PSECU Review [2024] Pennsylvania State Employees Credit Union Pros and Cons – The Money Manual (2024)

There are over 4,000 federally-insured banks and almost 5,000 federally-insured credit unions in the United States.

And while those numbers have been declining, you still have a lot of financial institutions to choose from.

So where should you do your banking?

One option is PSECU (Pennsylvania State Employees Credit Union).

PSECU offers pretty much every banking service you could imagine, the rates are competitive, and the ATM access is impressive.

In this PSECU review, I’ll explain how the credit union works and help you decide if it’s the right place to continue your financial journey.

What is PSECU?

PSECU is the largest credit union in Pennsylvania. A credit union is a non-profit organization that offers the same services as a bank.

When it was founded back in 1934, PSECU was designed for Pennsylvania state workers. Since then, it’s been opening itself up to more groups of people, and now, pretty much anyone is eligible to join. I’ll explain more about that below!

You can use PSECU for almost any standard banking service.

Checking accounts? Check.

Savings accounts? Check.

Loans and credit cards? You got it! PSECU can work wonders for your financial flexibility.

With so much to offer, it’s no surprise PSECU has over 560,000 members!

See Also

PSECU CD Rates, Savings & MMA, Mortgage & Loan Rates, ReviewsPSECU CD Rates, Savings & MMA, Mortgage & Loan Rates, ReviewsBest 3-Year CD Rates For June 2024 | BankrateA Quick Guide to Certificates

How to Become a PSECU Member

To take advantage of PSECU’s rates and services, you need to be a member.

Luckily, becoming a PSECU member is super easy – and after reading this PSECU review, it should be even easier!

The first step is to check your eligibility.

You might already be eligible if you fall into one of these categories:

• Your roommate or relative is a current PSECU member (eligible relatives include parents, stepparents, grandparents, spouses, siblings, step-siblings, children, and grandchildren).
• You’re a student, former student, or employee at an associated Pennsylvania college or university.
• Your employer offers PSECU membership as a benefit.

Not falling into any of those categories? Don’t be disappointed yet! There’s a super easy workaround that allows you to become eligible in a matter of minutes.

Here’s how it works:

• You register for membership with the Pennsylvania Recreation and Park Society (PRPS), which requires a $20 one-time fee.
• You open your PSECU account online.
• You get PSECU to cover $10 of that PRPS fee.

So you’ll still end up $10 behind, but it’s worth it to get PSECU membership. Besides, there’s nothing wrong with being a member of the state’s park society while you’re at it!

If you’re not sure you’re eligible, check your status on the PSECU website. You can also send in your application right from the same web page.

Just make sure you have these things handy when you sign up:

• Your social security number (SSN) or tax ID number (TIN)
• Government ID or driver’s license
• Credit or debit card (to make the $5 opening deposit minimum)

How Does PSECU Work?

Once you’ve become a member, you can use PSECU for most of your banking needs.

You could start by opening a PSECU checking account, which gives you a debit card and fee-free access to 70,000 ATMs around the country. It’s pretty much the same as having a checking account with a traditional bank but with the added bonus of earning a 0.20% annual percentage yield (APY) in dividends.

Another perk of the PSECU checking account is that you’ll get cash back when you use your debit card – up to $0.10 on eligible purchases of $10+. That’s pretty good, especially when you consider that most debit cards don’t offer cash-back rewards at all.

And if you want to earn more on your savings, you could also open:

• A savings account (up to 0.50% APY)
• A money-market account (up to 3.00% APY)

*Note: These APYs are current as of June 9, 2023, and can change over time.

From there, you could use PSECU for all sorts of investment and banking opportunities, including:

• IRAs (individual retirement accounts)
• Certificates of deposit (CDs)
• Business banking and payment processing
• Auto loans
• Student loans
• Mortgages
• Personal loans
• Credit cards

So with PSECU, it really is a case of “choose your own adventure!”

Is PSECU Legit?

PSECU is a legitimate credit union. It’s been in operation for generations, and the statistics speak for themselves:

• Founded in 1934
• Over 560,000 members
• Over $8 billion in assets (and growing)

So this isn’t some upstart company. In fact, it’s not a company at all! As a credit union, PSECU is owned by its members and it operates as a non-profit organization.

When you bank with PSECU you’re not lining anybody’s pockets – except maybe your own!

Is PSECU Safe?

Banking with PSECU is completely safe.

Here are three reasons why:

• PSECU’s checking and savings accounts are insured by the National Credit Union Administration (NCUA) up to $250,000. So even if your money somehow disappeared, the federal government would replace it.
• PSECU is a reputable credit union with almost 90 years of experience.
• The Better Business Bureau (BBB) gives PSECU an A+ rating.

Of course, not everybody has a fantastic experience with the institution, and I found plenty of negative PSECU reviews.

