What is a Credit Union?
A credit union is a not-for-profit, member owned and operated financial institution.
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What does member owned and operated mean?
It means that we are cooperative. We have pooled our money together to save with one another and lend to one another. We have also established a volunteer Board of Directors and Committees that are comprised of both staff and volunteers.
The committees help to decide what products and services we offer, how we operate, what new systems we will acquire, what fees are to be charged, and the rates that our products will be offered at. The volunteer Board has final decisions on all actions taken on behalf of the membership.
This is a very unique organizational set-up, giving each individual who belongs to Palisades Federal Credit Union a voice in who we are and how we operate.
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What do you mean by not - for - profit?
Profits are given back to the membership by providing better yields on savings products, competitive rates on loans and free or low fee services like our no monthly fee, no per check charge, no minimum balance checking account.
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What types of financial services does Palisades Federal Credit Union provide?
We are a full service financial institution providing traditional and special savings accounts, term certificates, IRAs (traditional, Roth, Coverdell educational), Money Market accounts, consumer loans, home loans, vehicle loans, financial planning services, and much more.
(Note: You can find a complete list and description of PFCU products and services on this website. You can also view our current rates.)
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What is the difference between a bank and a credit union?
Banks usually have stockholders to whom they need to pay dividends and a paid Board of Directors. Credit Unions are member owned and operated and have a volunteer-based Board of Directors.
The operational costs that are saved by running a financial institution with a volunteer Board and no stockholders is passed back to the members of the credit union by providing a better yield on savings accounts, a competitive rate on loans, and fewer and lower fees charged to its members.
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Who maintains this website?
This site is hosted by CavionPlus. The content and design are conceptualized and authored by the Marketing Department of Palisades Federal Credit Union.
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Is this website secured?
The pages of this site are firewall protected by our host, CavionPlus. Visiting our site does not jeopardize your computer with the potential of viruses or privacy invasion.
Our Online Banking site and EPay site which is accessed from our Home Page is both encrypted and firewall protected and considered secure.
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What is encryption?
The encryption process scrambles data as it is being transmitted so that others cannot read it. When it is received, it is decrypted, so that the recipient can read the data.
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What is a firewall?
A firewall is an Internet security system composed of hardware and software implemented to separate internal computer systems and databases from the rest of the Internet. When data is transmitted from your computer to our computers via the Internet, it must pass through a number of security checkpoints that make up the firewall.
It is good internet practice to clear your cache after visiting any secure site. To know how to clear your cache read your browser's Help menu.
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How does Palisades Federal Credit Union operate?
Palisades Federal Credit Union uses several financial vendors to conduct its business. Our member information and transactional history hosted by IntegraSys'Premier System. Our VISA Charge Cards are handled by a third party vendor. Many ancillary services like insurance products, credit disability, financial planning and marketing campaigns are provided CUNA & Affiliates and CUNA Mutual Service in conjunction with the Management team and staff at Palisades Federal Credit Union.
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What is PFCU?
PFCU is the acronym for Palisades Federal Credit Union.
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Who can join PFCU?
Palisades Federal Credit Union is proud to be the first federally insured community chartered credit union in Rockland County. Individuals who live, work, worship or attend school in Rockland County, New York can join us.
Immediate family members of current members can join too; including your spouse, children, siblings, parents, grandparents, grandchildren, stepchildren, stepparents, stepsiblings, adopted children, and non-related household members that share expenses.
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How do you join PFCU?
Simply deposit $5 dollars into a savings account. That's it.
(Note: Your $5 is your buy into the cooperative. This is your money and if for any reason you decide to leave PFCU, it will be returned to you when you close your account(s). Your deposit will not earn you interest until your balance reaches $50 or greater.)
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Is my money insured?
Yes. We are federally insured by the National Credit Union Association, a United States government agency. Your individual account is currently insured to $100,000.00 and as of April 2006 your IRA(s) are also insured up to $250,000.00. Insurance coverage can increase under different circumstances.
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How old does a child need to be to join?
Any minor child can open a savings account with a parent or guardian as a joint owner on that account.
A child aged 15, 16, or 17 can open their own savings account, if they can provide appropriate identification. Example: A valid US passport.
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When can I open a PFCU checking account?
Any member age 18 or older can open a PFCU checking account.
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What is TAP Audio Response System?
TAP is a telephone system whereby you can access your account information, check balances, move money from one account to another, find out information regarding PFCU rates, make a loan or a PFCU VISA Charge Card payment, and much more.
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What is Online Banking?
Online Banking is online access to your PFCU accounts. You can check your balances, move money from one account to another, make a loan or PFCU VISA Charge Card payment and much more.
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What is EPay?
EPay is an online bill payment system whereby you can identify vendors who need to get paid and have those payments sent as you've programmed them to be paid.
