You may have heard us respond a few times, "I'm sorry, but that is our policy," and have wondered what that actually means. This page is dedicated to list many of our most common IECU policies and procedures to help answer that question.
IECU's reputation is due in large part to the loyalty, commitment and continued efforts of its employees and members. IECU is committed to treating its members with the respect they deserve. Protecting our members and our employees does limit what we can share publicly, but you may ask for more details by emailing us at email@example.com.
- ACH Posting Requirements
- Apple Pay Verification
- Card Fraud/Unauthorized Transations
- Cash App
- Cashing and Depositing Checks
- Charge Off
- Inclement Weather
- Large Cash Orders/Withdraws
- Limited Cash Through the Drive Up
- Paid Ahead Loans
- Posting of Outgoing and Incoming Wires
- Remote Deposit Capture
- Requesting ID
- Returned Items
- Saving Account Transaction Limits
- Shared Branching
- Travel Notice
- Verifying Identity
- Wire ID Verification
ACH Posting Requirements: The Automated Clearing House (ACH) is where electronic funds transfers happen. The system is set up to allow consumers to provide their banking information to others in order to transfer funds, for example: pay bills and receive direct deposits. When set up properly, items flow through the system seamlessly. There is no human intervention unless something goes wrong, in that case it becomes an exception and our staff then review each exception item to see if it can be posted or if it must be returned (see Returned Items for more information). In order to process seamlessly, the ACH item must contain the correct codes and account numbers. For example, if you provide your IECU account number and indicate checking account, but you don’t have a checking account, the item will not post and must be returned. A tricky part for IECU members is that we allow sub-accounts and the ACH system does not. Keep in mind when setting up an ACH, your options are limited to your checking and 01 savings account.
Apple Pay Verification: We are pleased to offer Apple Pay, Samsung Pay, and Android Pay on our IECU Credit and Debit Cards. Sometimes your card may require another layer of authentication from IECU to complete the addition to your wallet. If you are asked to complete this step, all you need to do is call IECU for us to assist you in the final authentication step.
Card Fraud/ Unauthorized Transactions: In the unfortunate event there is fraud on your debit or credit card, you must notify us immediately. Federal Regulation requires we hear from you no later than 60 days after we sent the first statement on which the problem appears. If you don’t tell us within 60 days after the statement was mailed to you, you may not get back any money lost. Once you let us know, we will begin researching and provide provisional credit to your account. We then have 45 days to determine if it was fraud and the provisional deposit remains. Or if the merchant proves it was you, we will then reverse the provisional credit made to your account. It is important that you keep an eye on your account and the transactions posting. Our 24/7 phone line, mobile app and online banking are all great tools for you to use to monitor your accounts in real time.
Cash App: Due to an uptick in the dollar amount and frequency of fraud associated with CashApp, effective January 11th 2021, IECU has placed the merchant on the restricted list. Charges to your Debit Card and Credit Card for this merchant will be denied. This is out of an abundance of caution for our members. If you are in need of assistance regarding this matter, please contact a member of our team.
Cashing and Depositing Checks: How IECU handles checks is governed by Regulation CC and by the Uniform Commercial Code. The regulation governs check holds, while the UCC is the law we must follow in regards to such things as the check date, the payee, and the written amount verses the numerical amount. Rather than just our policy, it may very well be a requirement. This regulation was made to help protect our members from the liability they incur when falling victim to cashing stolen, forged or insufficient fund checks. For example, a check payable to John Smith can only be endorsed by and transacted by John. His father, wife or even someone who found the check on the street, is not able to cash or deposit the check. According to the UCC, John’s signature on the back is what IECU can depend on to then present the check through the processing system. In the big picture, if we and other financial institutions were to let someone other than the payee transact the check, in this case John, the entire US check system would fail. Therefore, we require the payee to be a member of IECU and sign/endorse the back of the item. If the payee is not on the account, we will need the payee in person with an ID giving consent in order for us to be able to cash or deposit the check. It is also important to note that IECU will cash member checks as long as there are enough aggregate funds in the savings and checking accounts to hold the amount of the check, otherwise the check must be deposited into the member’s account until it clears. Checks $225.00 and over will be subject to a two-day hold, with the exception of payroll and state checks. Please click here to view our funds availability policy disclosure to learn more.
