SF Fire Credit Union - News

2010 Arthur F. McIntyre Scholarship Winners Announced at Annual Meeting

2010-02-17T08:00:00Z

The winners of the 2010 Arthur F. McIntyre Scholarship have been announced, and we wish to congratulate the following members on their being selected:

Jennifer Lynn Glosser, who attends San Benito High School and lives in Hollister, CA.

Christine Sifferman, who attends Clayton Valley High School and lives in Concord, CA.

Christopher M. Lorenz, who attends UC Davis and is from South San Francisco, CA.

Michael Murphy, who attends Franklin W. Olin College of Engineering and is from Yountville, CA.

Shred Day (Sensitive Document Destruction) - April 27th

2010-02-16T08:00:00Z

Join us Tuesday, April 27th for SF Fire Credit Union's Annual SHRED Day

An industrial shredding truck will be on-site at our California Street and Stonestown Branch on April 27th and you're invited to bring any personal documents to be destroyed. Take advantage of this opportunity to get rid of the piles of old paperwork you have laying around. Avoid the possibility of your information or identity being stolen by disposing of confidential or financial documents in a safe way by bringing them to the Credit Union where they'll be DESTROYED on the spot.

Main Branch 8:30AM - 12:30PM

Stonestown Branch 1:00PM - 5:00PM

Items besides paper and cardboard that can be shredded include:

Credit Cards
CD-ROMs/CD-Rs/DVDs
X-Rays
Videotapes
Cassette Tapes

You do NOT need to remove paper clips, staples or binder clips. See you then!

Economic Climate Impacts Credit Cards - Rising Rates in the Marketplace

2010-01-29T08:00:00Z

Those who have an interest in the economy might be confused as to where we stand in regards to a recvovery. Has it started? Has it stalled? Is it robust? Answers and opinions will vary depending on the publications you read, websites you surf or financial shows you watch. One area of agreement among economists – and pundits – is the negative impact that continued high unemployment has on the financial services marketplace.

Unemployment Effects Borrowers and Lenders

The Borrower: Unemployment has an (obvious) impact on the abiity of borrowers to make payments on their loans. Making late payments – or not making payments at all – can unfortunately result in stress, damaged credit scores and the inability to obtain credit in the future.

The Lender: As more borrowers fall behind or stop making payments on their loans, the lender can become financially stressed. They’re earning less income than expected from their loans – or have incurred losses from those who will never repay.

Credit Card Fees & Interest Rates on the Rise

Credit Card issuers who face increasing delinquencies have several methods to help offset their losses.

Increase Fees: Implementing or raising fees in a common way for Credit Card issuers to generate income quickly to offset losses. SF Fire Credit Union has held the line with our Visa Credit Card which has always been – and continues to be – a ‘fee-friendly’ card:

Application Fee: NONE
Annual Fee: NONE
Balance Transfer Fee: NONE
Cash Advance Fee: NONE
Foreign Transacton Currency Exchange Fee: NONE
Over Limit Fee: NONE
Late Payment Fee: $15

Increase Rates: Many Credit Card issuers have dramatically increased their rates int he past 6 to 8 months. SF Fire Credit Union has implmented modest increases to our Visa Credit Card rates while continuing to offer a significant value in the Credit Card marketplace of 2010:

Variable-Rate Option
7.90% to 18.00%

Please note that any SF Fire Credit Union cardholder will be notified directly (and in advance) should there be any changes to the rate associated with their particular card.

(Rates shown are Annual Percentage Rate and are based on the creditworthiness of the cardholer.)

Traditional and Roth Individual Retirement Accounts Compared

2010-01-28T08:00:00Z

Individual Retirement Accounts (IRAs) form a large part of the financial landscape and can help offset taxes, with the additional benefit of contributing to a well-rounded retirement plan or savings for a child's education. You can enjoy the benefits of compounding growth and tax savings, but with several varieties of IRAs available it can get a little confusing. Learning some key components is a good first step to understanding the benefits of these accounts.

Traditional Individual Retirement Account

Traditional IRAs are retirement accounts where contributions may be tax deductible if you are not covered by your employer's retirement plan. If you do participate in a company pension or 401(k) plan, you still may be able to deduct contributions to a Traditional IRA depending on your income or filing status (consult your tax advisor).

There is no maximum income limit associated with the Traditional IRA.

