Fashion of Philly

As we welcome in March, I hope you have at least started to accomplish or work towards your goals. One of my goals this year, was to better manage and save money.

Often many of us have the same goal in the beginning of a new year, but tend to slack off. Sometimes due to lack of planning, knowledge, or motivation. However this year, I already feel like I'm taking the right steps towards my financial goals. Not only did I earn a promotion at my full-time position, but I also met with Erin Ellis, financial educator at Philadelphia Federal Credit Union, to discuss the benefits and differences of banking with a credit union versus a traditional banking institution.

At some time in our lives we either knew someone who belonged to one or heard of a credit union. To most of us it seems like a secret society only elite people get to join, where you had to know somebody, who knows somebody to get accepted. We may also have heard that they offer lower interest rates of home and auto loans. And the popular one is that they get paid a day early.

Some of these and other questions are things I brought up to Erin to clear the air and see why becoming a member of the PFCU is a great way to save money. So let's dive into some of these myths.



Who can join?

PFCU is for anyone who lives, works, worships, studies or does business in the Philadelphia area. Even though I personally live in New Jersey, most of my business I do with Fashion of Philly is in Philadelphia so that made me eligible.

If you bank at PFCU, you are not considered a customer, but a member. They are a not-for-profit financial institution owned by their members cutting all the corporate bigwigs to save you money in the form of better rates and fewer fees. Interested in continuing your education they have a tuition rewards program for you.

Looking for a home loan, personal loan or vehicle loan?

PFCU can help you pick the right plan for you. Even when it comes to making everyday transactions PFCU provides amazing services for any financial situation.

If you’re looking to save for something big, PFCU has multiple savings account options for everything from holiday and vacation savings to health saving account and retirement plans.

Something that caught my ear while talking to Erin was the free Kasasa Tunes checking account where you can easily enjoy $10 in rewards for your iTunes, Amazon, and Google play purchases every month, which are purchases that I make regularly anyway. You can also get refunds on ATM fees, which means more money in your pocket.

Have younger ones?

Why not get them interested in saving money with their youth accounts broken into two types of accounts: the Moola Moola Savings Club (birth-12) and the CU Succeed Teen Program (13 to 17).

Setting up an account is quick and easy and can be done with as little as $5 at one of their 10 locations around Philadelphia or you can sign up online.

However, I highly suggest stopping in to one of their locations to meet with someone from their team to answer any of the questions you may still have. I couldn't be more satisfied with becoming a member of the Philadelphia Federal Credit Union. You can find all this information and more on their website here.