FAQs

Explore the Car Loan module in WCCU's Financial Education center to learn different options for buying a car and the steps to apply.

Getting pre-approved will allow you to determine how much you can afford and help you determine your price range. It will also allow you to compare offers and find the best deal. Apply now for pre-approval.
 

Yes! And we will take care of all the paperwork with the DMV, so you don’t have to go!

Refinance documentation required:

• 20 day pay off letter from current lender.
• Copy of the Registration – used for VIN verification.
• Insurance Binder (Request from Insurance company after loan approval)
  • Requires a $500 Deductible
  • Lien Holder: Westerly Community Credit Union, Wakefield, RI 02879
• Notarized Title Application
  • Title application fee (varies by state)

Calculating how much car you can afford before you visit the dealership can save you hundreds, maybe thousands, of dollars in the long run. Use our Car Loan calculator to quickly see what’s right for your budget.

Calculate your monthly payment with our Car-Loan-Calculator. 

Dealer Purchase:

• Purchase and Sales agreement – signed by the applicant   
• Insurance Binder (Request from Insurance company after loan approval)
  • Requires a $500 Deductible
  • Lien Holder: Westerly Community Credit Union, Wakefield, RI 02879

Refinance:

• 20 day pay off letter from current lender.
• Copy of the Registration – used for VIN verification.
• Insurance Binder (Request from Insurance company after loan approval)
  • Requires a $500 Deductible
  • Lien Holder: Westerly Community Credit Union, Wakefield, RI 02879
• Notarized Title Application
  • Title application fee (varies by state)

Lease Buy-Out:

• Insurance Binder (Request from Insurance company after loan approval)
  • Requires a $500 Deductible
  • Lien Holder: Westerly Community Credit Union, Wakefield, RI 02879
• Buyout Package/Purchase and Sales Agreement (The dealership will provide the documentation) 
• Copy of Odometer statement.
• Copy of the Registration for VIN verification.
  • NOTE: You will need to schedule an appointment with the DMV ASAP since appointments can be out as far as 6-8 weeks, which is when the title needs to be returned to WCCU.

Private Sale:

• Notarized Bill of Sale – document layouts/process can be found online; can be notarized by anyone.
• Copy of the Vehicle Title, front and back.
  • NOTE: You will need to schedule an appointment with the DMV ASAP since appointments can be out as far as 6-8 weeks, which is when the title needs to be returned to WCCU.
• Insurance Binder (Request from Insurance company after loan approval)
  • $500 Deductible
  • Lien Holder: Westerly Community Credit Union, Wakefield, RI 02879

• $20 Vendor Single Interest insurance fee (VSI) - protects WCCU in the event that the vehicle is damaged or destroyed.
• Title Application Fee (varies per state)
• There are NO application fees.
• There are NO early payoff penalty fees.

Vendor Single Interest (VSI) Insurance protects lenders in the event that the vehicle is damaged or destroyed.

• eBanking
• Loan Pay Xpress
• At a Branch
• Contact Center (401.596.7000)

Yes. There are NO fees or penalties to payoff your loan early. Contact us to request the payoff amount.

• Click your credit card from the dashboard account list then select the Card Services tab
• Click on the Installment Plans tile
• Once the screen opens you will see if there are any offers based on your recent purchases
• Submit the transaction and receive the confirmation on your request

Purchases that are over $250 and display in the Installment Payments tab are eligible. Purchases that already appear on your monthly statement, are disputed or claimed as fraudulent, and/or are already included in a promotional APR or special financing may not be eligible.

You may have up to 10 active plans on your account at a time. As Installment Payment Plans are paid off, you will be able to view new eligible purchases. 

There’s no need to make any separate payments for your active Installment Payment Plans. We’ll automatically add the monthly Installment Payment Plan payment(s) to your minimum payment due each billing cycle. Pay at least your minimum payment when it’s due each billing cycle, and you’ll pay off your Installment Payment Plan balance on time.

here is no penalty for paying off your Installment Plan Balance early. If a payment is made in the amount of the New Balance indicated on your statement that would include the entire Installment Plan Balance. Any payment made in excess of the minimum payment due will be applied to the highest interest rate balance first.   

