LAPFCU Checking Accounts Frequently Asked Questions

Effective May 1, 2018

Q. No monthly checking fees? What’s the catch?

A. No catch. There are absolutely no monthly checking fees on any of our accounts! We are a credit union that is dedicated to serving and giving back to our members – and we want our members to use us as their primary financial institution.

Q. Unlimited ATM rebates? Is this for real?

A. Yes! Unlimited ATM rebates are ways to increase our members’ use of LAPFCU. The rebates are limited to domestic reimbursements and not internationally.

Q. What if I do not meet the checking account requirements, will I receive domestic ATM rebates and or Member Benefits rewards related to the checking accounts (cash back or dividend)?

A. No, although you will not be charged a checking account maintenance fee, you will not receive ATM rebates or any rewards when you do not fulfill account requirements.

Q. Why are you eliminating E-Benefit checking?

A. We created E-Benefit checking for members who conduct their business primarily online. Unfortunately, not a lot of members selected the account, so it made sense to replace it.

Q. So the replacement of E-Benefit Checking is Cash Back Checking. How does it work?

A. Members must conduct qualifying behaviors, then they are awarded 3% cash back on their debit card purchases up to $250.00 monthly.

Q. LAPFCU has a $250 minimum monthly deposit requirement. If I make several deposits throughout the month that add up to $250, will that qualify me?

A. No. Unfortunately due to system limitations, we can only track one deposit of $250 so the deposit/ACH deposit would have to be one deposit.

Q. I am opening a new checking account and plan on fulfilling account requirements. Will I be charged fees during the period of time it takes to add those requirements?

A. We are providing a two-statement cycle “grace period” which should allow members enough time to add direct deposit, sign-up for e-statements, etc.to avoid the paper statement fee.

Q. I have direct deposit, but a portion of the funds are deposited into my spouse or child’s account. Will that provide them with the direct deposit requirement?

A. If a member receives direct deposit and then splits it so it deposits into a spouse’s, child’s, etc. account, it will qualify. If the deposit to a spouse or child’s account is done via transfer, it will not satisfy the direct deposit requirement. Please contact LAPFCU and ask to arrange an “ACH Distribution.”

Q. I plan on opening a checking account in order to get a vehicle loan discount. Will I receive the vehicle loan discount immediately?

A. Yes. The loan discounts will be applied as soon as you open the checking account. A two-statement cycle grace period will be applied which will allow you to avoid the paper statement fees. If you do no not fulfill the requirements by then, you will not be entitled to any other member benefits.

Q. I am self-employed and have a checking account. As I can’t fulfill the direct deposit requirement, will I not be entitled to receive any rewards or domestic ATM rebates?

A. Please contact us at 877-MY-LAPFCU (877-695-2732) so we can explain the different ways you can fulfill the direct deposit requirement.

Q. I like that I can receive a free box of checks. Is that one per calendar year or one each year after I order the free checks?

A. You are entitled to one box of 50 intro Colonial Classic or Variety checks per calendar year.

Q. I have Performance Checking, why are you dropping the limit to $15,000 for the dividend bonus.

A. Through research, we discovered only a small number of members keep their Performance Checking accounts at the $25,000 level. As most members kept under $15,000 in their accounts, it made sense to drop the balance limit and remove monthly maintenance fees for all members.

STATEMENTS

Q. Why are you adding paper statement fees?

A. Over the years, the cost of postage and printing has increased, while member use of online activities has also increased. Banks typically charge anywhere from $4.99 to $15.99 for “monthly maintenance fees” which includes the cost of paper statements. We have removed monthly fees on checking accounts, so it only made sense to begin charging for those who prefer paper. Of course we’ve updated Member Benefits to make it easy for those who desire paper statements to continue receiving them for free.

Q. I’m a student and wish to have paper statements. Will I be assessed the paper statement fee?

A. If you are 18 years or older, you will be charged for receiving paper statements unless you have Member Benefits.

Q. I only get a quarterly statement and want to keep my paper statements, will I be charged a fee monthly?

A. No. You will only be assessed a fee in the months you receive a statement.