Navigating the entertainment industry can be unpredictable with the nature of project-based income, and that is where often, traditional banking solutions can sometimes fall short. From this unique circumstance of the needs of creators, credit unions have risen to the challenge of assisting these specific needs from union dues loans to ATM rebates for easy and surcharge-free access to funds across the globe. Entertainment professionals who partner with financial institutions like credit unions benefit from knowing that they are managing their finances more effectively while pursuing their creative careers.
“Working in the entertainment industry is exciting, but it comes with its own set of financial challenges,” said Jeff Mirkin, Television Producer and First Entertainment Credit Union Board Member. “Since income may vary from project-to-project, it’s important to work with a financial institution that understands your situation. I learned this early on in my career.”
Understanding Your Needs
Credit unions operate with a not-for-profit and member-owned model. This structure means that any financial surplus is put back into the credit union, directly benefitting its members through better loan rates, higher savings returns, and lower fees. Products like checking accounts that offer quicker access to earnings and no out-of-network ATM transaction fees are truly designed for creators.
“Entertainment is such a unique and diverse industry especially in regard to how creators earn and manage their money,” said Holly Shari, Director of DEI Operations for Pipeline, and a First Entertainment Credit Union Member. “It’s important that a financial institution understands the industry it serves in an equitable and empathetic way. [First Entertainment] serves my industry specifically [and] they have a more accurate understanding of what I need.”
Global Access Without the Hassle
For creative professionals whose projects can take them anywhere, the ability to access funds without the burden of high ATM withdrawal or foreign transaction fees is paramount. Credit unions that can eliminate these high rates provide consistent and reliable financial access worldwide. With this financial freedom, creatives can manage unexpected expenses without worrying about prohibitive fees.
“First Entertainment is an ideal partner to us,” said Yelena Makarczyk, Vice President of Business Development, Post-Production Localization, and a First Entertainment Credit Union Member. “When the power in Kyiv shut down and we were in the middle of a foley and dubbing projects, I immediately got a loan. We had no downtime whatsoever and made our deadline by getting generators right away.”
Financial Wellness and Education
Beyond the transactional relationship of banking, credit unions invest in the financial well-being of their members. Through educational resources, workshops, and financial advice, they aim to not just serve but empower. This focus on financial literacy and wellness underlines a commitment to supporting the long-term success and stability of their members.
A Community That Listens
Members have a voice at a credit union, with their feedback and needs influence the services and products offered. This approach means the dynamics of the entertainment industry are reflected in the financial products available, making credit unions a key professional ally. For anyone working in entertainment, a stable financial partner is not just a convenience—it’s a necessity.
