from LAPFCU, Your Low-Rate Lender

Transcription

1 from LAPFCU, Your Low-Rate Lender When you get a loan or credit card from Los Angeles Police Federal Credit Union, you win with our great low rates and favorable terms but now you can also win valuable prizes 1! $4,000 in LAPFCU Loan Payments $2,500 CUonVacation Voucher One of Four ipad minis From April 15 through August 30, 2013, you can enter our Win With Our Loans! $weepstakes. Members who get loans will receive additional entries: 10 for a Mortgage Purchase or Refinance 5 for a Vehicle Loan 5 for a Home Equity Loan 1 st 2 nd 3 rd 3 for a Visa Classic or Platinum Rewards Visa Credit Card 3 for a Freedom Personal Loan And don t forget you ll receive up to a 0.50% APR 2 reduction on your vehicle loan or personal loan and a $200 rebate 3 on closing costs for a new first mortgage when you qualify for Member Benefits. You can also receive no payments for 90 days 4 on a vehicle, Freedom Personal or Home Equity Loan! Add in your raffle entries, and that s a real win-win! Apply for a loan or credit card and enter to win NOW!, visit lapfcu.org or call (877) MY- LAPFCU today! Continued on Page 4 > GO-eposit: Make deposits using your phone 3 FREE Workshop: First-time Home Buyers 4 on t take a Vishing Trip 6

2 Chair and President s Letter The past few years we ve all done our share of belt tightening, and your Credit Union was no different. uring the thick of the great recession, we postponed purchases, improvements and upgrades to ensure we remained safe, solid and secure for our members, while keeping our dividend and loan rates competitive. And, we will continue in that commitment. However, now that things appear to be looking up, we are planning a number of givebacks to members to ensure we keep growing to address your ever-evolving financial needs. Here are just a few of the examples of projects we ve recently completed or that we have planned for the remainder of 2013: A Santa Clarita Branch We know we have a lot of members who live within the Santa Clarita and Antelope valleys, so we are investigating locations with the goal being to open a branch later this year to serve our members living in Northern Los Angeles County and its surrounding areas. This will be a pilot of our new residential retail model which will set the tone for possible future branches to serve members who want to conduct their business in neighborhoods close to their homes. Remote deposit capture for our new mobile apps We recently debuted GO-eposit, which allows you to use your smartphone camera to make deposits wherever and whenever you need to. In this day and age where we are continually on the go, we believe this new service will help us to redefine convenience for our members. Single sign-on access for EZCard Info Any member who has an LAPFCU credit card and accesses his or her information via the EZCard Info portal will now have a new way of retrieving account information. Members who have PATROL Online Banking will be able to access EZCard Info via PATROL without having to use another sign-in. Within PATROL Online Banking, simply use the Online Services tab and you will see the link to lead you to EZCard Info. We are planning a number of givebacks to members to ensure we keep growing to address your ever-evolving financial needs... We are the low-rate lender You may have seen recent advertising regarding our lowest vehicle loan interest rate ever. Promotions like this are in response to members desires to have even more attractive financing options. And, we are not tying rates only to special promotions. Those who qualify for Member Benefits can get up to 0.50% off every vehicle loan and select personal loans each and every day. Plus, those who take out a mortgage with LAPFCU receive a $200 rebate when the loan is funded. new security features within online banking In this day and age of identity theft and cyber fraud, we all want to take Lorie Taylor Chair G. Michael Padgett President steps to ensure our financial information is safe and secure. Later this spring, we will unveil a new Multi-factor Authentification update to all online banking users to ensure you continue to have state-of-the-art account protection. These are just a few of the programs we have in the works to serve you better. We encourage you to visit lapfcu.org and read newsletters such as this ispatcher to keep abreast of all the improvements we are doing to serve you better as partners in a proud tradition SM. 2

