In Weyco Community Credit Union’s continued efforts to improve the standard of living and financial well-being of our community, WCCU will be limiting the phone transfers that members can process.  Due to the ever increasing amount of fraud and identity theft, WCCU needs to put in procedures that protect our members from bad actors. 

We understand that this is a change in how phone transfers are processed but we feel this is the best way to protect our members while still providing convenient service. 

New Procedure

On and after October 1^st, 2024, phone transfers will only be allowed as long as no new person has access to the funds.  If a new person will be gaining access to those funds, a signature will be required.  A member transferring from their individual account to their other individual account is allowed but a transfer from their individual account to a joint account is not allowed. 

EXAMPLES

               Permissible Transfers

                Member A   transfer to  Member A

                Joint A&B    transfer to Joint A&B

                Joint A&B    transfer to Individual A (regardless of who initiates it)

                Must have a signature to process (form)*               Reason for not allowing

                Member A   transfers to   Member B                          Member B will be gaining access to funds

                Member A   transfers to   Joint A&B                            Member B will be gaining access to funds

                Joint A&B     transfers to   Joint B&C                            Member C will be gaining access to funds

*A form will be required so that these transfers can be done over the phone.  The form will be specific to the accounts they are transferring to.  That form will also have a place where the ability to transfer can be revoked.  The form will be scanned into the system and a note will be put on the comments screen listing the specific accounts the member can transfer to.  In the event someone wants to revoke that ability, the form is printed from our system and the bottom signed – comment screen updated.

Some of these transfers are allowed online and the member has to authenticate themselves which acts like a signature.  This is where education on online services will aid the member in these types of transfers.

The only exception to this new rule would be a loan payment.  So anyone can transfer, over the phone, a payment to the loan regardless of ownership of the loan account.  The reason for this is the loan payment can be reversed at any time if an error occurs.