Products

SJCU has been in business since 1933 and since that time has developed into a progressive full service financial institution. After beginning with the basic savings account and basic unsecured loans, the credit union now offers numerous savings and loan opportunities. Take a closer look into our products! You and your family should be able to find the right products that will suit you best.

Since January 28, 2008, St. Joseph's CU has been electronically clearing member deposits whether to Checking accounts, Savings accounts, or Loan payments.

In late October 2004, an act known as the "Check Clearing for the 21st Century Act" (H.R. 1474), or "Check 21", went into effect as a Federal Law. This legislation is designed to improve the efficiency of our nation's check clearing system by encouraging electronic check processing, by all financial institutions.

A new "Legal" document, the "Substitute Check" has been given the same legal standing as an original check. A substitute check can be cleared electronically, and not need to be physically handled in the clearing process.

An accurate image of the front and back of the original check.
A magnetic ink character recognition (MICR) line on the document with all of the information from the original check.
The statement "This is a legal copy of your check. You can use it the same way as you original check."
Specific criteria for paper stock and dimensions.
Serve as legal proof of payment.

Originally, your original checks were shipped to and from institutions to clear manually. Now, "Electronic Processing" of substitute checks will result in several efficiencies, and many improvements:

Checks will clear faster.
Account balances will be more accurate.
Potential fraud will be detected much earlier. This will allow for faster investigation and resolution to fraud cases.

This law will affect anyone that writes a check as a method of payment. As stated above, checks will clear faster, and for the most part eliminate the period knows as "Float Time", or the time between writing a check and having the check actually clear your account. This will also shorten the time you have to "Stop Payment" checks, from days to hours. All other check cashing, and hold policies will not be effected by this change. Please refer to the credit union "Check Hold" policy for normal restrictions and hold periods.

Please contact us with any questions at (210) 225-6126. or email us at sjcu@sjcusatx.net.

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