OGDEN, UTAH, March 15, 2017 – The 87th Annual Meeting of Wasatch Peaks Credit Union was held on Thursday, March 2nd at the Walker Cinemas in North Ogden. During the business meeting, the 2017 Board of Directors election results were announced. Nanette Combe, who has 22 years of experience working for credit unions, was elected as the newest member of the Board. Mrs. Combe graduated from Weber State University with her Bachelor of Science degree in Accounting. She joins the incumbent directors Brad Egbert, Mike Enz, and Mark Ramsey who were elected to new three-year terms on the Board of Directors. Other Board members include Bill Frye, Cindi Hellewell, Ronald Hill, Gary McDaniel, Randy Rounds, Todd Skeen, and Curtis Smout. Wasatch Peaks thanks former director, Gerald West, for his 12 years of dedicated volunteer service on the Board.

The highlight of the evening was the presentation of $10,000 from Wasatch Peaks Credit Union to local school foundations. Ogden School Foundation and Weber School Foundation were each given $5,000. Wasatch Peaks is proud to support our students, teachers, staffs, and education programs in the community.

In addition to prizes such as T-shirts, LED lanterns, and cash prizes, approximately 900 members enjoyed the showing of The Lego® Batman Movie and The Great Wall.

Thanks to all who attended and made this special night a success! As always, the board members, management, and staff of Wasatch Peaks Credit Union were delighted to show appreciation to members by hosting an event that members of all ages could enjoy.

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Wasatch Peaks Credit Union is a federally chartered credit union. All those who live, work, worship, attend school in Weber, Davis, and Morgan Counties, or have immediate family who are members, are eligible for membership. Wasatch Peaks Credit Union has eight branch locations, more than 31,000 members, and $293 million in assets. For more information: visit wasatchpeaks.com or call 801-627-8700. Follow Wasatch Peaks Credit Union on Facebook, Twitter, YouTube, Instagram, and Pinterest.

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2017 Board

Wasatch Peaks Credit Union members elected four Directors to the Board in the Board of Directors election at the 87th Annual Meeting held on Thursday, March 2nd at Walker Cinemas in North Ogden. There were five candidates running for four Board seats. Brad Egbert, Mike Enz, Mark Ramsey (incumbents) and Nanette Combe (candidate) were elected to three-year terms on the Board of Directors. Wasatch Peaks thanks former director, Gerald West, for his 12 years of dedicated volunteer service on the Board.

Each of the eleven members of the Board is elected by members of Wasatch Peaks Credit Union for a three-year term. They are respected members of our community and we are proud to have them represent our Wasatch Peaks Credit Union. Here are the members of the 2017 Wasatch Peaks Credit Union Board of Directors: Mark Ramsey, Ronald Hill, Cindi Hellewell, Curtis E. Smout, Gary McDaniel, Todd Skeen, Brad Egbert, Bill Frye, Randy Rounds, Mike Enz, and Nanette Combe.

On Monday, March 6th, at the re-organizational Meeting, the Board of Directors named their officers for the coming year. Mark Ramsey was named Chairman, Ronald Hill–Vice Chairman, and Cindi Hellewell–Secretary.

We thank all of our volunteer officials for their service and leadership; they are instrumental to the continued success of Wasatch Peaks Credit Union. We would also like to thank all Wasatch Peaks members for their attendance at the 87th Annual Meeting and for participating in electing their Board of Directors for Wasatch Peaks Credit Union.

Published in Blog
Wednesday, 22 March 2017 16:13

Women's History Month: Women In Finance

Because March is Women's History Month, we're taking a moment to reflect on many of the important contributions women have made to society. At Wasatch Peaks Credit Union, we're proud to be a part of the nationwide celebration of women.

As part of this effort, we'd like to take time to recognize a few important women in the history of finance and entrepreneurship. Here are five lesser-known and underappreciated women who are sometimes left out of the popular economics conversation. That, of course, does not diminish the importance of their trailblazing efforts and work.

Maggie Lena Walker, first female bank president

Maggie Lena Walker was the first woman to charter a bank. The St. Luke's Penny Savings Bank was a community lending institution designed to promote savings and homeownership, especially among women and racial minorities. Founded in 1902, the bank served the Richmond, Virginia area for several years before it merged with two other banks. Walker went on to serve as chair of the board for the consolidated bank.

By 1920, St. Luke's had helped more than 600 people buy homes. Walker's vision and leadership set the standard for community lending institutions. Her bravery and trailblazing business spirit, at a time when women didn't yet have the right to vote, is truly commendable.

