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SirenNews Siren July 2009
Impac t i n g t h e f i nanc i al L i v e s o f M em b er s
The Financial Cooperative Difference SF Fire Credit Union is devoted to serving our members best interests. We’ve come a long way from our humble beginnings in 1951, operating out of a cash box at Engine 17, to our wide-ranging products, services and access – including our newly expanded seven day-a-week call center. In today’s economic environment it’s easy to forget the benefits of membership in a financial cooperative, where the participation of each and every member results in mutually beneficial rewards versus the huge profits generated by banks for the benefit of their shareholders. any form of a loss, all members will share the burden of
Returning Value to Members
The fundamental principal of any financial cooperative is more fees and less than market-leading rates. that by pooling resources, everyone benefits. At SF Fire, our mission is to operate with efficiency and return as Working for the benefit of Our members much of our earnings as possible to members in the form Whether it is setting up a plan to assist you in growing your of affordable loan rates, lower fees and higher returns on savings, buying your first home or paying down your deposits. This simple formula means that when more
debt, we are here to help. Today’s tough economy could
members use the full range of products available to them, be placing some of our members under financial duress, the better the benefit to everyone; conversely, if members and we want to work with you to help you succeed now, only chose to participate with a single product or cause
and in the future.
Pay i n g Y o u M o re . C h ar g i n g Y o u L e s s .
SF Fire Credit Union Ranked #1 Nationwide SF Fire maintains national leadership position among credit unions when measured on returning high value to members in terms of products, services and pricing.* The methodology used to determine ranking is based on a calculation that takes into account a credit union’s performance in comparison to other credit unions.
SF FIre Credit Union
All other Credit Unions
Average Savings Rate
3.48%
2.49%
Average Loan Rate
5.67%
6.61%
Percent Income from Fees
5.01%
12.94%
Return to Member**
*Callahan & Associates, Inc. May 2009. ** Based on Callahan & Associates, Inc quarterly data from December 2008.
Getting Your FICO Score in Shape Your FICO score is the numerical representation of your credit worthiness, which is collected by credit reporting agencies such as TransUnion, Equifax or Experian. The score can be used to decide if you qualify for a loan, what the amount or interest rate will be, plus what other credit limits may apply. The score was developed by the Fair Isaac Corporation and began being used in the late 1980s as a “snap-shot” of consumer behavior and risk. As a method of assessing risk, the FICO score is not limited to financial institutions – landlords, utility companies or potential employers can use it when making a decision about you.
Why is a FICO Score Important? As indicated, your FICO is not only used by financial institutions but can also be used to determine if you get a job, whether or not you can rent an apartment or qualify for insurance. The score itself is calculated from different types of data found in your credit report and is grouped into five different categories, with some categories having more impact on your score than others. Keep these factors in mind when trying to determine why your score is what it is: Payment History
Paying bills on time matters. It is one of the biggest measures used in scoring and the easiest to control. A “clean” payment history (no delinquencies) and lack of adverse public records (bankruptcy, wage garnishment, liens, etc) will have a positive impact on your score. Amounts owed
A ratio of overall debt to available credit is one of the main factors in determining a score. Keeping that ratio lower than 75% is satisfactory but below 30% is better. Fewer accounts with balances, a lower proportion of credit lines used (not maxing out credit cards) and having paid down installment loans (auto loans, signature loans, etc.) can keep the ratio in your favor. Length of Credit History
Accounts that have been open for long periods of time and in good standing (paid on time, a low debt-to-credit ratio) will have a positive impact on your score. Keep in mind that closing an unused credit card may work against you by increasing your debt-to-credit ratio. New Credit
FREE Quarterly FICO Scores SF Fire members can see and monitor their FICO score on their quarterly statements and within Online Banking. Regularly monitoring your credit score allows you to estimate your borrowing capabilities, as well as help spot possible identify theft. The service is free to members but you must register in order to receive it. Login to Online Banking and go to the Records & Information section, or contact us through the Call Center or Web Chat. Rating FICO Scores
Opening new credit accounts all at once, to lower a debt-to-credit ratio, or increase your overall available credit can work against your score -- lenders will submit inquiries to the credit reporting agencies and that activity will be noticed. The exception would be for those with payment history problems who need to re-establish credit history.
