Financial Statistics as of December 31, 2016
Consider an Individual Retirement Account!
LM Federal offers Traditional IRAs and Roth IRAs Accounts to meet your individual retirement needs. You may open or contribute to your IRA for the 2016 tax year up through April 18th. You may transfer funds from other IRA accounts or from any Qualified Retirement Plan (including 401k plans) to the Credit Union. Plus, there are no annual maintenance fees! You may open a new IRA by mail.
The Scheduled Transfers option allows you to schedule the following transfer types for a future date:
- Deposit account to another deposit account (such as savings to checking)
- Deposit account to a loan (to make your regular payment or additional payments)
- Loan advance to a deposit account (schedule a loan advance from your home equity line or Rediline account)
Scheduled transfers may be setup for one-time or recurring transfers (for example transfer funds to your holiday club every month).
Recurring transfer options include weekly, biweekly, semi-monthly, monthly, bi-monthly, and quarterly frequencies.
You may set recurring transfers to a specific number of transfers (for example 12 monthly transfers ending next year).
To setup a Scheduled Transfer click on the "Schedule a Transfer" link within the Scheduled Transfers box.
Have a question about Scheduled Transfers? Please contact a Member Service Representative.
Haven’t signed up for Online Banking? Click here and select the "Enroll Online" option in the left column.
Discount on Tax Preparation!
With TurboTax® and LMFCU, it’s easy to do your own taxes.
Direct Deposit To Your Account
If you are entitled to a refund of state and/or federal income tax, you have the option of having your refund sent electronically to your LM Federal account. Use direct deposit to get your refund faster! Your deposit is more secure.
LM Federal’s routing number: 252076390.
Deposits may be made to your primary share/savings or checking account.
No Hidden Fees
repayment terms, fixed rates
Office Visit Required!
Apply Online in 10-minutes from any PC or device.
APR = Annual Percentage Rate
Have a VISA Check Card? Use a smart phone?
Protect your account against card fraud and misuse - in real-time - via your smart phone.
Congratulations to James L. for winning the $100 cash prize!
Those who signed up for the CardNav app this month were entered in a drawing for a $100 cash prize.
How to download and install:
CardNav is available for both iPhones and Android mobile devices.
iPhone users can find the CardNav app in the iTunes store, and Android users can find it in the Google Play Store.
After the installation of CardNav follow the prompts to finish the app installation.
Requirements: The application works with version 4.1 and higher for Android and device models 4S, 5, 5C, 5S, 6 or 6 Plus with iOS operating system version 6, 7, or 8 for Apple (iOS).
Click here for detailed user guide.
See the note below for more information about our new VISA Purchase Alerts service, available for those who don't have smartphone access.
Have a VISA check card? With VISA Purchase Alerts you can get an immediate email notification when a VISA purchase transaction is performed with your card. Purchase alerts help you to closely monitor your card activity and to act quickly if a fraudulent transaction occurs. Alert options include:
The VISA Purchase Alerts system is real time and is more useful compared to the card transaction alerts generated within online banking.
Click here to enroll in VISA Purchase Alerts.
As you may know, the Federal Reserve raised interest rates in December.
We raised our share (regular & IRA), club, checking, money market and almost all certificate account rates effective January 1st.
All accounts are federally insured up to $250,000 by NCUA.
Click here for deposit rate information.
Various restrictions apply for Money Market and Certificate Accounts.
Contact a New Accounts Specialist for additional information or to open an account.
We wanted to thank the many members who made a donation to the Hopkins Children’s Center during our December donation drive.
The total donation amount was $583.00, 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.
The perfect gift! Exactly what they’ve always wanted, without knowing exactly what that is! Available in amounts of up to $500.
Passes, which never expire, are available for AMC and Regal theaters. Save up to $2.50 per ticket!
Save up to $7 on admission to the Baltimore Inner Harbor location.
Congratulations to Justin M. who was the drawing winner for the holiday gift basket.
Members who opened a holiday club account by December 16th were entered in a drawing for a holiday gift basket.
Get yourself ready for next year's holiday expenses by opening a holiday club savings account.
Holiday clubs are special savings accounts that are used to save for holiday expenses. For example a $20 weekly payroll deposit over one year will provide over $1,000 in holiday funds! You may open an account by telephone or by visiting the Credit Union office.
* Club accounts have access restrictions.
In recent weeks the Credit Union has experienced a significant increase in fraudulent ATM cash withdrawals in foreign countries due to card skimming here in the U.S. When cards are "skimmed" the entire card number and PIN are captured up by the thief and then sold to criminals here in the U.S. and in foreign countries. The criminals then manufacture a counterfeit card and conduct fraudulent card transactions.
