Congratulations on reaching retirement from The Aerospace Corporation! While you are undoubtedly excited about beginning another new chapter in your life, you likely have some apprehension about everything that will change once you no longer report to the office every day. Aerospace Federal Credit Union (AFCU) is ready to support retirees’ and their family members through this transition and into retirement. Below you will find a list of questions commonly asked by people getting ready to retire and the credit union’s solution for helping them move forward. If you have any other questions, please don’t hesitate to call the credit union at 800-795-2325. A Member Concierge will be happy to help you every step of the way.
Instead of my Aerospace Corporation payroll, can I use payroll deduction to have my retirement checks deposited to my AFCU account?
Yes, simply give the AFCU Routing Number (322070789) and your AFCU Account Number to The Aerospace Corporation pension personnel and instruct them that you want your funds direct deposited to the credit union. If you have AFCU Savings and Checking Accounts, make sure to indicate which Account you want the funds deposited in by including the corresponding AFCU Account Number. If you have questions, please call the credit union at 800-795-2325.
Why should I keep my AFCU account when I retire?
Although you will no longer be working at The Aerospace Corporation, you still get to benefit from all of the perks AFCU offers. Our rates are among the industry’s best. You owe it to yourself to keep earning more on your savings and paying less when you need to borrow! Plus, you benefit from maintaining the personalized service that AFCU is able to offer members. Your money is safe and secure at AFCU, and you get to use a number of great services for free.
I don’t have an AFCU account. Can I join at a later date if I change my mind?
Yes, once you are retired from The Aerospace Corporation you are still eligible for membership. You may join in-person at the branch in El Segundo or online - click the "Join Now" button at the bottom of this page to get started!
I am going to be staying in the Los Angeles area when I retire, but how do I visit the credit union if I don’t have an Aerospace badge anymore?
It’s actually very simple! As a credit union member, you are authorized to visit the branch at any time during regular business hours. Simply check-in with the guards at the Visitor’s Center and let them know you are a credit union member going to visit the branch. It’s best to let us know your retirement date, so we can add your name to a list that is kept on file with The Aerospace Corporation security. If the security staff can’t find you on the list, they will call us to confirm you are a member and then allow you to walk to the credit union to conduct your business. Upon completion, you will be asked to return to the Visitor’s Center.
I am going to be moving once I retire. How can I conduct transactions with the credit union if I am not around the branch in El Segundo?
AFCU participates in two credit union networks that allow you to go into and use 5,500 other credit union branches and 30,000 ATMs around the country just as if you are in our branch in A1. Basic deposits and withdrawals at these locations are free to AFCU members. Type your new address or city and state into the locator on our home page and it will tell you the closest places to use your AFCU accounts for free. In addition to other credit unions, you will find these fee-free ATMs located at places you are likely to frequent, such as your local grocery store, Costco, or 7-Eleven.
How can I deposit checks?
There are a few different ways you can deposit checks to your AFCU account. The first two ways would be to use one of the credit union shared branches or the deposit-taking ATMs listed above. The third way would be to use our free Scan Deposit service that is part of online banking. By simply scanning checks using your home scanner, you can upload the images to AFCU for deposit. The fourth method is by taking a picture of the check with your iPhone®, iPad® or Android™ device and depositing it using our App. You don’t have to leave your home or mail in the checks using these last two options. Call us if you want to sign up for these free services. There are demos on the website, or you can always visit the branch before you leave and we’d be happy to walk you through them in-person.
How can I cut checks from my accounts?
If you want a check from your savings or checking account, all you need to do is call the credit union and let us know the amount. We’ll get it in the mail to you the same day. Additionally, you can cut a check to yourself from your checking account by using the “pay an individual” feature in our free online bill pay service within online banking.
My retirement income is going to be significantly less than my current income. Can I still get loans if I need them?
Retirees apply for loans with AFCU on a regular basis. In addition to a completed loan application, we are required to see proof of income. We recommend that you send us documentation of any pension, social security or additional sources of monthly income at the time you apply. As long as you maintain a high quality credit score, retirees typically do not face any other challenges when obtaining new loans. We currently fund mortgage, auto and consumer loans for members all around the country, so we can help even if you move.
I don’t like to conduct my banking transactions online. What other ways can I use AFCU?
We have an automated 800 number that allows you to check your balances, transfer funds or send yourself a check. You can use our Call24 system, anytime day or night, by calling 800-343-3335. In addition to that, you can use the Shared Branch and ATM networks listed above.
I have money in accounts at other financial institutions besides AFCU. How can I transfer money back and forth without being in the branch in El Segundo?
The easiest way to transfer money between your AFCU accounts or accounts at another Financial Institution is using our account-to-account transfer service in online banking. Once you log in to AeroAccess home banking, you can link your accounts at other institutions to AFCU by putting in the routing number and your account number from those banks/credit unions. We will make two small test deposits and a test withdrawal to each account you enter (which you will need to verify) so we can confirm the accounts belong to you. Once you have completed that verification process, you may use AeroAccess to push money from your AFCU accounts to other accounts, or pull money from your other accounts to your AFCU accounts. AFCU does not charge a fee for this convenient service; however, check with your other bank to make sure they do not charge for electronic transfers. There are demo videos on our website to help you begin using this quick and easy service. If you prefer to come in and have us walk you through the process, we are more than happy to do that too!
I have a line of credit. How do I continue to draw on it when I need access to money?
You can transfer money from your line of credit to your other accounts online using our free home banking service. If you are away from a computer, simply call to have us disburse funds directly into your AFCU savings or checking account, or have a check mailed to you.
In the event of an emergency or an untimely death, I want to be sure that my family can access the money in my accounts. What is the best way to make sure my assets are protected, yet accessible to those I trust?
There are a few different ways to authorize additional users to your accounts. If you are the only person listed on your accounts with AFCU, the best thing to do is add a joint owner (such as a spouse or child) to the accounts. If you don’t want them to have access to the funds all of the time, you can keep the account in your name, but list whomever you designate (spouse, children, relatives or close friends) as beneficiaries. The third option is to have the account be a part of your trust. Simply bring in the name of your trust agreement and we can change your account from an individual account to a trust account. These three different options give you control of your money and make sure we follow your wishes at all times.
I understand that even though I will no longer be working for The Aerospace Corporation, my family can still benefit from using the credit union. How does that work?
It’s true! Your spouse, kids, grandkids and siblings can all benefit. Just as you can still use AFCU in retirement, all of your family members can enjoy the perks of membership as well. The best way to make sure they are taken care of is to help them establish accounts right now. With only a $5.00 initial deposit into a savings account in their name, you can ensure that they will have access to all of the savings and loan products they need – right now or in the future.