We are living in a time where there may be some financial hardships arising for some of us. During these difficult times, it is easy to forget about parts of our daily life that are usually on autopilot. Some of these items are financially important and, if not kept at the top of the list now, may cause more problems for us in the long run. Below is a list of things to keep in mind as we make financial decisions during these challenging times.
AFT (Automatic Fund Transfer) – AFTs are great for making scheduled payments and transfers. However, when the money isn’t in the account the AFT needs to pull from, it can cause problems. When the money isn’t there, two things can happen.
• Loan payments will not be paid as scheduled and late fees could be assessed.
• When money does show up in the account the transfer is supposed to come from, the system may try to pull more than normally scheduled to “catch up” payments that haven’t been able to transfer.
You can maintain your AFTs right in online banking; just go to the “transfers” page and you can update any scheduled transfers.
Payroll Distributions – These can happen in two ways.
• Some have the employer distribute funds directly with their paycheck.
• Others elect to have the financial institution distribute the funds.
Either way, when the payroll amounts change or the method of deposit changes, updates to your distributions need to be made. If your employer handles your distributions, you will want to contact them and have them make any necessary adjustments. If your financial institution handles them, you will want to contact them immediately to make sure you have time to make any necessary payment adjustments.
Skip-A-Pay – This is a feature that is offered regularly at Wexford Community Credit Union. This product is normally assessed with a $25 fee. Currently, this fee is being waived during the coronavirus pandemic.
This feature allows you to “skip” a month’s payment by adding it to the end of your loan. The “skipped” payment is actually being added to the end of your loan by extending your term out by one month for every skipped payment.
While this feature sounds great and is helpful in these hard times, it is important to remember that the interest is still accruing on the “skipped” month’s payment. This will mean that when you make your next scheduled payment, the amount that is being applied to the principal is less because there is more interest that is owed now. Utilizing the Skip-A-Pay feature may result in a larger than a normal final loan payment. Please note that you can offset this by paying more than your minimum payment at any time during the life of the loan.
-Coronavirus (COVID-19) Update
-Tuesday, March 17, 2020
In conjunction with state and national guidance and our policy regarding pandemic response, effective today, our branch lobbies will be closed. All cash services that are available inside will now be available through our drive throughs. You may also use the the night drop, which is now open all day for deposits and payments, as well as our extensive online services through ItsMe247 and our WCCU Mobile App. Loan and account services are also available via telephone and electronically. Please see the information below to gain access to your accounts electronically.
Our staff are working and ready to assist you. Please call 231-775-2081 or email firstname.lastname@example.org. with your requests. We appreciate your patience and flexibility during this unprecedented time. Together we can continue to meet your financial needs while taking care to limit everyone’s exposure to illness.
-Monday, March 16, 2020
Dear Members of Wexford Community Credit Union,
As we monitor the evolving situation related to Coronavirus (COVID-19), WCCU is taking all reasonable measures to ensure the well-being of our members and our staff. We’ve implemented the CDC-recommended hygiene practices to limit the spread of infection, and are committed to continue serving as your hometown financial institution.
Effective tomorrow, Tuesday, March 17, 2020, in an attempt to honor the mandate to promote social distancing, the lobbies of our offices will be open to members with appointments only. As you all know, we often have upwards of ten to twenty members inside the lobby at any given time.
In order to continue to meet your financial needs, WCCU is offering full services via the following alternatives:
We are expanding the drive through services, and offer all transactions that would have been available in the lobby.
Mobile App & Online Banking
As always, our members have 24/7 access to their accounts through our mobile app for iOS & Android devices, as well as online at www.itsme247.com/045. Through this service, you have ability to see your account balances and transaction history, perform transfers between sub-accounts and memberships, and make payments to your WCCU Loans & VISA cards. You can find our mobile app at the links below:
*If you are new to online banking, visit www.itsme247.com/045 . Once at the login page, click on the “First-time user” link next to the blue “Login” button and follow the instructions.*
Night Drop Box
You can drop off deposits and loan payments in our night-drop boxes located near the ATMs at each branch. Envelopes received by 4:00 pm will be processed on the same business day.
Remote Deposit Capture
Mobile check deposits are available for qualifying members through our mobile app. Most checks that are deposited before 11PM (ET) will be processed and available in your account the next business day. Please see the “tips” in the “Deposit Check” section of our mobile app for a list of best practices when depositing your check remotely.
Instantly lock & unlock your debit or atm card, receive transaction activity alerts, and report lost/stolen cards in the “Card Controls” section of our mobile app.
Our member service representatives and loan officers are always available to assist our members, and answer any questions you may have throughout the lobby closure. You can reach us via email at email@example.com, or by telephone at:
Cadillac: (231) 775.2081
Lake City: (231) 839.2081
We are sensitive to the broad economic ramifications of the current pandemic and should making your payments become a challenge, please reach out by phone or email and we will do all we can to create solutions. Please reach out to us via email or by phone.
Wexford Community Credit Union will continue to update you on changes in our operations as new information is made available.
Thank you for your continued membership.