YES, WE DID IT AGAIN.
More than $52.5 million back since 2013.

Message to Our Members

Thanks to you, we had another financially strong year in 2016. And for the fifth year in a row, we are staying true to our roots and returning money back to our membership. This year, we returned $10 million.

While many financial institutions are adding fees, we're excited to give you money back. In the coming year, returning money to our members will continue to be at the heart of what we do. It's why we launched our new cash rewards credit card, the Founder's Card. It's why we offer low-rate lending and refinancing solutions to help you save more of what you make. It's why we reimburse ATM fees, because it shouldn't cost you to access your money. These are just a few of the reasons why FinancingLife® is what we do best.

Our commitment to provide the best value and service to our members throughout their lives is also grounded in ensuring our long-term stability. That's why in 2017, we will be investing more in emerging technologies so that members have an even simpler, safer and more convenient banking experience. While this enables us to be viable for generations to come and protect our legacy, our Relationship Reward Program remains contingent upon our surplus earnings.

We are committed to making a difference for our members when it comes to value they deserve. We are truly banking on making a difference for you and appreciate your membership. We look forward to the future and are happy to have you as part of our story.

Sincerely,
Greg Smith
President and Fellow PSECU member

Personal Rewards

Each member's share of the 2016 Relationship Reward has two components. The first is usage of eligible products and services as described below. The second is a percentage based on both the amount each primary account owner and the entire membership as a whole received in total dividends earned and interest paid in 2016.

Reward Amounts for Eligible Products and Services

  • Direct Deposit - $5
    You must have had a recurring Direct Deposit at least once in December 2016.
  • Digital Banking - $5
    You need to have logged into your account at least once in December 2016.
  • e-Statements - $5
    You are enrolled to receive e-Statements and did not receive a paper statement in December 2016.
  • Visa® Credit Card - $10
    The card must have been open through midnight on December 31, 2016, and you averaged 2 credit card purchase transactions per full month the line of credit was open in 2016. For example, a line of credit opened before January 2016 needed a minimum of 24 transactions in 2016 to qualify, or a line of credit opened anytime in October 2016 needed a minimum of 4 transactions to qualify. Any cash advance transactions are excluded. These exclusions include but are not limited to use of balance transfer checks to transfer balances or make purchases, use of online balance transfer checks, withdrawing from the Visa line of credit at an ATM, or moving funds to a share in digital banking, via SST or by speaking to a PSECU representative.
  • Financial Planning Service - $25
    You must have had an account relationship with PSECU Financial Services, offered through CFS*, as of December 31, 2016.

*NON-DEPOSIT INVESTMENT PRODUCTS AND SERVICES ARE OFFERED THROUGH CUSO FINANCIAL SERVICES, L.P. (“CFS"), A REGISTERED BROKER-DEALER (MEMBER FINRA/SIPC) AND SEC REGISTERED INVESTMENT ADVISOR. PRODUCTS OFFERED THROUGH CFS: ARE NOT NCUA/NCUSIF OR OTHERWISE FEDERALLY INSURED, ARE NOT GUARANTEES OR OBLIGATIONS OF THE CREDIT UNION, AND MAY INVOLVE INVESTMENT RISK INCLUDING POSSIBLE LOSS OF PRINCIPAL. INVESTMENT REPRESENTATIVES ARE REGISTERED THROUGH CFS. PSECU HAS CONTRACTED WITH CFS TO MAKE NON-DEPOSIT INVESTMENT PRODUCTS AND SERVICES AVAILABLE TO CREDIT UNION MEMBERS.

Please Note: Reward Program details may change at any time.

Percentage of Dividends Earned and Interest Paid

This component of the Relationship Reward calculation was based on total dividends earned and interest paid during 2016 multiplied by 3.536%. If a Relationship Reward is issued in the future, the percentage may vary.

Eligible Accounts: The 2016 Relationship Reward was paid to the Regular Shares (S1) of the oldest active account for the primary account owner based on Social Security number. The reward amount was based on activity in all accounts reporting under the primary owner's Social Security number. The account must have been opened on or before December 31, 2016 and remained open through January 3, 2017 to receive the Relationship Reward.

Relationship Reward Calculation Periods: Transaction activity must have occurred as defined above under Reward Amounts for Eligible Business Products and Services. Share dividends earned and interest paid calculations were based on the 2016 calendar year.

Limitations & Exclusions: Only one reward will be paid for eligible products/services per eligible primary account owner. If a reward was earned by a Business account, it will be rewarded separately. A Relationship Reward totaling less than 10 dollars ($10.00) will not be awarded. Members who have previously caused PSECU a financial loss will not receive a Reward. Also, accounts with any loan more than 22 days past due, and accounts with any liens and holds will not receive a Reward.

