Police and Fire Federal Credit Union (PFFCU) has its headquartered in Philadelphia and is a very reputable and highly awarded financial institution in the area.
Founded in 1938, the institution caters primarily to police and fire service officers–current and retired– and their families living in Philadelphia and parts of Delaware and New Jersey.
How To Join PFFCU
To join PFFCU, you must first meet specific requirements. You must live in the area the Credit Union serves, be employed or previously employed with the police or fire departments in the cities served, or at least be affiliated with someone who currently works or has worked with those departments. Once you clear those hurdles, you will need the following:
- A Government-issued ID
- A valid Social Security Number
- Current physical and mailing address
- Date of Birth
Once you have all of those, you can apply at a PFFCU branch or online at pffcu.org.
Products PFFCU Offers
PFFCU has an impressive array of financial products on their lineup, and they include the following:
- Checking Accounts
- Savings Accounts
- Certificates Of Deposit (CD)
- Individual Retirement Accounts
- Loans
- Credit Cards
Let’s dive into the categories and see how PFFCU stacks up.
Checking Account
Fee-free checking account: This is an incredible checking account that comes with the following perks:
- No monthly fees
- No minimum balance requirements
- 1.00% APY on first $5,000
- A free VISA debit card
- Mobile and mail deposit
- Overdraft protection through your linked savings account or personal line of credit.
- An intuitive mobile app
- Bill pay functionalities
These are all stellar reasons to open an account with PFFCU. Most banks charge a monthly service fee and only waive it if the customer meets certain thresholds.
Secondly, it is uncommon for banks to offer interest-bearing checking accounts — certainly not at 1% APY. Some CDs and savings accounts don’t even pay 1% APY.
To put this in context, the national average APY on a savings account is 0.09%, more than ten times less than what PFFCU offers on its checking account.
So far, this is impressive. Let’s keep going.
Savings Account
Savings Account
The Savings Account requires a $5 monthly minimum balance.
Savings Plus Account
The Savings Plus Account does not have a minimum balance requirement. Here are other perks the Savings Plus Account provides:
- No service charges.
- Easy access to funds by phone, online, or in person at any branch.
- Convenient deposit by either direct deposit, mail, telephone, online or in person.
- Free funds transfer
Premium Yield Account
PFFCU’s Premium Yield Account offers an excellent investment opportunity for people who want easy and convenient access to their money. The account requires a $2,500 minimum daily balance to take advantage of the excellent rates the account provides.
If the account balance drops below $2500, it doesn’t accrue any interest. Premium Yield Account owners get two FREE cash withdrawal every month, including interbank transfers. There is a $10 fee for withdrawals above the two withdrawal limit.
Certificates Of Deposit
If the APYs are great, certificates of deposit can be an excellent way to store cash in a bank account for a specified period. PFFCU has three to sixty month CD terms, and they offer attractive rates.
Here are some highlights of the PFFCU CDs
- $1,000 minimum deposit
- CDs pay dividend rates (1.539% for a three month CD) and APY (1.550% for a similar period)
- CDs have term periods of up to sixty months — paying 1.982% in dividend, and a 2.0% APY.
Most CDs only pay an APY, PFFCU pays both a dividend and an APY on your CD. That alone should be a reason to stash your money with them. And just like other banks, PFFCU is FDIC insured, so you can rest assured that your funds are safe.
Individual Retirement Accounts (IRA)
Customers can open a traditional IRA and a Roth IRA with PFFCU. But that’s not all. Customers can also various other kinds of retirement accounts with the Police and Fire Federal Credit Union, and they are all listed below:
- Education Savings Account (ESA): This is an educational savings account in which funds are invested solely for funding a student’s education. These ESA funds aren’t tax-deductible, and the account may earn interest, which may be tax-deferred until the funds get disbursed. The beneficiary will not receive a tax bill on the disbursement if their qualified educational expenses at an eligible school are equal to or less than the amount disbursed from the ESA.
- Simplified Employee Pension (SEP): The simplified employee pension (SEP) plan is an employer-funded retirement plan that allows employers or self-employed individuals the option to make contributions into their own and each eligible employee’s Traditional IRA
- Rollover and Transfer IRAs: This account will enable members to roll over their IRA or transfer it from one financial institution to PFFCU.
Related:
- Aspiration Bank Review: Everything You Need To Know Before You Open An Account
- SAFE Credit Union Review: What You Should Know
Loans – PFFCU
PFFCU offers a variety of loan products for customers and members to take advantage of, and they are all listed below:
- Personal Loans: PFFC offers signature loans at a fixed 9.90% APR. The duration of the loans is up to six years with no collateral requirement. This rate is excellent and is better than getting loans from loan sharks and other institutions that charge upwards of 29.99% APR. PFFCU offers personal lines of credit at variable rates of 10.15% APR on up to $10,000. There is easy access to the funds, and members can use their personal lines of credit as free overdraft protection for their PFFCU Checking Account.
- Auto Loans: PFFCU offers up to 120% auto financing loans with no down-payment requirements. The Credit Union provides financing of up to 120% of the auto cost. This rate makes funds available for members to pay for things like sales tax, vehicle registration, dealer document prep fee, GAP coverage, and Extended Warranty coverage.
- Real Estate Loans: PFFCU lends up to 100% of the appraised value of the property under consideration. They were even awarded “Best Mortgage Lender” by several publications.
Credit Cards -PFFCU
PFFCU has credit cards with rates as low as 11.15% APR. They also have a nine months 0% introductory APR on purchases and balance transfers.
Bottom Line
If you live in any of the areas served by PFFCU, and you’re looking for a bank that offers great service at very low — and sometimes free — cost, PFFCU is your best bet. There’s a reason why they’ve won multiple awards, and it’s because they serve the best interest of their members. You will be hard-pressed to find a lender that gives auto loans up to 120% the price of the car you want to buy.
There are so many reasons to take advantage of the services this credit union offers. You can reach them on their website or call them at 1 (800) 228-8801.
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