Scores help determine tiers, which
Types of Credit Used
660 - 719 B
The number of accounts and the various types of accounts (credit cards, retail credit, auto loans, mortgages, etc.) will impact your credit score. While it is considered generally positive to have established accounts (as in credit history), too many accounts or frequent loans from some finance companies can have a negative effect.
are used to gauge what loan rate or credit limits could apply. FICO SCORE
Credit Tier*
720 - 850
A
630 - 659
C
0 - 629 D
*Tiers are determined according to SF Fire Credit Union guidelines. Credit tiers may vary from institution to institution.
R ates
N o f o re i g n C urrenc y E x c h an g e fee
The Perfect Card for Summer Travel When travelling, take advantage of all the features that your SF Fire Credit Union Platinum Visa™ credit card has to offer, including:
Lost Luggage Locator
Auto Rental Collision Waiver
Lost Luggage Locator Service can help you through the common carrier’s claim procedures or can arrange shipment of replacement items if an airline or common carrier loses your checked luggage.
The Collision Damage Waiver benefit can provide – at no additional charge – reimbursement for damage due to collision or theft up to the actual cash value of most rental vehicles, in the U.S., or abroad.
Other FREE Services »» »»
Pre-trip Assistance Travel Accident Insurance
»»
Emergency Ticket Replacement Assistance
To learn more, contact us at (888) 499-FIRE(3473) or visit us online. 1. Annual Percentage Rate based on credit worthiness. All variable rates, terms and conditions subject to change without notice.
as
low
as
5.75% 1
A n n u al P e rc e n ta g e R at e
SF Fire Credit Union utilizes a fraud protection tool that identifies card activity that falls outside your normal spending patterns – and then “blocks” the card to prevent you from incurring losses associated with identity theft. To avoid inconvenience while traveling, please contact us in advance to notify us of your plans. This prevents unnecessary restrictions being placed on your card(s) while traveling. We’ll need to know the dates and destinations that you’re traveling, as well as your contact information during that time.
B uy i n g P o w e r
Use the Power of AutoSmart for Car Buying AutoSMART® is the online car-buying research tool developed by Credit Union Direct Lending (CUDL) to help you make informed choices and harness your Credit Union financing options with dealerships. The power of AutoSmart comes from the more than 20 million Credit Union members who bring the collective purchasing power of over 650 Credit Unions to 9,500 participating dealerships across the country. Once you have made your decision, simply go to a CUDLapproved dealer, where your vehicle purchase can be approved on the spot. All the paperwork is done at the dealership without you having to visit our branch – plus the added advantage of receiving the same rate and terms you would get from your Credit Union.
For more information contact us at 888) 499-FIRE (3473), come see us at a branch or visit us online at www.sffirecu.org. * Annual Percentage Rate. Based on credit worthiness. Rate reflects a 0.25% discount on loans that have authorized an automated electronic payment method. Rate based on 60-month term.
Here’s how to get started: ›› Go to www.sffirecu.org/education-tools and locate Auto Buying Services ›› Click on the “Start Your Research” button to get to AutoSmart ›› Select your options for researching vehicles ›› Get dealers to compete by submitting your selection(s) online ›› Make an appointment with an AutoSmart dealer ›› Go to dealership for a test drive and to review the vehicle ›› Make sure to remind the dealer SF Fire Credit Union you will be financing with Loan Rates as low as SF Fire Credit Union through CUDL
4.99%
*
S F
F i r e
C r e d i t
U n i o n
Firefighters Corner F i ref i g h t er Oly mp i c s SF Fire Credit Union is a proud sponsor of the 2009 California Firefighter Summer Olympics hosted this year by the Anaheim Firefighters. The games will begin Sunday, July 12th and continue until Friday, July 17th. SF Fire Credit Union wishes all the contestants the best of luck.
