PSECU Increases Its Member Thank You Reward to $12.5 Million
Harrisburg, PA - January 5, 2016 - For the fourth consecutive year, PSECU has been in the financial position to issue another Relationship Reward to the membership. In each of the past three years, the amount has been $10 million. This year, however, the Board of Directors authorized an increase in that amount to $12.5 million.
The Reward is one more way the credit union honors the legacy of its 22 founding members. Those ordinary citizens created the credit union more than 80 years ago as a financial cooperative so that pooled resources would benefit all members.
Today, those benefits include low-rate loans and Visa® credit card, ATM surcharge rebates, and when our financial position allows, the issuing of a Relationship Reward. In 2015, the credit union enjoyed earnings in excess of the funds needed for operating expenses and capital reserves to ensure financial stability. The active participation of a majority of our membership made it possible to issue a $12.5 million Relationship Reward in 2016.
To be eligible for the Reward, the member must have certain products and services. If a member is eligible for a Reward, the minimum reward will be $10, and the final amount will be determined by two components. The first is usage of eligible products and services which earns a fixed dollar amount depending on the product or service. The second is a percentage based on both the amount the individual member and the entire membership received in total dividends earned and interest paid in the past year.
PSECU President Gregory A. Smith said, "This year marks the fourth year in a row that we've been in the financial position to issue another Relationship Reward. When members take advantage of our low- or no-fee products, take out home or auto loans with us, or use any of the many other valuable membership benefits, they help us grow our cooperative. As a thank you, we give back cash in the form of the Relationship Reward."
Opened in 1934, PSECU was founded by 22 ordinary people who made an extraordinary commitment to each other: To create a financial institution where pooled resources benefit all members. Today we are a full-service credit union serving more than 400,000 members and have over $4 billion in assets. As a not-for-profit financial institution, our goal remains to help our members and their families achieve a better life.