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Checking

Checking Account Benefits

  • No per check fees or limits on check writing
  • Free VISA Check card or ATM card
  • Unlimited free use of the VISA Check card or ATM card for purchases
  • Unlimited free use of the ATM located at the Credit Union office
  • Access your account 24 hours a day through Telephone Banking or Online Banking (with Free Mobile Banking)
  • Deposit cash and/or checks at Co-Op's Shared Deposit ATMs (ATMs owned by other financial institutions). Funds are credited to your LM Federal account within 3 business days. Click here to search for a Co-Op Shared Deposit ATM near you.
  • Internet Bill Payment - Use our secure bill payment service free of charge! Forget about the hassle of buying stamps and mailing payments.
  • Make up to 4 foreign ATM withdrawals per month without a Credit Union fee (8 per month with Silver Rewards, 12 per month with Gold Rewards)*. See our list of no-surcharge ATM's. You may use the Credit Union's ATM or any one of the Co-Op Network's nearly 30,000 ATMs nationwide without paying a surcharge (including ATMs located in 7-11 convenience stores).
  • Receive Membership Rewards such as free cashier's checks, discounted money orders, free stop payments, free incoming wires, free VISA or ATM card replacement, and discounted or free check orders with Silver or Gold rewards*
  • Monthly statement listing all accounts
  • Overdraft protection available from:
    • Share (Savings) Account (limited to 6 transfers monthly)
    • Rediline Overdraft Loan (subject to approval)
  • Deposit by direct deposit or payroll deduction (from any organization), the mail or in person

* Fee varies depending on your Membership Rewards level.

Account Switch Checklist

Account Types

Free Checking

  • No minimum balance and no monthly service fee
  • Make up to 4 foreign ATM withdrawals monthly without a Credit Union fee
  • The initial order of checks is provided no charge
  • The perfect account for students and those who want to avoid paying a monthly fee!
  • Not eligible for free services offered within Membership Rewards*

Regular Checking

  • No monthly service charge if:
    • You maintain a $500 average monthly balance in checking, OR
    • You maintain $2,500 in average balances in all your accounts, OR
    • You are under age 23 or over age 61
  • Initial order of standard checks is provided no charge
  • Eligible for free and discounted services within Membership Rewards

Interest Checking

  • Interest paid monthly on the average daily balance
  • No monthly service charge if:
    • You maintain a $1,000 average monthly balance in checking, OR
    • You maintain $25,000 in average balances in all your accounts
  • Initial order of standard checks is provided no charge
  • Eligible for free and discounted services within Membership Rewards

Business Checking

  • All Business Checking accounts are limited to LM Federal’s Regular Checking type. Business accounts are not eligible for Free Checking or Interest Checking.
  • All Business memberships are locked in at the Bronze Rewards level. (See the Membership Rewards brochure for more details about rewards levels.)
  • Business Checking accounts must maintain an average balance of $500 in order to avoid a monthly service fee of $4.00 (See fee schedule)
  • Business Checking accounts may use LM Federal’s Internet Bill Pay service for a monthly fee of $4.95
  • Business checking accounts are not eligible for the check buy-back program, and must pay for any check orders, including the first check order.

* Fee varies depending on your Membership Rewards level.

Account Switch Checklist

Account Comparison
Account Features Free Checking Regular Checking Interest Checking
ATM or VISA Check Card Access Yes Yes Yes
Access through Online Banking and Telephone Banking Yes Yes Yes
Free Access To Internet Bill Pay Yes Yes Yes
CardNav Smartphone App - Card Activity Monitoring Tool Yes Yes Yes
Earn Interest No No Yes
Monthly Service Fee No $4 $6
Waiver of Monthly Service Fee N/A Fee waived if:
  • You maintain a $500 average monthly balance in checking, OR
  • You maintain $2,500 in average balances in all your accounts, OR
  • You are under age 23 or over age 61
Fee waived if:
  • You maintain a $1,000 average monthly balance in checking, OR
  • You maintain $25,000 in average balances in all your accounts
Eligible for Membership Rewards Checking Benefits?* No Yes Yes
Initial order of free checks? Yes Yes Yes
Eligible for buyback of old checks? No Yes Yes
Dormant Account Fee Yes (See fee schedule) None None

Account Switch Checklist

* Free services are offered within the Membership Rewards program. Free Checking accounts are not eligible for checking related free or discounted services within Membership Rewards

VISA Check Card

  • The VISA Check Card lets you deduct purchases from your Checking account. Forget about the hassle of remembering a personal identification number. Simply swipe or insert your card, choose "Credit", sign and you're good to go!
  • Latest EMV chip technology to protect your account from fraud
  • Use your VISA Check Card to pay for goods and services wherever the VISA symbol is displayed. Over 18 million locations worldwide! This includes purchases made by telephone or the internet. Your liability for unauthorized purchases? $0
  • Use as an ATM card at any Star, Co-Op, Cirrus or VISA ATM
  • Get a receipt with every purchase and detail of all transactions in your monthly statement
  • The VISA Check Card is more readily accepted by merchants who display the VISA symbol than checks, especially in other parts of the U.S.A. or the world
  • Using your card for travel means you may not have to stock up on travelers checks or cash
  • The VISA Check Card has no monthly or transaction fee

Overdraft Protection

LMFCU offers the following real-time overdraft protection options to prevent transactions from being denied for non-sufficient funds.

Savings Transfer: Automatically moves money from savings to checking, assuming funds are available. Limit of six transfers per month. A small convenience fee is applied.

Rediline Overdraft Loan: Automatically advances funds to checking up to the Rediline credit limit. Line limits of up to $5,000 available. A low transaction fee is applied. There is no annual fee. The Rediline is also an easy and convenient line of credit for quick access.

Combined Savings & Rediline:  You may elect both options and choose which option has first transfer priority.  For example, select savings transfer as the priority and the Rediline loan advance will be your backup overdraft protection method.