For nearly forty years, WesCorp’s principal objective has been to help build a strong, sound credit union system. Credit unions know WesCorp is a strong, trustworthy and stable partner committed to improving the financial well-being of its members. It is this trust and confidence that has helped us become the nation’s largest corporate credit union.

Becoming a Member

The Benefits of Membership

WesCorp has been a leader in offering the most competitive investment options, helping credit unions stay ahead of their peers. With the highest level of expanded authorities granted by NCUA, WesCorp is in an optimal position to provide more flexible investment opportunities and higher yields to its members. WesCorp’s comprehensive product array also includes credit, funds transfer, payment, and settlement services to more than 1,000 member/owner credit unions throughout the U.S. and Guam. However, just as impressive as our stream of products and services is WesCorp’s stable of financial professionals. In a recent survey of credit union leaders, when asked what set WesCorp apart from other corporates, the top answer was our professional expertise, experience, and depth of team.

How to Become a Member

To enjoy the benefits of a WesCorp membership, you need only:

• Contact us to start the process. You can now download the membership application form for signature. It will need to be signed by your credit union’s authorized officials. This will generally require an action by your Board of Directors.

In addition to these easy steps, WesCorp strongly recommends that you:

• Establish a funds transfer agreement to allow you to move funds out of your WesCorp accounts.
• Establish access through WAVE (WesCorp Automated Virtual Employee) to assist in your funds management.
• Establish a line of credit for emergency liquidity needs (WesCorp settlement services are not required.)

Funds Transfer

Funds transfer options provide credit unions with the maximum flexibility and control with the ultimate in safety and are the basis for accessing WesCorp’s other financial service offerings. Electronic funds transfer services speed treasury functions, avoiding the delays and lost earnings associated with mailed remittances. In addition, WesCorp’s authorization process provides each member with an ability to tailor employee transfer authority to their specific needs.

Each funds transfer option allows WesCorp members to manage their funds with the assistance of WesCorp’s expert Member Service Representatives, through WAVE (WesCorp Automated Virtual Employee) or on a pre-established recurring basis. A funds transfer agreement is required for all electronic transfers from a WesCorp account.

Deposit Options

Members may choose to forward funds to their WesCorp accounts through either of two electronic methods—direct wires or Corporate Network Cash Concentration. Of course smaller amounts may be mailed for deposit directly to WesCorp.

Direct wires (same-day)

A direct wire is the most effective means for same day transfers of funds into a WesCorp account, particularly for the settlement of investment transactions. While more expensive than the cash concentration option, immediate earnings on the amount transferred frequently offset the cost of the wire.

Corporate Network Cash Concentration (next-day)

For anticipated funds requirements, CNCC provides a cost-effective method, using the capabilities of the automated clearinghouse to originate next-day deposit items. Members can direct transfers until 5 p.m. (Pacific Time) Monday through Friday, all day Saturday, and Sunday until 10:30 a.m. (Pacific Time). All transfer orders will be made the following business day.

Withdrawal Options

Pre-authorized wires
By previous agreement, members can establish recurring wire templates for cash needs or settlement obligations at other institutions. Requests made by 1:30 p.m., Pacific Time, on any business day, will originate same-day wires to the pre-authorized institutions. Credit unions may establish as many templates as necessary to conduct their cash management business.

Direct and Third-party wires

Because members sometimes need to originate wires to organizations that have not been pre-authorized, WesCorp offers them the ability to originate wires directly to other institutions. These wires can either be for credit to the member’s account or for the benefit of members who may require financial assistance anywhere in the United States.

• International wires
For third-party wires that may be required to provide member service outside of the United States, credit unions can use WesCorp’s international wire service.

• Internal transfers
Members participating in shared branch arrangements, loan participations with other credit unions, or other arrangements requiring the settlement of funds between WesCorp members can authorize the transfer of funds to the WesCorp account of other participants. The Internal transfer program is both cost-effective and timely.

• Automated Debit Transfers
The automated debit transfer (ADT) program provides members with the means to initiate transfers using the automated clearinghouse. The program, a complement to WesCorp’s cash concentration service, enables members to move funds from their WesCorp account to another financial institution on a next-day basis. The service may be accessed Monday through Friday, until 5 p.m. (Pacific Time), all day Saturday and Sunday until 10:30 a.m. (Pacific Time) for transfers effective the following business day.

Authorization Form
To establish outgoing wire authorities and securities safekeeping authorities, download the Funds Transfer Authorization form.

You may request additional information on WesCorp’s Funds Transfer services. If you would like to ask a specific question, contact a WesCorp representative.

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Line of Credit

At WesCorp, we know that the best investment your credit union can make is a loan to a member. We also realize that you cannot always foresee your liquidity needs. To help facilitate your borrowing needs, we are committed to giving you convenient, low-cost credit services. A WesCorp line of credit is a prudent and cost-effective liquidity management tool. There are no fees to establish or maintain the account and a credit union may choose to access the line for any liquidity need, including increased loan demand from members or increased settlement activity.

How to Apply

To enjoy the benefits of a WesCorp membership, simply submit a line of credit application, signed by your credit union's authorized official. An action by your Board of Directors is not necessary unless required by your credit union policy. Upon receipt, your credit request will be reviewed and you will be contacted.

By establishing your line of credit in advance, you have easy access to your funds when you need them. When approved, you can activate your loan right away. Here's how:

Automatic—If you don't have enough funds to cover the day's settlement, your line of credit automatically covers the deficit.

Electronic—you may access your demand line of credit electronically via the Internet using WAVE, WesCorp Automated Virtual Employee. WAVE transactions are immediate, giving you fast access to your loan.  And you can make loan payments through WAVE, maintaining complete control of your loan balance.

Telephone—whether you wish to activate a loan, make a loan payment or simply check your loan balance, our Member Service Representatives are ready to help. Simply call our toll-free number and our friendly staff will accommodate your credit needs.

For more information or if you have questions, phone WesCorp's credit operations at (800) 442-4366, extension 6425 or 6426.

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