Law Enforcement’s Premier Credit Union Since 1936
HOLIDAY CLOSURE:
SUMMER 2021
DISPATCHER
Our branches are closed Monday, July 5 in observance of Independence Day. Please use ATMs, or online and mobile banking. For 24/7 assistance, call us at (877) 695-2732.
FREE WEBINAR:
MONEY TALK FOR TEENS JULY 10 | 10:00-11:00 A.M. PT1 Youth ages 13 to 17 will learn real-world money management skills in a fun and engaging way. They’ll gain lifelong, smart savings and spending habits that aren’t taught in school. Parents are encouraged to attend with their kids. We’ll cover financial basics, including: • Wants versus needs • Creating goals and budgeting • Building credit and using it wisely Register now at lapfcu.org/webinar or call (818) 779-3393 for assistance. 1 Webinar times and dates subject to change or cancellation at any time. 2LAPFCU will match up to $25 for the first 50 members, aged 13 to 17, who make a deposit into their LAPFCU account by August 10, 2021. Offer applies to existing and new LAPFCU youth members. Must watch the live Money Talk for Teens webinar to its entirety in order to qualify for this offer. LAPFCU’s match deposit will be funded into the youth member’s LAPFCU S1 share savings account on August 10, 2021. The matching fund amount issued by LAPFCU (up to $25) is considered a dividend and will be reported on IRS Form 1099-INT. Other restrictions may apply, ask for details.
BOOST YOUR SAVINGS:
We’ll match up to $25 when you make an LAPFCU deposit, but only for the first 50 attendees!2
SAVE ON YOUR NEXT RIDE Looking for a new car, truck, or family SUV? Through July 31, you can get a $100 gas card when you buy a vehicle from Autoland and finance it with LAPFCU!1
$100 Autoland makes the auto buying process as GAS CARD simple as ordering a pizza. Get started by calling and connecting with your personal Consultant, who will find your dream car and do all the negotiating for you. You don’t even have to step foot in a dealership. Autoland will also handle your trade in. And, your new ride will be delivered right to you or your nearest LAPFCU branch. Call Autoland today at (800) 234-6999 or visit lapfcu.autoland.com. Make sure to see if you’re already pre-approved for an LAPFCU auto loan or apply now on our app or at lapfcu.org. If you have Member BenefitsSM, save 0.50% APR2 on your loan with us. $100.00 gas card offer valid June 1, 2021 through July 31, 2021. To qualify for this offer, a new or pre-owned automobile must be purchased through Autoland and financed with LAPFCU. Auto loan must be initiated June 1, 2021 to July 31, 2021 and finalized no later than August 6, 2021. Offer valid on automobiles only. May not be used to refinance an existing LAPFCU auto loan. Autoland will send a $100.00 gas card to the member by mail or email within 45 days of auto loan funding. Offer subject to change or end without notice and other restrictions apply. May not be combined with any other offers. Please ask for complete details. 2APR = Annual Percentage Rate. 0.50% APR Member Benefits discount. Member must participate in automatic payment program and qualify for Member Benefits program at time of funding. Go to https://www.lapfcu.org/member-benefits/ for complete details. May not be used to refinance an existing LAPFCU vehicle loan. 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. All rates, terms, and promotional offers are subject to change without notice. Cannot be combined with any other offer. Program subject to change or cancellation at any time and restrictions may apply, ask for complete details.
1
0521-59 July Dispatcher UPDATED.indd 1
6/21/2021 11:48:40 AM
CHAIR AND PRESIDENT’S MESSAGE BUILT BY AND FOR LAW ENFORCEMENT
This past year and a half, law enforcement professionals faced unprecedented adversity. So, we asked ourselves what we as a financial institution could create to provide more support for our sworn and civilian employee members. We wanted to let them know LAPFCU has their back, and we are developing new programs to address law enforcement professionals’ unique needs.
“We’re honored to create and provide programs and services like these, designed specifically for law enforcement professionals.”
In the short term, we showed our support by assisting members with waiving fees, deferring loan payments, budgeting, and financial planning workshops, providing meals for personnel heroically working around the clock, and helping you to stay safe by avoiding new scams. Meanwhile, in the background, we were working on establishing the following new programs you’ll only find at a credit union dedicated to serving the Los Angeles law enforcement community.