14th Annual SF Firefighter Toy Program Fundraiser Fun and dancing to raise funds for the 2009 holiday season WHEN: Friday, July 31, 2009 – doors open at 8:00 PM WHERE: Janet Pomeroy Center (207 Skyline Blvd. San Francisco) TICKETS: $35 per person for advanced purchases. $45 at the door. For more info please contact Marge Donaldson at (415) 777- 0440 In May, Firefighter Paramedic Michael Estrada of Station 17 was injured in the line-of-duty, and the Estrada family wishes to thank the members of the SF Fire Credit Union community for their kind support. N o t i ce t o M em b er s
Oh,Say – Can You Sing? Audition to sing the national anthem – August 4th You are invited to audition for a chance to sing the National Anthem at the September 11th game between SF Giants and LA Dodgers. HOW: Sign up before August 3rd by calling (415) 674-4811 WHEN: Tuesday, August 4th between 10:00am to 4:00pm (FREE hot dogs and sodas from 11:00am to 2:00pm) WHERE: SF Fire main branch at 3201 California Street
sign up today! s h re d d ay We were pleased to get many positive comments about our first Shred Day held at the main branch on May 12th. In response to all the inquiries we have received since then, we are planning on having another Shred Day event in the future. Keep an eye out for more information. Please Note: beginning August 1, 2009, the following Late Payment Fee will apply to all loan products (i.e. credit cards, vehicle, signature or secured loans with the exception of secured Real Estate loans): a monthly payment due that is not paid within 15 days after the due date will have a charge of $15.00 applied.
I M P O R TA N T I N F O R M AT I O N Main Office 3201 California Street San Francisco, CA 94118-1903 Stonestown Branch 565 Buckingham Way San Francisco, CA 94132-1904 Branch Hours Monday - Friday Saturday
8:30 a.m. - 5:00 p.m. 8:30 a.m. - 3:00 p.m.
Call Center & Live Help Hours 7 Days a Week 6:00 a.m. - 10:00 p.m. Telephone (415) 674-4800 (888) 499-FIRE (3473) Apply for a Loan 24/7 By Phone: (888) 499-FIRE (3473) Online: www.sffirecu.org Online Services at www.sffirecu.org • Online Banking including free Bill Payer, free check deposits and free Account-toAccount transfers • Current Rates • ATM Locator • Shared Branch Locator Credit Union Holidays Independence Day – Saturday, July 4 The Branches will be closed. Call Center/Web Chat will be open during its regular hours, from 6:00am to 10:00pm. During Holidays, you can always access your accounts with your ATM/Debit Card, online at www.sffirecu.org or by calling Tellerline at: (415) 674-4800 or (888) 499-FIRE (3473). SF Fire Credit Union’s Service Guarantee SF Fire Credit Union upholds a tradition of excellence and strives to provide exceptional service. We guarantee courtesy, accuracy and promptness at all times. If we do not meet these standards in any way, let us know. We will apologize, correct the issue and credit your account $10, no questions asked.
Impac t i n g t h e f i nanc i al L i v e s o f M em b er s
The Financial Cooperative Difference SF Fire Credit Union is devoted to serving our members best interests. We’ve come a long way from our humble beginnings in 1951, operating out of a cash box at Engine 17, to our wide-ranging products, services and access – including our newly expanded seven day-a-week call center. In today’s economic environment it’s easy to forget the benefits of membership in a financial cooperative, where the participation of each and every member results in mutually beneficial rewards versus the huge profits generated by banks for the benefit of their shareholders. any form of a loss, all members will share the burden of
Returning Value to Members
The fundamental principal of any financial cooperative is more fees and less than market-leading rates. that by pooling resources, everyone benefits. At SF Fire, our mission is to operate with efficiency and return as Working for the benefit of Our members much of our earnings as possible to members in the form Whether it is setting up a plan to assist you in growing your of affordable loan rates, lower fees and higher returns on savings, buying your first home or paying down your deposits. This simple formula means that when more
debt, we are here to help. Today’s tough economy could
members use the full range of products available to them, be placing some of our members under financial duress, the better the benefit to everyone; conversely, if members and we want to work with you to help you succeed now, only chose to participate with a single product or cause
and in the future.
Pay i n g Y o u M o re . C h ar g i n g Y o u L e s s .
SF Fire Credit Union Ranked #1 Nationwide SF Fire maintains national leadership position among credit unions when measured on returning high value to members in terms of products, services and pricing.* The methodology used to determine ranking is based on a calculation that takes into account a credit union’s performance in comparison to other credit unions.
SF FIre Credit Union
All other Credit Unions
Average Savings Rate
3.48%
2.49%
Average Loan Rate
5.67%
6.61%
Percent Income from Fees
5.01%
12.94%
Return to Member**
*Callahan & Associates, Inc. May 2009. ** Based on Callahan & Associates, Inc quarterly data from December 2008.
Getting Your FICO Score in Shape Your FICO score is the numerical representation of your credit worthiness, which is collected by credit reporting agencies such as TransUnion, Equifax or Experian. The score can be used to decide if you qualify for a loan, what the amount or interest rate will be, plus what other credit limits may apply. The score was developed by the Fair Isaac Corporation and began being used in the late 1980s as a “snap-shot” of consumer behavior and risk. As a method of assessing risk, the FICO score is not limited to financial institutions – landlords, utility companies or potential employers can use it when making a decision about you.
