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
Logix Federal Credit Union 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
Related Posts
8/28 - Logix MM Dropped To 0.80% $100K Minimum To $249,999
7/23/10 - 10% 6-Month CD Special ($2,500 Max) at Lockheed FCU (SoCal Only)
4/25/09 - $150 Checking Account Bonus at Lockheed FCU - Branch Visit in CA or NH Required
2/12/07 - Update on the 6% Money Market Account at Lockheed FCU
1/4/07 - 6.00% Money Market Account - $10K Max (Lockheed FCU)
Excellent Rates, Service, And Products
Logix has been my best banking or even credit union experience by far. I have had good experiences with both a mortgage and car loan as well as accounts in general and have quite enjoyed the occasional share dividend (separate from interest on accounts). The recent no-nonsense 1.99% automatic loan for anything (I used it for consolidation--including a Logix account, no restriction nor additional percentage/transfer) was great too.
Sometimes wish the website/phone app was slightly snappier or there were a couple more branches (North Hollywood to Sherman Oaks area would be great) but also appreciate they're not like First Entertainment blowing through all their money to pop up and advertise everywhere while providing mediocre rates and service.
Top Notch Credit Union
This credit union is one of the best decisions I have ever made in my life. I have never looked back after leaving Chase and Wells Fargo. Their customer service is great. And although, the closest bank is about 20 minutes from me, I almost never make the drive because every thing is available over the phone or at other near by Co-Op Credit Unions.
Logix Has The Worst Online Banking System
I have had nothing but issues with their online banking system. Double withdrawal posts when you edit a transaction, can’t edit or delete transaction posted online even if the transaction date is in the future. Also they have problems linking online accounts to mortgages and charge my husband fees requiring him to go into he bank. It hasn’t been fun being charged fees for my other accounts being overdrawn due to a double posting of the same withdrawal request. I’m going to stop using their bank to bank transfer option and just utilize my other banks features. I do not have this issue with my other bank accounts. I do business with 2 other banks.
I do like their credit card services and no foreign transaction fees and some other good things. But as far as technology goes they aren’t really up to speed. They also don’t have electronic signature available or ways of securely uploading documents if you are far from the bank. If you live nearby a branch you won’t have this issue but during covid this is really an issue for everyone.
I hope they continue to improve their online banking system. I have never once been reached out to by a manger or anything even though I have complained profusely to lower level employees about these serious problems causing me additional fees, time wasted and headaches. I could cry if my other bank wasn’t understanding but I doubt I will be able to avoid fees if Logix continues to have issues with their online system double posting requests even though it only shows one request. Perhaps someone should fix that and allow you to cancel the transaction the same business day online. Be careful with their online system you may have already been a victim too. They keep telling me I have to fill out a paper form to request transaction. This is a one time transaction I like the freedom to do it myself. They rely too much on paper and forms. It’s very archaic in this day and age. I can’t remember the last time I had to fill out a “form” for a bank when so many have their “forms” electronic so you can just sign them electronically or in the branch electronically. I think i had to sign paper when I signed up with the bank. That was less than ten years ago... I think they still operate like this today. Except I had to fax or secure email them scanned copies of my paper forms. This really needs to change if they want to make their customers happy.
Services Has Declined!
Service has declined! We have a premiere account, 1. they don’t offer notary services for Trust documents that will only be used for ALL our accounts at Logix.
2. They charge a fee to refinance! that’s NEW
3. The member service knowledge has declined tremendously! Every time I call the rep sounds like they just got up and your bothering them. This is also NEW!
Member service used to be Premier with knowledgeable professional and polite representatives.
Data as of Q4 2021
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 1999 |
| Year Chartered | 1937 |
| Employees | 796 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.26% |
| Return on Equity - YTD | 9.41% |
| Annual Interest Income | $207.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2021vs Q4 2020 | $8.82B$7.93B |
| Loans | Q4 2021vs Q4 2020 | $5.48B$5.05B |
| Deposits | Q4 2021vs Q4 2020 | $7.54B$6.48B |
| Equity Capital | Q4 2021vs Q4 2020 | $1.16B$1.09B |
| Loan Loss Allowance | Q4 2021vs Q4 2020 | $74.7MM$70.3MM |
| Unbacked Noncurrent Loans | Q4 2021vs Q4 2020 | $19.6MM$25.2MM |
| Real Estate Owned | Q4 2021vs Q4 2020 | $0$0 |