Individuals may contribute up to $5,000 ($6,000 if age 50 or older) in 2010. The investment grows tax-free until it's withdrawn, usually after age 59½. Money withdrawn before age 59½ will usually result in a 10% tax penalty, but there are some exceptions and additional penalties may vary from institution to institution.

Roth Individual Retirement Account

The most notable thing about a Roth IRA is that withdrawals are tax-free if the account has been open for at least five years and you’re at least 59½ when you start to withdraw money. Contributions to a Roth are not tax deductible, however.

Individuals may contribute up to $5,000 ($6,000 if age 50 or older) in 2010. It is important to note that in order to invest in a Roth IRA, your income can not be higher than $95,000 or $150,000 combined if married.

Reminder: Contributions for the 2009 tax year can still be made to IRAs (Traditional and Roth) any time before the April 15 tax deadline, up to the contribution limit for that year.

Please Note:
Contribution limits are based on modified adjusted gross income (AGI). Your limit may vary. Consult IRS Publication 590 or a tax professional for details.
The catch-up contribution is applicable only to the calendar year where the holder turns 50 years of age, not the previous year. Note: For each of the accounts listed above, there are specific criteria to be met in order to qualify for both opening and contributing to the account.
Penalties and early withdrawal fees may vary. Please contact your financial institution for more information.

Rebalancing Your Assets: Time for an Investment Portfolio Check-Up

2009-12-24T08:00:00Z

Time for a Portfolio Check-Up

Do you own investments such as mutual funds, which you've held for years? Are you fuzzy on the objective of the funds and how they have performed relative to their benchmarks? Has it been a while since anyone has taken time to review and analyze your holdings? If this sounds like you, the New Year presents an opportunity to conduct a portfolio check-up with our CFS* Financial Advisor. We employ tools such as Morningstar to analyze our Member's fund positions.

Rebalance to Avoid Unecessary Risk

According to the College For Financial Planning, less than 45% of investors actively rebalance their portfolios after the initial allocation. Over time, the asset mix in a portfolio can begin to drift from its original allocation – this is especially true during periods of extreme volatility. If an asset class performs well for an extended period of time, it can grow to become a higher percentage of a portfolio and subsequently have a much higher impact on the intended overall risk and return of the portfolio going forward. Rebalancing can be a crucial element in helping to reduce risk while ensuring a portfolio remains aligned with an investors intended investment plan.

We are Available to Help

Get the answers to your questions from a professional with more than twenty years in the investments business: our Financial Advisor, Stephen Seewer. Stephen is a full-time employee of SF Fire Credit Union and is registered through our broker-dealer with CUSO Financial Services, L.P. He is available to meet you at either of our locations – including Saturdays. You can reach Stephen at 415-674-4846 or sseewer@sffirecu.org.

*Investment products and advisory services offered through CUSO Financial Services, L.P. (CFS), an independent broker/dealer and SEC Registered Investment Advisor, are not NCUA/NCUSIF or ASI insured, not Credit Union guaranteed and may lose value. Representatives are employed by San Francisco Fire Credit Union and registered through CFS. (Member FINRA/SIPC)

Homebuyer Credits Expanded and Extended

2009-12-23T08:00:00Z

First-Time Home Buyer

The Worker, Homeownership and Business Assistance (WHBA) Act of 2009 expands the first-time home buyer¹ credit to $8,000 and extends the deadline for qualifying purchases to April 30, 2010. Additionally, if a buyer enters into a binding contract by April 30, 2010, the buyer has until June 30, 2010 to settle on the purchase.

Long-Time Resident Credit Added

The new law also provides a "long time resident" credit of up to $6,500 to those who:

Do not qualify as "first-time homebuyers" but are buying a replacement principal residence.
Must have owned and used the same home as principal or primary residence for at least five consecutive years of the eight-year period ending on the date of purchase of a new home as a primary residence.

New Requirements

Several new restrictions on purchases that occur after Nov. 6, 2009 go into effect with the new law:

Dependents are not eligible to claim the credit.
No credit is available if the purchase price of a home is more than $800,000.
A purchaser must be at least 18 years of age on the date of purchase.

Additional Information

More information can be found by searching for the First-Time Homebuyer Credit on the Internal Revenue Services website at www.irs.gov.

