Question 1

What is Cal State LA Credit Union?

Accepted Answer

Cal State LA Credit Union is a federally chartered, community-focused credit union serving California State University, Los Angeles and the surrounding El Sereno community in Los Angeles, California. With approximately $77.7 million in assets and nearly 4,900 members, this not-for-profit financial cooperative specializes in providing accessible banking services to university faculty, staff, students, and local residents. The credit union maintains a strong presence both on and off the Cal State LA campus, offering personalized financial services tailored to the needs of the academic community and neighboring neighborhoods.

Question 2

When was Cal State LA Credit Union founded?

Accepted Answer

Cal State LA Credit Union was founded in 1961 when it received its federal charter from the National Credit Union Administration (NCUA) as Los Angeles State College Federal Credit Union. Initially open only to faculty members, the credit union started with just $2,860 in shares.

The institution has undergone several name changes reflecting the evolution of the university itself. In 1965, it became Cal-State Federal Credit Union. In 1976, the name changed to California State University, Los Angeles Federal Credit Union. The current shortened name, Cal State L.A. Federal Credit Union, was adopted in 2007.

Key milestones include exceeding $1 million in shares in 1971, moving into the Student Union Building and opening membership to students in 1988, introducing online banking in 2001, moving off campus in 2003, gaining approval to serve the El Sereno community in 2005, reopening a campus office in 2017, and welcoming Marc Jacoby as CEO in 2022.

Question 3

Where is Cal State LA Credit Union headquartered?

Accepted Answer

Cal State LA Credit Union is headquartered at 2445 Mariondale Avenue in Los Angeles, California. This location is just north of the California State University, Los Angeles campus in the El Sereno neighborhood.

Question 4

Where does Cal State LA Credit Union operate?

Accepted Answer

Cal State LA Credit Union primarily operates in the Los Angeles area, with its main branch near the Cal State LA campus and an on-campus office serving students, faculty, and staff. The credit union's field of membership includes:
• California State University, Los Angeles faculty, staff, and students
• Residents who live, work, worship, or attend school in the El Sereno community
• Goodwill Industries employees
• Employees of the cities of Vernon, Bell, Bell Gardens, Cudahy, Maywood, and Huntington Park
• Members of the Chamber of Commerce of El Sereno
• Select Employee Groups (SEGs)

This targeted service area allows the credit union to maintain strong connections with both the academic community and the surrounding neighborhoods of East Los Angeles.

Question 5

What services does Cal State LA Credit Union offer?

Accepted Answer

Cal State LA Credit Union provides a comprehensive range of financial products and services designed for students, educators, and community members:

Deposit Accounts: Share savings accounts (with a $25 minimum balance), free checking with e-statements, certificates of deposit, special occasion savings accounts, children's savings accounts, business accounts, IRAs, and Coverdell Education Savings Accounts.

Lending Services: Auto loans (as low as 5.74% APR) for new and used vehicles, motorcycle loans, RV and boat financing, personal loans (as low as 10.25% APR), lines of credit (as low as 11.50% APR), Visa credit cards (as low as 8.90% APR), educational loans, debt consolidation loans, auto refinancing, and payday advance loans for members in good standing.

Digital Banking: Online banking with bill pay, mobile banking for iPhone and Android devices, mobile check deposit, person-to-person payments through Zelle, PayPal, and Venmo integration, and account alerts.

ATM Access: On-campus ATMs (located in the Library and Simpson Tower), access to nearly 30,000 surcharge-free CO-OP ATMs nationwide, including 5,500 ATMs in 7-Eleven stores, and 9,000 deposit-taking ATMs through the CO-OP network.

Additional Services: Financial counseling in English and Spanish through BALANCE, free financial webinars offered monthly through Balancepro.org, financial calculators, and teller services for cash transactions.

Question 6

What makes Cal State LA Credit Union unique?

Accepted Answer

Cal State LA Credit Union stands out for its deep-rooted connection to the California State University, Los Angeles community and its commitment to serving a diverse, multilingual population. The credit union offers bilingual services in English and Spanish, recognizing the linguistic needs of the El Sereno community and many university students.

The institution maintains a strong campus presence with on-campus ATMs that dispense $5 bills (ideal for students) and a dedicated campus office, making banking convenient for the academic community. Since 1961, the credit union has grown alongside the university, adapting its services to meet the evolving needs of students, faculty, and staff.

As a not-for-profit, member-owned cooperative, Cal State LA Credit Union returns earnings to members through better interest rates on savings, lower loan rates, and reduced fees compared to traditional banks. The credit union's low-income designation reflects its commitment to serving underserved communities.

The institution offers volunteer opportunities for members to serve on the Board of Directors and Supervisory Committee, reinforcing the cooperative governance model. Free financial education through monthly webinars and bilingual counseling services demonstrates the credit union's dedication to improving financial literacy within its community.

Question 7

What type of financial institution is Cal State LA Credit Union?

Accepted Answer

Cal State LA Credit Union is a federal credit union, chartered and regulated by the National Credit Union Administration (NCUA), an agency of the United States federal government. Member deposits are federally insured up to $250,000 by the NCUA, providing the same level of protection as FDIC insurance at banks.

As a credit union, the institution operates on a cooperative ownership model where members are simultaneously customers and owners. This structure means that profits are returned to members through competitive rates and lower fees rather than being distributed to external shareholders.

Membership requires meeting specific eligibility criteria based on affiliation with California State University, Los Angeles, residence or employment in designated communities, or connection to select employee groups. New members pay a one-time $10 membership fee and maintain a minimum $25 share savings account, which represents their ownership stake in the credit union.

The federal credit union charter allows Cal State LA Credit Union to serve its defined field of membership while maintaining the tax-exempt status typical of not-for-profit financial cooperatives focused on promoting thrift and providing access to credit at reasonable rates.

Cal State LA Credit Union

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About Cal State LA Credit Union in the United States