Intro – Pennsylvania State Employees Credit Union Reviews & Ranking
AdvisoryHQ recently published its list and review of the top credit unions in Pennsylvania, a list that included Pennsylvania State Employees Credit Union.
Below we have highlighted some of the many reasons Pennsylvania State Employees Credit Union was selected as one of the best credit unions in Pennsylvania.
Click here for a detailed review of AdvisoryHQ’s selection methodology: AdvisoryHQ’s Methodology for Selecting Top Banks and Credit Unions.
Pennsylvania State Employees Credit Union Review
Pennsylvania State Employees Credit Union (PSECU) was formed in 1933 when 22 state employees pooled their money and started the credit union with just $90 in deposits. One of those founding employees, H. Andrew Hanneman, was instrumental in aiding in the passage of the State Credit Union Act. He was also instrumental as in the development of the Pennsylvania Credit Union League, the trade organization that represents the interests of Pennsylvania credit unions.
With such a deep and meaningful history in the area, it is no surprise that this Pennsylvania credit union has flourished over the years. Operating with a commitment to providing the best possible service to the current and future members, this credit union in PA has managed to grow to be one of the largest credit unions in Pennsylvania, serving more than 400,000 members and holding more than $4 billion in assets.
Key Factors Leading Us to Rank This Firm as One of This Year’s Top Credit Union Firms
Upon completing our detailed review, Pennsylvania State Employees Credit Union was included in AdvisoryHQ’s ranking of this year’s best credit unions based on the following factors.
Image Source: Pennsylvania State Employees Credit Union (PSECU)
PSECU Review: MoneyChat
Image Source: Pennsylvania State Employees Credit Union (PSECU)
MoneyChat is PSECU’s Savings app. This fun app from this top Pennsylvania credit union makes saving easy by turning saving for a goal into a game. Members simply pick their goal and then use the app’s built-in features to help them reach their goal.
Each of these features moves money from a member’s Checking Share account to their Savings Share account:
- Sweep: sweeps their daily change into their savings account; can be set to do daily or just one time
- Spin: take a chance and spin the wheel to see how much should be transferred to savings
- Transfer: make a transfer from checking into savings
- Skip: skip the daily latte or soda and transfer the money into savings instead
All of these features are great ways to watch MoneyChat’s digital piggy bank fill up. Once a goal is reached members can choose to aim higher and keep saving or transfer the money into checking.
PSECU Review: Custodial Accounts
Building up savings for a child or grandchild is easy at PESCU. Through their custodial accounts, this credit union in Pennsylvania makes it no problem to start squirrelling away money to help a minor loved one pay for college, buy their first car, or even put a down payment on their first house.
As long as a child is under the age of 21, a member can make an irrevocable gift to the child using a PESCU custodial account.
Benefits of a Custodial Account at this credit union in PA are:
- Lifetime PESCU membership for the child
- Custodian can make deposits into the account without a court-appointed guardian
- ATM cards are available for the convenience of the custodian to make deposits or withdrawals
- The custodian may receive a free PESCU checking account with free PESCU checks and no monthly fees or balance requirements
- Custodial Accounts conform to Pennsylvania’s Uniform Transfer to Minor Act
- The Custodial Account is turned over to the child when he/she turns 21
PSECU Review: Small Business Administration Loans
PESCU is among the credit unions in PA that issue Small Business Administration (SBA) loans. These loans may be used to establish a new business or to assist in the operation or expansion of an existing business.
With an SBA loan from PESCU, business owners can acquire 100% of an existing business or pay fees to start a franchise. An SBA loan can also be used to pay for business expenses such as salaries, inventory, advertising, and rent.
Image Source: Pennsylvania State Employees Credit Union (PSECU)
An SBA loan can also be used to purchase equipment for a business or to purchase or improve owner-occupied commercial real estate.
Benefits of obtaining an SBA loan from this Pennsylvania credit union are:
- Loan amounts available up to $2,000,000
- Competitive rates that vary with the Prime Rate
- Longer repayment terms
- No balloon payments
- Easy application process
In addition to the above Pennsylvania State Employees Credit Union review, you can click on any of the links below to browse exclusive reviews of AdvisoryHQ’s top rated banking firms & credit unions:
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