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$150 Checking Account Bonus at Logix FCU - Easy Membership

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Logix Federal Credit Union

This credit union name may be new to you. It's the new name for Lockheed Federal Credit Union. On July 9th the name changed to Logix Federal Credit Union. It's now offering a nice checking account promotion in which you can earn up to $150. Details of the offer are listed in this Logix checking bonus page. To qualify for the full $150 requires the following:

  • $50 when you open a Checking Account with a $250 initial deposit or more
  • $50 when you sign up for monthly direct deposit of $250 or more
  • $50 when you make three or more electronic payments of $50 or more (per payment) through Web BillPay

Some additional important details from the small print are listed below:

Direct Deposit and Bill Pay activity must occur within your first 60 days after Checking Account open date to earn bonus. Bonus will be deposited to your checking account within 30 days of required activity. Bonus amounts are taxable. Limit one per household. Current Logix checking accounts are excluded from this offer.

If you apply online, remember to enter promo code "50" when prompted.

There are potential monthly fees with the 3 checking accounts that are available. You can compare them in this checking page. The Advantage Checking seems to be the best one since you can have the monthly fee waived with e-statements. The credit union is partnered with the CO-OP ATM Network which gives members access to free ATMs throughout the nation.

Membership and Application

According to the credit union's FAQ document, credit union membership is open to members of the American Consumer Council, and anyone can join American Consumer Council.

The credit union has an online application that allows ACH account funding. I can't tell if the application allows new members to join the American Consumer Council. If you're interested in joining Logix, it would be a good idea to first call the credit union's members service center at (800) 328-5328 for the full details.

Update 10/18/2012: I just called Logix, and according to the CSR, the Logix online application will allow you to join American Consumer Council as you join Logix (if you're not eligible by other means, i.e. employee of Lockheed). I can't confirm this since personal information must be entered before you can see the eligibility section in the online application. If you have completed the online application and you were able to join ACC in the application, please leave a comment.

Credit Union Overview

This Credit Union Times article provides some background on the name change:

The new brand, rolled out in a series of emails to members, should help the Burbank, Calif., credit union eliminate ongoing confusion over membership eligibility, a problem that has long plagued the credit union, explained David Styler, president/CEO.

The credit union started to separate from Lockheed Martin Corp. in 1996 when it became a separate entity. It continues to serve Lockheed's employees, but as the name and the expanded field of membership show, it's trying hard to expand membership beyond the company.

Credit union branches are located in several areas of Southern California including the cities of Burbank, Pasadena, Woodland Hills and Santa Clarita. Logix is also part of the CU Service Centers.

Logix is a large credit union with $3.36 billion in assets and 406 employees. The credit union has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas ratio of 6.95% (excellent) based on June 2012 data. Please refer to our financial overview of Logix FCU for more details. The credit union is federally insured by the NCUA (Charter # 1999).

Other Credit Union and Bank Bonuses

We have a bank promotions page with a table of all of the active bank and credit union promotions. You can filter the table based on the type of promotion and based on your state. I have more details about how to use this page in this blog post.

You can view my latest bank bonus blog posts in this bank bonus page. I and DepositAccounts.com readers often post on bonuses in the checking account deals forum.

Edit 10/18/2012: Added more details about membership.


  Tags: Logix Federal Credit Union, California, checking account

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Comments
13 Comments.
Comment #1 by Logix posted on
Logix
Thanks for posting about us, and thanks especially for including the details about the name change. Great research! Happy to send you our new logo if you ever have use for it. bblue@logixbanking.com

4
Comment #2 by Anonymous posted on
Anonymous
Can anyone open a account at this bank? Do I have to become a member if so how?

4
Comment #3 by Anonymous posted on
Anonymous
Just spoke with CSR.  Anyone can join, but they do hard pull.

5
Comment #4 by Anonymous posted on
Anonymous
My wife and I just joined.  Very friendily CSR.  Completed in less than one hour that included getting document emailed to us for E-signature.  Look forward to do more banking with Logix.

3
Comment #5 by Anonymous posted on
Anonymous
So anyone can join without having to join the america council? I cannot seem to find the membership requirement on their page. 

2
Comment #6 by Logix posted on
Logix
Thank you once again for this post!

As an update, this promotion is available to new members who open an acocunt in a full-service Logix branch.

To answer some of the questions from above, membership is available to members of the American Consumer Council as well as to employees of a variety of seg groups and family members of current members.

2
Comment #7 by Anonymous posted on
Anonymous
Thanks to the OP, I've joined the ACC with no problem, and the webpage said there would be no cost to join ACC. I live in IL and work for a university.

2
Comment #8 by Anonymous posted on
Anonymous
@Logix: So, the promotion is not available to those who open online?

3
Comment #9 by Logix posted on
Logix
"@Logix: So, the promotion is not available to those who open online?"

 

That is correct. This promotion is only valid for checking accounts opened in a Logix branch. We're sorry for any inconvenience.

2
Comment #10 by Anonymous posted on
Anonymous
@Logix: I'm not sure if you are correct, because I opened the checking account online and already received the $100 of $150 bonus.All I need to do now is to pay 3 times on line to get another $50.



  10/23/2012 Deposit CHK BNTY DIR BNS     None     $50.00      
  10/23/2012 Deposit CHK BNTY DEP BNS     None     $50.00      
                   

3
Comment #11 by Anonymous posted on
Anonymous
It seems the checking bonus page in Logix website is gone.

2
Comment #12 by Anonymous posted on
Anonymous
I opened my account online on 11/7/12 using promo code '50' and had $100 bonus sitting in my account the next day!

 


5
Comment #13 by Anonymous posted on
Anonymous
I entered the promo code, as well as made a $250 direct deposit and a $250 initial deposit this past March. However, I didn't receive any rewards. Probably because I opened the account online instead of at a branch. :/

1



  11/8/2012!-- 7 days ago -- Deposit CHK BNTY DIR BNS       None   $50.00   $350.00  
  11/8/2012!-- 7 days ago -- Deposit CHK BNTY DEP BNS       None   $50.00   $300.00