Entertainment Credit Unions Can Save You Money

Did you know you can save money using any of three entertainment credit unions available to the creative community?

What Is the Difference Between a Credit Union and a Bank?

Although both offer similar services, the biggest difference is that a bank is a for-profit institution, while a credit union is nonprofit. 
Credit unions are member-owned financial cooperatives. Like banks, they offer financial products such as savings and checking accounts, credit cards, auto loans and mortgages. A key difference is that credit unions are owned by their members and not by investors/shareholders. Profits are returned to the members in the form of lower loan rates, higher deposit rates and new products. Credit unions also offer more ease in obtaining loans and a more personalized approach to customer service. More information can be found here.

Deposits are federally insured by the National Credit Union Administration (NCUA), similar to the FDIC insurance of bank deposits.

Credit union membership is composed of people with a common bond and is governed by a volunteer board of directors elected by its membership.

Banks generally have more branches and ATMs than credit unions, but this is mitigated by credit union partnerships with other co-ops nationwide, providing greater cost-free branch availability.

Banks often have more up-to-date technology, such as mobile banking apps, while credit unions are slower to attain these features.

Banks may also offer a wider selection of commercial loans and credit cards with more perks than bare-bones credit union cards.

According to a Forbes Advisor article on July 25, 2022, “A Credit Union National Association (CUNA) report found that the average annual financial benefit for a single credit union member in 2018 was $85. For households, that benefit was $178.” The benefits are received through higher account interest or by dividend checks.

Credit unions also often provide in-person seminars on financial topics such as home buying, managing credit cards, identity theft prevention, retirement planning or estate planning.

SAG-AFTRA members are eligible for membership at the following three credit unions.

Each of the credit unions offer the following services at various rates and application processes: Coogan accounts, checking and saving accounts, union initiation fee loans, home loans, auto loans, plus credit cards and online bill pay.

SAG-AFTRA Federal Credit Union

sagaftrafcu.org
(818) 562-3400 or (800) 826-6946

The SAG-AFTRA FCU has three locations (at SAG-AFTRA Plaza in Los Angeles, Burbank and Sherman Oaks) in addition to mobile banking and access to 30,000 surcharge-free ATMs nationwide. You can access your account 24/7 from anywhere with internet, telephone and mobile banking applications.

With 60 years of experience in the community, SAG-AFTRA FCU meets the unique needs of performers by offering musical equipment loans, signature loans, four checking account choices, money market accounts, IRAs, term life insurance and noncommissioned financial advisors.

They also make loan approval processes easy with pre-approval and competitive rates on vehicle and personal loans, real estate mortgages, or a HELOC for remodeling an existing home. 

Actors Federal Credit Union

ActorsFCU.com/SAG-AFTRA
(212) 869-8926 ext. 314

The ActorsFCU has four branches: at SAG-AFTRA Plaza in Los Angeles; 5636 Tujunga Ave., North Hollywood; and one each in New York and Chicago, in addition to 30,000 surcharge-free ATMs nationwide, 5,000 shared branches, and 800,000 ATMs worldwide through co-op links to NYCE, STAR, Cirrus, Pulse and Plus, which is many more locations than some of the largest banks. 

To open an account remotely, download and complete the membership application from their website, and the ActorsFCU will contact you. A minimum deposit of $100 is required to open an account and a $100 balance is required to avoid monthly or annual fees.

They offer a full suite of financial products and services, such as those mentioned, above and include a $50/$50 SAG-AFTRA membership offer: As a “welcome,” they will deposit $50 upon opening an account and will donate a matching $50 to the SAG-AFTRA Foundation to support their good work.

First Entertainment Credit Union

firstent.org
(888) 800-3328 or (323) 851-3673

The largest of the three credit unions, FECU, has eight branches in the L.A. area, including three on studio lots (two in Los Angeles, two in Burbank and others in Santa Monica, Santa Clarita and Studio City). In its Forest Lawn branch, it also offers Autoland LLC, a new or used car buying service. It has 30,000 surcharge-free ATMs nationwide and offers digital and mobile banking services, digital wallet and P2P transfers. The FECU hosts both virtual and in-person financial education seminars.

Here are products and services offered unique to our industry: stretch loans, skip a pay program, hardship assistance programs, insurance services (auto, home renters, life, commercial, pet) and business accounts.