News & Notes
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.
Sell Your Ride
This new program allows you to post personal vehicles, including automobiles, motorcycles, boats, personal watercraft, and RVs through the Credit Union's AutoSMART website, accessed from our home page. This new service is free of charge for our members. Through Sell Your Ride, you are able to upload and post your vehicle's information, data and pictures on our AutoSMART site "Private Party" vehicles section. Posted vehicles will be seen locally by other members through their Credit Union's AutoSMART site, as well as nationally by 27.5 million members at the more than 930 credit unions currently using the AutoSMART program.
Check Imaging
A new service has been added to your checking account. You are now able to print a copy of your checks that have cleared your account as of March 7, 2011. Just go to Virtual Branch - Bank Online and access your account. The check numbers will be in red, double click the number and print.
Debit Card Limits
Your maximum amount is $600 for cash withdrawals at ATMs and $1,000 for POS (point of sale) transactions, either in person or online. This is for a 24 hour period. If the need should arise where you have to have your POS amount increased to make larger purchases or because you are traveling on vacation, then just give us a call and we will gladly increase your limits to whatever you have available in your account. This increase would go into effect immediately and will last until you decide to reduce the limit back to $1,000.
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)
2011 Board of Directors' Scholarship Winners Announced
The Lowell Firefighters Credit Union is pleased to announce the winners of its Seventh Annual Board of Directors' Scholarships for the year 2011. The following students each received a scholarship of $500:
Casey Harrison, is a recent graduate of Chelmsford High and plans on attending UMass, Lowell in the Fall. She is the granddaughter of Michael McTeague Sr., a retired firefighter of the Chelmsford Fire Department.
Ryan Gikas, is a recent graduate of Greater Lowell Voke is going to attend Johnson & Wales this September. He is the son of Jeff Gikas, Lowell Fire Department Captain Ladder 4.
Evan James Miamis graduated from Dracut High School and will matriculate at UMass, Amherst this coming Semester. He is the grandson of retired Lieutenant Thomas Hill Lowell Fire Department Engine 2.
Our congratulations go out to these students, as well as our best wishes for their continued success in their educations. Thank you to the many students who applied.
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
Notice of Changes in Temporary NCUA
Insurance Coverage for Transaction Accounts
All funds in a "noninterest-bearing transaction account" are insured in full by the National Credit Union Administration through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to members under the NCUA's general share insurance rules.
The term "noninterest-bearing transaction account" includes a traditional share draft account (or demand deposit account) on which the insured credit union pays no interest or dividend. It does not include any transaction account that may earn interest or dividends, a negotiable order of withdrawal ("NOW") account, money-market deposit account, and Interest on Lawyers Trust Account ("IOLTA"), even if share drafts may be drawn on the account.
For more information about temporary NCUA insurance coverage of transaction accounts, visit www.ncua.gov.
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