Reporting for Taxes: The Relationship Reward is reportable under the primary account owner's Social Security Number on IRS Form 1099-INT and 1099-MISC for 2017. All share dividends earned (portions of Relationship Reward earned from share dividends paid) will be reported on IRS Form 1099-INT.  Non-share Relationship Reward earned from loan balances and services will be reported on IRS Form 1099-MISC, if $600 or more is accumulated for the 2017 year. We are not tax experts and cannot offer tax advice. Should you have any questions regarding the tax implications regarding this Reward, please contact your tax advisor.

Reading Your Statement: See below for an example of how the 2016 Relationship Reward will be shown on your January 2017 account statement. The Reward appears in your Regular (S1) share.

01/03 Deposit: $43.19
  2016 Relationship Reward (RR)
  $20.09 of 2016 RR is dividend
  $23.10 of 2016 RR is MISC income

Additional Personal Rewards Information

Frequently Asked Questions (FAQ)

How much is the 2016 Relationship Reward and why?

The Relationship Reward is $10 million this year. We were able to distribute that amount because members are using our products and services. Members are moving their credit cards, car loans, and mortgage loans to PSECU, so not only are they contributing to the 2016 Relationship Reward pool, they're saving more of their own money.

How do I find my current and past Reward amounts?

Simply log into your account using digital banking and look in your Regular Share (S1) to see your share of the $10 million. Or call us at 800.237.7328, extension 3875. If you received past Rewards, you can view them under "My Benefits" in digital banking and click on "Relationship Reward" on the left-side menu. To see all the ways you benefit from your relationship with us, click on "Savings and Rewards" on that same menu.

Who qualified to receive the 2016 Relationship Reward?

The Relationship Reward was paid to the Regular Shares (S1) of the oldest account for the primary owner based on Social Security number. Only primary members received a Reward. The account must have been opened on or before December 31, 2016 and remained open through January 3, 2017 to receive the Relationship Reward.

Why is my Reward less than last year's?

The total amount of any year's Relationship Reward is based on the credit union's financial position at the end of the year. 2015 was an exceptional year, so for the 2015 Relationship Reward our Board of Directors decided to give back the highest amount since the program's inception in 2013. In each year except 2015, the Relationship Reward was $10 million. 2016 was also a great year for your credit union, but we're beginning to give back to members in new ways, like investing more in new technologies so that members have an even simpler, safer and more convenient banking experience.

In addition, you may see a reduced amount if you paid off a loan or changed your usage of eligible products and services.

Why didn't I receive a 2016 Relationship Reward?

There are a number of possible reasons.

  • You're not the primary owner on the account. Joint owners do not receive separate Rewards.
  • You did not earn the minimum $10 reward.
  • You have a loan that was more than 22 days past due.
  • Your account had a lien or hold on it.
  • You caused the credit union a loss.

Why did PSECU pay a Relationship Reward?

We're continuing the legacy of our 22 founding members who created PSECU as a financial cooperative. Their goal was to pool their resources so everyone could benefit. Returning money to our members will continue to be at the heart of what we do. It's why we launched our new cash rewards credit card, the Founder's Card. It's why we offer low-rate lending and refinancing solutions to help you save more of what you make. It's why we reimburse ATM fees, because it shouldn't cost you to access your money.

Is the Relationship Reward guaranteed?

No, unfortunately we can never promise our members a Relationship Reward. It all depends on the active participation by everyone, and our financial position after we've paid operating expenses and put money aside to assure our continued stability. In 2017, we will be investing more in emerging technologies so that members have an even simpler, safer and more convenient banking experience. While this enables us to be viable for generations to come and protect our legacy, our Relationship Reward Program remains contingent upon our surplus earnings.

How was the 2016 Relationship Reward calculated?

Eligible members received:

  • Direct Deposit - $5
    You must have had a recurring Direct Deposit at least once in December 2016.
  • Digital Banking - $5
    You need to have logged into your account at least once during December 2016.
  • e-Statements - $5
    You are enrolled in e-Statements (did not receive a paper statement in December 2016).
  • Visa® - $10
    The card must have been open through midnight on December 31, 2016, and you averaged 2 credit card purchase transactions per full month the line of credit was open in 2016. For example, a line of credit opened before January 2016 needed a minimum of 24 transactions in 2016 to qualify or a line of credit opened anytime in October 2016 needed a minimum of 4 transactions to qualify. Any type of transaction that is a cash advance to your line of credit is excluded. These include use of balance transfer checks to transfer balances or make purchases, use of online balance transfer checks, withdrawing from the Visa line of credit at an ATM, or moving funds to a share in digital banking, SST or when speaking to a PSECU representative.
  • Financial Planning Service - $25
    You had an account relationship as of December 31, 2016 with PSECU Financial Services offered through CFS*.
  • Percentage of total share dividends earned and interest paid.

