Portsmouth Public Schools

Portsmouth Schools Federal Credit Union

455 Dinwiddie Street
Portsmouth, VA 23704
Phone: 757-398-9140
24 Hour Access: 757-398-7777

Hours of Operation
Monday-Friday 9:00am - 5:00pm
Wednesday 9:00pm - 2:00pm

MEMBERS MAKE THE DIFFERENCE

Some people say that we talk funny. It's almost as if credit unions have a language of their own. There's a good reason for all these different terms. It's because credit unions are different.

We are not in the business to generate a profit for a limited number of stockholders like profit driven financial institutions like banks are. They must make money to pay their stockholders in proportion to their earnings.

We are in business to provide the best possible cooperative financial services for our total membership. All members benefit from our financial success, while bank income bypasses customers to pay its relatively small group of stockholders.

You'll never hear a credit union refer to you as a "customer," you are a "member," one of the owners of this credit union. Once you've joined, you "belong" to the credit union. You are the reason we are in business, and that makes a big difference!

SERVICES

Access 24
With Access 24, Portsmouth Schools Federal Credit Union's 24-hour telephone teller system, you can reach your accounts anytime day or night. In effect, Access 24 puts a teller in your home, office, car or anywhere there is a touchtone telephone.

Certificate
A share certificate account has a set term and a minimum required deposit. We have terms of six, twelve and eighteen months with a minimum balance of $1,000.00. Dividends are higher and pay more frequently than regular share accounts.

Christmas Club
Many members participate in the Christmas Club plan. You can sign up any time during the year. The club account pays out on October 15th of each year. No account withdrawal limitations apply from October 15th thru December 31st.

Credit Union
A non-profit financial cooperative, mutually owned by it's members, and formed for the purpose of providing convenient savings plans, loans for provident and productive purposes, and related financial services.

CU Checkcard
Members with a Share Draft (checking) account can transfer, make withdrawals and use a debit card instead if using a check.

Credit Union National Association (CUNA)
CUNA is the national credit union trade association, it provides educational, regulatory, legislative and networking services. Portsmouth Teachers Federal Credit Union is a member and supporter of CUNA, as well as the Virginia Credit Union League, our federal organization, and the Tidewater Chapter, our local group.

CUNA Mutual Insurance Group
This insurance company, founded in 1935, is mutually owned by its credit union policyholders. Portsmouth Teachers Federal Credit Union is one such policyholder. CUNA Mutual provides credit life and disability coverages, as well as the credit union's $1 million blanket discovery bond. From time to time, the credit union authorizes CUNA Mutual to offer other group coverages to our members.

Deferred Accounts
The deferred account is a way for 10 month school employees to save for the summer months. This account pats out during the summer months and earns dividends. Account withdrawal limitations do not apply from July 1st thru August 31st.

Dividends
A dividend is generally defined as a the earnings of a corporation that are returned to its owners. Since a credit union is owned by its members, the earnings returned on a members' shares are dividends.

Family Membership
Any member of your immediate family may join and have a separate account and membership.

Field of Membership
Portsmouth Schools Federal Credit Union is a credit union that serves the employees, some students and their families of the Portsmouth City Public School System. By law, credit unions cannot serve the general public. Membership is available only to those within a defined field of membership.

Loans
Loans are one of the credit union's basic services. We currently offer signature loans and share secured loans as well as vehicle loans.

Student Loans
We offer the SLS, Stafford and Plus Government Student Loans as well as special rates on educational loans.

Vehicle Loans
Vehicle financing is the largest single purpose for which the credit union issues loans. We finance new and used vehicles. Often, the credit union participates in car sales which we offer special rates and financing.

Member
A credit union is owned by its share account holders. Each account holder is therefore a member and an owner of the credit union...not merely a customer.

Minimum Regular Share Balance
A regular share account is required to be maintained at a minimum balance of $25.00. Once the minimum balance is established in the regular share account, all other services are available to you.

NCUA/NCUSIF
The National Credit Union Administration (NCUA) regulates federally insured and federally-chartered credit unions. It also administers the federal insurance fund, the National Credit Union Share Insurance Fund (NCUSIF), which guarantees member accounts up to $100,000.

Shares=Savings
A credit union savings account represents a member's "share" in the ownership of a financial cooperative.

Share Drafts= Checking
A share draft account has no minimum balance requirement and no monthly service charges. Direct Deposits and payroll deduction can be made.

Youth Accounts
A special savings account for members under the age of 18. The minimum balance is lower to help educate and start our youths saving.

Vacation Clubs
Since you never know when your vacation is going to be, you can withdraw once a month without a penalty from the vacation club. You can open this account anytime during the year.


