As money market rates have been declining, Latino Community Credit Union’s (LCCU) Money Market APY has become more competitive. The current 0.75% APY on balances of $500+ has been in effect since April 2020; balances below $500 do not earn any interest. The minimum opening deposit is $500.
Should the Money Market account balance fall below $500 at any time, a $5 monthly fee will be assessed. Check writing is available and an ATM card can be requested. Transfers exceeding the six allowed per month will be charged a fee equal to the Non-Sufficient Funds Fee (currently $30). LCCU members have fee-free access to more than 1,300 Cashpoint ATMs throughout North Carolina.
Headquartered in Durham, North Carolina, Latino Community Credit Union offers membership to any U.S. resident who has a valid Social Security number through the Latino Community Development Center (LCDC). Founded in 2002, LCDC is a nonprofit organization, which promotes financial literacy and education. The one-time $10 fee to join LCDC provides membership for all family members.
Joining LCCU can be done online “with 3 easy steps.”
Step 1: Complete an Online Member Application (you will be redirected to a secure PowerForm).
Step 2: Send any additional required documents to one of the following:
- Email: [email protected]
- Fax: 919-688-9309
- Mail: PO Box 25360, Durham, NC 27702
- Step 3: We will call you to confirm your new membership.
Joining LCCU can also be done at any of 13 North Carolina branches located in Carrboro, Charlotte (4), Durham (2), Fayetteville, Greensboro, Monroe, Raleigh (2), and Winston Salem. As stated on LCCU’s COVID-19 page,
We have limited the maximum occupancy levels at all branches. If you must visit one of our branches, be prepared to wait outside or in your personal vehicle until we can serve you.
Once a new membership is approved and the share savings account ($10 minimum deposit) is opened, additional accounts (including a Money Market) can be opened using Latino DirectNet, LCCU’s online banking platform. Opening a Money Market can also be done at any of the above-mentioned branch locations.
Credit Union Overview
Latino Community Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.01% (excellent) based on June 30, 2020 data. In the past year, LCCU has increased its total non-brokered deposits by $95.82 million, an excellent annual growth rate of 26.63%. Please refer to our financial overview of Latino Community Credit Union (NCUA Charter # 68430) for more details.
Latino Community Credit Union is the tenth largest credit union headquartered in North Carolina, with nearly 90,000 members and assets in excess of $536 million. This past summer, LCCU celebrated its 20th anniversary. According to a July 2020 newsletter,
In our humble beginnings, we operated out of an empty building located in downtown Durham, North Carolina. Since then, we have expanded our presence to a total of 14 branches across the state, with three more locations coming soon. We have seen our family expand to 90,000 members, we’ve helped more than 33,500 of them build their credit history, and we have supported more than 6,000 achieve their dreams of home ownership. As we look to the future, we are committed to continue this great work.
How the Money Market Account Compares
When compared to the Money Market Accounts tracked by DepositAccounts.com that are available nationwide, have a low minimum balance requirement, and are not limited by a small balance cap, Latino Community Credit Union’s Money Market Account APY currently ranks third.
The above rates are accurate as of 12/7/2020.
To look for the best Money Market Account rates, both nationwide and state specific, please refer to our Money Market Account Rates Table page.