Home Equity lines of credit (HELOC’s) and home equity loans are similar methods of borrowing money against the ownership stake you have in your home. A HELOC is a line of credit with a variable interest rate, while a home equity loan is paid back in fixed installments. Both typically allow you to tap up to 80% of the value of our home minus your outstanding mortgage balance.

Key differences between HELOCs and home equity loans:

• A home equity loan is a secured installment loan that allows you to borrow a set amount against your equity at a fixed interest rate and repayment term.
• A home equity line of credit (HELOC) is also a secured debt product. But it is a revolving debt that offers an amount of funds (a replenishable balance, similar to a credit card limit) tied to the level of equity in your home.

Home equity loans come with a fixed interest rate and repayment term. So, your monthly payment will remain the same over the life of the loan. By contrast, HELOCs have a variable interest rate, which can increase or decrease, along with your monthly payments, at preset times.

Some HELOCs come with low introductory rates for a period of time (for example, six months), then flip to a higher, but still fluctuating, rate. However, you will only pay interest on the funds you draw. This is not the case with home equity loans: The interest is calculated on the entire loan amount since you receive the funds in a lump sum.

HELOCs and home equity loans act as second mortgages, using your property as collateral for the debt. So, defaulting on the monthly loan payments means the lender could foreclose your home.

Both funding options allow you to use the funds however you see fit. Some use them to pay for major repairs or renovations, like finishing basement, remodeling a kitchen, or updating a bathroom. Others pay off high-interest credit card debt to save money.

You can expect closing costs whether you choose a home equity loan or HELOC. These expenses should be considered when deciding which option is best for your financial situation.

Pros and cons of a home equity loan.

Advantages:

• You will have a fixed interest rate and predictable monthly payment.
• You will get all of the loan proceeds at closing and can spend them however you see fit.
• The interest paid on the loan might be tax-deductible. Contact a tax adviser for more information.

Disadvantages:

• You will need to know exactly how much you want to borrow. If you do not you might end up with more or less than you need, which means you will either be stuck repaying the portion you did not use plus interest or need to borrow more money.
• You will need a sufficient level of home equity to qualify – usually 20%.
• You could lose your home if you fall behind on the loan payments.
• If property values decline, your combined first mortgage and home equity loan might put you “upside down,” meaning you owe more than your home is worth.

Pros and cons of a HELOC.

Advantages:

• You do not have to use (and repay) all of the funds you have been approved for. Interest is charged on the amount you have borrowed, plus interest accrued between payments.

Disadvantages:

• HELOCs have variable rates. In a rising-interest rate environment, which means you will pay more. This unpredictability could wreak havoc on your budget.
• You could lose your home to foreclosure if you default on the loan payments.

Requirements for HELOCs and home equity loans. Each lender has its own eligibility criteria for home equity loans and HELOCs. However, here are some general guidelines to keep in mind:

• Credit score: A credit score of 620 could be enough with some lenders but aim for 700 or higher to have the best approval odds (and get the best interest rates).
• Income: Your income should be consistent and verifiable.
• Debt-to-income (ratio): You will need an acceptable DTI to qualify for funding.
• Equity: Lenders generally allow you to borrow 80% of your home equity, which is the difference between your home’s value and what you owe.
• Appraisal: The lender will require an appraisal to determine how much your home is worth or its fair market value. (Note: The appraisal is arranged by the lender, and the fee is included in the closing costs).

Bottom line on home equity loans and HELOCs

• Home equity loans and HELOCs both allow you to borrow money against your home equity, but they are not the same. Consider the purpose of the funds, how much you need and whether or not you will want to borrow more in the future. Once you decide, get your credit in good shape and shop around to secure the best rate.

Source: Bankrate

The internet makes many everyday tasks faster and more convenient, like shopping, researching products, banking, searching for health information, and communicating on the go. Learn more about how to stay safe while online.

Credit Union Website Legitimacy

Before you do anything on your credit union’s website, ensure the URL is correct. Many scammers use URLs that deliberately look very similar to a real credit union, but link to a copycat website. Scammers hope to lure you into the “evil twin” website to trick you into giving them personal information such as your account number and password.

