PSECU: Thanks for the changes!

[wmarat]

All this discussion is exactly ON topic. You can not treat PSECU differently. Or you are ethical to every bank/CU or not. And PSECU as good as it is (it is not) is part of system and if I were member of PSECU, I would treat it the same way I treat any other financial institution.

[haulingthescoreup]

Interesting discussion.

I'm fascinated by those who seem to think that they have been treated unfairly because it's tougher to qualify now if you live out of state. That implies that PSECU (or the qualifying organizations) were acting maliciously toward consumers.

Perhaps they were just overwhelmed by the onslaught of new memberships, and the work that their employees had to do to service them. Or perhaps they feel, for whatever reason, that their mission is truly to serve Pennsylvania residents. Who knows, maybe they even acted according to their consciences, and/ or on feedback from their existing members.

As for ethics, there's the silver rule (do unto others as they have done unto you), and the golden rule (do unto others as you would want them to do unto you.) We all get to decide which one to follow.

[Anonymous]

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@Anonymous wrote:

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@GB44 wrote:

 Why can't we show them the same love that their showing us?

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?? I'm not sure what you mean?  Any person that is a member of PSECU who lends PSECU money (deposit accounts), uses a debit card or credit card (transaction fees), or carries a balance (paying interest) is "showing love" by being a customer.  Isn't that what most businesses want?  Customers?  Happy ones?

I'm happy to have PSECU.  Pretty sure PSECU is happy to have me, as well.

Then again, I actually followed my own morality by actually paying for a membership in a club before I told them I had done so to make myself eligible.  Also provided my real pay stubs and income when asked and gave them permission to view my credit history, per their rules... Probably like the majority of people here (though we not it's not the totality of the people here).

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On topic, no?  Isn't this directly responding to the original intent of your post?

I'm just curious what exactly it is that you feel is immoral or irresponsible in obtaining a credit line of $XXXXX if that credit line is determined not by the applicant, but by the scoring and risk algorithms developed by the bank and their actuaries concerning acceptable risk (extending credit) versus potential reward (making money).  Isn't that what capitalism and free markets are all about?

Capital One is willing to risk $3,000 at 22.9% to me.  PSECU is willing to risk $20,000 at 2.9% to me.  I give PSECU my money.  If I don't default, PSECU wins.  Capital One loses.

[stan_the_man]

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@haulingthescoreup wrote:

Interesting discussion.

I'm fascinated by those who seem to think that they have been treated unfairly because it's tougher to qualify now if you live out of state. That implies that PSECU (or the qualifying organizations) were acting maliciously toward consumers.

Perhaps they were just overwhelmed by the onslaught of new memberships, and the work that their employees had to do to service them. Or perhaps they feel, for whatever reason, that their mission is truly to serve Pennsylvania residents. Who knows, maybe they even acted according to their consciences, and/ or on feedback from their existing members.

As for ethics, there's the silver rule (do unto others as they have done unto you), and the golden rule (do unto others as you would want them to do unto you.) We all get to decide which one to follow.

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PSECU is a state chartered credit union, and it's the only solely state chartered credit union discussed on these boards with regularity.

It's possible that they are slowing down the pipeline of non-Pennsylvanians because of a legal issue related to their membership base because they are not federally chartered (either directly or dually chartered).

I don't know if it's the case, but these could be something we're not seeing from 10,000 feet and hundereds or thousands of miles away.

[haulingthescoreup]

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@stan_the_man wrote:

PSECU is a state chartered credit union, and it's the only solely state chartered credit union discussed on these boards with regularity.

It's possible that they are slowing down the pipeline of non-Pennsylvanians because of a legal issue related to their membership base because they are not federally chartered (either directly or dually chartered).

I don't know if it's the case, but these could be something we're not seeing from 10,000 feet and hundereds or thousands of miles away.

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I love this line!!!

Interesting point that it's state-chartered. I wasn't aware of that.

I had posted somewhere else (maybe on The Thread That Would Not Die?) that they might be restricting membership for regulatory reasons and was immediately shot down.   Maybe I was right, in the category of even-a-blind-squirrel-finds-a-nute-every-now-and-then.

But again, we don't know why they made these changes, and to assume that they did them to **bleep** over customers is paranoid and ridiculous. Now if it had been Chase, maybe... 

[Cotton_Britches]

I was accepted into PSECU yesterday and I live out of state. They didn't ask for any supporting documents.

[DI]

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@Cotton_Britches wrote:

I was accepted into PSECU yesterday and I live out of state. They didn't ask for any supporting documents.

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Congrats!