SF Fire Credit Union - News

Branches Closed Veteran's Day & Thanksgiving - Call Center & Web Chat Available 7 Days a Week from 6:00AM to 10:00PM

2009-11-09T16:00:00Z

SF Fire Credit Union’s Branches will be closed in observance of Veteran’s Day (November 11th) and Thanksgiving (November 26th).

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

The Credit Union Movement Needs Your Help in Today's Legislative Environment

2009-11-01T07:00:00Z

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.

Right now 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.

Be Informed and Get Involved with Connect for the Cause

Connect for the Cause (click here to go to website) is a 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.

Connect for the Cause is a simple, free, and powerful way to make sure our 24,000 members are heard. Don’t let government and special interests take away choice in the financial services marketplace – and protect your choices as a member of SF Fire Credit Union.

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 Schlarship 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.

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.

'Cash for Clunkers' Car Program Provides Up To $4,500 in Rebates Expires August 24th

2009-07-31T07:00:00Z

The CAR Allowance Rebate System (CARS) is a government program that helps consumers with a $3,500 or $4,500 rebate from the car dealer when they trade in their old vehicle and purchase or lease a new one.

Some details:

Your vehicle must be less than 25 years old on the trade-in date
Only purchase or lease of new vehicles qualify
Generally, trade-in vehicles must get 18 or less MPG (some very large pick-up trucks and cargo vans have different requirements)
Trade-in vehicles must be registered and insured continuously for the full year preceding the trade-in
You don’t need a voucher, dealers will apply a credit at purchase
Program will run through Nov 1, 2009 or when the funds are exhausted, whichever comes first.

The program requires the scrapping of your eligible trade-in vehicle, and that the dealer disclose to you an estimate of the scrap value of your trade-in. The scrap value, however minimal, will be in addition to the rebate, and not in place of the rebate.

Update: JULY 31, 2009 – government funds for the CARS program have been extended by an additional $2 billion dollars due to overwhelming popularity. Get more details about the program at the CARS website by clicking here.

Update: August 24th, 2009 – the U.S. government has announced that the Cash for Clunkers program will expire on Monday, August 24th at 5:00PM Pacific Time. Get more details about the program at the CARS website by clicking here.

Board Elections Notice

2009-07-31T07:00:00Z

The Annual Meeting of Members and Elections to the Board of Directors will be held on Presidents’ Day – Monday, February 15th, 2010 – at the Spanish Cultural Center in San Francisco.

The Nominating Committee will nominate Directors and Supervisory Committee members by October 16th, 2009. Nomination petitions must be received at the Main Branch of SF Fire Credit Union by that date.

You can obtain more information regarding election procedures by writing to:

SF Fire Credit Union

Attn: Chloe Mitchell

3201 California Street

San Francisco, CA 94118

SF Fire Credit Union Featured in CBS5 Consumer Watch Report

2009-07-09T07:00:00Z

San Francisco Fire Credit Union was pleased to accommodate a request by the Consumer Watch team at CBS5 Television to visit the Credit Union to learn more about us and the difference between Credit Unions and Banks. CBS5 Reporter Sue Kwon interviewed CEO Diana Dykstra and several SF Fire Credit Union members – who expressed their appreciation for our low fees…and our beloved candy bowl. Read Article/Watch Video

SF Fire Credit Union Ranks #1 Nationwide in Returning Value to Members

2009-07-01T07:00:00Z

SF Fire Credit Union Ranked #1 Nationwide

SF Fire Credit Union maintains a 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.



Return to Member** All Other Credit Unions

Average Savings Rate 2.49%

Average Loan Rate 6.61%

Percent Income from Fees 12.94%

( * Callahan & Associates, Inc., May 2009. * * Based on Callahan & Associates, Inc., quarterly data from December 2008.)

Impacting the Financial Lives of Members

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.

Returning Value to Members

The fundamental principal of any financial cooperative is that by pooling resources, everyone benefits. At SF Fire, our mission is to operate with efficiency and return as much of our earnings as possible to members in the form of affordable loan rates, lower fees and higher returns on deposits. This simple formula means that when more members use the full range of products available to them, the better the benefit to everyone; conversely, if members only chose to participate with a single product or cause any form of a loss, all members will share the burden of more fees and less than market-leading rates.

Working for the Benefit of Our Members

Whether it is setting up a plan to assist you in growing your savings, buying your first home or paying down your debt, we are here to help. Today’s tough economy could be placing some of our members under financial duress, and we want to work with you to help you succeed now, and in the future.