3 Zero-Percent Financing: What s the Real eal? The 0% interest rates you see at dealerships are often are based on strict requirements and may involve a shorter term to pay the loan back, which means you could end up with a higher monthly payment that doesn t suit your budget. You can apply for an LAPFCU auto loan online or in a branch, and use your preapproval at a dealership for the new or used vehicle you want. The handy chart below gives you an idea of how much you could save when you take a dealership s rebate instead of their 0% financing which means you can still get preapproved with great financing at rates as low as 0.99% APR 1 from LAPFCU! Exclusive member-only preowned car sale, June at the Airtel Plaza Hotel in Van Nuys, CA. Go to lapfcu.org today for FREE auto loan pre-approval! 1 APR = Annual Percentage Rate. Rates as low as 0.99% fixed APR for up to 60 months on new and used auto loans. To qualify for the 0.99% 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 org for complete details. May not be used to refinance an existing LAPFCU vehicle loan or to finance a recreational vehicle. 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. Offer valid March 1 through June 30, Auto Rebate vs. Zero Percent Financing Purchase Price: $15,000 Cash own: $1,500 Amount Owed on Trade: $2,000 Zero Percent Financing: 0.00% Term: 48 Months Trade Allowance: $5,000 Sales Tax Rate: 8.00% Manufacturer Rebate: $2,500 Traditional Financing: 0.99% $2,500 Rebate with LAPFCU s 0.99% Financing No Rebate with 0.00% Financing Make eposits Using Your Phone You ve been asking for it, and now it s here! Members are already making deposits with their smartphones thanks to GO-eposit, a new feature of Los Angeles Police Federal Credit Union s free mobile app. No more need to run to a branch or ATM GO-eposit lets you take pictures of the front and back of your check using your smartphone, then securely transmits those images for deposit in your account. Loan Amount you ll receive a prompt to download an update. You ll find that with GO-eposit and your smartphone, making deposits is as easy as taking a picture: You just TAP, SNAP, EPOSIT! For more information about our app or the new GO-eposit feature, visit lapfcu.org. Total Payments You Save $2,377 with LAPFCU! To use GO-eposit, make sure you download the latest version of our app or if you already have it, 3

