One credit union was ready to do whatever needed

By Joyce Moed, Reporter

HARRISBURG, Pa.­–One credit union was ready to do whatever needed to help its members when warned of a budget impasse.

On July 6, Pennsylvania Gov. Edward Rendell sent a letter warning state employees that beginning on July 9, most likely 25,000 of them would have to be furloughed “because we have no money to continue to pay you, and federal law mandates it.” The impasse was implemented on the morning of July 9, however by the evening it was settled, and employees were called back to work on the morning of July 10.

However, if the impasse would have lasted for any length of time, Pennsylvania State Employees Credit Union was prepared. Its staff had already reviewed the CU’s services and determined where adjustments could be made to assist their members. The staff determined that needs differ from member to member, and identified various ways, depending on the situation, that help could be provided. They came up with possible adjustments, including: waiving the penalty fee on early withdrawals of certificates, returning non-sufficient fund fees, and advancing due dates on loans
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PSECU serves more than 325,000 members and has more than $3 billion in assets. CU membership is open to state and local government employees; faculty, staff, students and alumni of the universities within the State System of Higher Education, Harrisburg Area Community College, and Elizabethtown College; employees eligible for membership in the Public School Employees’ Retirement System or the State Employees’ Retirement Systems; school districts; and members of approved associations and employee/occupational groups.