Dear Valued Member,

Thank you for your participation in LFCU's Inner Circle. Here is an update on a few issues that you may find interesting.

Remote Deposit: Members Like It

I want to thank all members who weighed in on a potential new service called Remote Deposit Capture. This service makes it possible for members to use a cell phone or home scanner to send the Credit Union an image of a check to be deposited, and to then receive instant credit for such deposits. About 72% of members who responded to the survey are “very” or “somewhat interested” in this functionality. After we review the operational, technology and security impacts of this offering, I will let you know if we decide to move forward.

Rewards Checking: Is it for You?

LFCU is considering a new checking account that will offer a high yield (e.g., 2%… well, high in this environment) in exchange for use of money-saving electronic services and LFCU’s debit card. Members would receive, in the form of higher dividends, the benefit from use of these cost-effective activities. Please share your thoughts about Rewards Checking by taking this month’s one-minute survey.

What Does “Not for Profit” Mean?

Credit unions are somewhat of an anomaly in today’s business world. It’s true that credit unions are “not for profit” financial institutions, but that does not mean they can survive with no income. So how does LFCU balance income requirements, member value, and growth? Please see my recent blog post to discuss.

Sincerely,

Dave Styler
President & CEO

P.S. To access the Inner Circle, simply log in to Online Banking and click the "Inner Circle" link in the left-hand blue menu.