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Legacy Community Federal Credit Union

Based on 8 reviews
Overview / Commentary
100 Corporate Rdg Ste 200
Birmingham, AL 35242

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 532nd largest credit union in the nation. It was established in 1955 and as of December of 2013, it had grown to 102 employees and 38,467 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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Reviews (8)

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! 

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.

Over Draft Fees

Legacy held a out of state insurance company (large, well known company) check for 5 days. One day before funds from check were to be available, had over draft fees of $64.00 charged. Long term customer with never a over draft. Would not have had one here if not for their hold policy. Legacy would not waive the fees. The entire time I am on hold on the telephone, I am hearing how Legacy does not charge frivolous fees.

Awesome Service

Legacy is just awesome. Never had a problem.

I Agree With The Poster Above

Concerning the credit check. I have heard of them running a telecheck check among other banks, but this was ridiculous. Also I had an issue with them concerning a stop payment. I cancelled a service and applied a stop payment for future withdrawals as this company is known to go back and try to extort money. Legacy refused to honor the stop payment because according to them I did not give them written authorization (as if the stop payment form and paying the fee weren't enough), and then told me that I had to pay another fee in order to have the stop payment reinstated. When I went to the bank, they told me that I couldn't request a stop payment with this company because they have an "iron clad" contract with all their customers. So basically, a customer can't get out of the contract or terminate service. This is not a credit union. They operate similar to a bank. Consider elsewhere.

Very Good And Safe Financial Institution

I have done business with Legacy for 10 years and find their products very useful and financially beneficial for me.  I have never had any problems with sensitive information and their staff is very friendly.

Beware That This "Credit Union" Requires A 650 Credit Score Or Higher In Order To Open The 4%

Beware that this "credit union" requires a 650 credit score or higher in order to open the 4% Premier checking account.  I asked why and couldn't get a straight answer, so I decided to go elsewhere.  Why should I have to get a credit check just to give THEM the my money? 

Also, they carelessly pass around paperwork with sensitive information on it (DOB, SSN, etc.). 


Data for Q4 2013

Institution Health


Texas Ratio


The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of December 31, 2013 Legacy Community Federal Credit Union had $877,000 in non-current loans and owned real-estate with $47.44 million in equity and loan loss allowances on hand to cover it. This gives Legacy Community Federal Credit Union a Texas Ratio of 1.85% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend


The Texas Ratio for Legacy Community Federal Credit Union decreased slightly from 2.34% as of December 31, 2012 to 1.85% as of December 31, 2013, resulting in a positive change of 21.00%.This indicates that the balance sheet and financial strength for Legacy Community Federal Credit Union has improved slightly in recent periods.

Deposit Growth


In the past year, Legacy Community Federal Credit Union has increased its total deposits by $10.08 million, resulting in 2.97% 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.



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 $398.49 million in assets with $47.44 million in equity, resulting in a capitalization level of 11.90%, which is excellent.

Institution Statistics

NCUA #24421
Year Chartered1955
Primary Regulator
Assets and Liabilities
Assets$398.49 million
Loans$131.96 million
Deposits$349.14 million
Equity Capital$46.93 million
Loan Loss Allowance$513,000
Unbacked Noncurrent Loans$493,000
Real Estate Owned$384,000
Historic Data - December 2012
Assets$390.58 million
Equity Capital$48.97 million
Loan Loss Allowance$642,000
Unbacked Noncurrent Loans$493,000
Real Estate Owned$666,000
Profit Margin - Quarterly
Net Interest Margin4.28%
Return on Assets0.74%
Return on Equity6.27%
Interest Income$10.05 million

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

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

0.40%$50k-Preferred Money Market

Legacy Community Federal Credit Union Checking Account Rates

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

Legacy Community Federal Credit Union CD Rates

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

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

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