But when it comes to matters of integrity, PSECU is safe and totally trustworthy.

Pros and Cons of PSECU

PSECU is a reputable organization with decades of history, but that doesn’t mean it’s perfect. Like any financial institution, there are both benefits and drawbacks to consider.

Pros

• Access to 70,000+ fee-free ATMs. And even if you can’t find an in-network ATM, PSECU will refund up to $8 a month in ATM fees or $20 a month if you’re using direct deposit.

• 3.00% APY with money market accounts. That’s not the very best rate available today, but it’s way above the national average.

• A wide variety of loan products. PSECU offers auto loans, mortgages, student loans, business loans, home equity loans, personal loans, and debt consolidation loans. That’s just about a full menu!

Cons

• Only 0.50% APY with savings accounts. You can get a much better rate with some other financial institutions.

• There’s a $5 fee to receive a paper copy of your statement. You can avoid this by going fully digital, but you’ll have to pay to get your payments the old-fashioned way.

• Some members complain about a lack of customer service. Spending excessive time on hold seems to be a relatively common issue. But then again, other members report only positive experiences.

PSECU Reviews

Lots of people have left PSECU reviews online, which gives us an up-close look at the overall member experience.

I found a 5-star PSECU review where a member praised the efficiency of the mobile deposits. They also seemed pleased with the overall experience, calling PSECU “easy to work with.”

Another member praised the cheap rates, but complained of “technology challenges” and “iffy” customer service.

And now we get to the PSECU reviews that are downright negative, like this one from a member who says the credit union has gone downhill.

Another negative PSECU review even calls the organization “an awful credit union.” It seems a balance transfer went terribly wrong, which is definitely a frustrating issue to deal with.

Of course, it’s worth remembering that customer service horror stories often get outsized attention online.

And so here’s one last PSECU review. It’s one that praises the credit union’s “excellent customer service.”

PSECU Reviews Reddit

I found a really interesting thread with PSECU reviews on Reddit.

It all started when a user asked if they should bank with PSECU.

A lot of the responses were positive. People praised all sorts of things, including the variety of accounts, the reimbursem*nt of ATM fees, and the customer service.

One person complained about the mortgage process. Apparently the paperwork was excessive, and the system felt outdated, but they agreed that PSECU is a great option for banking.

So overall, it’s safe to say the Redditors of Pennsylvania approve of PSECU!

Is PSECU Worth It?

PSECU is definitely worth it if you’re looking for a growing institution that can meet most of your banking needs.

Once you become a PSECU member, you can use the credit union to:

• Open a checking account that earns interest and offers cash-back rewards
• Open a savings account or money market account that earns dividends
• Invest in a retirement fund
• Take out all sorts of loans, from student loans to mortgages

And accessing all those services with a single institution can be a major time-saver.

Now, is it possible to find better rates elsewhere? Yes.

And could you come out ahead if you used a different financial institution for every service you need? It’s possible.

But you might not want to overcomplicate your financial life, and I can’t blame you! That’s why I recommend PSECU as a fantastic all-in-one banking option.

Commonly Asked Questions About PSECU

What are Alternatives to PSECU?

PSECU is the largest credit union in Pennsylvania, but it’s not the only one. Read this article for a full list of the best nationwide credit unions. Also, be sure to check out this post sharing the best banks in PA.

And if you’re looking to boost your new bank balance fast, check out these banks with immediate sign-up bonus.

Is PSECU a Scam?

PSECU is definitely not a scam. In fact, it’s a super-reputable credit union that was founded back in 1934 and now has over 560,000 members. Its checking accounts, savings accounts, and money market accounts are also federally insured, so your money is completely safe.

What is the Catch with PSECU?

There’s no “catch” with PSECU. It’s a completely legitimate credit union, and it’s upfront about its fees and interest rates.

Is PSECU a Good Bank?

PSECU is an excellent credit union. It provides a wide variety of banking services, including checking accounts, savings accounts, and loans. It also offers favorable rates, an online banking experience, and access to over 70,000 fee-free ATMs.

What Credit Score is Needed for PSECU?

There’s no minimum credit score to become a member at PSECU. That said, PSECU will conduct a hard credit check when you apply for membership. Even if your credit score doesn’t affect your eligibility, it will determine which services you can access.

PSECU CD Rates?

Currently, PSECU is offering a special 13-month CD that earns 4.50% APY (available at the time of this publication).

Looking at the “standard” CDs, some of the best options include:

• 6 months – 3.75% APY
• 18 months – 3.30% APY
• 24 months – 3.25% APY

And if you’d like to learn which budgeting app could best help you manage your finances, check out these comparisons:

• Rocket Money vs YNAB
• Rocket Money vs Simplifi
• Rocket Money vs Copilot

Then use a net worth tracker to see how your new financial strategies are paying off.

PSECU Phone Number?

You can call PSECU at (800) 237-7328.