Westchester Federal Credit Union has got money to lend and although it still requires that borrowers be creditworthy, the credit union is very interested in helping member secure the funding for what they need.  Whether the funds are for a new house, remodeling an old one or an upgrade of equipment (like burners, boilers and stoves) for a new/used car or motorcycle or for debt consolidation, WFCU is the place to go.

WFCU’s tremendous growth in membership and assets over the last several months gives it the capitalization to write loans for the benefit of its members at great rates.  Credit unions were designed for just this purpose.  In addition to having a safe place to save money, credit unions exist to help members advance their lives by improving finances and financial stability at the same time.

WFCU wants to write loans so make sure you spread the word to your family, neighbors, friends and co-workers so they too can take advantage of our low interest rates on all the various types of loans we offer.

Summer is the perfect time of year to look at your home to see if replacing your aging home heating system or water heater is recommended.  As NYSERDA’s only listed Energy$mart certified lender in Westchester, WFCU can save you even more money and help guide you through the process.  The program can reduce your loan rate by 4% and that’s on top of what you will save by having a more energy efficient home.

Please note that NYSERDA loans are not limited to heaters and burners, many other items are covered as well.  As a matter of fact these loans are for just about anything that makes your house green.  Loans may be used to finance eligible improvements for homes.  Existing 1-4 Family Home projects may include heating, insulation, windows, and appliances . It also may include renovation or new construction projects that install energy-efficient measures such as lighting, air conditioning, motors, and renewable energy technologies.  Remember that for most qualified projects some, if not all, of the labor costs are included.

The connection between WFCU and Enterprise Car Sales exists for the benefit of members.  WFCU will write car loans for all dealers and types of new and used vehicles, but we have seen the treatment and care Enterprise employees put into servicing our members.  This great service helps members get the best car value for an affordable price.  However, more importantly, the sales agents are best at walking our members through the auto purchase process without the “high pressure” many car salesmen are famous for putting buyers through.

Enterprise is currently running the “Sizzling Summer” event where buyers are getting Kelley Blue Book plus an additional $500 towards the purchase of a car.  This event will be in effect through July 31, 2010.  There will be another new Enterprise Car Sales promotional event for the end of summer and WFCU still will be writing loans.

On a picturesque June 18th CEO Ray Wolff led a WFCU delegation that included Director of Marketing Jim Nottingham and Summer Intern Faryl Katz down to the Yonkers Campus of Leake and Watts Services, Inc. located on the edge of the Hudson River to meet with Executive Director Alan Mucatel and Director of Development Meredith Barber.  The reason for the visit emanated from WFCU’s sponsorship of the Section 1 Basketball Championship that Leake & Watts won and went on to play in the Regional New York State Championships.  (Our April newsletter noted this championship.)

Nottingham and Barber had met at the basketball game and discussed possible ways for the two organizations to work together for the benefit of the community.  Of course the first step was to get Wolff and Mucatel together.  Although this took three months in the making, it was well worth the wait for good things always take time.

Leake & Watts founded in New York City in 1831 by John Watts, Jr. to honor the wishes of his friend, the late John George Leake, was a response to urban poverty and to the reduction of public aid.  The boy’s orphanage opened in 1843 and was joined by a girl’s orphanage in 1850.  The organization moved to its current location in Yonkers in 1890.

From its historic and illustrious start as one of the first private charitable institutions in the entire country dedicated to children in need, Leake and Watts has evolved into a dynamic educational and social services agency that serves nearly 3,000 children, adults and families on a daily basis.  Executive Director Allan Mucatel gave the WFCU delegation a thorough tour of the 30 acre campus with schools for students from pre-K through high school, as well as residential cottages, green gardens and kitchens where culinary arts are taught and food for children is prepared.

At the end of the tour Mucatel and Wolff agreed to explore in greater detail the various ways the two organizations could partner together in the future.  The first joint program will center on the National Endowment for Financial Education (NEFE) program’s high school financial literacy program.  Four teachers from Leake & Watts will attend this year’s training session at WFCU’s invitation.

