Local Government Federal Credit Union (In Detail)

local government federal credit union

If you are looking for a better option than a bank, then you must go for Local Government Federal Credit Union. This article is all about Local Government Federal Credit Union in detail, which will answer all the queries you have in mind about it.

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What Is Local Government Federal Credit Union?

In order to meet the financial needs of local government employees, elected and appointed officials, volunteers, and their families, the Local Government Federal Credit Union LGFCU was founded. Our entire menu of financial services was developed with the goal of bettering the lives of our members. NCUA Federal Insurance. Equal Housing Chance.

For more than 330,000 members throughout North Carolina, we provide financial services that are both reasonable and accessible. Strengthening the financial standing of each of our members benefits the North Carolina communities they serve.

Why Can You Choose Local Government Federal Credit Union?

In order for you to concentrate on what is important to you, LGFCU is committed to assisting you in making the most of your money.

1.      You Are The Owner

Every single one of our members has an interest in LGFCU. No matter how much money they have in their accounts, every member has a voice and can influence how we will go.

2.      You Do Matter

Not a number, but a member. Many of our members are eligible for loans from us that large banks wouldn’t approve, with more affordable rates and programs to assist you in repaying the money.

3.      You Can Trust LGFCU For Your Money

The National Credit Union Administration (NCUA) offers government insurance for up to $250,000 on your eligible deposit and retirement accounts.

4.      Local Government Federal Credit Union Provides You With A Very Comfortable Experience

Our members can make use of the convenience of more than 250 locations and more than 1,000 CashPoints® ATMs statewide thanks to our connection with State Employees’ Credit Union.

Eligibility Criteria

We are the only credit union in North Carolina that only provides services to employees, retirees, volunteers, elected and appointed officials, and those individuals’ families. Moreover, you can join LGFCU if you work for or volunteer in a town, village, city, or county.

In addition, different ways to qualify for eligibility Criteria for Local Government Federal Credit Union are as follows:

  • Volunteer or work at specific hospitals.
  • Adopt a foster child.
  • Be a member of the same direct family as an LGFCU member.
  • Maintain a single household unit and share a home with an LGFCU member.
  • Be the surviving spouse of a member-eligible person who passed away.

The Difference in Cooperation

LGFCU is a cooperative that is not for profit. That implies that our goal of making our members’ lives better informs everything we do. However, when you join LGFCU, you become a part of a movement that starts with your Share Savings Account and spreads to better your neighborhood, North Carolina as a whole, and even the world.

Banks vs. Credit Unions

Credit Unions are very similar to banks, but with little dissimilarities:

BanksCredit Union
Corporations  for profitCooperatives not for profit
Designed to bring in moneyDesigned to give service to their members
Shareholders pay the boards of directors.Boards of directors are composed of volunteer members.
Returning profits to stockholders and top executives      Reduce lending rates, reduce or eliminate fees, increase deposit dividends, and extend the range of financial products and services as a way to give back revenues to members.