4th Quarter 2009
p Your Place
Call For Volunteers: BoarD
oF DireCtors aPPliCations
noW Being aCCePteD
Have you thought about volunteering at
Waterfront Federal Credit Union? It’s time
for those members who want to serve on the
Board of Directors to submit their letter of
interest to the credit union.
During the gooD times anD the BaD— Your letter should include a brief biography
Your CreDit union is Willing to Work With You about yourself that will be included with the
ballot. The letter must be received at the
With the current recession, many people are finding themselves having to credit union no later than December 31, 2009.
reach out for assistance more now than maybe ever before. And just get- The new Board members will be announced
ting a real person on the phone to speak with or a timely response seems at the Waterfront Annual Meeting.
to be a frustrating hurdle, among others. People are looking for help from
those who will be compassionate, understanding and nonjudgmental. Becoming a part of your credit union’s Board
of Directors means you have the ability to
Well, look no further. meet numerous Waterfront members, listen
At Waterfront Federal Credit Union, one of our main missions is to provide to their feedback and make decisions that
our members with a full range of individualized financial services through impact the interworkings of the credit union.
a convenient service-oriented and efficient manner. In other words, we If you have any questions about time require-
approach all of our decisions and interact with our members with the ments and responsibilities of a Director,
human element in mind. You’re not just a number with Waterfront—you’re
an owner, a member, a friend. It’s one of the major things that makes us please call Bill Holguin at 206-254-9850.
different than a bank—we don’t just say we care about you, was stand
behind you and work to prove it every day. leon r. smith memorial
And while we’re always here for our members, we want everyone to know sCholarshiP
that we are ready, willing and available to truly be here for you during
these difficult times. We will sit down with you, one-on-one, to discuss your Applications are available online or in the
current situation and look at alternative routes to help put you in a better branch lobbies and must be postmarked by
financial position. If times are so tough that you find it difficult to make your January 29, 2010. There will be four $1,000
monthly payments or have even gotten behind on some payments, we’ll scholarships available. Only applications
work together to find a solution you can live with that won’t harm your credit completed in their entirety will be considered
score or relationship with us and any other place you may owe. for scholarships. If you have any questions,
please contact the credit union.
We understand subjects like being late on payments, having difficulty
making ends meet, and other financial or credit problems are difficult to dis-
cuss, so know that we keep any conversation private and confidential, only holiDaY Closings
sharing the pertinent information needed to get you in a better situation.
WFCU will be closed on the following holidays:
So please, don’t hesitate to contact us to setup a meeting so we can sit down,
take a look at your current situation and work together to find alternatives that Columbus Day: Monday, October 12
could possibly help you consolidate, lower and even pay-off debts you have. Veterans Day: Wednesday, November 11
You’re our member and we’ll do everything within our capabilities to help. Thanksgiving Day: Thursday, November 26
Christmas Day: Friday, December 25
FrauD alert New Year’s Day: Friday, January 1
Have you ever received a suspicious e-mail, text, or web site link asking You can always access your money via
for your personal information? Please go to www.waterfrontfcu.com ATMs or Waterfront@Home. Find a local
to get information on how to avoid being a victim of fraud. branch/ATM online at waterfrontfcu.com.
800 423 1071 p waTerfroNTfCu.Com p memberserViCe@waTerfroNTfCu.Com
p Shop Talk
DiD You knoW?
A federal law, known as Regulation D, limits the
number of withdrawals from share, savings or
money market accounts. This law does not limit
the number of deposits into a share or savings
account. Under the law, members may conduct
up to six withdrawals from a share/savings
account per month. Any withdrawals in excess
of the six per month allowed may force the credit
union to take corrective action on your account.
the CreDit CarD aCt oF 2009:
Changes to Your lines oF CreDit anD CreDit CarDs what types of accounts are limited by this law?
