Open Account

Truth in Savings

Truth in Savings Disclosures

This Rate and Fee Schedule sets forth current conditions, rates, fees and charges applicable to your account at Whatcom Educational Credit Union at this time. Each account holder agrees to the terms set forth in these Truth and Savings Disclosures and Rate and Fee Schedule and acknowledges that it is a part of the Terms and Conditions of Your Account.

Except as specifically described, the following disclosures apply to all of the accounts:

  1. Rate Information. The Dividend Rate and Annual Percentage Yield on your accounts are variable and may change daily at the discretion and determination of the Credit Union. Dividends will not be paid if account is subject to non-standard tax reporting (i.e., other than 1099-INT). Today’s rates are set forth on our Rates page.
  2. Nature of Dividends. Dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period. The Dividend Rate and Annual Percentage Yield set forth on our Rates page are accurate as of the date which the Credit Union anticipates paying for the applicable dividend period.
  3. Compounding and Crediting. Except for the Money Market Accounts, First Step Checking, Spend Plus Checking, High Yield Plus Savings, and Stash Savings, dividends will be compounded and credited for all dividend-bearing Savings and Checking accounts quarterly. For Spend Plus Checking, High Yield Plus Savings, Stash Savings, First Step Checking, and Money Market Accounts, dividends will be compounded and credited monthly. The Dividend Period for all dividend bearing accounts begins on the first calendar day of the dividend period and ends on the last calendar day of the (monthly or quarterly) dividend period.
  4. Accrual of Dividends. Dividends will begin to accrue on cash and noncash deposits (e.g. checks) on the business day you make the deposit to your account or the next business day for after hours deposits.
  5. Balance Information. Spend Free Checking, Spend Safe Checking, Spend Plus Checking, Savings, Save Basic, Stash Savings, High Yield Plus Savings, Spend Basic, First Step Savings, and First Step Checking accounts require $1.00 minimum to open. ESA, HSA, HSA Checking, IRA Savings, and Money Market Accounts have no minimum balance requirement to open. Savings accounts opened in branch waive minimum opening amount requirements. Savings Accounts, First Step and Spend Plus Checking accounts have no minimum balance requirements to earn stated APY. For Spend Plus Checking, Money Market Accounts, First Step Savings and First Step Checking, the account balance required to obtain the stated Annual Percentage Yield is set forth above. If the account balance is not met, you will not earn the stated Annual Percentage Yield. For Spend Plus Checking, Money Market Accounts, First Step Savings and First Step Checking, the account balance requirement and dividends are calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day. For Savings, ESA, HSA, and IRA Savings accounts, dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is determined by adding the full amount of principal in the account for each day of the period and dividing that figure by the number of days in the period.
  6. Account Limitations. The account limitations for each account are set forth above. ATM’s will not accept deposits to Spend Safe Checking accounts.
  7. First Step Accounts. Age restrictions apply to First Step Savings and First Step Checking Accounts. Upon reaching 20 years old the accounts will be converted to Regular Savings and Spend Free Checking products and the standard rates will apply.
  8. Member Rewards. Spend Plus checking requires $1 to open. Monthly fee is waived with Direct Deposit greater than $100; otherwise account is $5 per month. It comes with up to $10 in ATM fee refunds per month, 1 point per $20 spent with your Debit Card per month, 10 points per month per $1,000 in WECU Loans, and 250 points per month for a WECU Mortgage. See complete Spend Plus Terms & Conditions for details.
  9. The rates appearing on our Rates page are accurate and effective for Savings and Checking Accounts as of the effective date. Fees could reduce earnings.
  10. Deposit Amount Limits. WECU reserves the right to establish deposit amount limits at any time and from time to time without notice.

Truth-in-Savings Disclosures for Savings Certificates and Individual Retirement Account (IRA) Certificates

This Rate and Fee Schedule sets forth current conditions, rates, fees and charges applicable to your Certificate at Whatcom Educational Credit Union at this time. Each account holder agrees to the terms set forth in these Truth and Savings Disclosures and Rate and Fee Schedule and acknowledges that it is a part of the Terms and Conditions of Your Account.

