The page discusses Wescom Credit Union, its history and the primary services it offers to its members.
History of Wescom Credit Union
In 1934, a small group of employees of Pacific Telephone who felt that banks were more concerned about profits than the welfare of their customers, combined $65 in personal funds to create what they saw as an alternative to banks. Originally called the Telephone Employees Credit Union, it was rebranded in 1996 as Wescom Credit Union, or as it is known more simply, Wescom.
Today, Wescom Credit Union has over 44 branches and more than $3 billion in assets and more than 300,000 members use its services. While Wescom largely served those in the telecommunications industry until 1999, anyone who lives, works or goes to school in the counties of Ventura, Orange, San Bernardino, Riverside, Los Angeles, San Diego or Santa Barbara can use it’s services.
One of the largest credit unions in the US, WCU is a nonprofit financial cooperative.This means that the members (rather than shareholders in the case of banks) own the credit union. Consequently it is the members themselves who benefit from the success of the credit union and not shareholders. Wescom’s members benefit from ownership through higher savings yields, lower fees and lower loan rates.
Wescom Credit Union Services
Wescom offers a full range of financial services, including the following:
Wescom Checking Accounts – Free checking has no monthly fee, free online e-statements, free online bill pay services, a free Visa check card and free (no fee) withdrawals or deposits at over 25,000 ATMs in Wescom’s network. Wescom members receive a free first order of Wescom design checks, with no minimum balance required.
Wescom’s Premium Interest Checking Accounts – Premium interest checking costs $7 per month, but this fee is waived if you keep a combined average daily balance of $5,000 or more in your accountor if you are over 55 years of age. Interest is paid on all balances and as with free checking, members receive a free first order of design checks, no few withdrawals and deposits in the co-op network of ATMs, and 10 free monthly transactions at ATMs not in the Wescom or co-op network. As with free checking, you get a free Visa check card, free branch online banking, free bill pay online, free online statements and clear check images and access to a free teller automated phone service.
Wescom CU Savings Accounts – Wescom offers savings accounts with interest; depending on the account, there may be no minimum balance to a minimum balance of just one dollar. You can earn an extra 0.25% APY on some accounts if you set up an automatic saving plan with automatic withdrawals of that minimum $50 a month.
Wescom Credit Union Financial Services
WFS is Wescom’s full-service financial planning partner providing retirement planning, 401(k) advice, college planning, managed accounts, trust and investment services to Wescom members. In terms of investments, Wescom Financial Services offers savings certificates, IRAs, money market accounts as well as advice on other investment strategies.
Wescom Loans and Credit Services
Wescom also offer credit facilities such as:
- Personal loans
- Auto loans
- Home equity loans
- Mortgages
- Credit cards
- RV loans
- Boat loans
- and motorcycle loans.
Wescom and Child Savings Accounts
Finally, children are not forgotten at Wescom. Wescom offers three different accounts for children (for ages 0 to 10, 11 to 14, and 15 to 17). Each account offers different benefits depending on the age of the child. And with a $250 minimum deposit and a three-year term, College Saver Certificates earn children dividends for college. Each age-specific children’s account automatically transfers over to the next age-appropriate account once a child has reached the next age bracket.