Financial Statistics as of September 30, 2015
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
Need a fast holiday loan?
Apply in-person, by telephone or online.
APR = Annual Percentage Rate
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.
Thinking about going to see the next summer blockbuster movie? Don’t want to spend all your hard earned money at the theater?
LMFCU has the solution! LMFCU offers discount movie passes to both AMC and Regal theaters. These passes never expire, and you can save up to $2.40 per ticket!! Interested? Click here for more detailed pricing or call (410)687-5240.
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?
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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/