FAQs: Payments, Deposits, Funds Availability & More - PSECU (2024)

If your daily account balance falls below $500, you won't earn dividends until your daily balance again reaches $500.

If your balance falls below the minimum of a tier, you’ll earn dividends at the rate of the tier that matches your account balance. For example, if you move from the third tier to the second tier, you’ll earn dividends at the rate associated with each tier for the days that your balance fell within those tiers.

It depends on whether your IRA is a share or certificate account. If you have an IRA share, you can add money to your account whenever you like, up to your personal IRA contribution limits. If you’re unsure about your contribution limits, check with your tax or financial advisor.

If you have an IRA certificate, once you open the certificate, you can’t add money to it until its term ends. However, you can preschedule a transfer, so you automatically add money to the certificate as soon as it “matures” (its term ends). You have a 10-day grace period after your certificate matures to add money or transfer your balance to another account. After the 10 days, we’ll automatically re-deposit your balance into another certificate of the same term.

In all cases, it’s your responsibility to make sure you don’t deposit more into your IRA accounts than the current tax law and your personal income limits allow. If you’re unsure about your contribution limits, check with your tax or financial advisor.

It depends on whether your Coverdell ESA is a savings or certificate account. If it’s a savings share, you can add money to the account whenever you like. Your beneficiary is eligible to receive a total of $2,000 in Coverdell account contributions each year, from all sources.

If you have a Coverdell ESA share certificate, once you open the certificate, you can’t add money to it until its term ends. However, you can preschedule a transfer, so you automatically add money to the certificate as soon as it “matures” (its term ends). You have a 10-day grace period after your certificate matures to add money to it or transfer your balance to another account. After the 10 days, we’ll automatically re-deposit your balance into another certificate of the same term.

If you open an IRA share, there’s no minimum balance on this account.* If you open an IRA share certificate, you can open an account with just $500, no matter which term you choose (from 3 to 60 months).

*If you’re a new PSECU member, you’ll need to deposit a $5 minimum deposit in a Regular Savings Share Account (S1) to create and retain your membership.

If you open a Coverdell ESA savings share, there’s no minimum balance on this account.* If you open an IRA share certificate, you can open an account with just $500, no matter which term you choose (from 3 to 60 months).

*If you’re a new PSECU member, you’ll need to deposit a $5 minimum deposit in a Regular Savings Share Account (S1) to create and retain your membership.

You can:

• Directly transfer IRA funds from one financial institution to another
• Rollover IRA funds from another IRA or qualified plan
• Make one-time distributions (withdrawals) or automatic distributions (withdrawals)
• Convert Traditional IRA funds to Roth IRA funds (but this may require opening a new account)
• Recharacterize (change) a contribution (Traditional to Roth or Roth to Traditional)

For any changes to your existing IRA, contact us or log into your PSECU account.

It may be helpful for your sender to speak to the International Banking staff at their financial institution when making their request to ensure that the request is fully understood. This could be a specialist, a head teller or even a bank manager.
The following information should be provided to the sending bank for accurate routing to your PSECU account.

• PSECU's SWIFT number:PSEMUS31
• Clearing Code*:FW231381116
• Beneficiary Bank Name:PA State Emp CU, Harrisburg PA
• Beneficiary Account Number:Your 10-digit PSECU checking account number - found on your PSECU Checks - or your PSECU member account number
• Beneficiary Name & Address:Your name and address as it appears on your PSECU account

* This is optional information that may be helpful to some sending institutions.
Note: Wires must be in U.S. dollars.
PSECU's experienced Wire Transfer Analysts are ready to answer your questions and assist you with your Wire Transfer needs. Simply email us through online banking or call us at 800.237.7328, extension 3868. Our Analysts are available Monday through Friday, 8 a.m. to 4 p.m. (ET).

To transact internationally, you may elect to have the authorized receiver set up an ACH debit to remove money from your PSECU account. For security purposes, do not share your personal information with anyone who is not authorized to access your account.
To receive an ACH debit from your PSECU account, the sender will need the following information:

• PSECU's ABA/Routing Transit number: 231381116
• Your PSECU Checking Account Number: As it appears on the bottom of your PSECU checks. This is a 10-digit number and leading zeroes must be included.
• Your PSECU Member Number for Savings debits: This is a 10-digit number and must include any leading zeroes.

Additionally, you may request a money transfer service such as Western Union Online FX, MoneyGram or other such services to perform the International Wire Transfer*. To fund the transfer, the service provider may either electronically debit your PSECU account or you may elect for PSECU to wire funds to the service provider. All wires to service providers must be to domestic institutions only.

* Funds must be on deposit in your PSECU account for 4 full business days before they may be wired. Funds deposited by Direct Deposit or incoming wire transfer are not subject to the 4-day restriction.

