Harrisburg, Pa.-based PSECU on Tuesday said its board authorized a $10 million Relationship Reward to the $4.7 billion credit union's membership.
PSECU reported it has been "financially successful" for five consecutive years. Since the program's inception in 2013, the credit union has returned $52.5 million in cash Relationship Rewards to its members when it exceeds its financial goals.
In 2015, PSECU launched an initiative it says has saved its membership nearly $20 million in interest by refinancing higher-rate loans members held elsewhere.
"While many financial institutions are adding fees, we are excited to give our members money back," Gregory A. Smith, PSECU's president, said in a statement. "In the coming year, returning money to our members will continue to be at the heart of what we do. In addition to all the other value-focused services, this week we introduced a cash rewards credit card, the Founder's Card. It joins our other low-rate lending and refinancing solutions to help members save more of what they make."
PSECU was founded in 1934 and today serves more than 400,000 members.
