Do you want to know about first entertainment credit union? Have you visited different sites but you were unable to get a detailed and accurate information related to this union? Then don’t get disappointed. We are here to provide you all the information which you might needed for this union. So what are you waiting for? Keep scrolling this page and you will come to know everything about this union. Lets start from seeing what are credit unions so that you may understand the service of first entertainment credit union very well.
What are credit unions?
Credit unions serve more than millions of people with its services at a time. If we specifically talk about USA, then there is an active economic population who is involved in credit unions. These unions are not for tex exempt organizations or for profit cooperation. People who are clients of these organisations become active partner of these unions. Their main focus is on managing services in one community. In 2019, there were almost 120.4 million members with credit unions of USA. Some times due to their small sizes they get expensive experiences too but the biggest credit unions are usually undertaken by National Credit Union Administration.
Introduction about First entertainment credit union:
It is a cooperative financial institution and state chartered which is a natural retail credit union. It is controlled and operated by different members which are doing duties of promoting thrifts, providing financial services to all of its members and providing credit at different market competitive rates. Its headquarter is present in Hollywood and California. It is regulated by federal government agency of USA that is National Credit Union Administration with California Department for Financial Institutions. It is credit union of Charter type. Its industry is based on financial services. It was founded in the year 1967. It has 9 number of locations. The president or CEO of this union is Lisa Landt. It serves areas of Entertainment personnel and its families or county of greater Los Angeles. Its products includes checking, mortgages, consumer loans, savings, and online banking. It possess assets of 1.65 billion dollars.
Now lets discuss the history of first entertainment credit union.It was founded by Kenneth Mancebo and many other employees from Warner bros studios. It was founded in the year 1967. It was opened just with forty dollars assets in a small office of Warner bros. Its name was changed from Warner seven credit union to warner bros. It followed a merger with columbia’s credit union of employees in 1973 so after this it became Columbia/Warner bros.
With the time when the credit union was growing, there were different services offered for the employees and also for the customers. That was the time of thinking about changing its name again as it was not justifying the working of this union properly. A name was needed so that it may define their expanded filed for membership. Because of this it was renamed as First entertainment federal credit union in 1984.
Then this union followed the next merger with screenland employers and this was a big hit as it made its assets into double amounts, from forty million to 73 million. Its growth started to reach on peak as it made different mergers with different companies. In 1990, it got merged with A & M recorded employees, las vegas credit union, credit union of paramount studies and with employees unit of six flags.
This state decided to switch from federal level to state charter as it wanted to serve the industry of entertainment and also the increasing membership of companies. In 2002, the first entertainment credit union was having assets of 400 million dollars. Now in 2019, this union is serving almost 400 companies and 85000 members. Now it runs 11 branches in Los Angeles. Two branches are located near Paramount and warner bros and the third one is located near Somy pictures of culver city. Furthermore the other branches are present in Miracle Mile, santa monica, hollywood, santa clarita, studio city and culver city. According to the news of 2019, this union managed to have assets of 1.4 billion dollars now.
First entertainment has approval from NCUA, plus it is governed by a big board of volunteers which is elected by its own members. An interesting thing is that this union also have occupied a corporation which is Media benefits Corporation, that works as a service organisation of credit union. The CUSO was made by NCUA to make a way for pursuing product offers that are generally out of credit union domains. Moreover, Media benefit insurance services is a completely owned service institution called as MBIS. It also works under this union. You know the amazing part that this union offers auto, renters, vehicles, pet coverages and homeowners.
Now its time to discuss its services, as we have mentioned above that it is a financial institution at its full service. The first entertainment credit union offers different types of products and services which are
- Savings and Checking Accounts,
- Money Markets,
- Personal loans
- Vehicle Loans,
- Platinum VisaCredit Cards,
- Auto Loans,
- Real Estate Loans,
- First Time Homebuyer Program
Other than these services it offers its employees the access of an online account with different electronic services which are e-alerts, e-statements, online tutorials, mobile banking and bill pay services with mobile deposits. Their members can also take online loan applications for loan taking. Moreover the prospective members can get membership loan too.