Exclusive Programs for Law Enforcement Professionals
And speaking of things you won’t find elsewhere, perhaps no one has more experience than CUSO Financial Services, L.P.4 when it comes to helping law enforcement professionals navigate retirement strategies. Our in-house Financial Advisor can help you understand your options and create a plan based upon your personal goals. This isn’t new, but these days it’s certainly as relevant as ever.
We’re honored to create and provide programs and services like these, designed specifically for law enforcement professionals. Although we made great progress last year, we’re not done yet. You have many options when it comes to choosing who you bank with, so we’ll keep striving to bring you value you can only find at LAPFCU. We’ll continue to introduce new products and services that focus on meeting our membership’s needs so that we remain your trusted financial partner for life.
• End of Watch Debt Protection—This is complimentary insurance coverage that protects your loved ones should the unthinkable happen. If you pass away in the line of duty, your debts with LAPFCU will be covered all the way up to a combined amount of $850,0001. We are proud to say LAPFCU is the only credit union in the nation to offer this program for both sworn and civilian law enforcement personnel.
1 End of Watch Debt Protection is provided to eligible borrowers at no additional cost to the borrower and cancels the outstanding LAPFCU loan balance of the sworn or civilian member. To be eligible for the End of Watch Debt Protection, the Borrower must: (1) be an LAPFCU member, (2) meet the lending requirements established by LAPFCU to qualify for this debt protection and (3) be a full-time, active-duty sworn peace officer or civilian employed by a Los Angeles County law enforcement agency. Minimum loan balance amount of $10,000 or a new activated $10,000 line of credit required to qualify (must be used within 30 days of account opening). Maximum coverage for a single loan is $400,000. The maximum combined loan amount is $850,000 for all of the borrower’s loans. The End of Watch Debt Protection may not be purchased outright. This debt cancellation benefit applies to all loans from LAPFCU and only in the case of death while on duty, some exceptions do apply. All loans are subject to credit approval and to applicable LAPFCU policies. Other restrictions may apply. Visit lapfcu.org/eow or call (877) 695-2732 for complete details.
• Five-O Funds—A new loan program, for those who are new on the job. During their first year of employment, law enforcement employees can borrow up to $5,0002 at a very low fixed rate with no payments due for the first two months. Members can use this loan to pay for equipment, uniforms, transportation, lodging, or any expenses associated with embarking upon their new career.
2 APR= Annual Percentage Rate. For sworn and civilian law enforcement personnel of county or municipal police departments or sheriff’s offices in Los Angeles County who apply during their first year of employment or rehiring. A 4-year fixed rate term payment example (rate effective June 1, 2021): A 4-Year personal loan at 3.99% fixed APR with 60-day payment deferral will have 48 monthly payments of $22.65 for each $1,000 borrowed. Finance charges will be assessed the day the loan is funded. The Five-O Funds loan has a minimum loan amount of $500 and a maximum loan amount of $5,000. The term of the loan can be up to 4 Years (48 months). Must be a Los Angeles Police Federal Credit Union member in good standing and cannot currently be in bankruptcy. You may only apply for and receive this loan once. Must provide proof of employment with a law enforcement agency. All rates and terms are subject to change without notice. Other restrictions may apply, ask for complete details. May not be combined with any other offer. The Member Benefits 0.50% APR rate reduction does not apply to Five-O Funds loan.
• Heroes Home Loan—We temporarily sidelined this program due to economic uncertainty created by the pandemic. But now, as things stabilize, we’re delighted to bring this loan back. Owning a home is an important step on the path to financial prosperity. But with today’s home prices, few people can save up enough for a 20% down payment or afford high monthly payments. So, we created a 100% financing3 home loan program for first-time buyers. The down payment requirement is waived based largely upon the strength of your profession. And, you can take up to 40 years to repay your loan, which means you get more affordable monthly payments. • Video Appointments—We know that when you’re on the job, you can’t always make it to the nearest LAPFCU branch during your break. But now you can still receive personalized service and meet face-to-face with a friendly and helpful LAPFCU Associate when you need help with accounts, loans, and more at a time that’s convenient for you, when you schedule a video appointment with us at lapfcu.org/bookings. And while we created it with law enforcement professionals in mind, all members are welcome to take advantage of this service.
