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.”