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LMCU January 2021 Newsletter

Posted December 30, 2020  |   Topics: Newsletters

Earn more. Pay less. Stay cozy.

Learn what's happening at LMCU.

Santa Squad 2020 Recap

Here’s to another successful Santa Squad season! Despite being in the midst of a pandemic, our Santa Squad elves spent many hours working hard to safely bring holiday cheer to your local communities from at least 6 feet away (and often times virtually). Here’s a few of the many things accomplished this year:

  • Sent out 50 gifts purchased from local small businesses through our new Gift the List giveaway.
  • Awarded 25 deserving teachers with a $1,000 grant each through our new My Teacher is… Grant program.
  • Mailed over 90 College Care Packages to college students that included local treats and comfort items.
  • Donated 400 Grand Rapids Children’s Museum play-at-home kits to Grand Rapids Public Schools students.
  • Donated treats to essential workers at 15 hospitals across Michigan and Florida.

Visit to get caught up and watch our weekly update videos.



Deposit checks from the comfort AND SAFETY of your home

To help our members stay safe, LMCU’s mobile app features mobile check deposit. Just sign your check, take a photo using your phone, then upload the photo using the LMCU app. No social distancing, no mask, and no hand sanitizer required because there’s no need to leave your home. See how it easy it is, click here.

To deposit checks, check your account status and so much more, download the LMCU mobile app for FREE on Google Play or the Apple App Store.



Opening soon in Estero and Berkshire Commons

LMCU is growing! Our branch in Estero, Florida, located at 21910 S Tamiami Trail, is opening on January 25, and our Berkshire Commons branch, located at 7405 Devonshire Blvd in Naples, Florida, opens January 11. Both branches will offer multiple banking options, including contactless banking through our drive-thru.



Three strategies for digging your way out of debt faster.

Debt has a way of piling up faster than the snow in your driveway. (For our Florida members, use your imagination and try not to rub it in.)
Here are three strategies for digging your way out of debt.


1. The Snowball Method

With the snowball method, you make the minimum payments on all of your loans and use whatever money’s left over to pay off the smaller debts first. It’s like shoveling your sidewalk before you take on the driveway. It feels good to accomplish something right away, and allows you to focus on the bigger loans moving forward.


2. The Avalanche Method

With the Avalanche Method, you make the minimum payments on all of your loans and use whatever money is left over to pay off the loans with the highest interest faster — saving you hundreds in the long run (cue the celebratory hot chocolate).


3. The Snowblower Method

Okay, so we just made up the term “Snowblower Method,” but the point is, there’s an easier, more efficient way to get out of debt. With debt consolidation, you take out a new, low-interest loan — such as an LMCU home equity loan at 3.00% APR* — and use the money to pay off your loans all at once. What you’re left with is one loan payment at a lower interest rate, saving you hundreds or even thousands on interest.

To learn more about these financial tips visit or visit to apply for a home equity loan today.

*APR = Annual Percentage Rate. Best rate available to well qualified borrowers with under 80% Combined Loan to Value (CLTV). Assumes auto-pay from LMCU checking account. Your rate may be higher based on your specific CLTV, term, and credit score. Rates as of 11/23/2020. Rates subject to change after account opening. HELOC rates are variable and based on the current index margin; rates will not exceed 12%. Payment example: A HELOC with a balance of $20,000 at 3.00% APR will have 120 interest-only monthly payments of $50.96. After the 120 interest-only payments, the full amortization monthly payment will be $138.12 for 180 payments. Home equity loans are available for properties located in Michigan and limited counties in Florida. Fees may differ in Florida. Terms, loan amount maximums, and other restrictions apply. Call or see branch for details. $5 membership required if not a member.



They said to stay home. But they didn’t say which home.

In 2020, you worked from home. You shopped from home. You staycationed from home. The point is, you might be ready for a change of scenery in 2021. If you’re in the market for a new home, here are four ways to help you save for the down payment.


Make a budget (and stick to it).

As a member, you already have free access to our budget tool within online banking and our mobile app. Set aside different amounts for different needs, and track your spending to keep pace.


