PSECU has returned a $6 million “special reward” to its members, the credit union announced today.
The $5 billion-asset institution is the largest credit union in Pennsylvania, and the return was approved by the CU’s board in November 2017, with returns being distributed to members based on dividends and interest paid.
In recent years, the CU has issued a “relationship reward,” which was based on members' dividends, interest paid, and products and services utilized. This year, the CU chose to return surplus earnings in a variety of ways, said David Misner, a PSECU corporate communications strategist.
Earlier in 2017, the CU launched a cash rewards credit card called Founder's Card. Since the launch, the CU has paid back more than $2 million to members through the card.
PSECU also used surplus earnings to invest in new technology. The credit union anticipates introducing a new online banking feature this year called Financial Insights that analyzes a member's personal transaction history to provide information to help him or her better manage their money. PSECU also plans to offer a referral program that will allow members to earn cash for bringing their family, friends and coworkers to PSECU.
“At PSECU, we believe our members’ money should stay where it belongs – with them,” said CEO Greg Smith.