The Value of Membership: A Journey Toward Financial Prosperity

One of the things I care about most is helping people see how much difference a series of relatively small financial decisions can make.

A lower interest rate. A fee you no longer pay. A few hundred dollars earned instead of left on the table. A stronger credit score that gives you better options the next time you need to borrow.

Individually, those things may not seem transformational. Put them together over a year, though, and they can meaningfully change a household’s financial position.

I didn’t grow up in a family with significant financial means or a sophisticated financial playbook. I know what it is like when a few extra dollars in the monthly budget really matter. It is one of the reasons I am so passionate about what we do at Wellby Financial.

We can help people keep more of their money, pay less in interest, earn more on what they already have, and make better financial decisions.

I want our members to take advantage of their credit union membership.

Meet Marcus

Marcus works, pays his bills, has some savings, a car loan, and credit card debt. He is doing okay, but his finances could work harder for him.

His checking account charges a monthly fee. His savings earns very little. His auto loan carries a higher rate than he may qualify for today. And while he knows his credit matters, he rarely checks it.

Marcus doesn’t need a financial miracle. He needs a few better decisions and a trusted partner to help him make them.

A Friend Points Him to Wellby

A friend refers Marcus to Wellby. When Marcus joins and meets the referral requirements¹, he earns $50, and so does his friend.

Marcus opens Wellby’s free, high-yield checking account, sets up direct deposit, and stops paying the $12 monthly fee he paid elsewhere. That is $144 a year that stays with him.

Then he learns his checking account can earn money, too. By meeting the account requirements², Marcus earns up to 4.50% APY* on balances up to $50,000. With an average qualifying balance of $8,000, he earns roughly $360 annually.

He has gone from paying someone else for his checking account to having a checking account that pays him.

His Savings Starts Working Harder, Too

Marcus pairs his Secure Spending checking account with a Wellby Savings Plus account.

By meeting the applicable requirements, he doubles his savings rate³. With $15,000 in savings, his qualifying balance earns 1.77% APY*, or approximately $266 annually at the current rate.

Between checking and savings, Marcus earns about $626 a year on money he already had.

Then, as Wellby celebrates its 65th anniversary, his increased engagement with his credit union earns him another surprise: a $500 special dividend⁴ just in time for Valentine’s Day.

He didn’t suddenly find more money to save. He made the money he already had work harder — and his relationship with his credit union created additional value.

Then Someone at Wellby Notices Something

A few months later, Marcus visits a Wellby branch to make a deposit.

A team member notices an auto loan payment going to another financial institution and asks, “Have we ever taken a look at your car loan?”

Marcus hadn’t thought about it. It was just another bill. The team member connects him with a personal banker for a financial review.

Marcus has $25,000 remaining on his auto loan with four years left. His original rate is 11% APR*, and he qualifies to refinance at 6.5% APR*. His payment falls by about $50 a month.

That is roughly $600 back in his budget in the first year. Same car. Same paycheck. More of his money stays with him.

His Credit Becomes Part of the Plan

Marcus also begins using the Credit Score Tracker⁵ available through his Wellby Mobile App.

Instead of learning about his score only when he needs a loan, he starts watching it regularly. As he makes payments consistently and reduces balances, his credit improves.

Stronger credit can create better options, better rates, and less money going toward interest.

That is how progress starts to compound.

And Then Life Happens

Marcus cracks the screen on his cell phone. What could have become another unexpected expense is covered in part by Cell Phone Protection⁶ available through his Secure Spending account, which can provide up to $600 toward eligible repair or replacement costs.

It is another benefit he may not have thought much about when he opened the account — until he needed it.

Then He Tackles More Expensive Debt

Marcus still has about $12,000 in higher-interest credit card debt.

Instead of trying to figure it out alone, he meets with a Wellby Certified Credit Union Financial Counselor — for free — to review what he owes and what options may make sense.

Marcus uses a debt consolidation loan to responsibly replace $12,000 in debt carrying an interest rate around 24% APR* with a lower-cost option closer to 12% APR* over the same 36-month payoff period. That frees up roughly $70 a month, or more than $800 during the first year.

The right solution will be different for every member. But the principle is simple: every dollar Marcus stops unnecessarily paying in fees or interest can start working somewhere else in his financial life.

A Look at the Whole Year

Now, add it all up.

He earns $50 through the referral program. He avoids about $144 in checking fees. His checking and savings balances generate about $626 in earnings. He receives a $500 special dividend. Refinancing his vehicle improves his first-year cash flow by roughly $600. Addressing higher-cost debt frees up another $800 or more.

That is approximately $2,720 in potential first-year value, before longer-term interest savings or the value of benefits like cell phone protection, credit monitoring, and financial counseling.

Marcus doesn’t get a raise. He doesn’t inherit money. He doesn’t win the lottery.
His money simply starts working harder for him.

But there is one more part of Marcus’ story I haven’t told you.

The Rest of the Story

Marcus isn’t one Wellby member. He is many of them.

We created Marcus by bringing together experiences we see across our membership every day — members who have saved by refinancing, improved their credit, found better ways to manage debt, earned more on their money, and benefited from their credit union membership when life happened.

No single member’s journey will look exactly like Marcus’. That is the beauty of the collective.

Our members start in different places and have different goals, but together, their experiences show what is possible when people have the right tools, better financial options, and someone willing to help.

Marcus’ story is hypothetical, but the progress behind it is very real. I want more of it for our members.

I want our members to ask us: Could I earn more on my money? Could I lower the rate on my car? Could I consolidate my debt? Could I improve my credit? Am I paying a fee I don’t need to pay? Am I taking full advantage of my credit union benefits?

Sometimes the biggest opportunity isn’t earning more money. It is becoming more intentional with what you already have.

If Wellby can help you keep more of it, earn more from it, pay less to borrow it, and make better decisions with it, I want you to take advantage of that. That's what we mean by helping people prosper.