- Credit Union Annual Meeting - April 23, 2015
- Need a Fast Personal Loan? - April 3, 2015
- LM Federal Credit Union’s Facebook is now active! - April 2, 2015
- Credit Bureau Reporting Overhaul - March 26, 2015
- Card Monitoring System Update - March 17, 2015
- President's Message - March 12, 2015
- All New Autosmart Website! - March 6, 2015
- New Loan Service: Expanded Accident & Sickness Insurance
- Volunteer Wanted! - February 26, 2015
- Don't Forget to Use Your Visa Check Card - February 20, 2015
- Did you go to the Baltimore Boat Show? - January 23, 2015
- IRS Telephone Scam Alert - January 23, 2015
- Discount on Tax Preparation - December 31, 2014
- Protect Yourself When Making Online Purchases - December 5, 2014
- Create a Savings Plan - November 24, 2104
- Need Money For...? - November 3, 2014
- Guaranteed Auto Protection (GAP) Enhancement! - August 27, 2014
- Security Warning: Text Message Scam - August 8, 2014
- New Service - CU Auto Club! - August 9, 2014
- Searching For A New Or Used Vehicle? - August 7, 2014
Financial Statistics as of March 31st, 2015
2015 Annual Membership Meeting April 29th
Be sure to attend LM Federal’s upcoming Annual Meeting and Dinner to be held
on Wednesday, April 29th at 5:15 pm.
The meeting and a light buffet will be held on the first floor of “E” building at the Middle River facility (use the Eastern Boulevard entrance - call for directions if needed). You’ll hear about the state of the Credit Union, get updates from the Board of Directors, and hear reports from the Credit and Supervisory Committees. Several drawings for prizes and gift certificates will be held. Members are encouraged to ask questions, make comments, and suggestions regarding the Credit Union. Unlike a bank, here’s your chance to express your opinion as to how your financial institution should operate. Please plan to attend!
Need a Fast Personal Loan?
Need to pay for a vacation, payoff a high rate credit card, fix up your vehicle or perform home improvements?
Our personal loan rates are as low as 8.89% Annual Percentage Rate. Our minimum loan is only $300. Our maximum loan is $20,000.
You may apply for a loan in less than 10-minutes by telephone or online
Loans are reviewed within a few hours or by the next business morning.
You may sign your loan documents using any device including a smart phone with a secure e-signature.
To view additional personal loan program information click here
LMFCU’s Facebook is now active!
Follow us for updates such as:
Give us a like and keep up to date with LMFCU news!
Credit Bureau Reporting Overhaul
The three credit reporting giants, Equifax, Experian and TransUnion announced an agreement on March 9th that will improve error handling and the listing of unpaid medical bills.
Here is a quick overview of the agreement.
- Changes will be implemented over the next six to 39 months.
- Consumer disputes will be reviewed by a trained credit bureau employee with the goal of resolving the dispute. Disputes are currently not reviewed by a credit bureau employee.
- Credit reporting firms will have to wait 180 days to add any medical debts to the credit report, giving the consumer time to pay the debt or get the error fixed.
- If the medical debts are paid by an insurance company regardless of the time-frame the listing will be removed from the credit report.
These changes, in addition to the August 2014 announcement that FICO would stop including any record of paid or settled bills with collection agencies and give less weight to unpaid medical bill collections. will further help consumers improve their credit scores. Improved credit scores typically result in a better chance of getting a loan approved as well as qualifying for a lower interest rate.
Not sure if your credit report is accurate? Visit annualcreditreport.com to get a free copy of your credit report from all three credit bureaus.
Card Monitoring System Update
Beginning Tuesday, March 31st, we are upgrading our Fraud Detection and Notification System. The new system will provide faster attention to notify our members when card based fraud is suspected. The notification portion of the system includes a state-of-the-art automated telephone assistant to help our members review transactions and confirm recent ATM card and Visa Check Card spending activity.
Your phone caller ID will show the call originating from either “CU Security” or 877-276-3451. The system will begin the call by stating “Hello, this is Card Member Security on behalf of LM Federal Credit Union”.
If you receive a notification call, please respond 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 by telephone should you need assistance from a live agent.
If suspicious transactions are identified as fraudulent, calls will be transferred to Card Member Security Team to help you take the necessary precautions to protect your cards and related accounts. If the recent card activity is legitimate, members will be able to close the case with the phone attendant using their touch-tone phone.
