WSCU News Headlines

See's Candy Now On Sale
Join us for a mouth-watering tradition this holiday season and save. WSCU will be taking orders for See’s candies for your holiday enjoyment and for those on your gift-giving list. Candies are now on sale and can be purchased at the Main branch. Orders must be placed and paid for by Friday, November 13th. The candies will be available for pick-up starting on December 7th.

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 usingE-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.