Marie Van Brittan Brown, inventor of the home security system

While few museums will showcase her work, nearly all of them have some modern iteration of the device Marie Van Brittan Brown pioneered. She was the original architect of the home security system. Her system was devised in response to the dangers she perceived in her own neighborhood.

Concerned about the length of time it would take police to respond to a call for help, Brown put a camera on a mobile swivel to enable it to view the front door through each of four peepholes. A motion sensor triggered a recording device, and the system also enabled the homeowner to view and listen to the cameras by using a television set. Brown's original home security system soon caught on in businesses around the country. She was given an award from the National Science Committee for her work.

Victoria Woodhall and Tennessee Clafin, first female stock brokers

These two pioneering sisters broke the gender barrier on Wall Street. They ran the first female-owned brokerage. Despite the blatant sexism they faced in their struggle, the two sisters made millions advising clients like Cornelius Vanderbilt. While enduring headlines like "Wall Street Aroused," the two sisters quietly made enough money to put their male counterparts to shame.

Woodhall would go on to be a polarizing figure in the suffrage movement. She made the first recorded run for president as a woman, doing so a full 50 years before women were legally allowed to vote! While her suffrage-based platform didn't carry the election, her intellect and force of persuasion were instrumental to the passage of the 19th Amendment.

Rosemary McFadden, first female exchange president

Rosemary McFadden broke another gender barrier in finance. She was the first woman to serve as president of any American exchange. Starting her career as a staff attorney for the New York Mercantile Exchange, she climbed the career ladder to become the first female president of that organization or any other trading exchange in American history in 1984.

Despite the steep resistance she encountered as the first woman in a traditionally male position, McFadden was a strong and effective leader. When her term was up, she continued to climb towards greatness. She now serves as deputy mayor of Jersey City, New Jersey.

Abigail Adams, first female investor

The wife of President John Adams is mostly noted for her documentation of the home front of the Revolutionary War and for her strident advocacy for women's rights in the early years of the country's founding. A little-known tidbit, though, is that she's also America's first documented female investor.

Adams managed the financial affairs for the household while her husband served in war and, later, in the White House. She was quite a shrewd woman, making a great deal of money investing in government bonds. In one exchange in 1783, her husband advised her to invest some money in farmland. She ignored the advice, buying bonds instead. The move made her family quite a bit more money in the long run!

What influential women in your life would you like to honor this month? Let us know in the comments about the women that have played a big part in shaping who you are!

SOURCES:
http://www.businessinsider.com/history-of-wall-street-women-2011-12#abigail-adams-is-the-earliest-documented-female-investor-in-the-us-1
https://en.wikipedia.org/wiki/Victoria_Woodhull#Stockbroker
http://www.aaregistry.org/historic_events/view/inventor-marie-van-brittan-brown-born
http://www.nytimes.com/1984/12/17/style/in-powerful-new-job-she-overcomes-the-skeptics.html
https://en.wikipedia.org/wiki/Maggie_L._Walker

Published in Blog
Wednesday, 15 March 2017 15:23

Why You Need a Will

You likely know most credit unions for their assistance they offer with car and home loans, and while these are some of our primary services at Wasatch Peaks Credit Union, we also offer them in another vital area: Wills and estate planning.

Through our partnership with Summit Administrators, LLC, we’re here to assist with any elements of your will, trust or an estate management. Why are Will services necessary? There are several great reasons, and here are just a few.

Ease Grieving

The death of any loved one is an incredibly difficult time for all of us, and even more so if we’re left dealing with complex, perhaps divisive asset-related issues in the immediate aftermath of their passing. Bitter conflicts can erupt and be exacerbated by the stress of grief, plus the general level of uncertainty can cause major issues.

If you have a proper will, though, you avoid any of this extra burden on your family. A clear division of assets will be provided, and will be properly oriented with state regulations. Some of our next couple sections will cover a few of the most vital areas of division.

Estate Distribution

When you’ve passed from this world, a personal representative will be in charge of distributing your estate at your wishes. If you create a will in advance, you can choose not only these particular wishes, but also your own personal representative. This will remove significant potential confusion – if you don’t appoint a representative, the courts will appoint one for you. Leaving the decisions regarding your estate to an outside representative and that open your family up to a result you didn’t intent.

