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News & Notes
Urgent Announcement About Compromised Debit/Check Cards:
All members are urged to read the following announcement regarding Credit Union policies relevant to the recent high-profile fraud crimes by which the security of a debit/check card might become compromised.
Read this letter from the Treasurer/Manager (PDF Format)
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Below we have listed some of the exciting announcements and events happening at the Credit Union. Contact us today for more information about any of these items.
Changes to Online Banking Procedures
As you may know by now our online banking login procedure has changed. It is a national credit union wide change. It has been changed for your security. Due to the malicious actions of "hackers" and "Identity thieves" access to accounts has become more stringent. The new process is simple: follow the prompts and make sure you keep a record of the answers that you are asked to provide. Keep your information somewhere safe and secure and do not share it with anyone.
Feel free to call us at the credit union with any questions or e-mail us at .
Thomas F Christoun
Compliance Officer
The Bank Secrecy Act
You may have heard of this "Act" in the news and have wondered just exactly what it is. I will try and give you a very brief overview of the subject. It is intended to perform the following:
"The Currency and Foreign Transactions Reporting Act,1 also known as the
Bank Secrecy Act (BSA), and its implementing regulation, 31 CFR 103, is a
tool the U.S. government uses to fight drug trafficking, money laundering,
and other crimes. Congress enacted the BSA to prevent banks and other
financial service providers from being used as intermediaries for, or to hide
the transfer or deposit of money derived from, criminal activity."
An institution of our size, which is considered small by today's banking standards generally, does not have the same degree of concern in regarding money laundering or being used as a conduit for terrorist activity that the larger banking concerns have but we none-the-less must remain vigilant. So if you are asked for identification, even though you have been a member for a number of years, we are only adhering to the newer regulations that have been passed by congress. Please as always any questions feel free to contact us at the Credit Union.
Thomas F. Christoun, Compliance Officer
Preferred Membership with LFFCU
What is a preferred member of the Lowell Firefighters Credit Union?
The answer is a member that will never have to pay any charge for any service in the credit union!
If your account has a combined balance over $100,000.00, then you receive the following benefits:
- Free checking account with a totally free Debit card.
- Free order of checks.
- Absolutely no ATM charges from anywhere in the United States.
- CD's with a balance of $100,000.00 receive .25% added to your rate on terms you select.
- CD's with a balance of $150,000.00 receive .50% added to your rate on terms you select.
The only requirement is that your account must maintain a combined balance over $100,000.00 to receive these benefits. Failure to maintain the minimum balance will void these benefits immediately.
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