Important Carolinas Telco Federal Credit Union (CTFCU) disclosures can be found here. All disclosures, rates, and terms specific to your account or loan are given at the time of account opening and are subject to change. Contact us or visit our Security Center for more information.
Your Savings Are Federally Insured To At Least $250,000
Carolinas Telco Federal Credit Union is chartered, regulated, and insured under the National Credit Union Administration, an independent agency of the United States government. The shares in your Carolinas Telco accounts are insured by the National Credit Union Share Insurance Fund (NCUSIF), an arm of NCUA. The NCUSIF was established by Congress in 1970 and is backed by the "full faith and credit" of the U.S. government.
As a member of a federally insured credit union, you do not pay directly for your share insurance protection. Your credit union places a deposit into the NCUSIF and pays an insurance assessment based on the total amount of insured shares and deposits in the credit union. Federally insured credit unions are required to deposit and maintain one percent of their insured shares and deposits in the NCUSIF.
Share accounts in federally insured credit unions are insured up to the Standard Maximum Share Insurance Amount (SMSIA), $250,000 as of October 3, 2008. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 increased the level of insurance on all accounts to $250,000. This increase, previously established on a temporary basis, has now become permanent.
You may obtain additional separate coverage on multiple accounts, but only if you have different ownership interests or rights in different types of accounts and you properly complete account forms and applications. For example, if you have a regular share account and an Individual Retirement Account (IRA) at the same credit union, the regular share account is insured up to $250,000 and the IRA is separately insured up to $250,000. However, if you have a regular share account, a share certificate, and a share draft account, all in your own name, you will not have additional coverage. Those accounts will be added together and insured up to $250,000 as your individual account. Additionally, shares denominated in foreign currencies are insured as outlined in NCUA Rules and Regulations.
Coverdell Education Saving Accounts, formerly education IRAs, are insured as irrevocable trust accounts and will be added to a member’s other irrevocable trust accounts and insured up to the SMSIA. Roth IRAs will be added together with traditional IRAs and insured up to $250,000.
Additional coverage is available on revocable trust or payable on death accounts on a per beneficiary basis. A co-owner’s interest in all joint accounts in the same credit union will be added together and insured up to the SMSIA.
The federal insurance fund has several programs to help insured credit unions which may be experiencing problems. Liquidations or failures are a last resort. If a federally insured credit union does fail; however, the NCUSIF will make any necessary payouts to the credit union’s members. These payouts are usually done within 3 days from the time the credit union closes its doors.
Remember, not one penny of insured savings has ever been lost by a member of a federally insured credit union.
Funds Availability Policy
Our general policy is to make funds from your cash and check deposits available to you on the same business day that we receive your deposit. Once they are available, you can withdraw the funds in cash and we will use the funds to pay checks that you have written. However, in some cases, we will not make all of the funds that you deposit available on the same business day, and this policy discloses potential holds and lengths of time a hold may be placed. Full Funds Availability Policy Disclosure
Have you ever had a situation where you are making a purchase with your Visa Check Card and suddenly realized the check you meant to deposit a few days earlier is still sitting in your wallet? You worry and wonder whether that purchase will go through. We can help ease your mind. At Carolinas Telco FCU, we provide overdraft services to cover those one-time debit card transactions - saving embarassment and the extra hassles in your already busy day. We want to be sure you are aware of the overdraft protection options available to you to ensure your transactions are processed. Learn More About Overdraft Opt-In
Carolinas Telco Federal Credit Union (CTFCU) offers Courtesy Pay as a member service and is under no obligation to pay items when your account has non-sufficient funds (NSF), even if previous NSF transactions were paid. Courtesy Pay means that we strive to pay your overdrafts when possible at those times when your account balance is not sufficient to cover the items that you have presented. We do so in anticipation that you will be making a deposit immediately to bring your account to a positive balance. With Courtesy Pay, overdraft occurrences do not stop, members are merely providing an opt-in/opt-out decision on Courtesy Pay. Learn More About Courtesy Pay
If you have a loan with us, you will receive specific agreements and disclosures at the time of application and/or closing of the loan that are applicable to your specific loan. If you have any questions about your loan agreements with us, please contact Carolinas Telco at 1-800-622-5305.
Credit Card Agreement
If you have a Visa Platinum Credit Card with us, this is your current agreement. View Credit Card Agreement.
This disclosure provides specific details regarding the Visa Platinum Credit Card, including rates, fees, and terms. You will receive a disclosure with rates and terms specific to your account at the time your Credit Card is opened. View Credit Card Application and Solicitation Disclosure
Online Banking Agreement
Your access to Online Banking is governed by an agreement. All users of Online Banking accept this disclosure at the time of the first log in and may be required to accept disclosure updates in the future.
Bill Payer Agreement
Access to the Bill Pay service is available to members with Checking Accounts. This agreement must be accepted the first time the user access Bill Pay, and you may be required to accept disclosure updates in the future.
Third Party Links
By accessing any links on the credit union" Disclaimer:
You will be leaving the Credit Union's web site and entering a web site hosted by another party.
Although the Credit Union has approved this as a reliable partner site, please be advised that you will no longer be subject to, or under the protection of, the privacy and security policies of the Credit Union's web site. The other party is solely responsible for the content of its web site.
We encourage you to read and evaluate the privacy and security policies on the site you are entering, which may be different than those of the Credit Union.
Children’s Online Privacy Protection Act (COPPA)
Carolinas Telco Federal Credit Union may periodically offer Youth Services on its website for the convenience and education of the children of its members. We encourage parents or guardians to monitor children under age 13 when children are online and to participate in any interactive activities offered on the website.
Carolinas Telco is committed to protecting the online privacy of the children who visit its website and to complying with the Children’s Online Privacy Protection Act. COPPA prohibits unfair or deceptive acts or practices in connection with the collection, use or disclosure of personally identifiable information from and about children on the Internet.
- Personal information – Carolinas Telco does not collect or use underage members’ personal information through this website.
- Site traffic records – Carolinas Telco collects information on domain names, types of browsers used and dates and times of visits to www.ctelco.org. This information includes no personal identifiers and allows Carolinas Telco to record website traffic to improve navigation and content.
- Cookies –Carolinas Telco does not require the use of per-session cookies. Cookie information is never sold, given or disclosed to third parties.
- Email – Carolinas Telco may use feedback information from readers to respond to member service requests, inquiries, comments or suggestions when emails are initiated by the visitor to the Credit Union website. Email information is never sold, given or disclosed to third parties.
Carolinas Telco’s Web Site and any current or future Youth Services pages may include links to the external websites of others. These external sites are not part of Carolinas Telco Federal Credit Union’s services, are not under our control, and may not comply with applicable law. Because these external websites may have privacy policies that are different than Carolinas Telco’s, please consult the privacy policies of any website that asks for personally identifiable information before providing it.