The $300 bonus is actually three separate $100 bonuses:
- $100 for signing up for e-Statements and starting Direct Deposit (two consecutive deposits, minimum of $500 each) when opening a checking account.
- $100 for opening a new VISA® card or balance transfer (any amount).
- $100 for vehicle loan or refinance of non-LAFCU vehicle loan ($5k minimum).
Thanks to DA reader, Jake9, for his Forum post about LAFCU’s new member bonus.
Headquartered in Glendale, Los Angeles Federal Credit Union offers membership to virtually anyone in Southern California. While the LAFCU’s website is a little light on membership qualification details, the online application is quite specific.
Employment: Los Angeles City employees, retirees, and volunteers are eligible to join.
Residency: Individuals who live in Southern California who join the Los Angeles Charitable Association ($5 annual fee) qualify for membership.
Relationship: Family members of current LAFCU members are also eligible.
Other: Employees and members of either other organizations, including the USA Corps of Engineers.
Joining LAFCU and applying for the limited-time bonus can be done online, or at any of eight Southern California branches located in Cerritos, Culver City, El Monte, Gardena, Glendale, Los Angeles (2), and Van Nuys.
Credit Union Overview
Los Angeles Federal Credit Union (NCUA Charter # 1207) has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 1.76% (excellent) based on March 31, 2016 data. In the past year, LAFCU has increased its total deposits by $24.79 million, an excellent annual growth rate of 3.41%. Please refer to our financial overview of Los Angeles Federal Credit Union for more details.
Founded in 1936, Los Angeles City Employees Federal Credit Union’s first total deposits of $845 from 13 LA City employees has grown to more than $862 million in assets from over 56,000 members. The “Employees” part of the Credit Union’s name was dropped in 1987, as the field of membership began to expand. In 2006, LAFCU established the Los Angeles Charitable Association, which “supports selected nonprofits through charitable giving and volunteerism. Almost one hundred percent of donations given to LACA are donated to charities in the Greater Los Angeles Area.”
How the Bonus Compares
While LAFCU is promoting this as a $300 bonus, for most people it’s probably a $100 bonus (joining the Credit Union and opening a checking account with eStatements and Direct Deposits).
Assuming $1,010 (direct deposit + initial deposit) in an Interest Checking account for 3 months:
- $1,010 in a 1.00% APY savings account for 3 months = $2.52 interest
- $1,010 in an Interest Checking account for 3 months = $100 bonus
The above rates are accurate as of 8/31/2016.
Other Bank Promotions and Bonuses
Not eligible for Los Angeles FCU’s bonuses? Check out my latest bank and credit union bonus blog posts to find other promotions. In addition, DepositAccounts.com readers and I also post often on bonuses in the Bank Promotions Forum.