To understand how the federal funds rate or "Fed rate" affects banks and credit unions, we first need to understand what the federal funds rate is and its role in the financial world. The Federal Government requires all depository institutions, like banks and credit unions, to have a minimum reserve level in proportion to their deposits. Those that do not have enough reserves borrow from other financial institutions that do. The Fed rate is the interest rate banks charge when lending money to each other from their reserve balance.
How Do Fed Rates Affect Financial Institutions?
Thursday, October 13, 2022
| Zelle® is a great way to send money to friends, family and others you trust, right from your phone! With Zelle®, money moves directly from your bank account to another person's bank account, typically arriving in minutes*. We know getting money to friends and family quickly and safely is important, so we've provided some friendly reminders on how to "pay it safe" when you're sending money with Zelle®. |
Protect Yourself When Paying P2P
Tuesday, March 29, 2022
"Sorry, I don't have any cash. Can you spot me, man?" is so early 2000's.
With the introduction of peer-to-peer (P2P) payments, friends and family can no longer use the excuse of being cashless to avoid repaying borrowed funds or receiving goods without paying for them in full. Logix members use P2P payment apps like Venmo, Paypal, and Zelle®, which allow users to send and receive cash instantly using their linked bank accounts.
But whenever money changes hands, you can be sure a scammer is hoping to get in on the action. So, stay alert to the below crazy schemes designed to steal money from any of your preferred payment platforms or methods.
Make a New Year’s Resolution That Sticks!
Monday, January 03, 2022
Are you ready for a powerful New Year’s resolution?
Eliminating debt, learning new spending habits, or building savings are choices that can change your life. They can affect your entire wellbeing – from stress levels, to physical and mental health. The new year is a great time to commit to your financial health.
Smarter Ways to Spend Less During the Holidays
Tuesday, December 21, 2021
New toys, tech, and other gifts are fun to receive during the holidays, but they don’t come cheap. Add seasonal travel, decorations, and festive meals, and it's easy to see why many households find themselves with thousands of dollars of holiday debt after the season has passed. Don’t let this happen to you!
Get comfortable and snuggle up to these tips that could prevent you from waking up to holiday debt come the new year.