2
0521-59 July Dispatcher UPDATED.indd 2
Andre Plummer Chair
Edwin W. Hada President/CEO
3 The Heroes Home Loan program is valid only for first-time homebuyers who are activeduty sworn and civilian law enforcement personnel. Property must be: (1) located in California, (2) owner-occupied primary residence; and (3) a single-family residence, condo, and planned unit development. Requires an LAPFCU checking account and automatic payments, an impound/escrow account for taxes and insurance, completion of first-time homebuyer course at educate.frameworkhomeownership.org, minimum FICO of 700, maximum debt-to-income ratio of 45%, 30 or 40-year fixed rate term only, first lien position, and three months of payment reserves. If you have six months of mortgage payments in your savings, proof of rental history will be waived. Cannot be a homeowner within the past 24 months. There is a $250 application fee for this program that will be credited back at closing; however, if the transaction does not close, the $250 will not be refunded. You have up to 6 months to close on a property before the application fee is forfeited. Maximum loan amount based on conforming high balance loan limits (currently $822,375). May not be combined with any other offer. All loans are subject to credit approval and applicable LAPFCU policies. Program subject to change or cancellation at any time. No co-signers allowed for this program. 30-year fixed rate term payment example (rate effective June 15, 2021): A $500,000 loan with no down payment would have a fixed rate of 5.250%/6.217% APR would have 360 monthly payments of $2,761.02. 40-year fixed rate term payment example (rate effective June 15, 2021): A $500,000 loan with no down payment would have a fixed rate of 5.250%/6.059% APR would have 480 monthly payments of $2,494.35. Payment example does not include closing fees, taxes, insurance, loan level pricing adjustments or third-party vendor fees. All advertised rates and terms are subject to change at any time without notice. All loans are subject to credit approval and applicable LAPFCU policies. Your actual payment may vary. Other restrictions may apply, please call (877) 6952732, ext. 7777 for complete details and to apply for the program.. 4 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.
lapfcu.org
6/21/2021 11:48:44 AM
END OF WATCH
DEBT PROTECTION
Complimentary For Active-Duty Sworn and Civilian Law Enforcement Personnel* All LAPFCU loans and lines of credit feature End Watch Debt Protection, exclusively for full-time, active-duty sworn and civilian law enforcement employees. This crucial coverage pays off existing debts at no cost if you pass away in the line of duty. As a Credit Union created by law enforcement for law enforcement, we understand your priorities and what matters to you. A career in law enforcement comes with risks and the possibility of untimely loss. The End of Watch Debt Protection program offers peace of mind that your families will not be burdened with debt during an already traumatic situation.
To receive End of Watch Debt Protection, obtain any new loan or line of credit with a minimum balance of $10,000. After that, your new loan and any other loans you have with LAPFCU are covered up to to a combined amount of $850,000. Individual loans will be covered up to $400,000. If you have debt elsewhere, now is the time to refinance with LAPFCU to save and add End of Watch Debt Protection for your loans. Learn more at lapfcu.org/EOW or feel free to call us at (877) 695-2732.
Uniquely, LAPFCU is the first and only financial institution in the nation to also provide this coverage for civilian employees of law enforcement agencies. End of Watch Debt Protection is provided to eligible borrowers at no additional cost to the borrower and cancels the outstanding LAPFCU loan balance of the sworn or civilian member. To be eligible for the End of Watch Debt Protection, the Borrower must: (1) be an LAPFCU member, (2) meet the lending requirements established by LAPFCU to qualify for this debt protection and (3) be a full-time, active-duty sworn peace officer or civilian employed by a Los Angeles County law enforcement agency. Minimum loan balance amount of $10,000 or a new activated $10,000 line of credit required to qualify (must be used within 30 days of account opening). Maximum coverage for a single loan is $400,000. The maximum combined loan amount is $850,000 for all of the borrower’s loans. The End of Watch Debt Protection may not be purchased outright. This debt cancellation benefit applies to all loans from LAPFCU and only in the case of death while on duty, some exceptions do apply. All loans are subject to credit approval and to applicable LAPFCU policies. Other restrictions may apply. Visit lapfcu.org/eow or call (877) 695-2732 for complete details. 1
(877) 695-2732
0521-59 July Dispatcher UPDATED.indd 3
3
6/21/2021 11:48:47 AM
CREDIT CARDHOLDERS CAN WIN $10,000 AND MEET OLYMPIC GAMES HOPEFUL NOAH LYLES* Pay with your LAPFCU credit card through August 15 for a chance to win! You will get one sweepstakes entry for each purchase you make. Earn a bonus entry when you tap to pay with a Visa® contactless card or device. For complete contest details, visit lapfcu.org/visa-olympics.
