Unused Funds

Congratulations on meeting your savings goal to fund a child's college education! However, there may be situations where you have leftover money in your college savings account. This could be due to your child pursuing a different career path, receiving scholarships, enlisting in the armed forces, or completing college early.

But don't worry, you don't have to forfeit that money! As the account owner, you have several options:

(1)  Use the money for tax-favored expenses: It's always wise to use as much of the money as possible to pay for qualified expenses. These include not only tuition but also student fees, books, supplies, required equipment, a computer, software, and certain room and board expenses.

Now Available 24/7

To better serve you and offer the latest in technological innovation, LAFCU has enhanced the web and phone experience for our members with the debut of Angie, our 24/7 virtual assistant. She has been programmed to answer many frequently asked questions and conduct transactions.

Members can chat with Angie from our website and speak with her when calling us:

• To chat, visit our website, click the Angie avatar on the lower right of any page, then type your questions in the chat window & get rapid replies. In the mobile app & online banking, click the chat bubble icon near the top of the screen.

• To speak with her, call (877) 695-2328, then Angie will answer your spoken questions and help you conduct simple transactions on your LAFCU accounts.

Explained

Liability insurance is a type of coverage designed to protect policyholders from legal and financial consequences resulting from third-party claims. These claims may arise from bodily injury or property damage for which the policyholder is deemed responsible. The primary purpose of liability insurance is to cover the costs associated with legal defense, settlements, ad judgments that may arise from such claims.

Liability insurance policies are designed to safeguard policyholders from potential lawsuits and the costs associated with legal defense and settlement, which can be financially devistating.

Types

• General Liability Insurance: Provides coverage for bodily injury, property damage, and personal injury (such as slander or libel) that may occur on your business premises or as a result of your business operations.