Wright-Patt Credit Union
Encyclopedia
Wright-Patt Credit Union (WPCU) is a credit union
(also known as a financial cooperative
) headquartered in Fairborn, Ohio
, near Dayton. WPCU is registered as a state-chartered type credit union, is the largest member-owned credit union in Ohio
, and is one of the 100 largest credit unions in the United States
. , WPCU had nearly $2 billion USD in assets, and over 202,000 members. WPCU is federally-insured by the National Credit Union Administration
(NCUA), which insures accounts in federal and most state-chartered credit unions in the United States. Deposits with Wright-Patt Credit Union are insured to $250,000.
that is now Wright-Patt Credit Union was founded in 1932. It was during the national economic depression of the early 1930s (the Great Depression
) that federal employees at Wright Field
(now Wright-Patterson Air Force Base) recognized the need for an “every person” financial institution. Since that time, WPCU has become Ohio’s largest member-owned credit union and one of the largest in the United States. Today, WPCU serves thousands of members from numerous employer and community groups and associations. WPCU has been known by the following names since its inception:
. WPCU primarily serves the Greater Dayton Area in the Miami Valley Region of Ohio, but other select areas are also eligible to join. Membership in WPCU is limited to the following:
(CUSO). CUSOs were established by NCUA as a way for credit unions to offer products and services that would normally be outside of the credit union’s scope.
loans, auto
loans, mortgage loans, student loans, credit cards, lines of credit, health savings account
s, IRA accounts
, direct deposit
(through ACH
), telephone banking
, online banking
, mobile banking
, as well as many other services.
) around the Greater Dayton area in Ohio. They also partner with other ATM
providers giving members surcharge-free access to any Alliance One, CO-OP Network, Allpoint
, or STAR
ATM. WPCU has also partnered with other credit unions in the United States through the Shared Service Center network (CU Service Centers
), which allows WPCU members to conduct most of their financial business at other credit union locations as if they were at their own local WPCU member center.
Credit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...
(also known as a financial cooperative
Cooperative
A cooperative is a business organization owned and operated by a group of individuals for their mutual benefit...
) headquartered in Fairborn, Ohio
Fairborn, Ohio
Fairborn is a city in Greene County, Ohio, United States, near Dayton and Wright-Patterson Air Force Base. The population was 32,352 at the 2010 census...
, near Dayton. WPCU is registered as a state-chartered type credit union, is the largest member-owned credit union in Ohio
Ohio
Ohio is a Midwestern state in the United States. The 34th largest state by area in the U.S.,it is the 7th‑most populous with over 11.5 million residents, containing several major American cities and seven metropolitan areas with populations of 500,000 or more.The state's capital is Columbus...
, and is one of the 100 largest credit unions in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
. , WPCU had nearly $2 billion USD in assets, and over 202,000 members. WPCU is federally-insured by the National Credit Union Administration
National Credit Union Administration
The National Credit Union Administration is the United States independent federal agency that supervises and charters federal credit unions...
(NCUA), which insures accounts in federal and most state-chartered credit unions in the United States. Deposits with Wright-Patt Credit Union are insured to $250,000.
History
The organizationOrganization
An organization is a social group which distributes tasks for a collective goal. The word itself is derived from the Greek word organon, itself derived from the better-known word ergon - as we know `organ` - and it means a compartment for a particular job.There are a variety of legal types of...
that is now Wright-Patt Credit Union was founded in 1932. It was during the national economic depression of the early 1930s (the Great Depression
Great Depression
The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s...
) that federal employees at Wright Field
Wright Field
Wright Field was an airfield of the United States Army Air Corps and Air Forces near Riverside, Ohio. From 1927 to 1947 it was the research and development center for the Air Corps, and during World War II a flight test center....
