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President's Message - Updated June 13, 2024

CU Difference

What Is A Credit Union? Why Is It Different?

A credit union is a not-for-profit financial institution owned and operated by its members rather than by outside stockholders. A credit union typically offers better rates on savings and loan products than other, profit-driven financial institutions. Similarly, credit unions usually charge lower account fees or none at all.

LM Federal provides its members with many unique financial products as well as superior member service.

For example:

  • We typically offer better deposit and loan rates compared to the local banks. As you know, the Credit Union is a not-for-profit, federally insured financial institution.
  • A member who typically doesn’t overdraft their checking account has an overdraft - we call the member to verify the item is authorized and to provide an opportunity to deposit funds to cover the overdraft.
  • LM Federal Credit Union is a non-profit financial institution that provides high quality personalized member service. For example, when you apply for a new service you typically work with the same Credit Union employee from start to finish.
  • When you apply for a Credit Union loan your request is typically approved within a few hours or by the morning of the next business day.  You also work with the same Loan Specialist during the entire process.  You may sign your consumer loan agreements with a secure eSignature. Funds can be disbursed the same day.
  • LM Federal is owned by credit union members, not stockholders like a typical large bank. Our members directly receive the benefits of membership including lower loan rates and fees and better member service. Bank profits go to the bank’s stockholders, not the bank’s customers.
  • We spoke to a member who banked with both the Credit Union and a large National Bank.  He indicated his dissatisfaction with the bank and was considering transferring all of his business to the Credit Union.

We asked why he was unhappy.  His response? Poor customer service.  When he visits his bank branch the wait time to see a teller or customer service representative is almost always a problem. Like all of us in today’s world, we want to get in and out quickly if we visit any merchant or retail location.

The difference between the Credit Union and a large national bank is that our member service objective is to immediately help our members. If you call or visit our office we typically respond with little to no waiting time.  We are not always perfect, but we will make the effort.

Why do we put more emphasis on customer service to our members? Because we are owned by our members! A traditional bank is typically owned by stockholders, not the bank’s customers.

Mark Bold

LMFCU President






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