With some of the largest banks failing and taxpayers funding the bailouts, Mission SF has been fielding more and more questions about how we are weathering this economic storm. Credit Unions are the Safe and Smart Choice
Credit Unions are the safest place for your money, since we have not been involved in the subprime mortgage market, nor in the kinds of investments that have sunk many banks. The Wall Street Journal wrote an article that promotes local credit unions as the safest alternative. http://online.wsj.com/article/SB121978460014474069.html?mod=googlenews_wsj
KCAL-Channel 9 featured a story contrasting the safety of credit unions to that of banks. Click here to see video.
"Credit unions, which already often offered better rates and lower fees than commercial banks, are booming" (Reuters) Click here to read full article
Mission SF is Safer and Stronger Than Ever
Your money is safe here at Mission SF- each account is insured up to $250,000 by the National Credit Union Administration. The NCUA is for credit unions what the FDIC is for banks-- the agency that insures account balances. Mission SF FCU has also increased its equity reserves for the last 8 years in a row. Mission SF is a safe and secure place for your money.
People Versus Profit
A key difference between banks and Mission SF is that we are nonprofit, meaning we put people and quality service first. Banks are for-profit, meaning money and the bottom line always come first. When a bank does well, a small group of shareholders profits. When Mission SF does well, all of our members benefit, because every member is a shareholder. Mission SF is a safer, smarter alternative. Click here for a video on the difference between banks and credit unions.
What is Mission SF?
Mission SF FCU is a growing community development credit union serving the Greater Mission in San Francisco. Mission SF FCU is managed by CEO Salvador Duran. Mission SF FCU specializes in serving low-income individuals, immigrants, entrepreneurs, and youth. Mission SF FCU provides members with a chance to repair and rebuild their credit; counseling to better manage their finances; various microfinance savings and loan products (often providing members with their first loan); and education and training through our non-profit affiliate Mission SF Community Financial Center. The Center provides education and training for youth through its Youth Credit Union Program, as well as youth employment and adult financial education training.
PAYDAY ALTERNATIVE LOAN (Salva Vida/Lifesaver Loan)
Mission SF Federal Credit Union has launched a Payday Alternative Lending (PAL) program, called Salva Vida/Lifesaver. Our PAL has an interest rate of 18 percent, 20 to 40 times cheaper than traditional payday lenders, who often charge more than 460 percent. And unlike traditional payday lenders, Mission SF offers free individual financial counseling and an asset building component with every payday alternative loan.
Who is eligible to join Mission SF Federal Credit Union?
Individuals who live, work, worship, or associate with any organization in the Greater Mission, Excelsior, Bay View, or Visitation Valley communities in San Francisco. Click here or check out the map below to see the communites we serve and to see if you live in or associate with any employers, clubs, churches, or organizations located in our field of membership.
How can I support Mission SF Federal Credit Union?
1. Become a member today and start saving your money!
2. Socially Responsible Investing: Be a part of our movement to eradicate poverty. Individuals or institutions can support our nonprofit microfinance work by making a non-member deposit. Non-member deposits earn interest while helping to fund our services to low-wealth communities. Please email Salvador Duran at missionsffcu@earthlink.net or stop by our office for more information.
3. Donations: Your donations will help Mission SF serve more of the low-wealth communities in San Francsico. Funds support our financial education and youth programs including workshops at local homeless shelters, schools, and other community based organizations. Mission SF Community Financial Center is a 501 (3)(c) nonprofit, making your donation tax-deductible.
4. Microfinance Volunteer Program: A unique opportunity to work for a microfinance institution in the United States. We are currently accepting applications for individuals who can help us make a bold and lasting improvement in our performance. Please send resume and cover letter to ibarriga@mission.coop
