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ACH – Automated Clearing House
Electronic transaction to/from any of your
accounts
CERTIFICATES OF DEPOSITS
CDs offer a strong rate
of interest and the safety of a federally insured deposit!
CHRISTMAS CLUB ACCOUNTS
Plan ahead for the holidays, don’t get caught
short at the holidays! Our savings plan helps ensure plenty of money for
gifts. It also earns interest on the balance.
COMMON BOND
A unifying factor or characteristic among
people that links them while distinguishing them from others. The Common
Bond may be that they work at the same company or live or worship in the
same community.
CREDIT DISABILITY INSURANCE
What if a sudden illness or accident strikes? What if you’re disabled and
can’t work? Who would make the payments on your loan? If you have it, Credit
Disability Insurance will. And you can have it for just pennies a day
because of the special arrangements made by Weyco Credit Union. Remember to
ask for it the next time you take out a loan.
CREDIT UNION (CU)
Member-owned, not for profit financial cooperative offering financial
products and services and run by a volunteer board of directors.
DEBIT/ATM CARD
(VISA)
Faster and easier than writing checks. 24 Hour ATM cash access. Accepted
where checks are not. A detailed description of every card purchase you make
appears on your regular monthly statement. It is not a credit card because
the funds come directly from your checking account.
DIRECT DEPOSIT
It’s fast, it’s safe and it’s free. Use
Direct Deposit for your paycheck, social security, retirement plan, or
pension. Whether you’re on vacation, sick or traveling out of town on
business, your check will automatically be deposited and available for use.
DIVIDEND
Interest paid to members on shares, as
determined by the credit union’s volunteer board of directors.
FIELD OF MEMBERSHIP – FOM
The group or groups of people identified in
the credit union’s charter that legally defines who may become a member of
the credit union.
IRA – (INDIVIDUAL
RETIREMENT ACCOUNT)
Save for a secure retirement through a tax-deferred and tax-deductible IRA.
Tax saving strategies help your money grow faster. We offer Roth,
Traditional, and Educational IRA’s.
HOME EQUITY LOANS
The smart loan. Use the equity in your home
to finance big expenses – and the interest is tax-deductible. You can have a
home equity line of credit if you qualify.
LIFE INSURANCE ON SAVINGS
Please note your insurance is based on your
age on the date of each deposit for which you are insured and does not
decrease as you grow older. Withdrawal of savings will be on a last in-first
out basis. The insured portion of your savings balance may not exceed $2000
and be in before you are 55. The credit union pays the premium free for it’s
members.
LIFE INSURANCE
(WITH TOTAL $ PERMANENT DISABILITY BENEFITS)
You are not insured for more than $10,000. If the balance of your loan
exceeds this amount, the excess is not insured. If you have more than one
loan, this limit applies to the sum of all your loans. The credit union pays
the premium free for it’s members.
MEMBER
At the heart of the credit union system – the
reason credit unions exist. This person holds at least one credit union
share and has the right to vote for the board of directors (has to be 16
years old to vote).
MONEY MARKET ACCOUNTS
Earns you interest and has a minimum balance
of $2,500. A good tool for savings.
NATIONAL CREDIT
UNION ADMINISTRATION (NCUA)
An independent agency of the federal government responsible for chartering,
insuring, supervising and examining federal credit unions.
NATIONAL CREDIT
UNION SHARE INSURANCE FUND (NCUSIF)
Administrated by NCUA, this fund insures member’s accounts of up to $100,000
in all federal and state credit unions in North Carolina.
PRIVACY POLICY
Weyco Credit Union does not share the private
information of our current or previous members and their families with any
person or corporation except when necessary to operate as a credit union.
Our employees are continually educated about the importance of maintaining
confidentiality and member privacy.
SAFE DEPOSIT BOXES
Safe & secure, protect your valuable and
treasured items from theft, fire, water damage or being accidentally
misplaced.
SAVINGS ACCOUNT OR SHARE ACCOUNT
Whether you are saving for a new bike, your
first home or retirement, you can enjoy both security and growth when you
open a Weyco Savings Account.
SHARE
A given amount of money a person deposits
with a credit union to become a member. It confers ownership rights and pays
dividends.
SHARE DRAFTS
The credit union equivalent to a checking
account. Use share drafts like ordinary checks, but earn interest on the
balance. You can make deposits to your share draft account through payroll
deduction, direct deposit, or in person. There is NO monthly service charge
and no minimum balance.
TRAVELER’S CHECKS
Get your vacation off to the right start with
free
Traveler’s Checks
WEYCO VISA CARD
No annual fee, low interest rate of 9% |
