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Legacy Community Federal Credit Union

Based on 9 reviews
Overview / Commentary
205-933-9933
100 CORPORATE RDG STE 200
BIRMINGHAM, AL 35242-2994

Legacy Community Federal Credit Union is headquartered in BIRMINGHAM and is the 11st largest credit union in the state of Alabama. It is also the 537th largest credit union in the nation. It was established in 1955 and as of March of 2014, it had grown to 104 employees and 38,310 members. Legacy Community Federal Credit Union has a A health rating.

Field of Membership Restrictions

Anyone who lives, works, worships, or attends school in the 7 - County Birmingham - Hoover Metro area can join. That includes Jefferson, Shelby, Blount, St. Clair, Walker, Chilton, and Bibb Counties in Central Alabama. - See Details

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Overdraft Fees And Transfer Problems

Please tell me why Legacy only allows 6 online transactions per month? If you have computer banking why only 6? Also why do they transfer 3.00 at a time from your savings when you are about to overdraw and then charge you 3.00 to do it? Is this a ploy to use up your 6 transactions because even if you have money in your savings to cover any overdraw they will not transfer any more money after 6 transfers have been made(these include any you have already made) and will then start charging you 36.00 per overdraw regardless of how much money you have in savings which is supposed to be linked to your checking. I really don't want a useless 3.00 transfer if it's going to use up one of my 6 transactions and I'm going to be charged 3.00 for the service. I discussed this practice with my coworkers and no one could believe the way they handle their online banking.The consensus was why have online banking if it's so limited and how ineffective their overdraft protection was. I'm starting to wonder if this isn't just another way for them to insure fees without being as obvious a bigger banking  institutions as they tout themselves as being smaller and more about their customers. If they were really about their customers they would figure out a better solution for their overdraft protection and their computer banking.

Attorney's Fees

We had an account for 26 years. Temporary financial hardship delayed our ability to pay the Mastercard on time for 2 months. Legacy handed our account over to attorneys. The statement that was $2,914.32, now is $3,892.96, with Attorney's Fees of $971.43. That's like a 33.5% interest, but it's not the "members" who are getting it. It's attorneys. Nice customer service! And to think we were about to move all our financial accounts over the Legacy... whew! 

I Like It, As Advertised

Good rewards system (2% interest checking). The staff are friendly. Been using this for about a year. ATM rewards have happened without a hitch. I use ACH from a different bank which quals for direct deposit. I do a bunch of $1 payments for my internet payment which counts as my required transactions. Overall, good stuff and I'm happy. No issues and convenient locations for me in Birmingham, AL.

Like Every Other Financial Institution In The World, Legacy Does Not Care About Its Customers.

Legacy is out to "grab all the gusto" just as every other financial institute in this greedy country. Their care for customers is a front.

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Health

Data for Q1 2014

Institution Health

A

Texas Ratio

GRADE:
A+

The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 Legacy Community Federal Credit Union had $899,000 in non-current loans and owned real-estate with $48.74 million in equity and loan loss allowances on hand to cover it. This gives Legacy Community Federal Credit Union a Texas Ratio of 1.84% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
C+

The Texas Ratio for Legacy Community Federal Credit Union experienced no significant changes from 1.19% as of March 31, 2013 to 1.84% as of March 31, 2014, resulting in a negative change of 54.69%. This indicates that the balance sheet and financial strength for Legacy Community Federal Credit Union has had no significant changes in recent periods.

Deposit Growth

GRADE:
B

In the past year, Legacy Community Federal Credit Union has increased its total deposits by $189,000, resulting in 0.05% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Legacy Community Federal Credit Union has shown is above average.

Capitalization

GRADE:
A

Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Legacy Community Federal Credit Union has $407.52 million in assets with $48.74 million in equity, resulting in a capitalization level of 11.96%, which is excellent.

Institution Statistics

Overall
NCUA #24421
Year Chartered1955
Employees104
Primary Regulator
Assets and Liabilities
Assets$407.52 million
Loans$132.18 million
Deposits$356.20 million
Equity Capital$48.28 million
Loan Loss Allowance$466,000
Unbacked Noncurrent Loans$515,000
Real Estate Owned$384,000
Historic Data - March 2013
Assets$407.82 million
Equity Capital$48.90 million
Loan Loss Allowance$588,000
Unbacked Noncurrent Loans$515,000
Real Estate Owned$160,000
Profit Margin - Quarterly
Net Interest Margin1.07%
Return on Assets0.73%
Return on Equity6.14%
Interest Income$2.58 million
Rates

Always verify rates and promotions with the bank or credit union. We are not Legacy Community Federal Credit Union, we are a rate comparison website and can not provide official rates or promotions.

Legacy Community Federal Credit Union Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.40%$100k-Daily Share Balance
0.40%$100k-Club IRA Balance
0.15%--Christmas Club Account
0.15%--Regular Club Account

Legacy Community Federal Credit Union Money Market Rates

DetailsAPYMINMAXPRODUCT
0.40%$50k-Preferred Money Market

Legacy Community Federal Credit Union Checking Account Rates

DetailsAPYMINMAXPRODUCT
2.00%-$15kPremier Checking - Qualifyiing
0.25%--Premier Checking - Non Qualifying
0.15%$2,500-Super NOW Checking
0.15%$2,500$1mPreferred Checking

Legacy Community Federal Credit Union CD Rates

DetailsAPYMINMAXPRODUCT
1.30%$500-60 Month CD
1.00%$500-48 Month CD
0.75%$500-36 Month CD
0.70%$500-30 Month CD
0.65%$500-24 Month CD
0.65%$500-25 Month CD
0.50%$500-18 Month CD
0.45%$500-12 Month CD
0.25%$500-6 Month CD
0.20%$500-91 Day CD

Legacy Community Federal Credit Union IRA Rates

DetailsAPYMINMAXPRODUCT
1.30%$500-60 Month IRA
1.00%$500-48 Month IRA
0.75%$500-36 Month IRA
0.70%$500-30 Month IRA
0.65%$500-24 Month IRA
0.65%$500-25 Month IRA
0.50%$500-18 Month IRA
0.45%$500-12 Month IRA
0.25%$500-6 Month IRA
0.20%$500-91 Day IRA
Locations


Legacy Community Federal Credit Union Locations
Branch Office2815 Greystone Commercial Blvd Ste 600Birmingham, AL 35242-2663
Branch Office810 Colonial Promenade PkwyAlabaster, AL 35007
Branch Office100 CORPORATE RDG STE 200BIRMINGHAM, AL 35242-2994
Branch Office1920 4TH AVE SBIRMINGHAM, AL 35233-2014
Branch Office6001 Service RdBIRMINGHAM, AL 35235-2179
Branch Office9825 PARKWAY EBIRMINGHAM, AL 35215-7301
Branch Office701 PRINCETON AVE SWBIRMINGHAM, AL 35211-1303
Branch Office800 MONTCLAIR RDBIRMINGHAM, AL 35213-1908
Branch Office1400 20th St SBirmingham, AL 35205-4914
Branch Office1880 Chace DrHoover, AL 35244-1825