This credit union name may be new to you. It's the new name for Lockheed Federal Credit Union. On July 9th the name changed to Logix Federal Credit Union. It's now offering a nice checking account promotion in which you can earn up to $150. Details of the offer are listed in this Logix checking bonus page. To qualify for the full $150 requires the following:
- $50 when you open a Checking Account with a $250 initial deposit or more
- $50 when you sign up for monthly direct deposit of $250 or more
- $50 when you make three or more electronic payments of $50 or more (per payment) through Web BillPay
Some additional important details from the small print are listed below:
Direct Deposit and Bill Pay activity must occur within your first 60 days after Checking Account open date to earn bonus. Bonus will be deposited to your checking account within 30 days of required activity. Bonus amounts are taxable. Limit one per household. Current Logix checking accounts are excluded from this offer.
Update 8/19/2014: New accounts must be opened in person at a Logix FCU branch location to take advantage of this offer.
There are potential monthly fees with the 3 checking accounts that are available. You can compare them in this checking page. The Advantage Checking seems to be the best one since you can have the monthly fee waived with e-statements. The credit union is partnered with the CO-OP ATM Network which gives members access to free ATMs throughout the nation.
Membership and Application
Update 8/19/2014: American Consumer Council can no longer be used to join the credit union. According to the first page of the online application, membership is open only to those who live in one of the following states: AZ, CA, DC, MA, MD, ME, NH, NV, or VA. Exceptions can be made if you're a family member of a credit union member.
Credit Union Overview
This Credit Union Times article provides some background on the name change:
The new brand, rolled out in a series of emails to members, should help the Burbank, Calif., credit union eliminate ongoing confusion over membership eligibility, a problem that has long plagued the credit union, explained David Styler, president/CEO.
The credit union started to separate from Lockheed Martin Corp. in 1996 when it became a separate entity. It continues to serve Lockheed's employees, but as the name and the expanded field of membership show, it's trying hard to expand membership beyond the company.
Credit union branches are located in several areas of Southern California including the cities of Burbank, Pasadena, Woodland Hills and Santa Clarita. Logix is also part of the CU Service Centers.
Logix is a large credit union with $3.36 billion in assets and 406 employees. The credit union has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas ratio of 6.95% (excellent) based on June 2012 data. Please refer to our financial overview of Logix FCU for more details. The credit union is federally insured by the NCUA (Charter # 1999).
Other Credit Union and Bank Bonuses
We have a bank promotions page with a table of all of the active bank and credit union promotions. You can filter the table based on the type of promotion and based on your state. I have more details about how to use this page in this blog post.
Edit 10/18/2012: Added more details about membership.