Philadelphia Federal Credit Union is headquartered in Philadelphia and is the 8th largest credit union in the state of Pennsylvania. It is also the 260th largest credit union in the nation. It was established in 1951 and as of December of 2021, it had grown to 247 employees and 122,981 members at 11 locations. Philadelphia Federal Credit Union has an A+ health rating.
Membership in Philadelphia Federal Credit Union is open to those who live, work, worship or study in Philadelphia or Columbia County or be a current or retired employee of Pennsylvania Hospital, Philadelphia Port Authority, Danville Area School District and over 100 area Select Employer Groups.
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Philadelphia Federal Credit Union membership is open to anyone who lives, works, or goes to school in Philadelphia. Their services range from saving accounts, to mortgages, to auto loans. I go to physical branch locations roughly once every other month, and their weekend hours make it easy to get to the bank when I need it.
PFCU has competitive rates, friendly customer service, and pretty decent online banking. Their branches have convenient locations throughout the city, and with the account I have, I am not charged surcharges when I use ATMs, which is very useful. I have never had a problem with PFCU or any of their services. Right now, I have a checking account and a money market account with them, and after comparing their rates to other institutions, I am sure I'm getting the best deal. I am planning on taking out an auto loan soon, and have a lot of confidence in what they can offer me. Of course, because they are a smaller institution, their online banking isn't quite as user-friendly as bigger banks, but overall I am still very happy with it.
The customer service is either average or bad. The fees are non existent. The good thing about a credit unioin is that I do not have to maintain a certain amount of money. I can have a zero balance and not be charged fifteen dollars per month or have my account closed. There are not enough branches around although I live in the center of the city and there are only two branches not close by. The down side is that to withdraw money you go to a convenience store and only one branch has an atm that allows you to make deposits.
I have a checking account, a savings account, a line of credit and a loan. I have been a customer with this bank for over 10 years and I deeply regret all of the time that I have wasted with investing my money in this terrible financial institution. I have a tight budget and pay my bills down to the last dollar. I live paycheck to pay check so I cannot afford for any miscellaneous charges to hit my account. Beware! This bank does not like to waive their bank fees, so you're on your own if your account ever goes negative. I had an unauthorized charge to my account because a credit card payment tried to hit my account twice. I called PFCU customer service and they wanted to charge me $15 to place a stop payment on the charge but wouldn't budge when I asked to have it waived because I am the one being inconvenienced! You want to charge me to protect my account from a transaction that I didn't authorize!? I'm calling to dispute the charge because I don't want to spend any extra money period! I get paid bi-weekly, and I expect to have my acct balance left in tact until I get my next paycheck. The credit card merchant has agreed to refund the $129.50 charge, but you won't place an immediate block to prevent another auto debit of funds out of the acct unless I pay an additional $15!? Whose the scam artist here!? They have a policy, if you caused the issue, they say there is nothing more we can do. I have worked at First Union, Wachovia Bank and Wells Fargo through all of those bank mergers for 8 years and the first thing that I've learned is that there is always something you can do, and to always try to go above and beyond for your customer. In this case I DID NOT cause the issue, but providing the highest level of customer service to protect my account was not even a priority unless I paid them. :( After my loans are paid off I am closing my accounts. I am posting this on every pfcu listing because that is how angry I still am!
|Return on Assets - YTD||1.18%|
|Return on Equity - YTD||10.61%|
|Annual Interest Income||$44.0MM|
|Assets and Liabilities|
|Assets||Q4 2021vs Q4 2020||$1.66B$1.50B|
|Loans||Q4 2021vs Q4 2020||$786.3MM$743.6MM|
|Deposits||Q4 2021vs Q4 2020||$1.47B$1.33B|
|Equity Capital||Q4 2021vs Q4 2020||$183.3MM$163.0MM|
|Loan Loss Allowance||Q4 2021vs Q4 2020||$3.8MM$5.4MM|
|Unbacked Noncurrent Loans||Q4 2021vs Q4 2020||$4.5MM$8.2MM|
|Real Estate Owned||Q4 2021vs Q4 2020||$0$1.7MM|
Rates for Philadelphia Federal Credit Union are currently being reviewed.