Once the training is completed the teachers will be able to receive all the course materials, including student workbooks and teacher resource manuals without charge.  The High School Financial Planning Program is an excellent curriculum and should dovetail nicely with Leake & Watts mission and goals for its students.

CEO Ray Wolf said, “This program and our association with Leake & Watts is a win-win for both parties.  I hope WFCU members will take a moment to visit the Leake and Watts Service, Inc. website at leakeandwatts.org to get a deeper understanding of the extensive services they provide and why WFCU feels it is important to work with this fine organization that does great work.”

Each year the New York Credit Union Foundation in partnership with the Cornell University Cooperative Extension conducts several teacher training events over the summer to promote financial literacy for middle and high school age students.  The High School Financial Planning Program (HSFPP) course is designed to be implemented by schools and other institutions/organizations that work with youth.  The train-the-trainer sessions gives those attending the ability to use the HSFPP curriculum and materials to conduct the course.  This is a cost free public service with access to free course materials for students and teachers provided by the National Endowment for Financial Education NEFE and the New York Credit Union Foundation.

This year WFCU is sponsoring attendees from Leake & Watts, Yonkers YWCA and the White Plains Family YMCA.  This year for the first time the New York Credit Union Foundation, led by the dynamic Executive Director Diane LaVigna-Wixted, is offering twenty interactive sessions throughout the state.  The main training session will be broadcast on July 20th from Cornell University to the various training session locations.  WFCU is committed to financial literacy education.

This summer visitors to Westchester Federal Credit Union offices at 440 Hamilton Avenue might notice a new young face sitting at a desk with copious sheets of paper covered with numbers in front of her.  This face belongs to Faryl Katz, the very first WFCU Collegiate Intern.  Katz who is earning credit at Indiana University’s The School Of Public and Environmental Affairs (SPEA) for the experience and knowledge she will garner from her work at the credit union until early August.  Katz, a senior, is scheduled to graduate from Indiana University in May 2011 with a baccalaureate degree in Financial Management (Major) and Business (Minor).

Katz will work primarily with Westchester’s CFO Len Valure, but will have a chance to observe other aspects of credit union business, as present plans call for her to attend various types of meetings with CEO Ray Wolff and/or Marketing Director Jim Nottingham.  The operating principle of an internship is to give the student a practical educational experience in a field that is related to the student’s major.

A 2007 Horace Greeley High School graduate, Katz credits one of her Math teachers, Josh Block, for instilling the desire to work with numbers and consider a career in financial management.  “He was one of the best teachers I ever had and was instrumental in guiding me into what I am doing . I felt extremely prepared when I arrived at Indiana University.”

Katz hopes to gain as much knowledge about the credit union business as possible during her eight week internship and return to Indiana for her senior year and graduation.  When she isn’t working with numbers Katz enjoys movies, Broadway plays and is currently reading the book, Life of Pi.  A current events buff, she also enjoys spending time with friends and family in Chappaqua, NY.

CEO Ray Wolff is monitoring the internship program and is adamant that when Ms. Katz leaves, she does so with her financial management skills enhanced and with her having made a contribution to the credit union as well.  “I hope she will utilize her fresh perspective and knowledge of the latest trends in financial management to suggest ways we might change our operations for the better.  The internship program should benefit both parties.”

It is important that members notify the credit union of a change of address whenever they move, and update their telephone numbers whenever those are changed as well.  Make sure that we have a valid e-mail address for you.  We might have important information to convey to you regarding your accounts, but we cannot reach you if your information is not up-to-date.  Keep your contact information current to avoid this happening to you.

Credit unions are still making headlines as the best type of financial institution for consumers.  Recently the July/August issue of AARP Magazine had a featured article in the personal finance section that extolled the virtues of credit unions entitled “Are Credit Unions A Better Bet Than Banks?”  Members, both old and young, should check the article out online at aarp.org.