Frequently Asked Questions
Below are answers to common questions regarding WRFCU.
For more information feel free to contact us...By e-Mail:
By US Mail:
1339 - 119th Street
Whiting, IN 46394 By Phone:
Phone #: (219) 659-3254
Fax # : 219-659-0790
Membership: Frequently Asked Questions
If the member wishes to have a joint account with some other person, a Joint Share Account Agreement must be signed by the persons who are to be the joint owners with right of survivorship. Persons not within the field of membership may become joint owners but may not become members of the Credit Union. Such persons have no vote and cannot borrow. No entrance fee is charged for joint owners who do not become members. If the joint owner is within the field of membership, he may become a member by filling out an Application for Membership card and paying the entrance fee.
When a joint account has been established, any one of the joint owners may make payments into the account, withdraw funds from the account, or pledge the shares as security for a loan, without the signature of the other joint owner(s).
The Joint Share Account is used to create a joint ownership of a member's share account and to provide that upon the death of any joint owner, the surviving joint owner(s) retains ownership of the amounts represented by the account.
A joint owner who is not within the field of membership may not continue the share account in the Credit Union after the member-joint owner dies. Such an account may be retained, at the option of the owner, in the Credit Union until the close of the current dividend period, at which time the account must be closed.
CAN I REMAIN A MEMBER IF I RETIRE OR LEAVE THE FIELD OF MEMBERSHIP?
Yes, you can remain a member and retain all rights and privileges if you are a retired employee; however, if you leave the field of membership by BP employment termination, you are immediately ineligible for participation in the Credit Union. After you have retired, you are still able to join.
WHO MAY BECOME A MEMBER?
The field of membership is limited to those having the following common bond:
Employees of the BP Oil Co. (Ind.) and its wholly owned subsidiaries who work in Whiting, Hammond, East Chicago, or Merrillville, Indiana; all annuitants from the above employment; employees of this Credit Union; and persons related by blood or marriage to the above.
HOW CAN YOU BECOME A MEMBER?
Sign a membership card at the office, and pay the 25¢ membership fee. Open your savings account with at least one share ($5.00).
Account Management: Frequently Asked Questions
HOW DO I PUT MONEY IN THE CREDIT UNION?
Deposits to your savings may be made by --
- U.S. Mail
- Over the counter
- Direct Deposit
HOW DO I GET MY MONEY OUT?
Either stop by the credit union, phone in a withdrawal to be mailed, or request a check to be mailed from the Home Banking platform.
HOW ARE DIVIDENDS PAID AND CALCULATED?
Dividends are paid on a quarterly basis and earn interest from the date of deposit to the date of withdrawal. Dividends are paid: 1/1 4/1 7/1 10/1. Note: On your income tax forms, credit union dividends are reported as "income from interest" and not as corporate (stockholders) dividends. Effective 4/1/96, the Credit Union will not pay dividends on accounts with less than $100.00 in them.
IF I DIE, WHO CAN WITHDRAW MY MONEY?
The following can withdraw your savings by presenting death certificate, certified copy of "INDIANA, DEPARTMENT OF STATE REVENUE CONSENT TO TRANSFER SECURITIES & ASSETS," and/or administrator papers.
- SINGLE ACCOUNT -- your executor, if you leave a will; your administrator, if you leave no will.
- JOINT ACCOUNT -- the survivor
Loans: Frequently Asked Questions
- HOW DO I GET A LOAN? After membership is established, come into the office and complete an application. Or use our new on-line loan application. All loans are subject to review by the Loan Officers for approval or denial. Permanently employed members must have 6 months of service with their respective employers to qualify for a loan. Verification of income is required and must be submitted with each loan application.
- CAN I OBTAIN MORE THAN ONE LOAN? Yes, you can refinance an existing loan (without penalty) before it is paid in full, if you need extra funds. It is also possible to obtain a second type loan before a previous loan is paid off.
HOW DOES THE COST COMPARE WITH OTHER LENDERS?
With rare exceptions, the Credit Union offers the most favorable rate you can get. No extra charges -- no minimum charges -- no carrying charges. Your interest is figured only on the unpaid balance, not on the entire amount of the loan.
LOW MONTHLY PAYMENTS-- go right along with low interest rates. The lower the charges, the lower the monthly payments. We work out financing to fit your needs and income.
FULL DISCLOSURE-- there are no "hidden charges" on the Credit Union plan, and we give you a clear statement of the true annual interest, dollar cost of the loan, and the terms.
YOU CAN PAY AHEAD on the loan without penalty, if you wish, and the savings in interest cost is automatic.
WHAT KINDS OF LOANS ARE AVAILABLE? WHAT ARE THE CURRENT RATES?
To see what types of loans and the current rates are, please go to our LOAN RATES and SERVICES pages.