Except as specifically described, the following disclosures apply to all of the accounts:

  1. Rate Information. The Dividend Rates and Annual Percentage Yields on your accounts are set forth on our Rates page. The Annual Percentage Yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the Dividend Rate and frequency of compounding for an annual period. The Dividend Rate and Annual Percentage Yield are fixed and will be in effect for the term of the Account. The Annual Percentage Yield is based on an assumption that dividend earnings will remain on deposit until maturity. The withdrawal of earned dividends will reduce earnings.
  2. Compounding and Crediting. Dividends will be compounded and credited quarterly. The dividend period begins on the first calendar day of the dividend period and ends on the last calendar day of the dividend period.
  3. Balance Information. The minimum balances required to open each account is $500. Dividends are calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day.
  4. Accrual of Dividend Earnings. Dividends will begin to accrue on cash and non-cash deposits (e.g. checks) on the business day you make the deposit to your account.
  5. Transaction Limitations. After your account is opened, you may not make additional deposits to your account. You may elect to withdraw accrued, uncredited dividends upon the crediting date.
  6. Maturity. Your account will mature within the term set forth on our Rates page or maturity date set forth on your Account Receipt or Renewal Notice.
  7. Early Withdrawal Penalty. We must impose a penalty if you withdraw any of the principal before the maturity date.
    a. Amount of Penalty. The amount of the early withdrawal penalty is based on the term of your account. The penalty is as follows: for terms of 6 months-90 days’ dividends; for terms of 12 months to 36 months-180 days’ dividends; for terms of 48 months to 60 months-360 days dividends, based on the current applicable Dividend Rate and the total amount of the withdrawal.
    b. How the Penalty Works. The penalty is calculated as a forfeiture of part of the dividends that have been earned or as a forfeiture of the principal of the account.
    c. Exceptions to Early Withdrawal Penalties. At our option, we may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances:
    i. When an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction
    ii. Where the account is an Individual Retirement Account (IRA) and any portion is paid within seven (7) days after establishment or where the account is an IRA and the owner attains age 59½ or becomes disabled.
  8. Renewal Policy. Your account will automatically renew for another term upon maturity. We will notify you 30 days prior to maturity and inform you of the renewal terms we will offer upon maturity. Your account will automatically rollover under the current terms of your Account and at the dividend rate and annual percentage yield offered at that time for a certificate account of the same term. You have a grace period of ten (10) days after maturity in which to withdraw funds in the account without being charged an early withdrawal penalty. Special 35-month Certificate renews automatically to a standard 24-month term at the rate in effect at the time of renewal unless instructed otherwise.
  9. Nontransferable/Nonnegotiable. Your account is nontransferable and nonnegotiable. The funds in your account may not be pledged to secure any obligation of an owner, except obligations with the Credit Union.
  10.  13-Month Certificate Special. The 13-month certificate special is being offered on new money deposited for a limited time and may end without notice. New money is defined as funds that were not at WECU, in any account prior to taking advantage of the 13-month certificate special. The certificate can only be opened online and must be opened online to qualify for the rate. This is a non-renewable certificate for the 13-month term and will automatically renew into a 12-month term at the published rate for that product unless you have selected a different term prior to maturity. The 13-Month certificate online special is not available for IRA or Business certificates. All other terms and conditions are subject to the Account Agreement and Truth in Savings Disclosures.
  11. Add-On Certificates. Add-On savings certificates allow more than one deposit to a savings certificate. There are no limits to the amount of deposits during the certificate term. Early withdrawal penalties will apply to any withdrawals, as stated in Disclosure 7.

Please Note

You are about to leave wecu.com.

The site you are about to visit is not operated or controlled by WECU, nor is WECU responsible for its content. WECU is not to be misconstrued as a representative for visitors of our website, the third party website operator, or for our members in the event of communication or a transaction. WECU's website terms, privacy and security policies may differ from this site.

We are excited to help you on your home ownership journey!

The first step is to create an account for your customized Real Estate experience.

Create Account

Please note, this log in is different than your WECU Online Banking log in.

If you have already applied for a mortgage with WECU or are accessing a loan application that is in process, please LOG IN HERE.