Police and Fire Federal Credit Union
Police and Fire Federal Credit Union is headquartered in Philadelphia and is the 2nd largest credit union in the state of Pennsylvania. It is also the 32nd largest credit union in the nation. It was established in 1938 and as of March of 2019, it had grown to 714 employees and 312,099 members at 11 locations. Police and Fire Federal Credit Union's savings rates are 3X the national average, and it boasts an A+ health rating.
Field of Membership Restrictions
Membership in Police and Fire Federal Credit Union is open to all residents of Delaware, New Jersey, or Pennsylvania through membership in the American Consumer Council. Membership is also open to active or retired Philadelphia Police officers or fire fighters, and to employees of Department of Treasury – US Secret Service, and over 400 Select Employer Groups. (membership requirements are listed in the credit union's online application)
See current membership details
Related Posts
7/19 - Top CD Rates in Pennsylvania at Police & Fire Federal Credit Union - PA Only
1/5 - Why Police and Fire FCU CD Rates Have Been So High
9/9/10 - Police & Fire Federal Credit Union Drops CD Rates
7/2/10 - Update on Membership Eligibility and CD Rates at PFFCU
6/28/10 - Top Long-Term CD Rates Continue at Police and Fire FCU in PA
5/2/10 - 4% (APY) 60
9/12/09 - CD Rates From 2% to 4% at Police and Fire FCU in Pennsylvania - Local Only
5/21/09 - 4.00% 9-Month CD at a Pennsylvania Credit Union (Police and Fire)
5/21/09 - 3.50% 24-Month CD & 4.00% 48-Month CD at Police and Fire CU in Pennsylvania
5/21/09 - 3.15% 15-Month CD, 2.75% 6-Month CD & Other High CD Rates at Police and Fire CU in Pennsylvania
5/21/09 - 2.50% 6-Month CD, 3.00% 24-Month CD & Other High CD Rates at Police and Fire FCU in PA
Very good local credit union
I have banked with PFFCU for the past 15 years. I have always had positive experiences with their customer service representatives. They were able to help me when I lost my debit card overseas. I have a checking and a savings account. The savings account does not have a high interest rate, but the checking account makes up for that, with a competitive 1% interest rate. There are no monthly fees and I have my account set up to decline transactions that would overdraft my account
Philadelphia Police and Fire -- the best place for your money!
Banking with Philadelphia Police and Fire Federal Credit Union has been a reliable and consistent pleasure. I have opened several savings accounts with PFFCU: CDs, general savings, money market, and a checking account. In dealing with the staff I have found nothing but pleasant interactions and people willing to help any way they're able. In savings rates, I have found no other banking organization able to compete. My current money market account is thriving and I am happy to have it as a source of savings. Recently I had a transaction at PFFCU and was informed of a fantastic benefit offer if I opened a checking account. It was too good to pass up free money for a no-cost checking account, and in time I came to only use this account. PFFCU is a delight.
Police and Fire Federal Credit Union
My husband and I are members of this credit union because his father is a policeman. Their rates were much more competitive years ago, but lately their focus has been more on expansion rather that serving their members. The rates are sometimes no better than conventional banks. We have nearly all of our accounts and loans there, from car loan to mortgage. We used to receive free checks and other perks, but now they have discontinued them. The customer service is less than ideal, and the website is slow and clunky.
Review of PFFCU
I really like banking with PFFCU because they are a simple banking institution meant for people who just need a place to hold your money. I have a checking and savings account with the bank and also have a debit/atm card. The bank is local to the Philadelphia area so I usually always have a great customer service experience when I forget my website login or something. Whenever I go into a branch location, the tellers are always friendly and down to earth, not super "businessy" like other large banks. My only complaint is that there are no local branches where I am for school, so I always end up getting charged a fee when I need to take cash out. I know other institutions have "fee forgiveness" where they refund up to 2 or 3 atm fees per month, but this bank does not offer that.
Money Manipulation
Since "updating" their online banking web site Pffcu appears to be engaging in tansaction re-ordering that Increases consumer costs: The CFPB is concerned that overdraft practices employed by some financial institutions increase consumer costs. One such practice is commingling of all checks, bill payments, debit card transactions, and ATM withdrawals each day and processing the largest transactions first. This maximizes the number of transactions that will trigger an overdraft fee.
