Jump to main content


Superior Member Service: Our goal is to provide you with a high level of member service. Unlike other financial institutions LM Federal is owned by its members; not outside stockholders.

Federal Deposit Insurance: Up to $250,000 by the National Credit Union Administration (NCUA), a US government agency. Click here for details on how to calculate your deposit insurance coverage.

More Than Competitive Rates: As LM Federal is a not-for-profit financial cooperative, our rates are typically higher than those offered by many other financial institutions.

Low Minimums to Open an Account: Our minimum to open an account is usually lower and we only assess fees to cover our costs.

Federal Deposit Insurance

Your Shares at LM Federal Are Federally Insured. Share insurance coverage is provided by the National Credit Union Administration (NCUA), an independent government agency of the U.S. government that charters, regulates and insures federal credit unions. Your shares are backed by our solid financial standing. However, the insurance protects members against loss if a federal credit union fails.

LM Federal’s savings, checking, Share certificates and Money Market Savings Accounts are insured for up to $250,000. Individual Accounts. Individual accounts are owned by one member. You are insured for up to $250,000 for combined balances in your LM Federal savings, checking, Share certificates and money market accounts.

Insurance Coverage Example
Account owner: David Jones
Amount insurance coverage: $250,000

Joint Accounts
Joint accounts are owned by two or more members, to include your LM Federal savings, checking, Share certificates and money market accounts. Each owner on the account is insured for up to $250,000. The most federal insurance coverage any member can have as a result of joint ownership is $250,000, regardless of the number of joint accounts he or she co-owns.

Insurance Coverage Example
Primary owner: Betty Jones
Joint owner: Gary Jones
Amount insurance coverage:
2 owners x $250,000 = $500,000

Individual Retirement Accounts (IRAs)
IRAs are personal savings plans that allow you to set aside money for retirement. The combined balances of all the accounts in your Traditional, Roth IRA plans and Educational Savings Accounts are insured separately from your other LM Federal accounts for up to $250,000.
Click here for additional information regarding the NCUA Federal Deposit Insurance coverage.

The Share Account is the core account required to open and maintain your membership with LM Federal. You may open your membership by telephone or in-person. The minimum to open and avoid a monthly service fee is only $25. Dividends are paid quarterly on daily balances of $100 or greater. Maintain a $300 balance and avoid paying any excess withdrawal fees. Contribute to your account with payroll deductions from any employer or organization.

Secondary share accounts are also available should you wish to segregate your funds for special needs.

Membership and Account Agreement

Club accounts are a special share account intended for holiday or vacation expenses. You may open a club account at any time.

You may withdrawal from your club account during the withdrawal period without limit or fees.  Withdrawals made outside of the withdrawal period are subject to a penalty.  Withdrawals may be requested by telephone or by visiting the Credit Union.

Setting up an automatic deposit to a club account guarantees that you’ll have the funds you’ll need. For example, a $20 weekly deposit will add up to $1,040 over 1-year.  We recommend payroll deductions or automatic transfer from another LM Federal account. You may also deposit to your club using Online and Mobile Banking, by contacting a Member Service Representative, or by visiting our office.

The withdrawal period for Holiday Clubs is October 1st through the end of December. The withdrawal period for Summer Clubs is May 1st through the end of August.

15 Ways to Save on Your Next Vacation

LM Federal offers two Money Market accounts to provide you with the best available combination of high rates, liquidity, convenience and safety. The regular Money Market account requires a minimum of only $2,500 to open and avoid a monthly service fee. The Money Market PLUS account requires a higher minimum of $25,000 to open and avoid a monthly service fee. However, the Money Market PLUS account earns higher interest rates than the regular Money Market Account.

Both the Money Market and Money Market PLUS accounts offer the following advantages:

  • Competitive Rates: You earn higher dividend rates on higher balances. Dividends are paid monthly on daily balances of $100 or greater.
  • Liquidity: Make withdrawals of any amount as often as you like in person, by phone or through Online Banking and Telephone Banking.
  • Convenience: Access your account with convenient check writing (3 checks/month).
  • Safety: Unlike money market mutual funds, LM Federal money market accounts are federally insured up to $250,000*.

*Subject to federal deposit insurance limitations

Any member of your family or household may establish their own membership with LM Federal by opening a Family Share account. This includes your children, parents, brothers, sisters, grandparents, grandchildren, and other relatives. Family members enjoy the same membership and borrowing privileges as regular members.



Uniform Transfers to Minors Accounts

UTMA accounts are specialized accounts that allow you to make irrevocable transfers to a minor. Savings, Money Market & Certificate accounts are available under UTMA. The account is the property of the minor with a custodian having sole authority to transact on the account until the minor reaches age 21. UTMA funds should be used solely for the benefit of the minor. All dividends paid are reported under the minor’s social security number. UTMA accounts are ideal when used with proper tax and estate planning.

Business Accounts

LMFCU members may open a membership in the name of a business or other organization. The account is setup under a different account number and must have a social security number or Federal Tax Identification Number (TIN).

Estate Accounts

These special accounts hold a deceased person's estate assets separate from an estate administrator's own personal accounts. The estate administrator must be an existing LM Federal Credit Union member. Typically, the deceased member's assets are deposited into savings, and then transferred as needed to checking for easy payment of taxes, debts, and other obligations during the estate settlement process.

Additional accounts may be setup including checking, money markets and certificates.