Wescom Central Credit Union History
WESCOM CU Wescom was founded in the early 1930s, 1934 to be exact, by thirteen individuals who decided to pool $65 dollars to create a financial organization in which they, the members, could make the big decisions. They called the new company the Telephone Employees Credit Union. By 1980 the company already had $500 million in assets and had expanded to ten branches. By that time it was serving 80,000 members. With the birth of electronic banking the company kept pace with the new advances in technology by installing ATM machines and phone services. Soon after, Wescom started to offer memberships to the immediate family members of employees. Wescom Credit Union became the company's official name in 1996. The company grew to 56 branches and now, after 70 years of service, the company is estimated to be worth $3.9 billion in assets, with around 330,000 members. Wescom is a non-profit cooperative. Wescom, like other credit unions share some similarities with typical banks and saving loans in that it accepts deposits and grants loans to members. Unlike banks, credit unions are non-profit institutions whose members are linked by something that they have in common, like a geographical location, membership to one church, being employees of one company, etc. As with any other cooperatives the members own the company and therefore get to receive the financial benefits which are derived from the earnings of the company's financial transactions. Members can avail of high savings, lower loan rates, as well as easy access to their accounts through the many branches and ATM centers. Wescom offers a variety of services, like Teller# Phone which allows anyone to conduct banking transactions via phone access. eBranch online banking also allows easy internet access for more convenience. Wescom also offers free educational seminars to prospective members. Wecscom now also offer dental and health discounts to its member. Anyone who is a resident of Los Angeles, Orange, Riverdale, San Diego, Santa Barbara, and Ventura counties is eligible to open a Wescom account, as well as anyone who is an immediate family member of any Wescom member in good standing with the company. Wescom's pride is its personalized service that is friendly and caters to the individual financial needs of each member. The credit union boasts of the low credit card rates, home and auto loans, free checking accounts, online bill payments, and advice on financial planning. It stands by its original goal to give the best financial services to its members by keeping true to its history as a financial organization that was formed and owned by its members.