- Change to Check Availability - March 1st
- Lost Your Job??? - January 27th
- Change to Member Statements - January 21st
- Overdraft Fee REDUCTION... - January 15th
- Home Equity Line of Credit Rate Reduced - January 4th
- New: Member Insurance Services - October 1st
- Discount Tickets... - March 1st
Financial Statistics as of February 28, 2010
Due to the electronic processing of checks, and the consolidation of Federal Reserve check processing centers, all checks are now considered "Local" and will have a maximum hold of 2 business days. There will no longer be a "Non-Local" check which would previously require a 4 day hold.
Please note, that under certain circumstances we may have to extend the hold on a check. For example, a deposit initiated at a foreign ATM will still be subject to a 3 day hold. Click here for a complete copy of our deposit availability statement for more details.
If you have any questions about this change, please speak to a Member Service Rep.
Lost Your Job?? You Can Withdrawal From Your Certificate without a Penalty!
Effective January 21, 2010 members may make a penalty-free early withdrawal from an LM Federal Certificate if one of the Certificate owners has lost their job.
Maximum withdrawal amount of $5,000 per month applies. Written proof of the job loss must be provided to be eligible for the penalty waiver. Speak to a New Accounts Specialists for more details at 410-687-5240 or 800-410-0501 and choose option #3. You may also email us at info@lmfcu.com with questions.
This is one more effort put forth by LM Federal to help members during tough times. We are not doing this to comply with a new government regulation. Does your current financial institution offer this service as well???
You will now see a section at the bottom of your statement after your check summary which will disclose the totals on the amount of overdraft fees you have paid for the month as well as for the year.
Two types of fees are listed: overdraft fees and return fees. At LM Federal, we do not charge any return fees, so this will always be zero. The Overdraft Fee will only include the $32 fee charged when your account is overdrawn; NOT fees charged when we initiate a share transfer or loan advance in order to prevent an overdraft.
As with anything listed on your account statement, if you feel that the total listed is not accurate, please contact the Credit Union as soon as possible.
Effective Friday, January 15, 2010, we will no longer send notices to members when a share overdraft protection transfer has been initiated in order to cover an overdraft. Because of this change, we will also be decreasing the transfer fee from $5 to $2. We encourage members to monitor accounts online with Internet Branch or over the phone with Touch Tone Teller. Overdraft notices will continue to be sent whenever an item is returned, when a loan advance is initiated, or when a non-sufficient funds fee has been charged. Please contact a Member Service Rep if you have any questions about this change.
Home Equity Line of Credit Rate Reduced:
We've lowered the introductory rate on the Home Equity Line of Credit from 2.99% to 1.99%! You can get this low rate for the first six months after you establish a new home equity line of credit. The home equity line of credit is great for home improvements, credit card consolidations, or just to be prepared for future expenses such as college tuition. Plus, the interest paid on home equity loans is usually tax deductible.
For more information on Home Equity Loans click here, or speak to a Loan Specialist by telephone between 9am and 6pm during the week at (410) 687-5240 or toll free at (800) 410-0501. Choose option #2 when you call.
New: Member Insurance Services
We are pleased to announce our new Members Insurance Program. We have partnered with Cuna Mutual Group and Liberty Mutual Insurance Company to offer a suite of comprehensive and competitively priced insurance programs that can help strengthen the financial security of you and your family.
Members Insurance Services operates under the same member-first, value-oriented philosophy of LM Federal Credit Union. Member Insurance Services Representatives are highly trained and dedicated to provide outstanding service for your family’s needs.
Products available include:
-Term Life Insurance
-Whole Life Insurance
-Universal Life Insurance
-Variable Universal Life Insurance
-Accidental Death & Dismemberment (AD&D)
-Automobile Insurance
-Homeowners Insurance
Have questions or want to get a quote?
-Life & AD&D Insurance: Click Here or Call 877-MEMBERS (877-636-2377)
Monday thru Friday: 8 am to 10 pm
Saturday: 9 am to 5 pm (EST)
-Auto & Homeowners Insurance: Click Here or Call 888-380-9287
Monday thru Friday: 7 am to 12:30 am
Saturday: 7 am to 11 pm; Sunday: 9 am to 10 pm (EST)
Insurance services are not federally insured or guaranteed or sold directly by the Credit Union. Products may not be available in all states.
LM Federal offers discount tickets to the Movies, the MD Zoo, and local Theme Parks to our members when available. Here's what we have in stock now...
Movie Theaters: Do you enjoy catching a flick, but hate the high cost for the tickets? Most Baltimore area movie theaters charge $10 per ticket! LM Federal now has discounted movie tickets as low as $6.50 per ticket. Click here for a list of ticket prices. Movie tickets are good 7 days a week and do not expire. They also make a great gift for anyone! Click here for a list of theater locations for: Regal AMC.
Maryland Zoo: Tickets are good anyday that the zoo is open (except for Zoomerang in June). Click here for more information on the Maryland Zoo in Baltimore. Click here for a list of discount ticket prices. The Maryland Zoo will be open for the 2010 season on March 13th! Tickets are now available.
Local Theme Parks: 2009 tickets for Hershey Park, Six Flags, Kings Dominion and Dutch Wonderland are now available for the 2010 season! The parks open on different dates, so please check their website for availability before you schedule a trip. Click here for a list of ticket prices!
Vehicle Mechanical Breakdown Coverage
Did you know that one in three vehicles has a mechanical failure in a given year? J.D. Power & Associates reports that the average 2007 model car has 125 problems per 100 vehicles. We are pleased to offer affordable Mechanical Breakdown Protection coverage through Route 66. Plans start around $1,100. There are different plans and different levels of coverage. Warranties are available even if your loan isn't with the Credit Union. Contact a Loan Specialist for details. Click here for a Route 66 brochure.
- $0 Deductible
- Nationwide Coverage
- Includes 24/7/365 Emergency Roadside Service
- 30 Day Money-Back Guarantee
- Transferrable
- Total Loss Refund (if the vehicle is lost in an accident)
The Emergency Roadside Service Includes: - Coverage for up to 3 additional vehicles
- Towing
- Flat Tire Assistance
- Battery Jump Starting
- Lock-Out Service
- Fuel & Fluid Delivery and Minor Adjustments
LM Federal's Financial Statistics as of February 28th, 2010:
Assets: $25,964,136 Deposits: $23,819,959 Loans: $17,565,582
Reserves: $1,927,870 Members: 3,469
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