Get to Know Your Bank or Credit Union: LA Financial Credit Union
LA Financial Credit Union is one of the many financial institutions in the Los Angeles area–so what sets them apart? Los Angeles Banking Rates recently conducted a Q&A with this Los Angeles credit union to find out what they have to offer members that many other banks can’t.
What sets LA Financial Credit Union apart from other local banks and credit unions?
We’ve been serving LA County employees and residents with excellent member service for 75 years. We offer everything from free checking to mortgage loans. Our members have access to over 28,000 fee-free Co-Op ATMs and 1,800 shared branches.
Do you offer members online banking services and support?
Yes–our anytimeBanking service offers 24/7 online banking with free bill pay. We will also be introducing mobile banking in January 2012.
- AnytimeExpress: Online account opening and loan applications
- AnytimeBanking: Home banking, billpay, free debit card usage
Does LA Financial Credit Union participate in any community programs?
We are very active in supporting many community programs: Ronald McDonald House, Children’s Miracle Network, The Colburn School, LA County Music Center, LA Clippers Charities, Elder Financial Protection Network (EFPN) and Pasadena Showcase House.
Why should someone choose a small local financial institution over one of the well-known national chains?
We have comparable services, but with lower fees and better rates.
How is the web impacting members’ finances? Have you seen a shift in your walk-in vs. online customers?
The web is having a positive impact, mostly because member services are now more convenient. We have also seen a growth in online customers, as we can better serve members by having products and services available in their homes via the internet.
What type of special promotions or financial education does LA FCU offer members?
We teach monthly billpay 101 classes at all of our branches, offering one-on-one assistance with home banking and billpay issues.
Additionally, we offer a 0.5% discount on vehicle loans with direct deposit and loan payment transfers. We also have autoExpert a free auto buying service.
Tell us about your most popular deposit product–what are the requirements for opening this type of account?
Free Checking: $25 deposit, no minimum deposit requirements, free home banking with free billpay.
Do you offer free mortgage or auto loan quotes? If so, what are the steps to take in order to obtain a no obligation quote?
Yes–it is a great way to get preapproved so you know how much you can afford to pay. Call us at 800-894-1200 or apply online at http://www.breakupwithmyloan.com.
What is the typical turnaround time for a mortgage loan or auto application to be processed and funded?
We will get back to you within 2 business days.
Have the recent changes in service fees with banks positively or negatively affected LA Financial Credit Union?
It’s been positive. We sent out an announcement telling our members that we plan to continue to offer free checking and we have no plans to charge for debit card usage. Since doing so, we have received many positive comments and have seen an influx of new accounts after the announcement that many institutions are planning to charge a fee for debit card usage.
