Bank Alternatives Provide Special Services to Union Members
When it comes to trusting your hard-earned money to a financial institution, it may be worth considering a credit union as an alternative to a bank. Not only is your money federally insured, as it would be in a bank, but these institutions can offer emergency relief during hard times, such as during strikes. SAG-AFTRA members are fortunate to have three of these financial institutions catering to their needs.
The National Credit Union Administration defines a federal credit union as a member-owned and controlled, not-for-profit, cooperative financial institution formed to provide its members with affordable and safe financial services. The NCUA is the government agency charged with overseeing and regulating credit unions.
Additionally, SAG-AFTRA Federal Credit Union and Actors Federal Credit Union have branches in our national headquarters building at 5757 Wilshire Blvd. in Los Angeles, making this a convenient location for many members.
Each of the three credit unions that serve SAG-AFTRA members offers a wide range of financial services catering to the needs of those who work in the entertainment and media industry.
Actors Federal Credit Union
Like a bank, ActorsFCU offers a full suite of financial products and services, such as savings accounts, checking accounts, mortgages, home equity lines of credit, auto and personal loans, and credit cards.
ActorsFCU maintains offices in New York City, Chicago and the greater Los Angeles area. Additionally, its members can access their accounts at nearly 5,000 shared-branch credit union locations and more than 30,000 surcharge-free ATMs nationwide.
ActorsFCU also offers union initiation fee loans up to $3,100, nine and 11-month special certificate accounts, and an annual scholarship program that awards $10,000 to help members of the creative community reach their educational goals.
Emergency Aid
ActorsFCU offers specialty loans for unique circumstances and unforeseen expenses during times of hardship. Additionally, credit union employees are available to work with members individually through difficult times to help keep them on track.
Member Testimonial
“I began my membership with Actors Federal Credit Union in the late 2000s. I would like to thank the entire staff for helping me through the toughest of times. They mentored me through the deaths of all my immediate family members, through my spine injury, and through my trial of having nothing and having to start all over again in life. They held my hand, counseled me, and prepared me to face my darkest times. Without the credit union’s life-saving help, I really don’t think I’d be alive today ... Now, my credit score is healed, and my financial welfare is on a positive upswing! I recommend them to all entertainment professionals and the new ones that are just getting off the plane and bus. Trust them, you will be in good hands!” — Waide Aaron Riddle
Contact Info
Website: actorsfcu.com
(212) 869-8926
First Entertainment Credit Union
Headquartered in Hollywood, California, First Entertainment is a partner of the entertainment community, dedicated to serving creators who live and work in Los Angeles County, including actors. First Entertainment provides 24/7 digital banking, unique entertainment-industry financial products and services, and access to 30,000 surcharge-free ATMs.
Among its services are checking, savings, credit cards and credit protection, insurance (including accidental death and dismemberment, auto, home and pet), investment services, and loans (auto, hardship assistance, home, home equity, lifestyle, union dues and more).
Emergency Aid
First Entertainment’s emergency offerings include its Skip-a-Pay program, which lets eligible members defer a monthly payment on their auto or personal loan without impacting their credit rating; emergency relief loans; stretch loans, which can help with unexpected expenses and bills to bridge the gap between paychecks; and deferred credit card payments.
Member Testimonial
“I became a member of First Entertainment in 2005, about a year after moving to L.A. to pursue an acting career. I was ready to set up a local primary banking relationship, and my then-boyfriend (now husband) suggested First Entertainment. I knew nothing about credit unions before that, but when he explained that it was member-owned and focused on the needs of people working in the entertainment
industry, it sounded like the right place for me. It’s been my primary banking institution ever since.
“I’m now proud and grateful to serve as chair of Media Benefits Corporation, a subsidiary of First Entertainment, where I have the chance to be a voice for the needs and priorities of my fellow actors.” — Elena Campbell-Martínez
Contact Info
Website: firstent.org
(888) 800-3328 or (323) 851-3673
SAG-AFTRA Federal Credit Union
SAG-AFTRA Federal Credit Union is a member-owned financial institution that serves performers in the entertainment industry and their families. It is not open to the public, and membership is exclusive to the entertainment industry. Like banks, it offers financial products such as savings and checking accounts, credit cards, loans and mortgages. Unlike banks, its profits are returned to its members in the form of lower loan rates, higher deposit rates and exclusive products.
SAG-AFTRA FCU also offers specialized services, such as union fee loans, work disruption loans and Coogan accounts. Loans to cover initiation fees are also available, and members can access their accounts at three convenient branch locations in the Los Angeles area and at over 25,000 surcharge-free ATMs throughout the U.S. and Canada, as well as merchant locations and airport ATMs around the globe. Mobile banking is available. The SAFCU Visa Classic Credit Card offers credit lines up to $15,000.
Emergency Aid
SAG-AFTRA FCU has a variety of ways to help members in challenging times. Loan payment deferrals allow members to skip one or more loan payments on existing credit union loans. A work disruption loan up to $5,000 is available if members need a little extra cash when income has been disrupted. Contact the credit union for more details. Additionally, the credit union provides picket line parking at its Burbank headquarters.
Member Testimonial
“Thank you so much for helping me with this work disruption loan. This will definitely help with my bills during the strike. I’m so glad I opened an account with SAG-AFTRA Federal Credit Union back in June 2015. When I needed help with my credit card debt a few years ago, I applied for a loan and was approved when everyone else said no. This is the second time you’ve helped me out financially and I appreciate everything you’ve done for me.” — Yoda Ushery
Contact Info
Website: sagaftrafcu.org
(818) 562-3400
Toll-free from outside
Los Angeles: (800) 826-6946
This item was originally featured in the SAG-AFTRA summer 2023 magazine.