Legacy Community Federal Credit Union is headquartered in BIRMINGHAM and is the 12th largest credit union in the state of Alabama. It is also the 597th largest credit union in the nation. It was established in 1955 and as of June of 2020, it had grown to 108 employees and 39,644 members at 8 locations. Legacy Community Federal Credit Union's savings rates are 10X the national average, and it boasts an A+ health rating.
Field of Membership Restrictions
Membership in Legacy Community Federal Credit Union is open to those who live, work, worship, or attend school in Bibb, Blount, Chilton, Jefferson, Shelby, St. Clair, or Walker Counties in Central Alabama.
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Legacy Community Federal Credit Union
Legacy Community Federal Credit Union in Birmingham, Alabama has been my credit union for over 25 years. I have had my paychecks direct deposited there since I graduated college in 1992. Legacy offers local banking with very reasonable fees, and the atmosphere inside the main branch is welcoming and is a very relaxing environment in which to do my business.
The one drawback that I have with Legacy is the terrible rate of return on deposit accounts (Savings, Checking, Money Market, CDs, IRAs). That is why I do not save large sums of money at Legacy Federal Credit Union, preferring, instead, to utilize online banking opportunities. In other words, I just use Legacy for clearing my checks and paying my bills. All other savings are then funneled to my online savings accounts.
Great credit union!
I've banked with Legacy for 5 years now. I opened the account at the suggestion of my friend at a car dealership when I was buying a used car. If I was a member I could get a really low rate. So I deposited 50 dollars into a savings account and was able to get the rate for the car I was buying. I ignored the open savings account for at least a year until I realized they were offering a 2% interest rate on checking which is higher than a lot of CD products, so I switched over 90% of my paycheck to the credit union. Since then, I've started using the credit union as my primary bank. I love the Credit Union experience.
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.
The Worst Credit Union
I was a checking and savings account member for 7 years.
I wish I never joined this credit union because of the inexplicable overdraft fees, no alert system for low balance, mysterious automatic account payments, and the poor customer service.
Do yourself a favor and consider a different credit union.
Health Grade Components
| Overall | |
|---|---|
| NCUA # | 24421 |
| Year Chartered | 1955 |
| Employees | 108 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | -0.01% |
| Return on Equity - YTD | -0.07% |
| Annual Interest Income | $7.0MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2020vs Q2 2019 | $540.9MM$449.1MM |
| Loans | Q2 2020vs Q2 2019 | $329.9MM$300.1MM |
| Deposits | Q2 2020vs Q2 2019 | $475.4MM$382.4MM |
| Equity Capital | Q2 2020vs Q2 2019 | $60.7MM$58.3MM |
| Loan Loss Allowance | Q2 2020vs Q2 2019 | $813.00K$1.1MM |
| Unbacked Noncurrent Loans | Q2 2020vs Q2 2019 | $532.00K$721.00K |
| Real Estate Owned | Q2 2020vs Q2 2019 | $0$0 |