What is West Coast Federal Employees Credit Union?
WCFECU is a state chartered and federally insured financial
cooperative which was founded in 1948 by a group of people who
realized an advantage to pooling their resources. As a cooperative,
we are owned and operated by our members.
How long is membership good for?
"Once a member, always a member."
Once you have joined, you may continue to enjoy credit union
membership as long as you wish. You may change employers or your
state of residence and still be able to take full advantage of the
benefits your credit union has to offer.
What are the benefits of membership?
As a West Coast Federal Employees Credit Union member, you are a
part owner and member of your credit union. And that means your
membership makes a difference in the level of service you can expect
from this financial institution. We are able to provide a personal
touch not found with profited-oriented organizations.
We are a group of people sharing a common goal - to provide a place
for members to "pool" their savings and provide one another with low
The interest earned on these loans, in addition to other
investments, covers the credit union's operating costs and the
financial reserves we are required to keep according to state and
The remaining monies are returned to the members in the form of
additional services, higher dividends on savings and lower interest
rates on loans.
As a member-owner you share in the profits and direct the policies
of the credit union. And you elect the volunteer officials for your
credit union from among your fellow members.
Who can belong to West Coast Federal Employees Credit Union?
Membership in this credit union is limited to person(s) and their family members of: those who live or work in SARASOTA or MANATEE Counties, those who live in Charlotte, DeSoto, Lee or Pinellas Counties and are also members of at least one of the following: Veterans of the United States Armed Forces, employees of Local, State and Federal Government Agencies, retired employees of said agencies, a person who is a member of an Anabaptist Congregation, associations comprised of such agencies, contract employees of said agencies, employees of the Credit Union and SEGs. Selected Employee Groups
How Do I Join WCEFCU
You may become a member of our financial co-op by opening a share (savings) account with a minimum of $5. You must keep a savings account with a minimum balance of $5 to remain a members of WCFECU. You'll find that we pay more on your savings than most banks will. We can do that because we are not-for-profit.
Just how safe is my money with WCFECU?
Your money is backed by the Safety and Soundness of the Federal Government. It is insured to at least $250,000 by the National Credit Union Share Insurance Fund, administered and reviewed by NCUA, a government agency. The Florida Office of Financial Regulation, our regulatory agency, conduct periodic examinations of your credit union for Safety and Soundness purposes periodically as required by statute.
We also have an Audit Committee which is responsible for an annual audit of the entire credit union. A Certified Public Accounting firm, selected by the committee, gives a written opinion of our financial condition.