FAQs

have questions? We can help.

• What's a Credit Union?
• Who owns a credit union?
• How did credit unions start?
• What is the purpose of a credit union?
• Are savings deposits insured?
• Who can join a credit union?
• How much are discount amusement park tickets at Pennstar?
• Who can join the Kids Club at pennstar and how do they join?
• What's an estatement?
• If my child deposits 20 dollars into his/her account, do they recieve two tickets for the kids club drawing?
• What is in the membership pack for the Super Star Saver's Kids Club?
• Can I help my child join the kids club over the phone?
• Can I deposit money into my child or grandchild's account and recieve a ticket for the drawing?
• What are the prizes for the Kids Club?
• Does my child have to deposit money into their account to recieve their membership pack?

A credit union is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to members. It is member-owned and controlled through a board of directors elected by the membership. The board serves on a volunteer basis and may hire a management team to run the credit union. The board also establishes and revises policy, sets dividend and loan rates, and directs certain operations. The result: members are provided with a safe, convenient place to save and borrow at reasonable rates at an institution which exists to benefit them, not to make a profit.

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Most financial institutions are owned by stockholders, who own a part of the institution and intend on making money from their investment. A credit union doesn't operate in that manner. Rather, each credit union member owns one "share" of the organization. The user of credit union services is also an owner, and is even entitled to vote on important issues, such as the election of member representatives to serve on the board of directors.

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The first credit union cooperatives started in Germany over a century ago. Today, credit unions are found everywhere in the world. The credit union movement started in this country in Manchester, New Hampshire. There, the St. Mary's Cooperative Credit Association, a church-affiliated credit union, opened its doors in 1909. Today, one in every three Americans is a credit union member.

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The primary purpose in furthering their goal of service is to encourage members to save money. Another purpose is to offer loans to members. In fact, credit unions have traditionally made loans to people of ordinary means. Credit unions can charge lower rates for loans (as well as pay higher dividends on savings) because they are nonprofit cooperatives. Rather than paying profits to stockholders, credit unions return earnings to members in the form of dividends or improved services.
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Yes. All savings accounts are insured up to $250,000 by the NCUA, the National Credit Union Administration, an agency of the federal government.

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A credit union exists to serve a specific group of people, such as a group of employees or the members of a professional or religious group. This is called a "field of membership." The field of membership may include where they live, where they work, or their membership in a social or economic group.

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Discount tickets for Kennywood, Waldameer, Geauga Lake Wildwater Kingdom, and Cedar point are sold in our office. Prices can be found under "Helpful Links" on the left column of your screen.

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Any member who is 0-13 years old and also has an account at Pennstar. If your child or grandchild doesn't have an account, come into Pennstar to set one up today. All you need to set up an account is their Social Security number. A parent or grandparent can bring the child into Pennstar Federal Credit Union for the child to recieve their membership pack and enter the drawing. If the child is unable to make it into the office other arrangements may be made.

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Estatements are now available. Instead of getting your statement in the mail, statements are avaiable on our virtual branch under "self service." Statements will be available for six months. They will also be available the first of the month so you no longer have to wait for your statement in the mail. If you would like a paper copy of your statement, please print one. All accounts can be set up for estatements such as saving, checking, and children's accounts. If you are virtual branch user, please call the credit union today to set up estatements.

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No, each deposit recieves one ticket(of at least ten dollars. Please keep deposits to one per day.

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The membership pack includes a register(to keep track of transactions and to also earn extra tickets), an offical membership card, a pink or orange frisbee, Star Saver stickers, Star Tattoos, an ABC's of coloring book, a chance to win great prizes, birthday suprises, and much more!

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Yes, you can join the kids club over the phone, however, your child will not recieve their membership pack until you or your child stops in Pennstar to pick it up. For long distance members, we can arrange to send you the smaller items of the membership pack in the mail.

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It's preferred but not required that the child accompany you into the credit union while you make the deposit. This is going along with the Kid's Club mission: to encourage the youth of Pennstar to save money, better acquaint themselves with the Credit Union, and by offfering different prizes throughout the year, constantly remind young members the importance of saving. However we do realize that the Kids Club should be a convience, not an inconvience. Some members live far away, or unable to always bring their child in with them because of office hours or other reasons. Because of this, relatives will be allowed to deposit money into a child's Super Star Saver's account and they will be able to put a ticket into the drawing for the kids club member. If a child wishes to send a deposit in the mail, we encourage them to do so. We will place a ticket into the drawing with their name for each deposit mailed into us.(Pennstar FCU 4139 East State St Hermitage PA 16148)

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When you join the kids club, you recieve a membership pack right away. You will also recieve a ticket to place into the prize drawing. Drawings throughout the year will allow the kids to "pick their own prize". A gift certificate will be given to the child which allows them to take their friends or family along. Gift Certificates will be available from the Olympic Fun Center, Movie Theaters, and Bowling. For long distance members or for very young members, a cash prize will be available. Kids can earn additional tickets by depositing money into their account, filling out their register.

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No, as long as your child has a savings account and is 0-13 years old, they can become a Super Star Saver and recieve their free gift. They also get one ticket to enter the drawing.

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