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Not too long ago, PSECU sent an e-mail to members to ask for their support in opposing legislation that could result in PSECU losing a significant source of income – interchange fees. We rely heavily on this income because, as PSECU members know, we charge very few fees and have low loan rates. If interchange revenue is diminished, we might need to increase fees, increase our loan rates, or even discontinue some programs.

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Some members have contacted us regarding a suspicious e-mail they've received that appears to be from the Federal Deposit Insurance Corporation (FDIC). The subject line of the e-mail warns the recipient to "check your Bank Deposit Insurance Coverage." This is a "phishing" attempt to secure personal and account information and should be deleted.

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At PSECU, we work very hard to protect our members' money. Those members fall into two groups - borrowers and savers. Our goal is to balance those competing interests and provide benefits fairly to both groups. In an ideal world that would mean great rates to savers and great rates to borrowers. Read More

In an April 28, 2009 post, I wrote about PSECU's financial health and how a decision made by our regulator would impact our bottom line. Legislation passed in May has modified that decision and affected our June financial statement. Read More

I've read dozens of reports about threats to online security, including surveys that indicate well over half the PCs in this country may be infected with malicious software (malware). Read More

In the coming months, members may see their checks starting to clear faster. That’s because PSECU will be implementing the Check 21 Act. The Act changed the way checks are processed through the banking system. PSECU will be transmitting images of the checks instead of sending physical checks. Because of this change, checks could be cleared in hours instead of days. As always, be sure you have enough money available when you write checks.

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The passage of the Credit Card Accountability, Responsibility and Disclosure (CARD) Act in May has prompted credit card industry representatives to make public statements that the changes will have a negative impact on consumers in the long run. Read More

With the recent announcement by the World Health Organization, it seems a good time to talk about PSECU's preparedness plans... Read More

Recently I sat down with the host of "Pennsylvania Newsmakers," Dr. G. Terry Madonna, to talk about the credit card industry and some of their anti-consumer practices. For the past 20-some years, I’ve watched the industry take advantage of consumers, and although there are now regulations that will put an end to things like double-cycle billing and universal default, they really can’t come soon enough. Read More

Not surprising, in this economy, there’s been an increase in attempted fraud. PSECU’s Loss Prevention and Security Unit has provided the following notice about a current phishing attempt being circulated: Read More