4 Buying or Refinancing a Home? Get a $200 Rebate on Your Mortgage When you re in the market for a new home, you have a lot of choices to make. At LAPFCU, we make the process of applying for a home loan easy so that you know where you are and what you need to do each step of the way. As an added incentive, when you qualify for our Member Benefits program 1, you ll automatically receive a $200 rebate when you get a new or refinanced LAPFCU first mortgage! Our mortgage process means you can: Take advantage of competitive mortgage loan rates and no point options Get pre-approved in minutes We offer a variety of loan options to choose from, including fixed rate mortgages and adjustable rate 2 mortgages. Through our alliance with CU Partners, an experienced and trusted credit-union correspondent lender, we re also able to offer our valued members highly competitive pricing and superior service on FHA, VA, Jumbo and Reverse mortgages. You can find explanations of each program on lapfcu.org under the Mortgage Center tab, or a Loan Counselor is always just a call or away! And, if you presently don t qualify for Member Benefits, ask us how to, so you can be sure to get your $200 rebate. Get pre-qualified for an LAPFCU home loan today visit lapfcu. org and look under the Mortgage Center tab to apply online in about 20 minutes. Ask for details about our brand new home buyer rebate program you could save thousands! 1 Member must fulfill Member Benefit Program requirements in order to receive incentives. Program is subject to change or cancellation at any time without notice. Restrictions may apply. Ask for details or visit memberbenefits.lapfcu. org. Member Benefits incentives may not be combined with any other offers. 2 Rates may increase or decrease during the term of the loan. Two FREE Workshops LAPFCU is committed to providing learning experiences that make a positive, practical difference in how you approach your finances. We re offering TWO FREE WORKSHOPS * in April and May: April 23, :30 p.m. First-Time Homebuyer Workshop As you take steps toward the purchase of your first home, we re here to help answer any questions you may have about the homebuying process, from choosing a Realtor to winning a bidding war. May 9, :30 p.m. Raising Money Smart Kids Learn how to teach your kids good spending and saving habits that can help build the foundation for a lifetime of financial success. Sign up for a workshop by ing rsvp@lapfcu.org or calling 877-MY-LAPFCU x346. *All workshops and webinars subject to change or cancellation without notice. Official Rules Continued from Front Page 1 OFFICIAL RULES. NO PURCHASE OR PAYMENT OF ANY KIN IS NECESSARY TO ENTER OR WIN SWEEPSTAKES. Odds of winning are based upon number of entries. Based upon the Credit Union s estimate of 47,585 entries, odds of winning are: 1st Grand Prize: 1 in 47,585; 2nd Grand Prize, 1 in 47,585; 3rd Grand Prize 4 in 47,585. One LAPFCU member will be awarded up to $4,000 in LAPFCU loan payments on existing loans for up to one year, or if member does not have an LAPFCU loan, $3,000 in cash, whichever is less; One LAPFCU member will be awarded a $2,500 voucher for services/travel provided by CUonVacation; four LAPFCU members will be awarded an ipad Mini. All entries must be postmarked by 8/30/13 and prizes must be redeemed by 10/31/13. Sweepstakes effective 4/15/13 through 8/30/13. Odds of winning based upon number of entries. Members who apply and are approved for the following types of loans during the Sweepstakes Period receive automatic entries as follows: (1) a mortgage loan or mortgage loan refinance receives ten (10) automatic entries; (2) a vehicle loan receives five (5) automatic entries; (3) a fixed home equity loan receives three (3) automatic entries; (4) a Visa Classic or Visa Platinum credit card receives three (3) automatic entries; and (5) a Freedom Personal Loan receives three (3) automatic entries. Grand prize drawing will be held at 10 a.m. on 9/5/13. The complete OFFICIAL RULES can be found at in branches or call 877-MY-LAPFCU. 2 APR = Annual Percentage Rate. Member must have Member Benefits to receive reductions. Reductions of up to 0.50% include a consumer loan interest rate reduction of 0.15%, an automatic payment rate reduction of 0.25%, and an online consumer loan application rate reduction of 0.10%. Any loan rate reduction will remain in place for the term of the loan. Actual APR offered may vary depending upon applicant s credit rating and other underwriting factors. Go to for complete details. Member Benefits incentives 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. 3 You must have an existing qualifying Member Benefits account to receive a $ rebate on a new or LAPFCU refinanced first mortgage loan. Rebate does not apply to FHA, VA, Reverse mortgage or Jumbo loans. 4 Interest will continue to accrue during the deferment period. 4

5 A Message From LAPCUSO Insurance Services Home-Based Business Insurance Many of our members operate small businesses out of their homes. The standard homeowners policy excludes covering any liability arising from this business operation. We have an inexpensive solution that is a tax deduction for the business * ; one of our best commercial companies is now offering home-based business liability coverage for most business operations, at very low rates. For more information, or to check out how to become a part of our growing insurance family, contact Maria Ascencio in our Van Nuys office at option 1, or fax your current policies to Our insurance specialist will review your coverage, companies and costs. If what you currently have is the best available, we will advise to keep what you have. If something better is available, we will give you all the alternatives. Again, thank you for your support. Insurance trends & tips: In 2012 claim payments on property insurance products and administration passed and exceeded premiums collected. What this means to the consumer of property insurance is tougher underwriting and higher premiums. Insuring property to proper rebuilding costs (not market value) is a major focus of property insurance companies during this year. For more information on this or any insurance-related matter, contact Jerry Bichlmeier at ext 233. *Consult your professional tax advisor for complete details. Time is Money Plan Your Retirement Today It doesn t matter what your age is. NOW is always a great time to begin investing for your retirement. By starting early, your money has more time to potentially grow. It also doesn t matter if you re able to invest a little or a lot what s important is to start planning now so that you can enjoy your life in retirement. LAPFCU can provide for your financial investment needs. Working with CUSO Financial Services (CFS), L.P. *, a full service brokerage firm, LAPFCU is able to provide a full line of investment choices as well as financial, retirement and estate planning. Products and services include: Mutual Funds Traditional/Roth IRA options Fixed and Variable Annuities Tax-Free Muni-Bonds eferred Compensation Rollover Options Our CFS * Investment Representative, Eric Stever, can assess your finances, help you develop a strategic plan for meeting your financial goals and discuss techniques with you that can help you become a more successful investor. He ll even give you a complimentary consultation if you call now to make an appointment: x 7. Of course, you should always consult your tax advisor about what may be best for your specific situation. Call today and get started on a great tomorrow! * 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. 5