Tips to Keep Your Personal Information Safe and Secure

Always be cautious! Keep your personal information personal and protect yourself from cyber criminals by following these ABCs:

Always

Protect your phone from hackers. Your cell phone holds some of your most sensitive personal information, such as your passwords and account numbers, emails, text messages, photos, and videos. If your phone ends up in the wrong hands, someone could steal your identity, buy things with your money, or hack into your email or social media accounts. To protect your phone, keep it locked when not in use.

Keep your software updated and keep your data backed up.

Secure your computer. Never leave it unlocked or unattended in public areas. Scammers can easily capture your data or hack into your system while you are not looking.

Keep your software up to date. Maintain your security settings to keep your information safe by turning on automatic updates, so you do not have to think about it and set your security software to run regular scans. Whether it is your computer, smartphone, game device, or other network devices, the best defense against viruses and malware is to update to the latest security software, web browser, and operating systems. Sign up for automatic updates, if you can, and protect your devices with anti-virus software.

Be aware of scams and phishing attempts. Think before you click! If the promise looks too good to be true, it probably is. Hackers and scammers may lure you to a website with a virus designed to steal your information. Cybercriminals also use phishing tactics using a familiar site to get you to click on links and attachments. Be vigilant about protecting your information from cyber criminals. When available. use the “junk” or “block” option to no longer receive messages from a particular sender.

Be diligent about password protocols. Use password managers to generate and remember different, complex passwords for each account.

Be a hard target by layering your security whenever possible. This means enabling and using two-factor or multi-factor authentication on your smartphone, an authenticator app, or a secure token.

Cautious

Do not log into your sensitive accounts on public networks that offer free Wi-Fi.

Do not put all your information on social media sites. Never click and tell. Limit what information you post on social media—from personal addresses to where you like to grab a coffee. What many people do not realize is that these random details are all those criminals need to know to target you, your loved ones, and your physical belongings—online and in the real world. Keep Social Security numbers, account numbers, and passwords private, as well as specific information about yourself, such as your full name, address, birthday, and even vacation plans. Disable location services that allow anyone to see where you are—and where you are not—at any given time.

Do not assume that apps are not collecting your information in the background. Keep tabs on your apps. Most connected appliances, toys, and devices are supported by a mobile application. Your mobile device could be filled with suspicious apps running in the background or using default permissions you never realized that you approved. These apps gather your personal information without your knowledge while also putting your identity and privacy at risk. Check your app permissions and use the “rule of least privilege” to delete what you do not need or no longer use. Learn to just say “no” to privilege requests that do not make sense. Only download apps from trusted vendors and sources.

For more information, check out the FTC’s Online Privacy and Security guidance.

Protect Kids Online

Kids have lots of opportunities for socializing online, but they come with certain risks. Parents can help reduce these risks by talking to kids about making safe, responsible decisions.

The Children’s Online Privacy Protection Act (COPPA) helps you protect your children’s privacy. Enforced by the Federal Trade Commission (FTC), COPPA requires websites to get parental consent before collecting or sharing information from children who are under 13 years old.

Take advantage of your COPPA rights. Your child’s personal information is valuable, and you can do a lot to protect it.

The FTC offers an online toolkit of free resources to help you teach people in your community about kids’ online safety.

SUSPICIOUS EMAIL, TEXT, OR PHONE CALLS

WFCU will not text you about your account. Report any suspicious emails, phone calls or text messages representing itself as Wheatland Federal Credit Union or WFCU. Please notify WFCU by either sending the information to info@wheatlandcu.com or call 717-898-7673.

A credit union is a not-for-profit financial institution that accepts deposits, make loans, and provides a wide array of other financial services and products. Deposits are insured by the National Credit Union Share Insurance Fund, which is managed by The National Credit Union Administration, commonly referred to as NCUA. Backed by the full faith and credit of the United States, the Share Insurance Fund insures the accounts of millions of account holders in all federal credit unions and the vast majority of state-chartered credit unions. The standard share insurance amount is $250,000 per share owner, per insured credit union, for each account ownership category.

