Whatcom Educational Credit Union: Empowering Financial Well-being and Community Growth
Whatcom Educational Credit Union (WECU) stands as a not-for-profit financial cooperative committed to enhancing the financial well-being and living standards of its members. This is achieved by encouraging responsible saving and borrowing at fair and competitive rates. As a state-chartered credit union, WECU is a member of the National Credit Union Administration Share Insurance Fund and is regulated by the National Credit Union Association and the State of Washington Department of Financial Institutions - Division of Credit Unions.
Core Financial Services
WECU's primary financial products encompass a range of loan options, including consumer loans, real estate loans, and commercial loans tailored to its members' needs. These loans are primarily funded by deposits from members, fostering a community-centric financial ecosystem.
Commitment to Social Responsibility
Beyond its role as a financial institution, WECU actively supports education, health, and community concerns through nonprofit donations and volunteerism. In 2013, WECU’s Social Responsibility Committee donated $112,000 directly to dozens of Whatcom County-based nonprofits. Furthermore, WECU employees are encouraged to donate to the United Way, contributing nearly $70,000 in the past.
Championing Financial Literacy
WECU offers numerous financial education opportunities, free of charge, to promote the financial literacy of residents. Reid Frederick, Social Responsibility Coordinator at WECU, collaborates with nonprofits and schools to promote financial literacy and the credit union movement. WECU believes that knowledge is the foundation of financial well-being, and they are committed to helping people make confident money decisions through classroom lessons and community workshops.
Volunteerism and Community Engagement
WECU's commitment extends to volunteerism. In 2013, WECU’s Sweat Equity Team supported 15 community events with 118 WECU staff and board members, along with their families and friends.
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Embracing Diversity: Spanish Language Initiative
Recognizing the evolving demographics of Whatcom County, where approximately 11% of the population identifies as Hispanic or Latino, WECU has proactively addressed the need for Spanish language support. The financial industry has long recognized Spanish speakers as a key growth market. WECU has implemented a Spanish language program to better serve its Spanish-speaking members.
The Genesis of the Program
The inspiration for the program came when a WECU leader realized he regularly plays basketball with a Spanish professor at Western Washington University (WWU). This connection facilitated a partnership to develop a comprehensive language training program for WECU staff.
Program Structure and Curriculum
The program offers two tracks: basic and advanced, tailored to the employee’s existing Spanish fluency. The basic training is designed for staff with no prior Spanish-speaking experience. The curriculum includes greetings and basic financial services vocabulary, covering terms for savings accounts, checks, loans, and more. The goal of the basic track is to enable staff to recognize key words and phrases in Spanish, such as "Open a checking account," "make a deposit," or "cash a check." Instructors conduct the entry-level curriculum in English, while advanced training is conducted entirely in Spanish, with English used only for clarification as needed.
Collaborative Development
WECU leaders collaborated closely with WWU staff to develop the curriculum, and the team meets monthly to make necessary adjustments. Andrew Blick, a director of outreach and continuing education at WWU, noted that while the continuing education and language departments have worked in non-classroom settings before, the banking aspect is a new experience for everyone involved.
Program Implementation and Participation
Initially, instruction is available to member-facing retail staff, including front-line staff and the contact center. Retail leaders across the organization nominated participants to kick off the program. To date, 40 employees have joined, with 25 in the basic track and 15 in the advanced track.
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Impact and Future Growth
While WECU isn’t formally tracking employee progress or program impact beyond logging participation, anecdotal evidence suggests the program has been well-received. Employees at WECU are interested in finding new ways to support member needs. Members have expressed appreciation for the effort made by staff to communicate in Spanish. WECU recognizes the growing Spanish-speaking population in the United States and is committed to finding new ways to support their members.
Advice for Other Credit Unions
Helms advises other credit unions to "Find where the biggest area of need is and develop a program that can support staff and members in that area. Then get started." Blick added, "It’s a really nice way for students to get involved with the community."
Digital Accessibility and Convenience
WECU provides members with convenient digital tools to manage their finances. Their app allows members to check balances, move money, and deposit checks anytime, anywhere. WECU members also receive discounts on TurboTax federal products.
Empowering Youth: The First Step Visa Program
WECU's commitment extends to educating young people about financial responsibility. The First Step Visa program teaches young people about maintaining good credit and avoiding bad debt.
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tags: #Whatcom #Educational #Credit #Union #services
