WSCU News Headlines

Safe Harbor: Our Financial Stability
President’s Message from Vickie van der Have

No doubt you are aware of current financial news regarding recent bank failures, including the seizure of Washington Mutual. You’ve also heard of the recent government takeover of mortgage giants Fannie Mae and Freddie Mac, and of Bear Stearns, Lehman Brothers, and AIG’s problems. Certainly, our country’s financial system is dealing with what some consider as the worst crisis since the Great Depression, and has many consumers feeling anxious about the safety and security of their deposits.

Your accounts at WSCU are insured by the NCUA
Weber State Credit Union deposit accounts (checking, savings, money market accounts, certificates, etc) are insured through the National Credit Union Administration (NCUA), backed by the full faith and credit of the United States Government. Regular share accounts are insured to at least $250,000, an increase provisioned in the recently enacted Emergency Economic Stabalization Act. However, if structured right, many of our members can insure over $1 million at WSCU. I encourage you to visit NCUA’s website at http://webapps.ncua.gov/ins/InsuredFunds/FAQ.htm to learn more about your insured funds.

Weber State Credit Union's financial health is very stable
WSCU is well positioned to weather this current financial storm. WSCU has 9.30% of total assets in capital reserves (a type of "rainy day fund" for financial institutions); a much stronger ratio than banks typically have. While many banks, credit unions, and mortgage companies are suffering with staggering delinquencies and charge-offs, we created a strong lending policy that has minimized delinquencies, while still providing vital lending services for our members. Our financial health is very stable due to the minimal amount of risk in our lending portfolio. Weber State Credit Union refrained from making even a single sub-prime loan, even when it was the popular thing to do. WSCU continues to enjoy one of the lowest delinquency rates in the country with only 0.11% of outstanding loans delinquent, compared to a national credit union average of 0.91%. Currently 98% of our deposits are reinvested in the form of member loans, which means Weber State Credit Union is utilizing its deposit base to fund loans more effectively than its peers.

Nationally ranked returns for nearly four years
Weber State Credit Union has been ranked among the top 1% of all credit unions in the United States in the "Total Return to the Member" category by Callahan & Associates, a Washington, D.C.-based research firm. The ranking is based on a composite score that measures the returns we give our savers, the return we give our borrowers, and the product usage of our members. Weber State Credit Union is continuing in its endless campaign to reward membership regardless of economic conditions. Looking to the Future I wish to reassure our members that your credit union is safe, your deposits are safe, and our future is safe. We want to thank you for the opportunity to serve you for the past fifty-one years, and look forward to providing for all your financial needs well into the future.

Platinum Summer ends with a big giveaway

The Weber State Credit Union Platinum Summer promotional period has ended, and as promised, one random VISA card transaction was selected between June 16 and September 14 to win 250 gallons of free gas. Congratulations to Kraig Kolckzak on winning the Grand Prize.

Tax-free Education Savings Accounts now available
The all-new Education Savings Accounts are a tax-free way for parents and children to save for Elementary, Secondary, and College expenses. Find out more on the new accounts by visiting our ESA page.

7-11 store ATMs are now Service Center outlets
ATM locations in over 5,000 7-11 convenience stores nationwide are now Credit Union Service Center outlets. Members can make deposits, transfers, and withdrawals at these ATMs free of any fees. When using these enhanced ATMs, members are given the option of accessing the machine as a Co-Op ATM or Credit Union Service Center. For transfers and withdrawals, members should select "Co-Op ATM", for deposits, members should select "Credit Union Service Center".

Combine your VISA debit & credit card points
Members can now combine their Scorecard points from their debit and credit cards into one account for more redemption power. Members can request the consolidation by calling
1-800-854-0790, or visit scorecardrewards.com for more information.

For assistance or questions relating to any of the products, accounts or services we offer, please call 399-9728.