Although they offer many of the same products and services as other financial institutions, credit unions have some distinguishing characteristics that make them unique:

Member-Owned

YOU ARE MORE THAN A MEMBER, YOU ARE PART OWNER.

Credit unions are owned and controlled by the people, or members, who use their services.

Your vote counts. A volunteer board of directors is elected by members to manage a credit union.

NOT-FOR-PROFIT

Credit unions operate to promote the well-being of their members.

Profits made by credit unions are returned back to members in the form of reduced fees, higher savings rates and lower loan rates.

Membership

Members of a credit union share a common bond, also known as the credit union’s “field of membership.”

You may be able to join based on your:

-Many employers sponsor their own credit unions.

-Most credit unions allow members’ families to join.

-Many credit unions serve anyone that lives, works, worships or attends school in a particular geographic area.

Membership in a group, such as a place of worship, school, labor union or homeowners’ association may qualify you to join.

Community Involvement

Members often have shared interests and appreciate participating in an institution designed to help other members.

Credit unions may provide:

• financial education and outreach to consumers;
• in-school credit union branches; and
• small business needs.

Cooperative

• The cooperative structure of credit unions creates a cycle of mutual assistance towards the common goal of the financial well-being of members.
• One member’s savings becomes another member’s loan.

1. Ways to Borrow Money and What It Costs – What Borrowing Means When you borrow, a lender provides you money, and you must pay it back—usually with interest.

Credit = The Ability to Borrow Money

Debt = Money You Owe a Person or Business

2. Types of Loans – An installment loan is typically repaid in equal payments for a specific period, usually several years. A buy now, pay later loan is a type of installment loan made at the time of purchase. A revolving loan allows unlimited purchases up to a preapproved dollar limit. Payments vary based on how much you borrowed.

3. Secured and Unsecured Loans – Secured loans require collateral. You pledge collateral to support repayment of the loan. Collateral is an asset you own, such as your house, vehicle, or cash. If you cannot repay the loan as agreed, the lender can take your collateral and use it to get some or all of their money back. Unsecured loans are based only on your promise to repay the money you borrow. They do not use collateral.

4. The Cost of Borrowing – The amount you repay on a loan is generally greater than the amount you borrow. Principal – Amount of money you borrow. Interest – Amount of money a financial institution charges for allowing you to use its money—expressed as a percentage. Fees – May be charged by financial institutions for certain activities, such as reviewing your loan application or servicing the account. Prepayment – Early repayment of all or part of a loan—when you shop around for a loan, find out if a fee could be charged for prepayment (called a prepayment penalty).

5. Be sure you can afford the payments before getting a loan. Also, know how much it costs and what happens if you cannot pay it back.

6. Preparing to Apply for a Loan – Factors Lenders May Use in Their Decisions – Each lender has its own method for determining whether you are a good credit risk.

• Your credit history: How you have paid your bills or debts.
• Your capacity: Your present and future ability to meet your payments.
• Your capital: The value of your assets and your net worth. Net Worth = Your Assets – Your Liabilities
• Your collateral (for secured loans only): The assets that secure the loan.
• Conditions: Other factors that affect getting the loan

7. Co-Borrowing and Co-Signing – Co-borrowing is taking out a loan jointly with one or more people. ¡ Each co-borrower is responsible for repaying the debt. Payment history appears on the credit reports of each co-borrower. ¡ Before you co-borrow, have a clear agreement with the other co-borrowers about how much of the loan payment each will pay and other responsibilities. Co-signing is taking full responsibility for paying back a loan, along with the primary borrower. The loan proceeds go to the borrower and not to the co-signer. When you co-sign, you promise to pay the debt if the borrower does not.

8. Borrowing When Someone Helps You Manage Your Money – Responsibilities of the Person Helping You – When someone helps you with your finances, they must:

• Act in your best interest.

• Manage your money and property carefully.

• Keep your money and property separate from theirs.

• Keep good records.

• Include you in decision-making to the extent possible.