Why is a FICO Score Important? As indicated, your FICO is not only used by financial institutions but can also be used to determine if you get a job, whether or not you can rent an apartment or qualify for insurance. The score itself is calculated from different types of data found in your credit report and is grouped into five different categories, with some categories having more impact on your score than others. Keep these factors in mind when trying to determine why your score is what it is: Payment History
Paying bills on time matters. It is one of the biggest measures used in scoring and the easiest to control. A “clean” payment history (no delinquencies) and lack of adverse public records (bankruptcy, wage garnishment, liens, etc) will have a positive impact on your score. Amounts owed
A ratio of overall debt to available credit is one of the main factors in determining a score. Keeping that ratio lower than 75% is satisfactory but below 30% is better. Fewer accounts with balances, a lower proportion of credit lines used (not maxing out credit cards) and having paid down installment loans (auto loans, signature loans, etc.) can keep the ratio in your favor. Length of Credit History
Accounts that have been open for long periods of time and in good standing (paid on time, a low debt-to-credit ratio) will have a positive impact on your score. Keep in mind that closing an unused credit card may work against you by increasing your debt-to-credit ratio. New Credit
FREE Quarterly FICO Scores SF Fire members can see and monitor their FICO score on their quarterly statements and within Online Banking. Regularly monitoring your credit score allows you to estimate your borrowing capabilities, as well as help spot possible identify theft. The service is free to members but you must register in order to receive it. Login to Online Banking and go to the Records & Information section, or contact us through the Call Center or Web Chat. Rating FICO Scores
Opening new credit accounts all at once, to lower a debt-to-credit ratio, or increase your overall available credit can work against your score -- lenders will submit inquiries to the credit reporting agencies and that activity will be noticed. The exception would be for those with payment history problems who need to re-establish credit history.
Scores help determine tiers, which
Types of Credit Used
660 - 719 B
The number of accounts and the various types of accounts (credit cards, retail credit, auto loans, mortgages, etc.) will impact your credit score. While it is considered generally positive to have established accounts (as in credit history), too many accounts or frequent loans from some finance companies can have a negative effect.
are used to gauge what loan rate or credit limits could apply. FICO SCORE
Credit Tier*
720 - 850
A
630 - 659
C
0 - 629 D
*Tiers are determined according to SF Fire Credit Union guidelines. Credit tiers may vary from institution to institution.
R ates
N o f o re i g n C urrenc y E x c h an g e fee
The Perfect Card for Summer Travel When travelling, take advantage of all the features that your SF Fire Credit Union Platinum Visa™ credit card has to offer, including:
Lost Luggage Locator
Auto Rental Collision Waiver
Lost Luggage Locator Service can help you through the common carrier’s claim procedures or can arrange shipment of replacement items if an airline or common carrier loses your checked luggage.
The Collision Damage Waiver benefit can provide – at no additional charge – reimbursement for damage due to collision or theft up to the actual cash value of most rental vehicles, in the U.S., or abroad.
Other FREE Services »» »»
Pre-trip Assistance Travel Accident Insurance
»»
Emergency Ticket Replacement Assistance
To learn more, contact us at (888) 499-FIRE(3473) or visit us online. 1. Annual Percentage Rate based on credit worthiness. All variable rates, terms and conditions subject to change without notice.
as
low
as
5.75% 1
A n n u al P e rc e n ta g e R at e
SF Fire Credit Union utilizes a fraud protection tool that identifies card activity that falls outside your normal spending patterns – and then “blocks” the card to prevent you from incurring losses associated with identity theft. To avoid inconvenience while traveling, please contact us in advance to notify us of your plans. This prevents unnecessary restrictions being placed on your card(s) while traveling. We’ll need to know the dates and destinations that you’re traveling, as well as your contact information during that time.
B uy i n g P o w e r
Use the Power of AutoSmart for Car Buying AutoSMART® is the online car-buying research tool developed by Credit Union Direct Lending (CUDL) to help you make informed choices and harness your Credit Union financing options with dealerships. The power of AutoSmart comes from the more than 20 million Credit Union members who bring the collective purchasing power of over 650 Credit Unions to 9,500 participating dealerships across the country. Once you have made your decision, simply go to a CUDLapproved dealer, where your vehicle purchase can be approved on the spot. All the paperwork is done at the dealership without you having to visit our branch – plus the added advantage of receiving the same rate and terms you would get from your Credit Union.