(now Wright-Patterson Air Force Base) recognized the need for an “every person” financial institution. Since that time, WPCU has become Ohio’s largest member-owned credit union and one of the largest in the United States. Today, WPCU serves thousands of members from numerous employer and community groups and associations. WPCU has been known by the following names since its inception:
- In 1932 – F.E.U. Local 148 Credit Union,
- In 1948 - Wright Field Credit Union,
- In 1951 - Dayton Federal Employees Credit Union,
- In 1962 - Wright-Patt Credit Union.
Membership
As with all credit unions, membership in Wright-Patt Credit Union is limited to individuals sharing the common bond defined in its credit union charterCharter
A charter is the grant of authority or rights, stating that the granter formally recognizes the prerogative of the recipient to exercise the rights specified...
. WPCU primarily serves the Greater Dayton Area in the Miami Valley Region of Ohio, but other select areas are also eligible to join. Membership in WPCU is limited to the following:
- Individuals who live, work, worship or attend school in MontgomeryMontgomery County, OhioMontgomery County is a county located in the state of Ohio, United States. The population was 535,153 in the 2010 Census. It was named in honor of Richard Montgomery, an American Revolutionary War general killed in 1775 while attempting to capture Quebec City, Canada. The county seat is Dayton...
, Greene, WarrenWarren County, OhioWarren County is a county located in the state of Ohio, United States. The population was 212,693 at the 2010 census. Its county seat is Lebanon. Warren County was erected May 1, 1803, from Hamilton County, and named for Dr...
, MiamiMiami County, OhioAs of the census of 2000, there were 98,868 people, 38,437 households, and 27,943 families residing in the county. The population density was 243 people per square mile . There were 40,554 housing units at an average density of 100 per square mile...
, ClarkClark County, OhioAs of the census of 2000, there were 144,742 people, 56,648 households, and 39,370 families residing in the county. The population density was 362 people per square mile . There were 61,056 housing units at an average density of 153 per square mile...
, ClintonClinton County, OhioClinton County is a county located in the state of Ohio, United States. As of the 2010 census, the population was 42,040. The 2008 Census Population Estimate places the figure at 43,200. It is named for former U.S. Vice-President George Clinton...
or ChampaignChampaign County, OhioAs of the census of 2000, there were 38,890 people, 14,952 households, and 10,870 families residing in the county. The population density was 91 people per square mile . There were 15,890 housing units at an average density of 37 per square mile...
Counties in Ohio. - Individuals who live, work, worship or attend school in the Township of ColumbiaColumbia Township, Hamilton County, OhioColumbia Township is one of the twelve townships of Hamilton County, Ohio, United States. The 2000 census found 6,557 people in the township, 4,619 of whom lived in the unincorporated portions of the township.-Geography:...
, City of Deer ParkDeer Park, OhioDeer Park is a city in Hamilton County, Ohio, United States. The population was 5,736 at the 2010 census.-Geography:Deer Park is located at ....
, Village of Elmwood PlaceElmwood Place, OhioElmwood Place is a village in Hamilton County, Ohio, United States. The population was 2,681 at the 2000 census. Except for a small portion which touches neighboring St...
, Village of FairfaxFairfax, OhioFairfax is a village in Hamilton County, Ohio, United States. The population was 1,938 at the 2000 census.-Geography:Fairfax is located at ....
, Village of Golf ManorGolf Manor, OhioGolf Manor is a village in Hamilton County, Ohio, United States. It is surrounded nearly completely by the Pleasant Ridge and Roselawn neighborhoods of Cincinnati...
, City of KenwoodKenwood, OhioKenwood is a census-designated place in Sycamore Township, Hamilton County, Ohio, United States. The population was 7,423 at the 2000 census...
, City of NorwoodNorwood, OhioNorwood is the second most populous city in Hamilton County, Ohio, United States. The city is an enclave of the larger city of Cincinnati. The population was 21,675 at the 2000 census. Originally settled as an early suburb of Cincinnati in the wooded countryside north of the city, the area is...
