Notice of Expiration of the Temporary Full NCUA Insurance Coverage for Noninterest-bearing Transactional Accounts (December 2012)

By operation of federal law, beginning January 1, 2013, funds deposited in a noninterest-bearing transaction account (including an Interest on Lawyer Trust Account) no longer will receive unlimited deposit insurance coverage by the National Credit Union Administration (NCUA). Beginning January 1, 2013, all of a depositor’s accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the NCUA up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category.

Treasury Department's Elimination of Over-the-Counter Sales of Paper Savings Bonds (November 2011)

NCUA has issued Letter to Credit Unions 11-CU-15 PDF File Download on the Treasury Department's elimination of over-the-counter sales of paper savings bonds on December 31, 2011. After that date, paper bonds will no longer be sold at financial institutions, including credit unions. Electronic savings bonds will remain available for consumers to purchase through

The letter explains that as a trusted source of information about savings bonds, credit unions will likely receive questions about these changes. NCUA suggests that you consider the following as you respond to member questions:

  1. Educate members about the upcoming changes. Let your members know they will no longer be able to buy paper savings bonds at your credit union or by mail order. Refer members to, where they can purchase, manage, and redeem electronic savings bonds online. Electronic savings bonds are secure and convenient to manage in a TreasuryDirect account, and your members will no longer have to worry about storing, misplacing, or losing paper savings bonds. In addition, with a TreasuryDirect account, members can purchase electronic savings bonds as gifts and convert paper savings bonds to electronic ones.
  2. Stop accepting applications for savings bonds after December 31, 2011. Members have until the close of business on December 31, 2011 to submit their final purchase applications and funds. Final applications mailed directly to the Federal Reserve by members must be received by December 31, 2011.
  3. Continue to redeem savings bonds. Consumers currently hold more than 670 million paper bonds worth $181 billion. Please continue redeeming these paper bonds on behalf of your members. Also, please inform members that paper bonds which have not yet matured but are lost, stolen, or destroyed, can be reissued in paper or electronic form.

Regulation D Requirements

Regulation D of the Federal Reserve System states that transactions performed electronically or with the use or aid of an electronic device (including telephones, but not ATMs) are generally subject to limitations. These transactions are limited to six (6) transactions per month. The credit union is required to monitor electronic Share Saving Account transactions. There are no limitations on transactions performed in person at the credit union. Please click here PDF File Download for more information on Reg. D Restrictions.

Funds Availability Policy

This disclosure describes your ability to withdraw funds at SFCU. Please click here PDF File Download for more information on Funds Availability Policy.

Depository Change Notice

SFCU no longer accepts Interest Coupons (for matured or called definitive municipal securities) for collection. The holder of the coupon will be required to consult with his/her broker to have the payment converted to an electronic payment into their credit union account.

Identity Compliance Notice

In order to comply with the USA Patriot Act, SFCU is required to verify the identity of members applying for and opening new accounts or services with the credit union. Information that we are required to obtain include name, mailing and residential addresses, tax identification number, date of birth and a copy of government issued photo ID. Additional data may be gathered depending on the type of account opened. Data on existing members will be gathered as they open or use additional services offered by the credit union. The act requires us to maintain records of identity verification and periodically update this information.

Regulation GG

In accordance with the requirements of the Unlawful Internet Gambling Enforcement Act of 2006 and Regulation GG, this notification is to inform you that restricted transactions are prohibited from being processed through your account or relationship with our institution. Restricted transactions are transactions in which a person accepts credit, funds, instruments or other proceeds from another person in connection with unlawful Internet gambling.