Law Enforcement’s Premier Credit Union Since 1936
WINTER 2020
DISPATCHER
Looking for a new place to call home? Look no further because LAPFCU has all your homebuying needs covered under one roof. We’ve been a trusted advocate for the law enforcement community since 1936. So, when you chose LAPFCU as your lender, you’re not just getting great rates and low fees, you’re also getting personal, local service from our dedicated Mortgage team. You can save big with our HomeAdvantage® program. You’ll get substantial cash rewards,1 a network of carefully screened real estate agents at your service, and access to a wealth of powerful home search and research tools. Plus, for a limited time, NO underwriting fees!2 That adds up to even more savings. LAPFCU is a full-service lender for all your homebuying needs. Apply now and lock in a great, low rate. Visit lapfcu.org/at-home, call (877) 695-2732, or stop by an LAPFCU branch.
No underwriting
fees!
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The HomeAdvantage program is made available to you through a relationship between LAPFCU and CU Realty Services. Program Cash Rewards are awarded by CU Realty Services to buyers and sellers who select and use a real estate agent in the HomeAdvantage network. Home buyers or sellers are not eligible for Cash Rewards if they use an agent outside this network. Using LAPFCU for a mortgage is not a requirement to earn Cash Rewards. Cash Rewards amounts are dependent on the commissions paid to the agent. LAPFCU may have specific rules on how your Cash Rewards will be paid out. Cash Rewards incentives are available in most states; however, are void where prohibited by law or by the lender. Please consult with your credit union to get details that may affect you. 2The no underwriting fees offer (a $650 lender credit at closing) is valid from January 1, 2021 through June 30, 2021. Offer limited to home purchase loans only and will be applied at time of funding. Refinancing a current mortgage does not qualify for the no underwriting fee offer. This limited time offer may be discontinued at any time without notice. All loans are subject to credit approval and applicable LAPFCU policies. Other restrictions may apply, please ask for complete details. 1
Read our newsletters at lapfcu.org/newsletters for the latest news and events. 1120-34 January Dispatcher.indd 1
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CHAIR AND PRESIDENT’S MESSAGE We’re Here to Help in 2021
We know that instead of saying goodbye to 2020, there are many who would like to say good riddance. It’s understandable. It was a tough year. We get it, and we’re here to help you move forward. Though we offer banking services, we’re not a bank. Our objective isn’t to make a profit. That enables us to act as a trusted advocate on your behalf, with the mission of improving your quality of life. With that said, we’d like to offer some suggestions for how you can improve your financial wellbeing in 2021. Many of these are free to you because you’re a member of this credit union. So, we encourage you to start the new year on a positive note by taking advantage of your membership, with the following:
LEARN FROM FINANCIAL EDUCATION •L APFCU regularly conducts financial education webinars on a variety of topics such as improving credit, managing finances, retirement planning, and homebuying. We invite you to attend our interactive live webinars or to watch recordings of previous presentations on youtube.com/LAPoliceFCU. •Y ou also have access to free resources and one-on-one financial coaching through our partner, BALANCE. Work at your own pace as you take classes online and earn certifications. Or, let your dedicated coach help you with financial goals, budgeting, or dealing with debt. Visit lapfcu.balancepro.org or call (888) 4562227 to get started. •S peaking of budgeting, you can use the Money Management tool in online banking or on our app to easily monitor expenses, set goals, and track your net worth. See all your accounts – LAPFCU and others – in one place. Best of all, it’s really free. No app to pay for, no annoying ads. •W hile you’re in online banking or the app, don’t forget to check your FICO® score if you have a loan or credit card with us. You can see your score for free, as well as its history and tips on how to improve it.
switching, and to make sure your assets have appropriate coverage if your needs have changed in the past year. Be sure to ask about special discount programs.3
ASK US FOR MONEY No, we’re not talking about applying for a loan. We’re talking about a best kept secret: LAPFCU’s community sponsorship program. If you’re involved in an event or cause that supports or benefits the Los Angeles County law enforcement community, we’d like to hear from you. Each year, we provide financial support to numerous organizations. If your request falls within our program guidelines, we may be able to help.
