History

Public Service Credit Union History

In 1936 a seed was planted among a number of senior public servants to organize a co-operative to provide various financial services to their fellow workers. In 1937 an organizational meeting was convened by Judge Browne in Canon Wood Hall for the creation of the Civil Service Co-operative Credit Society and the first $121 was invested in December 1937. Judge Browne provided a sum of money to get the Credit Society started and the DSA provided a loan of $75 to produce a set of credit union books.

The first Annual Meeting was held in the Newfoundland Hotel on January 27 1938, attended by a large gathering of Civil Servants. Following the election of Officers, the Board officially admitted the first seventy-two members. Loan business commenced that February.

In 1942, the Civil Service Co-operative Credit Society Limited was incorporated under the Co-operative Societies Act on July 17, 1942 following five years of operation. The first office was opened in the Connors Building on the east corner of Queen and Water Street next door to the old Central Post Office and from there it was transferred to the basement of the Colonial Building.

The pace of change was slow and it was not until 1975 when the first full-time Manager was hired. The name changed from the Civil Service Co-operative Credit Society to Public Service Credit Union Limited February 1, 1978. In 1979, PSCU rented an office at 23 Cashin Avenue, providing 9-5 service. The first building was purchased on April 14, 1986 at 403 Empire Avenue. On completion of a new layout and installation of equipment, these new offices were officially opened by our founder, the Honorable W.J. Browne, P.C., Q.C., on October 16, 1986, International Credit Union Day.

In the late 80’s and early 90s the pace of change accelerated as Member cards & Global Payment cards were introduced providing electronic access to members accounts 24/7 at the merchant and ATM level. In 1992, the Credit Union was the second Credit Union in the Province to provide member access at its’ own ATM.

In 2003, the Credit Union commenced construction of modern new premises that was completed in July 2004.That same year, Centennial Credit Union ceased operations and its members transferred their accounts to Public Service Credit Union. August 2nd 2004 marked the first day of operation of the PSCU’s new premises at 403 Empire Avenue, next to its previous location. The official grand opening was held on October 20th, 2004 during Co-op Week.

PSCU hired for the first time a General Manager Brian Quilty from the ranks of its own staff in 2006.That same year PSCU also changed its bond of association, opening its membership to all residents of Newfoundland and Labrador. In 2007 PSCU celebrated 70 years of providing financial services to its members.

In 2008 a much discussed and anticipated service, Financial Planning was offered to members. After ten years of discussing how this service could be offered under a feasible model, the Public Service Credit Union formed a partnership with four other Credit Unions, Horizon, Eastern Edge, Reddy Kilowatt and Community to offer Financial Planning to its’ members through Credential Financial Strategies.

In most recent years the pace of change in the financial industry has been driven by new developments in technology. Members can access their accounts via the internet through Member Direct integrated (MDi), allowing members to review their account, to pay bills, to transfer money to other financial institutions anytime, anywhere internet service is available. In 2009 two new products were added to the financial suite of products: Tax Free Savings Account (TFSA) and High Interest Savings Account (HISA).

In 2011 PSCU became a member of the newly formed Atlantic Central, which replaced the centrals in the Atlantic Provinces. In June 2011 PSCU offered Electronic Statements to its members to complement its internet banking service allowing members to store and view their statements on line.

PSCU celebrated its’ 75th anniversary in 2012. In January 2012 the electronic banking system was enhanced as the PSCU offered email money transfer service allowing members to email money to anyone with an email and a financial institution account. That same year cheque imaging was implemented replacing the hard copy.

In 2014 PSCU was the first CU in the province to launch the iPhone app providing 24/7 access to pay bills, transfer money and email money from the convenience of the iPhone. This was quickly followed in 2015 with the introduction of the Android app and Deposit Anywhere™ to compliment the electronic suite of products. In 2016 Interac® OnLine and Interac Flash® was provided to enhance the convenience and speed of card services.

In 2017 PSCU celebrated 80 years of its rich history and success since 1937, providing financial service and advice to its members.

 

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