Request For Loans
Here is typical response from one of our members:
"Last week I received my credit union statement, opened it up and received a pleasant surprise. Our credit union paid me over 2.5% in interest for the last quarter of the year. Also I looked at the interest rate on loans and saw that we were giving loans as low as 6.50%"
Guess what? We beat the banks again.
Most of you, No, almost all of you put your money in banks. But do you know that your money does not stay in your community? Of the dollars earned by the black community 90% leaves the community with in 6 hours after payday, so how can we ever hope to get ahead? To me this is an easy question to answer, do business in your credit union. By putting your money in the credit union you are helping the money in the community stay in the community.
Do you know the officers and directors of your bank or can you vote for them? Do you know who makes decisions on where your money should go or how much to pay you interest or how much to charge you for loans? Do you own shares in your bank? Well, you do own shares in Wright-Dunbar Area credit union.
I am appealing to you not only to ask you to help us, but to ask you to help yourself.
Even if you don’t need the money right now, and know you will need it later this year, maybe because your home appliances or you cars are on their last legs, or you are planning a vacation this summer. Pick up an application today, and have approved loans on file so you can get money when you want it.
Current Conditions
In this modern deregulated and volume driven financial services environment, a person has a virtually unlimited choice of financial products and services at his or her fingertips. With a click of a mouse or the convenience of the neighborhood ATM, virtually any financial institution or investment vehicle is available to the savvy investor who has the time and interest to stay informed on all of the latest happenings. But unfortunately most of us don’t. Realizing this, numerous banks, credit card companies and other financing groups have taken advantage of the recently deregulated business environment by either acquiring existing institutions and/or starting new ones the local Dayton economy, over the past few years, and offering a variety of overlapping financial products and services to its consumers. While they all promote themselves as being unique and filling an identified niche, in reality they are all after the same dollar, extol the same corporate philosophy and exist for the same reason. To make a profit! Be it cash checking for exorbitant fees, high interest mortgage and personal loans, outrageous bank service charges or credit card debt, the goal of a “for profit” business is to extract dollars from its customers. We should also be cautious for these are the same institutions that have historically been accused and implicated in discrimination and unfair business practices against minorities locally and nationally. Denying loans on the basis of race, red lining in the housing markets, and restricted access to business capital are many of the reasons Wright Dunbar was founded back in 1955 by the Rev Perry E. Henderson, Sr. And because many of these same conditions exist today, the need for Wright Dunbar continues in its importance. As the saying goes . . . those of us who do not remember our history, will be doomed to repeat it.
I still can’t figure out why we pay banks monthly service charges to hold on to our hard fought savings? Shouldn’t they pay us! At WDACU, WE DO! Because we are a non-profit, any excess income we generate is given back to you in the form of lower interest rates, higher dividends, more services, etc.
Our present focus is to expand our membership to other congregations in our community and promote economic empowerment to the residents of Dayton and surrounding areas. We need the support and encouragement of the entire Christian Community to realize our vision and continue to be a source of community pride.
Whether you are a current of prospective member, civic organization or philanthropic group, there are ways to help:
ü Spread the good news about WDACU by word of mouth! Since 1955, WDACU has strived to support capital investment and financial stability in Dayton’s church based African American community. We have survived the social and economic turmoil of the last half century to stand at the apex of the new millenium as the largest black owned, black operated financial institution in the area. An institution rich in history, tradition and pride . . . we have stood and supported the west side of Dayton for 52 years. Now we ask the community to stand and support us.
ü Join us and encourage others to do the same! Add to the growing membership roster and take advantage of competitive rates on home and car loans, vacation and retirement savings accounts, short term cash flow needs and more. We can match the rates on virtually all financial products and services offered by other institutions in the local area. Look for new and better financial products and services to be released by WDACU in the near future.
ü Volunteer! Add comments about volunteering