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HARRISBURG, Pa. – Pennsylvania State Employees Credit Union has become the first credit union ever to win a Best of the Web award from Online Banking Report, a newsletter focusing on Internet financial services. This is the seventh year Online Banking Report has had the awards. PSECU caught their eye with its innovative and controversial [email protected] product that allows members to go online and enter a deposit before the CU receives it. The member enters the deposit online, receives instant credit for the deposit, and then mails the deposit to the CU. When it was first launched critics cautioned that it could be battered by fraud, but that hasn’t happened. In the first two years of offering the service, some 19,000 members have made approximately $125 million in deposits. This service is key for PSECU which is light on brick and mortar and heavy on electronic services.

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