The WAYCOSE Federal Credit Union was chartered on February 25, 1982. 

We had 1,129 members with assets exceeding  3.7 million  and outstanding loan balances exceeding 1.2 million, as of the end of June 2009.  

The Board of Directors is an elected group by you, the membership, to lead the credit union. 

The Supervisory Committee is a group of volunteers elected to assume the position of responsibility in safeguarding the credit union's assets and protecting the interest of the members. 

Our staff consists of three full-time employees and one part-time employee. 

 Who makes up our MEMBERSHIP?

To be eligible to join the credit union, you must be within our field of membership having the following common bond: 

• employees of the Wayne County Board of Education who work in or are supervised from Wayne County, WV;
• persons retired as pensioners and/or annuitants from the above employment; employees of this credit union;
• members of their immediate families; and organizations of such persons. 

JOINING IS EASY!

To become a member, you must complete an Account Application, pay a one time $3.00 membership fee and open a Share Savings Account with a deposit of $5.00.  A minimum balance of $5.00 is required to be considered an active member and utilize our other services.  You may withdraw the initial deposit of $5.00 upon closing the account.

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.  When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.  We may also ask to see your driver's license or other identifying documents.  For these reasons, you are asked to come into the credit union to open accounts. 

What is a credit union and how is it different from other financial institutions? 

A credit union is a not for profit financial cooperative, owned and operated by its members.  Sound complicated?  Actually, it's not.  Unlike other financial institutions, credit unions have no stockholders; instead, they are owned by their member depositors.  When you join a credit union, you become an owner.  After necessary reserve and capital levels are achieved, profits made by credit unions are returned to the member/owners through lower rates on loans, higher rates on deposits, and no or low fee services.  In contrast, at other financial institutions, rates and fees are driven by stockholders who consider their ownership an investment and place more emphasis on profits, not service.

Another distinct difference between a credit union and other financial institutions is the leadership of the organization, the board of directors.  At a credit union, the board of directors is elected by the membership of the credit union from within the membership of the credit union.  Upon joining a credit union, you become eligible to vote for the board members who are serving you.  You also become eligible to run for the board of directors yourself.  Have you ever been granted these opportunities at other financial institutions?  We should make you aware, however, that if you run and get elected to the board of a credit union, you may want to consider your salary - zero.  That's right!  Unlike board members at other financial institutions, a credit union board and committee members volunteer their time.  Why?  Because being members themselves, they care about the organization and the membership.  They simply have the members' best interest in mind.

If you would like additional information on credit unions, especially those within WV, please visit the website of the West Virginia Credit Union League at www.wvcul.org.