increase in fraud and counterfeit checks. Technology makes it fairly easy to create or counterfeit checks using equipment many folks have in their homes.
We may refuse to cash a check, or extend the check hold under certain conditions:

  1. New account holders
  2. Member does not have enough funds on deposit to cover the amount being cashed
  3. Person cashing the check does not provide proper identification
  4. Check being presented seems tampered with, illegible, written and numerical amount are different, fraudulent
  5. We have information warning checks from certain financial institutions or accounts mat be fraudulent.
  6. We require two days notice to disperse more than $3,000 in cash.

What is Check Fraud?

A significant amount of check fraud is due to counterfeiting through desktop publishing and copying to create or duplicate an actual financial document, as well as chemical alteration, which consists of removing some or all of the information and manipulating it to the benefit of the criminal. Victims include financial institutions, businesses who accept and issue checks, and the consumer. In most cases, these crimes begin with the theft of a financial document. It can be perpetrated as easily as someone stealing a blank check from your home or vehicle during a burglary, searching for a canceled or old check in the garbage, or removing a check you have mailed to pay a bill from the mailbox.

Security Tips:

Tips on Avoiding Checking Account Fraud

  1. If you discover your check(s) are missing, REPORT it to your credit union immediately and let us help protect your funds, and walk you through reporting it to law enforcement.
  2. Keep your checkbook in a safe and secure place. When you reconcile your checkbook, make sure all your checks are accounted for and no checks (check number sequence) are missing.
  3. Just say NO to Checks! At Aventa you can qualify for a debit card, sign on to online access and internet bill pay and not have to use checks!
  4. Through online access you can monitor your account daily if you choose to insure your account is in order.
  5. Sign up for E-Statements to receive your statements electronically the first day of the month and prevent the opportunity of someone stealing your information, or a copy of your check, via the mail.

How to Handle Checking Account Fraud

Imagine this – you’re at a bank applying to open a checking account and you’re told that they can’t open an account for you at this time because you’ve bounced checks on a previous account and have been reported to a company called ChexSystems. The problem is, you’ve never had a checking account at the bank that you’ve been reported by and you’ve definitely never bounced any checks. So what do you do?

  1. Contact ChexSystems. The first thing you’re going to do is contact ChexSystems. You’re going to want to get a copy of your ChexSystems report. Once you have the report, you are going to want to dispute the info on that report, and you’re going to contact the financial institution that reported you informing them that an account was opened in your name fraudulently
  2. Get a Copy of your Credit Report. You now know your information has been used to open a checking account, so you’re going to want to get a copy of your credit report to see if they’ve opened any credit accounts (loans, credit cards, etc.) using your social security number.
  3. Contact the Police. Once you have written documentation from ChexSystems and/or the credit bureau that an account was fraudulently opened in your name, you’re going to want to file a report to get the ball rolling in investigating and prosecuting the person who fraudulently used your credit to open a checking account.

STOP SCAMS

DON'T GIVE OUT ANY FINANCIAL OR PERSONAL INFORMATION OVER THE PHONE, TEXT, FACEBOOK, TWITTER, MYSPACE, EMAIL

FINANCIAL INSTITUTIONS AND CREDIT CARD COMPANIES DO NOT SEND EMAILS REQUESTING UPDATED PERSONAL INFORMATION.

FOR ADDITIONAL INFORMATION CALL
NATIONAL CHECK FRAUD CENTER 843-571-2143

Shred

Unless needed for tax purposes, destroy old canceled checks, account statements, deposit tickets, ATM receipts (they also frequently have your account number and worse yet, your account balance). The personal information on it may help someone impersonate you and take money from your account. The safest way to destroy documents is to shred them. Aventa can shred documents for you if you don’t have a shredder one at home.