If you normally pay off your credit card balance in full and do not revolve a balance, you can accept an Installment Payment Plan offer and avoid paying interest on the remaining balance on your credit card.

Making a payment in the amount of the Interest Avoidance Balance, displayed on your monthly statement, will pay off your new purchases and include your monthly Installment Payment Plan payment. This will allow you to avoid interest charges on your new (non-Installment) purchases and make your monthly payment towards your Installment Payment Plan without paying the entire Installment Plan Balance off early.

Your account balance will update within two business days. 

If you’d like to have an extra payment applied specifically to your Installment Payment Plan, please call 401.596.7000 for assistance. 

Installment Payment Plans cannot be changed or modified once they are accepted.  

No. Setting up an Installment Payment Plan will not increase your available credit.

You may want to make changes to your automatic payment settings to avoid paying your Installment Payment Plan off early.

If you are currently set to pay the Full Statement Balance, your entire Installment Payment Plan balance will be included in that payment amount.

If you are set to pay the Minimum Payment due, that will include your Installment Payment Plan monthly payment.

If you have questions regarding automatic payments, how you are set up or to make changes on your due date, call us at 401.596.7000.

Your Installment Payment Plan will remain active even if you miss a payment. We’ll add your past-due Installment Payment Plan monthly payment to your minimum payment due on the next month’s statement.

Keep in mind, missing a payment may prevent you from paying off your plan within the time period you chose and cause your credit card account to be considered delinquent. You may also be charged a late fee.

Please review your credit card terms and conditions for information about late fees. If you are having trouble making your payments, or need assistance in accessing your credit card terms and conditions, please call 401.596.7000.

Yes, the details of your Installment Payment Plans will appear on your monthly statement. The detail will include the installment term, date and amount of the original transaction, monthly payment, fixed APR, balance subject to interest rate, interest charge, and remaining balance. It will also display the Interest Avoidance Balance calculation.

If you dispute a purchase which was converted to an Installment Payment Plan, your monthly Installment Amount(s) due will be suspended until it is resolved.  You will not be charged installment interest during this time. 

If the dispute is not decided in your favor, your installment plan may be canceled. You will be responsible for paying the disputed amount, which will be reflected as a purchase in your standard account balance and included in the calculated minimum payment due.

If you receive a merchant credit for a disputed purchase that is in an Installment Payment Plan, you'll need to call us at 401.596.7000 to have the credit applied to your plan balance.
 

No, only the owner(s) of an account can create an Installment Payment Plan.

If your original purchase earned rewards, you will retain those rewards even if that purchase is converted into an Installment Payment Plan

Some exclusions apply, including, but not limited to, balance transfers, cash advances, international purchases and purchases under $100. If you have additional questions, please call 401.596.7000.  
 

A purchase that has been converted into an Installment Payment Plan will appear as three transactions on your statement: original transaction at purchase date, repost transaction showing the purchase posted as an Installment Payment as of the accepted offer date, and an adjustment crediting the original transaction amount.    

An additional fee that a merchant (retailer) adds to your credit card bill when you use a credit card for payment.

Look for signs or at the store entrance and the point of sale warning of merchant’s fee. Carefully review your receipt; merchants are required to disclose the the actual dollar amount of the surcharge.

They may not charge any more than the applicable merchant discount rate for the credit card transaction. The rates are generally between 1.5% to 3%, but in no case higher than 4%.

No. Regardless of how your debit or prepaid card is processed at the point of sale, surcharging is not permitted.

No. Merchants can choose to charge or not. The 10 U.S. States have laws restricting merchants from surcharge on credit cards are: California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma, and Texas.

To report excessive payment surcharges, or surcharging debit and prepaid card transactions, you can visit www.visa.com/checkoutfees and fill out the Report a Merchant Violation form.

For more information, you can visit www.knowyourcard.org.

Although the Westerly Community Credit Union Debit Mastercard® carries the familiar Mastercard® logo, it is NOT a credit card! Instead, the Debit Mastercard® is a debit card. The amount of each purchase is withdrawn directly from your Checking Account.

