Ditch your credit card debt (pg. 3)
EXTRA
TurboTax discount program (pg. 5)
In this issue:
Winter 2020
Letter from the ceo (pg. 2)
newsletter
The type of growth we’ve experienced over the past decade is remarkable. Especially considering some of the hardships we faced, and the fact that the credit union industry is consolidating. The number of federally insured credit unions has dropped by 30% over the past ten years. The result is fewer niche credit unions like ActorsFCU left in existence.
the CEO
Dear Valued Member- A new year is a new opportunity; a clean slate. I can’t help but feel optimistic and excited around the New Year’s holiday. And, I know I’m not alone. Approximately, one million people pack into Times Square every year, just steps outside of our offices, to celebrate, and ring in the New Year.
The driving force behind our growth has been you, our member. I offer a heartfelt ‘thank you’ for helping us succeed over the years. I hope that you will help us continue to grow and succeed in 2020 and beyond by choosing us for your financial needs (e.g., savings or loans), and telling others about the credit union. In 2020, we will continue to focus on the purpose of our organization: “to financially empower members of the creative community.” As we begin the process of overhauling our service lines, we will keep our members at the center of our thoughts, so that we can fulfill our purpose. Yours in service, Daniel Czerniawski President & CEO
Before we jump into 2020, I’d like to reflect on what we accomplished over the last decade. When we closed out 2009, the credit union had 41 employees and operated three offices in two cities. We served 17,637 members and managed $121 million in assets. By the end of 2019, we had grown to 50 employees operating five offices in four cities. Our membership has also grown to nearly 25,000 members, and we now manage over $231 million in assets.
Letter from
ditch that credit card debt!
New Year's Resolution:
Learn More
Are you carrying credit card debt? If so, you're not alone! 37% of U.S. households carry credit card balances from month-to-month that they are unable to pay off. 1 Don't get us wrong, credit cards are a great financial tool when they're used properly. We even offer our own low-interest credit cards. But as your credit card balances (a.k.a. debts) increase, it may be time to ditch your credit cards in favor of a consolidation loan. A consolidation loan, such as our “Balance Transfer” product, overcomes many of the pitfalls of traditional credit cards. Pitfall #1 – High interest rates. The national average for credit card interest rates is 17.24% APR*2. And if your credit score is less than stellar, the interest rates charged can be even higher! Solution: Our Balance Transfer loan feature a rate as low as 8.90% APR!* Lowering your interest rate by multiple points could save your hundreds of dollars in finance charges. Pitfall #2 – Minimum payments. Credit cards make it too easy to stay in debt by offering low minimum monthly payments. If you choose to make only the minimum required payment, most of what you're paying goes towards interest rather than your principal balance. Solution: Our Balance Transfer loan has a fixed term that is repaid in equal monthly installments. Every month you’ll be making real progress towards paying off your debt. Pitfall #3 – Multiple sources of debt. If you’re carrying balances on multiple credit cards, it can be hard to manage all of the payment dates, payment amounts, and interest rates. Solution: Our Balance Transfer loan allows you to consolidate all of your credit card debts into one monthly payment. Plus, the required payment on your Balance Transfer loan may actually be lower than the sum of all your monthly credit card payments. Pitfall #4 – Revolving lines of credit. Credit cards are revolving lines of credit which means there is no set date for when your debt (i.e., balance) will be paid off. Especially, if you continue using the card to make purchases. Your debt may actually grow over time. Solution: Our Balance Transfer Loan has a fixed term, so you’ll know exactly when your debt will be paid in full. Plus, our Balance Transfer loan will not allow for any additional purchases or advances. Make 2020 the year you get serious about paying off your credit card debt! Visit us online today to learn more or submit an application. For a limited time, we're offering an optional payment deferral; make no payments for the first 60-days! Sources: 1: https://www.creditcards.com/credit-card-news/credit-card-debt-statistics-1276.php 2: https://www.creditcards.com/credit-card-news/rate-report.php Disclosure Statement: *APR = Annual Percentage Rate. Balance Transfer loans feature a fixed annual percentage rate as low as 8.90%. Rates are determined by creditworthiness and underwriting guidelines. Minimum loan amount is $1,500. Maximum loan amount is $30,000. A down payment up to 5% of the loan amount may be required. Repayment example: a $10,000 loan at 8.90% APR over a 60-month term would result in a monthly payment of $20.71 per thousand dollars financed for members with excellent credit. Payment example does not reflect deferred payment option. Deferred payment option allows for no payments for the first 60-days. Not all members will qualify for these payment arrangements. While accurate, the stated payment example and interest rates shown are not guaranteed. Programs, rates, terms, and conditions are subject to change without notice. This newsletter is not a promise to lend. All loans are subject to credit approval and underwriting guidelines. Please ask for complete details.
