WVU Employees' Federal Credit Union

General Information

The WVU Employees' Federal Credit Union was chartered as a not-for- profit organization by the National Credit Union Administration (NCUA), a Federal agency, on October 12, 1961. The Credit Union is owned entirely by its members and is operated for them exclusively. The philosophy of "people helping people" is carried out by its savings and lending services. Members' savings provide the lending funds. The Credit Union has total assets of approximately 14 million dollars in use for its 4,800 members.

CREDIT UNION OFFICE

448 Harding Avenue
PO Box 6526
Morgantown, WV 26506
Voice: (304) 293-5737
Fax: (304) 293-7018
Office Hours: 9:00 - 11:00 Closed for lunch
12:30 - 4:30 Monday - Friday

FEDERALLY INSURED

NCUA share insurance protects each depositor against liquidation or bankruptcy of the Credit Union up to the maximum of $100,000. Credit Unions approved for NCUA insurance must meet high standards. Adherence to these standards is determined regularly by federal examiners.

LOAN PROTECTION INSURANCE (Life and Disability)

Your Credit Union also carries, at no direct cost to you, loan protection insurance up to $20,000. Every borrower is insured against death to age 70 or against permanent disability to age 60, whose loan qualifies and who meets the physical requirements. . .being actively at work and regularly performing all of the usual duties at the time the loan was advanced. If a known sickness or injury exists prior to the loan and the member dies or becomes permanently disabled within 6 months as a result of this or a related sickness or injury, no benefit will be paid, except for claims involving total insurable balances of $500 or less. Loan protection insurance means "Credit Union debts shall die with the debtor".

PAYROLL DEDUCTIONS AND DIRECT DEPOSITS

Members are usually able to have deductions made from their paychecks for savings, loans, Christmas clubs, and share drafts. The lump sum deduction is divided according to the desires of the member and the terms of the note if a loan is involved. Authorization forms are available at various locations, and should be returned to the Credit Union office.

Members can also request employers to electronically deposit paychecks into Credit Union Accounts. Payroll deductions and direct deposit can be used together. For example, a member could have payroll deductions for a Christmas Club account and a loan payment, with the balance of their paycheck electronically deposited into a checking account.

Direct Deposit from any source (ie government checks) can be deposited into any Credit Union account.

DIVIDENDS

Credit union earnings are returned to members in the form of lower interest rates on loans and higher returns for monies on deposit.

Member earnings on shares are called dividends rather than interest. Dividends will be paid quarterly on the last day of March, June, Sept. and December. All dividends are credited to members' accounts and unless withdrawn will remain to earn future dividends. Dividends are earned on an average daily balance.

BOARD OF DIRECTORS

The Board of Directors is responsible for ensuring that the Credit Union fulfills its key purposes: encouraging thrift, making member loans at reasonable rates, and providing excellence in member service. The Board sets the general direction of the Credit Union in the form of policies. It also guides the Credit Union in following federal and state credit union laws and governmental regulations, as well as ensuring the Credit Union's adherence to its bylaws. Board members serve 2 year terms without compensation. As part of a democratic cooperative, they are elected by the membership, from the membership, at the annual meeting in April. All members have an equal vote in this election.

The Board holds one regular meeting per month, usually on the third Wednesday of the month at 2:00 pm in the Credit Union offices. Meetings are open to Credit Union members.
See Board of Directors



	WVU Employees' Federal Credit Union General Information The WVU Employees' Federal Credit Union was chartered as a not-for- profit organization by the National Credit Union Administration (NCUA), a Federal agency, on October 12, 1961. The Credit Union is owned entirely by its members and is operated for them exclusively. The philosophy of "people helping people" is carried out by its savings and lending services. Members' savings provide the lending funds. The Credit Union has total assets of approximately 14 million dollars in use for its 4,800 members. CREDIT UNION OFFICE 448 Harding Avenue PO Box 6526 Morgantown, WV 26506 Voice: (304) 293-5737 Fax: (304) 293-7018 Office Hours: 9:00 - 11:00 Closed for lunch 12:30 - 4:30 Monday - Friday FEDERALLY INSURED NCUA share insurance protects each depositor against liquidation or bankruptcy of the Credit Union up to the maximum of $100,000. Credit Unions approved for NCUA insurance must meet high standards. Adherence to these standards is determined regularly by federal examiners. LOAN PROTECTION INSURANCE (Life and Disability) Your Credit Union also carries, at no direct cost to you, loan protection insurance up to $20,000. Every borrower is insured against death to age 70 or against permanent disability to age 60, whose loan qualifies and who meets the physical requirements. . .being actively at work and regularly performing all of the usual duties at the time the loan was advanced. If a known sickness or injury exists prior to the loan and the member dies or becomes permanently disabled within 6 months as a result of this or a related sickness or injury, no benefit will be paid, except for claims involving total insurable balances of $500 or less. Loan protection insurance means "Credit Union debts shall die with the debtor". PAYROLL DEDUCTIONS AND DIRECT DEPOSITS Members are usually able to have deductions made from their paychecks for savings, loans, Christmas clubs, and share drafts. The lump sum deduction is divided according to the desires of the member and the terms of the note if a loan is involved. Authorization forms are available at various locations, and should be returned to the Credit Union office. Members can also request employers to electronically deposit paychecks into Credit Union Accounts. Payroll deductions and direct deposit can be used together. For example, a member could have payroll deductions for a Christmas Club account and a loan payment, with the balance of their paycheck electronically deposited into a checking account. Direct Deposit from any source (ie government checks) can be deposited into any Credit Union account. DIVIDENDS Credit union earnings are returned to members in the form of lower interest rates on loans and higher returns for monies on deposit. Member earnings on shares are called dividends rather than interest. Dividends will be paid quarterly on the last day of March, June, Sept. and December. All dividends are credited to members' accounts and unless withdrawn will remain to earn future dividends. Dividends are earned on an average daily balance. BOARD OF DIRECTORS The Board of Directors is responsible for ensuring that the Credit Union fulfills its key purposes: encouraging thrift, making member loans at reasonable rates, and providing excellence in member service. The Board sets the general direction of the Credit Union in the form of policies. It also guides the Credit Union in following federal and state credit union laws and governmental regulations, as well as ensuring the Credit Union's adherence to its bylaws. Board members serve 2 year terms without compensation. As part of a democratic cooperative, they are elected by the membership, from the membership, at the annual meeting in April. All members have an equal vote in this election. The Board holds one regular meeting per month, usually on the third Wednesday of the month at 2:00 pm in the Credit Union offices. Meetings are open to Credit Union members. See Board of Directors