1. A first-time home buyer is defined as abuyer who has not owned a primary residence during the three years up to the date of purchase.

Research All Your Home Loan Options with SF Fire Credit Union HERE

No Minimum Balance Requirement on Money Market Account

2009-11-30T08:00:00Z

SF Fire Credit Union has removed the $100 minimum balance requirement for the Money Market Account. As a result, account holders will notice an increase of the amount of funds available for withdrawal.

SF Fire Credit Union cited in MONEY Magazine - "If They Built the Perfect Bank"

2009-11-25T08:00:00Z

San Francisco Fire Credit Union has been cited in the December 2009 issue of MONEY Magazine which includes an article (“If They Built the Perfect Bank”) that outlines the five items that consumers want and need most in a financial institution. We’re pleased to have been recognized for our ability to ‘Deliver Real Service’, and want to thank our staff for the work they do each and every day in serving our members. The article (retitled “5 reasons banks don’t get it – and a few banks that do”) is also available online. Read Article

Employee Pumpkin Contest Winner

2009-11-02T08:00:00Z

Thanks to all those who submitted an entry in this year’s competition.

A total of 395 entries were cast online and at the main branch, with the winner receiving 132 votes (or 33 percent).

The winning entry (shown below) was created by SF Fire’s Lending Department, stealing the title away from the Main Branch who won in 2008.

Congratulations to the winner and good luck next year to the other departments!

2009 Pumpkin Competition Winner – Lending Department

Credit Unions Under Attack from the Banking Lobby

2009-11-01T07:00:00Z

Be Informed and Get Involved with Connect for the Cause

Connect for the Cause (click here to visit the website) is a free web-based network that alerts you when Congress or the State Legislature is about to vote on or consider legislation which would affect Credit Unions. It not only keeps you informed, but allows you to quickly send your elected officials a message.

Speak Up for Your Credit Union

The not-for-profit Credit Union movement is regularly attacked by the banking and retail industries. If they get their way, many of the benefits that you enjoy as a member of SF Fire Credit Union could disappear – but you can help us fight back.

February 2010 Update: Independent Community Bankers Association (ICBA) Launches Grassroots Campaign to Block Credit Union Friendly Legislation

Congress is very close to creating a massive “jobs” bill to address high unemployment rates. Credit Unions have been working with Congress to offer a taxpayer free solution to this problem, but have hit a road block from banks.

Currently, Credit Unions are arbitrarily capped in making small business loans at 12.25% of their total assets. If Congress extended this cap to 25%, Credit Unions could create approximately $10 billion in economic growth (and over 108,000 jobs) in the first year of lending – an economic stimulus that doesn’t cost the taxpayer a dime.

Banks have gone to great lengths to stop Congress from adding this provision to the new “jobs” bll. They continue to make outrageous claims that Credit Unions are not “fit” to handle business lending or that raising the cap will only help a few Credit Unions – an that Credit Unions will not help America’s struggling small businesses. Please take action today and tell Congress to support jobs creation – by supporting Credit Unions!

Pending Issues: Retailers Want to Cap Interchange Fees They Pay to Credit Unions

Congress is considering legislation which would cap the interchange fee that a Credit Union recieves from retailers when you use the Credit Union’s debit or credit card to make purchases. Major national retailers such as Wal-Mart and 7-Eleven have been actively misleading Congress into thinking that interchange fees are simply “another bank fee”. The fact is that if interchange fees paid by retailers were reduced and could no longer support card programs, members could end up paying more to use debit and credit cards – or worse – some Credit Unions might no longer be able to offer cards at all.

Employee Pumpkin Contest - Cast Your Vote

2009-10-19T07:00:00Z

Welcome to the 2009 SF Fire employee pumpkin decorating contest!

Each year, the departments within SF Fire Credit Union compete for “bragging rights” for who can create the best, most creative pumpkin for Halloween.

We’ve always had the pumpkins on display (and the voting) at the Main Branch on California Street. This year, we’ve brought the vote online for all members to enjoy.

Please vote for your favorite pumpkin by clicking on the gray box beside the entry title and click on the “submit” button below.

2010 Arthur F. McIntyre Scholarship Application Now Available

2009-10-01T07:00:00Z

Entries of original essays are now being accepted for San Francisco Fire Credit Unions 2010 Scholarship Program.

Scholarships of $1,000 each will be awarded to two full-time high school students and two full-time college students.