Thank you for your support through this upgrade. If you have any questions please contact the Credit Union at 800-410-0501.
All New Autosmart Website!
We have completed a complete redesign of our popular Autosmart website. With Autosmart you can research, shop for and buy your next new or used vehicle. Tens of thousands of vehicles are listed within the Autosmart inventory. You may search for a vehicle by condition, type, make, model, color, price range, year range, mileage and location. Extensive research information is also available. You may also custom "build" your new vehicle and create a price quote request from local dealers. Click here to access Autosmart.
New Loan Service: Expanded Accident & Sickness Insurance
We now offer insurance on LMFCU loans that can provide accident and sickness protection for both loan borrowers. Disability insurance coverage was previously available to the primary borrower only. If you or your co-borrower are sick or injured and out of work for more than 14-days, the Insurance picks up your loan payment of up to $600 per month if the disability can be verified with your doctor. Contact a Loan Specialist for details.
As you may know, the Credit Union's Board of Directors and Committee members are member/volunteers.
We have an opening on the Credit Union's Supervisory Committee. The Committee performs an internal audit function that includes auditing various transaction and accounting activity. The Committee also works with the Credit Union's outside accounting/CPA firm on the annual audit of the Credit Union's records.
If you have an accounting, audit or finance background and have an interest in volunteering, please contact Mark Bold at firstname.lastname@example.org. Committee work can be performed after regular work hours during the week. Supervisory Committee members get detailed training on the operations of a federally insured financial institution that can be very useful when searching for future employment.
Don’t Forget To Use Your Visa Check Card
When using your LM Federal Visa Check Card for purchases use the “credit” option.
Why you ask?
- It’s easy to make purchases – just swipe your card and press credit and sign the receipt. You don’t have to remember to key in a PIN number. The amount will be automatically deducted from your checking account, plus every transaction will be detailed on your monthly statement.
- It’s safer than debit – Without entering your PIN for “credit” transactions, you can reduce the possibility of someone obtaining your PIN
- It saves the Credit Union money- when credit purchases are made, thereby allowing us to keep account fees low.
Have an ATM card? Reduce your need for cash by using your ATM card to purchase goods or services at any merchant that accepts the Star ATM card. Your ATM card must be linked to a checking account.
If you have questions or to apply for a card call LM Federal Credit Union (800) 410-0501 * (410) 687-5240 or click here for our Visa Check Card Application
Did you go to the Baltimore Boat Show?
Refinance loans are also available.Rates are as low as:
4.49% APR, Loans of $25,000+, up to 10-years
4.74% APR, Loans of $25,000+, up to 15-years
5.24% APR, Loans of $15,000 to $25,000, up to 10-years
Credit Union Loan Advantages:
Apply by phone (410-687-5240) or online at lmfcu.com
More that competitive rates and payments
Loans issued in person or by Federal Express (no charge)
Title with your state or document with the U.S. Coast Guard
Credit pre-approvals and fast loan approvals
APR = Annual Percentage Rate, Maximum loan of $100,000. Credit and other restrictions apply.
IRS Telephone Scam Alert
The IRS is reporting a surge in telephone scams where criminals impersonate an IRS agent and make various threats including arrest. If someone calls unexpectedly claiming to be from the IRS with aggressive threats if you don’t pay immediately, it’s a scam artist calling. The first IRS contact with taxpayers is usually through the mail.
The Treasury Inspector General for Tax Administration has received reports of about 290,000 contacts since October 2013 and has become aware of nearly 3,000 victims who have collectively paid more than $14 million as a result of phone scams.
The IRS reminds taxpayers that it will never call to demand immediate payment, demand to be paid with no time left to ask questions or appeal, require a specific payment method or ask for credit or debit card information over the phone.
Discount on Tax Preparation
With TurboTax® and LMFCU, it’s easy to do your own taxes.TurboTax® coaches you every step of the way to the biggest refund you deserve, automatically double checking as you go. LMFCU members can now prepare, print and e-file simple federal tax returns FREE with TurboTax® Federal Free Edition. Click here for details
Protect Yourself When Making Online Purchases!
NEVER PROVIDE YOUR SOCIAL SECURITY NUMBER - As a general rule, it's never necessary to provide your SSN when making an online purchase.
RESEARCH THE WEBSITE BEFORE ORDERING - Use only reputable sites you know or have found using a widely used search engine. If you don't know much about the merchant, check the Better Business Bureau website: bbb.org.