Child Guardians

In cases where you’re a single parent or your spouse has already passed, a will is vital for designating guardians for any children you have. Like with monetary elements, a lack of a will means the courts will make these decisions for you. Even if you have family members who know your wishes, lack of documented proof will make this very difficult to enforce.

Charitable Donations

Many people choose to donate a portion of their estate to a cause they’re passionate about when they pass, and a will makes this much easier to do. There’s no confusion about amounts or destinations, and as an added advantage, many charitable donations will ease the tax burden that’s left on your estate.

To learn more about wills and estate services, or to inquire about a car loan, home loan or small business loan, speak to the financial advisors at Wasatch Peaks Credit Union today. 

Published in Blog

Our 87th Annual Meeting was an exciting event held at Walker Cinemas in North Ogden. It was a pleasure to see our members and their families come to the meeting, take part in the election of our Board, and enjoy watching a movie together. Members were welcomed to the event in the check-in area in the lobby, where they received a gift and a ticket for the prize drawings. Once they were checked in, guests received their complimentary movie tickets, popcorn, and a drink. Our members and their families enjoyed a private screening of “The Lego® Batman Movie” or “The Great Wall”.

It was a fun evening for members and their guests, staff, management, and Board of Directors. Attendees enjoyed a beautiful arrangement of The National Anthem sung by Kristine Bowman.

T-shirts, balls, cups, lanterns, and over $2000 in cash were given away to members! The highlight of the evening was the presentation of $10,000 from Wasatch Peaks Credit Union to local school foundations. Ogden School Foundation and Weber School Foundation were each given $5000. We love supporting education programs in our community.

Thanks to all who attended and made this special night a success! As always, the board members, management, and staff of Wasatch Peaks Credit Union were delighted to show appreciation to our members by hosting an event members of all ages could enjoy.

Published in Blog
Tuesday, 07 March 2017 22:24

Start Using Peaks Money Managerâ„¢

Wasatch Peaks Credit Union is so excited to announce that we are now live with our new Peaks Money Manager™ product.

This is a data-driven money management tool that securely integrates into digital banking products and enables users to take control of their finances. Budgeting, account aggregation, auto-categorization, and debt management are just a few of the tools that this product offers.

It is easy to access – just login to your Wasatch Peaks account online and select Services, then select Peaks Money Manager.

There is also an app available for mobile devices. The apps can be found in the app stores! Follow this link to download for Androids or this link to download for Apple products. Once you download the app, it will ask for an access code. This is generated within the desktop version of Peaks Money Manager. Simply login to your account at your desktop or laptop and select Services and then Peaks Money Manager. From there go to Settings (top right-hand corner) and then select Mobile Devices and click on Generate Access Code.

This is a great way to see all of your accounts at Wasatch Peaks Credit Union as well as any other financial accounts you have elsewhere. You can look at your HSA, John Hancock Account, and many others in one place to help view your total financial picture. Download or access it on your desktop today and take control of your finances!

Published in News
Wednesday, 15 February 2017 23:25

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Wednesday, 15 February 2017 18:34

Tips for Keeping Credit Score High

One of the most important parts of the home loan process is utilizing your credit score. Credit score is one of the primary factors that determines many of the vital financial details of a mortgage loan, and can often be the difference between you getting the mortgage rates you need and not doing so.

At Wasatch Peaks Credit Union, we’re dedicated to providing our clients all the knowledge and savvy they need to make the right personal, business and family financial decisions. We’ve seen firsthand the pitfalls of lackluster credit in the mortgage loan process, so what are some things you can do to make sure you aren’t suffering from a low credit score?

Track Spending

Keep diligent track of your spending habits, particularly your lines of credit – exactly how far these extend should be something you know, and do your best to never exceed these limits. Many financial experts suggest the “20/10” rule of thumb: Never let your credit card debt get higher than 20 percent of your yearly post-tax income, and never tie up more than 10 percent of your monthly income in credit card payments.

Keep Emergency Funds

Unexpected expenses are part of life, and if you’re forced to run these up on your credit card every time they happen, it could tank your credit score and impact your financial future. Keep a buffer of 10 to 15 percent of your available credit if possible, or even more if you can manage it. Try setting up a Budgeter Account to save money for an emergency fund. Many people try to keep several months’ worth of income saved up in case of emergency.

Organization

Staying organized prevents negative outcomes like missed payments or unnoticed spending limits. Keep track of your due dates in a comprehensive list you can easily access, and keep all your bills in one place – online and mobile banking with Wasatch Peaks has made this easier than ever.

You can schedule payments either online or in person with your credit union, and set up automatic payments. You’ll be thanking yourself down the line when your credit isn’t the thing keeping you from an affordable home loan.

Keep In Touch

Especially if you’re having any issues with credit card or other debt payments, keep an open line of dialogue with your lender. Lenders want the same result you do – their money back – and even if it often seems like you’re on opposite sides, they’ll generally work with you to restructure things if you’re falling behind.

Interested in learning more about mortgage loans, home refinance projects or any of our other services which may be directly impacted by credit score? Our financial advisors at Wasatch Peaks Credit Union are standing by.

Published in Blog
Tuesday, 14 February 2017 18:49

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Creature comforts like smartphone bank deposits are nice, but how much are they costing you? Your statement might not show the costs directly, but there’s an old adage about situations like this: If you’re not paying for a service, you’re not the customer. You’re the product. In this case, corporate banks use slick technological bells and whistles to get you in so you’ll be more likely to take out loans and use other for-pay services.

If you’re tired of being treated like a product, you’re not alone. Last year, 2 million people between the ages of 18 and 35 joined a credit union. 28% of credit union members are under 35 while 54% of them are under age 50. The tools of technology are making it easier to see the value that credit unions offer.

Don’t just take our word for it. Do your research and see for yourself how credit unions compare to for-profit banks. Consider these five categories:

1.) Ease of service

Here’s a fun game. Call a corporate bank with a simple request, like checking the balance of a savings account. Count the number of irritating phone tree menus you have to sift through before you could talk to a real person who could answer your question. You win when you get frustrated and slam the phone down in anger!

For-profit banks have earned a reputation for cumbersome customer service and out-of-touch policies. Getting information on financial services, like credit repair or auto loans, means sitting on hold for hours. Credit unions, on the other hand, provide easy-to-use services and real, live human beings who can answer questions, make recommendations and help you understand the complicated world of finance.

2.) Lending practices

For-profit banks answer to corporate owners. They expect a predictable, stable rate of return on their investments. This demand puts a straitjacket on lending and ensures those practices never deviate from a pre-determined formula. Take income, multiply by credit score, divide by 2, that’s the interest rate they’ll charge.

However, let’s pretend you just got a new job, so last year’s tax returns aren’t a good indicator of how much you are earning. That’s not in the formula, so it doesn’t matter. Credit history ruined by an old medical bill? Corporate banks stop reading after the first three words of that sentence. In short, there’s no room for flexibility and interest rates tend to be much higher.

Credit unions are community institutions, so helping people out is part of what we do. Our rates tend to be lower than those of corporate banks. We also tend to be more willing to make exceptions for details that may not be reflected in the conventional lending formula.

3.) Online banking is everywhere

In the wild west days of the Internet, only corporate banks could afford online banking. Now, your pet gerbil can have his own website. The Internet is everywhere and credit unions are on board. The services you use every day, like online bill pay, direct deposit and checking on account balances are just a click away. Follow this link to learn more about the mobile banking that Wasatch Peaks offers.

Most people don’t handle paper checks anymore, so banking from the computer or mobile device is all most consumers really need.

4.) Educational resources

Corporate banks have historically made a killing by keeping people in the dark about their practices. Credit card companies made it hard to tell exactly how much interest you were being charged. Banks charged overdraft fees without ever telling you they were doing it. These things got so bad, Congress took action. Consumer ignorance was built into the profit model of big financial institutions. Educating consumers was not just a waste of money to them, it was actually costing them business.

Credit unions are not-for-profits that want to make their communities a better place. Wasatch Peaks donates thousands of dollars and volunteer hours each year to our community. Part of the mission of making our community a better place includes financial education. If you need advice about home-buying, making a budget or using credit responsibly, Wasatch Peaks will be happy to help. We also have a blog called "Peaks Financial Fitness" that is published every Monday. It relates everyday topics to finances in a way that is applicable to almost all lives.

5.) Savings

Credit unions work for their members. We pay back the money they make to their members in the form of dividends. Since our members are also the people paying for their services, we don’t have much of an incentive to charge an arm and a leg in interest and fees.

Wasatch Peaks Credit Union offers competitive rates on savings accounts and CDs/certificates. Because we don’t have to siphon off money to pay shareholders, we can return that money to their investors: you know, the people who do their banking with the credit union. Compare the earned interest on a credit union checking or savings account to those offered by a for-profit bank. Then, go open an account at a credit union, like Wasatch Peaks. You’ll thank yourself later.

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