FAQs

Credit unions are not-for-profit cooperative financial institutions that are owned by their members. Their directors are unpaid volunteers elected from within the credit unions’ memberships.

Credit unions offer most financial services found at banks including loans, savings accounts, checking accounts.

Credit unions vary in sizes. Some are small and operate in church basements, while others serve hundreds of thousands of members throughout entire communities. But all are non-profit cooperatives, and all share the same philosophy of “People Helping People.”

Credit unions generally offer better rates on loans and savings than do commercial banks, due to credit unions’ unique operation. While banks must make profits for their shareholders, credit unions exist only to serve their members. So instead of sending dividends to shareholders, your credit union returns it to you through better rates and improved services.

As a result, consumers have ranked credit unions as the leaders among financial institutions in customer satisfaction for the last 16 years.

Credit unions rank #1 in customer service. For the 18th straight year, Americans ranked credit unions at the top for customer service and member satisfaction in the American Banker/Gallup Consumer Survey. In the survey, 76% of credit union members are “very satisfied”, up from 75% last year. Credit unions were ranked higher than banks and thrifts in all customer service categories in the survey. That’s why we say credit unions are “Where people are worth more than money.”

• Your Credit Union usually has the lowest cost loans available.
• There are no hidden charges when you borrow at the Credit Union.
• Interest is computed only for the time that you borrow money.
• When you make a large payment, you automatically reduce the interest at the time, not an adjustment when the loan is paid in full.
• The Credit Union has Loan Protection Insurance at member cost.
• Loans are tailor-made to fit the members’ best financial interest.
• Counseling is provided upon request.

As soon as you join.

It depends on the security offered, ability to repay and other factors.

Yes, financial counseling is furnished as an additional service to our members, at no cost.

New and used car loans, recreational vehicle loans, boat, and motorcycle loans, signature loans and line of credit.

Every loan requires a witnessed promissory note, signed by the borrower. Further security such as shares, automobile or co-maker signatures may be required as determined by the judgment of Credit Committee, loan officer, or type of loan being applied for. Requirements are evidence of ability to pay and faithful intent.

The witness must personally see the borrower sign the note before affixing his/her own signature – thus the need for the loan notes to be signed at the Credit Union office.

Yes, in any amount and at any time. You are charged interest only for the number of days between loan payments. You never pay a penalty at the WES Credit Union when you make additional loan payments or pay off your loan early.

Yes, arrangements can be made to have your paycheck deposited directly into one or more accounts at your credit union. In addition, loan payments for loans made to Willoughby-Eastlake City School employees will be paid off through payroll deduction twice each month.

Yes! Transactions are kept strictly confidential, as your privacy is our main concern!

Yes.