A Bank on Campus, PSECU Offers Banking to the Students
As many students noticed, there is a new room in the Bonnell lobby. It’s sort of colorful, looks very fun, and even has a spinning chair.
The smart student has noticed and read the email CCP sent out back in July; the curious student has taken a glance at the email and walked into the room; but for the lazy students who did not read the email or wander in, PSECU may be completely new to you.
PSECU is the Pennsylvania State Employee Credit Union. It’s a “not-for-profit” financial cooperation headquartered in Reading, Pennsylvania and established 80 years ago by 22 state employees who put together $90.00 and started the credit union.
The goal was to take control of their finances and create a better life themselves, family, and others. Now, PSECU provides services to over 400,000 members and $4 billion worth of assets, according to their website. PSECU also accommodates both businesses and personal use as well as being the union of choice for hundreds and organizations.
By definition, PSECU is a co-op, and is therefore owned by its members and is democratically controlled, unlike your standard corporate bank.
PSECU pride themselves in being member-owned. Some services that PSECU offer: instant access to deposited cash, free mobile deposit by using app, free style checks, rebated ATM surcharges, and many more.
Since PSECU is a financial cooperation, when PSECU makes money much of that money goes to its members. Its Relationship Reward program actually allowed PSECU to give a total of more than $30 million back to its members over the span of three years.
Newly graduated CCP student Andrea Thomas recently just signed up for PSECU.
“It is more convent for me because there’s a site on campus,” Thomas, whose mother works on campus, says. “Since I work downtown and cannot always go to the bank, [it’s convenient because] I can be on campus with my mom working at CCP.”
At the time Thomas joined the credit union, she had a corporate bank account. Asked if she liked the credit union better, she noted, “Oh course, because I recently had Wells Fargo and I didn’t receive the same options as what PSECU has and also its way easier for me to cash my check into my account.”