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Police and Fire Federal Credit Union

Police and Fire Federal Credit Union

Popular Accounts at this Credit Union

APYACCOUNT TYPEACCOUNT NAME
2.00%5-year CD5 Year CD
1.75%4-year CD4 Year CD
1.50%3-year CD3 Year CD

Overview / Commentary
215-931-0300
901 Arch St
Philadelphia, PA 19107-2404

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 27th largest credit union in the nation. It was established in 1938 and as of March of 2016, it had grown to 568 employees and 239,458 members at 11 locations. Police and Fire Federal Credit Union has an A health rating.

Field of Membership Restrictions

Membership is open to active or retired Philadelphia Police officers or fire fighters, their immediate family, and members of the select employer group.
See current membership details

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Reviews (1)

Money Manipulation

Posted by: Mary Logue | Jul 5, 2016

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have had numerous purchases made that according to my bank statement leave me with a positive balance but then a fee is withdrawn for the transaction When I question the credit union they always come back with some explanation as to how the deposit was actually made after the transaction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!!!



Health
A

Health Grade Components

Overall
NCUA #2551
Year Chartered1938
Employees568
Primary Regulator
Profit Margin
Return on Assets - YTD1.55%
Return on Equity - YTD8.75%
Annual Interest Income$33.6MM
Assets and Liabilities
AssetsQ1 2016vs Q1 2015$4.49B$4.36B
LoansQ1 2016vs Q1 2015$2.46B$2.38B
DepositsQ1 2016vs Q1 2015$3.68B$3.61B
Equity CapitalQ1 2016vs Q1 2015$783.3MM$722.5MM
Loan Loss AllowanceQ1 2016vs Q1 2015$16.0MM$18.8MM
Unbacked Noncurrent LoansQ1 2016vs Q1 2015$17.0MM$17.3MM
Real Estate OwnedQ1 2016vs Q1 2015$932.00K$997.00K
Rates
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* 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

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.50%$2,500-Premium Yield Account
0.25%--Education Savings Account
0.10%--Savings

Police and Fire Federal Credit Union Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.50%--IRA Money Market
0.50%--Roth IRA Money Market
0.25%$5k-Money Market Plus

Police and Fire Federal Credit Union Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.00%*-$3kChecking
OTHER TIERS: 0.10% $3k+

Police and Fire Federal Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.00%$500-5 Year CD
1.75%$500-4 Year CD
1.50%$500-3 Year CD
1.25%$500-30 Month CD
1.00%$500-2 Year CD
0.85%$500-18 Month CD
0.80%$500-15 Month CD
0.75%$500-1 Year CD
0.65%$500-9 Month CD
0.60%$500-6 Month CD
0.55%$500-3 Month CD

Police and Fire Federal Credit Union IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.00%$500-5 Year IRA
1.75%$500-4 Year IRA
1.50%$500-3 Year IRA
1.25%$500-30 Month IRA
1.00%$500-2 Year IRA
0.85%$500-18 Month IRA
0.80%$500-15 Month IRA
0.75%$500-1 Year IRA
0.65%$500-9 Month IRA
0.60%$500-6 Month IRA
0.55%$500-3 Month IRA
Locations

Police and Fire Federal Credit Union has 11 locations. Click to view all Police and Fire Federal Credit Union locations.