You can make purchases at restaurants, retail stores, supermarkets and gas stations - anywhere Mastercard® is accepted. In fact, the card can be used at over 12 million locations! In addition, because the Debit Mastercard® is also an ATM card, it can be used to access your accounts at Westerly Community Credit Union ATMs and NYCE® and CIRRUS® network ATMs.

When purchasing an item or service, you use your Debit Mastercard® just like a credit card. The amount of each purchase will be withdrawn directly from your Checking Account. When used at an ATM, the Debit Mastercard® acts just like a traditional ATM card.

Purchases made with the Debit Mastercard® will be withdrawn directly from your Westerly Community Credit Union Checking Account. At ATMs, you will be able to access both Checking and Savings Accounts.

WCCU's Debit Mastercard® is all about convenience. Because it works like a credit card, there’s no more writing checks or presenting additional identification when purchasing goods or services. But, because it isn’t a credit card, there are no finance charges, and no credit card bills at the end of the month!

Receipts from each debit card purchase and point-of-sale (POS) transaction should be recorded in your check register. All transactions will be listed on your monthly Checking Account statement and can be reviewed using eBanking or Telephone Banking at 1.800.320.1441.

The Westerly Community Credit Union Debit Mastercard® gives you added convenience over our regular ATM Card, with no additional charges.

No problem! Purchases made with the Debit Mastercard® are just like those made with a credit card. Your rights relating to refunds and returned merchandise are the same as when you pay with cash or by check. The refund and return policies of the individual merchant govern these transactions, and you must resolve issues of this type directly with the merchant. We do recommend that you save your receipt in case you need to return an item.

Certainly, as long as you both qualify. Simply complete an application for the additional card.

Please call us immediately at 401.596.7000 during regular business hours and 1.800.320.1441 after hours. You may also block your card by logging into eBanking. Once you have reported it lost or stolen we can either mail you a replacement, or you may stop in any of our 4 branch locations to instantly receive your new card. Please refer to our Electronic Fund Transfer Disclosure for more detailed information. If you suspect that your personal information may be exposed, please view our Reporting Identity Theft Checklist for steps you can take to protect your identity now and in the future.

• If you are a member, you can call us at 401-596-7000 or come into one of our branches.
• If you are a business member, you have to come into one of our branches. Please visit one of our locations and we will be happy to assist you.

If you do not remember your username, please click  "Forgot your username or password?" or contact us.

Only one user is allowed per membership.

You can download the WCCU eBanking app for your iPhone®, iPad®, or Android™ from these authorized app stores: Apple® App Store℠ and Google Play™.

Apple Pay, Google Pay, and Samsung Pay are mobile payment and digital wallet services that allows users to make contactless point-of-sale payments by digitizing and replacing a physical card and PIN transaction. Anyone who has a Apple, Samsung, or Android device can use the service. Download the apps either through the Apple App store or on the Google Pay store. Samsung Pay is pre-installed on most devices.

Go to your Digital Wallet on your phone and follow the on screen prompts through the following steps: Add a Card, Terms & Conditions, Card Verification.

iOS – Apple Pay: Open Apple Pay, select "Default Card", then select the WCCU card you would like to use as your default. If successful, a check mark will appear next to the card. Scroll down to "transaction defaults", then select "Wallet & Apple Pay", then select the settings icon on your Apple device.

Android – Google Pay: Open Google Pay, select "Payment", then select the WCCU card you would like to use as your default. Turn on default for in-store purchases.

Samsung Pay: Open Samsung Pay, select your preferred WCCU card to get the “back of card” view, then select “set as default card.”

Contact us today. We will be happy to answer all your questions!

Navigate to "More Links," illustrated by the three dots (...) in eBanking and select "eStatement & eNotices." Your tax documents will be available to view or download in the "Tax forms & Notices" tab.

On your eBanking dashboard, select the “Customize” toggle. Click on that toggle and it will bring up all available widgets. Select or deselect the widgets you desire, then select “Save”.

