Win-Hood Co-Op Credit Union Serving 3 Winchester Hood Co-Ops Since 1951

Products and Services


Any Co-Op individual may become a member by depositing at least $10.00 for a single share. There is no limit to the amount which may be saved. Each amount is insured up to $250,000 by the National Credit Union Administration, an agency of the Federal Government. At the end of each year, available profits are distributed to the members. Dividends are declared and payable quarterly. Also, an Annual Meeting is held in January. The previous year is discussed, committee reports are given and the election of officers is conducted. The dividends declared are based on the average daily balance in a share holders account during the year. The Credit Union pays life savings insurance on all savings account deposits made prior to the age 70. Maximum amount of insurance is $1,000.00.


A member is eligible to borrow money from the Credit Union when necessary. Loans are often secured by shares in any of the three trusts. Interest is charged only on the unpaid balance for the actual period of time used. The base interest rate is currently at 6% per year. Loans can be from one to fifteen year terms. You have the right to repay or add to the monthly payments agreed upon at any time. There is never a service charge or prepayment penalty. Interest paid to the Credit Union is deductible for income tax purposed, provided that your share certificate is used as collateral. The Truth-In-Lending law gives you a means of comparing interest charges accurately.

Each borrower under the age of 70 who is engaged at his/her regular occupation at the time of making the loan receives free credit life insurance and disability in the full amount of the balance outstanding on his/her loan. Thus, if a member should die while having an outstanding loan, the loan is automatically paid off in full, relieving the family of the necessity of paying the loan.

Typical loan needs for our members have been, purchase of shares in our trusts, purchase of automobiles, bill consolidation, education, medical and dental expenses, emergencies, marriages, vacations, appliances, and business investments. Incidentally, we cannot make loans for speculative or illegal purposes, and we cannot make real estate mortgage loans. There is a statutory limit to the size of loan we can make. The limit is based on a percentage of our total assets and amounts to $62,500 at present. As our share asset balance increases, our spending limit will increase.

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Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government —
National Credit Union Administration (NCUA), a U.S. Government Agency.