Welcome To Our Savings & Checking Information Center

We’ve gathered information for you on savings and checking accounts to help you manage your money.  We encourage you to review the information and give us a call if you have any questions.

Our Savings & Checking Information Center contains information on the following.

•         Important Links

•         Savings Options For Your Financial Future

•         Can’t Save?  Overcoming Your Obstacles

•         What Is A Share Certificate?

•         The Benefits Of “Laddering” Your Certificates

•         The Welcome Federal Credit Union IRA Advantage

•         The Necessity Of Check Holds

•         What Is A Dormant Account And What Can I Do To Avoid The Dormant Account Fee?

•         “Credit Union Checking” – Accounts With Advantages You Can Use Everyday!

Important Links

When you leave Welcome Federal Credit Union’s (WFCU) website and enter a website hosted by another party, the products and services accessed through the site are not provided or guaranteed by Welcome Federal Credit Union.  WFCU does not represent either the third-party website or you, if you enter into an agreement or transaction.  The links are provided for the convenience of informational purposes only.

Please be advised that you will no longer be subject to, or under the protection of, the privacy and security policies of our website.  We encourage you to read and evaluate the privacy and security policies of the site which you are entering, which may be different than ours.

•         National Credit Union Administration (NCUA) Share Insurance web page

http://www.ncua.gov/Resources/ShareInsuranceToolkit.aspx

•         National Credit Union Administration (NCUA) brochure ‘Your Insured Funds’

http://www.ncua.gov/Resources/ShareInsurance/YourInsuredFunds.pdf

•         Anytime Adviser Checking Account Coach

http://anytime.cuna.org/35774/index.php

•         MEMBERS Financial Services Resource Center

http://members.cunamutual.com/H2/ResourceCenter.aspx

•         MEMBERS Online Service Forms & FAQs

http://members.cunamutual.com/service/?SITE=03204793&imgid=buttons%2Flinkset02btn0700%2Egif

•         66 Ways to Save Money (Includes Transportation, Insurance, Utilities, Housing, Credit, etc.)

http://www.ftc.gov/bcp/edu/pubs/consumer/general/gen14.pdf

Savings Options For Your Financial Future

While advisers agree it's critical to save money, opinions vary on how to build those funds.  Each option has trade-offs.

•         A regular savings account provides liquidity, or ready access to your money, and your funds are insured.

•         A money market account, which allows a limited number of withdrawals, may be a better choice.  Most people are less likely to dip into it unnecessarily, and it may pay higher dividends than a savings account.

•         You can also invest your funds in share certificates, even though these are less liquid.  Short-term certificates (say, three or six months) won't tie up your money for long and may earn higher dividends than regular savings or money market accounts.  Under normal circumstances, longer-term certificates earn more in dividends, but bring a greater risk if you need the money before the certificate matures.  Early withdrawal penalties are usually incurred.

•         Another approach to building reserves is to start funding your IRA and 401(k) accounts.

Our competitive rates can help you earn more on your deposited funds!  We offer a variety of savings accounts including:  Share Savings, Custodian Accounts (for children under the age of 18), Scholar Dollar Accounts (for young adults in high school and college), money market accounts, Christmas Club Accounts, share certificates, and three types of IRA’s.

All savings accounts at Welcome Federal Credit Union are federally insured to at least $250,000.00 and backed by the full faith and credit of the United States Government (National Credit Union Association, a U.S. Government Agency).

Our deposit options include:  direct deposit, wire transfers, deposits by mail or in person at one of our five branches, and depository drop boxes.  Direct deposit is the easiest and surest method to build savings, as funds are deposited before they have a chance to dwindle away.

Try not to deplete your savings accounts for non-emergencies – new furniture, a new car, and so on.  You'll have to decide which strategy, or blend of strategies, for building reserves would work best for you.  Whichever you choose, choose Welcome Federal Credit Union and start saving today to ensure your financial future!

Can’t Save?  Overcoming Your Obstacles

If you think saving money is too difficult, we have the solutions to your savings hang-ups.

I don't have the money.  This is a standard reason when we wait to save what's left over.  It never happens.  Instead, "pay yourself first."  Use direct deposit to Welcome Federal Credit Union and automatically divert any amount you choose into your savings account.

