January 2021— LOS ANGELES, CALIFORNIA – Firefighters First Credit Union distributed over $2.1 million in profit sharing proceeds to their membership. This year’s distribution brings total profits returned to members to over $50 million since 1981, honoring the legacy built upon “firefighters helping firefighters”. As a cooperative, members own the Credit Union. And the mission and vision of the organization is framed by the fifteen volunteer Board of Directors who are active and retired firefighters.
“Firefighters have been on the frontline of the COVID-19 response,” said Dixie Abramian, Firefighters First Credit Union’s President/CEO. “In 2020, they also contended with one of the worst wildfire seasons in recent history. We are heartened by how much firefighters give to their communities.”
Firefighters First was started in 1935 by firefighters for firefighters and celebrated its 85th anniversary in 2020. Today, it serves multi-generational career firefighters and their families in 741 fire departments nationwide. Firefighters exemplify trust, loyalty, and service and they want to reflect that in the way they take care of their member’s financial life.
The approach to profit sharing at Firefighters First Credit Union is simple. Payouts represent a refund on the interest members paid on loan accounts and a bonus on the dividends earned in savings accounts. Individual payouts varied based on the scope of the member’s financial relationship with the Credit Union. The more members banked with Firefighters First Credit Union and utilized their extended services—Business Services, Firefighter Insurance Services, Firehouse Financial and Firefighters First Trust Services—the more members received in their annual payout. Payouts were posted to member accounts on December 31, 2020.
For more information, please visit https://www.firefightersfirstcu.org/About/About-Us/Profit-Sharing.
When a credit union employee suspects a member may be subject to fraud, they should initiate a careful conversation focusing on the nature of the transaction and external influences. The goal is to help the member identify red flags without the employee asking for sensitive personal information that the credit union should already have on file. Initial Verification Questions .pdf Before discussing the specifics of the suspicious activity, the employee should confirm the member's identity in accordance with established internal protocols. Questions About the Transaction/Activity If the member confirms they are conducting a suspicious transaction (e.g., a large wire transfer or purchase of gift cards ), the employee should ask questions to help the member pause and think critically: "What is the purpose of this transaction?" "Do you personally know the person or business you are sending money to?" "Have you ever met the...
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