LAFCU partners with DoubleCheck Solutions™ to help members control non-sufficient funds transactions
GLENDALE, CA (November 16, 2021) — Los Angeles Federal Credit Union (LAFCU) is pleased to announce a partnership with DoubleCheck Solutions to offer a service that gives LAFCU members the ability to prevent payments from being returned before they become NSF (Non-Sufficient Funds).
In this simple yet novel approach to member service, a LAFCU member will receive a text message or email alert the same day their account is overdrawn and they are faced with the possibility of declined payments due to insufficient funds in their checking account. This notification lets the member see which transactions are NSF and gives them options to rectify the situation before transactions are declined.
Through DoubleCheck, LAFCU members have the option to pay for potentially overdrawn items with cash, credit card, or a third-party payment service. Members can report suspicious charges as fraud through DoubleCheck, enabling LAFCU to immediately return the item and avoid fraudulent transactions being charged to the member’s account.
“This is clearly an important and valuable service for our members, one that epitomizes our motto of people helping people,” said Richard Lie, LAFCU President/CEO. “It’s another way we support members when they need help. They now have new options to avoid the ripple effect of negative consequences that result from declined payments, while protecting their credit and hard-earned financial reputation.”
“Our vision is to get credit union members in control of their financial destiny by providing transparency and payment options before their account is overdrawn,” said Joel Schwartz, founder and Co-CEO of DoubleCheck Solutions. “We are proud that LAFCU is joining us in starting the movement.”
Anyone who lives in most counties of Southern California can join LAFCU and take advantage of its financial services. For details, visitwww.LAFCU.org, call (877) MY LAFCU (695-2328), or visit a branch.
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.
