During Commonwealth Budget Impasse PSECU Reaches Out to Members
HARRISBURG, PA - May 29, 2009 - With the recent announcement of a potential budget impasse, PSECU knew that they had to find a way to reach out to its members who may be affected if a budget agreement is not reached by July 1.
If there is an impasse, the credit union has created a special loan program for state employees who are also PSECU members. Employees who are staying on the job but not receiving a paycheck may apply for a 0% Annual Percentage Rate (APR) loan. For members who meet the credit criteria, the 0% APR offering will be available up until 60 days after the governor signs the new budget into law. After 60 days, the loan will begin accruing interest at 3.9% APR until paid in full. All PSECU members participating in the loan program will have the option of borrowing up to $1,000 per pay period.
PSECU is also encouraging all state employees who are experiencing financial hardship with their account due to the potential impasse to contact the credit union about additional ways PSECU may be able to assist them.
"We are proud to be able to offer this product to our members. We are giving them the chance to gain assistance through the budget situation without any additional net expense to themselves," noted Gregory A. Smith, President of PSECU. "This loan is an example of how we haven't lost touch with our history and purpose - when we were formed 75 years ago state employees banded together to form a credit union to help one another through hard times. What was true 75 years ago is still true today. PSECU is still a cooperative financial institution that uses the strength of all to help members in need."
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 350,000 members and has over $3 billion in assets. The membership of the said Credit Union will be limited to the employees of the Commonwealth of Pennsylvania; those employees eligible for membership in the State Employees' Retirement System; those persons receiving a benefit allowance from the State Employees' Retirement System; students and alumni of institutions of the State System of Higher Education; employees eligible for membership in the Public School Employees' Retirement System and persons receiving a benefit allowance from the Public School Employees' Retirement System; employees of local governments organized under the laws of the Commonwealth of Pennsylvania; with the prior approval of the Department of Banking, other occupational and associated groups as provided by law; the Select Employee Group (SEG) employer entity; employees of the Credit Union; members of the immediate families or households of the above persons; corporate or other legal entities in this charter; and exclusively for share services, organizations composed principally of the same groups as the Credit Union membership.