From your eBanking dashboard, click on the “Customize” toggle and set the “Savings Goal” widget to “On” and "Save". With the Savings Goal widget turned on, click the “Create a Savings Goal“ link and choose the Share Account (Savings Account) you would like to set your savings goal for. Then select the appropriate category in the “What are you saving for?” drop down and set the description, amount, target date, and click “Create Savings Goal” . 

This widget will now appear on your dashboard when you login from any device and you will also be able to quickly make a transfer to it. Please note, you can only create one goal per Savings Account.

To unlock your debit card within eBanking, click the "View My Accounts" tab from the dashboard then select your Checking Account from the left hand column. Click "Details & Settings" and then click the down arrow/triangle next to the listed Debit Card. Use the toggle switch to update as needed.

Navigate to the “More Links” menu, illustrated by three dots (…). Select “Travel Notice” then select the Debit or Credit Card you wish to place the travel notice on. Fill out your destination(s), start and end dates, the best contact phone number and email to reach you while away, and any notes you’d like us to know and click “Submit.” 

Log in to your WCCU eBanking app on your iPhone®, Android™ or iPad® and select "Deposit", then "New Deposit” from the menu. Endorse and include “For Mobile Deposit Only” on the back of the check. Then, using the app, enter the required information, take a picture of the front and back of the check and click “Deposit.”

Navigate to “Make a Transfer” in eBanking. Select your “From” and “To” accounts. Enter the amount. Set when you want the transfer to occur. Add an optional memo. Click the Review Transfer button. After reviewing your transfer click “Confirm Transfer”.

Navigate to the "Other Options" tab in eBanking to submit a Bank to Bank Transfer service application. If approved, you can initiate up to 3 transfers totaling $1,000 per day in or out of the Credit Union.

Members can add up to five (5) external institutions to transfer funds in or out of. Members can transfer funds to or from another financial institution for FREE. Service is subject to Credit Union approval.

Navigate to "Pay", then "Pay Bills” from the menu in eBanking. Then "Add a New Payee" and enter in the required information. 

Navigate to the "More Links" menu, illustrated by three dots (...) in eBanking. Select "eStatements." Select "Cash Accounts." Select the desired statement and click "View." 

You will receive an email at the address you specify with a notification that your eStatement is available. An eStatement will replace your paper statement, but you are able to cancel your eStatements and return to paper statements at any time.

You can view up to 24 months of statements within eBanking. If older statements are needed you can send a secure message through eBanking or contact us.

Navigate to "More Links," illustrated by the three dots (...) in eBanking. Select "Alerts." Review the desired alerts and associated accounts, as well as the desired way to receive alerts. Click "Save Changes."

Please note there are security alerts that cannot be turned off for the safety and security of your information.

You can change your contact information within eBanking or contact us and we will be happy to assist you with the process.

Google Chrome, Firefox, Safari (macOS only), or Edge (Windows only).

Yes. eBanking requires the use of cookies (small files stored within your browser) to function properly.

To ensure the safety and privacy of your account information, WCCU has provided the following security features in eBanking: Unique Activation Code, Authentication, Encryption, Fraud Detection, Auditability. WCCU does not return any personally identifiable information in a text message, such as your full account number, e-mail address, or personal address and will never ask for or include your user ID or password in any message that is sent. We recommend that you lock your mobile device with a passcode for additional security. Please refer to the mobile device's user manual for instructions.

No. WCCU does not save any files with your personal or financial information on your phone. That information stays strictly within eBanking.

If your mobile device or phone is lost or stolen, please contact us immediately at 401.596.7000.

Pre-qualification provides a “ballpark” estimate of your borrowing power based on summary information of your income and assets. A satisfactory review of the property, financial documents and program requirements are required prior to final approval.

To begin the process, it is best to bring several items to the first meeting:

• Your most recent year’s W-2s
• Your most recent pay stub
• All pages of your most recent bank statement
• Have an idea of your outstanding debts

There’s no cost at all for completing our application.