*NON-DEPOSIT INVESTMENT PRODUCTS AND SERVICES ARE OFFERED THROUGH CUSO FINANCIAL SERVICES, L.P. (“CFS"), A REGISTERED BROKER-DEALER (MEMBER FINRA/SIPC) AND SEC REGISTERED INVESTMENT ADVISOR. PRODUCTS OFFERED THROUGH CFS: ARE NOT NCUA/NCUSIF OR OTHERWISE FEDERALLY INSURED, ARE NOT GUARANTEES OR OBLIGATIONS OF THE CREDIT UNION, AND MAY INVOLVE INVESTMENT RISK INCLUDING POSSIBLE LOSS OF PRINCIPAL. INVESTMENT REPRESENTATIVES ARE REGISTERED THROUGH CFS. PSECU HAS CONTRACTED WITH CFS TO MAKE NON-DEPOSIT INVESTMENT PRODUCTS AND SERVICES AVAILABLE TO CREDIT UNION MEMBERS.

Please Note: Reward Program details may change at any time.

Will I have to pay taxes on the 2016 Relationship Reward?

Members who are getting paid for dividends earned will receive a 1099-INT. Non-share Relationship Rewards earned from loan balances and services will be reported on IRS Form 1099-MISC, if $600 or more is accumulated for the 2017 year. We will withhold Federal taxes for members who elected to participate in backup withholding. If you have any tax questions regarding the 1099 Form(s), we recommend that you consult with your tax advisor. We are not tax experts and cannot offer tax advice.

Have a question that's not answered here? We're happy to help! Just give us a call at 800.237.7328.

Business Rewards

Each member's share of the 2016 Relationship Reward has two components. The first is usage of eligible Business products and services as described below. The second is a percentage based on both the amount each primary account owner and the entire membership as a whole received in total dividends earned and interest paid in 2016.

Reward Amounts for Eligible Business Products and Services

  • Direct Deposit - $5
    You must have had a recurring Direct Deposit at least once in December 2016.
  • Digital Banking - $5
    You need to have logged into your account at least once in December 2016.
  • e-Statements - $5
    You are enrolled in e-Statements (did not receive a paper statement in December 2016).
  • Business Visa® - $10
    The card must have been open through midnight December 31, 2016, and you averaged 2 credit card purchase transactions per full month the line of credit was open in 2016. For example, a line of credit opened before January 2016 needed a minimum of 24 transactions in 2016 to qualify or a line of credit opened anytime in October 2016 needed a minimum of 4 transactions to qualify. Any type of transaction that is a cash advance to your line of credit is excluded. These exclusions include use of balance transfer checks to transfer balances or make purchases, use of online balance transfer checks, withdrawing from the Visa line of credit at an ATM, or moving funds to a share in digital banking, via SST or by speaking to a PSECU representative.

Please Note: Reward Program details may change at any time.

Percentage of Total Share Dividends Earned and Interest Paid

This component of the Relationship Reward calculation was based on total dividends earned and interest paid during 2016 multiplied by 3.536%. If a Relationship Reward is issued in the future, the percentage may vary.

Eligible Accounts: The 2016 Relationship Reward was paid to the Business Regular Shares (S1) of the business account. The account must have been opened on or before December 31, 2016 and remained open through January 3, 2017 to receive the Relationship Reward.

Relationship Reward Calculation Periods: Transaction activity must have occurred as defined above under Reward Amounts for Eligible Business Products and Services. Share dividends earned and interest paid calculations were based on the 2016 calendar year.

Limitations & Exclusions: Only one reward will be paid for eligible products/services per eligible business account. If a reward was earned for personal account members, it will be rewarded separately. A Relationship Reward totaling less than 10 dollars ($10.00) will not be awarded. Members who have previously caused PSECU a financial loss will not receive a Reward. Also, accounts with any loan more than 22 days past due, and accounts with any liens and holds will not receive a Reward.

Reporting for Taxes: The Relationship Reward is reportable on IRS Form 1099-INT and 1099-MISC for 2017. All share dividends earned (portions of Relationship Reward earned from share dividends paid) will be reported on IRS Form 1099-INT. Non-share Relationship Reward earned from loan balances and services will be reported on IRS Form 1099-MISC, if $600 or more is accumulated for the 2017 year. We are not tax experts and cannot offer tax advice. Should you have any questions regarding the tax implications regarding this Reward, please contact your tax advisor.

Reading Your Statement: See below for an example of how the 2016 Relationship Reward will be shown on your January 2017 Business account statement. The Reward appears in your Business Regular (S1) share.

