PSECU
Is This Your Business?1.8
1.8
Author: Jenna Vasquez
LAST UPDATED: April 19th, 2022
Top Ranked Companies
The Good
- Easy access to accounts
- Checking accounts
- Savings accounts
- Certificates of deposit
Easy Access to Accounts
PSECU is a credit union that is about giving their members account access where it is the most convenient for them. If it's in their living room, backyard, or cell phone. They have apps available for Android and Apple devices that are well designed and rated highly by its users. Using technology, PSECU can give their members around-the-clock access to their accounts using PCs or the telephone. Many PSECU members take advantage of psecu@home online account access. This convenient service allows them to pay bills, transfer funds to pay loans or add money to separate accounts, view (and print) check images, and receive notices that report account activity.Checking Accounts
PSECU offers checking, savings, and Certificated of Deposits to any of their members; PSECU's goal is to provide members 12 years of age or older with hassle-free, no fee, dividend-earning checking. The benefits of their free checking are basic checks with unlimited check writing, free online statements and check images, free online account access, bill pay services, and credit score services. There is no minimum balance required to earn interest, and there are no monthly service fees or additional requirements to earn the dividend. Their checking accounts earn a .10% APY.Savings Accounts
PSECU allows their members to save the way they want to. They have a variety of Personal Savings Shares or Money Market accounts to help their members reach their financial goals. Their basic savings account earns a .15% APY on all balances, without any withdrawal penalties. PSECU members can make deposits at any time for any amount into their savings accounts. With the PSECU Savings Shares, you control the structure of your savings. Choose from several pre-established savings shares for an upcoming vacation or holiday, or start making a nest egg. A PSECU member can also choose a federally insured Money Market Share to earn higher dividends.Certificates of Deposit
PSECU Certificates of Deposit is a safe and easy way for members to invest their money. PSECU offers certificates for various terms and rates. PSECU requires a $500 minimum balance to open and earn dividends and have terms starting at 3 months up to 60 months. They do not have any monthly service fees for their certificates. When a member goes in to create a certificate the rates are declared weekly and fixed for the term of the certificate.The Bad
- Fees
- Limited credit card options
- Limited locations
Fees
There were only a few fees that stood out, PSECU charges $5 per account quarterly to receive paper statements. There is a fee for any dormant accounts. If the account has not been used for at least one year but remains open PSECU will assess a $2 monthly fee to that account. To avoid the fee, members can simply make a deposit/withdrawal or contact PSECU. The last fee is for address change. PSECU will assess this service charge if you move and fail to update your new address for the entire previous calendar year, the fee is $10.Limited Credit Card Options
As of right now PSECU only offers 1 credit card option, it has a low fixed rate but that is about it. There are no other rewards for using their card.Limited Locations
Lastly, PSECU only has three walk-in branches. Part of their philosophy is "By not spending money on branches, we can give members competitive rates for loans and savings, as well as a host of low or no-cost services." In the long run this is potentially a good thing for their members, however for those who don't use PCs or mobile apps banking with them could be difficult. Besides, compared to other credit unions there are many that have multiple branches in the 50s that offer slightly higher rates.The Bottom Line
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Nick Garcia Chambersburg, PA
I've never have had a worse experience in getting my Home Equity Loan. With this bank you sacrifice every ounce of customer service and communication for a lower rate. Yes, great rates but what a nightmare my loan process was, it took weeks for anyone to get back with me about a decision, and I have GREAT credit and credit history. I've spent HOURS on hold waiting on support, just to get the status of my loan. I've been cut off time after time after being on hold, noone ever bothers to call back, you have to call back in and wait on hold. This is a shame they advertise to be such a great bank but left me with such a bad experience.
4 years ago
Talia Ruley Carlisle, PA
We joined PSECU to try to get a mortgage. They pre-approved us and we found and got full loan approval. We set a closing date for two months out. They said we would miss closing because the appraisal would not take place until the closing date. We later learned that the appraisal was done two weeks before the closing date, and the seller knew it was done, and thought we were still going to keep the closing date. PSECU held the appraisal report from us until three days after we missed the closing date. The report required several thousand in repairs that were not necessary. We called PSECU twice. The first person said, "I guess you won't get the house." The second person said, "Should I withdraw your loan application now?" It really felt like they tried to make us miss closing date, and annoy the seller so that the seller would put the house back on the market. I didn't understand it until I looked up reviews on PSECU and found all these things about lying, giving loan approvals and then withholding the loan, etc. There is something going on here.
5 years ago
zatonna dash Philadelphia, PA
The worst bank ever they let somone steal out of my account....somone stole my card and made transactions at a store through credit and PSECU told me I was liable for the charges and that they weren't going to do anything I don't even live we're the person was making charges i was even on the phone with PSECU while they were stopping the person from making more charge...i am in the process of closing my account I can't bank with a bank that allows fraud to happen on a person account
DO NOT BANK HERE
5 years ago
Maria Mansfield, PA
I have had a auto loan with psecu for about 3 years now with a decent rate. I recently tried to trade my vehicle in to get something newer and go through psecu again and was denied, which I was surprised being I was never late or missed a payment with them. Last year I applied for there Visa card and was denied also. I will never use them again or recommend them to anyone everything to do with them is a hassle from applying to making a payment and forget trying to talk to someone you need everything like account number pin etc and then hold !!! Stay away
7 years ago
Nikki Wilmington, DE
A predatory capitalist bank. Horrible theft. Money was in my account. They took the money that was left which would have covered the fees that were being withdrawn then they charged me multiple overdraft fees back to back in the same day. This cant be legal. Please stay away from this place. Corruption.
8 years ago Edited September 14, 2021
Michael donahue
Psecu horrible they overdraft my account which is no way they lie called better buisness burea and in contact with my Laywer
9 years ago
Jay N. Atlanta, GA
WORST CUSTOMER SERVICE EVER! They will have you waiting on hold for almost an HOUR!!!!!!!!!
4 years ago
Cala Tolerico Carbondale, PA
Terrible company. I've never had so much problems attempting to make a payment
6 years ago