The Federal Truth in Lending law requires that all financial institutions disclose the APR when they advertise a rate. The APR is designed to present the actual cost of obtaining financing, by requiring that some, but not all, closing fees are included in the APR calculation. These fees in addition to the interest rate determine the estimated cost of financing over the full term of the loan. Since most people do not keep the mortgage for the entire loan term, it may be misleading to spread the effect of some of these up front costs over the entire loan term. 

For Adjustable Rate Mortgages, the APR can be even more confusing. Since no one knows exactly what market conditions will be in the future, assumptions must be made regarding future rate adjustments. You can use the APR as a guideline to shop for loans but you should not depend solely on the APR in choosing the loan program that’s best for you. Look at total fees, possible rate adjustments in the future if you’re comparing adjustable rate mortgages, and consider the length of time that you plan on having the mortgage.

Don’t forget that the APR is an effective interest rate—not the actual interest rate. Your monthly payments will be based on the actual interest rate, the amount you borrow, and the term of your loan.

First, you will complete our on-line application. The application will ask you questions about the home and your finances and takes less than 20 minutes to complete. As soon as you’ve finished the application we will review your request. 

After completing your application, a Mortgage Originator will contact you to introduce himself or herself and to answer any questions you may have. Your Mortgage Originator is a mortgage expert and will provide help and guidance along the way. 

We will send preliminary application documents for you to review and sign. We will also send you a list of items that will need to be verified, referencing the information you provided about your finances during the online application.

We will order the appraisal from a licensed appraiser who is familiar with home values in your area. 

Title insurance will be necessary. If you’re purchasing a home, we will ensure the title work is ordered as soon as possible. If you are refinancing we will take care of ordering the title work for you. We’ll use the title report to confirm the legal status of your property and to prepare the closing documents. 

The simple rule of thumb for determining if it makes sense to refinance is to analyze the amount that it will cost you to refinance compared to the monthly savings you will have by reducing your payment. By dividing the cost of refinancing by the monthly savings you can determine how many monthly payments you will have to make before you’ve recaptured the initial refinance cost. If you plan on staying in your home longer than the recapture time it may make sense for you to refinance.

To fully analyze whether it’s the time to refinance you will have to look deeper. The remaining term of your current loan must also be considered, as well as your tax bracket. Our Mortgage Originators can help you determine if it’s the right time to refinance.

With most ARMs, the interest rate and monthly payment are fixed for an initial time period of five or seven years. After the initial fixed period, the interest rate can change every year. For example, one of our most popular Adjustable Rate Mortgages is a five year ARM. The interest rate will not change for the first five years (the initial adjustment period) but can change every year after the first five years.

Our ARM interest rate changes are tied to changes in an index rate. Using an index to determine future rate adjustments provides you with assurance that rate adjustments will be based on actual market conditions at the time of the adjustment. The current value of most indices are published weekly in the Wall Street Journal. If the index rate moves up so does your mortgage interest rate, and you will probably have to make a higher monthly payment. On the other hand, if the index rate goes down your monthly payment may decrease.

To determine the interest rate on an ARM, we will add a pre-disclosed amount to the index called the “margin.” If you’re still shopping, comparing one lender’s margin to another’s can be more important than comparing the initial interest rate, since it will be used to calculate the interest rate you will pay in the future.

An interest-rate cap places a limit on the amount your interest rate can increase or decrease. There are two types of caps: Periodic or adjustment caps, which limit the interest rate increase or decrease from one adjustment period to the next. Overall or lifetime caps, which limit the interest rate increase over the life of the loan. As you can imagine, interest rate caps are very important since no one knows what can happen in the future. All of the ARMs we offer have both adjustment and lifetime caps. Please see each product description for full details.

Yes, applying for a mortgage loan before you find a home may be the best thing you could do! If you apply for your mortgage now, we will issue an approval subject to you finding the perfect home.

Typically, at our attorney’s office. We will deliver our loan documents to the closing attorney prior to closing so that they’ll have plenty of time to prepare for your closing.

A home loan often involves many fees, such as the appraisal fee, title charges, closing fees, and state or local taxes. These fees vary from state to state and also from lender to lender. Any lender or broker should be able to give you an estimate of their fees, but it is more difficult to tell which lenders have done their homework and are providing a complete and accurate estimate. We take quotes very seriously. We’ve completed the research necessary to make sure that our fee quotes are accurate to the city level - and that is no easy task!