In May, President Obama signed into If the total of the payments you made on Regular share or savings accounts are subject
law the Credit Card Accountability or prior to the 28th day of the month totals to this law, as are money market accounts. Your
Responsibility and Disclosure Act of the minimum payment due by that date, checking account is not limited by this law, and
2009—better known as the Credit CARD your account will not be regarded as you can make unlimited withdrawals from your
Act—the first phase of which became delinquent regardless of the amount checking account.
effective August 20th. This act impacts or timing of the individual payments.
borrowers of any open-ended loans If you have automatic payments set up which transactions count toward the six allowed?
including lines of credit AND home- for a different day of the month, no change
secured (home equity) lines of credit The following types of transactions cannot exceed
is required; your payments will continue six per month (from savings or money market
(HELOCs). While the law will be phased to be processed and credited to your
in over the course of the next 10 months, account on that date. Payments will only accounts):
some of its key elements have already be considered late if the full payment due p Checks or drafts made payable to third parties;
gone into effect. is received after the 28th of the month. p Debit card purchases;
A key provision of the new regulation other changes p Preauthorized or automatic transfers to a third
stipulates that statements must be mailed party (including ACH transfers);
to members at least 21 days in advance The Credit CARD Act has some other
of the due date (rather than the current changes that may be of interest to you: p Transfers initiated through online banking, fax
14 days). This has an impact on mem- p At least 45 days’ advance warning is or text message;
bers with VISA credit cards, auto, RV, required in writing of changes to your p Telephonic transfers (including calls to member
motorcycle, HELOC, lines of credit, and credit card account. Previously, only service representatives or automated audio
signature loans. As Waterfront statements 15 days’ notice was required in most response programs);
are mailed out at the beginning of the circumstances.
month and 21 days notice is required, p Transfers to other accounts at the credit union
all loan payments will now be due on p The right to opt-out of interest rate or another financial institutions.
the 28th. If you have any payment agree- hikes and fee increases, and to can-
ment other than a monthly payment due on cel your account while paying off any which withdrawals are not subject to the law?
the 28th, your loan terms will be changing. outstanding balance under the previ-
The following types of withdrawals or transfers are
ous terms. Currently, issuers offer opt-
If you have weekly or bi-monthly pay- out provisions only at their discretion. not limited by the law:
ments setup, you may continue to make p Withdrawals made in person at a credit union
payments as often as you want. In the p The bill ends late fee “traps” such as
weekend deadlines and deadlines that branch;
past, each weekly payment included a p Withdrawals made at an ATM;
required minimum, and if you failed to pay fall in the middle of the business day.
such minimum by Friday of each week, p Customers must give permission to p Requests for withdrawals sent by mail or
you could be charged a late fee or the the lender to process any over-limit messenger to the credit union;
Credit Union could have reported your transactions (thereby avoiding p Loan payments made from your share account
account as delinquent to credit bureaus. “surprise” over-the-limit fees). to a Waterfront loan.
Now, however, even if you have estab- Keep an eye on your mailbox for a
lished a weekly payment schedule and If you exceed the six transaction threshold, the
written notice about the changing terms
fail to make scheduled minimum pay- for any of your credit cards or lines of credit union will notify you that you have reached
ments, your account will not be regarded credit of, if you have questions, don’t the limit for the month and reserves the right to
as delinquent until you fail to pay the mini- hesitate to contact any member service reject additional transactions, charge fees or ulti-
mum due by the 28th day of the month. representative. mately, to close your account.
important contact information for wfCu members:
n Lost or Stolen WFCU Visa Credit Card: 800-556-5678
n Lost or Stolen WFCU Debit/ATM Card: 888-568-7136
n WFCU Debit/ATM Fraud Prevention Services: 800-624-7216
n WFCU Toll Free Number: 800-423-1071
n WFCU Fax Number: 206-622-3981
n Wiring information:
Southwest Corporate Federal Credit Union: 311990511 2414 SW Andover, Suite E-100 815 W. Fourth Plain Blvd.
Credit: Waterfront Federal Credit Union 325082062 Seattle, WA 98106 Vancouver, WA 98660
Further Credit: Member Name, Address & Member Number
800 423 1071 p waTerfroNTfCu.Com p memberserViCe@waTerfroNTfCu.Com