Some vendors will receive their payments via electronic transmission (EFT), others will have checks cut and mailed. In any event, you need to pay your bills in plenty of time to make sure that you do not incur any late fees and charges.
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Will I receive a monthly statement?
If you have only a savings account you'll receive a statement once at the end of each quarter. If you perform any electronic transactions on that savings account you should also receive a statement for the month that you conducted that transaction.
If you have a PFCU savings and checking account you will receive a monthly statement.
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What are eStatements?
eStatements are a fast, convenient, and secure way of receiving your monthly statement without having to wait for the daily post. You will be notified via e-mail that your statement is ready for you to view or download from our secured website.
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How do I sign up for eStatements?
If you would like to sign up for eStatements, or if you would like to view a demo, click the About eStatements link off our Online Services home web page.
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What if I need assistance regarding Online Banking or EPay?
Once you log into the Online Banking site, find the help button on the top of the page adjacent to the PFCU Online Banking banner. Click on Help and a full list of frequently asked questions regarding Online Banking and EPay will be available for your convenience.
(Note: If you've signed up only for Home Banking you'll only see Home Banking frequently asked questions. If you're signed up for both Home Banking and EPay you'll see a list that includes EPay FAQS too.)
If you cannot find the information you need through the list of FAQs located through this Help button, please contact a Financial Sales Representative.
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I would like to test drive Online Banking, EPay or both services before signing up. What should I do?
To test drive either the Online Banking or EPay service please go to www.virtualbranch.com and follow the instructions for signing onto this test site. Once you're satisfied that these services will add convenience to your life, call a Financial Sales Representative to get you started on the Online Banking or EPay service. (Note: Although you can have the Online Banking without EPay, you cannot have EPay without Online Banking.)
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What is a VISA Check Card?
VISA Check (Debit) Card is another method of accessing your checking account. You don't need to write checks nor have a separate ATM card. The VISA Check Card works like both. Please be advised that you still need to keep your checking account ledger current and balance your monthly statements to avoid any problems or confusion over your checking account balance.
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What is credit disability insurance?
For pennies per day Credit Disability insurance will make a payment on a loan up to $30,000.00, if you become disabled. It's a great way to have peace of mind if faced with a what if scenario. But remember, this insurance has a waiting period and may not pay out under all disabling circumstances.
All claims must go through our insurance carrier CUNA Mutual.
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What if I change my address?
You need to notify us in writing of any change to the personal information attached to your account. If you change an address, phone number, or joint member on an account we need to have your request in writing with your signature.
Your changes can be processed either in person, by mail, or by fax.
For security purposes once this information has been updated in our system you will be notified by a system generated notice of the change.
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What if I want to add or delete a product or service?
Any change of account product and service needs to start with an Account Change Form. These forms are readily available from a Financial Sales Representative. So if you want to get a VISA Check Card, drop your holiday club account, sign up for Online Banking, or add another joint owner to your account, please call a Financial Sales Representative.
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What if I want to take a loan?
Taking a loan with PFCU is quick and easy. You can complete the on-line form that is located on this website or call our Any Hour Loan Service at (877) 230-PFCU (7328).
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What if my application for a loan has been denied?
Denying a member's loan application is something that we don't readily do. In most cases we will try to work with the member to make a loan happen. But circumstances can dictate that may cause us to reject a loan application.
In these cases an adverse action form is processed and sent to the member so that the member understands why the action was taken.
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What if I lose my VISA Check Card?
If you lose a VISA Check Card, please call 1-800-472-3272 immediately. This will help mediate any loss to your account. There is currently a small fee for card replacement.
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Why has the check I've written become an electronic transaction?
In some cases a check you write can be negotiated as an electronic transaction.
One way this happens is when the merchant who accepts your check asks for your permission to process your check electronically. If you agree, the merchant will then run your check through electronic scanning and sending equipment and will hand you back your check as your receipt. In this case, the money has been directly taken out of your checking account, electronically.
Another way in which an electronic transaction may result from a written check is if your check is returned. In this situation, the merchant can reprocess your check, plus any fees you have incurred electronically. In this case the merchant is not required to ask for your permission.
Either way your hand written check has now become an electronic transaction. Please be advised that this is now considered a permissible transaction and checks processed in this fashion are governed under Regulation E.
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What if I lose my VISA Charge Card?
You can call PFCU's Card Service Center at (866) 604--0381, or you can call our offices. But if it's after hours or the weekend, the Card Service Center is your best bet. There is currently a small fee for card replacement.
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What if I lose my ATM card?
If you've lost your ATM card, please notify us right away. If you'd like a replacement ATM card, please speak directly with a branch manager at one of our office locations.
Helpful Hint: As soon as you realize your card is missing, protect your funds by using the withdraw by check option on our TAP system.
(Note: Member's rights and responsibilities regarding the loss of plastic cards are fully discussed in PFCU's 4-1 Disclosure located on the Disclosure Page of this website.)
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