The banking industry has issues but this non-for-profit is rock solid

  • By Lisa Amstutz
  • March 4, 2010
  • 624
                        
The Wayne County Community Federal Credit Union (WCCFCU) may be the best thing you’ve never heard of in Wayne County. Tucked away on a quiet Smithville street, this cooperative institution provides all the same services as a bank, but as a not-for-profit, they invest all of their profits back into their members. This results in cost savings for consumers. “Our main problem is that people don’t know what a credit union is,” said CEO Chris Blough. “We’re a cooperative financial institution with 4,500 members who all own a portion. People do their banking here.” Membership in the WCCFCU is open to anyone who lives, works, worships or attends school in Wayne County. At a time when banks nationwide are struggling, WCCFCU is doing very well. Last year they posted a 13 percent increase in assets and an 18 percent increase in loans to their members. “When you’re looking out for members’ best interests instead of trying to maximize profits, it makes a big difference. We’re really trying to focus on our strengths—we’re more personal, and can have face-to-face contact,” said Blough. The credit union’s slogan is “Putting People Before Profits Since 1966.” “The main thing we are doing in 2010 is focusing on the difference we can make in our community,” Blough said. “We can help retailers in the community who sell big-ticket items, like auto dealers, lawn and garden stores and furniture stores, by providing credit to consumers at a time when credit has dried up from banks. We can also offer no-fee loans and lower interest rates to borrowers.” Blough sees the small, regional nature of the credit union as an asset. “We only have to worry about making decisions that are good for Wayne County,” he noted. “All of our resources stay in Wayne County. We’re all local—we have nine full-time employees and one part-time, and we all grew up around here. We want to see the credit union be as big an asset to the community as it can be. We are extremely conservative because we see ourselves as stewards of our members’ money. We underwrite loans one-on-one and don’t invest in anything that’s not federally insured.” WCCFCU makes loans on everything from homes to boats to RVs. Loan rates are very competitive with area banks, particularly since there are no fees associated with the loans. Investment rates are competitively priced as well. “We price our products to break even and give as much value as we can to our members—we don’t try to make a lot of money,” Blough said. “We are a simple, very straightforward, low-cost institution. There are no gimmicks, points, etc. I see that as a huge advantage. We made over $4 million dollars in loans last year, at a time when credit was drying up elsewhere.” The credit union’s newest product for 2010 is their online banking system, which was rolled out Jan. 18. Members can now bank in their bathrobes if they want to by accessing their accounts online at www.wccfcu.com. The online system allows customers to do everything a teller would do from the comfort and convenience of their own homes. Another new product is the online BillPay system, which sends an electronic check to the customer’s utility company, credit card company or anyone else they would normally pay by check. The system can even be used to send a check to an individual. Besides convenience, the advantages include savings on postage and checks, an electronic guarantee that the payment was received and much more control over one’s budget. Plus there are no more “lost in the mail” worries. WCCFCU offers BillPay as a free service to their members, while many banks charge a monthly fee. It is one of the ways they have chosen to invest their profits back into their members. It is easy to become a member of the Wayne County Community Federal Credit Union; just open a savings account of $25, $5 of which is your share of ownership. Kids can participate in the Piggy Bank Club with an opening deposit of only $10. They receive a piggy bank and earn prizes each time they bring it in to make a deposit. Piggy Bank Club members are invited to several special events throughout the year. Blough is available to lead free educational seminars on budgeting and credit at local schools and other organizations. The Wayne County Community Federal Credit Union is located at 311 Kaufman Road in Smithville. Stop by the office or call 330-669-2117 for more information.


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