Financial Statistics as of March 31, 2016
Congratulations to Alyssa M. for coming closest to guessing the Coin Jar contents without going over. Alyssa wins the contents of the coin jar with a guess of $64.00, the actual amount in the coin jar was $68.50.
Congratulations to Rory L. for winning the $25 gift card drawing for opening a new account.
The annual membership meeting was held on April 27th. The state of the Credit Union, updates from the Board of Directors, and reports from the President, Credit and Supervisory Committees were reviewed.
Numerous drawings for prizes and gift certificates were held. Members asked questions, made comments and suggestions regarding the Credit Union.
If you could not attend click here to review the 2015 annual report.
The Credit Union's drive-thru ATM will be undergo an upgrade on Tuesday May 3rd and will be unavailable from 5:00 am until approximately 3:00 pm ET. During this period members have the option to either see a Member Service Representative or to use any other Star, Co-op or Visa ATM (visit lmfcu.com for our no-surcharge ATM lookup tool). Drive-thru member service hours on the 3rd are 9:00 am until 6:00 pm. We apologize for any inconvenience.
Finding it difficult to save for a major expense, such as a down payment for a home or vehicle purchase, vacation, home improvements, school tuition, or another expense? Open a secondary share account so that you can separate your savings for a special purpose. You may have a specific amount of your payroll deduction or direct deposit allocated to your secondary account.
To speed up and improve our card security system, you may receive a call from our automated attendant asking to verify recent card transactions. Your caller ID will show as CU Card Security and the system introductory message is “This is the card member security department on behalf of LM Federal Credit Union calling for MEMBER’S NAME”.
The system will state the last four digits of your card number and will then ask you to enter your date of birth, last four of your social security number, or your zip code to confirm your identity. Please respond to the call as the system is trying to confirm and prevent fraudulent card transactions.
On Tuesday March 22nd a major update to our mobile banking app has been released.
The update provides a more modern look and improves ease of use. The update includes more efficient workflows, has optimized the touchscreen and also adds the ability to sign on the mobile app with different logon ID’s (to access different account numbers).
If your phone hasn’t automatically updated the Touch Banking mobile app please go into your phone to view your app update list and update "Touch Banking".
Haven’t signed up for mobile banking? If you haven't setup desktop online banking, first do so at lmfcu.com. Then go into the apple or google play store and download the “Touch Banking” app. To activate Touch Banking use the mobile app code, “lmfcumobile”. Lastly, you will be prompted for your log on ID, security code, and a security question (from your desktop banking setup).
Click here for additional feature information.
The share/savings loan rate has been reduced to 3.05% annual percentage rate.
Share loans are secured by your Credit Union share/savings account.
Why take a share loan?
Contact a Loan Specialist for details.
Apply online 24/7 or by telephone
Loans are typically approved within 2-hours or by the next business morning.
Agreements may be signed by secure e-signature using your PC, tablet, smart phone or other device.
Funds are disbursed by Federal Express or electronic transfer.
Home equity loans are settled at our office or at a location convenient to you.
Questions? Click here or call 800-410-0501.
We have completed an upgrade to our Visa check card overdraft protection system that now provides real-time share/savings transfers to cover a checking account card transaction.
Previously, share/savings overdraft protection was only enabled for ACH and check overdrafts. Card transactions that required a savings automatic overdraft protection transfer were denied.
With the new upgrade, members who have elected share/savings overdraft protection will have transactions approved, subject to overdraft protection limitations.
For example, if you have authorized savings overdraft protection and your checking balance is $0, when you attempt a $40 checking card purchase or withdrawal, the transaction will be approved and $43 will be transferred from savings to checking. A $3 convenience fee will be posted to checking.
If you have any questions or would like to enable savings overdraft protection, please contact a Member Service Representative.
The subject line says “Get Protected,” and the email talks about new features from the Social Security Administration (SSA) that can help taxpayers monitor their credit reports, and know about unauthorized use of their Social Security number. It even cites the IRS and the official-sounding “S.A.F.E Act 2015.” It sounds real, but it’s all made-up.
It’s a phishing email to get you to click on a scammer’s link. If you do, a scammer can install malware — like viruses and spyware — on your computer. Or, the link might send you to a spoof site — a lookalike website set up by a scammer to trick you into entering your personal information.
Click here for additional scam alerts from the Federal Trade Commission.
Have your refund direct deposited to your Credit Union account. Our routing number is 252076390. You may have your refund deposited to savings or checking.
LM Federal Credit Union members can prepare, print and e-file with TurboTax for a discounted fee. TurboTax also will file your simple federal return for free.
The winner of the Child's holiday basket is Lendelle S. His name was entered into the drawing when he was opened a new membership with a payroll deduction of at least $5.00 a week.
The winner of the Wine Country gift basket is Roberta T. Her name was entered into the drawing when she opened a holiday club account with a payroll deduction of $5.00 a week.
We wanted to thank the many members who made a small donation to the Hopkins Children’s Center during our December donation drive.
The total donation amount was $713.00, which included a match by the Credit Union. We encourage everyone to consider making a donation to this great organization.
For additional information visit www.hopkinschildrens.org or call (410) 955-5000.
Credit unions earned some of the highest marks for service that Consumer Reports has ever given to an industry in its recent financial services series, “Bank & Credit Union Buying Guide.” The ratings are based on more than 74,000 bank and credit union ratings.
