One Pennsylvania CU Was Ready In Event State Wouldn't Be Able To Pay Its Bills

HARRISBURG, Penn. - One credit union was ready to do whatever needed to help its members when warned of a budget impasse.

On July 6, Pennsylvania Gov. Edward Rendell sent a letter warning state employees that beginning on July 9, 25,000 of them would most likely have to be furloughed "because we have no money to continue to pay you, and federal law mandates it." The impasse was implemented on the morning of July 9, however by the evening it was settled, and employees were called back to work on the morning of July 10.

However, if the impasse would have lasted for any length of time, Pennsylvania State Employees Credit Union was prepared. Its staff had already reviewed the CU's services and determined where adjustments could be made to assist their members. The staff determined that needs differ from member to member, and identified various ways, depending on the situation, that help could be provided. They came up with possible adjustments, including: waiving the penalty fee on early withdrawals of certificates, returning non-sufficient fund fees, and advancing due dates on loans.

The $3-billion PSECU serves more than 325,000 members.