9. What to Discuss – You may want to discuss these questions with the person who helps you with your finances and a trusted advisor. It is okay if the people helping you with your money also help you answer these questions.

You do not need to know all the answers yourself.

Why do you want or need to borrow money?

• Do you have enough money to repay the loan?

• How will you make payments on the loan?

• How will you monitor the loan?

• Will borrowing money affect any of your sources of income?

10. If You Decide to Borrow Money – Understand the loan terms before you commit to it. You should know:

• How much money you are borrowing?
• How much money you have to pay back in total.
• How much money you must pay each month.
• When payments are due.

Get help considering the loans terms and completing the application. A lender cannot disqualify you because you need help. The lender decides if you are a good credit risk, just as they would any other potential borrower. The lender does not consider the creditworthiness of the person helping you unless that person is a co-signer or co-borrower.

11. After you borrow money, you need to:

• Repay the loan.
• Always make payments on time.
• Keep good records.
• Even if someone helps you manage your money, understand the loan terms before you commit to it.

Source: Money Smart for Young Adults

1. One of the best things about having your own money is that you get to choose how to use it. Whether you get a weekly allowance or get paid for walking your neighbor’s dog, your first step in handling your money well is to think about short-term and long-term goals. Then make a plan to reach them. It takes a bit of practice to master your money, just like it takes time to learn to ride a bike. But once you get the hang of it, you will be ready to tackle all sorts of money twists and turns.
2. LEARN TO EARN – Earning is the first step in your journey to managing money wisely so that you can build a successful future. We all have different talents and abilities. It is important to take the time to recognize your strengths and develop your skills so that you can excel at what you do. By investing in your education and interests, you will set yourself up for a path to success.
3. BIG IDEAS, BIG MONEY – You can earn money doing what you love by becoming an entrepreneur. Being an entrepreneur means using your skills, interests, and unique ideas to build your own business. Anyone can become an entrepreneur with enough hard work. Many teens have built amazing businesses right out of their homes. Some have started tutoring younger kids, selling handmade items online or even organized their own catering services.
4. MAP YOUR CAREER PATH – You may have had a lemonade stand to make money as a kid, but how do you want to earn money in the future? Not sure where to start? Your school’s library and career club are great places to research your interests and potential careers. You do not have to decide on a career right away, so do not limit yourself to one area of interest. You can grow your skills and learn more about your potential careers by taking a class at your local community center. You might not be thinking about a career yet, but planning ahead will help you in the process of getting there.
5. GET SAVVY AT SAVING – MAKE IT A HABIT – Making smart choices with your money is the first step toward becoming financially fit. The easiest way to save is to pay yourself first. That means setting aside a certain amount of money you earn and keeping it in a savings account. The key to saving successfully is by making it a regular habit. By saving early and often, you will set yourself up for a brighter financial future. It is important to save money for a rainy day, just in case you need it for any unexpected expenses like a broken laptop. Another portion of the money you receive should be set aside for your various goals. These goals can be categorized as short-term, medium-term, or long-term. You can reach your goals by saving your money over time.
6. SHARPEN YOUR SAVING SKILLS – It is tempting to spend all of your money as soon as you earn it, but you will be better off in the long run if you save a portion of it. Think about a short-, medium- and long-term savings goal and determine how much you can save each month toward each goal. Remember, the amount that you contribute per month toward your goals cannot be more than you earn that month. Then calculate the cost of your goal divided by your weekly contribution to find out how long it will take you to reach each goal.
7. WATCH YOUR MONEY GROW – Savings accounts enable you to keep your money safe and help it grow with interest. You can open an account and start saving at any age with the help of your parents. The longer you leave your savings untouched in a bank, the more your money will grow. You should limit how often you withdraw money from your savings account and only do so if you really need it. When you open a savings account and deposit money into it, the bank will increase your savings by a certain percentage every year. This is called interest. Compound interest is when you earn interest on both the money you have saved and the interest you earn. If you save a little each week, your savings will grow over time with interest.
