Credit unions are no strangers to unprecedented, turbulent times. In fact, they were formed in the United States during the Great Depression as not-for-profit cooperatives that provided credit and loans to those in the community who most needed those resources. LAPFCU has always remained true to this original credit union purpose, which is why we’re particularly well-suited to assist members impacted by the Coronavirus pandemic.
In this month’s column, we’d like to share with you some updates on how LAPFCU is responding to COVID-19 and how we may be able to help. There’s just one caveat we need to mention, however, things are unfolding daily, so some of this information could change by the time you receive this newsletter. Please visit lapfcu.org for current information.
Bank With Us, Safely
LAPFCU’s mobile banking app – available in major app stores – and online banking system at lapfcu.org enable you to do almost all your banking from the comfort and safety of home. You can deposit checks using your smartphone’s camera, check balances, pay bills, pay people, make transfers, review your budget, or chat with one of our associates. You can also use our touchtone banking system, or call our Member Contact Center at (877) 695-2732 any day or time.
With many police station lobbies closed to the public, we realize it may be more difficult to use our ATMs. So, we’re temporarily waiving fees for using out-of-network ATMs. If you do need to find a nearby CO-OP network ATM, you can easily do so using the GPS-based locator in our app, or simply visit our website. And remember, you can always simply use your LAPFCU debit card or credit card instead of cash, to make purchases.
Our branches remain open during regular business hours, but please check lapfcu.org for current availability before you visit us. We’re doing regular deep cleaning in all our facilities and we’ve implemented CDC-recommended social distancing protocols.
Loans and Credit
We’re making loans and offering credit, and rates are low. We have a wide variety of loan and line-of-credit programs with terms that suit your needs. This includes personal loans and lines of credit, as well as home equity loans and lines of credit. We may also be able to help you refinance your current loans, consolidate your debt, and lower your monthly payments. Perhaps best of all, you can easily apply for a loan or line of credit in just minutes through our website using any device, or over the phone.
Financial Assistance
If you’re experiencing financial hardship, please let us know. Especially if you foresee yourself having difficulty with loan payments. The sooner you contact us, the sooner we can begin to develop agreeable solutions. There are several ways we may be able to work with you to either keep you on your feet or help you get back on your feet.
Another option is our new non-profit financial education partner, BALANCE. They have an array of helpful tools such as recorded and live webinars, learning modules, budgeting tools, calculators and perhaps most importantly dedicated, one-on-one coaching and counseling. To get in touch with them, visit lapfcu.balancepro.org or call (888) 456-2227.
Additionally, if you’re looking for guidance regarding any concerns you may have about your investments, we have a resource for you. Our trusted CUSO Financial Services, L.P.* advisor, Christopher Ellis, is well-versed on reviewing investment goals and strategies, and making recommendations to help members determine their best investment options in any market environment. You may reach him directly at (818) 464-2070 or visit fmc.cusonet.com/lapfcu for more information.
Safe and Sound
On a final note, we want you to know in no uncertain terms that LAPFCU remains a safe, sound, and stable financial institution. We are well-capitalized, and recently exceeded $1 billion in assets. Moreover, each individual LAPFCU deposit account is federally insured up to $250,000, supported by an additional $250,000 in private insurance.
True to our original purpose, we remain here for those who need us most, when they need us most. We’ll continue to provide the crucial, essential banking services that you rely upon us for, and we’ll continue to help. We’re more committed than ever to being there for the law enforcement community during challenging times. We thank you for protecting our communities and thank you for being part of law enforcement’s premier credit union.
Andre Plummer, Chair
Edwin W. Hada, President/CEO
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*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.
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