LAFCU goes to market using Doublecheck Solutions to protect consumers with non-sufficient funds
DoubleCheck’s fresh approach empowers consumers with more control and transparency as consumer protection becomes a legislative priority
LOS ANGELES, CA (November 16, 2021) — Non-Sufficient Funds (NSF) can now be addressed before any payments are declined thanks to a new partnership between Los Angeles Federal Credit Union (LAFCU) and DoubleCheck Solutions, a fintech company addressing outdated NSF and overdraft practices with practical software solutions.
DoubleCheck notifies LAFCU members in real-time when their account is overdrawn, enabling them to see which transactions had NSF and providing options to rectify the situation before payments are returned and they suffer negative consequences. DoubleCheck is unique by offering multiple new payment methods for members to choose from, including the ability to bring cash into their Credit Union, as well as using a credit card.
To enable consumers to manage the economic fallout from the COVID-19 pandemic and address legislators’ calls for more consumer protection, more institutions are making changes to their NSF and overdraft programs. LAFCU is leading the charge by offering its members a unique solution that empowers members to more fully take control of their financial reputation. With DoubleCheck, LAFCU members have a new way to avoid the ripple effect of negative consequences that result from a declined payment, including multiple fees, a poor credit rating and a damaged reputation. On average, consumers that experience three NSF transactions in one day will save $175 with DoubleCheck.
“This important and new service exemplifies our motto of people helping people—especially in times of need,” said Richard Lie, LAFCU President/CEO. “Our members deserve tools that protect their hard-earned financial reputations. With DoubleCheck they have more control over their transactions, enabling them to avoid the negative consequences that result from declined payments.”
LAFCU members now have the option to pay for potentially overdrawn items with cash, credit card, or a third-party payment service. This control makes it easy to ensure priority payments like rent, mortgage and utilities are made first. In addition, members can report suspicious charges as fraud through DoubleCheck, enabling LAFCU to immediately reject the item and avoid fraudulent transactions being charged to the member’s account.
“DoubleCheck’s vision is to provide LAFCU members with control of their financial destiny. The exceptional transparency and payment choices our solutions enable allow members to make decisions and control their accounts in real-time,” said Joel Schwartz, Founder and Co-CEO of DoubleCheck Solutions. “LAFCU is breaking new ground as they join us in the movement for more member control and transparency.”
To learn more about DoubleCheck Solutions, visit: www.mydoublecheck.com
Connect with DoubleCheck Solutions on LinkedIn: https://www.linkedin.com/company/doublecheck-solutions
Connect with DoubleCheck Solutions on Facebook: https://www.facebook.com/MyDoubleCheck/
Follow DoubleCheck Solutions on Twitter: @DoublecheckS
About LAFCU (CA)
LAFCU was founded in 1936 by 13 Los Angeles City Employees to give fellow employees a safe, low-cost, and convenient source to borrow and save money during the height of the Great Depression. They gathered $65 to form the “Los Angeles City Employees Federal Credit Union.” In 1987, the name changed to Los Angeles Federal Credit Union to reflect a growing field of membership, which started to include immediate family members of City employees and individuals who lived in the same household as a current member. In 2006 LAFCU expanded its field again to include residents living in most counties of Southern California by establishing the Los Angeles Charitable Association, Inc. (LACA). LACA is a 501(c)3 nonprofit charity that donates and supports charities in the greater L.A. area that since 2006, has donated over $500,000 to those charities.
Now, 85 years after its initial deposit of $65, LAFCU manages $1.2 billion in assets, has 71,000 members, staffs seven branches, and its members can access a nationwide network of 30,000 CO-OP ATMs and 5,000 shared branches.
Anyone living in most counties of Southern California can join LAFCU and take advantage of its financial services. For details, visit www.LAFCU.org, call (877) MY LAFCU (695-2328), or visit a branch.