You must sign up for Direct Deposit through your payroll office or other depositing institutions (government checks, for example).

To complete a Direct Deposit form, you'll need your PSECU ten-digit account number and our ABA/Transit Routing Number – 231381116.

New members – Please wait to receive your Welcome packet before you sign up for Direct Deposit. Receipt of the packet signals that your account is active and ready for your use.

Foreign checks and foreign money orders cannot be deposited using an ATM or Mobile Banking. Any check issued to you by a financial institution in another country should be mailed to:

PSECU Payments Unit
P.O. Box 67013
Harrisburg, PA 17106-7013

You can deposit money to your savings account four different ways:

• Deposit funds at an ATM that accept deposits. Search for anATM near you.
• Make a mobile deposit using your smartphone and our mobile app.
• Set up Direct Deposit or Payroll Deposit so money is deposited automatically to your savings account. Get more information on Direct and Payroll Deposit.
• Mail in your deposit to: PSECU P.O. Box 67012 Harrisburg, PA 17106-7012. Log into your account to request deposit slips.

Your PSECU Shares, Money Markets and Certificates are federally insured by the National Credit Union Administration (NCUA) up to $250,000, the maximum allowed by law. In addition to the $250,000 of insurance provided on an individual account or combination of individual accounts, you are also insured up to $250,000 for any combination of accounts you may hold jointly with other individuals.

IRAs are insured separately from other PSECU shares. Traditional and Roth IRAs are insured up to $250,000.

Updates have been made to the Funds Availability Policy, effective on March 12, 2024, to remove immediate availability of funds. In most situations, $500 will be available immediately. The Remote Deposit Disclosure and Agreement will align with the updated Funds Availability Policy. The External Account Transfer Service Terms & Conditions was also updated and is now subject to the Funds Availability Policy. These updates are available for all members to review ahead of the effective date of the Funds Availability Policy. Please use the links above to access each item.

Being stewards of our members’ money is a responsibility we take very seriously. The updates to the Funds Availability Policy were made as part of our commitment to remain a financially stable credit union. Please view our annual financial statement.

What changes have been made to the Funds Availability Policy?

Changes included removing immediate availability for all deposited items and outlining applicable holds, cut-off times, and schedule of availability of deposited funds. In most situations, $500 will be available immediately. The chart below is a snapshot of specific check types, cut-off times, and availability. In addition, please see our helpful video that illustrates the funds availability timeline for one of our most popular deposit channels, mobile deposit:

Funds Availability Chart

In the event of a discrepancy between this chart and the Funds Availability Policy, the Funds Availability Policy will control.

Our continued commitment is to ensure the security and protection of your money. In an effort to reduce risk and fraud loss, we’ve evaluated our Funds Availability Policy and made appropriate changes to support that commitment.

These changes will help us remain good stewards of your money, protecting it against fraud and continuing to provide value to you through member benefits such as ATM rebates, debit card rewards, and low- to no-fee products and services.

Please visit psecu.com/atms and enter your address or zip code in the Search box to generate your search, then select “Show PSECU-Owned ATMs Only” to populate PSECU-owned ATM results.

All ATMs that use the brand name PSECU in our ATM locator found at psecu.com/atms are proprietary ATMs. All others are non-proprietary ATMs. Alternately, proprietary ATMs are identified at the ATM with the PSECU logo.

These changes could affect your PSECU loan payments if you typically deposit funds used for loan payments to a PSECU share first. Please make sure to account for potential delays in funds availability to avoid late loan payments. Here are some tips to help ensure your funds are available for your loan payment:

• Read our FAQs so you're familiar with deposit method timelines.
• Take steps to deposit your check(s) well in advance of when those funds are needed for PSECU loan payments.
• Transfer funds you have elsewhere to your PSECU loan using an automatic or recurring transfer. Note that you cannot pay a PSECU mortgage using this service.
• Set up direct deposit to have all or a portion of your paycheck deposited into your PSECU account. Funds deposited this way are not affected by policy changes.
• Mail a check to PSECU with a loan payment coupon or your loan information noted in the memo line of the check.
• If you usually make payments from another financial institution, you may be able to use their bill payer or external transfer services to pay your PSECU loan or credit card directly. Please reach out to your financial institution for more information and instructions.

  Tip: PSECU’s routing number is 231381116. Loan and share number information can be found in digital banking by selecting Details or the information icon next to the loan or share.