It is also considered as one of the handful companies which are offering Coogan accounts. It is designed for protecting the earnings by child performers. If we discuss some details about Coogan account then let us tell you that whenever a young child do work under contract of entertainment then 15% of his gross earning is saved. These payments are directly deposited and these funds are considered as legal property of minor people. This money left untouched until or unless the people do not reach to the age of majority..
Another amazing thing is that it offers services of 30000 ATM under the network of CO-OP. This also includes 5500 locations of 7 eleven in the U.S and Canada. Moreover it is united with more than thousands
Now its time to discuss about its membership. The membership of first entertainment credit union is open for its retired or current employees. Their families can also get service from this. These companies can take membership through submitting a questionnaire of Select employee group. This questionnaire is available on Website of first entertainment credit union. Furthermore, those people who are working, living, attending school, or worshipping in los angeles can also take membership.
It has a credit union for family memberships which allow families to take membership even if they are not working as an employee there. According to this law, any person who has a blood relation with employee, or adopted son or daughter, or domestic partner can become a part of this membership. If you are thinking about domestic partners then let us clear you its definition. Its basically those people who are residing inside one place for six months and they have a declaration from state that in basis of financial needs they are dependent on each other. The awesome thing is that any family member who is getting selected for this membership would have the same service benefits which the other sponsoring member will get from the first entertainment credit union.
Credit unions VS Banks:
When you are investing in an account, it usually requires small amount of money as compared to the banks. Credit unions just need 5-30 dollars for making an open account. But on the other hand banks are restricted to have an investment of 50-100 dollars deposit. The minimum amount which you need to link with a union is called as share. This share makes the person as a shareholder for the services and membership services of that union.
There has been always a tension between banks and credit unions of United states. In the twentieth century, when people were working to make the unions successful, many bank followers were not in this side and they were resisting against its existence. Different banks and banks related schemes have always tried to put strong anti credit union strategies to resist the unions presence.
But as credit unions are not owing any kind of profit or tax from general public or its member that’s why federal government with state income taxes of United states never took a decision against the credit unions. But credit unions are answerable to pay other taxes such as sales or payrolls.
The way of earning income of credit unions is through getting dividend on their final income of investing in the union. This thing is almost similar to the taxation structure of any bank.
For extending the reach of these unions, it is being planned to take ATM as a part of their business. Unions work with increasing their branch network. Different credit unions work under CO-OP such as first entertainment credit union and then they can use up-to 30,000 ATM with surcharge payment. It also sponsored a feature of share branching. Due to this feature the members of any union can get transaction from any where or at any branch without any disturbance.
Although bank services and bank owners try greatly for resisting the unions to use services of ATM networks and they create huge disturbances as they require certificate of deposit programs. American banker associations has also banned different informative seminars of credit unions. They are always trying to weaken the credit unions through different offers and strategies. As it wants to get the market shares back which credit unions are getting from market.
Credit union to bank conversion:
From 1995, almost 30 unions of united states have been converted into a bank charter from a union charter. It has a huge controversy inside the world of credit unions. These changes are usually take place by the main team of unions or the leader of the credit unions rather than by the employees or the other members. Many people question this thing that how this is in best interest of credit unions or may be it is a mutual beneficial scheme for both the bank holders and credit union holders.
As similarly to the mutual savings raid, the conversion of credit unions have been proved as very lucrative for the credit unions owners and leaders.
The financial consultants of credit unions have suggested that if a union has fifty million dollars then they cannot be opposed for changing it into a bank stock. For opposing the conversion of a credit union to a bank, a union’s six member must take a stand against it. They can object the change as the seat holders of the credit union. Different comparisons have revealed that those unions which have been converted into bank always take more taxes for loans and they give their customers less profit on savings. Regarding this matter, there is a institution which works for the betterment of customers as a non profitable organisation. The name of this institute is national institute of member trust. Those people who are trying to change the unions into banks, this institution is working against them. As this conversion is not a better thing in the favour of customers.
As you guys all know about first entertainment credit union, we hope that now the purpose of reading this segment is fulfilled. You are must thinking to look forward for this credit union and becoming a part of this institution. We would suggest you if you are interested then give a chance to this union as its really prestigious and worth of investing.