Question 1

What is Widget Financial?

Accepted Answer

Widget Financial is a community-based federal credit union headquartered in Erie, Pennsylvania. With over $463 million in assets and nearly 49,000 members, it is one of the largest credit unions serving the Erie region. Originally founded to serve General Electric employees, Widget Financial has evolved into a full-service, not-for-profit financial cooperative open to anyone who lives, works, worships, volunteers, attends school, or regularly conducts business in Erie or Crawford counties.

The credit union operates under the cooperative principle that members are both owners and democratic participants in the institution.

Question 2

When was Widget Financial founded?

Accepted Answer

Widget Financial was founded on March 10, 1936, when it was awarded Federal Charter 1117 under the authority of the Federal Credit Union Act. It began as the Erie General Electric Federal Credit Union, formed by a small group of General Electric employees who wanted to create a credit union to serve their fellow workers at the General Electric Transportation plant in Building 6 in Erie, Pennsylvania.

The credit union operated initially as an office within the GE plant, providing employees with a way to save and borrow from each other at low cost. Throughout its history, the institution expanded its services and membership base while maintaining its core cooperative principles. In 2013, after 77 years of operation, the credit union rebranded from Erie General Electric Federal Credit Union to Widget Financial to better reflect its expanded community focus and stand out in the competitive banking marketplace.

The name "Widget" was selected as a tribute to the GE Transportation legacy (widGET) and as a familiar term in manufacturing, technology, and education industries throughout the Erie region.

Question 3

Where is Widget Financial headquartered?

Accepted Answer

Widget Financial is headquartered at 2154 East Lake Road in Erie, Pennsylvania. This location has served as the credit union's home for many years after moving from its original office at the General Electric Transportation plant.

Question 4

Where does Widget Financial operate?

Accepted Answer

Widget Financial operates primarily in northwestern Pennsylvania, serving Erie and Crawford counties. The credit union maintains a community charter, which means membership is available to anyone who lives, works, worships, volunteers, attends school, or regularly conducts business in these two counties.

This geographic focus allows Widget Financial to concentrate on meeting the financial needs of families and individuals throughout the Erie region while maintaining strong community ties.

Question 5

What services does Widget Financial offer?

Accepted Answer

Widget Financial provides a comprehensive range of financial products and services designed to meet diverse member needs:

Deposit Accounts: Share savings accounts (with a minimum $1 deposit to establish membership), checking accounts (four different product options), money market accounts, health savings accounts (HSAs), individual retirement accounts (IRAs), certificates of deposit, and specialized accounts like the Kidz Club for young members and Lockdown savings accounts.

Lending Products: Mortgages (including 30-year fixed rate options), auto loans, personal loans, home equity loans and lines of credit. The credit union operates an Investment Center to help members with wealth management and financial planning.

Digital Banking: A robust mobile banking platform available on iOS and Android devices featuring mobile check deposit, funds transfers, bill pay, loan payments, secure messaging, fingerprint login, and account monitoring. Members can also access online banking through the website and SMS mobile banking by texting commands to 86020.

Additional Services: The getcash reloadable prepaid card program, ATM services, and financial education resources including articles on budgeting, car buying, and personal finance management.

Question 6

What makes Widget Financial unique?

Accepted Answer

Widget Financial distinguishes itself through its "5 Star Service" philosophy, which centers on five core principles: Empower members, Support dreams, Simplify banking, Provide solutions, and Believe in cooperation. The credit union emphasizes that being "obsessed with enriching lives" and "lifting up others" is at the heart of its business approach.

As a not-for-profit financial cooperative, Widget Financial returns value to members through competitive rates, fewer fees, and personalized service rather than maximizing profits for external shareholders. The institution maintains strong roots in its General Electric manufacturing heritage while serving a broader community mission.

The credit union is also deeply involved in community service, with employees regularly donating time, talents, and funds to causes throughout the Erie region. Widget Financial holds annual strategic planning sessions with its volunteer Board of Directors to ensure the institution stays focused on member needs and continues moving forward.

With strong financial performance indicators including a 10.64% net worth ratio and consistent growth in assets, loans, and membership, Widget Financial demonstrates both stability and momentum.

Question 7

What type of financial institution is Widget Financial?

Accepted Answer

Widget Financial is a federal credit union chartered under the Federal Credit Union Act and regulated by the National Credit Union Administration (NCUA). It operates under Charter Number 1117, which was granted in 1936.

As a federal credit union, Widget Financial is a member-owned, not-for-profit financial cooperative. Unlike traditional banks that serve stockholders, credit unions are owned and democratically controlled by their members. Each member has an equal vote in credit union governance regardless of account balance.

The credit union operates with a community charter serving Erie and Crawford counties in Pennsylvania. Members must meet the field of membership requirements by living, working, worshiping, volunteering, attending school, or regularly conducting business in these counties. The minimum deposit to become a member is $1 in a share savings account.

Widget Financial is federally insured by the NCUA and operates as an Equal Housing Lender with NMLS #447022.

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