Charge Off: On the more serious side of the Collections department is a charge off. A charge off is when IECU granted you a loan or you overdrew your account and did not pay the funds back. This means that you caused a loss to the credit union by not following through with the contractual obligations that you signed with us. This can have consequences leading up to and including termination of other services with the credit union or expulsion.
ChexSystems: All new checking accounts at IECU are scanned through a national database called ChexSystems. To qualify for a new checking account with IECU the applicant cannot have an account active with ChexSystems. If when you attempt to open your account you discover that there is an open account that you are unaware of, the IECU team member that you are working with will give you information to reach out to the financial institution to rectify the account that was reported to ChexSystems.
Collections: We understand that sometimes your account may fall into collections. If you have fallen on hard times please reach out to a member of our Collections team. The Collections team works hard to come up with solutions for our members. This allows the members to maintain their credit history, as well as keep the credit union whole. If you are experiencing issues with your obligations to IECU, please do not hesitate to reach out to our collections team via phone or text at 217-528-2642
Inclement Weather: The weather in Springfield can be unpredictable, yet our policy is to be here during business hours to take your call, meet with you or assist you through the teller line. Of course, the safety of our employees takes precedence and so while we will make every effort to be open during times of bad weather, please know we may be understaffed or have a delayed start time. Should we need to adjust our hours, we will post that information on our webpage and on our social media pages.
Large Cash Orders/Withdraws: If you are in need of a large sum of cash, it is best to contact the credit union prior to your arrival. IECU is happy to accommodate large withdraws, but depending on the dollar amount prior day notice may be necessary.
Limited Cash Through the Drive Up: The drive up is very convenient for our members to use. To help keep you safe, IECU limits the amount of cash we send out through the drive thru. In years past it was limited to $1,000. However, in response to the COVID-19 pandemic, we increased the limit to $2,000. We recognize that this does cause an inconvenience to our members, but we want to assure you that this policy is to protect you. It is important that we are able to verify your identity and often through the windows it can be difficult to do so. It is important to us that we count out large cash amounts to you and this is impossible to do through the drive thru. It is also important that we keep our drive thru line moving and a large cash withdraw can be time consuming. For this and other safety reasons we limit cash through the drive thru. We understand that there may be times where you may need a special accommodation, if this is the case, please call the credit union prior to coming through the drive to make your withdraw.
Paid Ahead Loans: A common characteristic of consumer loans is monthly payments. At IECU all our loan contracts require a monthly payment. However, we recognize that at times members would like to make extra payments today and skip a future payment. While contractually we could enforce the monthly payment, we have chosen instead to set a limit of 90 days, meaning members can pay ahead but can only go 90 days without a payment. Therefore, you may get a notice from us stating that your due date has changed. Typically, this is because you’ve been paying extra which pushes your due date out. When it gets to be more that 90 days, we move the due date to just 90 days from now. If there are circumstances where you need your due date to be beyond 90 days, a Subsequent Action Form, changing the terms of your contract, could be an option. Our lending team would be happy to discuss that option with you, should the need arise.
Posting of Outgoing and Incoming Wires: IECU’s cut-off time for wire requests is 4:45 p.m. CST Monday thru Friday. We suggest you allow at least 15 minutes to complete the wire form and allow time for us to complete our verification requirements (see Wire ID Verification). Wires requested on Saturday or Sunday, either in office or online, will be posted on the following business day. Transversely IECU posts wires as they are received throughout the day Monday thru Friday, up until close of business. Wires typically do not arrive to us on the weekends, however if one does it will be posted the following business day. If you believe that you should have received a wire transfer that has not been credited to your account, please reach out to us at 217-528-2642 and we will assist you.
