FAQ - Small Business

FAQ: Small Business > Business Loans

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• What type of SBA loans does Wright-Patt offer?

  Wright-Patt offers SBA Standard 7(a) and SBA Express, Patriot Express, and SBA 504 Loans.

• Do I need to be a member of Wright-Patt Credit Union to get a business loan?

  Yes, in order to obtain a business loan from Wright-Patt, your business must be a credit union member.

• How can I apply for a business loan?

  To apply for a business loan, contact our Business Services team:

  Donna Hale at (937) 912-7605 or Sandy Pennington at (937) 912-7542.

FAQ: Small Business > Check Conversion Services

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• Who provides Wright-Patt’s Check Conversion services?

  Wright-Patt’s check conversion services are provided by ProfitStars, a leader in the financial industry serving more than 7,000 clients.

• How can I be certain my check payments will be processed quickly and securely?

  Payments are processed through the Federal Reserve’s ACH network, the same network commonly used for direct deposit of payroll funds. Combined with Wright-Patt’s strength and security, you can rest assured your payments will be processed quickly and securely.

• Do I need to be a member of Wright-Patt Credit Union to take advantage of Wright-Patt’s check conversion services?

  Yes, in order to use Wright-Patt’s check conversion services, your business must be a credit union member.

FAQ: Small Business > Deposit Services

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• Can I transfer funds between Wright-Patt Credit Union and other financial institutions?

  You may arrange to have funds sent from another financial institution to your personal account at Wright-Patt, or we can send funds to your account at another financial institution. Business accounts are not eligible for this type of transaction.

  Exclusions include:

  • Credit Card Payments (contact the credit card company directly to arrange the transaction)
  • Mortgage Payments (contact Mortgage company to arrange the transaction)
  • Utility Payments (contact Utility company to arrange the transaction) 

  To set up a transfer, the following is required:

  • Your name must be on both the receiving and sending accounts
  • You must have the exact account number in ACH format for the other financial institution.
  • You must have the exact Routing number for the other financial institution (not the same as a wire number)
  • You must specify the type of account at the other financial institution: savings, checking, or loan

  Transfers normally take 2 business days.

  NOTE: If you are unable to visit a Member Center, please call our Member Help Center at (800) 762-0047 or (937) 912-7000. If your request cannot be processed by phone, we will mail the paperwork to you.

• Are my deposits insured?

  Yes – your deposits at Wright-Patt Credit Union are federally insured up to a total of $250,000 per ownership interest by the National Credit Union Association (NCUA). Click here to see the NOTICE OF CHANGES IN TEMPORARY NCUA INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS.

• What are Regulation “D” Account Limitations?

  Federal Regulation "D" for depository institutions limits the number of certain withdrawals and transfers made from specific types of deposit accounts. As a result, certain transfers from TrueSaver, Secondary Share, and Personal Capital Money Market Accounts will be limited to 6 transactions per month, effective February 1, 2000.

  If you exceed the federally-mandated limits, some transactions you expect to occur will not be processed, and some payments from your account may not be made. This includes any home banking transfers, or overdraft advantage.

  The following transactions or combination of transactions are limited to 6 or fewer each month:

  • Automatic payments made via the ACH system (also known as pre-authorized electronic funds transfers) from Secondary Share, TrueSaver, or Personal Capital Money Market Accounts.
  • Transfers to your other deposit accounts within Wright-Patt Credit Union.
  • Transfers from Secondary Share or TrueSaver and Personal Capital Money Market Accounts made by telephone, including Call-24 transfers and fax requests.
  • Transfers made from Secondary Share or TrueSaver and Personal Capital Money Market Accounts made via Internet Home Banking.
  • Transfers from Secondary Share or TrueSaver accounts to a checking account to cover NSF checks.

  You are allowed an unlimited number of the following types of transactions from a Secondary Share, TrueSaver, or Personal Capital Money Market Accounts under Regulation D:

  • ATM transactions
  • In-person transactions
  • By-mail transactions
  • Transfers to any of your loan accounts at the Credit Union.

FAQ: Small Business > Employer Retirement Plans

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• Can you help me if my company already has a retirement plan?

  Absolutely! It is always a good idea to review your retirement benefits plan from time to time. Even if your retirement plan is not through us, you can sit down with a Financial Advisor, available through our broker/dealer, CUSO Financial Services, to review your company’s investment options, costs and plan performance. We may be able to develop a plan that better fits the needs of you and your employees with low cost options for plan administration, multiple investment options, personalized employee communications, and a Financial Advisor serving as your relationship manager.

  *Investment products and services offered through CUSO Financial Services, L.P. (CFS) are not NCUA/NCUSIF insured, not obligations of the credit union, not credit union guaranteed and may lose value. Advisors are employed by Wright-Patt Credit Union (WPCU) and registered through CFS. WPCU is in partnership with CFS. (Member FINRA/SIPC and SEC Registered Investment Advisor)

• What financial planning services do you offer?