• Mailed Deposits: Before 3 p.m. on the day funds are received in the mail; however, if the deposit is made after 3 p.m. on a business day or on a non-business day, we’ll consider our next business day to be the day of deposit.
• ATM Deposits: Before 3 p.m. on the day funds are deposited via an ATM; however, if the deposit is made after 3 p.m. on a business day or on a non-business day, we’ll consider our next business day to be the day of deposit.
• Mobile Deposits: Before 4 p.m. on the day funds are accepted through mobile deposit; however, if the deposit is made after 4 p.m. on a business day or on a non-business day, we’ll consider our next business day to be the day of deposit.
• In-Person Branch Deposits: Before 4 p.m. on the day funds are deposited in person at a branch; however, if the deposit is made after 4 p.m. on a business day or on a non-business day, we’ll consider our next business day to be the day of deposit.
• Night Depository Deposits: Before 4 p.m. on a business day, on the day of your deposit; however, if the deposit is made after 4 p.m. on a business day or on a non-business day, we’ll consider our next business day to be the day of deposit.

Yes. PSECU is federally insured by the National Credit Union Administration (NCUA). Information on federally insured credit unions can be found at NCUA.gov.

All PSECU deposit shares, including checking, Regular, additional savings, money market, and certificates, are federally insured by the National Credit Union Administration (NCUA) up to $250,000, the maximum allowed by law. In addition to the $250,000 of insurance provided on an individual account or combination of individual accounts, funds are also insured up to $250,000 for any combination of accounts members hold jointly with other individuals.

IRAs are insured separately from other PSECU shares. Traditional and Roth IRAs are insured up to $250,000.

Credit union members have never lost a penny of insured savings at a federally insured credit union. The NCUA-managed insurance fund has the backing of the full faith and credit of the U.S. government.

Your payment is made by one of two methods:

Electronic payment– An electronic transfer from your Checking (S4) account to the Payee/Merchant account is made on the payment date you specify. Please allow at leastthree business days for the Payee/Merchant to receive your payment.

Check payment–A paper check is mailed to the Payee/Merchant.The Payee/Merchant handles the payment as a regular paper check. Please allow at least 5-10 business days business days for the Payee/Merchant to receive your payment.

You can tell how your bill was sent by noting the symbol for paper checks or for electronic bill (e-bill) payments on your bill payer listing.

To discontinue a direct debit or automatic payment, you must contact the company that is sending the item and request that they discontinue the process. They may require the request to be received within a specific timeframe. You must comply with their request to have the debit/payment discontinued. PSECU cannot stop the process on your behalf.

Once you’ve fully complied and completed all necessary steps in the company’s discontinuation process, you must monitor your account one full billing cycle to be sure the company has successfully completed their end of the process. If the transaction still processes after you’ve waited the required timeframe, please immediately contact PSECU to discuss the issue at 800.237.7328, extension 2530.

Select Transfers, then select External Accounts. Select the external account that you need to verify, and then select Verify Account. Enter the amount that was deposited to your account at your other financial institution and follow the screen prompts. Once you add your external account and complete verify the account, you will not need to do it again, unless you remove the external account and want to add it back again.

If you enter the wrong amount when verifying your external account, the screen displays a message, “The deposit verification process is currently locked on your account." You will need tocall usto resolve the issue.

To make regular recurring deposits, you must be one of the following on the child’s account: primary owner, joint owner, or the custodian.

You’ll need to take two separate actions to make automatic deposits using our transfer service. First you need to link the two accounts, then you need to set up recurring transfers. The steps are slightly different between online banking and mobile banking. The instructions are organized to show how to complete the linking and recurring transfers steps for each platform.

Dealers should list PSECU on the title at this address:

Pennsylvania State Employees Credit Union
P.O. Box 67013
Harrisburg, PA 17106-7013

After you submit your mortgage application, a PSECU mortgage consultant will review your application. We’ll answer any questions you may have and, if you're qualified, provide you with a prequalification letter if you’re purchasing a home. The prequalification letter lets you know exactly how much house you can afford and helps you make a strong bid to the seller.

Once you find the right house and go under contract, we can move forward in the loan process. At this time, you provide more detailed financial information. Throughout the process, our mortgage consultants will keep you up to date regarding the status of your loan to make sure everything is on track. After closing, we’ll service your loan through the life of your mortgage.

We will finance properties that are:

• Located in the state of Pennsylvania
• Recorded with PSECU listed as first lien holder. The property secures your mortgage loan.
• Titled after purchase in the name(s) of individual(s), not a trust
• Owner-occupied homes, vacation homes, or residential non-owner occupied properties with one, two, three, or four units. Some exceptions apply.
• Condominiums or residences within a Planned Unit Development (PUD) that meet certain criteria. Please contact our mortgage consultants for more information.

We will not finance properties that are:

• Single-wide manufactured homes
• Timeshares
• Not in acceptable marketable condition
• Non-owner-occupied condo or manufactured homes
• Located outside Pennsylvania

Fixed-rate mortgages have a fixed interest rate for the life of the loan. The monthly payment for principal and interest on a fixed-rate loan stays the same every month for the term of the loan.

