It's rare to hear of a financial institution starting out with a just a small handful of depositors, precious few assets, and a dream. That, although, is precisely the story behind PSE Credit Union Incorporated, a local institution with a forty year history. We visited recently with President and CEO Janice L. Thomas and listened as she spoke of the credit union's past, present, and future;
PSE Credit Union Incorporated was founded in 1955 in the Parma area by David W. Straight. Mr. Straight, a business teacher in the Parma school system, decided to start a Credit Union for the teachers so he formed the Parma School Employees Credit Union with 236 members and less than $5,000.00 in assets. As the new operation began to grow, they merged first with a small credit union in Strongsville, and then another in North Royalton. In December of 2003, we were given authority by the State of Ohio to service everyone in Cuyahoga County. We shortened our name from Parma School Employees to PSE Credit Union Incorporated to reflect our ability to serve the entire county. Today, we have over $92,000,000.00 in assets, 23,000 members, and anybody who lives, works, worships, or goes to school within Cuyahoga County can be a member of PSE Credit Union.
For many years, we were located in the Graves House next to City Hall. Several years ago, we had grown so much that the porch of the Graves House always seemed to be filled with our members. Since Strongsville has become such a large community, we felt that our members would be better served with a new office facility. We've been in our new building since 2002 and are very proud to be part of the Strongsville community.
PSE Credit Union Incorporated is a full service financial institution offering everything available from first and second mortgages to equity lines of credit, VISA cards, motorcycle loans, regular savings accounts, IRA savings accounts, and certificates of deposit. At the main office, we have safety deposit boxes available and we offer full function financial services through our financial planner, Lineweaver Financial Group. We're a family friendly financial institution and our "Pennie the PSE Puppy" children's club even goes to the elementary school to conduct on-site banking for the children.
Our "Pennie the PSE Puppy" program strives to teach children age twelve and under about the world of money and how saving can be fun. As the children's savings accounts grow, they receive great gifts that appeal to both boys and girls. Upon opening a Pennie the Puppy Club Account, a child receives a kids club register holder, an I.D. card, a stamper sheet, a prize list, and a sheet of puppy stickers. As they make deposits into the account, they earn stamped savings on their stamper sheets. When the child has earned enough in stamped savings, they can turn in the stamper sheet and claim their prizes.
We allow 16 year-olds to have checking accounts and VISA cards to help them prepare for their future. Many local children pay their own way through college and start earning the money they'll need for school at a young age. We go into the schools to teach them to be responsible with credit and how to build their credit rating. We want them to know that if they don't take care of their credit, it can have a major impact on their lives. Sure, they'll still be able to get a loan, but by not taking care of their credit properly, they may have to pay 24% interest on that loan.
In response to the many credit card programs available today offering everything from free airline tickets to gasoline, we felt there was a need for a credit card for those who just want a simple, no annual fee credit card at a comfortable rate. Our VISA Vanilla card comes without the frills and give-aways, but it's 9.99% fixed interest rate has made it one of our most successful offerings.
Our Platinum Club was designed for valued PSE Credit Union members who agree to keep $250.00 on hold in their regular share account in addition to having a VISA card, ATM card, and a checking account. Platinum Club members receive preferred one-hour loan service with a 1% discount on new or used auto loans and signature loans. They receive a 10% discount on their safety deposit box rental, free travelers checks, unlimited ATM usage, and other special promotions and club giveaways.
In our efforts to provide more value for our members, we've recently begun to offer classified ads on our web site. Checking account holders can list items they'd like to sell, complete with description, on our site where the ad will remain for thirty days without cost to the member.
Our basic checking accounts are very competitive and our miscellaneous fees are very reasonable. We don't have a deposit fee, check fee, or monthly service fee and we have special accounts for every member of the family, from children to senior citizens. We're the bank of yesterday, striving to keep things simple while working for the good of the entire community.
PSE Credit Union Incorporated is a full service financial institution offering a wide range of banking products. Call or stop by PSE Credit Union Incorporated and don't forget to tell them that The Advocate sent you!