Credit Unions Turn 100

2009-06-01T07:00:00Z

More than 100 years ago, in a response to avoid being charged excessive costs on loans from lenders, the first laws were passed in Massachusetts recognizing the creation of member-owned credit unions. The idea caught on and served as a model for other states to pass similar laws, which helped grow the credit union movement across the country.

Owned by Members, Not Shareholders

Today, while banks receive the attention of the press, credit unions stand out as a bright spot amid the housing and credit crisis. As was the case back in 1909, credit unions have one major advantage over banks: they are owned by, and serve, their members. They are considered “not-for-profit” because they operate to serve the membership rather than to maximize profits.

How Credit Unions Work

The mission of credit unions is to return as much value to members as possible by generating a small profit (i.e. “surplus”). These earnings are returned to members in the form of more affordable loans, a higher return on savings, lower fees, or new products and services. This has been the outlook of credit unions for close to a century.

Credit Unions Across the Country

Today, nearly 8,300 credit unions collectively serve more than 90 million members in the United States. Credit unions continue to thrive because they are built on a history of people helping people and providing financial services to the communities they serve. It is these strengths — an engaged membership and strong ties to community — that will keep credit unions prosperous and vital for another 100 years.

Making Credit Cards Work for You

2009-05-13T07:00:00Z

Recently, some credit card issuers have taken measures to turn credit cards into a burden by arbitrarily increasing rates and penalties or lowering limits. These actions might make the idea of using or getting a credit card intimidating. It doesn’t have to be that way, as not all credit cards are the same. Here are four basic issues to examine closely when looking for, or using, a credit card:

What are the Fees?

Be aware of any fees and how or when they are applied. Minimize them as much as possible. The most common types of fees include the annual fee, late fee and over-the-limit fee. There can be fees for paying your account over the phone, making a balance transfer, requesting additional copies of your statement, or for taking cash from an ATM machine.

What is the Length of the Grace Period?

The grace period is the amount of time allowed to pay a balance in full. After that, a finance charge is added. It is usually expressed in days, starting from the billing date, i.e. “25 days from the billing date.” It’s better to have a longer grace period, since it gives more time to pay a bill without incurring a cost for the basic convenience of using credit.

What’s the Annual Percentage Rate?

The annual percentage rate (APR) is the percentage fee applied to balances that remain on the credit card past the grace period. Also, a rate can be fixed or variable. The lower the APR, the lower your finance charge will be when you have a remaining balance. Most credit cards have a different APR for purchases, balance transfers, and cash advances. Make sure you know the APR for each.

Are There Rewards?

Some credit cards offer rewards applied to the use of the card in the form of points. Review the reward structure and find out how points accumulate, or what the redemptions are (cash, travel points, etc). Find out if there is an annual fee to participate in a rewards program or if points expire after a certain period of time.

New Rules & Guidelines for Fixed-Rate Mortgages Impact Pricing and Processing

2009-04-20T07:00:00Z

   Quick Links

Factors that Impact Fees

1. Loan-to-Value

2. Credit Scores

3. Property Type

4. Taking Cash-Out

Changing Loan Limits

1. Temporary High Balance         Loan Limits

2. Permanent Loan Limits

Loan Processing Takes         Longer

1. Locking Your Rate

2. Locking After Appraisal

3. $795 Flat Fee

4. Begin the Application         Process Early

Adjustable Rate Loans Have         No Fees and Fewer         Restrictions

Many of our members are watching the housing and mortgage markets closely as they prepare to purchase a new home, or refinance their current home loan.

With so much information circulating in the media, what can be overlooked are the new rules and guidelines that lenders must abide by concerning fixed-rate mortgages.

These changes come in the wake of the “mortgage meltdown”, and are reminiscent of guidelines in place before the real estate boom of the past decade.

We encourage all borrowers to be informed, as it helps establish realistic expectations concerning rates, fees and the actual loan process.

Factors that Impact Fees

We understand that members are interested in securing a low, fixed-rate mortgage, either for a new home or to refinance an existing loan.

New fees however, are affected by many factors:

the Loan-to-Value amount,
your Credit Score,
the Type of Property,
and whether or not you’re seeking to get Cash-Out (with a refinance).

These fees can be paid in one of three ways:

Paid in cash at closing,
Added to the amount of the loan, or
Converted into a rate increase on the loan itself.

1. Loan-to-Value

Loan-to-value can affect fees, in particular, how it correlates to your credit score, as described below. Keep in mind that the value of the property is based on the professional appraisal associated with your loan application – and not estimated property values found on real estate websites such as zillow.com or housevalues.com. For this reason, it is not possible to provide exact rates or fees at the time of application as we won’t yet have a professional appraisal, or your credit report.