6 Avoid Late Fees While Saving Time When Making Loan Payments WANTE: LAPFCU Volunteers-at-Large! u There s a faster way to make your LAPFCU loan payments than using Bill Pay in Patrol Online Banking. Transferring funds between accounts is instantaneous because, unlike Bill Pay, it doesn t require any processing time. This is great for those lastminute payments, and is also handy if you re looking to avoid late fees. You can even do these transfers using LAPFCU s free mobile apps! You also have the option to set up recurring automatic transfers for your loan payments. Become a Los Angeles Police Federal Credit Union Volunteer-at-Large, and learn what it takes to run a non-profit financial institution founded by police, for police and their families. Interact with Board Members, executives and fellow volunteers while sharpening your business, management and leadership skills. To learn more about the benefits of becoming an LAPFCU Volunteer-at-Large, call today: x 304 or jcaban@lapfcu.org. on t Take A Vishing Trip This Summer Voice phishing, or vishing, is the criminal practice of using the telephone system to gain access to private personal and financial information from the public for the purpose of financial reward. Vishing typically uses features facilitated by Voice over IP (VoIP), a technology used to route voice conversations or signals over the Internet. While most of us are suspicious of phishing scams that involve solicitations for personal financial information directly over the Internet, it s also important not to divulge that information when called directly or when an instructs you to call a specific number. o not respond to telephone or requests for personal financial information. If you are concerned, call the financial institution directly, using the phone number that appears on the back of your credit card or on your monthly statement. Never click on the link in an unsolicited commercial . Speak only with live persons when providing account information. Regularly monitor your credit reports (free at annualcreditreport.com) If you believe you are the victim of vishing, or if you notice suspicious activity on your account, please contact the Credit Union directly at 877-MY-LAPFCU (877) For the latest consumer information on identity theft, fraud and other cybercrimes, please visit the websites of the Internet Crime Complaint Center (ic3.gov) or Federal Trade Commission (ftc.gov). 6