Apply Now
If you're in the market to buy a new or used vehicle this year, following these four steps will ensure you find the right vehicle at the right price. 1. Determine your budget. Whatever vehicle you choose, it's important to have a monthly car payment that works for your budget. That's why our auto shopping center allows you to search vehicles by payment amount. While monthly payments are important, be sure that you don't overlook financing rates and the overall price of the vehicle! 2. Do your Research. Chances are it's been a few years since you've looked into purchasing a vehicle. Taking your time and doing your research can really pay off in the end. Our auto shopping center allows you to compare vehicles side-by-side, view Kelley Blue Book Fair Market Pricing, view CarFax vehicle history reports, and save vehicles you're interested in to your free account. 3. Get Pre-Approved. Having your financing pre-approved by ActorsFCU gives you an advantage when you find the right vehicle. With our competitive rates, you know you'll be getting the best deal! 4. Go for a Test Drive. With your research complete, and your pre-approval in-hand, visit the dealership and go for a test drive! Don't be afraid to ask the salesperson all of your questions. Buying a new car may seem stressful but we're here to make the process easy!
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Tax time doesn’t have to be stressful! With TurboTax, you’ll get your biggest possible refund fast and your taxes done right. PLUS, credit union members save up to $15 on TurboTax federal products, all through tax season. TurboTax makes it easy to find the best solution for your unique tax situation. Simple filer? Homeowner? Independent contractor, freelancer or side-gigger? TurboTax has a product that is right for you. File with confidence, knowing that TurboTax guarantees 100% accurate calculations and runs thousands of error checks as you go. And if you need help, TurboTax has it: from answers online anytime, to unlimited advice and a final review from a CPA or Enrolled Agent with TurboTax Live. * Visit http://turbotax.intuit.com/lp/yoy/guarantees.jsp for TurboTax product guarantees and other important information. Limited time offer for TurboTax 2019. Discount applies to TurboTax federal products only. Terms, conditions, features, availability, pricing, fees, service and support options subject to change without notice. Intuit, TurboTax and TurboTax Online, among others, are registered trademarks and/or service marks of Intuit Inc. in the United States and other countries.
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If you are interested in owning your own house someday, there's no time like the present to start planning for it. Be sure to consider the following items if you want to get approved for a mortgage. Down payment. Nearly all lenders will require a down payment. If you want to finance with the credit union, we require a down payment of at least 20% of the home's purchase price. Gifted money can also be used to meet the down payment requirement. Affordability. Your total debt-to-income ratio (including your housing payment) shouldn't exceed 43%. Unlike many traditional banks, Actors Federal Credit Union is happy to accept a variety of income sources such as 1099s, W-2s, tax returns, etc. Property Type. What type of home are you looking to buy? Not all lenders cover all property types. Actors Federal Credit Union offers first mortgages on co-ops, condos, townhomes, single family homes, and multi-family homes. Get organized. The mortgage process requires a lot of documentation. You can get ahead of the game by gathering two years' work history (three years' if self-employed), two years' address history, and your most recent tax return (form 1040). Your lender will let you know what else they need. If you have mortgage or real estate questions, please feel free to send us a message.
online access, security, & rewards!
