FAQs

What is a Credit Union?
A credit union is a not-for-profit, member owned and operated financial institution.
Back to Top


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.
Back to Top


What does not - for - profit mean?
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.
Back to Top


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.
Back to Top


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.
Back to Top


Is this website secured?

The pages of this site are firewall protected by our host, LKCS. Visiting our site does not jeopardize your computer with the potential of viruses or privacy invasion.

Our Online Banking site and Bill Pay site which is accessed from our Home Page is both encrypted and firewall protected.
Back to Top


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, volunteers 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.

Back to Top


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).
Back to Top


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 up to $250,000.00.
Back to Top


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.

Any member age 18 or older can open a PFCU checking account
Back to Top


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 MasterCard Credit Card payment, and much more.
Back to Top


What is Bill Pay?
Bill Pay 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.
Back to Top


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.
Back to Top


What are E-Statements?
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.
Back to Top


How do I sign up for E-Statements?
If you would like to sign up for E-Statements, click the "Sign up for E-Statements" link on our homepage of our website. The site will guide you through the process with several prompts.
Back to Top


 

What is a VISA Debit Card?
VISA 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 Debit 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.
Back to Top


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 MemberCONNECT.
Back to Top


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.
Back to Top


What is A2A Banking?
A2A Banking is an abbreviation for Account to Account Banking. This gives you access to automatically transfer money from one financial institution to another. You can set this kind of transfer up through your online banking screen.
Back to Top


How do I apply for a loan?
Applying for a loan with PFCU is quick and easy. You can complete our on-line loan application or call our Any Hour Loan Service at (877) 230-PFCU (7328).
Back to Top


Can my loan be paid automatically from my account?
Yes, when you book your loan with a PFCU representative ask them to set you up for autopay. This is a feature that allows your loan payments to be paid automatically when they are due withdrawing the funds from your checking account. As long as you have funds coming into the account, you will not have to worry about the due date or making a payment on time as it will be done automatically.
Back to Top


What if I lose my VISA Debit Card?
If you lose your VISA Debit Card, please call (800) 682-6075 immediately.
Back to Top


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.
Back to Top


What if I lose my MasterCard Credit Card?
You can call PFCU's Card Service Center at (800) 442--4757, or you can call our offices. But if it's after hours or the weekend, the Card Service Center is your best bet.
Back to Top


Locations & ATM

Enter your zip code and click GO