Intro – Actors Federal Credit Union Reviews & Ranking
Actors Federal Credit Union was recently ranked and reviewed by AdvisoryHQ as a top rated credit union. Firms on our top rated lists were selected after they successfully passed AdvisoryHQ’s ground-breaking, four-step banks and credit unions selection methodology.
Click here for a step-by-step breakdown of the methodology and selection process used during our Actors Federal Credit Union review: AdvisoryHQ’s Methodology for Selecting Top Banks and Credit Unions.
The review below provides a detailed assessment, including some of the factors used by AdvisoryHQ News in its ranking and selection of Actors Federal Credit Union.
Actors Federal Credit Union Review
Actors Federal Credit Union has a fun and interesting background. It was founded in 1962 by actor Conrad Bain, lead actor on the popular sitcom Diff’rent Strokes, and six other members of the Actors’ Equity Association.
Bain and the other founders decided to form a credit union for actors after witnessing many of their fellow actors struggling to obtain credit.
In the 1960s, Actors Federal Credit Union celebrated the sale of their first mortgage to actor Jerry Orbach. In 1979 they celebrated their 10,000th member, who just happened to be Murder, She Wrote actress Angela Lansbury.
In the 1980s, Actors Federal Credit Union experienced growth when it joined forces with leading industry unions and credit unions.
Today, Actors Federal Credit Union serves more than 22,000 members across more than 190 organizations. They are the 50th-largest credit union in New York and hold more than $180 million in assets.
Key Factors Leading Us to Rank This Firm as One of This Year’s Top Credit Union Firms
Upon completing our detailed reviews, AdvisoryHQ included Actors Federal Credit Union in our ranking of this year’s best credit unions based on the following factors.
Actors Federal Credit Union Review: CardNav
CardNav is a debit card protection app that Actors Federal Credit Union offers to customers who want more control over the security of their debit card.
Members who utilize a debit card can download the CardNav app from Google Play or the App Store on their smartphone or tablet.
Once downloaded, members can use the app to:
- Turn their debit card on or off when they like
- Choose when and where their card can be used
- Receive quick notifications that alert them of unauthorized use
- View balances and transactions
- Transfer funds between accounts linked to their card
- Search for nearby ATMs
Photo courtesy of: Actors FCU
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Actors Federal Credit Union Review: eZ Saver
Actors Federal Credit Union’s eZ Saver program makes it easy for members to build up savings while going about their everyday financial routine.
With this program, whenever members use their ActorCash debit card, they have the choice to round up to the nearest dollar and save the money for themselves or donate it. The member chooses where the extra money goes.
The additional change accumulated from rounding up can be deposited into the member’s Savings Account, eMax$ Online, Holiday Club account, or even gifted to another member’s savings account.
Members have the additional option of donating their eZ Saver change to Broadway Cares/Equity Fights Aids, a nonprofit organization that is one of the nation’s largest industry-based HIV/AIDS fundraising and grant-making organizations.
Actors Federal Credit Union Review: eMax$ Online
EMax$ Online is a high-yield online savings account that lets members determine the interest rate that they will earn. The more Actors Federal Credit Union services used, the higher the rate of earning will be.
Interest is earned based on tier levels. The more awards that are accumulated throughout the statement cycle, the higher the tier that applies to the account will be.
Awards are earned for maintaining a Power Checking account, making four or more ActorCash debit card purchases a month, signing up to receive eDocs, and making at least three bill payments a month.
In addition to being easy to earn the top-tier interest rate on this online savings account, the eMax$ Online account has these great benefits:
- No minimum balance requirement
- Interest is posted monthly and is based on the average daily balance
- Funds may be transferred to a Power Checking account
Actors Federal Credit Union Review: Musical Instrument Loans
Actors Federal Credit Union is highly involved in the arts. Because of this, they offer a special loan program specifically for the purchase of musical instruments.
This loan is available for the purchase of musical instruments between $10,001 and $49,999. The musical instrument loan is only available for the purchase of actual instruments and not related equipment such as amps.
Financing is available for seventy-five percent of the appraised price of the instrument or the sales price of the instrument, whichever is lower.
In order to qualify for this type of loan, a member must have at least ten percent of the loan value in an Actors Federal Credit Union Savings Account.
In addition to the above Actors Federal Credit Union review, you can click on any of the links below to browse exclusive reviews of AdvisoryHQ’s top credit unions:
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