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Checking
A Lafayette Federal checking account offers the conveniences of bank checking,
plus these very distinct advantages:
- Dividends. Funds in your checking
account earn dividends from the date of deposit. They are
credited to your account quarterly.
- No Account Maintenance Fees. There are
no minimum balance requirements, no monthly service fees
and no per-check charges.
- Easy Record Keeping. Duplicate checks
allow you to retain a record of each check written. We can
also provide you with a copy of cancelled check for a nominal
fee.
- REDI-CASH Overdraft Protection. Never
worry about bounced checks again! REDI-CASH is a line of
credit that can be used as overdraft protection or to get
a cash advance when you need it.
More REDI-CASH information
- LFCU MasterCard Debit Card. This debit card allows
you to make purchases and get cash anywhere MasterCard,
Cirrus, Credit Union 24 or Member Access cards are
accepted.
Information on our ATM network
Rates, Disclosure, Request Information, Apply
See How We Stack Up Against the Competition
Link to full Comparison PDF.
Relationship Checking
At Lafayette Federal, we know that the best relationships are the most rewarding. That’s why our Relationship Checking program rewards those members who choose to maximize their financial relationship with us. If you have a checking account with direct deposit and you save and borrow at Lafayette Federal, you may qualify for a Presidential, Premier or Preferred Checking Account that provides an attractive package of rewards. And the more rewards you get, the more money you save and earn.
There are three different levels of relationship checking: Presidential, Premier and Preferred. If you participate in relationship checking, your current level is indicated on your account statement every month. Take a look at the chart to see how you can qualify for each rewards level and its money-savings benefits!
Rates, Disclosure, Request Information, Apply
Money Market Accounts (NEW)
Get more from your money with a Money Market Account!
We offer both personal money market accounts and business money market accounts. The two accounts are similar in most respects. There’s no maintenance fee for either account. You can open either account with any deposit; however the minimum balance at which you start earning dividends for personal money market accounts is $2,500 and $10,000 for business money market accounts. You must maintain the minimum balance for the entire monthly statement cycle to earn dividends.
Accessing your account is easy with a money market account. You can do it in person at the credit union, of course, but you can save yourself a trip by using Online Banking. You can also use the checks we’ll issue you. Although money market accounts are more liquid than share certificates, withdrawals are subject to certain federal regulatory limits. Six transactions are permitted per month when withdrawals are done by telephone, audio response system, fax, online banking, transfer to another LFCU account or a third-party account, preauthorized, automatic or telephone agreement or bill payment transfer to another account of the member or a third party. (A fee is applied each time this limit is exceeded).
If you would like to open a Personal Money Market Account, please complete the Amendment to Application for membership. Send completed forms either by a) fax 240-747-3379; b) mail 3535 University Blvd West, Kensington, MD 20895 Attention: Member Services; c) e-mail memberservice@lfcu.org. The completed forms should also be sent in with a valid driver’s license/state issued identification or passport. Members may fund their new Money Market account by sending us a check deposit, sending a secured message through online banking or sending us a written and signed letter with instructions to debit an existing LFCU account.
For more information about Personal Money Market Accounts, please visit a branch or call us at 301-929-7990. For Business Money Market Accounts, contact Business Solutions at 301-929-7994 or email us at BusinessSolutions@lfcu.org.
Rates, Disclosure, Request Information
Overdraft Privilege
Overdraft Privilege helps protect you against
having your checks returned in the event of an inadvertent
overdraft of your account by giving you a reserve for emergencies
or unexpected situations. There is no fee for having this
privilege on your account, you are only charged if you overdraw
your account.
Overdraft Privilege is not a line of credit.
However, if you overdraw your account, we will normally pay
the overdraft, subject to the limit of your Overdraft Privilege
- after any Lines of Credit already established have been
exhausted.
More
details about Overdraft Privilege, including terms and
conditions.
ATM Overdraft Opt-in
What if I want Lafayette Federal Credit Union to authorize and pay overdrafts on my ATM transactions?
- If you also want us to authorize and pay overdrafts on ATM transactions, please complete the Courtesy Pay Opt-IN Form via Online Banking or stop by any of your local branches.
- To Opt-Out of Courtesy Pay, please use this form.
The New Check 21 Regulation
The Federal Reserve Board implemented a
new regulation called "Check 21" on October 28,
2004. This regulation was intended to make the movement of
a check through the Federal Reserve System more efficient.
It permits credit unions and other financial institutions
to use a new negotiable instrument called a "substitute
checks" in place of an original check. A substitute check
is the legal equivalent of the original check and includes
all of the same information.
How will Check 21 affect you? The
most noticeable way it affects Lafayette FCU members is that
checks will clear sooner, increasing the risk that a check
will be returned if the funds are not in the account when
the check is written. You are urged to always be sure funds
are available in your accounts prior to writing checks.
For more information about this regulation,
visit www.federalreserve.gov.
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