  The following services are available at Wright-Patt Credit Union through CUSO Financial Services, L.P., our broker/dealer:

  • Retirement Planning for Individuals and Businesses
  • 401(k), 403(b), and Pension Rollovers
  • IRAs (Traditional, Roth, and Educational)
  • Stocks and Bonds
  • Mutual Funds
  • Fixed and Variable Annuities
  • College Planning (529 Plans and Educational IRAs)
  • Tax and Estate Planning
  • Insurance Products (Life, Disability, and Long-term Care)

  *Investment products and services offered through CUSO Financial Services, L.P. (CFS) are not NCUA/NCUSIF insured, not obligations of the credit union, not credit union guaranteed and may lose value. Advisors are employed by Wright-Patt Credit Union (WPCU) and registered through CFS. WPCU is in partnership with CFS. (Member FINRA/SIPC and SEC Registered Investment Advisor)

• How can I make an appointment with a Financial Advisor?

  Wright-Patt Financial Advisors, available through our broker/dealer, CUSO Financial Services, L.P. are available by appointment at any Member Center. Appointments can be made by calling (937) 912-7855 or (800) 762-0047, ext. 7855.

  *Investment products and services offered through CUSO Financial Services, L.P. (CFS) are not NCUA/NCUSIF insured, not obligations of the credit union, not credit union guaranteed and may lose value. Advisors are employed by Wright-Patt Credit Union (WPCU) and registered through CFS. WPCU is in partnership with CFS. (Member FINRA/SIPC and SEC Registered Investment Advisor)

FAQ: Small Business > HSA

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• Who can have an HSA?

  To be eligible to open and contribute to an HSA your employee must:

  • Have coverage under an HSA-qualified HDHP;
  • Not be covered by any other health plan unless it is also a qualified HDHP;*
  • Not be covered by a general purpose health care Flexible Spending Account (FSA) or a general purpose Health Reimbursement Arrangement (HRA);
  • Not be enrolled for benefits under Medicare (generally not yet age 65);
  • Not be eligible to be claimed as a dependant on another person’s tax return;
  • Not be a recipient of VA benefits within the past 90 days;
  • Not be covered under TRICARE for retired military personnel.

  *Other types of insurance like specific injury insurance or accident, disability, dental care, vision care, or long-term care insurance are permitted.

• What are the tax benefits of an HSA?

  An HSA provides significant tax benefits:

  • HSA contributions are tax-free up to the maximum allowable amount.
  • Dividends earned are tax-free.
  • If used for qualified medical expenses, withdrawals are tax-free.
  • After age 65, HSA assets may be used to pay for non-qualifying expenses, however the amount withdrawn will be taxable as income. Prior to age 65, HSA assets used for non-qualifying expenses will be subject to ordinary income tax, plus a 10% penalty.

  Consult your tax advisor for details.

• What are qualified medical expenses?

  In order for HSA assets to retain their tax-free status, they may only be withdrawn and used for certain “qualified medical expenses” permitted under federal tax law. These expenses include:

  • Most medical care and services, including doctor visits, prescriptions, over-the-counter drugs, transportation to get to medical care, and dental and vision care;
  • Long-term care insurance;
  • Healthcare coverage when unemployed and collecting unemployment compensation;
  • Certain continuation-of-benefit healthcare coverage;
  • Certain health insurance after age 65.

FAQ: Small Business > Merchant Services

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• Can you help my company do business on the web?

  When your company does business online, there’s no limit to your company’s potential. Wright-Patt can help you set up a website with shopping cart features to allow your customers the ability to shop securely online.

• I already have a merchant account with another provider. How can I compare your program to mine?

  Newtek, our preferred provider of merchant payment acceptance options, can perform a free, no-obligation analysis of your current merchant processing program to see if we can reduce your costs and ensure the most efficient program possible. Click here to request a quote.

• Are gift cards a good idea for my business?

  Studies have shown an increase in sales when businesses accept payment with gift cards and loyalty programs. Gift cards can also eliminate the need to provide cash back for returned merchandise. Contact Wright-Patt to find out how to start a gift card or loyalty program for your business.

FAQ: Small Business > Resources

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• Are there any local agencies that can assist my business?

  Yes. There are several agencies in the Miami Valley and the State of Ohio that provide services and information for small businesses:

  ­Small Business Development Center, Wright State University — provides counseling services to existing and start-up small business clients through seminars and workshops, information sessions, and one-on-one counseling at Wright State University

  County Corp — as the private non-profit Development Corporation for Montgomery County, the mission of CountyCorp is to improve the quality of life for residents of Montgomery County and neighboring counties through improved housing and economic opportunities.

  State of Ohio Business Services — provides services for small business owners such as access to business forms, information on certificates of good standing, and business filing and name availability searches.

• What type of SBA loans does Wright-Patt offer?

  Wright-Patt offers SBA Standard 7(a) and SBA Express, Patriot Express, and SBA 504 Loans.

• How can I apply for a business loan?

  To apply for a business loan, contact our Business Services team:

  Donna Hale at (937) 912-7605 or Sandy Pennington at (937) 912-7542.