* NO PURCHASE OR OBLIGATION NECESSARY TO ENTER OR WIN THE OLYMPIC GAMES TOKYO 2020 VISA SWEEPSTAKES. Open only to legal 50 U.S. & D.C. residents who are 18 or older as of 6/15/21. Void in P.R. and where prohibited. Begins at 12:00 AM PT on 6/15/21, and ends at 11 :59PM PT on 8/15/21 (“Promotion Period”). TO ENTER: 1) Automatic Entry: An eligible Visa card holder will automatically receive one (1) Sweepstakes entry for each eligible Visa purchase made during the Promotion Period at a participating merchant location in the U.S. BONUS ENTRY: An eligible Visa cardholder will automatically receive one (1) bonus Sweepstakes entry for each eligible Visa purchase made using his/her contactless Visa card or using his/her Visa card with a payment-enabled device during the Promotion Period. 2) To Enter by Mail Without Purchase or Obligation: Hand-print your name, street address, city, state, ZIP code, and daytime and evening telephone numbers (including area code), and email address, on plain 3” x 5” paper, and mail it in a #10 envelope with sufficient postage affixed, to: Visa 2020 NFL Sweepstakes, P.O. Box 7769, Melville, NY 11775-7769. Mailed entries must be postmarked between 6/15/21 and 8/15/21, and received by 8/15/21. Enter as often as you wish; however, each mailed entry will count as two (2) entries into the random drawing and must be mailed in a separate postmarked-and-stamped envelope. Mechanical reproductions prohibited. PRIZE: One (1) Grand Prize: $10,000 (awarded in the form of a check) and a Visa NFL Gift Box. The Visa NFL Gift Box includes a Microsoft Surface, Bose Noise Cancelling Headphones, a Game Console, a Madden NFL 21 Game, a $500 Lowes gift card, a $500 NFLShop.com coupon code, a one (1) year subscription to NFL Game Pass valued at $100 (awarded electronically via a code) and a year’s worth of game days snacks valued at $650, awarded in the form of a $650 Visa Gift Card. Grand Prize will also include $5,800 cash (awarded in the form of a check) that can be used toward the payment of income taxes associated with the prize. ARV: $19,310. ODDS: Estimated odds of winning are 1 in 11,344,720,444; however, the actual odds of winning depend upon the total number of eligible entries received. Sweepstakes subject to complete Official Rules, available at this location and https://usa.review.visa.com/promotions/olympics/tokyo2020-sweeps-full-rules.html. SPONSOR: Visa U.S.A. Inc., P.O. Box 8999, San Francisco, CA 94128-8999. The NFL Entities have not offered or sponsored this Sweepstakes in any way.
4
0521-59 July Dispatcher UPDATED.indd 4
lapfcu.org
6/21/2021 11:48:54 AM
CHOOSING THE RIGHT AUTO INSURANCE Because there are so many different auto insurance plans, it can be challenging to know which one is right for you. When researching options, it’s important to look at the policy details to make sure the coverage provides what you need. Below are some ways to find the right policy and lower your insurance premiums. 1. DETERMINE THE COVERAGE AND COST. You need to be adequately covered to protect your assets in the event of an at-fault accident. So, the cheapest insurance isn’t always the best or right insurance. Still, it doesn’t make sense to pay for coverage you don’t need. Work with your agent to carefully determine what’s best for you. Aside from the price, service and reputation are important factors to consider especially when it comes to managing claims. 2. COMPARE RATES ANNUALLY. Your needs change over time, so it’s important to periodically review your policy and rates with your agent. 3. COMBINE POLICIES FOR EXTRA SAVINGS. You can save up to 25% when you get home and auto insurance from the same insurer. Ask about multi-policy discounts to help save more. 4. INQUIRE ABOUT DISCOUNTS. Insurers often offer discounts for select occupations and professions, good students, and mature drivers aged 55 and older. LAPCUSO Insurance Services1 provides a member-only, free review of your insurance coverage to ensure you have the right protection and lowest prices. They’ll review all the options with you. And, if what you have is already the best, they’ll let you know. GAP coverage and mechanical breakdown protection are also available. Ask about LAPCUSO’s law enforcement and LAPFCU member discounts.2 Contact Maria Ascencio at (818) 373-8384 or cuso@bisins.com to find out how much you may be able to save. 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 may apply, ask for complete details.