It doesn't pay to save the small amount I can put aside.  Consistent, regular savings are the only kind of savings that add up.  If you can start with just $10.00 a paycheck, do it now!  When you see how that works, you'll find yourself raising the ante to $15.00, $25.00, $50.00, or more over time.  And yes, before you know it, your savings will accumulate!

Paying bills takes too much money to think about saving.  Maybe we can help you there, too.  Visit our Credit Management Center, review our Anytime Adviser Credit Management Coach, and/or phone one of our branches to discuss loan consolidation and refinancing options.  We may be able to reduce your payments and/or interest rates.  The amount you save each month can be added to your savings account with WFCU.

The bottom line:  We have the services you need to automate your savings.  Call us today.

What Is A Share Certificate?

A share certificate is similar to a certificate of deposit offered by other financial institutions, but uniquely named because members benefit from a "share" in Welcome Federal Credit Union, a not-for-profit financial cooperative.  Here's how our certificates work:

•           Invest a set amount of money for a set time period, terms vary (ex. 6 months, 12 months, etc.).

•           Earn a higher fixed rate of return than a regular savings or money market account.

•           Save worry-free because share certificates are insured to at least $250,000.00 by the National Credit Union Administration, a U. S. Government agency.

Share certificates work like certificates from other financial institutions, with a significant advantage – better dividend rates.  On average, credit unions pay more than banks on certificates, according to an analysis by the Consumer Federation of America.  And normally, the longer your term, the higher your dividends.

You've worked hard to save.  And you can trust us to work hard for you, to answer your questions, and to help you find the best solution for your needs.  Compare our Annual Percentage Yields (APYs) for yourself and see how you can earn more on your savings with a share certificate from Welcome Federal Credit Union – call us today.

The Benefits Of “Laddering” Your Certificates

If you find yourself with extra cash to invest in share certificates, why not reap the highest benefit over time by laddering them?  This method will help you reduce the risk of inflation on your investment portfolio.  Laddering is a method whereby your income producing investments such as bonds or certificates maintain a rolling maturity date.  For example, instead of one large certificate invested for a longer-term, you would make several smaller investments that mature on different dates (ex., three months, six months, twelve months, etc.).  These investments make up the rungs of your certificate ladder.

The benefits of laddering your certificates are:  lowering your risk of losing money when rates are low, increasing your returns when rates are high, and having access to a portion of your money should you need it for an emergency.

You can ladder any way you wish to best meet your financial needs.  For more information or to start your certificate ladder, contact your Welcome Federal Credit Union branch.

The Welcome Federal Credit Union IRA Advantage

Welcome Federal Credit Union offers all three types of Individual Retirement Accounts (IRA's):  Traditional IRA's, Roth IRA's, and Coverdell Education Savings Accounts (ESA).  An IRA offers you an attractive way to invest for your retirement.

Investing in a WFCU IRA also protects you from the unpredictable plunges of unstable financial markets.  What makes our IRA's the best for you?

•           Your IRA deposits are insured separately from your other Credit Union savings accounts.

•           You can invest in an individual retirement account (IRA) for just a few hundred dollars or less.  Opening an IRA usually offers you a lower minimum deposit than if you invest in a taxable fund, such as a mutual fund.

•           There are no fees for account maintenance and WFCU doesn’t charge penalties for early withdrawal (IRS penalties do apply).

•           With IRA's being our member's future, we make sure that our IRA rates remain competitive.

•           Convenient access to your IRA account information by phone, mail, TellerLine, or Virtual Branchâ Home Banking.

The Necessity Of Check Holds

No one likes to have a “hold” placed on their checks.  And, we don’t like to enforce the holding of funds.  Unfortunately, there has been a dramatic increase in fraudulent and counterfeit checks, certified checks, and money orders.

While the checks may look legitimate, they may prove to be counterfeit.  Did you know that you are ultimately responsible for the validity of all the checks that you deposit?  If a check is returned to WFCU for any reason, by law, you are liable to return the money to the Credit Union.  Just because you can withdraw the money from the financial institution doesn’t mean the check is good, even if it’s a cashier's check or money order.