DON’T FORGET BANKING BASICS Remember we’re always here to help with refinancing your loans and credit cards to lower you rate or monthly payments, to provide you with free checking so that you save on fees while earning rewards, and to give you an array of deposit account and certificate options to help you achieve your savings goals. We look forward to new possibilities and opportunities in 2021. With optimism and the resources above, we’re here for you in the new year to help you make the most of it. Please don’t hesitate to visit our website at lapfcu.org or to call us at (877) 695-2732 to learn more about the information provided above. Happy New Year to you and yours from all of us at LAPFCU. D 1 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. Los Angeles Police Federal Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members. Before deciding whether to retain assets in an employer sponsored plan or roll over to an IRA an investor should consider various factors including, but not limited to: investment options, fees and expenses, services, withdrawal penalties, protection from creditors and legal judgements, required minimum distributions and possession of employer stock. 2 Insurance services provided by Bichlmeier Insurance Services, Inc., California license #OB26427. Insurance products offered are not sold or guaranteed by LAPFCU. They are not deposits, are not federally insured, are not protected by the NCUA and may be subject to risk. Any insurance required as a condition of an extension of credit by LAPFCU need not be purchased from the Credit Union and may be purchased from an agent or an insurance company of the member’s choice. Business conducted with Bichlmeier Insurance Services, Inc. is separate and distinct from any business conducted with LAPFCU. 3Restrictions apply, ask for complete details.
GET HELP FROM THE PROS •S chedule a complimentary consultation with our advisor from CUSO Financial Services, L.P.1 It’s a great place to start when it comes to investing, creating strategies for achieving financial goals, retirement planning, or paying for college tuition. • Make a call to our LAPCUSO Insurance Services Coordinator2 to see how much you may be able to save by 2
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Andre Plummer Chair
Edwin W. Hada President/CEO
lapfcu.org
12/29/2020 10:26:52 PM
E
HOMEADVANTAGE – YOUR REAL ESTATE RESOURCE CENTER
1 The HomeAdvantage program is made available to you through a relationship between LAPFCU and CU Realty Services. Program Cash Rewards are awarded by CU Realty Services to buyers and sellers who select and use a real estate agent in the HomeAdvantage network. Homebuyers or sellers are not eligible for Cash Rewards if they use an agent outside this network. Using LAPFCU for a mortgage is not a requirement to earn Cash Rewards. Cash Rewards amounts are dependent on the commissions paid to the agent LAPFCU may have specific rules on how your Cash Rewards will be paid out. Cash Rewards incentives are available in most states; however, are void where prohibited by law or by the lender. Please consult with your credit union to get details that may affect you.
(877) 695-2732
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FREE ONE-ON-ONE FINANCIAL COACHING With all that happened in 2020, you may need some help to get back on track with meeting your financial goals. Welcome the new year in the green with a little help from BALANCE!1 You can speak with a skilled personal coach who can help you change your habits, create a budget, reduce debt, increase your savings, set goals, plan for the future, and much more. This life-changing service is priceless. But because you’re an LAPFCU member, you get access to it for free. If you prefer to do it yourself, you can search a library of informative webinars, podcasts, and unlimited online resources about debt consolidation, auto buying, money management, and much more. Learn financial basics through interactive modules and even earn certifications with BalanceTrack. Plus, use the MyBalance budgeting tool to help manage your cash flow and achieve your short-term and long-term goals. Register for free at lapfcu.balancepro.org. To speak with a certified coach, call BALANCE at (888) 456-2227.
BALANCE is a nonprofit services provider that delivers financial guidance and education services through money management webinars, financial education resources and counseling services that can assist consumers with achieving financial independence. For additional information, please visit lapfcu.balancepro.org.
