wwfcu_9ocxxop6 - Wayne Westland Federal Credit Union

WWFCU Announces Launch of Motor City Loans

July 12, 2022 wwfcu_9ocxxop6

Westland, Mich., July 12, 2022 – Wayne Westland Federal Credit Union (WWFCU), the reliable financial institution that has successfully served this community for 68-years, is pleased to unveil an exciting new loan product that is sure to meet the needs of the people of Wayne-Westland and the entire metro Detroit community.

MOTOR CITY LOANS – Targeting re-financing, new and used auto and home equity loans while helping members reach their financial goals is the mission of WWFCU.

Auto owners, buyers and residents will soon learn of the lowest and most competitive best-in-class rates anywhere in the southeast Michigan area.

The principles of WWFCU are offering auto loan rates as low as 1.75 percent to qualified buyers along with other member incentives and perks to celebrate the launch of Motor City Loans.

Wayne Westland Federal Credit Union has deep roots in the Motor City. They were first chartered in 1952 as the Kaiser-Frazer Employees Credit Union to serve the employees of the iconic Detroit car company – Kaiser-Frazer – that became today’s Jeep brand.

As Kaiser-Frazer progressed to Kaiser Motors, Willys-Overland, and later Kaiser Jeep, Wayne Community Federal Credit Union moved forward to become Wayne Westland Federal Credit Union – re-awakened to better serve the people of the motor city community.

“Looking back at our great successes in the Detroit area after seven decades have passed, we are still totally focused on providing the best service, incentives and rates for our members in the spirit of the historic heart of the American automotive industry” said, CEO Joleen Bowman.

“We’re ready to celebrate the expansion of WWFCU by offering this new and unique loan product. We have strong ties to the automotive industry and feel our new product, Motor City Loans, will be a perfect fit… our roots go deep and we’re proud of our heritage…”

Wayne Westland Federal Credit Union began in 1954 based on the credit union “people helping people” philosophy. As a community-chartered credit union, they place members first in all of their operations. WWFCU’s mission is to provide premium financial services to its member-owners and the communities of Wayne County by providing: first-class service, excellent rates and financial education. Learn more at www.wwfcu.org.

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Credit Unions

New Hours of Operation

November 9, 2021 wwfcu_9ocxxop6

New Hours Effective: December 1, 2021.

We are still here for you no matter what time it is!

Check out these 24/7 services:

*WWFCU Home banking	*30,000+ surcharge free ATM’s
*WWFCU Mobile banking App	*Phone Access Line (P.A.L.)
*Remote Deposit Capture

Lobby Hours:

Monday – Thursday: 9:30 a.m. – 5:00 p.m.
Friday: 9:30 a.m. – 6:00 p.m.
Saturday: 9:30 a.m. – 1:00 p.m.

Drive Thru Hours:

Monday – Thursday: 9:00 a.m. – 5:00 p.m.
Friday: 9:00 a.m. – 6:00 p.m.
Saturday: 9:00 a.m. – 1:00 p.m.

Fraud Protection Taxes

Protect Your Privacy! Stop the IRS from Looking at Your Account

September 24, 2021 wwfcu_9ocxxop6

In an effort aimed at increasing taxpayer compliance, the Biden Administration has proposed that financial institutions be required to report additional account holder information in an enhanced annual I.R.S. Form 1099-INT.

Beginning in 2023, the Administration hopes that the IRS will be able to use this information to increase tax compliance and thus raise federal revenues by $463 billion over ten years. The Administration’s Fiscal Year 2022 budget proposes the creation of a new and comprehensive financial account information reporting regime. Banks, credit unions, and other entities would be required to annually report to the IRS the gross inflows and outflows of account holders (businesses and individuals) with a breakdown for cash, transactions with a foreign account, and transfers to and from another account with the same owner.

