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
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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.
Beware Of Newly Imposed Low Balance Fees
After carrying a six- figure Logix credit card balance and paying them close to $100 monthly interest and always making on- time payments for several years, I finally was able to pay off my card. Within a week, I received a letter informing me that a $5 per month low-balance maintenance fee would now be assessed unless I either boosted my credit card debt, or keep $1,000 on deposit. I belong to five other credit unions and have never seen this kind of BofA.-style nickel and diming , money squeezing B.S at any credit union. Wrote a much more polite, complaint letter to [email protected] (Chief Op Ofc) and [email protected] (CFO) and neither responded. I closed my account yesterday. You can do much better elsewhere. Try NASA credit union, which is open to the public if you buy a one time association membership of around $20 if I recall the amount correctly, or try PenFed. Say goodbye to Hollywood.
Health Grade Components
| Overall | |
|---|---|
| NCUA # | 1999 |
| Year Chartered | 1937 |
| Employees | 740 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.16% |
| Return on Equity - YTD | 7.38% |
| Annual Interest Income | $240.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2019vs Q4 2018 | $6.29B$6.02B |
| Loans | Q4 2019vs Q4 2018 | $5.55B$5.42B |
| Deposits | Q4 2019vs Q4 2018 | $5.14B$4.48B |
| Equity Capital | Q4 2019vs Q4 2018 | $981.9MM$908.3MM |
| Loan Loss Allowance | Q4 2019vs Q4 2018 | $67.2MM$60.6MM |
| Unbacked Noncurrent Loans | Q4 2019vs Q4 2018 | $25.7MM$20.3MM |
| Real Estate Owned | Q4 2019vs Q4 2018 | $0$0 |