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lapfcu.org
12/29/2020 10:27:13 PM
FIND FINANCIAL SUCCESS IN 2021 2021 offers a fresh start to improve your finances and save. A great way to set yourself up for success is to meet with a professional who can answer your financial questions, so you can pursue your goals to save more, and better prepare for unexpected expenses and life’s big moments, like a child going to college or your retirement. As an LAPFCU member, you have exclusive access to in-house financial advisement and investment services through CUSO Financial Services, L.P.* A professional advisor can help identify objectives, formulate investment strategies, potentially save money on taxes, and create a customized plan to help you achieve your financial goals. Our CFS financial advisor offers personalized advice and specializes in: • RETIREMENT PLANNING
• DROP ROLLOVER OPTIONS
• COLLEGE SAVINGS PLANS
• MUNICIPAL BONDS
• MUTUAL FUNDS
• ANNUITIES
• ASSET ALLOCATION
• LIFE INSURANCE
For a complimentary consultation, contact our CFS Financial Advisor Chris Ellis at (818) 464-2070 or visit lapfcu.org for more information. *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. Los Angeles Police Federal Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members Before deciding whether to retain assets in an employer sponsored plan or roll over to an IRA an investor should consider various factors including, but not limited to: investment options, fees and expenses, services, withdrawal penalties, protection from creditors and legal judgements, required minimum distributions and possession of employer stock.
NOTICE OF VIRTUAL ANNUAL MEETING All members are invited to attend our first Virtual Annual Meeting on Wednesday, January 27, 2021 at 1:30 p.m. Please visit lapfcu.org/upcoming-events for more details.
(877) 695-2732
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YOUR FREE INSURANCE CHECKUP IS JUST A PHONE CALL AWAY The new year often ushers in change in environments, situations, and needs, so it’s an ideal time to review your insurance coverage with an expert. Start 2021 with the peace of mind that you and your loved ones are covered. If you haven’t looked at your insurance policies in a while, you may find that you’re overpaying or even paying for coverage that you don’t need. Also, if your needs or possessions have changed, it may make sense
for you to expand or increase your coverage. Fortunately, LAPCUSO Insurance Services1 has helped thousands of LAPFCU members find the right balance of coverage, with prices that make sense, for all types of insurance, including home, auto, and life. For a free, no-obligation review, call our inhouse insurance specialist today! Make sure to ask about exclusive LAPFCU member discounts.2
MARIA ASCENCIO LAPCUSO Insurance Coordinator (818) 373-8384 cuso@bisins.com
1 Insurance services provided by Bichlmeier Insurance Services, Inc., California license #OB26427. Insurance products offered are not sold or guaranteed by LAPFCU. They are not deposits, are not federally insured, are not protected by the NCUA and may be subject to risk. Any insurance required as a condition of an extension of credit by LAPFCU need not be purchased from the Credit Union and may be purchased from an agent or an insurance company of the member’s choice. Business conducted with Bichlmeier Insurance Services, Inc. is separate and distinct from any business conducted with LAPFCU. 2Restrictions apply, ask for complete details.
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lapfcu.org
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PRODUCT HIGHLIGHTS
All rates and terms are subject to change without notice. Additional terms and conditions may apply. Call (877) 695-2732 for details.
LOAN RATES. ........................... .................................. EFFECTIVE DECEMBER 23, 2020 Mortgage Rates 30 Year Fixed†. ...................... . . . . . . . . . . . . . . . . . . . . . . 2.875% / 2.943% APR* | Zero Points 15 Year Fixed . ..................... . . . . . . . . . . . . . . . . . . . 2 . 3 7 5 % / 2 . 4 4 5 % APR* | Zero Points Auto Loans New Auto / Used Auto ............................................... as low as 1.99% fixed APR** Credit Card Rates Platinum Rewards Visa®. . ....................................... as low as 8.40% variable*** APR* Classic Visa.................................................. as low as 12.99% non-variable APR My First Visa. . ............................................... as low as 12.99% non-variable APR
SAVINGS RATES ......................................................... EFFECTIVE DECEMBER 23, 2020
