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SPELC Federal Credit Union Privacy Notice

SPELC Federal Credit Union is owned by its members and run by a Board of Directors you elect. You can be confident that your financial privacy is a top priority of this credit union. We are required by law to give you this privacy notice to explain how we collect, use, and safeguard your personal financial information. If you have any questions, please contact the credit union at (337) 436-2257.

This notice describes how we protect the privacy of your personal information. Throughout this notice, the word “information” refers to personal information about you that may not be publicly avaiable.

Information that we collect and disclose to other:
We collect information about you from the following sources:
Applications and other forms you submit to us.
Information about your transactions with us.
Information about your transactions with others.
Consumer reporting agencies.

This information helps us to:
Establish and administer your accounts (to protect you from fraud)
To satisfy certain regulatory requirements (for example the Internal Revenue requires social security numbers for reporting of dividends received).
To better understand you so that we may provide you with additional or improved products and services (for example loan approvals)

We do not share the nonpublic personal information of our current or previous members and non member customers with affiliates or nonaffiliated third parties except as permitted or required by law.

How is that information protected?
We restrict access to information about you to those employees who need to know that information to provide products or services to you. We maintain physical, electronic, and procedural safeguards that comply with federal regulations to guard your information.

Important Notice: Regarding Federally Regulated Savings Withdrawal and Transfer Limits

Regulation D limits the number of certain transfers that a member can make FROM a Regular Share account.

You may make no more than SIX transfers or withdrawals per calendar month in the following manner:
- ACH (electronic payment transfer)
- SPELC online banking
-Telephone request by phone with a CU employee
- NSF Overdraft Protection

What Transactions Do Not Count:
-Transactions face to face at the CU

How can you avoid restrictions?
- Do not allow electronic payments FROM your savings accounts.  Instead set up the withdrawals from your checking account which has unlimited ACH withdrawals.
-Send your direct deposit to your checking account, rather than your savings.  The number of transfers from checking accounts TO savings accounts is not restricted.
-Balance your checking account periodically to limit the number of NSF transfers FROM your savings account.


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