Whatcom Educational Credit Union

Programs: Wecu offers several types of credit cards to members. Each card includes cash back on purchases, no annual fee, low fixed annual percentage rate (apr), travel accident insurance when you purchase travel tickets with your wecu visa, optional payment protection, 24 hour access with e-max online banking and tele-max audio response and local service you can trust. Wecu has approximately 22% member penetration in our credit card program. In 2016, we opened 3,299 new visa accounts for our members, with new credit limits totaling over $17 million. In 2001, wecu launched a student visa program with our classic visa card. The goal of our student visa program is not to promote spending, but rather to provide an opportunity for our young members to learn about money management and maintaining good credit. Our program is designed for members 16 and 17 years of age and begins with an educational seminar. Students are required to attend the seminar and we strongly encourage legal guardians or parents to attend. The student visa seminar covers many topics, including the definition of credit, credit scores, how loans work, money management skills, the benefit of a visa card and what to do if your card is lost or stolen. Upon successful completion of the student visa seminar and a completed application with proof of income or parent/legal guardian as co-borrower, student members will be issued a $250 student visa. The card is good until age 21. However, if the loan is in good standing at the age of 18, students can apply for a $500 classic visa by filling out a new application with proof of income or parent/legal guardian as co-borrower. This program has been successful, and as of the end of 2016, we had 146 student visa accounts.

along with credit card loans, wecu offers auto, boat, rv, personal, secured, timeline and other consumer loans. Wecu also offers a credit builder loan solution for auto loans to assist members with establishing and/or building credit activity. We have very competitive rates and often fund very small loans that other financial institutions would not. In this capacity, wecu fills a critical role in the micro-lending economy. In 2016, we issued 10,608 consumer loans (excluding credit cards) to our members, totaling over $206 million. Wecu also provides access to the balance financial fitness program free of charge to members. Professional financial counselors at balance provide direction and support to any of our members who need help managing their debt and getting their personal finances back on track.

wecu offers several types of business loans - commercial real estate, lines of credit, commercial term loans, land/lot loans and others. Wecu also facilitates business loans through the sba 504 loan program. At the end of 2016, wecu's member business loan portfolio consisted of 728 loans for a total of $230 million. Wecu has seen a steady growth in our member business loan portfolio since its inception in may 2001. This growth serves as evidence of the need for a local financial institution offering business loans with low fees and competitive rates. Real estate loans. Wecu offers residential real estate loans with very competitive rates and low fees. Wecu also offers member education seminars related to buying a home. During 2016, we funded 938 residential first mortgages for our members, totaling over $233 million. At the end of 2016, wecu had 2,409 residential first mortgage loans outstanding, totaling over $428 million. We were also servicing an additional 2,615 in sold residential first mortgages for our members, increasing our overall real estate penetration to about 6. 1%. The average balance of residential first mortgage loans being serviced by wecu is approximately $167,926. Wecu also participates in the home$tart program through the federal home loan bank of des moines. The program helps families earning up to 80% of the area's median income purchase a home by providing grants which may be used for down payments, closing costs, or rehabilitation of an owner-occupied housing unit.