These requirements would apply to savings, transactional, loan, and investment accounts. A de minimis exception would exempt accounts with gross flow threshold of $600. The vehicle for this reporting will be the existing I.R.S Form 1099-INTs sent by financial institutions, brokerages, and others to account holders who earned more than $10 in interest in a calendar year. In tax year 2019, over 81 million of these forms were delivered or made available to individual account holders.

Payment settlement entities would also be required to collect Taxpayer Identification Numbers and file a revised IRS Form 1099-K expanded to all payee accounts (except de minimis amounts), reporting not only gross receipts but also gross purchases.

Outlook over the next few months:

These proposed new reporting requirements are being taken seriously by the President’s allies on Capitol Hill. They have been mentioned in several hearings before the Senate Finance Committee and the House Ways and Means Committee. Senator Mike Crapo (R-ID) attempted to block these reporting requirements in the Senate Budget Resolution. However, the amendment failed by one vote in the Senate.

These proposed reporting requirements were expected to be included in the bipartisan infrastructure package in the Senate. However, opposition from Republicans prevented their inclusion.

This new compliance burden on financial institutions was mentioned as a “payfor” for the pending “human infrastructure” reconciliation package being assembled by Congressional leaders. The Ways and Means Committee is continuing its markup during the week of September 13, 2021 for the tax title of the Democratic majority’s $3.5 trillion “human” infrastructure bill. While this new burden was not included in the draft of the Build Back Better Act released by the Ways and Means Committee, it can still be included during the Committee markup, House floor consideration, or in the Senate.

Click here to Tell Congress to Oppose New IRS Reporting Provisions

Home Loans

Prepare to buy your new home like a pro!

September 24, 2021 wwfcu_9ocxxop6

When it comes to buying a new home, there are a lot of factors to consider. From budgeting to gathering the right documents, taking a few extra steps before you begin can save you a lot of time down the line!

Our friends at Mortgage Center put together a blog article that breaks it all down. Check it out to learn more about:

– What to budget for

– Getting pre-approved

– What documents you’ll need

– And more!

Fraud Protection

IMPORTANT INFORMATION REGARDING STIMULUS PAYMENTS

January 27, 2021 wwfcu_9ocxxop6

ATTENTION-IMPORTANT INFORMATION REGARDING STIMULUS PAYMENTS

If you received a check or a visa debit card as your stimulus payment, please read the following important information.

Stimulus Checks

Stimulus checks must be endorsed. Checks that are not endorsed or have “for deposit only” written on the back are not negotiable.

Third party stimulus checks will not be accepted.

Stimulus checks that are payable to multiple payees require an endorsement of each payee. Each signature will be verified against a valid driver’s license, state id, or passport. At least one of the payees MUST be a WWFCU member. If these requirements are not met, the check is not negotiable.

Visa Debit Stimulus Cards

Stimulus cards require activation and a pin number be established. Once the card is activated with a pin number, the card can be used for in store purchases, online purchases, and atm withdrawals.

When you use your card at the atm machine, you must select checking for the account type, not credit card. Because of atm fees your transaction amount may be declined if you request the entire amount. For example, if you are requesting to withdrawal $600, the transaction will decline because the card balance is not enough to cover the atm fee. You can request $580 and use the remaining card balance at local stores. There are daily atm withdrawal limits with the card, please refer to the terms and conditions enclosed with the card.

Tellers can pull money from the card to be deposited into your WWFCU account, however, the only way tellers can do this is to run the card as a cash advance through our point-of-sale terminal. There is a $15 charge to do this. To minimize cost, we recommend withdrawing the funds at the atm and depositing the cash into your WWFCU account.

Additional fees may be accessed by WWFCU in addition to the fees charged by the issuer of the card.

For more information regarding stimulus payments, please visit the IRS website and link below.

https://www.irs.gov/coronavirus/economic-impact-payment-information-center

Checking Account

WWFCU Fee Schedule Clarification

January 4, 2021 wwfcu_9ocxxop6

Dear Valued Member,

Wayne Westland Federal Credit Union management and staff wish you a Happy New Year! We hope the holidays have been good to you and your families, bringing both good health and happiness.