For more information contact us at 888) 499-FIRE (3473), come see us at a branch or visit us online at www.sffirecu.org. * Annual Percentage Rate. Based on credit worthiness. Rate reflects a 0.25% discount on loans that have authorized an automated electronic payment method. Rate based on 60-month term.
Here’s how to get started: ›› Go to www.sffirecu.org/education-tools and locate Auto Buying Services ›› Click on the “Start Your Research” button to get to AutoSmart ›› Select your options for researching vehicles ›› Get dealers to compete by submitting your selection(s) online ›› Make an appointment with an AutoSmart dealer ›› Go to dealership for a test drive and to review the vehicle ›› Make sure to remind the dealer SF Fire Credit Union you will be financing with Loan Rates as low as SF Fire Credit Union through CUDL
4.99%
*
S F
F i r e
C r e d i t
U n i o n
Firefighters Corner F i ref i g h t er Oly mp i c s SF Fire Credit Union is a proud sponsor of the 2009 California Firefighter Summer Olympics hosted this year by the Anaheim Firefighters. The games will begin Sunday, July 12th and continue until Friday, July 17th. SF Fire Credit Union wishes all the contestants the best of luck.
14th Annual SF Firefighter Toy Program Fundraiser Fun and dancing to raise funds for the 2009 holiday season WHEN: Friday, July 31, 2009 – doors open at 8:00 PM WHERE: Janet Pomeroy Center (207 Skyline Blvd. San Francisco) TICKETS: $35 per person for advanced purchases. $45 at the door. For more info please contact Marge Donaldson at (415) 777- 0440 In May, Firefighter Paramedic Michael Estrada of Station 17 was injured in the line-of-duty, and the Estrada family wishes to thank the members of the SF Fire Credit Union community for their kind support. N o t i ce t o M em b er s
Oh,Say – Can You Sing? Audition to sing the national anthem – August 4th You are invited to audition for a chance to sing the National Anthem at the September 11th game between SF Giants and LA Dodgers. HOW: Sign up before August 3rd by calling (415) 674-4811 WHEN: Tuesday, August 4th between 10:00am to 4:00pm (FREE hot dogs and sodas from 11:00am to 2:00pm) WHERE: SF Fire main branch at 3201 California Street
sign up today! s h re d d ay We were pleased to get many positive comments about our first Shred Day held at the main branch on May 12th. In response to all the inquiries we have received since then, we are planning on having another Shred Day event in the future. Keep an eye out for more information. Please Note: beginning August 1, 2009, the following Late Payment Fee will apply to all loan products (i.e. credit cards, vehicle, signature or secured loans with the exception of secured Real Estate loans): a monthly payment due that is not paid within 15 days after the due date will have a charge of $15.00 applied.
I M P O R TA N T I N F O R M AT I O N Main Office 3201 California Street San Francisco, CA 94118-1903 Stonestown Branch 565 Buckingham Way San Francisco, CA 94132-1904 Branch Hours Monday - Friday Saturday
8:30 a.m. - 5:00 p.m. 8:30 a.m. - 3:00 p.m.
Call Center & Live Help Hours 7 Days a Week 6:00 a.m. - 10:00 p.m. Telephone (415) 674-4800 (888) 499-FIRE (3473) Apply for a Loan 24/7 By Phone: (888) 499-FIRE (3473) Online: www.sffirecu.org Online Services at www.sffirecu.org • Online Banking including free Bill Payer, free check deposits and free Account-toAccount transfers • Current Rates • ATM Locator • Shared Branch Locator Credit Union Holidays Independence Day – Saturday, July 4 The Branches will be closed. Call Center/Web Chat will be open during its regular hours, from 6:00am to 10:00pm. During Holidays, you can always access your accounts with your ATM/Debit Card, online at www.sffirecu.org or by calling Tellerline at: (415) 674-4800 or (888) 499-FIRE (3473). SF Fire Credit Union’s Service Guarantee SF Fire Credit Union upholds a tradition of excellence and strives to provide exceptional service. We guarantee courtesy, accuracy and promptness at all times. If we do not meet these standards in any way, let us know. We will apologize, correct the issue and credit your account $10, no questions asked.
