topic Re: PSECU's Agreements and Disclosures in Credit Cards

PSECU's Agreements and Disclosures

DI — Sat, 04 Jun 2011 15:44:01 GMT

I was reading over the agreements and disclosures literature and noticed a line that says, "If there is no financial activity for a year or more, your account wil be considered dormant and PSECU may assess a fee. PSECU defines an account as the combination of all shares, services and loans, including Visa.

Question: If I do not plan to ever apply for any of PSECU's products, do I need to show activity atleast once per year on my share savings or checking account?

Re: PSECU's Agreements and Disclosures

Anonymous — Sat, 04 Jun 2011 18:14:45 GMT

Yes, i believe so. Just a simple deposit would be enough, or they even say that customer initiated correspondance counts as activity. Else they charge a few bucks a month.

Re: PSECU's Agreements and Disclosures

DI — Sat, 04 Jun 2011 18:27:00 GMT

@Anonymous wrote:
Yes, i believe so. Just a simple deposit would be enough, or they even say that customer initiated correspondance counts as activity. Else they charge a few bucks a month.

Thanks!

Re: PSECU's Agreements and Disclosures

Anonymous — Mon, 06 Jun 2011 03:08:47 GMT

I believe the dormant fee is due to the fact that Pennsylvania state law requires them to report all dormant deposit accounts to state Treasurer's unclaimed property database. At some point down the line, they are then required to try to contact you and if they do not receive a response they are required to escheat the dormant assets to the state Treasurer -- who then becomes the for your deposit.

This process if very expensive and time consuming for banks, and they are trying to avoid this by creating a fee that encourages you to act (the small fee also eats up banks accounts with only a few dollars in them, so they can just close the account for zero balance as opposed to trying to find you and going through the process of escheating your assets to the state).

Re: PSECU's Agreements and Disclosures

DI — Mon, 06 Jun 2011 10:54:04 GMT

@Anonymous wrote:
I believe the dormant fee is due to the fact that Pennsylvania state law requires them to report all dormant deposit accounts to state Treasurer's unclaimed property database. At some point down the line, they are then required to try to contact you and if they do not receive a response they are required to escheat the dormant assets to the state Treasurer -- who then becomes the for your deposit.

This process if very expensive and time consuming for banks, and they are trying to avoid this by creating a fee that encourages you to act (the small fee also eats up banks accounts with only a few dollars in them, so they can just close the account for zero balance as opposed to trying to find you and going through the process of escheating your assets to the state).

Thanks, Stan! I've now learned something new.

Re: PSECU's Agreements and Disclosures

Anonymous — Tue, 07 Jun 2011 21:10:20 GMT

Heck, drop $5 in your savings (or checking) once a quarter and they will leave you alone...

Ray

Re: PSECU's Agreements and Disclosures

DI — Tue, 07 Jun 2011 21:16:29 GMT

@Anonymous wrote:
Heck, drop $5 in your savings (or checking) once a quarter and they will leave you alone...

Ray

I want to utilize the checking account with the CU and get rid of the checking account with the bank. The problem is, for various reasons, I have people to deposit money in my checking account. They won't be able to do that if I do my checking with PSECU.

Re: PSECU's Agreements and Disclosures

Anonymous — Tue, 07 Jun 2011 21:20:03 GMT

Too bad they are not like USAA.

I have the USAA iPhone app and all I need to do is take a picture of the front and the back of the check and it is deposited. I then simply shread the check.

Man, it could not be eaiser... Never need to go to the bank... I am in Minneapolis, they are in San Antonio - lol!!!

Ray

Re: PSECU's Agreements and Disclosures

DI — Tue, 07 Jun 2011 23:27:08 GMT

@Anonymous wrote:
Too bad they are not like USAA.

I have the USAA iPhone app and all I need to do is take a picture of the front and the back of the check and it is deposited. I then simply shread the check.

Man, it could not be eaiser... Never need to go to the bank... I am in Minneapolis, they are in San Antonio - lol!!!

Ray

That is awesome. That's what you call electronic banking!!

Re: PSECU's Agreements and Disclosures

Anonymous — Wed, 08 Jun 2011 05:22:31 GMT

@Anonymous wrote:
Too bad they are not like USAA.

I have the USAA iPhone app and all I need to do is take a picture of the front and the back of the check and it is deposited. I then simply shread the check.

Man, it could not be eaiser... Never need to go to the bank... I am in Minneapolis, they are in San Antonio - lol!!!

Ray

USAA is great w/ that Deposit@Home service. It has saved me hundreds of $$ so far.

Re: PSECU's Agreements and Disclosures

doublespaces — Wed, 08 Jun 2011 21:57:56 GMT

Chase does this as well.

Re: PSECU's Agreements and Disclosures

DI — Wed, 08 Jun 2011 23:07:25 GMT

@doublespaces wrote:
Chase does this as well.

Do you all think being able to make deposits from home now is the reason for hard pull credit checks just to open a checking account?

Re: PSECU's Agreements and Disclosures

Anonymous — Wed, 08 Jun 2011 23:27:31 GMT

That is possible. It would sure make sense. They are accepting risk.

Ray

Re: PSECU's Agreements and Disclosures

Anonymous — Wed, 08 Jun 2011 23:41:46 GMT

@Anonymous wrote:
That is possible. It would sure make sense. They are accepting risk.

Ray

At first glance I would agree, but when you think about it something just doesn't seem right.

The remote deposit function is generally not immediately available to every new account holder. With USAA, you need to be credit qualified which would mean having had a hard pull and approved for credit. With PenFed you need to have been a member for at least 6 months or credit qualified. Alliant is similar. So, you get a hard pull for joining and a hard pull for a credit product or you wait 6 months during which time they have softed you at least twice before you can use remote deposit.

Then there are the banks which do not give you instant funds availability. Their risk is no more than if you walked into a branch and made the deposit.

I think banks perform a hard pull on everybody because they can. And because it helps them market their credit products, maybe.

Re: PSECU's Agreements and Disclosures

CS800 — Thu, 09 Jun 2011 00:41:30 GMT

USAA is by far the best online banking I know of personally.

As for PSECU, I hope they have a system where I can transfer money from my normal checking to them.

Addison Avenue..now First Tech has a system where you can add an outside bank on your account and you can pull money from that bank into your Addison checking account; works great.

If PSECU has that, I could just drop some $$ here and there as a recuring transfer every month

Eventually I would like to have thier credit card since from what I read, they are very generous.

Re: PSECU's Agreements and Disclosures

Anonymous — Thu, 09 Jun 2011 00:59:51 GMT

psecu lets you pull money from other institutions via ACH transfer for free. Very good deal. I move money in there every couple weeks to pay my VISA.