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Checking & Savings FAQ's
 


What is CGFCU's routing number?
What is Regulation D?
Why must I keep $5 in my Share savings account?
I am seeing pledges placed on my checking account. What are they?
Why do you need a photo ID and social security number to open an account? 
 

Q. What is CGFCU's routing number?
A. CGFCU's routing number is 221382468. A routing number is a nine-digit number (eight digits and one check digit) that uniquely identifies a financial institution. The routing number is printed on checks, deposit slips, etc., and is used to route all financial transactions to the appropriate bank.
 

Q. What is Regulation D?
A. Regulation D is a federal regulation that limits certain withdrawals and transfers on accounts such as Savings and Money Markets. The account limitations are:

  • No more than six transfers and/or withdrawals can be made per calendar month to a third party by means of preauthorized or automatic transfer, telephone agreement, order or instruction.
  • No more than three of the six can be made by check.
     

Q. Why must I keep $5 in my Share savings account?
A. Your $5 minimum deposit into a Share Savings account establishes you as a member of CGFCU. It symbolizes a "share" of ownership in the credit union and is the basis for voting for CGFCU's board of directors, opening other accounts, and accessing CGFCU's many services and member benefits. As long as you maintain your $5 balance, you are a member in good standing for life - even if you move out of the area or change jobs.
 

Q. I am seeing pledges placed on my checking account. What are they?
A. When you use your Visa® Debit Card, the transactions are online real-time. This means that after each ATM or Point of Sale purchase, the funds are automatically pledged from your account to protect you from overdrawing your account. When Visa® settles with CGFCU, these pledges will be removed and the purchase will show in your account history.
 

Q. Why do you need a photo ID and social security number to open an account?
A. The Bank Secrecy Act requires all financial institutions to protect the identities of their members by verifying their photo identification and their social security number. Your social security number is also needed so that CGFCU can comply with federal tax laws and report any earned interest on deposits or any paid interest on real estate loans.
 

 


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