Issue link: https://digital.copcomm.com/i/1506201
34 SAG-AFTRA | Summer 2023 | sagaftra.org WHAT IS A CREDIT UNION? The Federal Credit Union Act describes the basic structure governing federal credit unions. Generally, credit unions have the following key characteristics: • Membership is limited to a group, or multiple groups, each defined in the credit union's charter, each of which has a common bond of occupation or association, or is located within a well-defined local community, neighborhood or rural district. • Member deposits into the credit union — otherwise known as shares — allow the members to become owners of the credit union with a right to run for election to become a credit union official, as well as vote for the credit union's officials and certain other credit union matters. • Members exercise democratic control: one member, one vote, regardless of shares owned. • Shares provide primary funding for the lending and investment activities of the credit union. • The credit union is governed by a board of directors elected by and from the credit union's membership. Board and other committee members serve on a volunteer basis and are charged with acting in the best interests of all members. Source: ncua.gov 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