Credit Union Philosophy
The WEE Federal Credit Union will, within the Guidelines of the National Credit Union Administration, offer full financial services to its field of membership in order to allow for economic improvement for those who choose to become members.
To provide full services to our members while maintaining the financial stability of the Credit Union.
What is a Credit Union?
A credit union is a non-profit financial institution set up to serve a group of people with a particular common bond. The primary reason for having a credit union is to promote thrift among its members. This is accomplished by offering these members a convenient way to save money as well as providing them a way of borrowing money at a reasonable rate of interest.
How Does the Credit Union Operate?
The basic principle behind the credit union is a simple one. Members voluntarily save a portion of their income at the credit union. The amounts are determined solely by each member. Then, as members begin saving, a pool of savings is accumulated. It is from this "pool" that loans are made to other members of the credit union. Loans can be made only to members. No outsiders may participate. Any money not loaned is invested at other Federally-insured financial institutions.
The most common way to participate in the credit union is through payroll deduction. Cash payments will also be accepted and a member may make cash payments in addition to regularly withheld deductions.
Payroll deduction may be used to replay a loan in addition to increase a savings account. This convenience will remove the worry of missing a payment as well as eliminate the cost of postage, envelopes, and checks.
Along with savings, the credit union offers signature loans, car loans, and co-maker loans. Also, a Christmas Club and a Vacation Club plan is offered to the members.
Every savings accounts at WEE Federal Credit Union is insured by the NCUA up to $250,000.
Please feel free to call the office for more information about the credit union.