ONLY SHOP SECURE WEBSITES - See if the site address begins with "https" where the "s" means the site is secure. Another website indicator; a closed lock located at the bottom of your screen.
DON'T GIVE OUT TOO MUCH INFORMATION - When placing an order online, read the merchant's online privacy and security policies. Make sure you know where your personal information is going and opt out if possible.
WATCH OUT FOR HIGH SHIPPING CHARGES - Some merchants add on 10% to 15% of the product cost, which can make a great deal not so great.
PRINT AND KEEP RECEIPTS - Keep receipts organized and easy to access in case a product problem should arise.
Source: State of Michigan Attorney General's Office
Create a Savings Plan!
- Create and review your income and expense budget with your family. Determine how much you can afford to save
- Determine your savings goal: home purchase, retirement, tuition expenses, home improvements,auto purchase etc. We recommend savings that equals at least six months of living expenses.
- Live within your means - adjust your spending as needed. Avoid the temptation of credit cards for impulse purchases.
- Setup automatic savings deposits: with convenient payroll deductions at work, scheduled online banking transfers or have LMFCU setup automatic monthly or weekly account transfers
- Contact a new account rep at 1-800-410-0501 to set up a savings plan.
Need Money For....?
We have a loan for you!
- You may apply for a loan online, by telephone or in-person.
- Loans are typically approved within 2-hours or by the next business morning.
- Loan agreements may be signed by secure e-signature using your PC, tablet, smart phone or other device.
- New loans are disbursed by Federal Express or electronic transfer.
- Home equity loans are settled at our office or at a location convenient to you.
Questions? Visit lmfcu.com or call 800-410-0501.
Guaranteed Auto Protection (GAP) Enhancement!
GAP 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 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.
GAP PLUS is a new benefit of a $1,000 credit towards your next vehicle loan with 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.
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.
If you have inadvertently responded to this text message and entered your account information, please contact a Member Service Representative and we will assist you with securing your account.
New Service - CU Auto Club!
LM Federal Credit Union now offers Credit Union Auto Club, a roadside assistance program created exclusively for Credit Union members and provides unparalleled service and unprecedented value. Credit Union Auto Club offers a wide range of roadside assistance services and other travel-related benefits to keep you on the road. The CU Auto Club professional customer service team is just a phone call away and ready and waiting to assist you 24 hours a day, 7 days a week, 365 days a year. They’re always there when you need them.
Searching For A New Or Used Vehicle?
Don’t Forget to Check Out AutoSMART
- View inventory from auto dealers throughout the U.S.
- Ability to request a quote on a specific new or used vehicle.(The quote is sent to multiple dealerships)
- Build your own new vehicle and request a price quote.
- Ability to perform a side-by-side comparison of several vehicles.
- Updated JD Power ratings and vehicle reviews
- New and used vehicle pricing.
- Vehicle specifications, warranty, recalls & technical service bulletins.
- Integrated Credit Union loan rates, lending program information and our online loan application.
- Extensive credit & credit score tips, financial calculators & advice.
- Easy access through the web or on your smart phone with the AutoSMART mobile app.
Get A Great Vehicle With Enterprise Car Sales
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.
Millions of used rental cars are sold annually in the U.S. Many were passed directly to auctions and on to used car dealerships. However, Enterprise selects tens of thousands or vehicles for their own car resale business. These used cars represent the "cream of the crop" and are often considered some of the best used cars on the market. Enterprise vehicles offer the following benefits:
- Great selection: The typical used car for sale is only one to two years old. Many makes & models are available.
- One owner: Enterprise has a commitment to expertly maintaining their vehicles
- Low mileage: Used rental cars often have less than 40,000 miles.
- Reasonable, no haggle prices: Vehicles sold by Enterprise Car Sales are offered at low prices, typically below retail value.
- 12-month/12,000 mile limited power train warranty*
- 7-Day Repurchase Agreement* Change your mind? Take it back!
- Vehicle Certification: Vehicles have passed a 109 point inspection by an ASE certified technician
- Free Carfax reports
Maryland Locations: Timonium (866) 832-0969, Glen Burnie (888) 287-6516, Lanham (888) 227-9289, Rockville (888) 227-9313
Click here to visit the Enterprise Car Sales website.
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.
* Restrictions apply, for details see an Enterprise Car Sales Manager.
Wanted: Member Feedback!
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 email@example.com with your stories of our great member service.
Thank you for your membership & support!
LM Federal's Financial Statistics as of March 31st, 2015: