IRA Rollover Changes Effective Jan. 2015
Effective January 1, 2015, a new Internal Revenue Service rule mandates that Individual Retirement Account (IRA) owners may only complete one IRA rollover in a 12-month period, regardless of how many IRAs they own. If you are an IRA owner, you need to be prepared, and plan should you consider an “IRA to IRA” rollover in 2015. You may continue to make unlimited Trustee-to-Trustee transfers between IRAs, according to the IRS. For additional information, please visit the IRS website.
Our Credit Cards are Upgrading Soon
If you have a LAFCU Visa® credit card…here’s some great news: to make it more secure, we will soon send you a NEW card that has built-in “chip and PIN” technology. This card works inside a physical store when 1) the merchant’s “chip-recognizing” card terminal correctly reads encrypted data about you from the card’s computer chip, and 2) depending on the merchant, you may need to also authenticate the card by entering it’s PIN on the terminal’s keypad OR by signing for the transaction. By November 2015, all merchants are required to replace their current credit card terminals that only read data on the card’s magnetic stripe with terminals that read both your new card’s chip and the stripe.
After you receive your new card:
• Immediately call the phone number on the card’s label to activate it. This step is an anti-fraud measure for your protection.
• Your existing card will close (no longer function) 15 days from the open date of your new card, so you must activate your new card within a few days of receiving it. Your old card will stop working within 15 days even if you do not activate your new card.
• The balances on your current card will have transferred automatically to your new card.
• Access your current card’s history and transactions by entering e-Branch then click the name of your credit card to reach the online Visa card information page. Click “View Transactions” on the right, near the top-right click the dropdown menu to view the card you want, then in the “View Transaction History” section choose an option in the “Select Period” section.
• You can sign up for “Transaction Alerts.” This valuable, free service lets you receive a text message and/or an email whenever certain types of transactions occur with your card that you designated. To sign up, enter e-Branch, then click the name of your credit card to reach the online Visa card information page. Click “Communications” on the left then “Visa Transactions Alerts,” then fill in your alert parameters. If you have a new "Signature Rewards Platinum" card, the "Communications" link will only be viewable AFTER you add your new card number to the online Visa card information page (enter e-Branch, click on the name of your credit card, then click "Add a Card" on the "Quick Links" section, then follow the instructions).
• Does your current card have a custom graphic you provided?
If so, your new card will have the same “Design Your Own Card” (DYOC) art that’s on your current card. However, due to the placement of the “chip” and other card graphics on your new card, part of your custom art might be covered in places you might not like. Here’s a solution: You may alter the current art yourself (or provide completely new art) so the new card graphics covers part of your art in a way acceptable to you, then re-order your Visa card. If you do this by October 31, 2014, the change is FREE. To order new card art, follow these steps: 1) Access e-Branch, 2) Click on the name of the Visa card that has the DYOC art you want to change, and 3) On the right, click the “Design Your Own Card” link, then follow the onscreen directions.
Have a Platinum Plus with CURewards LAFCU credit card?
You will soon get a NEW card called “Signature Rewards Platinum” with a new 16-digit account number and new PIN. You may change your PIN any time 24/7 after the card is activated, by calling (888) 886-0083.
All points you accrued with your current card will transfer to your new card.
You will need to re-register your new card number to receive e-Statements for your new card: Enter e-Branch, click the name of your credit card to reach the online Visa card information page, click “Add a Card” on the Quick Links section, then follow the onscreen instructions.
• Automatic Billing / External Bill Payment Processors
You must contact each merchant you had set up to automatically bill your card and tell them your NEW card number. If you use an external billpay service you also need to update the card number with that service.
• Benefits of your new Signature Rewards Platinum card
Auto Rental Collision Damage Waiver….Cardholder Inquiry Service…..Concierge Services…..CURewards program…..Emergency Card Replacement….. Emergency Cash Disbursement…..Lost/Stolen Card Reporting…...Purchase Price Protection……Travel Accident Insurance……Travel & Emergency….. Assistance…..Warranty Manager……Zero Liability for Fraudulent Transactions.
• LAFCU e-Bill Pay & e-Statements
If you use LAFCU’s e-Bill Pay to make card payments, once the conversion takes place, you will no longer be able to make payments on your account utilizing your current credit card account number. At that point you will have 1 of 2 options:
1) Wait to receive your new card in the mail then register it before making payments, or
2) Call us so we can apply the payment to your new account number.
Have a Platinum Cash Back or Platinum Low Rate Card?
• Card & PIN:
Your 16-digit card number will NOT change, however the card’s PIN will change and you will receive the PIN in a separate mailer. You may change your PIN any time 24/7 after the card is activated, by calling (888) 886-0083.
• Benefits of your new card:
Auto Rental Collision Damage Waiver…..Lost/Stolen Card Reporting…..Travel and Emergency Assistant Services…..Warranty Manager Service…..Zero Liability for Fraudulent Transactions.
• LAFCU e-Bill Pay & e-Statements
You can continue to use these products with no interruption in service
2015 Board Election & Annual Meeting
The next Annual Meeting for Los Angeles Federal Credit Union is scheduled for 5:30pm, Tuesday, March 31, 2015 at our LA Mall Branch, 201 N. Los Angeles Street, downtown Los Angeles. Up for election are Board of Directors offices 7, 8 & 9, each with three-year terms. The officials holding these offices and their current title are: #7 Denise McGee, Treasurer; #8 Gary Mattingly, Director; and #9 Chuck Rubin, Chairman.
If anyone qualifies by 11/24/14 to run against at least one incumbent, ballots for the next Board of Directors election will be mailed to eligible LAFCU members on 1/9/15. Board office nominations can be made either by petition or by a nominating committee that is appointed by our Board Chairperson. If you are interested in being considered for nomination to our volunteer Board and are a LAFCU member in good standing, send a résumé of your qualifications to our nominating committee c/o LAFCU’s President/CEO by 10/10/14. Individuals not nominated who wish to run for a Board office may call the office of LAFCU’s President/CEO at (877) 695-2328, ext. 6309, and arrange to pick up a petition after 10/20/14. Each petitioner needs to secure 500 eligible signatures and the original completed petitions must be returned to a LAFCU branch by 5:00pm on 11/24/14.
The Board has the ultimate responsibility for the direction and continued solvency of LAFCU. At a minimum, the board meets monthly to evaluate the prior month’s results and consider the credit union’s future. An important consideration and qualification for Board positions is the willingness to volunteer time to serve LAFCU and its members. At the first meeting following the Annual Meeting, the Board will make appointments for terms scheduled to expire on our Supervisory Committee (responsible for the internal auditing of LAFCU), and our Credit Committee (responsible for evaluating loan requests). Members interested in serving on either Committee must send a letter of application and information concerning any related experience to LAFCU, Attn: President/ CEO, by 3/6/15. Letters of application and résumés of applicants not selected will remain on file for two years for consideration if there is a vacancy.