Create sub savings accounts.

Once you’ve made a budget, you can use online banking to create sub savings accounts within your regular savings account. Define your sub savings accounts by name. Decide how you want to divide your money. And each month the dollars you assigned to each account will deposit automatically. The best part is your sub savings accounts can still earn up to 0.25% APY.**


Take our money, please.

With our 3% Max Checking account, you can earn nearly $450*** extra in interest every year. And with our Max Rewards Credit Card, you can earn an average of $190 in cash back every year. That’s $640 of free money.


Lower your down payment.

The easiest way to save enough for a down payment is to decrease the down payment. At LMCU, we offer multiple low down payment mortgage options with as little as 0-3% down† and participate in down payment assistance programs.

For more financial tips, check out our Wallet Wisdom blog and podcast at If you’re ready to get pre-qualified, connect with one of our expert Loan Officers at or call (844) 754-6280.

**APY = Annual Percentage Yield. Rate as of 12/4/20 and subject to change after account opening. $300 minimum daily balance to avoid $5.00 monthly fee. Monthly fee waived for members with additional account relationships and those who are 23 and younger. ***Nearly $450 is earned at 3.00% Annual Percentage Yield (APY) on balances of $15,000. Rate as of 12/4/20 and subject to change after account opening. No minimum balance required. Interest not paid on balances over $15,000. To earn 3.00% APY, some requirements apply. On all accounts, $5 membership required if not a member. Fees may reduce earnings. †For well-qualified borrowers.



The number one ongoing low-rate credit card in the nation.

At just 6.25% APR the interest rate on our Prime Platinum card is three times lower than the average credit card rate. With no annual fee and credit lines up to $25,000, you can use it to consolidate high-interest debt, or keep it in your back pocket for emergencies.

Learn more at

‡NerdWallet™, 2020. §APR = Annual Percentage Rate. Rates as of 11/23/20. Rates are variable and subject to change after account opening. Lowest rate featured based on credit score of 760. Cash advance fee: 3% of cash advance. International transaction fee: 1% of transaction. Late payment fee up to $25. Subject to credit approval and income qualification. Other rates and terms available, contact us for more information. $5 membership required if not a member. ◊Rates based on US News, January 2020.



Combine your home and auto and you could save $650.

From license plates to plate plates, Lake Michigan Insurance Agency has your home and auto covered.

Right now, you could save $650 a year when you bundle your home and auto insurance with Lake Michigan Insurance Agency. That’s like eight years of license plate tag renewals or eight years of paying your kids to do the dishes. Dishes you did for nothing when you were their age. And that was before dishwashers. Make sure to remind
them of that.

Get your free quote today at

¶$650 savings based on average customer savings who bundle home and auto. Your actual savings may vary.



The 2020-2021 Hutt Scholarship deadline is almost here.

Our annual Lloyd F. Hutt Scholarship program now provides 20 high school seniors each with a $2,000 scholarship. Applicants are asked to write an original essay that explores a specific topic. This year’s topic is “A Day in the Life. Describe one day in your life from the past year.”

The essay deadline is January 31, 2021. Interested high school seniors must complete an application online at

Winners will be announced in LMCU’s May 2021 newsletter, on LMCU’s social media channels, and at


Make sense out of dollars with Wallet Wisdom.

LMCU is expanding Wallet Wisdom with the addition of a FREE financial library of knowledge, learning modules, and advice. We are taking doing what’s right for our members to another level with this new tool focused on promoting financial wellness surrounding topics like debt consolidation or saving for your first house. Whether you prefer to read blog articles, watch webinars, or play “what-if” with financial calculators, Wallet Wisdom translates complex financial jargon into plain English. All in one place. All for free. It’s just one more way we’re helping you be healthy, wealthy, and wise. Visit to get started.



LMCU Financials

As of November 31, 2020

Assets -$9,047,667,346
Loans -  $6,317,117,569
Deposits -$7,615,214,428
Members - 485,763


Topics: Newsletters