WSCU News Headlines

Supervisory Committee Position Available
WSCU is seeking a new volunteer to serve on the Supervisory Committee. Click here for more information.

Annual Meeting & Board Elections on April 29, 2010
In accordance with Weber State Credit Union’s Bylaws, elections for its Board of Directors will be held at the annual meeting scheduled for April 29, 2010. Two positions will be open for elections at this time. Each position carries a three-year term.

Individuals wishing to serve on this important governing body may submit a letter of application (limited to 150 words) and a resume’ to the Nominations Committee at 4140 Harrison Blvd. Ogden, UT 84408. Applications must be received by the close of business on January 29, 2010. To be eligible to run the Board, candidates must:

• Have a credit union membership in good standing (defined as having a minimum of
$25 in savings, current on all loans, within predetermined line of credit, and never having caused a loss to the credit union in past business dealings).

• Be at least 18 years of age.

• Be bondable.

• Attest to being free from any conflict of interest.

• Be able to attend at least 75% of all Board meetings (as mandated by law) and be willing to attend training and planning sessions.

• Be knowledgeable in all areas of credit union activity.

• Have no immediate family members who are current employees or volunteers at the credit union.

• Current employees are also ineligible for election.

Nominations for candidacy may also be made by petition. Members applying via petition must submit a statement of qualification and the petition for candidacy, signed by at least 1% of credit union members. Such applications must be accompanied by a certificate signed by the nominee stating they are agreeable to nomination and will serve if elected. The petition must be received by closing on March 12, 2010. Elections will be conducted by ballot at the annual meeting. Nominations will not be accepted from the floor. Board members cannot be monetarily
compensated, and are collectively liable for the actions of the board.

Introducing MyFund+Sweeps
The change jar has gone digital with the new MyFund+Sweeps account. Members with a Sweeps option can have the change in their checking account moved to a MyFund savings account automatically at the end of each day. To find out more, click here.

Find a free ATM or branch via iPhone app
iPhone users can now locate one of the 28,000 free ATMS or 4,000 shared branches across the United States using a free app. To download the application, just click the link below:
iPhone ATM locator
iPhone Shared Branch locator

Donate to earthquake victims in Haiti
WSCU is taking donations to help rebuild Haiti, click here to visit our donations page.

Limits on Electronic Account Transfers
Regulation D impacts the number of transactions WSCU may allow on your deposit accounts. The Regulation was implemented by the Board of Governors of the Federal Reserve System, whose job ensures that financial institutions maintain adequate reserves for the funds they have on deposit.

Federal Regulation D places a monthly limit on the number of transfers you may make from your Savings Accounts or Money Market accounts (MMAs) without requiring your physical presence. Transfers affected by this regulation therefore include:    
* Transfers made singE-Branch (Internet banking) or telephone banking    
* Overdraft transfers (made automatically to cover insufficient funds in other accounts)          
* Pre-authorized, automatic, scheduled or recurring transfers (see below).

You are allowed six electronic or automatic transfers per month, per account. To enforce compliance with Regulation D, Weber State Credit Union assesses a $5.00 charge for each transfer made from your Savings or Money Market accounts that exceed the Regulation D limits.

Regulation D does not apply to checking accounts, loan payments (between suffixes on one member number) or balance inquiries. Also, there are no limitations to the number of transactions that you handle on any account in person, by mail or through an ATM.   For questions regarding Regulation D, please contact our Help Desk at (801) 399-9728.


Beware of Phishing Scams
The number and sophistication of phishing scams sent out to consumers has continued to increase dramatically over the past several years. While online e-commerce is generally very safe, consumers should still be careful about giving out personal financial information over the Internet. Please be aware, Weber State Credit Union will never contact you via telephone, E-Mail, Text message, or mail to request your personal information. For more information on protecting yourself from Phishing scams, please click here.


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 Stabilization Act. However, if structured right, many of our members can insure over $1 million at WSCU. I encourage you to visit NCUA’s web site 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.

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.