Who Can Join?
Membership in Lion Federal Credit
Union is open to current or retired employees of Sponsoring Employers.
Immediate Family
Members Can Also Benefit
Immediate family members of current
credit union members also qualify to join the credit union. Immediate
family includes:
- spouse
- mother, father
- stepmother, stepfather
- father-in-law, mother-in-law
- son, stepson
- daughter, stepdaughter
- brother, half brother, stepbrother, brother-in-law
- sister, half sister, stepsister, sister-in-law
- son-in-law, daughter-in-law
- grandmother, grandfather, grandchildren
- adopted children, foster children
Any member who leaves the employment
of a sponsoring company for any reason may retain their membership
provided the established criteria is met and retention is approved by
the Board of Directors.
How Can I Join?
A membership application card is
filled out applying for one share for at least $5. This is NOT a
fee to join. It is an investment (saving) in the Credit Union
and makes you a member.
Available Share
Accounts
Regular
- This is an account which has one or more shares. Dividends
are paid as set by the Board of Directors. Statements on all
accounts are mailed quarterly.
IRA
- Individual Retirement Account. Deposits may be
made direct or via payroll deduction. Investments in IRA's are
put into shares and the Interest is paid quarterly at a higher rate
than regular shares. Interest is tax deferred and many members
qualify for income tax benefits.
Christmas Club - This type of account may be opened
at any time, even though the regular year begins in November with
checks being sent on or about November 1st of each year.
Withdrawal prior to the annual disbursement date will close the
Christmas Club account for that year.
Share
Certificate - Structured like certificates of
deposit, these instruments allow the member to lock in interest
rates over a specific period of time. The minimum amount for a
certificate is $2,000 and they can be purchased for terms of up to
36 months. Special interest rates are available for
certificates of $75,000 or greater.
Share
Drafts - This account is a credit union checking
account. The minimum opening limit is $100 and there is no fee
for the account. Deposits may be made in person, by mail, by
direct deposit and through payroll deduction. They are
federally insured up to $100,000 by the National Credit Union
Administration (NCUA.) Credit Union accounts are priced less and
have fewer fees than at other financial institutions.
Statements are mailed out monthly for this account.
Become a Sponsoring
Employer
Lion Federal Credit Union would
appreciate the opportunity to expand its base of membership.
Membership is open to those companies whose employees work in or are
paid from the El Dorado, Arkansas area. Our sponsoring companies agree
to setup a payroll deduction program for those employees who wish. All
potential employer groups are subject to Board of Director and
National Credit Union Administration approval. Please
contact a credit union staff member
for additional information.