I would like to clarify recent concerns regarding our January 2021 fee schedule. The latest fee schedule was sent to our entire membership in your 2020 third quarter statement, reflecting the changes taking effect January 1, 2021. In order to continue promoting an economy to best serve all our members and Wayne County, we are continuously developing our safety protocols and contactless ways to better serve you throughout a difficult and challenging 2020 and into 2021. After careful consideration, our new maintenance fees were developed with our membership and staff safety at the forefront.

Please take a moment to review our latest account maintenance fees below.

Savings – $5 monthly fee; waived with a minimum balance of $50 OR you have a current WWFCU loan AND e-statements.

Checking – $10 monthly fee; waived with a minimum balance of $400 OR you have direct deposit AND a current WWFCU loan OR e-statements

Lifestyle Checking – $5 monthly fee; waived with e-statements AND a minimum of 15 debit card transactions monthly (excluding ATM transactions)

During the latest system update, we recognize some accounts were charged a fee in error. It remains our top priority to correct those errors and ensure they will not happen again. All our member service representatives are equipped with the knowledge and tools to convert your account and meet the latest requirements. We are available to you as always to answer your questions and assist in the implementation of proper services to avoid these new fees.

As you are aware, Wayne Westland Federal Credit Union is a non-profit organization with no share or stock investors and receives zero assistance from state or federal government agencies. We are working diligently to find ways to combat pressures of our own current COVID 19 environments, while still offering premium financial assistance to our members who have also been affected by COVID 19, having higher expenses due to the pandemic with much lower income. Through a joint effort by our staff and membership, we will continue through these tough times together, helping each other along the way.

We know this year has been extremely difficult for all our members. Wayne Westland Federal Credit Union believes now more than ever, in the importance of being here for you. We will continue to give 110% along with the highest quality member service, to guide us in continuing our focus toward our members financial success. With your continued support, patience, and understanding during these difficult times, we are confident we can rectify these changes for our members.

We promise to continue looking for ways to improve your member experience and will never give up on fighting for your financial success. Our members are the reason we are here and always remain our top priority. We are very thankful for every single one of you and will continue doing everything we can to assist with all your financial needs.

I would like to personally thank my own frontline staff at Wayne Westland Federal Credit Union for a tremendous job throughout all of 2020 and for their continued efforts to keep our lobby doors open. Each one of them has played a vital part in keeping us moving forward and focused on you. It is very important their efforts be impactful. Please continue offering your patience and understanding while we navigate during these difficult times and work tirelessly to clarify changes with you.

On behalf of our management and staff, I thank you for your continued membership with us. We look forward to being a part of your continued growth and success.

Sincerely,

Joleen Bowman, CEO

Credit Unions

WWFCU 2021 Holiday Closings

December 22, 2020 wwfcu_9ocxxop6

**Holiday Closings**
New Year’s Day	Friday, January 1, 2021**
Martin Luther King, Jr. Day	Monday, January 18, 2021
President’s Day	Monday, February 15, 2021
Memorial Day Weekend	Saturday, May 29, 2021
Memorial Day Weekend	Monday, May 31, 2021
Independence Day	Monday, July 5, 2021
Labor Day Weekend	Saturday, September 4, 2021
Labor Day Weekend	Monday, September 6, 2021
Columbus Day	Monday, October 11, 2021
Veterans Day	Thursday, November 11, 2021
Thanksgiving Day	Thursday, November 25, 2021
Christmas Eve	Friday, December 24, 2021
Christmas Day	Saturday, December 25, 2021

CD Investments Savings

Is a Money Market the Best Choice for Me?

October 2, 2020 wwfcu_9ocxxop6

Are you looking for a way to save money, but a savings account isn’t enough? A money market account is a no-risk, higher interest way to put your money away for a rainy day.

