PSECU is a Pennsylvania-based credit union that offers various financial services and products, including checking and savings accounts, loan options, credit cards, investment services, and mobile and online banking. With competitive interest rates, low fees, advanced security measures, and excellent customer support, PSECU is a great choice for those living, working, or attending a Pennsylvania school. You're also eligible if you're an immediate family member of a PSECU member. However, there may be better choices for those needing more specialized investment options or not meeting the membership eligibility requirements.
- Owned and controlled by members, which reduces the fees you pay
- 70,000+ free ATMs &
- $20 monthly credit for out-of-network ATMs with qualifying direct deposits
- Competitive CD rates
- Some fees are associated with some products: late payment fees, overdraft protection requirements, etc.
- More limited investment options compared to larger banks
$300 Sign-Up Bonus
$100: Direct deposit $200+ into your account within 90 days.
$100: Maintain monthly qualifying direct deposits 90 days after the initial deposit.
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.
What is it?
What is PSECU
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.
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.
Features and Benefits of PSECU
- 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
- Earn 0.50% APY
- No-fee overdraft protection
- Enjoy greater APY with a money market account
- Earn up to 4.00% APY with select CDs
- No monthly fees or maintenance fees
- Dividends are accrued and compounded monthly
- Personal loans, auto loans, home equity loans, and more
- Competitive rates and flexible repayment terms
- 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
- 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
Pros & Cons
Pros & Cons of PSECU
- PSECU is owned & controlled by its members, meaning it operates for their benefit and often offers better rates and lower fees than traditional banks
- Wide range of financial services and products, including checking and savings accounts, loan options, credit cards, investment services, and mobile and online banking
- Competitive interest rates on savings accounts and loans, especially with its CD rates
- Limited membership eligibility, restricted to those living, working, worshiping, or attending school in Pennsylvania, immediate family members of a PSECU member, or members of a qualifying organization
- Some fees associated with certain services and products, such as overdraft fees or fees for overdraft protection
- Limited investment options compared to larger investment firms, especially with loan and retirement options
PSECU Customer Reviews and Feedback
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.
PSECU Fees and Charges
|Wire Transfer (Outgoing):||$10|
|Wire Transfer (Incoming):||$0|
|Debit Card Rush Shipment:||$40|
|Skip A Pay:||$25|
|Paper Statement Copy:||$5 per account|
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
- 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
- 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
- Account maintenance fee: Charged for some investment products
- Investment management fee: Charged for some investment products
PSECU Customer Support Information
- PSECU provides phone support to its members, allowing them to speak with a representative to get help with any questions or concerns.
- PSECU also offers online chat support, allowing members to chat with a representative in real-time for quick and convenient help.
- Members can also contact PSECU for support via email for a more detailed or in-depth response.
- PSECU has branches in Pennsylvania, where members can visit for in-person support with a representative.
How does PSECU compare?
Robust credit card rewards program (up to 5% cashback)
24/7 customer support via phone, live chat, email, and branch access
Lower interest rates on savings accounts (as low as 0.01% APY)
ATM fees for non-Chase ATM locations can be high
High-yield savings account (currently 4.05% APY)
No fees. No overdraft fees. No monthly service fees.
No physical branch locations
Limited customer support.
High-interest CDs with up to 4.55% APY
Low-fee accounts with no overdraft fees or monthly fees
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.
Is PSECU for you?
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.
What is PSECU?
PSECU is a Pennsylvania-based credit union that offers its members a wide range of financial services and products.
Who is eligible to join PSECU?
To be eligible for membership with PSECU, you must live, work, worship, or attend school in Pennsylvania, be an immediate family member of a PSECU member, or be a member of a qualifying organization.
What financial services does PSECU offer?
PSECU offers various financial services, including checking and savings accounts, loan options, credit cards, investment services, and mobile and online banking.
Does PSECU offer competitive rates?
PSECU offers competitive interest rates on its savings accounts, loans, and CD rates.
Is PSECU's online and mobile banking platform secure?
Yes, PSECU takes the security of its members' information and funds seriously. Advanced security measures protect its online and mobile banking platform, such as military-grade encryption and two-factor authentication.
What kind of customer support does PSECU offer?
PSECU offers a variety of customer support options, including phone support, online chat, email support, and in-person support, at its branches in Pennsylvania.
Are there fees associated with PSECU's services and products?
Yes, some fees are associated with specific services and products, such as overdraft fees or fees for overdraft protection.