The year was 1934. The country was in the throes of the Great Depression. Franklin Delano Roosevelt was in his first term in the White House.
And in Harrisburg, Pennsylvania, 22 state workers, struggling against low wages and a high cost of living, joined together to form a credit union. They believed that by pooling their money – a grand total of $90 – and working cooperatively, they could provide better lives for their families.
The founding members of the Pennsylvania State Employees Credit Union, now known simply as PSECU, could not have known it at the time, but their tiny financial institution would someday become the largest Pennsylvania-based credit union.
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Nor could they have imagined that it would win some of its industry’s most coveted awards, including recognition by Forbes magazine as a Best-in-State Credit Union (2019). PSECU was also named a Best Credit Union of 2020 by GOBankingRates.
People Helping People
From the start, PSECU has prided itself on being a trusted financial partner to its members. “We’re here to help them achieve more in life,” says George Rudolph, PSECU President and CEO. As PSECU’s membership continues to grow, more and more people in Pennsylvania and beyond are enjoying free, dividend-paying checking accounts; low-rate loans; generous credit and debit card cash rewards; surcharge-free ATMs, plus rebates (up to $20/month with direct deposit and up to $8/month without); and other high-quality, no- or low-fee products and services.
As a credit union, PSECU is a not-for-profit. Any surplus earnings are returned to members in the form of benefits. “As a member-owned, not-for-profit financial institution, governed by a board of directors elected by our members, we exist solely to serve our members and the communities in which we exist,” Rudolph says.
The National Credit Union Administration (NCUA) insures deposits held at PSECU up to $250,000.
‘Pennsylvania’s Anytime, Anywhere Digital Credit Union’
Of course, much has changed since PSECU first opened its doors.
One key difference: membership, which was once limited to state employees and their families, is now open to nearly anyone who would like to join through family, work, school, or membership with the Pennsylvania Recreation and Park Society. Not surprisingly, today’s PSECU offers products and services that would have been unimaginable 86 years ago, including easy-to-use digital banking tools that allow members to manage their money anytime, anywhere.
“Our efficient, digital-first banking model encourages members to do their banking remotely whenever and wherever is most convenient for them,” Rudolph says. He stresses that members with any kind of question or concern can find the help they need by calling one of PSECU’s Pennsylvania-based call centers. They can also chat with a representative online if they prefer.
Rudolph says PSECU is especially proud of its Founder’s Card, which offers members 2%* or 1.5% cash rewards on every purchase, every time. There are no rotating categories, no limits on how much members can earn, and the rewards never expire.
For all its changes, PSECU is still, at heart, the same organization it has always been: a group of people committed to helping others. With a longstanding tradition of community outreach, PSECU and its employees contribute both time and dollars to support a myriad of causes focused on creating breast cancer awareness, preventing child abuse, and fighting hunger, just to name a few. Increasing financial literacy among members and non-members alike is also a major PSECU objective.
“‘People helping people’ remains our guiding philosophy,” says Rudolph. “We started out as a cooperative of people pooling their resources to help one another. And that’s exactly what we are today. We are always looking for new ways to safely and securely provide the best value to our members throughout their lives.”
PSECU by the Numbers (2019)
- More than 450,000 members – in every state and around the world
- Over $6 billion in assets
- $3.5 million in community support in 2019
- Nearly $43 million in member giveback in 2019
- 24 financial education centers on college and university campuses
Member Benefits
- Free checking
- Surcharge-free ATMs, plus rebates (up to $20/month with direct deposit and up to $8/month without)
- Cash rewards credit and debit cards
- Free credit score service (PSECU is not a credit reporting agency. Members must have PSECU checking or a PSECU loan to be eligible for this service. Joint owners are not eligible.)
- Low-rate loans
- WalletWorks financial education resources
- Digital banking tools (including person-to-person money transfers, account alerts, mobile deposit, and bill payer)
PSECU.com | 800.237.7328
Cameron Street Service Center: One Innovation Way | Harrisburg, PA 17110
Strawberry Square Service Center: Strawberry Square | 303 Walnut Street, Suite 121 Harrisburg, PA 17101
State College Financial Center: 502 E. College Avenue | State College, PA 16801
Once limited to state employees and their families, there are now many ways to become a member. Learn more at psecu.com/join.
*You can earn 1.5% cash rewards on purchases. You can earn 2% cash rewards on purchases if you maintain a PSECU checking account and qualifying monthly direct deposit(s) of at least $500. See the Visa® Founder’s Card and Visa® Alumni Rewards Card Rewards Program Terms and Conditions for full details.
This content was provided by Financial Service Directory. Kiplinger is not affiliated with and does not endorse the company or products mentioned above.