Overview:
Our VISA Platinum Credit Cards offer more than just great rates. We also offer convenience, security, and rewards that you'll love. With our eZ Card Info site, you'll be able to view your balance, review transactions, and make payments all online. You can even receive your statements electronically, rather than by mail. All of our VISA Platinum credit cards are backed by VISA's "Zero Liability" policy which means you are protected against unauthorized transactions or unauthorized use of your account information. Additionally, all of our cards are protected by the "Falcon Fraud Detection" service. This service continuously monitors purchase patterns for potential fraud. If we suspect something isn't right, Falcon will call you to verify the transaction. If it is fraud, Falcon will stop the transaction, and shut down your card immediately. Lastly, all of our VISA Platinum cards earn "Member Rewards" points on every purchase. Points are redeemable for brand name merchandise, travel, gift cards, and more. You can even pool the points between our debit and credit cards to earn rewards faster. Disclosure Statement: *APR = Annual Percentage Rate. Actors Federal Credit Union VISA Credit Cards feature a non-variable annual percentage rate as low as 7.90%. ActorsFCU offers four types of VISA credit cards. The type of card and interest rate that you approved for will be determined by your creditworthiness and our underwriting guidelines. Not all members will be approved for a credit card. Minimum loan amount is $500. Maximum loan amount is $25,000. The minimum payment on your credit card account will be either (a) the new balance shown on your statement if the amount is equal to or less than $20.00; (b) 3.00% of that portion of the new balance which does not exceed your credit limit (rounded to the nearest dollar), or $20.00, whichever is greater, plus the entire portion of the new balance in excess of your credit limit, plus any amount past due. Payments must be made by the due date shown on the monthly statement. Programs, rates, terms, and conditions are subject to change without notice. This newsletter is not a promise to lend. All loans are subject to credit approval and underwriting guidelines. See full details at https://actorsfcu.com/credit-cards
VISA Credit Card benefits:
If so, you want the lowest interest rate possible!
Take advantage of a fee-free balance transfer with an ActorsFCU VISA card and enjoy our special low introductory rate of 2.90% APR* for six months. After the introductory period, our VISA credit card rates are as low as 7.90% APR*. That’s less than half of the national average for credit card rates! Plus, you'll earn "Member Rewards" points on every purchase. Points are redeemable for brand name merchandise, travel, gift cards, and more. We understand that our members' income and credit scores vary- that's why we offer three levels of VISA Platinum cards. Click on a card on the left to learn more and find the card that's right for you. Disclosure Statement: *APR = Annual Percentage Rate. Actors Federal Credit Union VISA Credit Cards feature a non-variable annual percentage rate as low as 7.90%. ActorsFCU offers four types of VISA credit cards. The type of card and interest rate that you approved for will be determined by your creditworthiness and our underwriting guidelines. Not all members will be approved for a credit card. Minimum loan amount is $500. Maximum loan amount is $25,000. The minimum payment on your credit card account will be either (a) the new balance shown on your statement if the amount is equal to or less than $20.00; (b) 3.00% of that portion of the new balance which does not exceed your credit limit (rounded to the nearest dollar), or $20.00, whichever is greater, plus the entire portion of the new balance in excess of your credit limit, plus any amount past due. Payments must be made by the due date shown on the monthly statement. Programs, rates, terms, and conditions are subject to change without notice. This newsletter is not a promise to lend. All loans are subject to credit approval and underwriting guidelines. See full details at https://actorsfcu.com/credit-cards
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Do you have unresolved issues with your account? The first and best way to resolve account issues to is contact our Member Services department by phone at 212.869.8926, option 6. Our Member Services team is available to take your call Monday through Friday from 9:00 AM to 8:00 PM EST. If your issue is still not resolved, you can confidentially contact our Supervisory Committee via email at sup_com@actorsfcu.com. You may also call 212.869.5655 and leave a message. A member of the Supervisory Committee will return your call promptly. Please keep in mind this line is not intended for day-to-day use.
Monday - Friday | 9:00 am - 8:00 pm EST Call: 212.869.8926
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