The Wilkes Barre Postal Federal
Credit Union was established on March 7, 1936 for employees of the
Wilkes-Barre Post Office and other Luzerne County Post Offices. In
1970 we opened our first office on a part-time basis and
then fulltime in 1971. In 1971 we reached our first million
dollars in assets and had approximately 1,500 members.
Since that time, we have made several changes. Now included
in our field of membership are Postal Employees who work in Bradford,
Carbon, Luzerne, Monroe, Sullivan, Potter, Tioga and Wyoming Counties
and their families, as well as several local businesses.In 1971, we were a "plain vanilla" Credit Union with Shares (savings, Christmas Clubs and loans of $10,000.00 or less. Since that time, in an effort to provide better service to our members, we have computerized our office, expanded our savings accounts to include Shares, Christmas Clubs, Vacation Clubs, MAC Cards, Debit Cards, Share Drafts (Checking Accounts), Term Savings Accounts (Certificates of Deposit) and IRA's. Our savings accounts are covered by an $4,000.00 Life Insurance policy per member when eligible. Our loans include: unsecured loans up to $6,000.00 or 15% of gross annual income, secured loans up to $10,000.00, Auto Loans with a limit of $50,000.00, PHEAA Student Loans and Second Mortgages with a limit of $60,000.00. In most cases approval of loan is given in 24 hours or less. The Credit Union has grown to approximately $45,000,000.00 in assets with 6,900 members. We currently have a staff of 15 people and a Board of Directors made up of 9 volunteers who guide and set policy for the Credit Union. We strive to keep our personalization and service to our members, our "FAMILY". We know our members on a first name basis, their children and in most cases their histories. Our goal is to meet their financial needs in a timely and personable manner. |
| Lobby Hours | Drive Up Hours | |
| 7:30am to 4:30pm | 7:30am to 4:30pm | |
| 7:30am to 4:30pm | 7:30am to 4:30pm | |
| 9:00am to 4:30pm | 9:00am to 4:30pm | |
| 7:30am to 5:30pm | 7:30am to 5:30pm | |
| 7:30am to 5:30pm | 7:30am to 5:30pm | |
| 9:00am to 1:00pm | 9:00am to 1:00pm | |
 Savers traditionally use individual retirement accounts (IRAs) for, well...retirement. In 1998, two new types of IRAs will encourage people to save for life's other main events. New laws will make it possible for you to save for retirement and for a child's postsecondary education or your first house. This is how they work. The Coverdell IRA (formerly Educational IRA) allows you to save for your child's education. You can invest $2,000 per year for your child's private elementary, secondary, vocational or higher educational expenses. The contributions are not tax deductible. Instead, earnings grow tax_free with no penalties on money withdrawn to pay for qualified educational expense before the beneficiary reaches the age of 30. If you're a single filer, you can contribute the full $2,000 per year if your income is less than $95,000. The contribution limit gradually falls as your income climbs toward $110,000, at which point you can't contribute to an education IRA. for married couples filing jointly, the income limit spans from $150,000 to $160,000. The Roth IRA allows you to contribute $4,000 a year; those over 50 can contribute $5,000. Like the Coverdell IRA, contributions are not Tax-deductible. Funds can be withdrawn from a Roth IRA tax free if you had the account 5 years and you have reached the age of 59½, become disabled or are using it for a first-time home purchase. The Traditional IRA also allows you to contribute $4,000 a year; those over 50 can contribute $5,000. A Traditional can be tax-deductible (check with an accountant). Unlike the Roth IRA, you are required to begin withdrawing money from a Traditional IRA at age 70½. Unlike the traditional IRA, which requires you to begin withdrawing money at age 70½, the Roth IRA has no such requirement. You can let the money keep working, while earnings continue to grow tax-free, for as long as you like. The income limits are identical to those for the Coverdell IRA. Singles can contribute the full $4,000 if income is less than $95,000. Contributions gradually phase out as income reaches $110,000. The income limits run from $150,000 to $160,000 for married couples filing jointly. Even the traditional IRA is better with higher income limits and new penalty waivers. So stop by or call 570-823-6151 for all the details about how you can stretch your retirement savings with new and improved IRAs. |