8. BUDGET BUILDER – IT’S A BALANCING ACT – You need to buy a jacket, but you also want to buy a new phone. How do you choose? To make good decisions about how to spend your money, start by setting your money goals and work toward achieving them with a plan in mind. A personal budget is a plan that helps you put the money you have earned toward savings, expenses (lunch, bus, or entertainment money) or paying off debt (money you may have borrowed). When you are creating a budget, it is important to understand the difference between something you need to have and something you want to have. Remember to take care of your needs first, so you can think about saving for what you want. A budget can not only help you consider your immediate needs and wants but prepare you to achieve your long-term financial goals. You may have some short-term goals that you can achieve in a matter of weeks, or long-term goals that will take years to attain.
9. IT ALL ADDS UP – Start creating a budget by setting goals for how you would like to spend and save your money over a specific time period. Be sure to consider everything you may want or need to purchase and separate those into categories. A ride on the bus would go under transportation, and a slice of pizza would fall under food.
10. TURN SPENDING INTO SAVING – The goal of a budget is to have money left to save. Once you can see where you would like to allocate your money, you may be surprised by certain categories that add up to more than you thought. These can be good opportunities to cut back. The money you spent on a trip to the mall might be better spent somewhere else, especially if you have $0 in your total savings for the month. Planning a budget helps you make choices about which goals you want to prioritize. Occasionally, something unexpected happens and you must spend more money than you planned. Whether it is something small like stepping on your sunglasses and having to buy a new pair or something bigger like needing a new smartphone, it is always good to have money saved for a rainy day.
11. SMART SHOPPING – HOW TO SPEND YOUR MONEY WISELY – Spending may seem like the easy part of managing your money, but there are many tips and tricks that can help you save. As you make smarter decisions with your money and think carefully about your purchases, you will notice that saving a little with every purchase adds up over time. Using a budget and learning to plan your purchases can make it easier to save money. The key to spending is to stay within your means. Do not spend more money than you have. As you plan to shop, make sure you keep your goals and your budget in mind.
12. THINK BEFORE YOU SHOP – When you make a decision, you are often weighing a lot of factors — not just how much money you are going to spend. Before you make a purchase, look at lots of different options to make sure you are getting the best deal. Rather than buying the first expensive pair of gym shoes you see, plan ahead to make sure you are getting the best value by researching quality and comparing pricing at multiple retailers — this is called comparison shopping. The exact same pair may be cheaper at another store. If you want to go to a concert, there will be ticket features you want and features you need. When all you need is a basic ticket, you may sacrifice the features you want in order to save money, while still enjoying the concert.
13. SO MANY WAYS TO SAVE – When you do finally decide what to buy, you will notice that you usually have a few options, such as name brands or generic items. A name brand is recognizable; if you see one of its products you are likely to know the manufacturer. A generic brand item is one that typically is not advertised. Many grocery and multipurpose stores have their own generic versions of products. Most of the time, there is no significant difference between the two items besides price. Generic items are usually less expensive — making them a great savings opportunity. Sometimes, spending can also pay off in the long run. If you have your own business, you may need to spend money to be able to better serve your customers. For example, if you start a lawn mowing business in your neighborhood you will need a lawn mower, gas, and potentially other landscaping tools down the road.
14. PAYING IT BACK – DO YOU WANT TO GO TO COLLEGE OR BUY A CAR SOMEDAY? You can reach your long-term goals by borrowing money and paying it back later. You may have borrowed money from a friend for an after-school snack or from your parents to see a baseball game, but in the future, you might need to borrow more than a few bucks. The cost of going to college or buying a car is usually more than you have saved in your bank account. Luckily, investing in your future or purchasing an expensive item is still possible with a loan. When you borrow money from a bank, it is not free money — you must pay it back, plus interest. This means you must pay back all the money you borrowed plus extra for the service.
15. IT’S PAYBACK TIME – Everyone borrows money at one time or another. If you make a plan to pay the owed money back on time and within your budget, your debt will not be out of control.