, City of ReadingReading, OhioReading is a city in Hamilton County, Ohio, United States. The population was 11,292 at the 2000 census. It is a suburb of Cincinnati. Reading is also the Home of 2003 Division 3 State Boys Basketball Champions...
, City of SilvertonSilverton, OhioSilverton is a city in Hamilton County, Ohio, United States. The city was formed out of Columbia and Sycamore Townships, but withdrew from both and formed a paper township...
, or City of St. BernardSt. Bernard, OhioSt. Bernard is a small city in Hamilton County, Ohio, United States. The population was 4,924 at the 2000 census.-Geography:St. Bernard is located at , and along with Norwood and Elmwood Place, is an enclave surrounded by the city of Cincinnati.According to the United States Census Bureau, the...
, Ohio. - Individuals who live or work in the Village of GreenhillsGreenhills, OhioGreenhills is a village in Hamilton County, Ohio, United States. The population was 4,103 at the 2000 census. It is a planned community that was established by the United States federal government during the Great Depression.-Geography:...
, City of Forest ParkForest Park, OhioAs of the census of 2000, there were 19,463 people, 7,505 households, and 5,238 families residing in the city. The population density was 2,990.4 people per square mile . There were 7,748 housing units at an average density of 1,190.4 per square mile...
, or Springfield TownshipSpringfield Township, Hamilton County, OhioSpringfield Township is one of the twelve townships of Hamilton County, Ohio, United States. The 2000 census found 37,587 people in the township.-Geography:Located in the northern part of the county, it has the following borders:...
, Ohio (within the boundaries of the Winton Woods City School DistrictWinton Woods City School DistrictWinton Woods City School District is a city school district in western Hamilton County, Ohio. Winton Woods serves students living in eastern Forest Park, as well as Greenhills, and Springfield Township....
). - Military and civilian employees of Wright-Patterson Air Force BaseWright-Patterson Air Force BaseWright-Patterson Air Force Base is a United States Air Force base in Greene and Montgomery counties in the state of Ohio. It includes both Wright and Patterson Fields, which were originally Wilbur Wright Field and Fairfield Aviation General Supply Depot. Patterson Field is located approximately...
(WPAFB). - Military personnelMilitary personnelMilitary personnel is a blanket term used to refer to members of any armed force. Usually, military personnel are divided into branches of service roughly defined by certain circumstances of the deployment of the personnel. Those who serve in a typical large land force are soldiers, making up an...
residing in a 14-county area adjacent to the Fairborn area who do not have a credit union available. - Retired United States Government military and civilian personnel.
- Government employees residing near WPAFB who do not have credit union facilities at their places of employment.
- Wright State UniversityWright State UniversityWright State University is a comprehensive public university with strong doctoral, research, and undergraduate programs, rated among the 260 Best National Universities listed in the annual "America's Best Colleges" rankings by U.S. News and World Report. Wright State is located in Fairborn, Ohio,...
students, faculty, staff, and Alumni AssociationAlumni associationAn alumni association is an association of graduates or, more broadly, of former students. In the United Kingdom and the United States, alumni of universities, colleges, schools , fraternities, and sororities often form groups with alumni from the same organisation...
members. - Select groups made up of people associated through employment, geographic location, or other organizational affiliation.
- Spouses, children, and certain other relatives of those eligible for WPCU membership.
Organization
Wright-Patt Credit Union is a state-chartered credit union in Ohio, federally insured by the National Credit Union Administration (NCUA). Like all credit unions, WPCU is governed by a board of volunteers, elected by and from its membership. WPCU also owns a separate subsidiary, myCUmortgage, LLC, which operates as a Credit Union Service OrganizationCredit Union Service Organization
In United States federal law, a Credit Union Service Organization allows a credit union the ability to conduct business that they would otherwise be restricted from due to regulatory constraints. Most CUSOs are limited liability companies which also provide a measure of protection to the credit...
