Logix Federal Credit Union


Overview / Commentary
818-565-2020
2340 N Hollywood Way
Burbank, CA 91505-1124

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

A Very Efficient Bank

Posted by: |

I've only been a member since 2014, but I sure enjoy doing business with this credit union. I have a mortgage with them, which was an extremely efficient, painless process, as well as my checking and money market accounts. Their customer service is pretty awesome, both on the phone and in person. The web site is easy to use, too. And oh yes, their rates are good, too. I would recommend Logix to anyone.

Logix Has The Worst Online Banking System

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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!

Posted by: |

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.

Best Bank Ever

I am a retired Lockheed Skunk Works employee. Join the credit union 37+ years ago. I wouldn’t think of banking anywhere else. Logix is the absolute best. One by one I’m getting my family members to join. Everyone is so happy with Logix.

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Health
A+

Health Grade Components

Overall
NCUA #1999
Year Chartered1937
Employees748
Primary Regulator
Profit Margin
Return on Assets - YTD1.18%
Return on Equity - YTD8.41%
Annual Interest Income$230.7MM
Assets and Liabilities
AssetsQ4 2020vs Q4 2019$7.93B$6.29B
LoansQ4 2020vs Q4 2019$5.05B$5.55B
DepositsQ4 2020vs Q4 2019$6.48B$5.14B
Equity CapitalQ4 2020vs Q4 2019$1.09B$981.9MM
Loan Loss AllowanceQ4 2020vs Q4 2019$70.3MM$67.2MM
Unbacked Noncurrent LoansQ4 2020vs Q4 2019$25.2MM$25.7MM
Real Estate OwnedQ4 2020vs Q4 2019$0$0
Rates

Rates for Logix Federal Credit Union are currently being reviewed.

Locations

Availability

Los Angeles Area

Interactive local rates map


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