Membership Eligibility

WEMELCO Credit Union is an industrial credit union for employees, former employees and retirees of the Western Massachusetts Electric Company and affiliated companies and their families. The object of the credit union is wholly co-operative, being organized solely for the promotion of thrift among its members by the accumulation of their savings in small amounts and the loaning of such accumulations to its members for provident purposes at a moderate rate of interest.

All you have to do to become a member is open a regular share account with a minimum deposit of $25.00. Once a member, always a member.

Family members eligible for membership shall be individuals who are related as father, mother, son, daughter, brother, sister, husband, wife, aunt, uncle, niece, nephew, grandfather, grandmother, grandchild, father-in-law, mother-in-law, son-in-law, daughter-in-law, brother-in-law, sister-in-law, stepfather, stepmother, stepson, stepdaughter, stepbrother, stepsister, half brother or half sister.

What is a Credit Union?

Although we provide many of the same services, credit unions are driven by a philosophy that sets us apart from banks and other financial institutions. Credit Unions are non-profit organizations that act like cooperatives. The membership elects a Board of Directors comprised of members. The Board then hires a Manager to run the day-to-day operations of the credit union. As a credit union member, you are not just a shareholder; you are an owner.

Security

At WEMELCO Credit Union, we not only want to provide the best value and service, we want to provide you with confidence and peace of mind. Not only are your funds insured by the NCUSIF (National Credit Union Share Insurance Fund) but we further insure them with MSIC (Massachusetts Credit Union Share Insurance Corporation).

Board of Directors and Staff

The Board of Directors is elected by the membership at our annual meeting. They meet at least monthly to review the financial statements of the credit union, review and approve plans of management for running the day to day operation of the credit union and act on credit union business as necessary.

Each Board member serves for a term of three years. There is no set maximum number of terms that an individual can serve. These members are non-paid volunteers who donate their time to insure the integrity and financial well being of the credit union.

Wemelco Credit Union
300 Cadwell Drive, Suite 2
Springfield, MA 01104-1732
413-787-9278