Logix Federal Credit Union
Popular Accounts at this Credit Union
| APY | ACCOUNT TYPE | ACCOUNT NAME |
|---|---|---|
| 1.65% | 5-year CD | 60 Month CD 3.00% - Barclays 60 Month Online CD |
| 0.75% | 1-year CD | 12 Month Flex CD 0.96% - National Average |
| 0.25% | Savings | Additional Savings |
Headquartered in Burbank, California, Logix Federal Credit Union (formerly Lockheed Aircraft Employees Federal Credit Union) was founded in 1937 with just twelve charter members. Today, the member-owned credit union serves over 100,000 members at over 10 branch locations in Southern California – as well as through online banking options available to the residents of several other states. Logix FCU prides itself on high ratings for customer service.
Logix FCU provides a range of personal depository banking products, including checking accounts, savings accounts, money market accounts, Certificates of Deposit (CDs), and Individual Retirement Accounts (IRAs). All of Logix’s checking accounts feature convenient online and mobile banking, including mobile check deposits and bill payment options. Premium checking options require certain minimum balances.
Logix’s money market accounts offer higher APYs for higher balances and are federally insured up to $250,000. Its CD terms range from 91 days to 60 months, and the 12-month bump rate CD includes a one-time rate bump up at the time of this writing. Finally, Logix offers Traditional and Roth IRA products, as well as Coverdell Education Savings Accounts (CESA), with interest rates that match its money market accounts.
Logix FCU does not offer business depository banking products. However, it does provide commercial real estate and small business administration (SBA) loans.
Field of Membership Restrictions
Membership is open to residents of Arizona, California, the District of Columbia, Massachusetts, Maryland, Maine, New Hampshire, Nevada, and Virginia. (membership requirements are listed in the credit union's online application)
See current membership details
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| Featured Account Options | SPONSORED LISTINGS |
Logix Federal Credit Union has been solid, dependable and up to date.
My membership with Logix Credit Union began with Lockheed Federal Credit Union. I joined when I lived in the Los Angeles area, near Burbank, which was their main branch and have been a member since the 1990s. They more recently changed their name and have maintained their tradition of great customer service and making members feel valued. They offer full services, are customer oriented and going into the branch or on the phone are good at making me feel like a valued member.
I now live in Arizona and bank online and by phone. Either way their service has been great. They process requests quickly, in a friendly manner and give accurate information. I have checking, a debit card and savings accounts with them and have had no issues or problems. They have been rock solid and always there when I have needed them.
Chexsystems Inquiries
My initial application for membership was declined because of the number of ChexSystems inquiries (not negative information, just the number of inquiries). I was able to join after appealing the decision, and the credit union has some unique products: it's one of the few that offers mortgages on investment properties instead of primary residences.
Sloppy, Lost All Account Materials
Customer service assured me could open roll-over of IRA from another place into Roth IRA. Sent application in with signatures and lotsa documentation. Was assured that it had been received. Months later nobody there has any idea of ever receiving or processing same. Maybe you need a branch nearby to use. Moved on, Roth IRA now with stockbrokerage.
Times Have Changed
LOGIX is not the same bank as in the past. Besides anemic savings and CD rates they discontinued their annual loyalty dividend, claiming that building new comfortable corporate offices better served its members. But even worse is the new policy of charging a $5 monthly fee for customers who do not maintain an aggregate balance of $1,000 at all times. LOGIX has now adopted the personality of the “big boys”. From 5 stars to none, have to give the lowest available, one.
Health Grade Components
| Overall | |
|---|---|
| NCUA # | 1999 |
| Year Chartered | 1937 |
| Employees | 635 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.54% |
| Return on Equity - YTD | 9.87% |
| Annual Interest Income | $53.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2018vs Q1 2017 | $5.55B$4.89B |
| Loans | Q1 2018vs Q1 2017 | $4.97B$4.35B |
| Deposits | Q1 2018vs Q1 2017 | $4.26B$4.05B |
| Equity Capital | Q1 2018vs Q1 2017 | $850.2MM$773.7MM |
| Loan Loss Allowance | Q1 2018vs Q1 2017 | $57.8MM$53.0MM |
| Unbacked Noncurrent Loans | Q1 2018vs Q1 2017 | $16.5MM$17.7MM |
| Real Estate Owned | Q1 2018vs Q1 2017 | $0$591.00K |
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