ANNUAL BOARD OF DIRECTORS ELECTIONS NOTICE Members in good standing who wish to serve on LAPFCU’s Board of Directors may submit a written request to be nominated to serve. For consideration, please submit your request to our Nominating and Elections Committee at 16150 Sherman Way, Van Nuys CA, 91406 by 5:00 p.m. August 20, 2021. Email jcaban@lapfcu.org or call (818) 779-3304 for more information. (877) 695-2732
0521-59 July Dispatcher UPDATED.indd 5
5
6/21/2021 11:48:59 AM
5 TRAVEL SCAMS TO AVOID As the country starts to open up again, more people are venturing out and taking longawaited vacations. If you’re making travel plans this summer, be aware of these top scams, so you don’t fall victim to them. 1. FREE OR HEAVILY DISCOUNTED DEALS If the offer is too good to be true, it probably is. Work with a trusted travel agent or reputable company to ensure you are booking a legitimate travel package. 2. AUTO RENTAL SERVICES Phony customer care numbers are circulating online, so be sure to verify you’re contacting a real auto rental company by going to the direct website of the established business. Be wary of giving out your personal information. 3. THIRD-PARTY WEBSITES FOR TSA PRECHECK AND GLOBAL ENTRY PROGRAMS Skip sites that claim to speed up the airport security process. Instead, visit tsa.gov for assistance. 4. VACATION RENTALS Avoid overly enticing getaway offers online or via social media and find your rentals through verified sources such as Airbnb and Vrbo. 5. PUBLIC WI-FI Hackers can easily get your personal information via public Wi-Fi found at airports, hotels, etc. Instead, use your smartphone’s hotspot to browse the web more securely.
(Source: aarp.com)
6
0521-59 July Dispatcher UPDATED.indd 6
lapfcu.org
6/21/2021 11:49:18 AM
PERSONAL SERVICE AT YOUR CONVENIENCE Book a Virtual Appointment Our virtual appointments make it easy to get personal consultations and one-on-one service from a friendly LAPFCU Associate. We’ll assist you remotely with new and existing accounts, loan applications, and any questions you may have. It’s secure and you can connect with us from wherever you are. Book your free virtual appointment today at lapfcu.org/bookings. Remember to turn your camera, microphone, and speakers on. We look forward to seeing you!
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 JUNE 16, 2021 Mortgage Rates 30 Year Fixed†. . . . . . . . . . . . . . . . . . . . . . . . . . . . .................................. 3.000% / 3.023% APR* | Zero Points 15 Year Fixed .. . . . . . . . . . . . . . . . . . . . . . . . . . . .............................. 2.375% / 2.417% A P R* | 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 JUNE 16, 2021 Regular Share Certificates 1-Year Certificate.................................................................................... 0.40% APY****^ 3-Year Certificate.................................................................................... 0.50% APY****^ 5-Year Certificate.................................................................................... 0.80% APY****^ APR = Annual Percentage Rate. **APR = Annual Percentage Rate. Effective June 16, 2021. 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. †3.000% / 3.023% APR as of June 16, 2021. Payment example: A 30 year fixed rate mortgage with a loan amount of $250,000 and no points would result in monthly payments of $1,054.01. 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 June 16, 2021. 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. 0521-59 *
lapfcu.org
|
(877) 695-2732
(877) 695-2732
0521-59 July Dispatcher UPDATED.indd 7
7
6/21/2021 11:49:25 AM
6/21/2021 11:49:33 AM
Law Enforcement’s Premier Credit Union Since 1936
Page 3
Page 1
END OF WATCH DEBT PROTECTION
MONEY TALK FOR TEENS WEBINAR
OLYMPICS VISA SWEEPSTAKES Page 4
0521-59 July Dispatcher UPDATED.indd 8
SUMMER 2021
DISPATCHER
AVOID THESE 5 TRAVEL SCAMS Page 6
RETURN SERVICE REQUESTED P.O. Box 10188 Van Nuys, CA 91410-0188
PRESORTED STANDARD U.S. POSTAGE PAID LOS ANGELES, CA PERMIT NO. 896