Disclosures
Privacy Policy
The Lower East Side People’s Federal Credit Union (LESPFCU) shares non-public personal information about members only with the following non-affiliated third parties:
Auditor, Hamilton and Babitts CPA
Auditor, Wojeski & Company CPAs, PC
Abacus Credit Analytics
Alloya Corporate FCU
COOP Financial Services
Check Printing (Liberty Check Printer)
Collection Agencies (Stephen Einstein and Associates)
Credit Bureaus (Equifax, Experian, Transunion)
Data Processing (Visifi)
Examiner (NCUA)
Hamilton and Babitts CPA
IRS
Legal Counsel (Mitch Pollack and Associates PLLC)
Legal Counsel (Braverman | Greenspun PC)
Network Support (Dragonfly Technologies)
Risk Rating Analysis (BWB Solutions)
State Data Matching Program
TruStage member Insurance/ CUNA Mutual
LESPFCU collects non-public personal information about our members from the following sources: Information we receive from loan applications or other forms
Information about a member’s transactions with LESPFCU or others; and
Information we receive from a consumer reporting agency.
The information collected is used by LESPFCU personnel only to provide products or services requested by a member and it will not be disclosed to anyone, except as permitted by law.
LESPFCU restricts access to a member’s personal and account information to those employees who need to know that information to provide products or services. LESPFCU maintains physical, electronic, and procedural safeguards that comply with federal regulations to guard our members’ non-public personal information.
LESPFCU will provide an initial notice of the privacy policy at the time a “continuing relationship” with a member is established (when the account is open) and it will be enclosed with the Welcome Letter that is sent to new members. Another notice of the privacy policy will be sent to all the membership once a year.
Notice of LESPFCU’s Privacy Policy
LESPFCU’s website currently provides general information about the credit union’s products and services, locations, and hours. The site is not designed to collect personally identifying data on visitors and does not require the disclosure of any personally identifying information, except through Home Banking and online loan applications initiated by the member
[1] The Lower East Side People’s Federal Credit Union (LESPFCU) respects your privacy, and therefore we do not disclose any non-public personal information about you to anyone, except as permitted by law.
[2] If you decide to terminate your membership or become an inactive member, we will adhere to the privacy policies and practices described in this notice.
[3] LESPFCU restricts access to your personal and account information to those employees who need to know that information to provide products and services to you. We maintain physical, electronic, and procedural safeguards that comply with federal regulations to guard your non-public personal information.
Funds Availability – Reg CC
For accounts older than 30 days [1]:
| Type of Check | Available after |
|---|---|
| Government checks | 1 business day |
| U.S. Treasury checks | 1 business day |
| Cashier’s checks | 1 business day |
| Certified checks | 1 business day |
| Money Orders | 1 business day |
| Federal Reserve Bank checks | 1 business day |
| Federal Reserve Home Loan checks | 1 business day |
| Checks or drafts within United States (up to $5,525.00) | 2 business days |
| Checks or drafts within United States (over $5,525.00) | 7 business days |
| Re-deposited checks | 7 business days |
| Checks deposited to an account that has been overdrawn 3 times in the previous 6 months | 7 business days |
| Checks CU Management has reasonable cause to believe may not be paid | 7 business days |
| Third party checks | 11 business days |
For new accounts (less than 30 days old) and initial deposits:
Most checks will be available in no later than 11 business days. The following exceptions apply.
| Type of Check | Up to $5,525.00 Available after |
Over $5,525.00 Available after |
|---|---|---|
| Government checks | 2 business days | 7 business days |
| U.S. Treasury checks | 2 business days | 7 business days |
| Cashier’s checks | 2 business days | 7 business days |
| Certified checks | 2 business days | 7 business days |
| Money Orders | 2 business days | 7 business days |
| Federal Reserve Bank checks | 2 business days | 7 business days |
| Federal Reserve Home Loan checks | 2 business days | 7 business days |
[1] $225 of total deposit will be available the next business day
For all accounts, international checks will be held until funds are received by LES People’s FCU.
$225.00 of total deposit will be available the next business day.
A business day is Monday - Friday and does not include Saturday, Sunday or holidays.
Children’s Online Privacy Protection Rule
The Children’s Online Privacy Protection Act (COPPA) was passed to give parents increased control over what information is collected from their children online and how such information is used. The law applies to websites and services directed to, and which knowingly collect information from, children under the age of 13. LESPFCU websites and online services are not directed to children under the age of 13, nor is information knowingly collected from them.
For additional information on COPPA protections, please see the FTC website at www.consumer.ftc.gov/articles/0031-protecting-your-childs-privacy-online
Excessive or Luxury Expenditure Policy
It is the Credit Union's policy to prohibit excessive or luxury expenditures on
1. entertainment and events, 2. office and facility renovations, 3. aviation or other transportation services, and 4. other activities or events that are not reasonable expenditures for conferences, staff development, reasonable performance incentives, or other similar measures conducted in the normal course of our business operations.
This Policy applies to all directors and employees of the Credit Union. Additionally, this Policy specifies prohibited expenditures, approval procedures for expenditures which require prior approval, certification requirements of the Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), the reporting of actual or suspected violations, and compliance monitoring.
Entertainment: Entertainment is deemed as an activity that an employee or executive officer would use corporate funds for business-development purposes relating to a current customer or prospective customer or to further enhance the Credit Union's marketing efforts. Our policy is that all expenses incurred by the Credit Union should be for Credit Union purposes and used to develop business of the Credit Union. Events and parties focused on members for the purpose of attracting or retaining their business are not deemed as "luxury" or a violation of this Policy. These expenses should be documented and detailed as to the benefit derived by the Credit Union through the normal accounts payable process.