01/03 Deposit: $43.19
  2016 Relationship Reward (RR)
  $20.09 of 2016 RR is dividend
  $23.10 of 2016 RR is MISC income

Additional Business Rewards Information

Frequently Asked Questions (FAQ)

How much is the 2016 Relationship Reward and why?

The Relationship Reward is $10 million this year. We were able to distribute that amount because members are using our products and services. Members are moving their credit cards, car loans, and mortgage loans to PSECU, so not only are they contributing to the 2016 Relationship Reward pool, they're saving more of their own money. The same is true for Business members who move their Business credit cards, Business Vehicle loans and investment mortgage loans.

How do I find my Business Reward amount?

Simply log into your Business account using digital banking and look in your Business Regular Share (S1) to see your share of the $10 million. Or call us at 800.237.7328, extension 3875. If you received past Rewards, you can view them under "My Benefits" in digital banking and click on "Relationship Reward" on the left-side menu. To see all the ways you benefit from your relationship with us, click on "Savings and Rewards" on that same menu.

Who qualified to receive the Business 2016 Relationship Reward?

The Relationship Reward was paid to the Business Regular Shares (S1) of the business account. The account must have been opened on or before December 31, 2016 and remained open through January 3, 2017 to receive the Relationship Reward.

Why is my Reward less than last year's?

The total amount of any year's Relationship Reward is based on the credit union's financial position at the end of the year. 2015 was an exceptional year, so for the 2015 Relationship Reward our Board of Directors decided to give back the highest amount since the program's inception in 2013. In each year except 2015, the Relationship Reward was $10 million. 2016 was also a great year for your credit union, but we're beginning to give back to members in new ways, like investing more in new technologies so that members have an even simpler, safer and more convenient banking experience.

In addition, you may see a reduced amount if you paid off a loan or changed your usage of eligible products and services.

Why didn't I receive a Business 2016 Relationship Reward?

There are a number of possible reasons.

  • Your business account did not earn the minimum $10 reward.
  • Your business loan was more than 22 days past due.
  • Your business account had a lien or hold on it.
  • Your business account caused the credit union a loss.

Why did PSECU pay a Relationship Reward?

We're continuing the legacy of our 22 founding members who created PSECU as a financial cooperative. Their goal was to pool their resources so everyone could benefit. Returning money to our members will continue to be at the heart of what we do. It's why we launched our new cash rewards credit card, the Founder's Card. It's why we offer low-rate lending and refinancing solutions to help you save more of what you make. It's why we reimburse ATM fees, because it shouldn't cost you to access your money.

Is the Relationship Reward guaranteed?

No, unfortunately we can never promise our members a Relationship Reward. It all depends on the active participation by everyone, and our financial position after we've paid operating expenses and put money aside to assure our continued stability. In 2017, we will be investing more in emerging technologies so that members have an even simpler, safer and more convenient banking experience. While this enables us to be viable for generations to come and protect our legacy, our Relationship Reward Program remains contingent upon our surplus earnings.

How was the Business 2016 Relationship Reward calculated?

Eligible members received:

  • Direct Deposit - $5
    You must have had a recurring Direct Deposit at least once in December 2016.
  • Digital Banking - $5
    You need to have logged into your account at least once in December 2016.
  • e-Statements - $5
    You are enrolled in e-Statements (did not receive a paper statement in December 2016).
  • Business Visa® - $10
    The card must have been open through midnight December 31, 2016, and you averaged 2 credit card purchase transactions per full month the line of credit was open in 2016. For example, a line of credit opened before January 2016 needed a minimum of 24 transactions in 2016 to qualify or a line of credit opened anytime in October 2016 needed a minimum of 4 transactions to qualify. Any type of transaction that is a cash advance to your line of credit is excluded. These include use of balance transfer checks to transfer balances or make purchases, use of online balance transfer checks, withdrawing from the Visa line of credit at an ATM, or moving funds to a share in digital banking, via SST or by speaking to a PSECU representative.
  • Percentage of total share dividends earned and interest paid.

Please Note: Reward Program details may change at any time.

Will I have to pay taxes on the 2016 Relationship Reward?

Business members who are getting paid for dividends earned will receive a 1099-INT. Non-share Relationship Rewards earned from Business loan balances and Business services will be reported on IRS Form 1099-MISC, if $600 or more is accumulated for the 2017 year. We will withhold Federal taxes for members who elected to participate in backup withholding. If you have any tax questions regarding the 1099 Form(s), we recommend that you consult with your tax advisor. We are not tax experts and cannot offer tax advice.

Have a question that's not answered here? We're happy to help! Just give us a call at 800.237.7328, extension 3875.