Every year, in remembrance of the victims of September 11, an American Red Cross team visits Logix Headquarters. In a matter of moments, they combine two conference rooms into one bustling blood drive site. With tons of energy, upbeat music playing, friendly chatter, and the smell of freshly baked treats, Logix employees ready themselves for their blood donation appointments.
In case you missed it, last week was an exciting time for us and the four local charities we support! We proudly presented $30,000 checks to Penny Lane Centers, Burbank Temporary Aid Center, For The Troops, and Circle of Hope, Inc.!
Topics: Credit Unions
We should clarify a bit of confusion about our tagline, "smarter banking." We aren’t a bank. We never have been a bank, and we never will be a bank. You see “smarter banking” in our tagline, because, quite simply, that’s what we offer.
Recalculating alternate rate. Possible savings discovered. Reroute now?
When members help each other, they take out a great big expense they'd incur by using a traditional bank. Most financial institutions have to make a profit to send to their owners, so they price everything to make sure they come out ahead. Credit unions like Logix are owned by their members and not-for-profit. In fact, even our Board of Directors are members who volunteer their time to serve! There's not much point in charging extra when the people who would benefit from overcharging are the same people being overcharged. Instead, credit unions price things like rates and fees to ensure the continuing viability of the credit union with the financial health of the membership driving each decision.
Watch out! Objects found in wallet ahead. Refi now as low as 1.74% APR
The result? Our auto loan rates are now as low as 1.74% APR!* It's tough for the competition to match that kind of rate and still make a profit for their owners.
ALERT: Heavy traffic reported leaving your big bank for Logix. Divert now?
We're excited to welcome you to the Logix family! Oh, and. by the way...
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*APR = Annual Percentage Rate. "As low as" auto rates are our best rates for up to 125% financing on approved credit and includes a 1% discount for Automatic Payment (AutoPay). Rates subject to increase if AutoPay is discontinued. Actual interest rate offered may be higher depending on applicant's credit rating and other underwriting factors. In some instances Logix may require borrowers to purchase Guaranteed Auto Protection on new and used auto loans. Maximum 17.99% APR. Monthly payments at 1.74% APR over a 48 month term are estimated at $21.59 per $1,000. Rates accurate as of 7/22/14 and are subject to change.
When I arrived at LFCU in 1989 as CFO, the Credit Union had roughly 100,000 members. When I left briefly in 1993, LFCU had roughly 100,000 members; and when I returned to LFCU in 2001 as CEO, we still had roughly 100,000 members. In fact, from the late 1980s until 2010, the credit union’s total member population remained relatively constant, at about 100,000.
Although chances are good that you’ve stepped foot inside a credit union or two, you may not know a whole lot about them. Credit unions — which are nonprofit, member-owned financial institutions that typically offer better interest rates and fewer fees than national banks — have a rich and complex history.
Topics: Credit Unions