Conferences: We encourage our employees and officers to attend conferences that are appropriate educational opportunities. These conferences must be related to the financial services industry and have a direct correlation to their job.
Employee Recognition/Holiday Parties: Employee recognition/holiday parties are part of the Credit Union’s employee appreciation process. These events should be local in geographic nature and reasonable in cost.
Board/Management Retreats: Retreats shall only be used for educational or business-planning purposes. Board education is a vital part of maintaining and keeping a dynamic director base, and this Policy should not limit a retreat that is focused on strategic planning or education.
Office and Facility Renovations: Renovations of facilities and office spaces should be relative to the approved project and current business plan of the Credit Union. An exception will be permitted to address an emergency situation, such as an act of nature, and the expenditure is necessary to make the facility operational for customer use.
Aviation or Other Transportation Services: The Credit Union will reimburse employees and directors for reasonable transportation expenses incurred for travel to and from pre-approved conferences, planning retreats or other business purposes. Reasonable airfare is considered coach travel class. The Credit Union will not reimburse for first or business class travel. Private air services are not allowed under any circumstances. The Credit Union will not reimburse employees or directors for aviation or other travel-related expenses associated with any spouse or guest that may accompany them on a business trip. This would include travel, food and lodging.
Office and Facility Renovations: Expenditures for office furnishings, remodeling, or redecoration for any senior executive officer as deemed in the EESA ("SEO"), the aggregate cost of which exceeds $25,000. This prohibition does not extend to a corporate relocation or remodeling impacting a majority of the corporate offices or a newly-constructed branch, branch renovation, or branch relocation.
Aviation Services: Expenditures for the use of a private airplane are prohibited.
1. entertainment, conferences, board/management retreats, or other events; 2. office and facility renovations; 3. aviation or other transportation services; and 4. other similar items, activities, or events for which the Credit Union may reasonably anticipate incurring expenses or reimbursing an employee for incurring expenses. Employee Recognition/Holiday Parties: Any expenditure, regardless of amount, for employee recognition or holiday parties must be approved in advance by the CEO or CFO.
Exceptions: Notwithstanding the foregoing, prior written approval is not required for the following expenditures:
1. to remediate emergency or hazardous conditions; 2. to comply with building codes and ordinances; 3. to satisfy legal, contractual, or regulatory requirements; and 4. under the Board-approved annual operating budget.
Within 90 days of the completion of each fiscal year of the Credit Union, the CEO and CFO of the Credit Union shall certify that the Credit Union and its employees have complied with this Policy during the fiscal year or since the date of enactment of this Policy and that any expenses requiring approval were properly approved.
Approved: September 27, 2010
Reviewed: September 26, 2022
Truth in Savings Disclosures
The rates, fees and terms applicable to your account at the Credit Union are provided in this Truth-In-Savings Disclosure. The Credit Union may offer other rates for these accounts from time to time.
Except as specifically described, the following disclosures apply to all of the accounts. All accounts described in this Truth-in-Savings Disclosure are share accounts.
1. Rate Information. The Annual Percentage Yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the dividend rate and frequency of compounding for an annual period. For Holiday Club accounts, the Dividend Rate and annual Percentage Yield may change at any time as determined by the Credit Union’s Board of Directors. The Dividend Rates and Annual Percentage Yields are the rates and yield of the last dividend declaration date, which is set forth in the Rate Schedule.
2. Nature of Dividends. Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period.
3. Dividend Compounding and Crediting. The compounding and crediting frequency of dividends and dividend period applicable to each account are stated in the Rate Schedule. The Dividend Period is the period of time at the end of which an account earns dividend credit. The Dividend Period begins on the first calendar day of the period and ends on the last calendar day of the period.
2. Accrual of Dividends. For all accounts, dividends will begin to accrue on noncash deposits (e.g. Checks) on the business day you make the deposit to your account. If you close your account before accrued dividends are credited, you will not receive the accrued dividends.
5. Balance Information. To open any account, you must deposit or already have on deposit at least the par value of one full share in a Share Account. The par value amount is stated in the Fee Schedule. Some accounts may have additional minimum opening deposits requirements. The minimum balance requirements applicable to each account are stated in the Rate and Fees Schedule. For Share and Business Share Draft (Checking) accounts, there is a minimum Daily Balance required to avoid a service fee for the dividend period. If the minimum daily balance is not bet during each day of the dividend period, there will be a service fee as stated in the Rate Schedule. For accounts using the Average Daily Balance method as stated in the Rate Schedule, dividends are calculated by applying a periodic rate to the Average Daily Balance in the account for the dividend period. The Average Daily Balance is calculated by adding the balance in the account for each day of the period and dividing that figure by numbers of days in the period.
6. Account Limitations. For Holiday Club accounts, the entire balance will be paid to your Share account on end of day of October 31st and the account will be closed unless is set up with automatically renewal. This transfer will occur one day early if October 31st falls on a day in which we are closed. You may not make withdrawals from your Holiday club account at any other time. If you wish to access the funds in the account you may close it. For the Money Market Accounts the minimum amount to withdraw is $200.00 per withdrawal. No more than six withdrawals are allowed each month. There will be a fee charged for each withdrawal in excess of the six during any month. The month begins on the first calendar day of the period and ends on the last calendar day of the period. Repeated violations may result in account closure. In the event an account is closed within the first 90 days, a fee will be charged. For Personal Share Draft (Checking), Business Share Draft (Checking) and Non-Profit Organization Share Draft (Checking) accounts, no account limitations apply.