We ask that you bear with us and realize that when we place a check hold, we are protecting both you and the Credit Union from possible losses.  Check holds are a good business practice and are not aimed at you personally.

What Is A Dormant Account And

What Can I Do To Avoid The Dormant Account Fee?

An account that has not had any activity within 12 months from the date of the last activity is determined to be a dormant account.  State law requires the Credit Union to send dormant account funds to the state after a certain period of time.

Why are there dormant account fees?  The Credit Union added the dormant account fee to the Fee Schedule because there are thousands of dormant accounts each year.  Dormant accounts cost the Credit Union money to maintain because they have no activity.  During our Annual State Exam in November of 2004, the State Examiner recommended that the Credit Union restructure our fee schedule to cover the costs of maintaining accounts such as these.  When the overall expense to maintain the accounts was reviewed, it was necessary to add the fee.

It’s easy to avoid a dormant account and the dormant account fee with Welcome Federal Credit Union – just make a deposit to the account, a withdrawal from the account, or transfer funds to or from the account at least once a year.

We invite you to reap the benefits of being a Welcome Federal Credit Union member by using all our services.  Plus, when you use your savings account, you avoid becoming dormant.

Make A Transaction Today!

“Credit Union Checking” –

Accounts With Advantages You Can Use Everyday!

Do you still have a checking account with a bank or other institution?  Take a close look at your last bank statement.  You may be surprised to learn how service fees and charges have crept up over the years.  For example, you may be paying high per check fees or a service fee for failing to maintain a high minimum balance.  If so, it’s time to check out a WFCU “Credit Union Checking” account.  We’ve designed our checking accounts to meet your individual needs.

A Welcome Federal Credit Union (WFCU) Checking Account makes managing your money easy.  It also fits your needs without the outrageous fees and ridiculous charges of the big banks!  We won’t charge you to visit or call us – we’d love to hear from you!

Below is a list of the advantages and options of a WFCU “Credit Union Checking” account.

•         No monthly service fees!  No per check charges!  No hidden fees!

•         No minimum balance requirement after your initial deposit of $50.00!

•         You can pre-authorize payment drafts from your checking account (ex. insurance companies, mortgage companies, utility companies, etc.)

•         Protect yourself from costly check returns and NSF fees with overdraft protection.  Overdraft protection options include WFCU savings accounts and overdraft line-of-credit loans.

•         With Direct Deposit, your paycheck is automatically deposited into your account.  Direct Deposit gives you access to your cash immediately!

•         No-fee Virtual BranchÒ Home Banking allows you to use a personal computer and the Internet to transfer funds, verify which checks have paid, view account history, and obtain general account information on all your Credit Union accounts.

•         Pay your bills whenever you get the urge with PayIT, our electronic bill pay service that’s integrated with Virtual Branch.

•         On-line enrollment for both Virtual Branch and PayIT is available at:  https://www.netit.financial-net.com/gwecu.

•         eStatements (Statement Express) – Receive your monthly and/or quarterly statements safely, quickly, and electronically.  Electronic statements provide secure, anytime, anywhere access to your Welcome Federal Credit Union statements.  On-line enrollment is available!  Just sign onto Virtual Branch, click the Self Service tab on the top menu bar, then click eStatements under Additional Services. Be sure to turn off your pop-up blocker for the Virtual Branch web site as there are terms and conditions that must be agreed upon before eStatements will be activated.  You will not see the disclosures if the pop-up blocker is enabled.

•         “TellerLine", our no-fee audio response system is just a phone call away.  Check your balances and transfer funds anytime, seven days a week!

•         Debit Cards – Use your Welcome Federal Credit Union debit card for your everyday purchases anywhere MasterCard® is accepted.  The PULSE® network system allows you to get cash-back at participating merchants!  You can also use your debit card worldwide to access your savings and checking at CIRRUS® network ATMs!

We invite you to open a “Credit Union Checking” account!  At Welcome Federal Credit Union, we offer you checking accounts with advantages that give you convenient access and the ability to manage your money without all those extra fees and charges!