16. WHY CREDIT MATTERS – Take control of your credit score by managing your debt. The amount of debt you are in may impact how easily you can qualify for future loans after you turn 18. There is a written record, or credit history, which tracks how you have repaid previous loans, any outstanding debt and other financial history. Your credit history determines your credit score, which helps lenders decide the credit risk associated with loaning you money. Credit scores range from 300 to 850. Generally, the lower your credit score, the higher the interest rate you will have to pay on future loans because it is assumed there is a higher risk you might not pay it back on time.
17. KEEP YOUR MONEY SAFE – PROTECT YOUR DIGITS – Earning money is hard work. It takes time and effort, and it is just as important to protect your money as it is to make it. The easiest way to protect your hard-earned cash is to keep it in a safe place. A bank is one of the most secure places for your money because it is the bank’s job to keep it safe. It will give you peace of mind knowing where your money is at all times. Just like you would not leave your backpack unattended outside, you should not leave your money where it could be stolen or lost. Protecting your financial information online is just as important as keeping your money in a bank. You can access nearly any information online, but with all that access also comes responsibility. What happens when someone gets ahold of your information? They can use your personal information to steal your identity and illegally obtain jobs, credit accounts, mortgages, and car loans — not to mention withdraw money from your bank accounts. Luckily, most banks protect your account from those kinds of crimes, but it is essential to keep your other information safe from the start. Personal information of any kind is important to keep secure, even information about your schooling or family.
18. MAKE IT PASSWORD PROTECTED – It is important to put a plan into place when handling your information, including your bank statements and passwords for important online accounts. You should always use strong passwords, which contain uppercase and lowercase letters, numbers, and symbols — not recognizable spelled-out words. You should know how to access all your online information and paper documents if you need them. Your passwords and documents should be kept in a safe place where they cannot get into the wrong hands.
19. KEEP AN EYE OUT – There are a few ways to protect your money and private information. Use the Internet Wisely Everyone receives unwanted emails or “spam” from unknown sources, which solicit people by sending emails to a large number of email accounts. Delete spam emails, especially those that ask for personal information, and keep your anti-virus and anti-spyware software up to date. Shop online only on secure web pages (check the address bar for “https” next to an image of a lock). Never email or share images of your identification, bank cards or other personal information on social media. Destroy Personal Financial Records Did your parents help you set up a savings account at a bank? Your bank will send you monthly statements telling you how much money is in the account, as well as the number and dollar amounts of withdrawals and deposits. Shred unneeded bank documents and other files that contain your personal financial information so that they cannot get into the wrong hands. Beware of Scams Your parents may have told you about being aware of scammers. These are people who contact you via phone or email claiming to represent a bank, a credit card company, a government agency, a charity, or any other organization. Never give out information about your bank account or passport. If you think the request is legitimate, have your parents contact the company to directly confirm its request.
20. SHARE THE WEALTH – HOW TO GIVE BACK – When you think about tomorrow, what kind of future do you envision? Whether you are passionate about the environment or about medical research, there are so many worthy causes that are in need of skilled people like you. Giving back can come in many forms. You can give a portion of your savings to charity, volunteer your time, or donate items you no longer use. Making an impact, changing the lives of others, and building a better future are all rewards that benefit you when you give back.
21. SHOW YOU CARE – You do not have to give big amounts of money to make a difference. Even small change adds up. When it comes to money, it is best to give with a plan in mind. Charitable contributions should be included in your budget. However, make sure you prioritize your needs. You would not want to give away all your money and have nothing left for your daily life. When you are setting aside money for your goals, think about other ways you can put your money to use. While you may want to save for a new pair of headphones, it can be even more worthwhile to pack away a small amount for causes you care about.
22. CHANGE THE WORLD – Whatever cause you care about; your contribution can make a difference. When you are saving to give money to charity, make a plan for how much money you want to give. Maybe you want to set aside 10% of your allowance each week. If you are getting $10 per week, that is $1 each time you receive your allowance. Have you decided on a cause? Reach out to your friends and family and get them involved too. Contributing with a group can make an even bigger impact.

