William Penn Life, 1988 (23. évfolyam, 1-12. szám)
1988-05-01 / 5. szám
May 1988, William Penn Life, Page 3 What is a credit union? How our new credit union works and what benefits you can enjoy as a member All William Penn members will enjoy many benefits when they join the new William Penn Association Federal Credit Union. But, as an intelligent consumer, you probably want to know more about how our credit union works before you deposit your hard-earned money into it. Your curiosity and concern is only natural, and we hope the following answers to some often-asked questions will help convince you that joining our credit union is a wise and prudent decision. ■ What Is A Credit Union? A credit union is a non-profit cooperative savings institution, owned by the people who save and borrow there. Every saver is a member and every member is an owner, with the right to vote for credit union officers and policies and the right to become a director, even president. It is a group of people who share a common bond, in our case, membership in the William Penn. ■ Who Can Join? Any William Penn member residing in Pennsylvania is currently eligible to join our credit union. However, in the near future, membership will be open to all our members across the nation. ■ What Are Shares? Savings in the credit union are called "shares.” Each share is $5.00 and every member must own at least five shares to be eligible for membership. There is no limit to the number of shares you can own; how much you want to deposit in the credit union is entirely up to you. ■ What Happens To My Shares? Credit union shares are used to help the members obtain low-cost loans. All money not loaned to members or invested is deposited in insured financial institutions. ■ How Sure Is The Repayment Of The Loans? Credit union loans are made to members only. Credit Committees and Loan Officers carefully consider the purpose of each loan, the character of each applicant, the ability to repay, and the security offered, if any. Credit unions have had an outstanding record of repayment. Even so, a portion of earnings is set aside as a reserve against uncollectible loans. ■ What Safety Factors Are There? Our credit union is chartered by and operates under the supervision of the state and federal governments, and government examiners regularly examine the books. A committee of members audits the credit union’s records. The treasurer and others handling funds are bonded. ■ Are My Savings Insured? The National Credit Union Administration insures your credit union account up to $100,000 through the National Credit Union Share Insurance Fund in the U.S. Treasury. ■ Will I Get Dividends On My Savings? Our credit union is permitted to pay dividends up to 7% a year after expenses have been paid and the required reserves have been set aside. The actual amount is determined by the Board of Directors at the end of each dividend period, or twice a year. Credit unions pay dividends comparable to, or better than, those paid by other financial institutions. ■ What Will A Credit Union Loan Cost? Usually, you will find that the interest rate on a credit union loan is the lowest available in your community. It is always wise to shop around at all sources of credit, and our credit union recommends that borrowers do just that. This means asking about the annual percentage rate, the total dollar amount to be repaid, and the number and amount of payments. Assure yourself that the credit union offers you the best deal available on loans. ■ Are There Any Other Costs? No. There are no other charges when you borrow from our credit union. ■ Is It Easy To Withdraw My Shares? Yes. Shares may be withdrawn by applying at the credit union office on any credit union business day. ■ How Do I Join? You can join our credit union by completing and signing the membership application form below and sending it to our Home Office, along with your check or money order for $25.25 to purchase the required five shares and cover the 25-cent entrance fee. You may make a larger initial deposit if you wish. Or, you can visit our main office at 709 Brighton Road, Pittsburgh, or the branch office at 338 E. Ninth Ave., Homestead, Pa., and apply in person. É William Penn Association Federal Credit Union #02661 APPLICATION FOR MEMBERSHIP (FORM WPAFCU 150) THIS SECTION TO BE COMPLETED BY ALL APPLICANTS THIS SECTION FOR JOINT ACCOUNT APPLICANTS ONLY (LAST) (FIRST) (MIDDLE) NAME (LEAVE BLANK) ACCT. # TAX IDENTIFICATION NUMBER OR SOCIAL SECURITY NUMBER ADDRESS CITY STATE HOME TELEPHONE ( ZIP BUSINESS TELEPHONE ( EMPLOYER OCCUPATION PLACE OF BIRTH DATE OF BIRTH WIFE'S FIRST & MAIDEN NAME OR HUSBAND'S FULL NAME I hereby make application for membership in the William Penn Association Federal Credit Union #02661, and agree to conform to its by-laws and amendments thereof, copies of which have been made available to me, and to subscribe for a least five (5) shares. If Life Savings insurance is carried in connection with my account, I agree, in consideration of the credit union carrying such insurance, that any designation or change of beneficiary made by me shall only be binding upon the credit union, if I have filed with the credit union prior to my death, such designation or change of beneficiary, in writing, signed by me, on the form supplied by the credit union; and, in the absence of so filing a designation or change of beneficiary, I agree on behalf of myself, my heirs, etc., to indemnify and save harmless the credit union from all loss or damage by reason of the payment of the proceeds of such insurance to such person as the credit union records show to be entitled thereto. SIGNATURE .DATE. NUMBER OF SHARES YOU WISH TO PURCHASE (Minimum: 5 Shares) AMOUNT ENCLOSED [No. Shares X $5.00/Share (add 25« Entrance Fee)] METHOD OF PAYMENT: □ PERSONAL CHECK □ MONEY ORDER □ CASH 'If your application for membership is rejected, your full deposit will be returned to you. JOINT SHARE ACCOUNT AGREEMENT The William Penn Association Federal Credit Union #02661 is hereby authorized to recognize any of the signatures subscribed hereto in the payment of funds or the transaction of any business for this account. The joint owners of this account, hereby agree with each other and with said Credit Union that all sums now paid in on shares, or heretofore or hereafter paid in on shares by any or all of said joint owners to their credit as such joint owners with all accumulations thereon, are and shall be owned by them jointly, with right of survivorship and be subject to the withdrawal or receipt of any of them, and payment to any of them or the survivor or survivors shall be valid and discharge said Credit Union from any liability for such payment. The joint owners also agree to the terms and conditions of the account as established by the credit union from time to time. Any or all of said joint owners may pledge all or any part of the shares in this account as collateral security to a loan or loans from this credit union. The right or authority of the credit union under this agreement shall not be changed or terminated by said owners, or any of them except by written notice to said credit union which shall not affect transactions theretofore made. [The signature on the first line (★) should be the same as signed on left side of this application.) SIGNATURES OF JOINT OWNERS (Each Must Sign) DATE TAX IDENT. NO. OR SOCIAL SECURITY NO. DATE OF BIRTH (LEAVE BUNK) JOINT ACCT. # THIS SECTION FOR OFFICE USE ONLY This application approved by: □ The Board □ Executive Committee □ Membership Officer Date Signed (□Secretary □ Exec. Comm. Member □ Membership Officer) Mail to: WPA FEDERAL CREDIT UNION ________709 Brighton Road, Pittsburgh, PA 15233
