Los Angeles Federal Credit Union Review 2022: A Solid Choice for Community Banking


GOBanking Rates Score

Quick take: Los Angeles Federal Credit Union is a local credit union in Los Angeles that provides quality service and convenient financial products. While they may not be able to compete with other institutions on rates, they certainly deliver service.

  • CD prices
  • Savings and checking
  • Banking experience
  • Overdraft fees

How did we calculate this?


  • Personalized service from a community institution
  • Many modern banking features
  • Access to a wide range of financial products

The inconvenients

  • Restrictive account requirements
  • Less interest on savings and investments than some competitors

About Federal Credit Union of Los Angeles

The Los Angeles Federal Credit Union is a long-standing financial institution that provides a wide range of financial services to its members in Los Angeles and Southern California.

As a federal credit union, LAFCU has no customers but rather members who all have a stake in the ownership of the institution. This cooperative approach allows LAFCU to focus on providing quality financial products at affordable prices rather than shareholder profits.

How Los Angeles Federal Credit Union earned its scores

Los Angeles Federal Credit Union got its scores based on the following factors.

Certificate of deposit rate

LAFCU provides certificates of deposits with a range of terms from three months to 60 months. Their regular and starter CDs have minimum deposit requirements of $1,000 and $100, respectively. The 12-month CD offers an APY of 0%.

Jumbo CDs have higher APYs but a minimum deposit of $100,000.

CD rates at LAFCU are significantly lower than some competitors but higher than national averages, which range from 0.20% to 0.90%, for similar terms.

Savings and checking

LAFCU offers both savings and current accounts with competitive interest rates.

  • Savings Sharing: The Equity Savings Account is required for membership and requires a minimum opening deposit of $10 – of which $5 is a one-time membership fee.
  • Verification: The current account offered at LAFCU requires no minimum balance and can be used for free at more than 30,000 ATMs nationwide. Anyone who signs up must already have a savings account. You can waive the $5 monthly fee by meeting the monthly requirement to have one direct deposit or by using your debit card.
    • Account holders can even earn interest on balances, starting at $10,000.

The bank also offers a range of other account options, including health savings, money markets, holiday savings, youth accounts, business accounts and more. As a credit union, LAFCU pays dividends to savings accounts, the rate of which varies by account type and account balance. It also provides easy account access through online and mobile banking.

Banking experience

From a cooperative credit, the banking experience at LAFCU is what you can expect. Account holders get the benefits they expect from big banks, like online banking, account alerts, automatic transfers, mobile check deposit and more.

Credit union members also have access to LAFCU’s Relationship Rewards program. This program provides points to members for holding checking, savings or investment accounts, as well as credit products. The rewards are also serious, offering reduced rates on loans and even reduced mortgage closing costs.

Overdraft fees

LAFCU has an overdraft of $29 per event. When a charge is returned, an insufficient funds fee of $29 applies. The credit union also has a courtesy payment service where, at its discretion, it will successfully authorize an overdrawn account, which also incurs a $29 fee.

What else does Los Angeles Federal Credit Union have to offer?

Beyond basic checking and savings, the Los Angeles Federal Credit Union offers many different financial services, including a variety of bank accounts, loans, and credit options. Their offers are comparable to those of many private banking institutions.

They have a wide range of loan and credit options, including:

  • Visa credit cards
  • Car loans
  • Mortgages
  • Personal loans
  • Energy loans
  • Student loans
  • Business loans

LAFCU members can enjoy essentially the full range of financial products that they would find in any private institution while also being part of the cooperative.

Los Angeles Federal Credit Union vs Competitors

LAFCU is a relatively small credit union with only seven branches and 73,000 members. However, this allows them to maintain a more personal connection to members than the much larger California credit unions.

Box Best for
Federal Credit Union of Los Angeles A more personal approach to the Los Angeles area and great loyalty rewards.
Federal SchoolsFirst Credit Union The best rates available for CDs and other investments.
Golden1 Credit Union Few or no restrictions or account requirements.

Los Angeles Federal Credit Union vs. SchoolsFirst Federal Credit Union

SchoolsFirst Federal Credit Union has better CD rates than LAFCU, with their 12-month CD having a rate of % on a minimum balance of $500 compared to that of LAFCU 0%. However, this option is several times larger than LAFCU and does not offer the same personal experience.

Los Angeles Federal Credit Union vs. Golden1 Credit Union

Golden1 Credit Union offers less restrictive savings account options with only a $1 opening deposit. However, it lacks the personal incentives and loyalty rewards that LAFCU offers through its Relationship Rewards program.

Final take

LAFCU is a solid choice for banking, loans, and credit in the Los Angeles area. Although better rates can be found elsewhere, the appeal of going locally and staying in the community is a major advantage for LAFCU.


Here are some common questions and answers about the Los Angeles Federal Credit Union:
  • Who can join the Los Angeles Federal Credit Union?
    • As a community credit union, LAFCU limits membership to individuals who live or have immediate family in Southern California.
  • What is the largest credit union in California?
    • California’s largest credit union is SchoolsFirst Federal Credit Union, with more than $25 billion in assets and 69 locations, compared to the smaller assets of $971 million held by LAFCU.
  • How many branches does LAFCU have?
    • LAFCU has seven branches located at:
    • – Cerritos
    • – City of Culver
    • – Gardena
    • -Glendale
    • – The Monte
    • – Van Nuys
    • –Los Angeles

Rates are subject to change; unless otherwise specified, prices are updated periodically. All other account information is accurate as of July 18, 2022.

Editorial Note: This content is not provided by the Los Angeles Federal Credit Union. Any opinions, analyses, criticisms, evaluations, or recommendations expressed in this article are those of the author alone and have not been reviewed, endorsed, or otherwise endorsed by the Los Angeles Federal Credit Union.

Our in-house research team and on-site financial experts work together to create accurate, unbiased and up-to-date content. We check every stat, quote and fact using trusted primary resources to ensure that the information we provide is correct. You can read more about GOBankingRates processes and standards in our Editorial Policy.

Is this your bank?

Thank you for signing up!

Prepare to receive the best financial advice from the experts at GOBankingRates.

Take advantage of our best offers


About Author

Comments are closed.