Los Angeles Federal Credit Union - DP and Info

[Jeffster1]

I joined Los Angeles Federal Credit Union in June 2021 and figured I'd provide some DP since there's not a lot of Info on here about LAFCU.

- Applying for membership (no credit products...just membership) was a HP on TU. 
- I don't recall having to send in any documents.

- It took a couple days for them to approve. Communication from them was really bad.

- Once approved, there was nothing really special about the membership or accounts.

- I applied for a VISA in May 22. HP on EX. Again, no communication other than a promise for a credit specialist to call me. This didn't happen so I called after a few days. The polite gentleman told me I was denied for inquiries (I had 4/24), and advised for me to try again after some time. I explained that I was trying to replace my rebuilders. No recon. No offer of the secured card instead. 
- Underwriting appears to be very conservative. Older posts indicate low SL, and that they were/are very new account and inquiry sensitive.

- I decided to close my checking and savings this past Saturday. I called in and the rep told me she could not close the accounts, and advised me to contact the CU on Monday.

- I sent a secure message through their website and advised them I would like to close my accounts and end my membership. The response was that they could only be closed if I wrote a letter with a wet signature or visited a branch.

- I wrote back that my printer is broken so I couldn't send them a letter, and that I would not drive to a branch. 
- Expecting to be told to call in, I received a response yesterday afternoon via secure message with a notification to my email account directing me to their website. 
- I went to the website and had been completely locked out.

- I had to call to determine what happened. I was told my account was closed and I would be receiving a check in the mail. 
- I am glad the account is closed but you'd think they would have allowed me access to see the secure message.

- It looks like the letter with a wet signature is not really required.

All in all, LAFCU is a somewhat quirky credit union.

Not recommended. 

[OmarGB9]

At first I thought you were going to say good things about them, but then as your post went on, I realized there were no redeeming qualities to be found. Good riddance, IMO. Thanks for the DP.

[cashorcharge]

Good bye....

[Jeffster1]

LAFCU is definitely not recommended from my perspective. 

[Jeffster1]

UPDATE: VERY disorganized CU. The saga continues. 

UPDATE: I retract this comment. See below.

[Jeffster1]

Maybe I spoke too soon...they are not quite as disorganized as I had thought. The mail today brought a cashiers check in the amount of my account balance. 

As much as I am happy to be done with them, it seems as if they don't like me any more than I like them.

- I called their Customer Service number last Saturday and the rep said she couldn't close the account and to call back Monday.

- I sent a secure message via their website asking to close the account.

- They replied on Monday that I needed to write them a letter asking for closure or to come into the branch. I replied that I should be able to close it over the phone.

- I received a notification in my email saying I had another secure message from them. When I checked, I had been locked out of the website. I called and was told my account had been closed.

- My money arrived 5 days later. 

I'm pleased that I got what I wanted but vibe I get from LAFCU to me is "Good riddance." 🤣🤣🤣

I will be calling them on Monday for a letter confirming closure. I did nothing with this CU but apply; deposit; and close,  but I don't want them pulling a fast one. 

[Jeffster1]

Loa Angeles Federal Credit Union's apparent opinion of me reflected below 

:

[dkm23]

I'm have some mixed feelings with them.  I've been with LAFCU since 1991, First credit product was a co-signed car loan for my first car. My LAFCU Platinum Visa is my oldest CL (1998, now $3500 CL) and has a grandfathered APR (12.65%), which is still my lowest for all my credit cards and has not budged during the recent increases by the FED.

I joined as a famiy member of an LA City Employee, way before even area residents could join and was restricted to city staff only.

I honestly have not used the membership like I have my newer credit union memberships (Navy >$58K CL,; Alliant $10K).  Over the years I have had new Car Loans, refinances,  credit consolidation loans,  minor personal loans with them, as well as my Credit card  remaining one of my lowest limits at this time.  

They are very conservative with their approvals and do have human underwrightin for just about all loans in my experience.  During one credit consolidation they required me to actually close all other accounts they were providing the loan amounts for and allowed me to retain one card.  They probably have very low rate of charge offs as part of their conservative requirements.

I still have my Visa, Checking, Savings and an Emergency savings (limited balance HYSA, now an unpublished product) account.  To retain a bit of a relationship to keep said Visa and the account "active".  All my products have $0 maintenance fees.

I've had denials reversed with personal statement letters in the past, and have not asked for any CLI on that VISA since they are so conservative about to other accounts and have a bunch of new accounts in last 24 months.

My biggest negative with them was that when my father passed away in 2020 they closed his account (My mom was a joint) before we even came in to handle updating account ownerships.  They got a notice from LACITY when his retirement service was notified of his death from  his retirement healthcare.  They had already canceled the sole VISA credit card my parents shared (they also had one AMEX which they primarily used day to day). They made no attempts during our visit to retain my mom's buisiness, so we pulled the funds on account.  That's when I pulled the majority of my own funds, and limited deposits just enough to keep active, and moving the rest of my regular banking to other orgs.

I used to recommend them and had recruited a few roommates as members, but wouldn't suggest new members now.  Basic banking was easy cause a branch was near by.

[northway]

If you have any way in personally or via family, SchoolsFirst FCU is a vastly better credit union overall. The experience has been fantastic all around, they're extremely generous with lending and are not inquiry sensitive in the slightest. Best CU in California IMO.