September 21 Regular Share Certificates 1-Year Certificate................................................................... 0.55% APY****^ 3-Year Certificate................................................................... 0.75% APY****^ 5-Year Certificate................................................................... 0.95% APY****^ * APR = Annual Percentage Rate. **APR = Annual Percentage Rate. Effective December 23, 2020. To qualify for 1.990% Fixed APR requires FICO score of 800 or greater, and member must qualify for Member Benefits. Actual APR offered may be higher depending upon applicant’s credit rating and other underwriting factors (Member must apply online, participate in automatic payment program and qualify for Member Benefits program at time of funding). Go to https://lapfcu.org/member-benefits/ for complete details. Only on a new or used auto loan for a 36-month term. May not be used to refinance an existing LAPFCU vehicle loan. All rates, terms, and promotional offers are subject to change without notice. Cannot be combined with any other offer. Restrictions may apply, ask for complete details. †2.875%/2.943% APR as of December 23, 2020. Payment example: A 30 year fixed rate mortgage with a loan amount of $250,000 and no points would result in monthly payments of $1,076.81. Monthly payment excludes tax and insurance. All rates subject to change without notice. Fees run 1-1.5% of loan amount financed. Restrictions apply, ask for complete details. ***Effective December 23, 2020. Platinum Rewards Visa has a variable rate of 8.40% APR to 17.90% APR based on your creditworthiness. APR subject to change. APR will vary with the market based on the Prime Rate plus a margin. Cash advance transactions are subject to a cash advance fee which shall be the greater of $2.00 or 2% of the amount of the advance which is posted to the account during the billing cycle, but not to exceed $25.00 per cash advance. Cash advances do not have a grace period, finance charges will be assessed starting the day the charge is posted to your account. ****APY = Annual Percentage Yield. Minimum opening deposit for a regular share certificate is $500. An early withdrawal penalty may apply. ^Member Benefits program rate. Member Benefits is available to all LAPFCU members in good standing who qualify. Member must fulfill Member Benefit Program requirements in order to receive incentives. Program subject to change or cancellation at any time and restrictions may apply. Ask for details. More information available at lapfcu.org/memberbenefits. The following loan types are excluded from Member Benefits rate reductions: Real estate loans, mobile home loans, unsecured lines of credit, credit cards, share loans and share certificate loans.
Los Angeles Police Federal Credit Union is a financial institution with over $1 billion in assets exclusively serving active and retired, sworn and civilian employees of Los Angeles County Law Enforcement, their families and select policerelated groups. 24/7 MEMBER SERVICE CALL CENTER (877) 695-2732 | lapfcu.org For account inquires or access: • Visit PATROL at lapfcu.org • Call Code 3 Automated Telephone Banking at (877) 695-2732, Press 2 To apply for a loan: • Visit lapfcu.org • Call our 24/7 Lending Center at (877) 695-2732, Press 3
BRANCH OFFICES VAN NUYS (Main Office) Communications Center 16150 Sherman Way, Van Nuys, CA 91406 8 a.m. to 5 p.m., Monday - Friday ACADEMY 1880 N. Academy Dr., Los Angeles, CA 90012 8 a.m. to 5 p.m., Monday - Friday BREWER 5651 West Manchester Ave., Los Angeles, CA 90045 8 a.m. to 5 p.m., Monday - Friday SANTA CLARITA 19195 Golden Valley Rd., Santa Clarita, CA. 91387 9 a.m. to 5 p.m., Monday - Friday
SENIOR EXECUTIVE STAFF Edwin W. Hada, President/CEO Ron Guzman, Sr. VP, Operations & Member Relations/COO Angelino Cayanan, Sr. VP of Finance & Administration/CFO All inquiries or comments regarding this newsletter should be addressed to the Marketing Department at (877) 695-2732. The Supervisory Committee encourages any comments or inquiries from members regarding your concerns or the financial condition of the Credit Union. You may address your correspondence to: Supervisory Committee P. O. Box 14452 Van Nuys, CA 91409 All loans subject to approval of credit. We conduct business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act. All rates are subject to change.
Law Enforcement’s Premier Credit Union Since 1936 1120-34
(877) 695-2732
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PRESORTED STANDARD U.S. POSTAGE PAID LOS ANGELES, CA PERMIT NO. 896
P.O. Box 10188 Van Nuys, CA 91410-0188 RETURN SERVICE REQUESTED
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FREE INSURANCE CHECKUP
FIND FINANCIAL SUCCESS IN 2021
HOMEADVANTAGE
This Issue:
Law Enforcement’s Premier Credit Union Since 1936
DISPATCHER WINTER 2020
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12/29/2020 10:28:06 PM