Source – Practical Money Skills

Hello everyone, and happy International Credit Union Day! We appreciate you taking the time to celebrate the credit union difference and to recognize the contributions that credit unions make every day in the lives of their members and their communities worldwide.

Beginning in 1948, credit unions have come together annually on the third Thursday in October to commemorate the credit union movement’s history and achievements.

This year, we celebrate 76 years of International Credit Union Day under the theme “One World Through Cooperative Finance”. It speaks to how credit unions and other community-based financial cooperatives are still bringing people together in these divided times to grow financial inclusion and well-being for all.

ICU Day 2024 is a celebration of the impact credit unions and other financial cooperatives have made—and continue to make for their members. It is also a chance to be thankful for the lives and communities that have been improved by our movement.

The community commitment and positive economic and social change are just some of the ways that credit unions differ from traditional for-profit banks and financial institutions. Credit unions are very different, indeed, both in philosophy and structure. For more than 150 years, credit unions worldwide have proudly collaborated to put people before profits in order to provide access to affordable financial services for all members. Credit unions invest their earnings in helping members meet their financial goals. In addition to lower loan rates and better service, members experience the difference that comes through our democratic structure, service to members and social goals that credit unions embody.

Wheatland FCU is just one of more than 82,000 credit unions in the world serving 403 million members. Today, we join our fellow credit union members in 98 countries to celebrate! Whether our members are affluent or less fortunate, from villages or cities, in communities at peace or in conflict, credit unions are present across cultures and languages, helping members turn hopes and dreams into reality. With access to a safe, convenient place to save their money and secure affordable loans, members from all walks of life can realize their dreams and create new opportunities for themselves, from starting micro-businesses to building homes and educating their children.

Our credit union opened its doors in 1936 with the vision to serve you—our members. Since then, our goal has always been the same: to meet your financial needs and to provide you with opportunities that enable you and your family to succeed. With your support, Wheatland FCU has grown over the years to $58 million in assets and 5500 members, and we hope to continue growing with our community.

In the spirit of this International Credit Union Day, let us look beyond our local community to recognize credit unions and other financial cooperatives for the important role they play in many distressed urban and rural areas worldwide. Many people would not have been able to afford to own homes, start new businesses or attend school without the help of their credit unions. In some areas of the world, people would have no access to financial services at all without their credit unions.

No matter where you are in the world, access to financial services is vital. Rich or poor, we all face similar challenges in life. Together, credit unions are helping members overcome those challenges—not only here in Lancaster, but throughout the world. Credit unions have consistently carried on the traditions set forth by their founders and exemplified the values of thrift, self-sufficiency and volunteer leadership democratically elected from among the members. Those qualities help credit unions create a special place for themselves among the world’s financial institutions.

Thank you for joining us to celebrate the 76^th anniversary of International Credit Union Day! One member at a time, we are working to build a stronger community and we look forward to serving you and your family for years to come!

Essential protection against costly repairs.

Drive with confidence, knowing we have got your back.

A breakdown can be troubling enough without the added worry of expensive repairs. That is why we are pleased to bring you Mechanical Repair Coverage:

As your vehicle gets older, the risk and cost of repairs increases. And the average cost of those repairs can be expensive. Actual costs may vary by vehicle year, make, model. Prices are based on actual claim experience of Consumer Program Administrators Inc. and its affiliated companies’ customers as of September 2022. Your experience may be different.

Mechanical Repair Coverage

May help limit unexpected, covered repair costs as your vehicle ages, potentially saving you thousands of dollars in repairs. What is more, it works at any authorized repair facility in the continental United States of America, Alaska, Hawaii, and Canada.

