Pawtucket Credit Union Review

Pawtucket Credit Union (PCU) is a regional credit union specializing in Rhode Island customers, though it also maintains a branch in Massachusets. At the end of 2019, the bank had more than $2 billion in total assets.

Looking for a new credit union? This review explores the benefits and drawbacks of Pawtucket Credit Union, which can help you decide if it'll be a good fit for your needs.

Who Is Pawtucket Credit Union Best For?

As a regional bank, Pawtucket Credit Union is best for customers who live near a branch location. This credit union may be right for someone who wants:

• Checking with no minimum balance requirements
• Competitive interest rates
• Retirement services like IRA certificates of deposit (CDs)
• A full-service banking experience including mortgages and auto loans

What Does Pawtucket Credit Union Offer?

Despite being a relatively small, regional institution, Pawtucket Credit Union has a wide range of deposit accounts. Its full list of offerings include:

• Checking accounts
• Savings accounts
• Money market account
• Certificates of deposit
• Credit cards

Checking Accounts

There are four checking account options to choose from at Pawtucket Credit Union. All four can be opened online for a $25 fee, and all four offer these benefits:

• Unlimited check writing
• Free first order of checks
• Free ATM/debit card
• Free online banking and bill pay services

There are, however, some differences worth noting. Here's a comparison of each account's key features.

Simple Checking: This is Pawtucket Credit Union's most basic checking account. Balances don't earn interest, and foreign ATM transactions will incur a fee. The monthly service charge of $4.95 is less than other checking accounts, but unlike the other accounts, there's no way to avoid paying that monthly fee.

Spectrum Checking: This account doesn't earn interest, but it does allow for up to 10 free foreign ATM transactions per month. It also offers one order of checks per year. A $12 monthly service charge can be avoided by maintaining an average daily balance of $1,000 in the Spectrum account, or by maintaining an average daily balance of $5,000 across all PCU deposit, loan, and mortgage accounts.

Direct Plus Checking: As of May 13, 2020, this account offers 0.20% annual percentage yield (APY) on balances, but customers must maintain a balance of at least $2,500 to earn interest. A monthly fee of $10 can be avoided by establishing a direct deposit with the account. This account also offers unlimited foreign ATM transactions, and one order of checks per year.

Debit Card Checking: This is another interest-bearing account from Pawtucket Credit Union, offering an impressive 0.75% APY that begins accruing with your first penny deposited. There is a $10 monthly fee for this account, but the fee is waived when customers use their debit card linked to this account at least 12 times per month (ATM transactions don't count toward this requirement). Like the Direct Plus account, Debit Card Checking accounts are allowed unlimited foreign ATM transactions and one order of checks per year.

Savings Accounts

The Statement Savings Account is Pawtucket Credit Union's basic savings account. Here's a quick rundown of the account's details:

• Minimum to open an account: $5
• 0.10% APY (as of May 13, 2020)
• Minimum balance required to earn APY: $25

Interest is credited monthly and this account does come with an ATM card in case you need to make a deposit, withdrawal, or check your balance.

Customers can open a High-Yield Savings Account, which offers slightly higher rates, if they can make an opening deposit of at least $25,000. This account can't be opened online, so you'll have to visit a branch. As long as you maintain a balance of at least $25,000, you'll earn 0.35% APY. If your account balance dips below $25,000, your APY will drop to 0.25%.

Money Market Special Account

Pawtucket Credit Union offers a money market account as another way to save. The minimum deposit required to open an account is $2,500. Rates are tiered by balance.

Money Market Special Rates (as of May 13, 2020)
Balance	APY
$25 to $2,499.99	0.25%
$2,500 to $9,999.99	0.50%
$10,000 and over	0.75%

Certificates of Deposit

Pawtucket Credit Union's CDs offer higher yields in exchange for less access to your funds. Most CDs require a $1,000 minimum deposit to open, with the exception of the 15-month Easy Access CD. That CD requires a $5,000 deposit to open, but it also allows for two penalty-free withdrawals during the CD term.

Take a look at the chart below for a full list of CD rates.

CD Rates (as of May 13, 2020)
CD Term	APY
3 months	0.50%
6 months	0.75%
9 months	0.50%
12 months	0.50%
18 months	0.70%
24 months	0.75%
36 months	0.90%
48 months	0.90%
60 months	0.90%

Credit Cards

Pawtucket Credit Union offers a number of Visa and American Express credit cards with a variety of rewards programs. Their offerings include:

• Visa Platinum
• Visa Real Rewards
• Premier Rewards American Express
• Cash Rewards American Express
• Visa College Real Rewards
• Visa Secured

Other Financial Products From Pawtucket Credit Union

Those looking for a "one-stop-shop" financial institution will likely be satisfied with Pawtucket Credit Union. It offers a wide range of services and products, including:

• Traditional and Roth IRAs
• Coverdell Education Savings Accounts (ESAs)
• Personal loans
• Auto loans
• Boat, RV, motorcycle, and trailer loans
• Mortgages, including FHA and jumbo loans
• Home equity lines of credit
• Business loans
• Business accounts
• Merchant services

Pawtucket Credit Union Customer Service

Pawtucket Credit Union offers customer service six days a week. Customers can call either 401-722-2212 or 800-298-2212 between the hours of 8 a.m. and 5 p.m. Eastern Standard Time, Monday through Friday. On Saturday, customer service representatives are available between the hours of 8:30 a.m. and noon. Inquiries related to bill pay have expanded hours during the week, from 7:30 a.m. to 2:00 a.m. Customers can also send an email to onlinebanking@pcu.org.

How to Bank With Pawtucket Credit Union

Customers can open many accounts online with Pawtucket Credit Union. As with any other institution, you'll need to provide personal information so PCU can verify your identity and methods of funding your account. However, not all accounts can be opened online. If you want a High-Yield Savings Account, for instance, you'll have to apply for that in person.