Harrisburg, PA (January 3, 2019) - Today, Pennsylvania's largest credit union, PSECU, issued a Special Membership Reward totaling $22 million. Thanks to a successful year leading to surplus earnings, the reward is the largest PSECU has ever distributed. It is given to show appreciation to PSECU's membership, celebrate its 85th anniversary, and honor its 22 founding members.
"As a credit union, PSECU is a member-owned financial cooperative. That means that when we see success, our more than 450,000 members benefit, too," said PSECU President Greg Smith. "Today, not only are our members reaping the financial benefits of a prosperous year, but we're also collectively celebrating that the credit union has reached its 85th year in operation and thanking our 22 founders who made it all possible."
PSECU's Special Membership Reward was deposited into members' Regular shares this morning. Its distribution had four components for personal accounts:
- Member Reward - Eligible members received $22 in honor of the credit union's 22 founding members.
- Debit Card Reward - $.05 or $.10 per purchase of $10 or over in 2018. Purchases qualified for $.10 rewards if the account had active checking and one or more qualifying monthly direct deposits of at least $500 in December 2018.
- Founder's Card Reward - 50% of total Founder's Card cash rewards earned in 2018.
- Classic Card Reward - 11.3% of Classic Card interest paid in 2018.
"While a year-end reward isn't an annual guarantee, we're pleased that we've been able to give back to our members and show our appreciation to them in this way each year since 2013," added Smith. "Including this year's reward, the total we've returned to our members during that time is substantial, coming in at over $80 million."
In addition to the Special Membership Reward, PSECU prides itself on giving its members everyday value with benefits like free checking, surcharge-free ATMs plus rebates, low-rate financing options, and dividend-earning savings.
Throughout 2019, PSECU will also provide added value by continuing to invest in technology resources to better meet members' needs through new digital banking tools that will equip the credit union to further offer excellent member service. One anticipated improvement is a new online banking feature called financial insights that analyzes a member's personal transaction history to provide information to help him or her better manage their money. The expanded use of chat for member service needs is another enhancement coming in 2019. PSECU also plans to offer a referral program that will allow members to earn cash when their family, friends, and coworkers join PSECU.
Opened in 1934, PSECU was founded by 22 ordinary people who pooled $90 and made an extraordinary commitment to each other: To create a financial institution where collective resources benefit all members. Today, PSECU continues that legacy as a leading full-service credit union managing more than $5.5 billion in assets and offering its over 450,000 members convenient anytime, anywhere digital banking options. PSECU was named a 2019 Best-In-State Credit Union by Forbes Magazine and a Best Credit Union of 2020 by GOBankingRates. For more information about PSECU, visit psecu.com. View our Community Report Card to learn how we contribute to the greater good.