(CUSO). CUSOs were established by NCUA as a way for credit unions to offer products and services that would normally be outside of the credit union’s scope.
Services
Wright-Patt Credit Union offers a full selection of products and services typically found at most financial institutions, including savings accounts, checking accounts, consumer loans and certificates of deposit. Credit unions are financial cooperatives so their savings accounts are referred to and recorded as “shares” because they represent members’ ownership of the credit union. Anyone eligible for membership can become an owner of the credit union by opening an account and depositing $5.00 into a “share” savings account. Additionally, WPCU offers its members small businessSmall business
A small business is a business that is privately owned and operated, with a small number of employees and relatively low volume of sales. Small businesses are normally privately owned corporations, partnerships, or sole proprietorships...
loans, auto
Automobile
An automobile, autocar, motor car or car is a wheeled motor vehicle used for transporting passengers, which also carries its own engine or motor...
loans, mortgage loans, student loans, credit cards, lines of credit, health savings account
Health savings account
A health savings account is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a high-deductible health plan . The funds contributed to an account are not subject to federal income tax at the time of deposit. Unlike a flexible spending account...
s, IRA accounts
Individual Retirement Account
An individual retirement arrangement is the blanket term for a form of retirement plan that provides tax advantages for retirement savings in the United States...
, direct deposit
Direct deposit
Direct deposit also known as Direct credit is a banking term used to refer to certain payment systems used to transfer money where a payment is initiated by the payer not the payee, namely:* In Europe, the giro system...
(through ACH
Automated Clearing House
Automated Clearing House is an electronic network for financial transactions in the United States. ACH processes large volumes of credit and debit transactions in batches. ACH credit transfers include direct deposit payroll and vendor payments. ACH direct debit transfers include consumer payments...
), telephone banking
Telephone banking
Telephone banking is a service provided by a financial institution, which allows its customers to perform transactions over the telephone.Most telephone banking services use an automated phone answering system with phone keypad response or voice recognition capability...
, online banking
Online banking
Online banking allows customers to conduct financial transactions on a secure website operated by their retail or virtual bank, credit union or building society.-Features:...
, mobile banking
Mobile Banking
Mobile banking is a term used for performing balance checks, account transactions, payments, credit applications and other banking transactions through a mobile device such as a mobile phone or Personal Digital Assistant . The earliest mobile banking services were offered over SMS...
, as well as many other services.
Member Center & ATM locations
, Wright-Patt Credit Union operates 23 member centers (commonly called branchesBranch (banking)
A branch, banking center or financial center is a retail location where a bank, credit union, or other financial institution offers a wide array of face-to-face and automated services to its customers....
) around the Greater Dayton area in Ohio. They also partner with other ATM
Automated teller machine
An automated teller machine or automatic teller machine, also known as a Cashpoint , cash machine or sometimes a hole in the wall in British English, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public...
providers giving members surcharge-free access to any Alliance One, CO-OP Network, Allpoint
Allpoint
Allpoint is an interbank network in the United States connecting ATMs in all 50 states. It advertises itself as being "America's Largest Surcharge-Free ATM Network", with "1 in every 12 ATMs" being part of its network...
, or STAR
STAR (interbank network)
STAR is an interbank network and EFTPOS network in the United States. It is the largest American interbank network, with 250,000 ATMs, 134 million cardholders and over 5,700 participating financial institutions. The network is owned and operated by STAR Networks, a subsidiary company of First Data...
ATM. WPCU has also partnered with other credit unions in the United States through the Shared Service Center network (CU Service Centers
CU Service Centers
CU Service Centers CU Service Centers CU Service Centers (commonly known as (shared branching) is an organization of credit unions that allows members of participating credit unions to process transactions at any participating branch. As of September 2011, the network included 4,372 participating...
), which allows WPCU members to conduct most of their financial business at other credit union locations as if they were at their own local WPCU member center.