Learn about the advantages and disadvantages of Pennsylvania federally chartered credit unions

According to the National Credit Union Administration (NCUA), a federal credit union in Pennsylvania is a "financial cooperative chartered by the federal government and owned by its members...Surplus income is returned to members in the form of dividends." A federal credit union has more protections than "average" credit unions. Examples include more frequent audits of financial records, mandatory financial reserves to offset uncollectible loans, control of investments of surpluses and annual exams by the NCUA. The National Credit Union Share Insurance Fund (NCUSIF) bonds accounts in federal credit unions up to $100,000. The main drawback to a credit union is that membership is limited to groups of people with a common bond such as the same employer, association or area of residence. Choose the best Pennsylvania employees credit union for your business.

I recommend: Visit the NCUA website (part of the government entity Pueblo). Learn how the NCUSIF protects your company’s Pennsylvania state credit union deposits.

Meet eligibility requirements to join a Pennsylvania state credit union

Visit a prospective credit union's website or call to find out the requirements for joining. Requirements vary greatly based on the credit union's federal charter. For example, the APCI Federal Credit Union is restricted to employees, interns, retirees and immediate family members of those who work for Air Products and Chemicals, Inc. or the Air Products Healthcare Company. Some credit unions allow business memberships; others only offer individual memberships. You might want to consider forming a credit union for your employees or collaborating with a local credit union so your employees can benefit from membership.

I recommend: Visit the National Credit Union Administration to search for federally chartered credit unions in Pennsylvania. See if your business meets eligibility requirements for the APCI Federal Credit Union.

Compare and contrast a few players among federally chartered credit unions in Pennsylvania

Here is a small listing of some other Pennsylvania federally chartered credit unions. The Erie Times Federal Credit Union draws from a diverse network of members including 29 local employers (such as the Camboro Veterinary Hospital, Sue's Notary Service and Whipple-Allen Real Estate), and those who live, worship, work or go to school in and around the city of Erie. This organization offers a variety of loans, checking and savings accounts and insurance products. The Wilkes-Barre Postal Federal Credit Union offers membership to those postal employees who work in Bradford, Carbon, Luzerne, Monroe, Sullivan, Potter, Tioga and Wyoming Counties and their immediate family members, as well as some local businesses. This credit union offers secured and unsecured loans, checking and savings accounts and "Christmas Club" savings incentives.

I recommend: See if your firm qualifies to join the Erie Times Federal Credit Union or the Wilkes-Barre Postal Federal Credit Union. Other major credit unions include the Pennsylvania Central Credit Union, the University of Pennsylvania Credit Union and the Freedom Credit Union Pennsylvania.