Financial Statistics as of August 30th, 2014
Good Financial Habits = Financial Well-Being
If you are considering rolling over your IRA assets to an
existing or new IRA, you need to be aware of an upcoming change that will
affect IRA rollovers. The IRS is changing its interpretation of the one per 12
month rule following a recent U.S. Tax Court ruling. With the new IRS
interpretation, effective January 1, 2015, you may roll over only one IRA
distribution in any 12-month period, regardless of how many IRA’s you own. Before deciding on rolling over an IRA distribution
please consult with a knowledgeable tax advisor. Contact a New Accounts Specialist for
additional IRA information.
We have been notified by VISA USA that between April 11th and September 7th of this year Home Depot stores suffered a computer network intrusion. Criminals were able to access credit and debit card information from the Home Depot’s computer system for in-store transactions. Fraud has been confirmed on cards issued by other financial institutions.
The information that may have been compromised includes: card number, expiration date and card holder's name. Personal information was not disclosed such as the card PIN, card holders address, social security number, phone #, birth date, and account balances.
LMFCU members who are affected by this issue will be contacted to have their cards replaced at no charge. If you used your LMFCU Visa check card at a Home Depot store during the period listed above and have not yet been contacted by LMFCU, please contact a member service representative at 800-410-0501 to arrange the free replacement of your card.
For additional information visit Home Depot's website notice:
Guaranteed Auto Protection (GAP) Enhancement!
GAP Plus is the protection that we offer should your vehicle be declared a total loss due to an accident, damage or theft. If your vehicle insurance company pays you less than you owe on your loan, GAP Plus will cover the difference owed. For example, if your insurance company pays $13,000 (after your deductible) and your loan balance is $15,500, GAP will cover the $2,500 difference owed on your loan.
Exciting news!! Our GAP coverage, just got better!! Now with our GAP Plus coverage, you still receive all the benefits and features associated with our old GAP coverage, but with one HUGE addition. In the event that your car is totaled, you will receive a $1000 deduction toward your next vehicle loan at LMFCU if financed within 90 days of the GAP Claim Settlement.
GAP PLUS is available when your finance with LMFCU for only $329 for auto and truck purchases.
Click here for additional information about LMFCU vehicle loan services
Security Warning: Text Message Scam
We were recently notified of a phishing text message scam apparently claiming to be a "Credit Union Bank alert." Should you receive a text message indicating that your card had been de-activated or suspended, please disregard this message. The Credit Union will never ask you for your card number or any other account information in an unsolicited phone call, email or text message.
Forget About Postage Stamps!
No more stamps. No more envelopes. No more bills all over the kitchen table! Internet Bill Pay puts you in control of your finances. LM Federal's safe and secure Internet Bill Pay service lets you pay bills, send money for birthdays and holidays, send checks of any purpose-on a one-time as well as a recurring basis! It's convenient, easy to set up, and it’s free (no fee if you pay a minimum of two bills monthly). To sign up click on the "Bill Pay" tab within online banking or contact a new account representative. Additional information may be found at here at our Internet Bill Pay page
Don’t Forget to Check Out AutoSMART
Click here to access AutoSMART!
We now offer e-signatures for new loans! If you are unable to visit the Credit Union office you will receive an electronic copy of your documents by secure e-mail, sign electronically and you're done! Your loan can be disbursed upon receipt of your electronic documents. You can complete your documents using any pc or other device, including a smart phone.
Just about all financial institutions offer an online bill payment service. Many offer this service free of charge, including LM Federal Credit Union. Our Internet Bill Payment system, like other providers, also provides the ability to electronically transfer funds from your LMFCU account to your account at another institution. UNLIKE other many other providers, we do NOT charge a fee when you transfer funds to your account elsewhere. Our service also provides the ability to transfer funds to another person's account at another institution, as well as gift payments and charitable donations.
Fraudulent text messages are increasingly being sent to consumers in an effort to steal personal account information. A recent text example: “Federal Credit Union ALERT: Your CheckCard has been temporarily LOCKED. Please call Card Services line (407) 574-2992”. Other phone numbers have also been listed. DON’T CALL! To contact LMFCU use the number listed on the back of your card.
If you’re 62 years of age or older, a reverse mortgage may offer the money you need to supplement your retirement income, to pay healthcare expenses, finance home improvements, or even pay off your current mortgage. Click here for additional information from the Consumer Credit Counseling Service of MD & DE.
Card Security Upgrade
As part of our continuing effort to bring the best technology and service to our members, During the month of June LM Federal Credit Union is upgrading our card Fraud Detection and Notification System. The new system will provide more immediate attention to notify our members faster when fraud is suspected. The notification portion of the system includes a state-of-the-art automated assistant to help our members review transactions and confirm their spending activity on Visa check cards and ATM cards.
If you receive a notification call from our automated assistant, whom we have nick-named Jill, please work with her to answer questions regarding recent card activity. Please also be aware that our Card Member Security team that provides fraud alert management is available 24 hours per day, 7 days per week should you need assistance from a live agent.
Please contact us with any questions at 410-687-5240 or 800-410-0501.
Buying a used car or truck can save you money because a new car experiences its greatest loss in value within the first 12 to 18 months. A used car can have a lower purchase price with lower monthly payments.
Maryland Locations: White Marsh (866) 832-0969, Glen Burnie (888) 287-6516, Lanham (888) 227-9289, Rockville (888) 227-9313
Used vehicles previously part of Enterprise short-term rental and lease fleet or purchase by Enterprise from other sources, including auto auctions, with previous use possibly short-term rental, lease or other.
Have you had a great experience with LM Federal Credit Union that you would like to share? We love to hear how we're doing and appreciate all feedback from our members! Email us at firstname.lastname@example.org with your stories of our great member service.