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Auto and Homeowners
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  Glossary of CU Terms
 
  ACH Ė 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, donít 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 youíre disabled and canít work? Who would make the payments on your loan? Get protection that pays. Planning your familyís financial future by protecting your loans with Credit Disability Insurance can help your family keep its standard of living if your income is reduced or eliminated due to a disabling injury or illness. 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
Itís fast, itís safe and itís free. Use Direct Deposit for your paycheck, social security, retirement plan, or pension. Whether youíre 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 unionís volunteer board of directors. 

FIELD OF MEMBERSHIP Ė FOM
The group or groups of people identified in the credit unionís charter that legally defines who may become a member of the credit union.

IRA Ė (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 IRAís. 

HOME EQUITY LOANS
The smart loan. Use the equity in your home to finance big expenses Ė 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 itís 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 itís members.

MEMBER
At the heart of the credit union system Ė 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 memberís accounts of up to $250,000 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.

TRAVELERíS CHECKS
Get your vacation off to the right start with free Travelerís Checks

WEYCO VISA CARD
No annual fee, low interest rate of 9%

   

Equal Opportunity Employer Ė Equal Housing Lender Ė NCUA insured up to $250,000

Weyco Community Credit Union
Ken Trowbridge Rd. Ė PO Box 69, Plymouth, NC  27962
Phone: (252) 793-7000 // Fax: (252) 793-3438
Email:
weyco@weycocreditunion.com
 

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