Remote Deposit Capture: RDC is the ability to use IECU’s app to take a photo of a check and have it deposited into your account at the credit union. This is a safe and convenient way that you can make your banking easier. However, because IECU doesn’t have the check, there are added risks that we need to mitigate. We ask that your endorsement on the back of the check indicate “remote deposit at IECU”, we also require that the name on the account matches the payee on the check, meaning you can’t deposit via RDC into your account a check from grandma to Junior if he isn’t on your account. In addition, we do place a hold on RDC checks and ask that you keep the item for at least 30 days to ensure it has been properly processed. And finally, we do have limits in place for this service. As with all of our products and services, please reach out if you have questions or we can be of special assistance to you.
Requesting ID: Our front-line prides itself on getting to know you and make you feel at home! In the instance that someone does not recognize you, they may ask you for your ID. The USA Patriot Act of 2001 requires IECU in section 326 to verify the identification of individuals we do business with. Our system is capable of scanning in your ID and then bringing up the image each time we access your account. Once we have it on file, providing it again won’t be necessary, unless of course your appearance has changed or it has expired. It is our sincere hope that you do not take offense to this, it is simply to protect your money and accounts with the credit union!
Returned Items: There may be occasions when items attempting to post to your account are returned. You can always call and ask us why, however, most often a return is because of insufficient funds in your account, trying to post to a closed account, or a mismatch of the account number and /or name between IECU and the business attempting to post. Once the item is returned, IECU is unable to retrieve it for posting. To avoid returned items (and a returned item fee) we suggest you take advantage of the overdraft protection program that best meets your needs and ensure you have given correct information to businesses posting to your account.
Savings Account Transaction Limits: There are “transaction accounts” like share draft accounts (as we now call them, a checking account) which offer unlimited transactions of any type or form. Then there are “non-transaction accounts” like share accounts (a.k.a. savings account) and money market accounts. These accounts are intended to have fewer transactions and are more about saving than spending. IECU’s savings accounts are all non-transactional limiting them to no more than six (6) transfers and withdrawals from your account to another account of yours or to a third party in any month. What transactions count towards your six? ACH debits, Online or Mobile Banking Transfers, Payments to third parties through our Bill Pay or other online banking transfer services, Automatic Transfers including those for overdraft protection and Transfers made over the phone. Basically, if you did not come into the branch or an ATM to make the transaction, you are using one of your six available transactions. If you exceed these limitations, we may reject your transaction or assess fees. If you are consistently getting these fees may we suggest opening a checking or share draft account.
Shared Branching: You already know that you can access your accounts at any IECU ATM, but did you know that you can also use any CO-OP Network ATM or Branch for free? Access your money ANYWHERE, ANYTIME, FOR FREE with IECU’s superior network of connections! For our guest members who are coming to IECU from another credit union, we follow the CO-OP guidelines. All checks presented must be deposited and will include a check hold. We are unable to cash any type of check for our guest members. If you have questions about a check hold, please contact your home credit union. In order to complete any transaction, we require a valid ID and your account number. All shared branching transactions must be completed during lobby hours. No transactions will be completed in our drive-thru.
Travel Notice: We know that the last thing that you want to happen is a hiccup while you are traveling. IECU asks that if you plan to travel, please let us know so that we make sure that your credit and or debit cards are flagged, so that you do not run into declines when your purchases are out of state. This can be done by simply calling IECU or through the member service tab via your online banking.
Verifying Identity: It is of the utmost importance that we are certain of the identity of the individual we are working with. While the team at IECU strives to provide a personal experience with every transaction, we may not know all of our members at first. We want to ensure that you feel safe with every transaction, so while we are getting to know you, we may ask you for identification. On the phone, in person, or online, we may ask for information to allow us to confirm who you are. It doesn’t take long before we know many of our members by face, therefore, you may not hear us ask the member in line in front of you, yet we ask you. Please know each staff member wants to provide the best service we can, as a result verifying your identity will likely look different with each interaction with us.
Wire ID Verification: In accordance with IECU’s compliance with the Patriot Act, we may ask you for a copy of your ID card with wire transactions. This information is required to be on file and logged with these transactions. This also goes hand in hand with protecting your identity as sending a wire is just like sending cash. We want to ensure that your accounts are protected.
If you have any additional questions or for more details, please email us at firstname.lastname@example.org.
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