To our longtime members this may come as no surprise, but we’re proud to report that Logix has topped the charts once again! Out of 300 credit unions over $1B, CreditUnions.com recently ranked Logix Federal Credit Union 4th in member feedback! How did we do it? Was it our tasteful lobby decor? Was it our adored robot mascot, Robix? Well, as with all of our victories, we accomplished this feat due to our members' ongoing loyalty and support.
Let’s break this ranking down a little bit further. A high score on a prestigious list sounds great, but what’s in it for YOU? According to these calculations - a lot! CreditUnions.com includes the measurement of three core credit union functions in its rating index, known as Return of the Member (ROM):
- Savings: The Return to Savers component of ROM assesses how well a credit union is providing deposit services to members. This includes features such as dividends paid, changes in share balance, and the number of share accounts per member.
- Lending: The Return To Borrowers component of ROM evaluates loan rates, determining that the credit union being assessed is providing credit at a reasonable cost to members. Lower rates are rewarded. A credit union’s growth in lending, product variety, and loan servicing portfolio are also considered.
- Usage: The Member Service Usage component of ROM measures whether members are using the credit union as their primary financial institution. This is determined by the number of core accounts held by the institution, penetration rates, as well as employee measures including productivity and revenue generated per dollar of salary and benefit.
ROM assigns a value between 1 and 100 to every credit union based on its performance in these three categories, combines the weighted average, and compares that performance to its asset-based peer group. Logix’s final score was 99.17 out of 100, securing our position as a top leader in providing value back to our members.
Employees of Logix are humbled by this score and what it reflects. We strive to meet your needs at every opportunity. For you that means better rates, lower fees, and improved services. For us? We clock out knowing we made a difference. Our credit union aims to make an impact in the lives of our members and their communities. We don’t just settle at being your chosen financial institution, but continuously make decisions that can be tailored to determine the most positive outcomes in your lives. Scores like this mean we are succeeding at our ultimate goal - helping you thrive. Thank you, to all of our members, for your trust in us so we can continue working hard to be the best choice in smarter banking. We couldn’t have done it without you, literally.
*Logix Federal Credit Union is not affiliated with CreditUnions.com, and is a separate entity. 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.