By now, you’ve noticed a big change with Inside LAFCU. To keep the newsletter looking fresh, we redesigned it with a new masthead, new graphics and a new interactive focus. Along with the printed version, the newsletter will continue to be offered at www.LAFCU.org, which will now feature clickable links to important online info. The online version also includes an electronic “Page Flip” that enables you to turn virtual pages by clicking a button. We hope you enjoy the new and improved look.

There are many reasons why LAFCU stands out among other financial institutions. We are a not-for-profit financial cooperative owned and controlled by our members, and governed by a volunteer board of directors elected by and for the members. Regardless of how much money a member has on deposit, each member has equal ownership and one vote. In contrast, banks are owned by stockholders and controlled by a compensated board of directors. Since banks prioritize the needs of their stockholders, they charge as much as the market will allow for services in order to maximize returns to the stockholders. LAFCU does not issue stock or pay dividends to outside stockholders. Instead, earnings are returned to LAFCU members in the form of lower loan rates, competitive savings rates, and lower fees or in some cases, no fees for many products and services.

Despite these challenging economic times, Bauer Financial, Inc., the nation’s leading independent credit union rating firm, has once again awarded LAFCU a “5-Star Superior” rating. This is our 75th consecutive such rating over 18 years, giving us the distinction of being one of the strongest credit unions in the nation. Only 6% of the country’s credit unions have earned this honor from Bauer. The highest award attainable, this rating recognizes LAFCU for its capital safety levels, quality of loan portfolio, ability to meet members’ needs, historic financial performance, and profitability. For details about LAFCU’s rating at Bauer, call (800) 388-6686 or visit www.BauerFinancial.com.

Please join LAFCU in supporting the annual March of Dimes “March for Babies” charity walk on Saturday, April 24, 2010 in Exposition Park next to the USC campus, south of downtown Los Angeles. Along with sponsoring a walk “Checkpoint,” LAFCU will raise money by collecting donations at our branches and by mail. All donations fund medical research to fight premature birth, birth defects and infant mortality nationwide. For details, visit www.MarchOfDimes.com/california.

Due to the overwhelming generosity of members and employees, LAFCU collected over 500 toys for the “Toys for Tots” toy drive during November and December 2009. Toys were also purchased with monies given to our charity, the Los Angeles Charitable Association, Inc. (LACA). Donated toys were distributed to less fortunate children in the Southern California Area. Marines distributed holiday gifts to 7 million children in 650+ communities nationwide. Toys for Tots annually relies on individual donations from the American public as well as corporate partners like LAFCU. Thank you for your support. For details, visit www.ToysForTots-socal.org.

Nearly 40 LAFCU employees, along with their friends and family members, volunteered at the Los Angeles Regional Foodbank and assembled over 880 food packages last November at the Foodbank’s warehouse south of downtown Los Angeles. The packages contained a nutritious blend of food that was distributed to needy seniors throughout L.A. County. The Foodbank provides food to 900 selected charitable agencies that feed 674,000 people annually, and relies on volunteer groups to sort, inspect, and package thousands of pounds of food each day. By participating in events like this, LAFCU exemplifies the global credit union philosophy of “people helping people.” For info, call (323) 234-3030, or visit www.lafoodbank.org.

You can become a victim of ‘phishing’ when you are sent an e-Mail from someone falsely claiming to be an established legitimate enterprise to motivate you to provide private information (such as account numbers or PINs) that will be used for identity theft. LAFCU does not and will not ever ask you to e-mail us private information. If you think you are being phished, contact LAFCU and forward us the details. Some ways to prevent ID theft include reviewing your credit report often, shredding old receipts, opting for online e-Statements, and using unique passwords for accounts. For more advice, visit our “Security Center” from the homepage of www.LAFCU.org.

If you have a vehicle loan with LAFCU, be aware that changes were made recently to our collateral protection insurance program that tracks the insurance on your loan. One change is the look of the notices that you may have received from us that requests proof of insurance. Please continue to follow the instructions listed on the new-format notices, as they contain important information about your loan.

If you want your tax refund deposited into your LAFCU account make sure that 1) the LAFCU account number on your tax return is the same account into which you want the refund deposited, 2) the names & Social Security Numbers on your tax return are exactly the same as those on that account, and 3) LAFCU’s routing number “322078370” appears on your tax forms. If these items are not correct, the deposit will not be made and you will be sent a paper check from the state or federal government. For tax refund status information, contact the Franchise Tax Board at (800) 852-5711, or the IRS/US Treasury at (800) 829-1954 or www.irs.gov.
NOTE: IRS forms 1098 & 1099 will be mailed to LAFCU members by 1-31-10.

As a benefit of your LAFCU membership, you are eligible to use low cost or discounted services referred by COLA Insurance Services Corporation, our “credit union service organization.” Services include: Identity Theft Protection, Pet Health Insurance, Pre-Paid Legal Services, Tax Preparation Services, and Travel Arrangements and Discounts. The COLA Board of Directors is open to receiving new product ideas from LAFCU members. Feel free to contact them through our Member Services Department.