Coverage Benefits

• Substitute Transportation: up to $50.00 per day (10-day maximum) available on the first day of a covered repair; benefit is rental reimbursement and is limited to $35.00 a day in CA (5-day maximum, 10-day maximum for parts delay).
• 24-hour emergency roadside assistance: up to $125.00 per occurrence; includes towing, battery jumpstart, fluid delivery, flat tire assistance, extraction assistance and lock-out service; benefit does not include extraction assistance and is limited to $100.00 per occurrence in CA.
• Travel expense reimbursement: up to $200.00 per day (5-day maximum) for lodging, food, and transportation expenses when a covered breakdown occurs 100 miles or more from home and your vehicle is held overnight at a repair facility; not available to residents of NY.
• Key replacement: up to $800.00 per occurrence for repair or if nonrepairable, the replacement of lost, stolen, or damaged keys (including fob and/or remote) including any programming; not available to residents of CT, MA, PA, and VT.
• Paintless dent repair: provides for the repair of dings and dents, no larger than 4 inches in length/diameter, that are within an accessible area on a body panel of your vehicle and that are repairable through existing paintless dent repair techniques: not available to residents of CT.
• Commercial use: pays for covered breakdowns when your vehicle is used for permitted commercial purposes.
• Rideshare: pays for covered breakdowns when your vehicle is used for ride-sharing purposes such as Uber or Lyft.
• Lift Kit, Leveling Kit & Lowering Kit: pays for covered breakdowns when your vehicle is equipped with a lift kit not to exceed 6 inches, leveling kit not to exceed 2.5 inches or lowering kit not to exceed 2 inches (lift kit, leveling kit, or lowering kit components themselves are not covered).
• Mobility equipment: provides coverage for mobility equipment components when installed by the manufacturer or a licensed installer.
• Good at any authorized repair facility: in the continental United States of America, Alaska, Hawaii, and Canada.
• No out-of-pocket expense (except for any deductible): the administrator pays the repair facility directly for the covered repair.
• Transferable: if you sell your vehicle privately, the coverage can be transferred (for an administrative fee), may add resale value and appeal.
• Cancelable: receive a full refund for an unused agreement within the first 60 days, or a prorated refund thereafter less an administrative fee. Cancellation provision and administrative fees vary by state.

Essential protection for your vehicle – and your finances.

Vehicle loan protection for what your auto insurance may not cover for a wrecked vehicle.

Fair market insurance value is not always fair. There may be a gap.

That is where Guaranteed Asset Protection Plus comes in.

If your vehicle is deemed a total loss due to an accident or stolen, there can be a significant gap between what you owe on your loan and what your insurance will cover. GAP may reduce or even eliminate the shortfall in the event your vehicle is deemed a total loss. GAP Plus can help reduce you next loan at the credit union, making it easier to get the replacement vehicle you will need.

Protect your vehicle loan – purchase GAP today!

Your purchase of Members Choice Guaranteed Asset Protection (GAP) is optional and will not affect your loan application for credit or the terms of any credit agreement you have with us. Certain eligibility requirements, conditions, and exclusions may apply. You will receive the contract before you are required to pay for GAP. You should carefully read the contract for a full explanation of the terms. If you choose GAP, adding the GAP fee to your loan amount will increase the cost of GAP. You may cancel GAP at any time. If you cancel GAP within 90 days, you will receive a full refund of any fee paid.

Your Safeguard against the unexpected.

Do everything you can to take care of the ones you love.

Debt Protection

Your family means everything to you. And if the unexpected happens, you do not want an emotionally trying situation to be compounded by financial worry. That is why there’s Debt Protection, which may cancel your loan balance in case of:

• Involuntary unemployment
• Disability
• Death

Life Plus

For additional protections, Life Plus can extend your Debt Protection to address a wide range of circumstances, giving you the reassurance of knowing you have taken steps to help secure your finances.

• Accidental dismemberment
• Terminal illness
• Hospitalization or family medical leave
• Death of a non-protected dependent

Things to know about Debt Protection:

• It is easy. Simple to apply for and takes effect immediately.
• It is budget friendly. Comfortably fits into your monthly payment.
• It puts you at ease. Rest easy, knowing you are taken care of in so many problem situations.

Take an important step toward financial security. Ask us about Debt Protection with Life Plus today.

Your purchase of Debt Protection with Life Plus is optional and will not affect your application credit or the terms of any credit agreements required to obtain a loan. Certain eligibility requirements, conditions, and exclusions may apply. Please contact your loan representative or refer to the Member Agreement for a full explanation of the terms of Debt Protection with Life Plus. You may cancel the protection at any time. If you cancel within 30 days, you will receive a full refund of any fee paid.