You have the option to buy down the interest rate by paying discount points upfront. You can choose to lock in your interest rate once you’ve signed a sales agreement, or wait until closer to closing.

If you opened your checking account without checks but need them now, you’ll need to call us at800.237.7328, extension 3134 or send a secure message in digital banking.

If you want to reorder the same style of checks, you can do that through digital banking.

1. Log into digital banking.
2. To access the Check Reorder option in online banking, select Checking, then select Check Reorder from the Additional Actions menu on the left side. In mobile, select Checking, then tap the information icon.
3. Follow the on-screen prompts.

Once you submit your order, your new checks will arrive in approximately two weeks. Note that a check register will be included.

Please be aware that when reordering within digital banking, your check style will automatically default to the previous style ordered. If you'd like tochange the style of checksyou're ordering or order a checkbook cover or check register, please call us at800.237.7328, extension 3134, and we'd be happy to help.

View all check and cover designs.

Report unrecognized charges. Ask about suspicious card activity. Lock your card.

Nationwide:800.237.7328, ext. 3872

Dealers should list PSECU on the title at this address:

Pennsylvania State Employees Credit Union
P.O. Box 67013
Harrisburg, PA 17106-7013

The followingcannotbe deposited with Mobile Deposit.

• PSECU Check Drawn on the Same PSECU Account– The deposit of a check that is drawn from and deposited to the same accountholder’s account at PSECU is PROHIBITED. Deposits of this nature may result in the immediate revocation of services.
• Non-Negotiable Items– The deposit of any item stamped with a “non-negotiable” watermark is PROHIBITED. Deposits of this nature may result in the immediate revocation of Services.
• Altered Checks– An altered check is any check that contains evidence of a change (correction fluid, crossed out amounts, etc.) to information on the face of the check. Members with altered checks MUST get a replacement check from the maker before PSECU will accept the deposit.
• Foreign Checks– A foreign check is any check that is issued to you by a financial institution in another country (Canada, France, etc.). Foreign checks may ONLY be deposited by mail.You must remit all foreign checks to PSECU Funds Management Unit, P.O. Box 67013, Harrisburg, PA 17106-7013.
• Savings Bonds– Savings bonds are not accepted through remote deposit.
• Incomplete Items– An incomplete item is any item that does not contain signatures of the maker, endorsem*nt signatures, or is missing any of the information required during key-entry in a Deposit Session.
• Stale-Dated Checks– Certain checks contain instructions such as “Void 90 days after issue date” or “Must be cashed within six months of issue date.” Members with stale- dated checks MUST get a replacement check from the maker before PSECU will accept the deposit.
• PSECU Check Drawn on Personal Account (Business Accounts Only)– The deposit of a personal check that is drawn on the accountholder’s personal checking at PSECU is PROHIBITED. Deposits of this nature may result in the immediate revocation of Services.
• Third Party Checks– The deposit of a check that is made payable to a person who is not listed as an accountholder may result in the immediate revocation of Services.
• Substitute Checks (IRD)– Substitute checks that are created as a reproduction of a digital image of an original check are not accepted through remote deposit.
• Cash– The deposit of cash isPROHIBITED. Deposits of this nature may result in the immediate revocation of Services.

Yes. Co-applicants should apply with you when you open your credit card account. We’ll need current identification, and income and contact information for all applicants.

If you just want to add an authorized user, you can do that, too. For instance, you might add employees or your business manager to your account as authorized users. These individuals are allowed to use your business credit card account but aren’t legal account owners.

Only the primary cardholder can add authorized users to your Business Credit Card Account.

Yes. You can have your account set up to automatically transfer yourmonthly Visa^®payment from any PSECU share account. You can choose to paytheminimum payment, a specific amount higher than the minimum payment, or the amount necessary to avoid finance charges. These payments are transferred automatically from your account on the 25th of every month.

To set up a Visa^® automatic payment, please call us at 800.237.7328.

Yes, if you initiated the call. Even if you did not authorize the charge and are calling a merchant to inquire why they charged your account, the merchant may ask for your name, address, or other identifying information. If they cannot locate the charge using this information, you may want to offer your card number. Some merchants are able to locate a transaction by your card number. This will help them to explain the charge and resolve the problem. Always contact PSECU if there is a problem because we may have additional advice or suggestions.

We recommend against giving your card number or other personally identifiable information during a call you did not initiate. The call could be an attempt at identity theft.

To report a lost or stolen ATM / Debit Card card, call 800.237.7328, extension 3872.

Debit Card and Visa^® cardholders: If you are calling after PSECU business hours, call 800.556.5678, nationwide or 402.222.3600, International to report these cards lost or stolen. You will need to contact PSECU on the next business day to order replacement cards.