What is a Money Market Account?

A money market account is basically a savings account that offers easier withdrawals and a slightly higher interest rate. However, most money market accounts do have higher minimum deposits and balance requirements compared to a regular savings account. The good news is your money market deposits, like your other credit union deposits, are federally insured by the National Credit Union Administration for up to $250,000. With a money market account, you can make up to six withdrawals or transfers each month, so you have easy access to your savings.

Is a Money Market Account the Best Choice?

If you’re torn between keeping your money in a savings account or opening a certificate of deposit (CD) or a money market account, we break down the choices:

Type of Account	Interest Rate	Why Choose This Account?
Money Market Account	Slightly higher than with a savings account	· Higher rate · Can make monthly withdrawals/transfers
Savings Account	A bit lower than a money market account	· Usually has a lower opening deposit and minimum balance · Easy access to your money
CD (Share certificate)	Usually the highest rate of all accounts	· You won’t need the money for months or years · Low risk with higher interest rates

WWFCU Money Market Accounts

WWFCU offers three different money market accounts. You can withdrawal funds from your money market account at our branch or transfer money to other accounts either by calling us or through online banking. Here’s a look at our different accounts:

Money Market Account

Lowest interest rate
Dividends paid monthly
No early withdrawal penalties
A minimum balance of $2,500

Premier Investment Account

Excellent interest rate
Dividends paid monthly
No early withdrawal penalties
$25,000 minimum deposit

Capital Cash Account

The best interest rate
Dividends paid monthly
No early withdrawal penalties
$50,000 minimum deposit

Click here to view our money market account dividend rates.

If you’d like to learn more about WWFCU’s money market accounts, speak to a Member Service Representative in our branch or by calling (734) 721-5700.

Financial Wellness

What is the Envelope System and is it Right for Me?

September 25, 2020 wwfcu_9ocxxop6

In this age of technology, the idea of the envelope system seems to have faded away. Which is a shame. The envelope system is a great way to take charge of your finances and is great if you’re just starting out or want to be more hands-on with your money.

What is the Envelope System?

First, you create a monthly budget which should include rent/mortgage, utilities, groceries, dining out, gas, health expenses, car maintenance, personal expenses, entertainment, gifts, etc. Determine a dollar amount for each category. A good rule of thumb is to start with the 50/30/20 budget: 50% of your after-tax income towards rent, utilities and groceries, 30% towards things like clothes, eating out or gifts and at least 20% to paying off debt or adding to your savings account. Click here for budgeting tips.

After that, you write each category and the dollar amount on an envelope. Since your rent and utilities usually aren’t paid with cash, you won’t create envelopes for those categories. Once you have your stack of envelopes, you put in cash to cover that dollar amount with each paycheck. Example: You’ve allotted $400 per month for groceries and you get paid bi-weekly. You’ll put in $200 from each paycheck into your Groceries envelope.

When it’s time to go grocery shopping for the week, you take $100 out of the envelope and don’t spend a penny more at the grocery store. If you forget your envelope, turn right around and head home to get it!

Paying Online?

So, what if you pay for some of your expenses online? Still create the envelope with the category and amount on it, just don’t put cash in it. Each month write down exactly what you spend in that category on the envelope so you can track the expenses. Be sure to not go over the budget you set for that category.

Ran out of Cash?

Hey, it happens to the best of us. We drive more than we planned or eat out more than expected. The benefit of the envelope system, if you do it right, you can’t spend more than you’ve budgeted. You’re on the honor system here and are not allowed to take money out of other envelopes to cover your extra expenses. Running out of restaurant money? Time to look in the fridge for leftovers! Sticking to the system helps you stick to your budget.

In Case of Emergency

You can never predict when a car accident or medical emergency may crop up. If an emergency occurs, then it’s time to shift the money around in your envelopes. If you’re married, determine the best way to make it work financially. Adjust your budget and go from there. Just remember, a new pair of shoes is not an emergency!