Essentially the CFPB has a hunch that banks are manipulating the order of your daily transactions to maximize the chances you’ll be charged an overdraft fee. Here’s an example: Say you’re a student with $50 in your account. You make 3 consecutive purchases for $10 each. That leaves you with $20, but you still need to buy a $40 book for class that evening. You decide to swipe your debit card anyway under the assumption you’ll be charged a $35 overdraft fee just once.
The CFPB says some banks will wait until the end of the day to deduct your daily purchases and start with the biggest purchase first. In this case, the $40 book is deducted first leaving the student with $10 then the three $10 transactions are deducted. That allows the bank to collect and overdraft fee two times instead of one. I have had numerous purchases made that according to my bank statement leave me with a positive balance but then a fee is withdrawn for the transaction When I question the credit union they always come back with some explanation as to how the deposit was actually made after the transaction took place but the retailor did not remove the funds from my account until some time later.( Pffcu also did not remove the funds from my available balance). So I made the transaction lacking in funds and a check is deposited before the funds leave my account and you charge me a fee because on paper I had no funds. Oh I get it -- The retailor not collecting the funds immediately should HELP me!! Pure manipulation!!!
No ATM Accepts Deposits Into PFFCU Account
The person selling this credit union came to my place of employment. She indicated though there isn't a branch within 100 miles of my North Jersey home, banking could be done at no cost through a Wa Wa or 7-11 ATM. The interest checking was competitive, so I signed up.
Not only is there no way to deposit money into a Wa Wa or 7-11 ATM there is no way to deposit money into a PFFCU account from a bank ATM either!
I called customer service from each of the ATMs that would not take a deposit. They had no suggestion as to how to put money into the account from an ATM other than driving 100 miles to a branch office.
I've no plans to be less than 100 miles from a PFFCU branch office in the near future.
I rate this Credit Union Zero for misinformation
Worst CU In The Area
PFFCU is the worst CU in the area. They constantly make mistakes, they take fees for services from the wrong account and they do not follow all of the policies and procedures required by the ABA. (I used to be a bank regulator.) The staff is rude and when they make a mistake you get an attitude when you ask them to fix it. I will be moving my hard earned money to a FI that I trust and will give me the services that I pay for,
Sorry PFFCU but our 30+ year relationship is over.
Health Grade Components
| Overall | |
|---|---|
| NCUA # | 2551 |
| Year Chartered | 1938 |
| Employees | 714 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.4% |
| Return on Equity - YTD | 7.64% |
| Annual Interest Income | $49.0MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2019vs Q1 2018 | $5.45B$5.12B |
| Loans | Q1 2019vs Q1 2018 | $2.99B$2.84B |
| Deposits | Q1 2019vs Q1 2018 | $4.41B$4.17B |
| Equity Capital | Q1 2019vs Q1 2018 | $977.4MM$898.7MM |
| Loan Loss Allowance | Q1 2019vs Q1 2018 | $14.5MM$15.7MM |
| Unbacked Noncurrent Loans | Q1 2019vs Q1 2018 | $7.7MM$11.8MM |
| Real Estate Owned | Q1 2019vs Q1 2018 | $477.00K$319.00K |
Always verify rates and promotions with the bank or credit union. We are not Police and Fire Federal Credit Union; we are a rate comparison website and cannot provide official rates or promotions.
* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
Police and Fire Federal Credit Union Savings Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 1.75% | $50k | - | Jumbo Premium Yield Account | |
| 1.60% | $2.5k | $50k | Premium Yield Account | |
| 0.25% | - | - | Education Savings Account | |
| 0.25% | - | - | Savings Plus | |
| 0.10% | - | - | Savings |
Police and Fire Federal Credit Union Money Market Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 1.75% | - | - | IRA Money Market |
Police and Fire Federal Credit Union Checking Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 1.00%* | - | $5k | Checking | ||
| OTHER TIERS: 0.10% → $5k+ | |||||
