Overdraft Coverage

With our busy lives, it's easy to make mistakes such as forgetting to deposit a check, make a transfer, or deduct your last debit charge from your balance. A simple error or balance miscalculation can lead to an unexpected shortage of funds.

Wave Federal Credit Union may have the solution you're looking for with our Overdraft Privilege program. Overdraft Privilege is not a line of credit. However, if you inadvertently overdraw your account, we will have the discretion to pay the overdraft, subject to your Overdraft Privilege. Standard overdraft privilege options covers checks, online bill pay and recurring debit card transactions. Please CLICK HERE for the complete Discretionary Overdraft Privilege Disclosure.

Wave Federal Credit Union will not pay overdrafts for ATM or everyday debit card transactions unless you have given your consent by opting in to the payment of these overdrafts. Please CLICK HERE for more information about opting in to extend your Overdraft Privilege coverage.

We also offer other Overdraft Protection Plans such as:

Savings transfer or link – transfer funds from your savings account with no minimum transfer amount. A $5.00 fee is assessed for each transfer.

Cash Reserve Line of Credit – transfer funds from your cash reserve line of credit. This option requires an application and approval process prior to availability. There is neither minium transfer amount nor transfer fee. Standard repayment practices apply.

Call our helpful Member Service Representatives or Loan Officers for more information on these affordable options.

Routing & Wiring Information



Alloya Corporate Federal Credit Union
4450 Weaver Parkway
Warrenville, IL  60555

ABA#                     271987635

Further Credit:  WAVE FCU

Account#            (Members Account Number)

Final Credit:        Member

Name and account number

Financial Services

Financial Services

Financial Planning* & Free Financial Consultation

marco a. moretti iiiWhen you need planning assistance or financial advice, turn to Marco A. Moretti III at Integrated Financial Partners, Inc. (IFP). Wave has teamed with IFP, a premier, independent, process oriented financial planning firm, to enhance our ability to better serve members through advanced technology, support and access to a powerful array of products and solutions for a volatile market.

IFP has earned a reputation built on service and integrity by providing clients with a deeply informed, objective and independent approach. The benefits of their innovative approach to financial coordination are quickly apparent.

• Financial Second Opinion™ provides an objective view of what matters most with your overall financial plan, retirement and estate plan and business succession strategies. When you need fresh eyes on your total position, we strive to catch what others might have missed.

• Plan for Financial Comfort™ is designed to help you prepare for your financial future with an emphasis on handling life’s twists and turns. Ensuring financial safety and security are not do-it-yourself tasks.

• Integrated 401(k) Model™ shows you how your employee retirement plan fits into your wealth accumulation goals. As a primary source of retirement income, care must be taken to maximize the current tax laws and serve you and your valued employees.

• Business Owner Model™ offers creative solutions to improve the financial health of what may be your single largest asset. We coordinate with legal and insurance experts to manage all the moving parts, from employee benefits to succession planning; helping you run your business like a business.

You can meet with Marco at our Wave Offices during regularly scheduled hours or, if you prefer, by appointment. You can also take advantage of a free consultation without obligation. Call Marco at (401) 632-6698.

* Wave Federal Credit Union is neither a subsidiary of nor controlled by IFP/LFAC.
Lincoln Financial Advisors Corp. and its registered representatives do not give legal or tax advice. Associates of Integrated Financial Partners, Inc. are registered representatives of Lincoln Financial Advisors Corp. Securities and investment advisory services offered through Lincoln Financial Advisors Corp., a broker-dealer (Member SIPC) and registered investment advisor. Insurance offered through Lincoln affiliates and other fine companies. Supervisory Office: 300 Fifth Ave, 3rd Floor, Waltham, MA 02451

Continue to mmoretti.com website

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Latest News

Latest News



It was another great year! We are pleased to report that the Credit Unions of RI have raised and donated over $100,000 again in 2019. This continues to make the Credit Unions of Rhode Island the largest corporate donor to the Special Olym-pics of Rhode Island. More than $1.3 million has been raised over the past 23 years!


Wave FCU will be holding its annual meeting on January 27, 2020 @ 5:30pm. The meeting will be held at the Wave Main Office located at 480 Greenwich Ave.
Members are invited to attend the business meeting and vote for the election of officers. Light refreshments will be provided. We look forward to seeing you there!


An exclusive cash rewards program only available for credit union members who activate with Sprint. Plus, get $100 each year in loyalty rewards. Click here to sign up.

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IRA/ESA Accounts & CDs

Individual retirement accounts and educational savings accounts are programs that may provide tax savings for retirement or education. They are available in a number of forms and you should consult your tax advisor or attorney regarding tax issues specific to your circumstances.

Here however, are the basics:

See Our CD Rates

  • Traditional IRA Certificate

    Contributions are tax deductible (depending on income level)

    Withdrawals begin at age 59 ½ and are mandatory by age 72. Taxes are paid on earnings when withdrawn from the IRA.

    Any funds withdrawn (including principal contributions) before age 59 ½ are subject to a 10% penalty (subject to exception)

  • Roth IRA Certificate

    Contributions are not tax-deductible. 

    There is no mandatory distribution age. 

    All earnings and principal are tax-free if rules and regulations are followed. 

    They are available only to single-filers making up to $95,000 or married couples making a combined maximum of $150,000 annually.

    Principal contributions can be withdrawn at any time without penalty.  (subject to some minimal conditions)

  • IRA Shared

    Your IRA Share account can be established as either a traditional IRA or Roth IRA and the same conditions apply.

    The difference is that you can make deposits to your IRA Share during the year rather than making one lump deposit.

  • ESA Share Account

    The same conditions apply to your ESA Share account as the regular Coverdell ESA.

    The difference is that you can make deposits to your ESA Share during the year rather than making one lump deposit.

  • Certificate of Deposits

    Whether saving for the short or long term, there’s a CD that’s just right for you. Choose terms ranging from 3 months to 5 years. Some of our CDs even have a “bump up” feature letting you increase the rate of your CD should interest rates increase during the period.

    You can also borrow up to 90% of your CD balance at a rate 3% over the interest you are earning on your Certificate of Deposit.

  • Coverdell Education Savings Certificate

    A Coverdell Education Savings Account (ESA) was created as an incentive to help parents and students save for education expenses. The total contributions for the beneficiary of this account cannot be more than $2,000 in any year, no matter how many accounts have been established.

    A beneficiary is someone who is under age 18 or is a special needs beneficiary.

    Contributions to a Coverdell ESA are not deductible, but amounts deposited in the account grow tax free until distributed. The beneficiary will not owe tax on the distributions if they are less than a beneficiary’s qualified education expenses at an eligible institution. This benefit applies to qualified higher education expenses as well as to qualified elementary and secondary education expenses.

    There is no tax on distribution if used for enrollment at an eligible educational institution. 
    If the distribution exceeds qualified education expenses, a portion will be taxable to the beneficiary and will usually be subject to an additional 10% tax. 

    There are contribution limits for taxpayers based on the contributor’s Modified Adjusted Gross Income. 

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Wave FCU Main Branch

Address: 480 Greenwich Ave, Warwick, RI 02886

Phone: (401) 781-1020
Fax: (401) 562-1290

Warwick Avenue Branch

Address: 1217 Warwick Ave, Warwick, RI 02888

Phone: (401) 463-9574
Fax: (401) 463-5161



If you need additional information or just want to give us feedback, please feel free to contact us.



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