Credit Union Benefits

Credit Unions can be a great alternative to traditional banks. Credit Unions have different business models, and are not-for-profit –meaning they pass profits to the members, not bank shareholders. Credit Union Benefits include savings advantages (at PFCU we’ve saved our members $16 million in 2016), better customer service, accessibility and more:

  • Higher Savings, Lower Loans: Credit unions generally have higher dividend rates on savings accounts and lower rates on loans. US News reported that the five-year loans for new cars at banks have an average interest rate of 4.88 percent, compared with 2.74 percent for credit unions.
  • Members are Owners: One of the major benefits of a credit union is that the members are also the owners of the company. The possible disconnect between shareholder and customer is never an issue. All decisions are made to benefit both the owners and the members.
  • You’re Insured: At PFCU, the members are insured to be protected in case any issue should come up. The National Credit Union Administration financially backs nearly every credit union to protect the members.
  • A More Personal Touch: Credit unions are smaller and more localized than a bank, so the members are treated with a more personal touch. Concerns can be resolved with more time and detail given to each member.
  • Financial Literacy Programs: Another credit union benefit is the extra time and care that employees can put toward helping the member. Financial literacy programs help educate members on how to best control their finances and create wealth. There are also many resources such as a savings calculator and calculators for things like mortgages and investments. PFCU offers Clarifi financial counseling, where you can find tools, videos and personalized guidance to grow your finances. We even offer related events and classes.

Learn more about the Discounts and Benefits Available to all PFCU Members.

PFCU SAVED ITS MEMBERS $16 MILLION IN 2016.

The many benefits of credit unions over traditional banks have led to the $16 million savings in 2016. We work hard to earn the honor of being your trusted financial partner. As your partner, we think it's important for you to know the value PFCU membership offers.

Working with a national research firm, we calculated the monetary benefit of credit unions by comparing our account rates and fees with the average rates and fees of leading banks in our primary market areas. When all the calculations were done, PFCU members collectively saved $16 million in 2016 simply by having their accounts with PFCU versus a leading bank. That's an average of $190 per member.

avg_member_svgs_16

AVERAGE SAVINGS BY ACCOUNT TYPE

DEPOSIT ACCOUNTS

Savings

$46

Money Market

$378

Savings Certificate

$364

IRA

$107

LOAN ACCOUNTS

Auto Loan

$276

Home Equity Loan

$905

Mortgage

$1,611

Personal Loan

$151

How do your savings stack up?

Above are the average 2016 member savings amounts by account type. If your account's savings were less than the average, we encourage you to schedule a Membership Account Review. We can do your Review by phone at 215-934-3500 or in your local branch, whichever you prefer.

The more you have with us, the more you save.

Our market research demonstrates that the easiest way to save more is to do more with us. We know that the deeper our financial partnership is with you, the more you will save. Members with one PFCU account only saved an average of $44 annually whereas members with four accounts saved an average of $393.

With Philadelphia Federal Credit Union, you get even more value. Check out our member discounts.

THE BANKS WE COMPARED

We used the major banks in each region for our comparisons. The actual comparisons vary by market area, with the list of banks including:

Bank of America

BB&T

Beneficial Bank

Citibank

Citizens Bank

First Keystone Community Bank

Firstrust Bank

Fox Chase Bank

M&T Bank

National Penn Bank

PNC Bank

Santander Bank

TD Bank

 

Univest National B&T

 

Wells Fargo Bank

Want to learn more? Call us today at 800-832-PFCU, Become a Member, or visit your local branch.

Don’t live in the Philadelphia or surrounding areas? Find a credit union in your area.

* Your savings estimate illustrates projected savings for an entire year, regardless of when your account was opened, and it was determined by using the difference between your current rates at PFCU and the average rates of leading financial institutions in your local market on October 27, 2015, as reported by Informa Research Services, Inc., Calabasas, CA, www.informars.com. Some national lenders were used for mortgage and credit card comparisons. Although the information provided by Informa has been obtained from the financial institutions themselves, the accuracy cannot be guaranteed.

Savings were calculated within product types, comparing your current PFCU rate with the average financial institution rate for that particular product type. Only financial institutions with comparable rate tiers and pricing structures were used to determine an average rate within each product type. In some rare cases, deposit and/or loan relationships were compared to the most similar product for which market rate information was available. Rates are subject to change at any time without notice. Your actual rate is typically dependent on several criteria, including, but not limited to, your credit history and score, term of the loan, age of collateral and loan-to-value ratio on loans, as well as current and/or average balance on deposits.

The savings amount for all loan relationships was determined based on balances as of November 30, 2016. If your balance was not carried over month to month, your savings amount would be less.

Fees were also taken into consideration when calculating the benefit associated with certain account relationships, using the average fees charged for that particular account, as reported by Informa Research Services, compared with the fees charged at PFCU.

pbHead1

I have been a customer for over 17 years.  PFCU has competitive rates, personable customer service, and your loan processes are very user friendly.   

Tom Flynn
Member since 1998

Open Account Now