Leftover Money

Still have money in some of your envelopes at the end of the month? Congratulations! If this is the case, then you may want to splurge a little like getting takeout or hitting your favorite fancy coffee shop. Better yet, take that money and put in your savings. You may even want to contribute to an emergency fund so you’ll never have to adjust your envelopes like described above. Learn more about emergency funds here.

The Pros of the Envelope System

There are several benefits to using the envelope system:

Fewer overdraft fees
Awareness of your spending habits
Curb overspending and impulse purchases
You’ll spend less

When you go cash-only in your day-to-day spending, you’ll soon discover you can’t spend more than you have. You’ll also be more aware of what you’re spending and possible gain more of an emotional attachment to your money because of it.

The Cons of the Envelope System

It can be time-consuming determining your budget and withdrawing all of that cash for the month.
You may be risking loss or theft when carrying around large amounts of cash.
You won’t have the protection that comes with debit or credit card usage.

Ideally, you’ll only need to use the envelope system for a few months to get a handle on your spending habits and monthly cash flow. However, there are some people that never stop using this system. The decision is up to you!

Checking Account Fraud Protection

Do I Still Need to Balance My Checkbook?

September 18, 2020 wwfcu_9ocxxop6

Checks? Who writes checks anymore, let alone balance a checkbook? While the process may seem old-fashioned, believe it or not, it’s still necessary.

Balancing a checkbook, also known as bank/account reconciliation is still needed because it can help you catch any errors or fees and helps you stay on top of your finances. Read on to see how to balance your checkbook and the reasons why you should do it.

How to Balance Your Checkbook

Keep Track – Whether you use your checkbook’s register, a notebook or an app, the important place to start is to write down every transaction you make. From ATM withdrawals to buying a pack of gum at the drugstore, list every purchase, withdrawal or deposit you make.
Collect Receipts – The easiest way to track purchases and potentially fight fraud is to keep and collect your receipts. Don’t throw them out until your account is reconciled.
Add it Up – Add all of your deposits and subtract your withdrawals from your starting balance for the month.
Review Statements – Your bank statement is the most useful information you’ll have to view all of your transactions including any fees you may have been unaware of. The ending balance for the month should match the number you came up from step 3. If not, scrutinize your statement to see what you may have missed.
Follow Up – If you uncover fraudulent charges, discover fees you didn’t know were coming or find an error – contact your financial institution immediately to rectify it.

Why You Should Balance Your Checkbook

Find Mistakes

Sometimes those with access to our accounts, like merchants and banks, can make mistakes – usually costly mistakes. Keep track of overdraft and other fees, look for expected refunds etc. to make sure everything on your account is supposed to be there.

Discover Fraud
The biggest reason to balance your checkbook and review your accounts is to detect fraud when it happens, not months later. Looking through your transactions may help you discover fraudulent charges. Contact your financial institution immediately if you find fraud.

Manage Finances
The best way to stay on top of your spending is to review your monthly charges to see where all your money really goes. This will help you better control cash flow and your budget.

Don’t be intimidated by the whole process. If you’re tech savvy, there are numerous apps out there to help you through it all. We also have a video that covers the basics of balancing your checkbook, view it here. Have any questions? Contact a WWFCU Member Service Representative at (734 721-5700, stop by our branch or visit wwfcu.org.

Financial Wellness Loans

Build Credit with a Share Pledge Loan

September 11, 2020 wwfcu_9ocxxop6

Whether you’re just starting out or you’ve hit a few bumps along the way, building credit can be difficult. An easy way to start building or rebuilding your credit is with a share pledge/share secured loan.

A share secured loan (what WWFCU calls a share pledge loan) lets you use the money in your savings account to back the loan. Let’s say you have $200 in your savings account. A share pledge loan lets you take out a loan for $200 while freezing your savings account until the funds are paid back. There are numerous reasons to take out a share pledge loan.

