For your convenience, here are answers to some Frequently Asked Questions (FAQs) about doing business with Lexington MA Federal Credit Union. If your question is not answered here, please contact us at (781) 862-9011 or e-mail info@lexmafcu.com.
Who is eligible for membership
with Lexington MA Federal Credit Union?
Membership is open to employees and retirees of our Employer
Groups and their family members.
How can I join Lexington MA
Federal Credit Union?
If you meet our eligibility requirements, you can join! Simply open
a Share Savings account with a minimum deposit of $25. Contact
us for more information on becoming a member.
Can children open accounts with
Lexington MA Federal Credit Union?
Yes, if they are relatives of current members.
When is the credit union open?
Please check our business
hours. We are closed on all major holidays, including New Year’s
Day, Martin Luther King Day, Presidents Day, Patriots Day, Memorial
Day, Independence Day, Labor Day, Columbus Day, Veterans Day, Thanksgiving,
and Christmas.
What is Lexington MA Federal
Credit Union's routing number?
Our routing number, also known as our ABA number, is 211383781.
What is a credit union?
A credit union is a cooperative, not-for-profit financial institution,
owned by its members and organized to promote thrift and provide credit
to members. It is managed by a volunteer board of directors, elected
by the membership. The board hires a management team to operate the
credit union. The result: members are provided with a safe, convenient
place to save and borrow at reasonable rates at an institution that
exists to benefit them.
What is the purpose of a credit
union?
The primary purpose of credit unions is to encourage thrift and make
loans to members. As non-profit institutions, credit unions can typically
charge lower rates for loans and pay higher dividends on shares. Rather
than paying profits to stockholders, credit unions return earnings to
members in the form of dividends or improved services.
Who owns a credit union?
Our members! Each credit union member owns one "share" of
the organization. Members age 18 and older are even entitled to vote
on important issues, such as the election of member representatives
to serve on the Board of Directors.
What is the difference between
a credit union and a bank?
Unlike banks, credit unions are member-owned, not-for-profit institutions.
Member-ownership gives us the incentive to focus completely on providing
value to members. Banks are for-profit institutions, typically owned
by stockholders.
Are savings deposits insured?
Yes. All Savings accounts are insured up to $100,000 by the National
Credit Union Administration (NCUA), an agency of the federal government.
Who is eligible for direct deposit?
All members are eligible for direct deposit of funds to their Checking,
Savings, or Loan accounts. Members may arrange for direct deposit of
any regular check, such as their paychecks, pensions, Veterans Administration
(VA) checks, and Social Security payments.
How do I begin direct deposit?
For direct deposit of your paycheck, contact your employer’s payroll
department for the appropriate forms and information.
To arrange direct deposit of your Social Security and/or Social Security Supplemental Income payments, call the Social Security Administration at (800) 772-1213 or call us at (781) 862-9011.
To arrange direct deposit of your pension checks, call your employer’s human resources department.
What should I do if
I my ATM Card or Visa credit card is lost or stolen?
Please call Member Services at (781) 862-9011.
What should I do if I forget
my PIN for my ATM Card?
To reset your PIN, please call Member Services at (781) 862-9011.
How should I inform Lexington
MA Federal Credit Union if I move or change phone numbers?
Please contact us to request a
change of address form.
