Frequently Asked Questions
General Membership
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Am I eligible to join Premier Source Federal Credit Union (PSFCU)?
Membership is open to persons who live, work (or regularly conduct business in), worship or attend school in, and businesses located in Hampden County or Hampshire County. Once you become a member, your family members automatically become eligible to join, too.
How do I become a PSFCU member?
To become a member, simply open a Savings Account with a deposit of $25.00 or more. Proper identification and proof of primary residence are required to become a member of PSFCU. Acceptable forms of identification include:
• A valid (un-expired) driver’s license
• A valid Social Security Card (required for minors)
• A valid Company Picture ID
• A valid (un-expired) State Issued ID Card
• A valid (un-expired) Passport
Checking & Savings Accounts
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How do I sign up for a Kasasa® checking account?
Contact us at one of our branches to open up an account. You can call us at 800-551-3556, email us at memberservice@bankatpremiersource.com, or stop into our East Longmeadow branch.
What is required to open a Kasasa® checking account?
The minimum required to open this account is the purchase of a share in the credit union, which is $25.00.
What savings accounts does PSFCU have?
We have a variety of savings accounts to offer our members: savings, special savings, holiday club, Kasasa Saver®, money market, and certificates.
How do I open up a savings account?
Contact us at one of our branches to open up an account. You can open an account online by clicking here, or call us at 800-551-3556, email us at memberservice@bankatpremiersource.com, or stop into our East Longmeadow branch.
Personal & Vehicle Loans
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How much can I borrow with a personal loan?
With Premier Personal Loans you may borrow up to $15,000 for as long as 48 months. Your rate, term and amount may differ depending on your credit score.
What is the APR (Annual Percentage Rate) on personal loans?
Rate, term and amount quoted are based on our “A+” credit grade. Your rate, term and amount may differ depending on your credit score. A personal loan up to $15,000 has rates as low as 10.99% for up to 48 months. A share secured loan has an APR of 3% above the current share dividend. The maximum term is 10 years.
Click here to use our Personal Loan Calculator
How do I apply for a vehicle loan?
Apply with our easy online application or chat with us about a Vehicle Loan at our East Longmeadow branch!
How much can I borrow to finance my new vehicle?
With PSFCU, you can borrow up to 100% of the value of all eligible vehicles and 75% of the value of antique vehicles. A minimum of $5,000 is required for antique vehicle loans.
Mortgages & Equity
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What is the difference between a home equity loan and a home equity line of credit?
The two major differences between a home equity loan and a home equity line of credit are the interest rates and repayment policies associated with each plan.
A home equity loan usually has a fixed interest rate (amount paid on loan remains same every month) while a home equity line of credit has a variable rate (amount paid on loan each month may vary).
Home equity loans generally have a fixed monthly payment that will remain constant throughout the repayment plan. In the case of home equity lines of credit, monthly interest rates can fluctuate, which may affect the amount owed on the loan for any given month.
How much can I borrow using a home equity loan or home equity line of credit?
PSFCU offers a maximum loan of $250,000 and offers a maximum loan-to-value of 80%. In determining your actual credit limit, PSFCU will consider your ability to repay the loan by looking at your income, debts, and your credit history.
Do I need a home appraisal to get a mortgage?
Yes, a home appraisal is a component of reviewing your mortgage application. You will need to have a bank appraisal, which is an unbiased professional opinion of your home’s value.
Will interest rates on my mortgage change?
This answer depends on the type of mortgage that you have.
Some examples of loans in which your interest rate will not change are FHA loans and fixed rate loans. Any loan that is characterized as a fixed rate loan will have constant interest rates.
However, other types of mortgages, such as adjustable rate loans can result in interest rate changes. These types of loans will generally have a set amount of time in which the interest rate is fixed. At the end of this period, the rate will be subject to change.
Credit Cards & Debit Cards
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What type of credit cards does PSFCU have?
Members can choose from our VISA® Classic or VISA® Platinum Rewards credit card. Both offer a VISA® credit card with a low fixed APR.
The Classic Card has no annual fee and no rewards, while the Platinum Rewards Card offers rewards for a modest annual fee.
Are there any fees associated with VISA® credit cards?
Credit card holders may be subject to balance transfer fees and cash advance fees as well as any late payment fees from these transactions. In addition, members will be responsible for foreign transaction fees.
How is an ATM/debit card different from a credit card?
You can use an ATM/debit card just like a credit card wherever VISA® cards are accepted. However, when you use a ATM/debit card, the purchase amount is deducted directly from your PSFCU checking account.
Are there any ATM fees when I use my VISA® ATM/debit card?
Access your money at any SUM ATM without a surcharge. Just look for the SUM logo on participating ATMS or click here for more information on SUM ATM for SUM network locations. Members may be subject to ATM fees when using non-SUM ATMS.
Online & Mobile Banking, PopMoney
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How do I sign up for online banking?
Click here to sign up for online banking. You can also sign up by clicking “Sign Up” on the green Account Access box on our home page or on the online banking page on our website.
Is there a fee to use online banking?
No, there is no fee to use our online banking program.
How do I enroll in mobile banking?
Contact us at our branch to open up an account. You can call us at 800-551-3556, email us at memberservice@bankatpremiersource.com, or stop into our East Longmeadow branch.
You will need:
• Your PSFCU Member Number
• Last 4 Digits of Your Social Security Number
• Home Address
*If you are already enrolled in Online Banking with PSFCU, no additional sign up is required! Just download the app and log in using your PSFCU user name and password.
What is Popmoney?
Popmoney is a no hassle way to send and receive money through your mobile banking. This makes it easy to pay for rent or chip in for a group gift from anywhere at any time!
How do I use remote deposit capture?
1. Download PSFCU mobile app.
2. Take picture of front and back of your check.
3. Submit it to PSFCU for deposit.