Build Credit – If you have bad or no credit, you’ll find it hard to get credit. But every time you make a payment to your share pledge loan, you’re creating a positive credit history. This will, in turn, boost your credit score.
Low Rates – Because a share pledge loan comes with little risk to the lender, they also come with very low loan rates. If you get a share pledge loan at WWFCU, your rate will be 1.5%. The rates are fixed for the term of the loan.
Multipurpose – How you spend the money you borrow from a share pledge loan is up to you. But to play it safe, be sure to use it only for things you really need.
Convenience – Because there’s no approval process apart from determining how much you have in your savings account, the timeframe to get approved for a share pledge loan is really quick.
Your Savings is Protected – Because your savings will be frozen until you repay it, you’ll be rebuilding your savings with every loan payment. Once you’ve made a payment, that amount becomes unfrozen and useable.

Keep in Mind

While a share pledge loan/share secured loan is an easy, low-risk way of getting a loan and building your credit, you do need to be cautious of a few things.

Your savings is frozen till you pay back the loan, so make sure you won’t need access to those funds during the loan term.
Late loan payments will have a negative impact on your credit.
Loan non-payment will have a more drastic negative effect on your credit and damage your ability to borrow money in the future.

Click here to learn more about WWFCU’s Share Pledge Loan or you can stop by our branch or call (734) 721-5700 if you have any questions.

Home Loans Rates

3 Things to Consider Before Refinancing Your Home

September 4, 2020 wwfcu_9ocxxop6

The one good outcome of the economic chaos surrounding the pandemic is some of the lowest interest rates we’ve seen in a long time. But before you rush to refinance your home, there are three things to consider.

Do the Math
Yes, the interest rates are historically low, but they might not be low enough to make it worthwhile. If you’ve refinanced your home in the last couple of years, the difference in interest rates might not be significant enough to trigger a need to refinance. The rule of thumb is that interest rates should be a full percentage point lower than your current rate. When shopping for loan rates, be sure you’re comparing apples to apples. Some financial institutions will seem like their rate is much lower, but the rate might include you buying points to receive that rate. Buying points means you’re paying for a full percentage of your mortgage at the time of closing to receive that lower rate. It might not be worth it in the long run. Just be sure to do your homework and crunch the numbers ahead of time. Keep in mind, that credit unions usually offer some of the lowest mortgage rates around.
Check Your Credit
Given the financial fallout many of us are facing due to being laid off or having our hours cut, your credit score may have taken a hit. Visit Credit Karma or Nerd Wallet to get your credit score for free to see where you stand. If your credit score isn’t what you expected, you might want to get a free copy of your credit report at annualcreditreport.com. Review your information and credit history in your report to see if there are any errors or you may discover where you went wrong. Click here to learn how to read your credit report. If your credit needs a boost before you can refinance, we have a few tips to help you fine tune your credit.
Figure Out Your Future
If you’re only planning on being in your home for a few more years, then it probably won’t be worth refinancing. While you can save money in the long run when you refinance, there are a lot of up-front costs to consider. These include application fees, appraisal fees and closing costs. But if you’re planning on being in your home a decade or more and the interest rates are a percentage point or more lower than where you are now, then it might be time to refinance!

Coronavirus-Related Considerations

The current pandemic makes us reconsider many things these days, especially any unneeded person-to-person contact. If you’re skittish at the idea of refinancing, there are a few things to think about. Appraisals usually involve meeting the appraiser at your home. But these days, many companies are allowing drive-by appraisals where no direct contact is needed. Also, mortgage closings almost always involve sitting with someone in person to sign all of the papers. But thanks to electronic document signing options, your closer may be willing to do it all via email. It’s definitely worth asking about if meeting with your mortgage representative in person is a concern.

Still think refinancing is for you? Our partner Mortgage Center is here to help answer any questions you may have or to get your refinance underway. Click here for details.

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