A Financial Safe Haven

PSE Credit Union continues to grow and thrive—despite a crippling financial market. Find out why membership really does have
its privileges.

By: Ken McEntee
Date: 04/02/2009
In today’s complex and impersonal world of corporate finance, neighborly credit unions, like PSE Credit Union, offer a secure and friendly alternative for savings and checking accounts, loans, and all the other services offered by banks.

“We’re a safe haven in today’s volatile financial market,” explains Marguerite Nagy, manager of PSE’s Strongsville branch. “We’re stable because we don’t get involved with risky ventures like sub-prime lending, which has ruined so many banks. In the midst of all the economic uncertainty, it’s business as usual for us.”

Unlike for-profit banks, non-profit credit unions focus on making money for its members—not a group of stockholders. As an owner-member, PSE’s profits are returned to you in the form of dividends paid on your accounts.

Like a bank, PSE offers checking and savings accounts; and all the other conveniences you expect from a bank. Except PSE’s savings accounts generally have better yields and its loans usually have lower interest rates than a bank’s. PSE’s Vanilla Visa card offers a 9.99-percent fixed rate with no annual fee.

“We have everything a bank has,” insists Marguerite, who worked in banks before becoming manager at PSE three years ago. “There is no reason not to bank here.”

As a member and part-owner of PSE, you won’t be in need of a federal bailout. You can be assured that your money is secure. Each account at PSE is privately insured for up to $250,000. And PSE offers a fee structure that doesn’t nickel and dime its members.

Becoming a member of PSE is simple. If you live, work, worship or go to school in Cuyahoga County, all you have to do is open a savings account with five bucks and you’re in. Among the local groups who put their trust in PSE are employees of the city of Strongsville, the Strongsville city schools, St. Joseph and John School and some of the city’s largest businesses, including many members of the Strongsville Chamber of Commerce.

PSE was chartered in 1955 to serve the financial needs of the Parma school employees. Starting with 236 members, less than $5,000 in assets and a part-time president, PSE has grown to include more than 23,000 members and more than $93 million in assets.

Unlike many impersonal mega-banks, those 23,000 members are more than numbers at PSE.

“We want to get to know our members,” Marguerite says. “Our staff creates a family atmosphere that is friendly and inviting. We’re not looking to rush you out of here.”

Indeed, once the kids get involved in the play area in PSE’s lobby, you may never get out.

The staff at the Strongsville branch includes head teller Sherry Joy; senior teller Denise Benko; and tellers Pam Weybrecht, Karen Schnell and Lisa Grady.

The neighborly feeling doesn’t end when you leave the building.

“We are very involved in the community,” Marguerite says. “We sponsor the annual Homecoming Days and our CEO, Jan Thomas, marches in the parade every year with our mascot Pennie the Puppy. We’ve sponsored the city’s Economic Development Breakfasts and have been involved in the Rib Burn-Off, Rotary events and the Kiwanis Club flag displays on the square, and the Winter Wonderland. We enjoy being part of such a dynamic community that offers so many opportunities and activities for its residents.”

Along with the usual banking services, PSE offers innovative programs that help kids get an early start on managing their money responsibly.

The Pennie the Puppy Club, available to kids under the age of 12, allows kids to earn great rewards as their very own savings account grows. Plus, they can get tips about responsible money management from Pennie, the PSE Puppy, who visits schools and hosts special events.

Once Pennie Club members turn 12, they can join the CU Succeed program for teens. The program includes a debit/ATM card and a Visa credit card that lets teens begin to establish good credit.

In recognition of National Credit Union Youth Week, April 20-25, any child who opens an account at PSE will get a $10 Toys R Us gift card and will be entered into a drawing for four tickets to Cedar Point.
During its Spring Auto Promotion, now through May 31, PSE is offering a free gas card with every automobile loan. And during the promotional period, PSE is offering the same low interest rates on used cars as it is on new cars.

“We’ll even refinance your auto loan if you have a higher rate from a bank,” Marguerite says. “Even if you have a pre-payment penalty, we may still be able to save you thousands of dollars in interest.”
PSE, by the way, never charges early payment penalties on its loans.

PSE Credit Union is located at 12700 Prospect Road, in Strongsville. The hours are Monday through Thursday, 9:00 a.m. to 4:00 p.m.; Friday 9:00 a.m. to 6:00 p.m.; and Saturday 9:00 a.m. to 2:00 p.m. The phone number is 440-572-3830. PSE’s main office is located at 5255 Regency Drive, in Parma, and branches also are located at each of the three main campuses of Cuyahoga Community College. You can find out more online at www.PSECreditUnion.org.

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