DCTFCU Checking Accounts

A D.C. Teachers Federal Credit Union checking account won't cost you a cent, no matter what your balance may be. There are no monthly fees whatsoever, and no per check fees either.

Other Nice Things About Our Checking Accounts
     • You get free use of the DCTFCU ATMs as well as those of many other institutions we have cooperative agreements with.
     • You can automatically deposit your paycheck into your account by using direct deposit.
     • You can make automatic bill payments from your account.
     • Your ATM card and the MacLine audio response system give you 24-hour access to your account. (If you don't have an ATM card, we can issue you one when you open your account.)
     • A line of credit is available to guard against overdraft charges. You can also request transfers of funds from regular shares to cover an overdraft. You can make six such transfers a month.
     • You can reorder checks online.

Each account is insured to $250,000 by the National Credit Union Administration, an agency of the U.S. government.

You may open your new checking account with funds transferred from another account you own at the credit union. If you mail your deposit to us, please do not mail cash. At your option, you may start or increase your payroll allotment or begin direct deposit to fund your checking account.

To open your checking account print out the application and agreement, complete it and return it to the credit union in person, by fax or by mail. Be sure to complete all sections including how your checks should be personalized.

Transaction Limits
The legal limit for withdrawals or transfers to another of your credit union accounts or a third party by means of a preauthorized or automatic transfer or phoned-in order or instruction to six per quarter. No more than three of the six transfers may be made by check, debit card or similar order to a third party.

Check Holds: Your Ability to Withdraw Funds
Our policy is to attempt to make funds from your deposits available to you on the same business day we receive your deposit. At that time, you can withdraw the funds by ATM or by DCTFCU-issued check and/or we will use the funds to pay checks that you have written. For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays and federal holidays. If you make a deposit before our cut-off hour on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after our cut-off hour or on a day we are not open, we will consider that the deposit was made on the next business day we are open.

Reservation of Right to Hold
In some cases, we will not make all of the funds that you deposit by check available to you on the same business day of your deposit. Depending on the type of check that you deposit, funds may not be available until the third business day after the day of your deposit. However, the first $200 of your deposit will be available on the first business day after the day of your deposit. If we are not going to make all of the funds from your deposit available on the same business day, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If you do not make your deposit directly to one of our employees, or if we decide to take this action after you have left the premises, we will mail you the notice by the business day after we receive your deposit. If you need the funds from a deposit right away, you should ask us when the funds will be available.

Longer Delays May Apply
We may delay your ability to withdraw funds deposited by check into your account an additional number of days for these reasons:
  a. You deposit checks totaling more than $5,000 on any one day;
  b. You re-deposit a check that has been returned unpaid;
  c. You have overdrawn your account repeatedly in the last six months;
  d. We have reason to believe a check you deposit might not be paid, for example: a third party personal check or one of your own drawn on another institution;
  e. There is an emergency, such as a failure of communications or computer equipment.
We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the fourth business day after the day your deposit would otherwise be available for withdrawal.

Holds on Other Funds
If we accept for deposit a check that is drawn on another bank, we may make funds from the deposit available for withdrawal immediately but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then not be available for withdrawal until the time periods that are described elsewhere in this disclosure.