PARTNERING FOR SUCCESS FAQS
The Board of both Wyochem and WyHy unanimously approved this strategic partnership. The membership has now overwhelmingly supported this also. Here are some points that may be of help to you.
Why is this merger happening?
Economic strains, increasing regulatory demands, and the fast pace of changing technology make it challenging for many financial institutions to remain competitive. Recognizing the need to continue the high level of service to our members, Wyochem’s Board of Directors determined in November of 2021 to pursue a merger opportunity with WyHy FCU. Wyochem Board of Directors believe it is in the best interest of our members and the vitality of the current Wyochem branches to become a part of WyHy. The result will be a stronger credit union that provides additional value to our members. As part of WyHy, Wyochem can ensure the ability to keep up with members' changing financial needs while continuing to provide superior member service. It will also help keep fees and loan rates low and savings rates competitive. This merger is an exciting partnership between two healthy credit unions that will join forces to better serve our members. Unlike a bank buyout, a credit union merger is a collaboration between two credit unions seeking to combine financial resources and expertise for the sole purpose of improving members' lives. We are excited to provide these additional benefits to you. There is much to offer the Wyochem membership as WyHy FCU.
Will the Green River and Lyman branches remain open?
Yes. Both these branches will remain open to provide the convenient service that Wyochem members have enjoyed for years. As an added benefit, the merger will allow WyHy to bring these additional branch locations to the thousands of members that WyHy already has in southwest Wyoming.
Will there be new services available through WyHy?
Yes. WyHy provides best in class digital services allowing members to open accounts, deposit checks, schedule bill payment, and apply for and close loans via on-line and mobile banking.
Will the Wyochem staff still be there?
Yes. Just as the original Al Chem Wyo Employees Federal Credit Union found the need to change the name through growth and development in 1986, Wyochem will now be unified as a part of WyHy Federal Credit Union. Soon you will see new signage on our facilities, but the same familiar faces.
Will the Wyochem FCU name change?
Yes. Just as the original Al Chem Wyo Employees Federal Credit Union found the need to change the name through growth and development in 1986, Wyochem will now be unified as a part of WyHy Federal Credit Union.
What is the timeline and the next steps?
Are we losing local control of our credit union?
Not at all. WyHy has members in all of Wyoming’s 23 Counties. WyHy is a Wyoming based Credit Union, serving hard working Wyoming families.
Will the credit union still support and be involved in the local communities?
Yes. WyHy leadership has a core value of giving back to the community. The Credit Union demonstrates this value by supporting more than forty Wyoming non-profit organizations each year by volunteering time and through monetary donations. WyHy donated over $40,000 to Wyoming charities in 2021. WyHy employees have monthly Clothing for a Cause Day; employees pay to dress casually or in a certain theme to raise money for donations. Quarterly, a participating employee is randomly selected, and they choose a charity in Wyoming to receive the benefit of the donations. WyHy also takes a portion of fees collected from member loan payment skips and donates to a cause selected annually. In 2021 WyHy selected Wyoming Make a Wish and donated approximately $8,700 to that amazing organization. . WyHy has made donations to Cowboys Against Cancer and is a Titanium sponsor of the River Festival in Green River.
What happens to my account?
Eventually we will convert to WyHy’s core computer system to enhance branch capabilities and deliver more robust products and services to members. Rest assured as that time approaches, the credit union will work to ensure a seamless integration.
Will my rates change?
The rates on existing loans and certificates will stay the same throughout their terms. Other products will adjust as normal due to market conditions. One of the many benefits a merger with WyHy will provide is better, more com¬petitive rates and additional product offerings.
Are Wyochem Members gaining any services or benefits?
Yes. Since WyHy serves their membership throughout the entire state of Wyoming, they provide remote services that allow the convenience to apply for and fund loans and open accounts without visiting a branch. WyHy also provides a full array of loan, investment, and deposit products at extremely competitive rates. They have Checking options paying 3.00% APY without requiring a minimum balance or any fees, or Cashback checking that pays 2.25% on debit purchases. WyHy also reimburses foreign ATM fees that are charged on non-Co-op machines. And WyHy’s On-line and Mobile banking utilizes the latest technologies. In addition, WyHy is part of the Co-op Shared Branching Network, providing over 5,600 credit union branch locations nationwide and they are part of the Co-op ATM Network providing over 30,000 surcharge-free ATMs nationwide. The credit union also updates member FICO (credit score) quarterly – at no charge. For additional information about WyHy, visit the website at www.wyhy.org.
What are the benefits of a larger credit union?
In today’s world, there are many benefits to being part of a larger credit union. One advantage is having greater resources. A small credit union does not generate the income to pay for the technology and staffing expertise needed to fully benefit members. Additionally, some vendors do not offer their products or services to small asset size financial institutions. This leaves our members disadvantaged from the products that they want and need.
Will my Debit and Credit Card still work?
Yes, Wyochem members will continue using the same cards for now. Wyochem members will be notified and will receive new cards as part of the core computer system conversion scheduled for November 30. You’ll enjoy the added safety and convenience features such as mobile wallet and contactless visa card. And WyHy’s Cash Back VISA allows you to benefit from the purchases you make, with gifts, travel, or cash back!
Will my account continue to be insured by the NCUA?
Yes, Credit Union deposits will continue to be federally insured by the NCUA up to $250,000 in protection for an individual account. The NCUA provides separate insurance coverage for deposits held in different ownership categories such as individual accounts, joint tenancy accounts, Individual Retirement Accounts (IRAs) and trust accounts.
Wyochem’s par value was $25, and WyHy’s is $5. What happens to the $20 difference?
The money belongs to you, the member. Once the computer conversion has taken place, $5 in your account will be frozen, and all other savings will be available for your use.
Where can I find updated information regarding the merger?
The latest updates and information will be available at: https://wyhy.org/Resources/Partnering-For-Succes