Fees that we consider third party fees include the appraisal fee, the credit report fee, the settlement or closing fee, the survey fee, tax service fees, title insurance fees, flood certification fees, and courier/mailing fees.

Third party fees are fees that we will collect and pass on to the person who actually performed the service. For example, an appraiser is paid the appraisal fee, a credit bureau is paid the credit report fee, and a title company or an attorney is paid the title insurance fees.

Typically, you will see some minor variances in third party fees from lender to lender since a lender may have negotiated a special charge from a provider they use often or chooses a provider that offers nationwide coverage at a flat rate. You may also see that some lenders absorb minor third party fees such as the flood certification fee, the tax service fee, or courier/mailing fees.

Fees such as discount points, document preparation fees, and loan processing fees are retained by the lender and are used to provide you with the lowest rates possible.

This is the category of fees that you should compare very closely from lender to lender before making a decision.

The interest rate market is subject to movements without advance notice. Locking in a rate protects you from the time that your lock is confirmed to the day that your lock period expires.

A lock is an agreement by the borrower and the lender and specifies the number of days for which a loan’s interest rate and discount points are guaranteed. Should interest rates rise during that period, we are obligated to honor the committed rate. Should interest rates fall during that period, the borrower must honor the lock.

Once we have reviewed your credit package, including your Purchase and Sales agreement (if applicable), we will notify you via email or phone when you are able to request the lock.

Yes. A fee in the amount of one quarter of one percent will be charged to lock in the interest rate. The fee is refunded at time of closing. If the loan is withdrawn or the rate lock expires the fee will not be refunded. 

We currently offer 60 day lock-in periods on our site. This means your loan must close and disburse within this number of days from the day your lock is confirmed by us.

Once we accept your lock, your loan is committed into a secondary market transaction. Therefore, we are not able to renegotiate lock commitments.

First of all, let’s make sure that we mean the same thing when we discuss “mortgage insurance.” Mortgage insurance should not be confused with mortgage life insurance, which is designed to pay off a mortgage in the event of a borrower’s death. Mortgage insurance makes it possible for you to buy a home with less than a 20% down payment by protecting the lender against the additional risk associated with low down payment lending. Low down payment mortgages are becoming more and more popular, and by purchasing mortgage insurance, lenders are comfortable with down payments as low as 3–5% of the home’s value. It also provides you with the ability to buy a more expensive home than might be possible if a 20% down payment were required.

The mortgage insurance premium is based on loan to value ratio, type of loan, and amount of coverage required by the lender. Usually, the premium is included in your monthly payment.

It may be possible to cancel private mortgage insurance at some point, such as when your loan balance is reduced to a certain amount—below 75% to 80% of the property value. Federal Law requires automatic termination of mortgage insurance for many borrowers when their loan balance has been amortized down to 78% of the original property value. If you have any questions about when your mortgage insurance could be cancelled, please contact your Mortgage Originator.

Selecting a mortgage may be the most important financial decision you will make and you are entitled to all the information you need to make the right decision. Contact us to speak with an experienced Mortgage Originator.

We do authorize and pay overdrafts for the following types of transactions:

• Checks and other transactions made using your Checking Account number
• Automatic bill payments

We will not authorize and pay overdrafts for the following types of transactions without your consent.

• ATM transactions
• Everyday debit card transactions

We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. If we do not authorize and pay an overdraft, your transaction will be declined.

Under our standard overdraft practices:

• You will receive a service charge of up to $29.50 each time we pay an overdraft
• There is no limit per day on the total fees we can charge you for overdrawing your account

If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions, call (401) 596-7000, click here to send us a secure message or to sign up using eBanking, complete and submit the secure form below, or print it and present it at a branch or mail it to: 122 Granite Street, Westerly, RI 02891. You can revoke your authorization for Westerly Community Credit Union to pay these overdrafts at any time by any of the above methods. Your revocation must include both your name and your account number so that we can properly identify your account.