7 Get 5% Cash Back on Your Next Vacation It s time to kick back and enjoy a break like a break on great vacation deals! When you book with CUonVacation, you re eligible to receive 5% Cash Back on Travel 1, just for being a Los Angeles Police Federal Credit Union member. It only takes three easy steps: Book your travel online or by phone, mail in your receipts and receive 5% cash back. CUonVacation also provides a 100% Lowest Price Guarantee! If you find a lower price available within 48 hours of booking your travel, simply call them at and they will send you a check for the difference! Call or visit LAPFCU.CUonVacation.com/ member-benefits to learn more! And when you travel, travel safely don t forget to call us at (877) MY-LAPFCU to let us know if you ll be using your Visa Classic or Platinum Rewards Visa Credit Card OR your Quickraw ebit MasterCard outside of your normal spending area. 1 For the purpose of this promotion, applicable travel is considered a hotel, car, cruise, tour or land package. Air bookings and/or air portions of bundled travel packages do not apply and will not be eligible. 5% Cash Back is based on net travel costs, excluding taxes, fees, gratuities, meals, room service, telephone calls, alcoholic beverages and other incidental expenses. See LAPFCU.CUonVacation.com/Member-Benefits for details. CUonVacation is powered by Montrose Travel Honolulu Ave., Montrose, CA CST# Balance Sheet As of March 31, 2013 (Unaudited) Assets $760,022,000 Loans $461,427,000 Net Worth $95,091,000 Total Shares $659,945,000 Members 42,172 New Single Sign-On For Visa EZ Card Info One piece of feedback from LAPFCU members we ve been working on is improving the process for how you access Visa Classic Credit Card and Visa Platinum accounts online. Good news! If you have PATROL Online Banking, you no longer have to use a separate logon I and password; instead, you ll simply sign in with your usual PATROL logon and password. When in PATROL, click the Online Services tab in the top menu bar and go to EZCard Info, then select your credit card and it will open the site. Los Angeles Police Federal Credit Union is a financial institution with over $760 million in assets exclusively serving active and retired, sworn and civilian employees of Los Angeles City Police, their families and select police-related groups. 24/7 Member Service Call Center 877-MY-LAPFCU ( ) For account inquires or access: Visit PATROL at Call Code 3 Automated Telephone Banking at 877-MY-LAPFCU, Press 2 To apply for a loan: Visit CUFFS at Call our 24-7 Lending Center at 877-MY- LAPFCU, Press 3 BRANCH OFFICES Van Nuys Branch (Main Office) Communications Center Sherman Way, Van Nuys, CA a.m. to 5 p.m., Monday - Friday 9 a.m. to 1 p.m. Saturday Academy Branch 1880 N. Academy r., Los Angeles, CA a.m. to 5 p.m., Monday - Friday Brewer Branch 5651 West Manchester Ave., Los Angeles, CA a.m. to 5 p.m., Monday - Friday Senior Executive Staff G. Michael Padgett, President/CEO Carol Martin, Sr. VP, Operations & Member Relations/COO Ed Hada, Sr. VP, Finance & Administration/CFO All inquiries or comments regarding this newsletter should be addressed to the Marketing epartment at 877-MY-LAPFCU. 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 Van Nuys, CA 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

8 PRESORTE STANAR U.S. POSTAGE PAI LOS ANGELES, CA PERMIT NO. 896 P.O. Box Van Nuys, CA RETURN SERVICE REQUESTE Product Highlights All rates and terms are subject to change without notice. Additional terms and conditions may apply. Call 877-MY-LAPFCU for details. LOAN RATES EFFECTIVE APRIL 5, 2013 Mortgage Rates 30 Year Fixed %/3.527% APR Zero Points 15 Year Fixed %/2.797% APR Zero Points Auto Loans New Auto / Used Auto as low as 0.99% fixed APR *^ Credit Card Rates Platinum Rewards Visa as low as 9.15% variable ** APR * Classic Visa as low as 13.99% fixed APR My First Visa as low as 13.99% fixed APR SAVINGS RATES EFFECTIVE APRIL 5, 2013 Regular Share Certificates 1-Year Certificate % APY *** 3-Year Certificate % APY *** 5-Year Certificate % APY *** 3.500% / 3.527% APR as of April 5, Payment example: A 30 year fixed rate mortgage with a loan amount of $300,000 and no points would result in monthly payments of $1, 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. * APR = Annual Percentage Rate. All rates, terms and conditions are subject to change. The rates shown are our lowest available rates. Funding rates are based on a variety of factors, including the applicant s credit score. Certain restrictions apply. Ask for details. ** Variable rates may increase/decrease after consummation of the loan. *** Minimum opening deposit for a regular share certificate is $500. An early withdrawal penalty may apply. eposit rates as of April 5, ^Rates as low as 0.99% fixed APR for up to 60 months on new and used auto loans. To qualify for the 0.99% 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 for complete details. May not be used to refinance an existing LAPFCU vehicle loan or to finance a recreational vehicle. 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. Offer valid March 1 through May 31,