Lion
Federal Credit Union is now offering Share Draft Accounts to its
members. These are the credit union equivalents to checking
accounts. We invite our members to try the credit union
difference.
Please
contact
Mr.Robert Schultz
for additional information.
For
those members who have already taken advantage of opening a share
draft account at Lion Federal Credit Union, feel free to use the
link below to reorder checks and accessories.
Order
Checks & Accessories
Direct Deposit or
Electronic Withdrawal
All active members can take advantage of direct deposit for items
such as tax refunds, retirement benefits, or portions of direct
deposits from employers who are not currently affiliated with your
credit union. Direct deposit is considered one of the fastest and
safest ways for you to receive your payment. You can provide
your information to a creditor and your account can
be debited through the Internet, by telephone, or on an ongoing
regular basis.
Lion Federal Credit Union's routing and transit number is
282974695. Your account number is your
member
number on your statement and the account would be
identified as a
savings account. Please
contact a staff member if you have any
questions.
Check 21
On October 28, 2004, the Check Clearing Act for the 21st Century
became law. Check 21 guides the creation of substitute checks.
Substitute checks are legal electronic images of the original
checks. Instead of the actual check having to be transported through
the financial payment system, the image can be transmitted
electronically. Check 21 will significantly reduce the amount of
time required for a check to clear.
Anyone writing checks should be aware of the new law. Those
writing checks will need to keep a close eye on their checking
account balances to make sure funds are available on time to avoid
the embarrassment and expense of unexpected insufficient charges.
Beneficiary/Joint
Owner Review
Have you recently had a "life change" event such as marriage,
divorce, birth of a child, or loss of a loved one? Has it been
a number of years since you opened your account at the credit union?
Please be aware that our instructions on how you wish your share
account to be handled are governed by your Member Account Agreement.
It is the same as a signature card and details who is authorized to
withdraw funds and obtain information about your account. It also
lets us know how you wish the account balance to be handled in the
event of your death. If you are unsure how your account is currently
setup, please
contact one of
our staff members so we can review your account agreement and make
sure it is the way you wish it to be structured.
Fees
Inactive/Dormant Fee:
$10.00 per quarter for those accounts
less than $100.00 that have had no deposit or withdrawal activity
over a one year period. This fee can be avoided by maintaining a
minimum balance of $100 or making a deposit or withdrawal at least
once a year.
Loan Application Fee:
$10.00 per loan application. This is collected whether or not the
loan is approved or declined and whether or not a new credit report
is required. This fee is waived on share secured loans and on
applications to purchase a Lion Federal Credit Union repossession.
Excessive Withdrawal Fee:
$10.00 per savings withdrawal after
the third withdrawal in a calendar quarter. Internal transfers to
other savings accounts and loans do not count as withdrawal toward
this fee. Electronic withdrawals do not count toward this fee.
Please remember your share savings account is designed to be a
savings account and electronic withdrawals such as ACH are subject
to limitations established by federal government regulation. The
excessive withdrawal fee is waived for all credit union members age
60 or older.
