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LAST UPDATED: February 9th, 2024

Pennsylvania State Employees Credit Union was started over 80 years ago in 1933 during the Great Depression. While many people were struggling at this time with their finances, state workers could barely manage to make ends meet. Banks would not lend to state workers as they were viewed as a credit risk and had little to no collateral. That is when 22 state employees decided to take control of their finances and start making a better life for their families and each other. They pooled their money together and had a meager $90 and started Pennsylvania State Employees Credit Union, or PSECU. Today they are a fully functioning credit union and offer various services to their members.

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The Good

  • Easy access to accounts
  • Checking accounts
  • Savings accounts
  • Certificates of deposit
PSECU members are state employees; faculty, staff, students and alumni of the universities within the Pennsylvania State System of Higher Education and Harrisburg Area Community College; Penn State faculty and staff; employees of local governments; employees eligible for membership in the Pennsylvania Public School Employees' Retirement System or the State Employees' Retirement System; select school districts; members of approved associations and employee/occupational groups; and persons in the immediate family or household of a current PSECU member.

Easy Access to Accounts

PSECU is a credit union that is about giving their members account access where it is the most convenient for them. If it's in their living room, backyard, or cell phone. They have apps available for Android and Apple devices that are well designed and rated highly by its users. Using technology, PSECU can give their members around-the-clock access to their accounts using PCs or the telephone. Many PSECU members take advantage of psecu@home online account access. This convenient service allows them to pay bills, transfer funds to pay loans or add money to separate accounts, view (and print) check images, and receive notices that report account activity.

Checking Accounts

PSECU offers checking, savings, and Certificated of Deposits to any of their members; PSECU's goal is to provide members 12 years of age or older with hassle-free, no fee, dividend-earning checking. The benefits of their free checking are basic checks with unlimited check writing, free online statements and check images, free online account access, bill pay services, and credit score services. There is no minimum balance required to earn interest, and there are no monthly service fees or additional requirements to earn the dividend. Their checking accounts earn a .10% APY.

Savings Accounts

PSECU allows their members to save the way they want to. They have a variety of Personal Savings Shares or Money Market accounts to help their members reach their financial goals. Their basic savings account earns a .15% APY on all balances, without any withdrawal penalties. PSECU members can make deposits at any time for any amount into their savings accounts. With the PSECU Savings Shares, you control the structure of your savings. Choose from several pre-established savings shares for an upcoming vacation or holiday, or start making a nest egg. A PSECU member can also choose a federally insured Money Market Share to earn higher dividends.

Certificates of Deposit

PSECU Certificates of Deposit is a safe and easy way for members to invest their money. PSECU offers certificates for various terms and rates. PSECU requires a $500 minimum balance to open and earn dividends and have terms starting at 3 months up to 60 months. They do not have any monthly service fees for their certificates. When a member goes in to create a certificate the rates are declared weekly and fixed for the term of the certificate.
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The Bad

  • Fees
  • Limited credit card options
  • Limited locations
There isn't anything that sticks out as very bad for Pennsylvania State Employee Credit Union. They don't seem to have any bogus monthly account maintenance fees and they don't make you jump through hoops to get those fees waived by pushing you to use their products.

Fees

There were only a few fees that stood out, PSECU charges $5 per account quarterly to receive paper statements. There is a fee for any dormant accounts. If the account has not been used for at least one year but remains open PSECU will assess a $2 monthly fee to that account. To avoid the fee, members can simply make a deposit/withdrawal or contact PSECU. The last fee is for address change. PSECU will assess this service charge if you move and fail to update your new address for the entire previous calendar year, the fee is $10.

Limited Credit Card Options

As of right now PSECU only offers 1 credit card option, it has a low fixed rate but that is about it. There are no other rewards for using their card.

Limited Locations

Lastly, PSECU only has three walk-in branches. Part of their philosophy is "By not spending money on branches, we can give members competitive rates for loans and savings, as well as a host of low or no-cost services." In the long run this is potentially a good thing for their members, however for those who don't use PCs or mobile apps banking with them could be difficult. Besides, compared to other credit unions there are many that have multiple branches in the 50s that offer slightly higher rates.
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The Bottom Line

Pennsylvania State Employees Credit Union has decent rates and no hidden fees, allowing their members to maximize their financials, instead of take away. Compared to other credit unions PSECU is low with their rates for savings and for their Certificates of Deposit. PSECU offers every tool to their members to find success in reaching their financial goals, including well designed and rated apps for Android and Apple devices. PSECU needs to improve on the more important financial aspects before qualifying as a top credit union.
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Star Rating

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1.8

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22 Reviews

Review Breakdown

5 grade

14%

4 grade

5%

3 grade

0%

2 grade

5%

1 grade

77%

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Kramer West Newton, PA

Great place for everything I've needed or wanted so far. Only been a member for little over a year but they have done everything I expected and more. Just didn't give 5 star because of short length of time I've been with them. Originally opened checking and savings accts because everyone at work raved about this place. Free checks and a great app for depositing checks by picture, transfers and making bill payments. I don't understand these other ppl complaining because I have had 0 problems with anything so far. Then I learned they had great rates on credit cards as well as great rewards on cards. I have 2 cards with $10k limits, 1 under 10% apr and the other gives great rewards so pay your bills thru that rewards card and pay it off monthly and you get some sweet rewards! The topper was the other day I decided to call for a personal loan of $10k. I called and after 13 minutes on the phone I was approved. After that I received an email that I looked over and electronically signed in about 7-8 minutes. At the end of the email I was told it would be 1-2 days until the funds would be disbursed into my savings acct but dealing with PSECU I've realized they are far quicker than they usually say. I immediately went to my PSECU app and when I got in the $10k hadn't hit yet but literally 30 seconds later the $10k was in my savings. I watched the numbers roll, which is cool on its own, but the quickness extremely impressed me. I would recommend PSECU banking to anyone. Not having a local branch bothered me and caused me to miss out on 2 years of this great bank and its advantages but after joining I quickly realized I was wrong to think I needed a local branch but I also keep accts with a local bank just in case so what could it hurt to try PSECU. I'm glad I did. Thank you

10 months ago