Application Process Benefits Contacts HR Forms Job Openings Licensure Teach Salary Scale
	Portsmouth Schools Federal Credit Union 455 Dinwiddie Street Portsmouth, VA 23704 Phone: 757-398-9140 24 Hour Access: 757-398-7777 Hours of Operation Monday-Friday 9:00am - 5:00pm Wednesday 9:00pm - 2:00pm MEMBERS MAKE THE DIFFERENCE Some people say that we talk funny. It's almost as if credit unions have a language of their own. There's a good reason for all these different terms. It's because credit unions are different. We are not in the business to generate a profit for a limited number of stockholders like profit driven financial institutions like banks are. They must make money to pay their stockholders in proportion to their earnings. We are in business to provide the best possible cooperative financial services for our total membership. All members benefit from our financial success, while bank income bypasses customers to pay its relatively small group of stockholders. You'll never hear a credit union refer to you as a "customer," you are a "member," one of the owners of this credit union. Once you've joined, you "belong" to the credit union. You are the reason we are in business, and that makes a big difference! SERVICES Access 24 With Access 24, Portsmouth Schools Federal Credit Union's 24-hour telephone teller system, you can reach your accounts anytime day or night. In effect, Access 24 puts a teller in your home, office, car or anywhere there is a touchtone telephone. Certificate A share certificate account has a set term and a minimum required deposit. We have terms of six, twelve and eighteen months with a minimum balance of $1,000.00. Dividends are higher and pay more frequently than regular share accounts. Christmas Club Many members participate in the Christmas Club plan. You can sign up any time during the year. The club account pays out on October 15th of each year. No account withdrawal limitations apply from October 15th thru December 31st. Credit Union A non-profit financial cooperative, mutually owned by it's members, and formed for the purpose of providing convenient savings plans, loans for provident and productive purposes, and related financial services. CU Checkcard Members with a Share Draft (checking) account can transfer, make withdrawals and use a debit card instead if using a check. Credit Union National Association (CUNA) CUNA is the national credit union trade association, it provides educational, regulatory, legislative and networking services. Portsmouth Teachers Federal Credit Union is a member and supporter of CUNA, as well as the Virginia Credit Union League, our federal organization, and the Tidewater Chapter, our local group. CUNA Mutual Insurance Group This insurance company, founded in 1935, is mutually owned by its credit union policyholders. Portsmouth Teachers Federal Credit Union is one such policyholder. CUNA Mutual provides credit life and disability coverages, as well as the credit union's $1 million blanket discovery bond. From time to time, the credit union authorizes CUNA Mutual to offer other group coverages to our members. Deferred Accounts The deferred account is a way for 10 month school employees to save for the summer months. This account pats out during the summer months and earns dividends. Account withdrawal limitations do not apply from July 1st thru August 31st. Dividends A dividend is generally defined as a the earnings of a corporation that are returned to its owners. Since a credit union is owned by its members, the earnings returned on a members' shares are dividends. Family Membership Any member of your immediate family may join and have a separate account and membership. Field of Membership Portsmouth Schools Federal Credit Union is a credit union that serves the employees, some students and their families of the Portsmouth City Public School System. By law, credit unions cannot serve the general public. Membership is available only to those within a defined field of membership. Loans Loans are one of the credit union's basic services. We currently offer signature loans and share secured loans as well as vehicle loans. Student Loans We offer the SLS, Stafford and Plus Government Student Loans as well as special rates on educational loans. Vehicle Loans Vehicle financing is the largest single purpose for which the credit union issues loans. We finance new and used vehicles. Often, the credit union participates in car sales which we offer special rates and financing. Member A credit union is owned by its share account holders. Each account holder is therefore a member and an owner of the credit union...not merely a customer. Minimum Regular Share Balance A regular share account is required to be maintained at a minimum balance of $25.00. Once the minimum balance is established in the regular share account, all other services are available to you. NCUA/NCUSIF The National Credit Union Administration (NCUA) regulates federally insured and federally-chartered credit unions. It also administers the federal insurance fund, the National Credit Union Share Insurance Fund (NCUSIF), which guarantees member accounts up to $100,000. Shares=Savings A credit union savings account represents a member's "share" in the ownership of a financial cooperative. Share Drafts= Checking A share draft account has no minimum balance requirement and no monthly service charges. Direct Deposits and payroll deduction can be made. Youth Accounts A special savings account for members under the age of 18. The minimum balance is lower to help educate and start our youths saving. Vacation Clubs Since you never know when your vacation is going to be, you can withdraw once a month without a penalty from the vacation club. You can open this account anytime during the year.