In response to this fraud, the credit union has decided to implement a new rule for any ATM based "out of the country" transactions. All foreign ATM cash withdrawals over $100.00 US will be denied unless there is a Travel Notice filed with the credit union. This does not apply to card purchases performed without a PIN.
A travel notice is notice provided by the member to the credit union listing the dates and destination for your vacation or other travel. This will help the credit union identify transactions that may be legitimate or fraudulent based on your travel details. If you provide a travel notice before leaving the U.S., your card transactions will be approved subject to normal access limits.
Remember you have a Zero Liability with any purchase transactions if you report a lost or stolen card in a timely manner. We urge you to monitor your account for any authorized card activity using online banking alerts.
Please contact the office to place a travel notice.
Members may now change their ATM or VISA check card PIN by one of the following methods:
Please contact a Member Service Representative for further information.
AMC Theatres has introduced a new movie pass that no longer has specific film restrictions.
Previously Disney productions including Pixar, Marvel and Lucasfilm were excluded. Discounted Regal movie passes are also available.
The new discounted "Black" movie passes, which never expire, can be purchased at the Credit Union for $10.54 per pass.
Click here for details.
Visit our Financial Calculator page for useful calculators for auto, credit, savings and retirement.
How much car can I afford?
Should I consolidate my debts?
How much should I save for college?
How much will I need to save for retirement?
I'm retired, now long will my savings last?
Effective September 1st we have revised our fees for foreign ATM withdrawals.
Previously, all foreign ATM withdrawals were subject to a Credit Union fee.
Now Silver Rewards Members won't be charged a fee for up to 2 foreign withdrawals and Gold Membership Rewards members won't be charged a fee for up to 4 foreign ATM withdrawals.
Reminder: open a checking account and get many more foreign ATM withdrawals without a LM Federal fee.
On Tuesday, August 9th a new version of mobile banking was released.
The update includes the new “Instant Balance” feature which allows you to view your account balance without logging into mobile banking. You must “opt-in” to activate this service.
A “What’s New” feature has also been added to introduce you to new mobile app features.
Click here for additional information about the new mobile app version.NOTE: To manually update your mobile app, go to the app store or play store, check your pending updates for TouchBanking and update the app.
The kids will be heading back to school before you know it!
Use our Back to School Loan to help with the expense of:
And whatever else the kids need to start another year of learning off right. Rates are as low as 8.99% APR*
You may apply for a loan online, by telephone or in person.
* APR = Annual Percentage Rate. Rate quoted assumes a credit score of 730 or higher and automatic repayment.
Have trouble saving for your big summer vacation?
Tired of putting vacation expenses on your credit card?
Open a Summer Vacation Club to save for next year's vacation expenses!
The Summer Club is a special savings account that restricts withdrawals to the summer months.
For example, setup a weekly deposit of $20 and you'll have $1,040 saved for next year.
You may deposit by payroll deduction, automatic transfer from another account, through online banking or in-person.
Withdrawal restrictions apply. You may open a Club Account by telephone or the mail.
Click here for details.
Have a LMFCU VISA Check Card?
We are working on replacing your existing "swipe" check card with a new EMV chip card. Sometime during the 4th quarter of this year members ordering new cards and members whose cards are expiring will receive an EMV chip card. All existing "swipe" cards will be replaced by the Spring of 2018.
Effective July 1st we have significantly lowered or have waived coin machine fees.
Loose coin should be taken to a Member Service Representative for processing either as an account deposit or to be exchanged for currency.
*Children's accounts are ages 17 and under.
Don’t forget that your VISA Check Card and ATM card have daily withdrawal limits for cash and purchases.
For most members the daily limits are $300 for cash ATM/point of sale cash back and $1,500 for purchases (credit or debit). Other members may qualify for higher limits.
To request a temporary higher limit for a cash withdrawal or for a one-time purchase, or a permanent limit increase, please contact a Member Service Representative by telephone.
Need to pay for your vacation, payoff a high rate credit card, fix up your vehicle or perform home improvements?
Personal loan rates are as low as 8.89% APR.
Month of June: Get a $20 cash bonus with a loan of $5,000+.
APR = Annual Percentage Rate
Tired of paying $2 to $5 when using a foreign ATM?
Click here to find a surcharge-free ATM convenient to you!
* Surcharges are fees assessed by the ATM owner. A LMFCU fee is assessed if the member exceeds the number of free foreign withdrawals allowed per month.
Benefit from the following when you process your check card purchase as “credit”.
- It’s easy to make purchases
- It’s safer than debit
- It saves the Credit Union money
Questions about your Visa Check Card? Please contact a Member Service Representative.
Discounted tickets to Kings Dominion, Hershey Park, Six Flags America and Dutch Wonderland are now available.
Savings are as much as $24 per ticket. Click here for current ticket pricing.
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.
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.
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.
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.
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)
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.
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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.
Source: State of Michigan Attorney General's Office