Dear Valued Members,
As we step into the New Year, I want to take a moment to express my deepest gratitude for your continued trust and loyalty to Logix Federal Credit Union. Your support has been the cornerstone of our success, and it's my pleasure to share with you some highlights from the past year and what’s ahead for 2024.
2023 in Review
- Growth and Stability: We've seen remarkable growth in our membership, now serving over 247,000 members. Our commitment to financial stability has been unwavering, and we're proud to be ranked among the healthiest and safest financial institutions in the country. One indication of financial strength is our consistent 5-star rating (Superior) from BauerFinancial™, an independent rating agency. Another indication is our net worth, which increased to 13.7% in 2023, which is significantly greater than the regulatory “well-capitalized” level of 7%.
- Branch Expansion: We opened a 19th location in Toluca Lake to serve members living or working on the eastern side of Burbank and the San Fernando Valley.
- Digital Payments: Why carry paper and plastic “money” around when you can just use your mobile phone? You can now find your Logix credit card information in the mobile app, making it really quick and easy to load card credentials into your digital wallet (Apple Pay®, Samsung Pay, Google Pay™).
- Digital Communications: We are delighted to provide a variety of ways for you to interact with us! You can now communicate with us from anywhere using Live Chat in the mobile app. Kelly, our chatbot, is available 24/7 and is able to respond to over 200 common inquiries. Texting (SMS) communications have been expanded so we can communicate more conveniently with you through your mobile device.
- Enhanced Business Services: We've introduced several new business account services, including business auto loans, the ability to have multiple checking accounts under one business membership, enhanced money movement services and SBA lending through a partnership with Total Loan Solutions.
- Community Impact: Our involvement in community initiatives has been a source of great pride. Logix sponsors a variety of large community events, supports local schools and charities, and provides financial literacy programs. Through the Logix Community Stars Foundation, we raised nearly $225,000 for our nonprofit partners in the communities we serve, and our Logix employees spent 518 hours volunteering in the community.
Looking Ahead to 2024
- Enriched Deposit Products: While the Fed has indicated that rates may come down in 2024, we will continue to offer a variety of deposit products currently offered at very competitive rates.
- Credit Card Enhancements: We want to give you more to love about our credit cards so we’ll be introducing contactless cards, new card designs, business credit cards, additional benefits through MasterCard®, and the highly requested removal of the PIN requirement for in-person credit card purchases.
- Digital Banking: We're excited to announce a major upgrade to online and mobile banking later this year. This upgrade will improve speed and is designed to meet your evolving financial needs far into the future.
- Member Experience: Speaking of meeting your evolving needs, we are investing heavily to ensure every experience with us is delightful, whether by phone, online, or face-to-face. Our goal is to ensure you feel our personal touch even when interacting with us through digital channels.
Thank You For Your Trust
Your trust in us is our most valuable asset. We promise to continue working diligently to meet your financial needs and exceed your expectations. We look forward to helping you achieve your financial goals and wish you a healthy and prosperous 2024.
Ana E. Fonseca
President and CEO
Please contact Logix at (800) 328-5328 or visit www.lfcu.com if you have any questions about this topic or would like to consider opening an account.
Logix Smarter Banking is a registered trademark of Logix Federal Credit Union.
Apple Pay is a trademark of Apple Inc., Google Pay is the trademark of Google LLC. Samsung Pay is a registered trademark of Samsung Electronics Co., Ltd.. Logix Federal Credit Union is not affiliated with and is a separate entity from Apple Inc., Samsung Electronics Co. Ltd., and Google LLC.