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About Jeff-Co Schools FCU
| Credit Union
Staff:
- Jane Loyd, CEO
- Cyndy Ellis, Loan Specialist/Asst CEO
- Donna McGovern, Head Teller
- Mary Lynne Crabtree, Teller
- Sandy Dunkel, Member Service Representative
- Joyce Bechtel, Member Service Representative
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Board of Directors:
- Kevin Settle, President
- Steve Danner, Vice President
- Mary Jo Timberlake, Secretary/ Treasurer
- Robert Brown
- Joe Holt
- Ed Kownacki
- Jackie Bond Frey
- Richard Walton
- Jamey Van Zandt
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CEO
MESSAGE
May, 2010
In the last newsletter, we addressed the fact that the credit union has set up the requirements to follow Reg D.
Reg D is a regulation required by the Federal Reserve to set rules for monetary reserves that must be maintained with the Federal Reserve System. The Federal Reserve requires that a percentage of deposits of check paying accounts be on reserve with the Federal Reserve Bank, and this percentage is non-interest bearing. Therefore, if we do not limit the amount of transfers from a Savings Account, it will be considered a check paying account, and we would be required to deposit a percentage into the Federal Reserve Bank that would not earn interest. Therefore, we would no longer be able to pay high dividends on our Savings Accounts.
You may have up to 6 transfers/withdrawals per month from your savings/shares account. Please be careful with your share draft account since overdraft protection can affect the number of withdraws.
Jane Loyd, CEO
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© Copyright 2007 Jeff-Co
Schools FCU.
All Rights Reserved! |
