In light of the recent news surrounding Silicon Valley Bank and Signature Bank, PSECU wants to reassure members about the health and stability of PSECU.
First, PSECU is a credit union, not a bank. Which means, we’re a not-for-profit financial cooperative with member owners; whereas, banks are for-profit and either privately owned or publicly traded. PSECU, with its members in mind, employs sound financial management practices.
As a credit union, PSECU is federally insured with the National Credit Union Administration (NCUA). Information on all federally insured credit unions can be found at NCUA.gov. You can search for us by charter number 64131.
Because we are a federally insured credit union, each member has coverage of at least $250,000* under the NCUA Share Insurance Fund. Also, we are examined annually by our state and federal regulators (the PA Department of Banking and Securities (PADOBS) and NCUA) to ensure the safety and soundness of members’ money within the institution. We are considered “well capitalized” by the NCUA and PADOBS.
PSECU's annual financial statement is public information and is available at all times on our website.
Additionally, at the bottom of the PSECU website homepage, there is a link - “Insured by NCUA” – that members can click to learn more about the deposit insurance and how their accounts are insured.
Finally, credit union members have never lost a penny of insured savings at a federally insured credit union. The NCUA Insurance Fund has the backing of the full faith and credit of the U.S. government. Please visit MyCreditUnion.gov for more information about the National Credit Union Share Insurance Fund coverage for consumers.
If members have additional questions or concerns, please contact PSECU by calling 800.237.7328.
Since 1934 – almost 90 years – PSECU has been dedicated to improving the lives of our members and empowering them to achieve more.
*PSECU deposit shares, including checking, Regular, additional savings, money market and certificates, are federally insured by the National Credit Union Administration (NCUA) up to $250,000, the maximum allowed by law. In addition to the $250,000 of insurance provided on an individual account or combination of individual accounts, you are also insured up to $250,000 for any combination of accounts you may hold jointly with other individuals.