PSECU Review: Features, Pros, Cons & $300 Bonus

Bonus

$300 Sign-Up Bonus

$100: Become a member, sign into your account, and activate your debit card within 30 days.
$100: Direct deposit $200+ into your account within 90 days.
$100: Maintain monthly qualifying direct deposits 90 days after the initial deposit.

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PSECU offers a new member incentive bonus from January 1, 2023, to December 31, 2023. New members can receive up to $300 by signing up with the promotional code “LevelUp” and satisfying the requirements.

The bonus is open to U.S. residents who are 18 years of age or older at the time the account is opened. The bonus will be deposited into the Regular share within 45 days after the requirements are satisfied. The recipient of the bonus is solely responsible for the payment of applicable taxes on that amount. It is important to note that fraudulent or fabricated information will result in ineligibility for the bonus.

Founded in 1934, PSECU is a credit union headquartered in Pennsylvania. PSECU now serves over 400,000 members and is one of the state's largest credit unions.

PSECU offers its members various financial services, including checking and savings accounts, loan options, credit cards, investment services, and mobile and online banking.

Eligibility

To be eligible for PSECU, you must meet specific criteria. This includes living, working, worshiping, attending school in Pennsylvania, being an immediate family member of a PSECU member, or being a member of a qualifying organization.

Checking Account

• 70,000+ free ATMs
• Earn 0.20% APY
• Up to $20 in out-of-network ATM fees (with qualifying direct deposit)
• No monthly fees or service fees
• No-fee overdraft protection
• Earn $.05 or $.10 every eligible debit card purchase

Savings Accounts

• Earn 0.50% APY
• No-fee overdraft protection
• Enjoy greater APY with a money market account

CD Accounts

• Earn up to 4.00% APY with select CDs
• No monthly fees or maintenance fees
• Dividends are accrued and compounded monthly

Loan Options

• Personal loans, auto loans, home equity loans, and more
• Competitive rates and flexible repayment terms

Credit Cards

Classic Card

• No annual fee
• Low 9.9% APR on all purchases
• Low-rate balance transfers

Founder's Rewards Card

• No annual fee
• 2% or 1.5% in cash rewards on every purchase
• $0 PSECU balance transfer fee

Investment Services

• Individual retirement accounts (IRAs) and investment products
• Designed to help members grow their wealth and achieve financial goals

Mobile and Online Banking

• Easy to manage finances from anywhere, at any time
• Features such as account management, bill pay, and money transfers
• Advanced security measures, such as encryption and two-factor authentication, protect against fraud and theft

PSECU has received positive reviews and feedback from its customers, with many praising the quality of its services and products. Customers appreciate the wide range of financial services and products offered by PSECU and the competitive rates and low fees.

Many customers also appreciate the user-friendly online and mobile banking platform and the quality of customer support. Customers also appreciate the security measures to protect their information and funds, such as encryption and two-factor authentication.

While some customers have expressed frustration with certain fees or limited investment options, most customers are satisfied with their experience with PSECU.

Checking and Savings Accounts

• Monthly maintenance fee: Can be waived if certain account requirements are met, such as maintaining a minimum balance or setting up direct deposit
• Overdraft fee: Charged if a check or debit card transaction overdrafts your account
• NSF (non-sufficient funds) fee: Charged if a check is returned due to insufficient funds in your account

Loan Options

• Late payment fee: Charged if a loan payment is received after the due date
• Prepayment penalty: Charged if you pay off a loan before the end of the loan term

Credit Cards

• Annual fee: Charged annually for some credit card products
• Late payment fee: Charged if a credit card payment is received after the due date
• Over-the-limit fee: Charged if you exceed your credit limit

Investment Services

• Account maintenance fee: Charged for some investment products
• Investment management fee: Charged for some investment products

Phone Support

• PSECU provides phone support to its members, allowing them to speak with a representative to get help with any questions or concerns.

Online Chat

• PSECU also offers online chat support, allowing members to chat with a representative in real-time for quick and convenient help.

Email Support

• Members can also contact PSECU for support via email for a more detailed or in-depth response.

In-Person Support

• PSECU has branches in Pennsylvania, where members can visit for in-person support with a representative.

Pros

Cons

Chase

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Pros

Vast network of branches and ATMs (16,000+ ATMs, 5,100 branches)
Robust credit card rewards program (up to 5% cashback)
24/7 customer support via phone, live chat, email, and branch access

Cons

Higher fees compared to other banks ($5-$34 overdraft fee)
Lower interest rates on savings accounts (as low as 0.01% APY)
ATM fees for non-Chase ATM locations can be high

CIT Bank

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Pros

55,000+ no-fee ATMs
High-yield savings account (currently 4.05% APY)
No fees. No overdraft fees. No monthly service fees.

Cons

Mobile check deposits sometimes take a while to clear
No physical branch locations
Limited customer support.

First Tech Federal Credit Union

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Pros

Nationwide reach with over 50 branches and 4,000 shared branches
High-interest CDs with up to 4.55% APY
Low-fee accounts with no overdraft fees or monthly fees

Cons

Limited branch access with fewer branches compared to other credit unions
Limited loan options compared to traditional banks
Need to open a Membership Savings account to access other products

PSECU Vs. Chase

Chase is a nationwide bank offering a wide range of financial services. PSECU, on the other hand, is a Pennsylvania-based credit union focusing on serving its members with low fees, competitive interest rates, and excellent customer support. However, it may have limitations regarding investment options, eligibility requirements, and geographic reach.

PSECU Vs. CIT Bank

PSECU is a Pennsylvania-based credit union with low fees, competitive interest rates, and excellent customer support. It's a good choice for those who prefer in-person support or live in Pennsylvania. CIT Bank is a national online-only bank with a robust online platform, high-yield savings accounts, and CDs. It's a better choice for those who prioritize high-interest rates and online banking.

PSECU Vs. First Tech Federal Credit Union

PSECU and First Tech Federal Credit Union offer various services and products. PSECU is a Pennsylvania-based credit union with low fees and competitive interest rates. First Tech Federal Credit Union is a national credit union with a broader range of services and products, including credit cards, investment services, and insurance products. First Tech is likely the better choice for most people due to its nationwide reach and more competitive offerings, specifically with its credit cards.

PSECU operates in Pennsylvania and provides its members with a comprehensive selection of financial products and services. They offer various savings and checking accounts, loan options, credit cards, investment services, and digital banking solutions to help their members manage their finances in one place. This credit union offers competitive interest rates, specifically on its CD products, minimal fees, robust security measures, and exceptional customer support compared to traditional financial institutions.

If you live, work, or study in Pennsylvania, have a close family member of this credit union or are part of an eligible organization, PSECU could be an excellent fit for your financial needs. However, if you require more specialized investment options or do not meet the membership eligibility criteria, PSECU is probably not for you.

PSECU Review: Features, Pros, Cons & $300 Bonus

• 1What is it?
• 2Features
• 3Pros & Cons
• 4Reviews
• 5Fees
• 6Support
• 7Compare
• 8Bottom Line
• 9FAQ

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