One Small, Surprising Way to Ensure Your Kid Gets to College

According to a new report by the College Savings Initiative, kids with a savings account in their own name are six times more likely to attend college than those without an account. Yep, you read that right: six times more likely.


This research examined what happens when kids have ownership, so they're the ones who can make deposits and withdrawals at a bank. (It's not looking at what happens when their parents open a 529 or Roth IRA for them with their education expenses in mind.) The amount in the kids' account doesn't matter. It's the fact of having it that does.
William Elliott III, Ph.D., a professor at the University of Kansas and a faculty associate with the Center for Social Development at Washington University in St. Louis, explains that the study looked at high school students who said that they expected to go to college sometime in the future. "We controlled for a number of factors, including academic achievement, family income, wealth, and the children's savings," he says. "And we found they were six times more likely to attend college shortly after graduating high school if they had a savings account at a younger age. So if they had a savings account between ages 12 and 15, it was predictive of them attending college later in life."

The balances in those accounts, Elliott says, were low -- on average, somewhere around $400. Not anywhere near enough to pay for college, or even a few textbooks.

But Elliott theorizes that ownership of an account gives youngsters a sense of control. "It's helping them to be thinking of college, to have it on their mind in a more concrete way than simply saying, 'I expect to go to college,'" he explains. "They've taken some actions, they've got a savings account, they're saving some money. Positive expectations aren't quite enough."

To me, what's encouraging about this research is that it's a relatively easy step to take with a child -- open the account in their name. And it can give all of us, not just the kiddos, a small sense of power in an uncertain world. I usually look away when I see the projections on what college will cost when my daughter and son will be ready to go. Going to the local bank? That's something I can handle. The payoff can be enormous, even if the balance isn't. Elliott agrees. "That's what makes it exciting," he says. "It's not a huge step. It's doable. It's possible."

http://finance.yahoo.com/college-education/article/112756/surprising-way-kid-gets-to-college-moneywatch?mod=edu-collegeprep

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Vote LA Financial Credit Union as your favorite Bank or Credit Union!! www.votebestof.com

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Another Happy Member... Thanks Auto Expert!!

Becky F. our very happy member is shown as she took delivery of her brand new Audi A4! Becky purchased a 2011 Audi A4 through the Credit Union’s auto buying service, Auto Expert and financed it with LA Financial too. Not only did she save time, money and frustration, she also pocketed $123 with our 123 promotion and saved an additional half percent off her already low loan rate – 0.25% reduction for automatic payment and 0.25% reduction for Direct Deposit/Payroll Deduction!   

  

Here are Becky's own words about her experience:

I didn't have the time to look for a car. Working a full-time job, it was nearly impossible so I asked Aaron from LA Financial's Auto Expert service to find my car.  I was very particular in the color and options that I was looking for and Aaron could not locate my car anywhere.  I was disappointed until Aaron told me that he could special order my car from the factory with the exact options that I was looking for... and at a great price and perfect color. I literally jumped for joy when he delivered my new car. I couldn't believe my eyes! The whole process was so quick. This experience was so amazing.

  

If you’d like to jump for joy over your next car buying experience, use Auto Expert – free for all LA Financial CU members.

Another AutoExpert Success Story!!!

Reyna C. is another happy member thanks to LA Financial's AutoExpert Service. 

"I gave Aaron from AutoExpert my car specs (2011 Toyota Highlander V6 , Magnetic Gray Metallic color ) and he was able to locate my car in one day. Aaron made this purchase a smooth transaction from beginning to the end. I love it!! I would recommend AutoExpert to everyone, " said Reyna.

If you are in the market for a new or used car, get pre-approved with a great rate from LA Financial.  Then check out LA Financial's AutoExpert service by calling Aaron at 714-783-8848. 

Important Information Regarding your ATM/Debit Card

Important Information Regarding your ATM/Debit Card
Due to our recent ATM/Debit card upgrade, some of you may experience a decline when using your card with a PIN. This will most likely happen if in the past you came into one of our branches and chose a personal PIN. This does not apply to all cards.

We have a solution to that problem and, going forward if you would like to change your PIN for any reason, you may do so by calling 866-985-2273 see below for detailed instructions.
Our conversion to our new card processor has given us a new feature called PIN NOW. This feature gives you the opportunity to call on the phone and personalize your PIN after validating some personal information. You no longer have to come into our branch to obtain a personalized PIN.

Please call 866-985-2273. You will be prompted to enter your card number. If you are calling from home or work and, we have your current telephone number on file, you will then be prompted to enter the last 4 digits of your social security number. If everything matches, then you will then enter your new PIN, and you are ready to use your card.

If you are not calling from home or work, say you are on your cell phone, enter your card number. You will have then have the option to enter either your home or work telephone number. Remember, these numbers must be the ones you have given the Credit Union. You will then be prompted for the last 4 digits of your social security number. As long as all of the information verifies, then you will then enter your new PIN and you will be ready to use your card.

Avoiding ATM Fees Using the Grocery Store Trick!!

There are over 28,000 surcharge free Co-Op ATMs but... sometimes, I just can't find one. 

So...when I can’t find a surcharge free ATM, I just go into the nearest grocery store, and buy something small and pay for with my debit card and ask for cashback. In urban areas I look for a drugstores or grocery stores. I’ve never had a surcharge, and it’s a ‘purchase’ so you won’t get a foreign ATM fee either.

Shoot For Loot Contest!

Clipper Nation, LA Financial wants to give you a chance to win big at a Clippers home game! Enter below for your chance to win an opportunity to participate in the LA FINANCIAL SHOOT FOR LOOT contest on the court during a time-out on March 26, 2011. LA Financial, THE credit union for Clipper Nation!

Another Happy Member!!

Our member, Sharon K., took delivery on March 9th of a 2011 Mini Cooper through our AutoExpert auto buying program. She told our AutoExpert representative what exactly she wanted...we found it within one day & she took possession the very next day - at an excellent price.

In her own words, “I was surprised at how quick and easy the whole process was.  I got the car of my dreams at a price better than I could have negotiated myself.  They even took my old car as a trade in and I received more money than I had expected.  I am very happy with the entire experience." 

10 Easy Ways to save $100 (or more!)

1. Bring your lunch instead of going out to restaurants.
2. Drink tap water instead of bottled.
3. Borrow books from the library instead of buying.
4. Drive slower - sudden stops and starts burn a lot of gas.
5. Lay off the lattes.
6. Cancel your landline.
7. Use your credit union's ATM or a CO-OP machine instead of paying foreign ATM fees.
8. Consolidate your credit cards into a card with a fixed low rate like LA Financial.  A 3% discount on a $4,000 balance can mean $120 a year.
9. Go without premium TV chanels.
10. Buy non-perishible items in bulk.