2. Credit Scores

Credit scores can have an impact on your loan fees. Borrowers with higher credit scores and lower loan-to-value amounts will see little to no fees – while those with lower credit scores and higher loan-to-value amounts may incur a fee of up to 3% of their total loan amount.

Additional Fee Structure based on Credit Score (Percentage of Total Loan Amount)

Credit Score Loan-to-Value 75% – 80% Loan-to-Value 80% – 85%
Over 740 None None

720 – 739 0.25% None

700 – 719 0.75% 0.50%

680 – 699 1.50% 1.00%

Less than 620 3.00% 3.00%

Please note: Loans with a loan-to-value that exceed 80% will be subject to additional underwriting conditions AND private mortgage insurance—which will increase your payment but lower the additional fee.

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3. Type of Property

The type of property can affect your loan fees. Borrowers are who are purchasing or refinancing a condominium, investment property or multiple units will incur additional fees up to 3% of their total loan amount.

Additional Fee Structure for Property Type (Percentage of Total Loan Amount)

Please note: More than one “property type” fee can apply to a single loan. For example, a 2-unit investment property with a 75% loan-to-value would have an additional fee of 4%.

Property Type Loan-to-Value 75% – 80% Loan-to-Value 80% – 85%
Condominium 0.75% 0.75%

Investment Property 3.00% 3.75%

2-Unit Property 1.00% 1.00%

3 to 4-unit Property 1.00% 1.00%

Please note: Loans with a loan-to-value that exceed 80% will be subject to additional underwriting conditions AND mortgage insurance—which will increase your payment.

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4. Taking Cash-Out

Taking cash-out when refinancing can also affect fees. Borrowers who take cash-out of more than $2,000 are subject to an additional fee, which is correlated to their credit score and loan-to-value, and can be up to 3% of the total loan amount.

Additional Fee Structure for Cash-Out (Percentage of Total Loan Amount)

Please note: The additional fee for taking cash out is separate from the loan-to-value fee listed above.

Credit Score Loan-to-Value 75% – 80% Loan-to-Value 80% – 85%
Over 740 0.50% 0.625%

720 – 739 0.75% 1.50%

700 – 719 0.75% 1.50%

680 – 699 1.375% 2.50%

Less than 620 — 3.00%

Please note: Loans with a loan-to-value that exceed 80% will be subject to additional underwriting conditions AND mortgage insurance—which will increase your payment.

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Changing Loan Limits

Temporary High Balance Loan Limits

Temporary high balance loan limits have been implemented for loans that are applied for (and funded) in 2009. These higher loan limits are available to borrowers who meet certain criteria regarding their credit score and the loan-to-value of their mortgage.

To qualify for the Temporary High Balance Loan Limit, any loan-to-value greater than 75% will require a credit score higher than 700; any loan-to-value less than 75% will require a credit score higher than 660.

Loan limits vary by county, and you can view California’s Temporary Loan Limits here.

Permanent Loan Limits

Permanent loan limits dictate the maximum allowable loan amount for borrowers who do not meet the credit score and loan-to-value criteria listed above.

These loan limits also vary by county, and you can view California’s Permanent Loan Limits here.

Loans Less than $417,000 Qualify for Conforming Rates

Borrowers will typically see two types of advertised mortgage rates. Conforming Rates apply to loans less than $417,000. Jumbo Rates (sometimes referred to as High Balance) apply to loans that are greater than $417,000. Conforming rates are typically lower than their jumbo rate counterparts. Being aware of this can help you better understand advertised rates – and have realistic rate expectations.

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Loan Processing Taking Longer

When the housing market slowed down in late 2007 and 2008, the appraisers and title companies who provided services to process loans eliminated a significant portion of their workforce. The current purchasing and refinancing “boom” – and a return to stringent guidelines – has left these companies woefully understaffed and slow to respond to demand. A process that once took several days now requires weeks and has impacted the time needed to process your loan.

A Typical Schedule for Processing a Loan

Week 1 – You’ll receive a contingent loan approval and a disclosure, including estimated rate and fees
Week 2 – Credit Union awaits official credit report, verifications and other paperwork requested of the borrower
Week 3 – Title policy and appraisal are ordered
Week 4 – Title and appraisal pending
Week 5 – Title and appraisal received by Credit Union
Week 6 – Loan processed by the Credit Union
Week 7 – Finalized loan approval including the option to lock rate and fees
Week 8 – Loan processing completed, and document signing at the title company (or a location convenient to you) can be arranged. Scheduling is contingent on the title company’s availability

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   Quick Links

Factors that Impact Fees

1. Loan-to-Value

2. Credit Scores

3. Property Type

4. Taking Cash-Out

Changing Loan Limits

1. Temporary High Balance         Loan Limits

2. Permanent Loan Limits

Loan Processing Takes         Longer

1. Locking Your Rate

2. Locking After Appraisal

3. $795 Flat Fee

4. Begin the Application         Process Early

Adjustable Rate Loans Have         No Fees and Fewer         Restrictions

Locking Your Rate

Members who are watching rates and trying to anticipate the right time to “lock” need to know that doing so is more involved than contacting us when they see a low advertised rate that appeals to them. As outlined above, there are many factors that impact the final pricing of a loan that are not known at the time of application. Getting the process started early puts you in a better position to act quickly and get the best possible pricing.

Rates Can Be Locked Upon Completion of Appraisal

Once the Credit Union has received and reviewed your appraisal (usually by week 4 – see above), it is in a position to quote a rate and fees.

At that time you will have the option to lock – but are not required to do so until the time documents are drawn by the Credit Union. Rate-sensitive borrowers should understand that once they’ve exercised the option to lock the rate they are committed to it. Making a change to the rate after the lock can result in substantial fees and delays in the loan process.

$795 Loan Processing Flat Fee for Fixed-Rate Mortgages

Beginning May 1st, the Credit Union’s flat fee for processing fixed-rate mortgage will be $795¹, which will include:

Appraisal
Appraisal Review
Courier / Fed Ex
Credit Report
Document Preparation
Flood Zone Certification
Underwriting
Tax Service
Wire Transfer
Processing

¹ Applies to California properties only, and does not include title and escrow fees. The flat fee for adjustable rate mortgages remains at $575 (see details below²).

Begin the Application Process Early

Whether buying or refinancing, it’s a good idea to get started earlier rather than later. If you’re trying to get the best rate possible, be aware of the new guidelines so you have realistic expectations. You can apply for a SF Fire Credit Union home loan – and check the status of an existing application – online, 24 hours a day, seven days a week here.

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Adjustable Rate Loans with No Fees & Fewer Restrictions 2

Borrowers who are overwhelmed with the new fees (or can’t qualify under the new guidelines) associated with fixed-rate mortgages should remember that SF Fire Credit Union continues to offer adjustable rate mortgages with attractive rates, fewer restrictions and none of the fees outlined above. You can learn more about our adjustable rate mortgages here.

² With the exception of SF Fire Credit Union’s flat fee of $575, which includes: appraisal, credit report, underwriting, document preparation, appraisal review, processing, tax service, wire transfer, flood zone certification and courier service. Flat fee does not include title and escrow fees.

<font>Credit Score</font>	<font>Loan-to-Value 75% – 80%</font>	<font>Loan-to-Value 80% – 85%</font>
<font>Over 740</font>	<font>None</font>	<font>None</font>
<font>720 – 739</font>	<font>0.25%</font>	<font>None</font>
<font>700 – 719</font>	<font>0.75%</font>	<font>0.50%</font>
<font>680 – 699</font>	<font>1.50%</font>	<font>1.00%</font>
<font>Less than 620</font>	<font>3.00%</font>	<font>3.00%</font>

<font>Property Type</font>	<font>Loan-to-Value 75% – 80%</font>	<font>Loan-to-Value 80% – 85%</font>
<font>Condominium</font>	<font>0.75%</font>	<font>0.75%</font>
<font>Investment Property</font>	<font>3.00%</font>	<font>3.75%</font>
<font>2-Unit Property</font>	<font>1.00%</font>	<font>1.00%</font>
<font>3 to 4-unit Property</font>	<font>1.00%</font>	<font>1.00%</font>

<font>Credit Score</font>	<font>Loan-to-Value 75% – 80%</font>	<font>Loan-to-Value 80% – 85%</font>
<font>Over 740</font>	<font>0.50%</font>	<font>0.625%</font>
<font>720 – 739</font>	<font>0.75%</font>	<font>1.50%</font>
<font>700 – 719</font>	<font>0.75%</font>	<font>1.50%</font>
<font>680 – 699</font>	<font>1.375%</font>	<font>2.50%</font>
<font>Less than 620</font>	<font>—</font>	<font>3.00%</font>

<font>Return to Member**</font>	<font>All Other Credit Unions</font>
Average Savings Rate	2.49%
Average Loan Rate	6.61%
Percent Income from Fees	12.94%