Answers to Questions About Our Credit Union
|Owned by its members||Owned by shareholders|
|Profits are returned to its members||Profits are returned to shareholders|
|Credit unions are subject to more restrictive regulations which prevent them from participating in riskier investments||Banks are subject to less restrictions on investment types|
|Credit unions are not subject to most taxes||Banks are subject to taxation|
|Credit unions are community oriented, that is why we speak Polish at P-SFUK!||Banks lack ties with communities they serve – they rarely speak Polish|
|Deposits are insured by NCUSIF up to $250,000||Deposits are insured by FDIC up to $250,000|
|Our Credit Union offers better dividend rates and lower fees||In general, banks charge higher fees|
|Our Credit Union fashions its products according to our members’ needs||Since banks cater to the general population, banks offer standard products|
Unlike large banks which charge increasingly high fees, our Credit Union offers not only products tailored to the specific needs of our members, but also offers more favorable dividednd rates on deposits and lower fees for services. In addition, all of our Credit Union products and services are offered in two languages: English and Polish.
Our Credit Union’s checking account is offered free of charge. So is our Visa debit card. Meanwhile, banks are increasing their fees to recapture losses associated with the economic crisis, statutory reduction in interchange charges and low interest rates.
In the fall of 2011, Los Angeles shop owner, Kristen Christian, became annoyed by the high fees charged by the Bank of America and she decided not only to close her account and transfer to a credit union, but she also used Facebook to announce her decision to the whole world. In addition, she called on everyone to move their accounts from commercial banks to credit unions and small local banks by November 5th. In this way, she launched a powerful social movement and November 5th, 2011 became known as the Bank Transfer Day.
You may open an account at PSFCU electronically or by visiting one of our branches. Our existing members can use PSFCU-provided template forms to transfer their accounts at other institutions to PSFCU. The forms contain instructions for closing an account, as well as changing payment and direct deposit instructions. You must print, complete, and sign an appropriate form and deliver it to the applicable recipient.