PSECU Announces Loan Changes with Members in Mind
HARRISBURG, PA - August 9, 2007 - When PSECU modifies services or rates, they keep their eye on the member. Pennsylvania's largest credit union announced it would be making changes to its Visa® card. The over limit fee will be eliminated, and the cash advance rate will drop from 12.99% Annual Percentage Rate (APR) to 9.9% APR. "It makes sense to align the purchase rate and the cash advance rate. Members who have a 12.9% balance as of August 1 will see that balance recalculate to the 9.9% rate," notes President Gregory A. Smith. "We are eliminating the over limit fee, as that is a little-used fee here at PSECU. We don't let our members go over their line of credit - we don't want them to incur more debt than they can handle. What you see with PSECU's Visa is what you get - a great rate with no gimmicks." The average over limit fee is from $25 to $39. "That is cost we never wanted our members to have to pay."
About PSECU
PSECU is a not-for-profit financial institution that provides a full array of convenient, electronically delivered services at no or low cost. Chartered in 1933, PSECU is one of the nation's largest credit unions. It serves more than 325,000 members and has over $3 billion in assets. All members of the following groups are eligible to join PSECU: state and local government employees; faculty, staff, students and alumni of the Universities within the State System of Higher Education and Harrisburg Area Community College; students, faculty and staff of Elizabethtown College; employees eligible for membership in the Public School Employees' Retirement System (PSERS) or the State Employees' Retirement System (SERS); school districts; and members of approved associations and employee/occupational groups. Immediate family of PSECU members may also apply for membership.