Deadline for Submission

Submissions, including all requirements, must be received at the Credit Union by January 15, 2010. DEADLINE EXTENDED to January 29, 2010.

Download the packet here, or stop by one of our branches to pick one up, or contact us to mail one to you.

Winners will be announced at the Annual Meeting of the Members on February 15th, 2010.

The Credit Card Reform Act and You

2009-09-01T07:00:00Z

This past Spring the Obama Administration passed legislation affecting issuers of credit cards which will come into effect in February 2010. The Act is designed to improve transparency on the part of issuers and introduce consumer protections that limit the ability of issuers to modify interest rates and fees on their credit cards whenever they wish.

Being Consumer-Friendly

This is (potentially) good news. Even better news is that SF Fire Credit Union will not need to make any of these changes to your credit card, as our card already complies with the Credit Card Reform Act. We have no confusing due date cycles, no universal default rates, no surprise interest rate hikes and no double cycle billings.

Bank-Issued Credit Will Be Harder to Get

Here is the bad news (for those still inclined to keep bank-issued credit cards): Banks fully intend to make up any income they’ll lose as a result of these reforms. Here’s how:

Less credit will be available generally, which means some consumers will not be able to obtain credit cards at all (particularly younger people). Others will have smaller credit lines.
In some cases, higher interest rates will need to be charged to cover the increased risk.
Those who have managed their credit well and currently have very good credit card deals will find that card companies are limited in their ability to distinguish between them and those that have credit problems. The result will be some subsidy from those that manage their credit well to those that have problems, affecting negatively the terms the former will receive.¹

In a nutshell, banks are not happy about how credit card reform will impact their business model. In the next year or so, credit card issuers intend to make up for any lost profit by preemptively adjusting rates, fees and terms prior to February 2010.

The Member-Friendly Choice

You could avoid all this drama and bring your credit card business to SF Fire.

After all, our credit card didn’t need reforming. It’s the same great card today as its always been — no games, gimmicks, or tricks — just a member-friendly credit card with a great rate and virtually no fees.

¹ The three bullet points above are taken directly from a May 19, 2009 Press Release issued by Edward L. Yingling, President and CEO of the American Bankers Association (ABA).

SF Fire Credit Union Member Sings National Anthem at AT&T Park on September 11th

2009-09-01T07:00:00Z

Darrell Stone at AT&T Park

Thank you to the 12 members who dropped in at our California Street branch on August 4th and auditioned to sing the National Anthem.

Congratulations to SF Firefighter Darrell Stone (Station 32) who was selected by the San Francisco Giants and KNBR Radio to perform the National Anthem at the September 11th sold-out game against the Los Angeles Dodgers.

The ceremonies also included a special fly-over by the California Naval Air Systems China Lake in commemoration of the day’s 9/11 events.

SF Fire Credit Union will be posting the video when it is made available to us.

Cooperating to Benefit All Members

2009-07-31T07:00:00Z

The Credit Union Movement

Credit Unions have been helping people by providing financial services to the communities they serve for over 100 years. While many understand the Credit Union business model of being a financial cooperative with the goal of returning as much value to members as possible – they might be surprised at the level of cooperation and partnerships that exist amongst Credit Unions to bring enhanced services to all 90 million members across the United States.

Shared Branch Network

Credit Unions joined together in a cooperative effort to bring members the convenience of the CU Service Centers^® Network. Members can perform many financial transactions and obtain services at branches of Credit Unions other than their own. This sharing of resources allows participating Credit Union members access to over 6,100 branches nationwide, matching Bank of America.

ATM Network

Credit Unions also joined together to form the Co-op™ Network to provide Credit Union members access to over 28,000 surcharge-free ATMs (including over 9,000 which accept deposits) throughout the United States and Canada – as compared to the 18,000 offered by Bank of America^®. This is another example of Credit Unions helping Credit Unions provide our collective membership expanded services which best the big banks.

Auto Buying Services

AutoSmart is the car buying tool developed by Credit Union Direct Lending (CUDL) to help Credit Union members make informed car-buying choices and utilize their Credit Union financing options at dealerships. The pricing, service and financing benefits of AutoSmart™ come from the more that 20 million Credit Union members who bring the collective power of over 650 Credit Unions to 9,500 participating auto dealerships across the country.