What is West Coast Federal?
West Coast Federal, also known as West Coast Federal Employees Credit Union, is a state chartered and federally insured financial cooperative which was founded in 1948 by a group of people who realized an advantage to pooling their resources. As a cooperative, we are owned and operated by our members.
How long is membership good for?
"Once a member, always a member." Once you have joined, you may continue to enjoy credit union membership as long as you wish. You may change employers or your state of residence and still be able to take full advantage of the benefits your credit union has to offer.
What are the benefits of membership?
As a West Coast Federal member, you are a part owner and member of your credit union. And that means your membership makes a difference in the level of service you can expect from this financial institution. We are able to provide a personal touch not found with profit-oriented organizations.
We are a group of people sharing a common goal — to provide a place for members to "pool" their savings and provide one another with low cost loans.
The interest earned on these loans, in addition to other investments, covers the credit union's operating costs and the financial reserves we are required to keep according to state and federal law.
The remaining monies are returned to the members in the form of additional services, higher dividends on savings and lower interest rates on loans.
As a member-owner you share in the profits and direct the policies of the credit union. And you elect the volunteer officials for your credit union from among your fellow members.
Who can belong to West Coast Federal?
Membership in this credit union is limited to person(s) and their family members of: those who live or work in SARASOTA or MANATEE Counties, those who live in Charlotte, DeSoto, Lee or Pinellas Counties and are also members of at least one of the following: Veterans of the United States Armed Forces, employees of Local, State and Federal Government Agencies, retired employees of said agencies, a person who is a member of an Anabaptist Congregation, associations comprised of such agencies, contract employees of said agencies, employees of the Credit Union and Selected Employee Groups (SEG).
How Do I Join West Coast Federal?
You may become a member of our financial co-op by opening a share (savings) account with a minimum of $5. You must keep a savings account with a minimum balance of $5 to remain a members of West Coast Federal. You'll find that we pay more on your savings than most banks will. We can do that because we are not-for-profit.
Just how safe is my money with West Coast Federal?
Your money is backed by the Safety and Soundness of the Federal Government. It is insured to at least $250,000 by the National Credit Union Share Insurance Fund, administered and reviewed by NCUA, a government agency. The Florida Office of Financial Regulation, our regulatory agency, conduct periodic examinations of your credit union for Safety and Soundness purposes periodically as required by statute.
We also have an Audit Committee which is responsible for an annual audit of the entire credit union. A Certified Public Accounting firm, selected by the committee, gives a written opinion of our financial condition.