Local Government Federal Credit Union

Overview / Commentary
323 West Jones Street, Suite 600
Raleigh, NC 27603

Local Government Federal Credit Union is headquartered in Raleigh and is the 4th largest credit union in the state of North Carolina. It is also the 113th largest credit union in the nation. It was established in 1983 and as of September of 2022, it had grown to 211 employees and 399,585 members at 2 locations. Local Government Federal Credit Union's money market rates are 4X the national average, and it has a B health rating.

Field of Membership Restrictions

Membership in Local Government Federal Credit Union is open to employees or volunteers with municipalities in North Carolina, including cities, towns and villages, county governments, and other government-related organizations and family of existing members.
See current membership details

Happy Member for over 8 years

I have been a member of my local credit union for almost 9 years now. I have never had any negative experiences with them. I have two checking accounts and a savings account with my local credit union. When it comes to making deposits, it is super quick and easy, even on the busiest days. They know me well and always address me by name. Sometimes they will ask if I have my kids with me and will give a sticker to both my boys. It's always nice to know they remember my family. My debit card number was once compromised and some fraudulent purchases were made online. When I called them, they were very friendly and eager to help me. They were very professional with the whole process and gave me peace of mind, and they even refunded the full amount that had been stolen. Many people do not like the monthly $1.00 fee to use their services but I would gladly pay $10 a month to stay with my local credit union. Their loan rates also are the best around. I've never needed a personal loan from my credit union but I would shop there first before going elsewhere. I know I can rest assured by doing my banking with my local credit union.

Credit Union for the People

I've banked with my local credit union for 9 years and I signed up with them when we moved into the area. There are only two locations in our local area and I frequent one of those closest to me. I originally decided to open an account with them because my husband did, but I've learned that they are the best around. With the option we have locally (which is a very small area) there are a couple of big named banks and I did have another account there but closed it due to the fact that they never recognized me when I came in. My credit union almost always has the same people at the teller desk and they recognize me and ask me about my kids. Between my husband and I we have several accounts, some joint and some not, my regular teller knows the accounts apart due to my needs and I don't have to explain in detail which one I want to work with. There has also been the same account manager at the same location since I can remember. He also knows us and is very knowledgable on our investing needs and account needs. Normally they have better than competitive rates and they always have time for us to explain the best options. The best story I have is that we were on vacation in NYC and someone hacked one of our accounts. We didn't know that it had happened, but the bank caught it that same day and called us immediately to let us know. They took care of everything and had constant communication with us.

My Banking Institution

I think this the best credit union in my opinion because people are very helpful and have a great online banking website. I often purchase items online and can easy see my purchases made when I look at my account online. The online banking website is very easy to understand and navigate. They often post great financial tips and also a financial calculator to help with balances. I would not change. I will continue to bank with this credit union because of helpful advice and great customer service. I would refer people if they are looking to bank with a great bank that has great reputation offers great services.

Local Government Federal Credit Union

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I have been a member of LGFCU for 8 years now. I have a checking and savings account with them. I also have taken out a personal loan with them in the past. I've had only good experiences with this bank. Their tellers are friendly, their fees are minimal, and their interest rates are competitive. The only complaints that I have are that they don't have more convenient hours and that they don't offer the most advanced technology. I would give them a better rating if their hours were more convenient or if they offered a way to deposit checks online by taking a picture so I wouldn't have to go to the bank at all. But with that being said, it's kind of hard to complain when the fees and interest rates are good. I guess it's a trade off. I did have an experience a few years ago in which a store charged me without my authorization. I contacted the bank and they told me that I would have to contact the company to get my money back and they gave me the information to do so. In the mean time, since they felt that my debit card had been compromised, they cancelled that card and sent me a new one without charging me anything. I was able to get the money back through the company and the bank was quick to respond with getting me a new card, I just wish they would've done more on their end. What if the company had refused to refund me? Would I have been stuck with paying for something that I didn't buy?



Health Grade Components

NCUA #24003
Year Chartered1983
Primary Regulator
Profit Margin
Return on Assets - YTD1.28%
Return on Equity - YTD14.9%
Annual Interest Income$108.7MM
Assets and Liabilities
AssetsQ3 2022vs Q3 2021$3.71B$3.25B
LoansQ3 2022vs Q3 2021$3.28B$2.48B
DepositsQ3 2022vs Q3 2021$3.22B$2.95B
Equity CapitalQ3 2022vs Q3 2021$312.2MM$281.3MM
Loan Loss AllowanceQ3 2022vs Q3 2021$26.6MM$22.9MM
Unbacked Noncurrent LoansQ3 2022vs Q3 2021$61.5MM$26.7MM
Real Estate OwnedQ3 2022vs Q3 2021$0$50.00K
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Local Government Federal Credit Union Savings Account Rates

1.87%--Traditional IRA Savings
1.87%--Roth IRA Savings
1.87%--SEP IRA Savings
1.87%--Coverdell Education Savings Account
1.87%--Health Savings Account
0.65%--Fat Cat
0.65%$5-Holiday Cash Club
0.65%--SALO Cash

Local Government Federal Credit Union Money Market Rates

1.56%$250-Money Market Account

Local Government Federal Credit Union Checking Account Rates

0.15%--Interest Checking

Local Government Federal Credit Union CD Rates

3.00%$250-60 Month CD
2.65%$250-48 Month CD
2.35%$250-36 Month CD
2.20%$250-30 Month CD
2.05%$250-24 Month CD
1.95%$250-18 Month CD
1.85%$250-12 Month CD
1.75%$250-6 Month CD

Local Government Federal Credit Union IRA Rates

3.00%$250-60 Month IRA
2.65%$250-48 Month IRA
2.35%$250-36 Month IRA
2.20%$250-30 Month IRA
2.05%$250-24 Month IRA
1.95%$250-18 Month IRA
1.85%$250-12 Month IRA
1.75%$250-6 Month IRA

Local Government Federal Credit Union Locations
Branch Office323 W Jones St Ste 600Raleigh, NC 27603-1369
Corporate Office3600 Wake Forest RdRaleigh, NC 27609-7309

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