“Credit unions are among the highest-rated services we’ve ever evaluated, with 93% of their customers highly satisfied, on average, vs. 69% for the four biggest national banks,” said Jeff Blyskal of Consumer Reports, in a statement. “That satisfaction is driven by good customer service, not surprising when you consider that credit unions are owned and managed by their members.”
In addition to being highly ranked for service, Consumer Reports also recognized credit unions for low costs.
Total up your year-to-date spending. Whether you organize by computer or on paper, make sure your tracking system for spending, saving and investment is up to date.
Check in with your financial planner or tax professional. See if they can review your numbers and make suggestions on year-end financial activities and plan changes you should make in 2016. Don't have a planner? The Credit Union's financial planner can help!
Check and re-balance your investments. Be sure to check if your retirement and other investments are still on track with your investment goals.
Check your various insurance coverage's. Review the adequacy and pricing of your coverage.
Update your W-2, benefits and estate plan if necessary. See if your tax withholding and employee health coverage and investments need review.
Do a last-minute tax review. Review your annual income, investment and spending data to see if there's anything you can do in the final weeks of the year to save on taxes.
Save time and cut back on waste with online bill pay and deposits. Automatic online bill pay means you won't have to waste time writing checks or risk late payment fees.
Turn your loose coin into holiday shopping cash!
Bring your loose coin to the office and you may either deposit
the proceeds or take the cash.
The processing fee is as low as 4% of the transaction amount.
Congratulations to Robert M. and Sarah C. for signing up for LM Federal Credit Union E-statements or Online banking during the week of International Credit Union Week. Members who signed up for online banking or E-statements during the week of October 12th - October 16th had their names put into a drawing for one of two $50 Visa Gift Cards.
Congratulations to Ellen C. and Diane T. for answering the Credit Union difference questions during International Credit Union week! The Credit Union held various activities to celebrate the difference between Credit Unions and other financial institutions. All members who answered the Credit Union difference question correctly had their name entered into a drawing for one of two $50 Visa Gift cards!
The Credit Union difference questions for International Credit Union Week 2015 were:
Who owns the Credit Union? Credit Union members
People who belong to Credit Union are known as? Members
The Mission of the Credit Union is? Financial self-help for members, help members save money, provide fast low rate loans, and the answer was all of the above
LM Federal Credit Union's "profits" go to? Credit Union members in the form of better rates and lower fees
If you had trouble answering any of the above questions visit please contact a Member Service Representative at 800-410-0501.
Student Loans - Think Twice Before Borrowing and Spending
Guidewell Financial Solutions, a non-profit financial counseling service, has published the following important information to avoid student loan trouble once you graduate. Click here to read the full article.
College students who graduated last spring entered the real world further in debt than any class before them. Young adults who began college this fall will probably leave school owing even more. However, national nonprofit Guidewell Financial Solutions believes it is possible for students and their families to buck this trend if they limit the amount of debt they incur, live on a budget, and keep unnecessary expense to a minimum.
*Restrictions apply. Rates quoted assume a 5-year term. APR = Annual Percentage Rate
Have you updated your account owners and payable-on-death beneficiaries?
Account owners may withdraw and deposit to your account. Payable-on-death beneficiaries cannot transact on your account. They receive the funds if all account owners have passed.
Here is the link to our account change form. Please contact a member service representative for help in completing this form.
Call or visit the Credit Union to be sure your funds are accessible to your loved ones if you pass away or become incapacitated.
Guidewell Financial Solutions, a non-profit agency, offers financial counseling services to all members of the community.
Services are available nationwide online and by telephone. In-person counseling is available at branch locations in Maryland and Delaware.
Formally known as Consumer Credit Counseling Service of MD & DE (CCCS)
Due to a change in the time that the Federal Reserve Bank now processes their paper check files, effective July 23, 2015 LMFCU will now post paper checks written by members on their LMFCU checking accounts earlier in the day.
Prior to this change LMFCU posted all paper check files after 2:30 PM E.S.T. Members had up to this time to make a readily available deposit to avoid account overdrafts.
Starting July 23, LMFCU will now process paper checks before 10 AM E.S.T. This means that members will now have to make a readily available deposit on the prior business day to avoid account overdrafts.
If you have any questions about this change, feel free to give us a call at (800) 410-0501.
Tired of paying $2 or more when using a foreign ATM?
Click here to find a surcharge-free ATM convenient to you!
Online Banking Mobile App
Don't forget that you can access your account from just about any smart phone or other device with the LMFCU mobile app. The mobile app allows you to check balances, review account history, transfer funds and make loan payments 24 hours a day. Transactions are posted immediately to your account. There is no fee for online and mobile banking access.
Don't have online banking access? Visit lmfcu.com and select the online banking link in the right column. Follow the steps to enroll for online banking and then click on the "Self Service" tab and select "Mobile Banking" within "Additional Services".
Questions? Give us a call at 800-410-0501.
Announcing our new Skip-A-Loan Payment program!
Need to pay for a vacation, payoff a high rate credit card, fix up your vehicle or perform home improvements?
Follow us for updates such as:
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.
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.
When using your LM Federal Visa Check Card for purchases
use the “credit” option.
Why you ask?
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
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.
NEVER PROVIDE YOUR SOCIAL SECURITY NUMBER - As a general rule, it's never necessary to provide your SSN when making an online purchase.
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
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.
Click here for additional information about LMFCU http://www.lmfcu.com/