Musicians' Interguild Credit Union

Main Branch Address:
817 N. Vine Street
Hollywood, CA 90038
(323) 462-6447 or (323) 462-6471
Fax 323-462-4411
Toll Free (800) 421-4182

Valley Branch:
11440 Ventura Blvd
Studio City, CA 91604
(818) 763-7005
Fax (818) 505-8407
Toll Free (800) 393-3833
www.musicianscu.org

Background

In 2006, the Interguild Federal Credit Union, which served members of the Writers Guild of America, West, Directors Guild of America, Producers Guild of America, and other unions, merged with the Musicians' Credit Union. Originally chartered in 1954 by a group of professional musicians in Southern California for the benefit of the members of American Federation of Musicians Local 47, the Musicians' Credit Union has extended its services to many other Locals nationwide, employees of select employer groups, relatives of all existing members and anyone who lives, works, or worships in the Hollywood area.

What Is A Credit Union?

Credit unions, in contrast to commercial banks and lending institutions, are service organizations existing solely for the benefit of their members to serve their financial needs with understanding and without profit.

A credit union is an organization, chartered by the Congress of the United States, of people sharing a common bond who save their money and make loans to each other from the accumulated funds at low interest rates.

How Does It Operate?

Its members open savings accounts (called "shares") in the credit union, on which interest ("dividend") is paid. Out of this fund, money is loaned to fellow members. The interest income from these loans pays the cost of running the organization and, after paying operational expenses, the remainder is distributed to members as dividends.

Who May Become A Member of the Credit Union?

All members in good standing of the Writers Guild of America, West, Directors Guild of America, Producers Guild of America, employees of select employer groups, and anyone who lives, works, or worships in the Hollywood area, may join. A credit union member's spouse, minor children and grown unmarried children living at home are also eligible. The Credit Union offers lifetime membership provided savings are not withdrawn below the minimum required for membership.

To obtain an application for membership in the Credit Union call (323) 462-6447.

Accounts may be opened as "joint accounts" with another person. However, the joint owner is not a member of the Credit Union.

Who Runs The Credit Union?

A Board of Directors, elected by and from the membership at an Annual Meeting held each year. Officers are elected by and from the Board of Directors.

The Credit Committee, elected by and from the membership, is charged with examining and passing upon the applications for loans.

The Supervisory Committee, appointed by the Board of Directors from the membership, is responsible for auditing all phases of the Credit Union operation.

The Credit Union employs a professional manager and assistants who are responsible to the Board of Directors. In addition, the Credit Union retains the services of a Certified Public Accountant to audit the records.

The Officers, members of the Board of Directors, the Credit Committee and Supervisory Committee all serve without pay. The Credit Union is operated under Rules and Regulations established by the National Credit Union Administration, an Agency of the United States Government and is subject to examination by Federal Examiners each year.

Savings in the Credit Union

A credit union is primarily a savings institution and is dedicated to the promotion of thrift among its members. Dividends are paid on savings at rates periodically declared by the Board of Directors.

For What Purposes Are Loans Granted?

Loans may be granted for any provident or productive purpose. All applications for loans must state the purpose of the loan. Common purposes include: medical expenses, making home repairs, paying taxes, purchasing household appliances, computers, video tape equipment, vacations, automobiles, boats, etc. (Certain collateral required on all loans.)

Interest rates on loans vary depending on the item being purchased. Interest rates are set by the Board of Directors.

Is There Ever Any Prepayment Penalty?

Members may pay off any loan in full at any time before maturity without a penalty. You pay interest only on the money you have out at a given period. There are no hidden charges.

Confidential Nature of Transactions

The personal affairs of all members are held in the very strictest confidence.

A Word About Loan Payments

All Credit Union loans are set up to be repaid by monthly payments. This is necessary for two reasons. The insurance company requires that loans be repaid on a monthly basis to be eligible for loan protection insurance. Secondly, in order to have funds available to other borrowers, the Credit Union must have the cash flow of payments.

Painless Way To Save

You can elect to have all residual checks in your name forwarded to the Credit Union. Contact the Credit Union for details.

How To Join The Credit Union

Visit the Musicians' Credit Union Web site and find out how.