Logix Federal Credit Union is returning $6.1 million to 54,029 members in the form of a Loyalty Dividend this week. The dividend will be deposited directly into member accounts.
“It’s so gratifying to be able to provide a Loyalty Dividend to our members, in addition to better-than-market rates that Logix offers every day,” President and CEO Dave Styler said. “This is the third consecutive annual Loyalty Dividend, and the largest in our history, all made possible by our industry-leading financial strength.”
The organization has never reported a financial loss and is rated five-stars for financial strength by Bauer Financial.
“During 2014, we had more members join the credit union than at any time in our history. Record low mortgage rates helped us originate more home loans for our members than ever before,” said John Roemer, Senior Vice President of Marketing, Strategy, and Service Quality. “Add to that our practice of controlling operating expenses, and we generated exceptional earnings. We’re happy to be able to return these earnings back to our members through this loyalty dividend and improved services.”
The credit union strives to provide superior member value, as it will help the organization profitably grow. Since it is a not-for-profit and has no outside investors to pay, Logix returns earnings via market-leading rates and the highest levels of service and security in the industry. If there are any left-over funds, those are returned to the members in the form of a Loyalty Dividend. This is the third-consecutive distribution and fourth in the company’s history.
Most members who had $10,000 or more in combined balances and were with the credit union as of June 30, 2014, were eligible for a dividend. Visit www.lfcu.com/logixdividend for more information.
About Logix
Logix Federal Credit Union is rated “superior” for financial strength and currently has more than $3.9 billion in assets and 142,000 members. Chartered in 1937, Logix offers preferred rates on savings and loan accounts, surcharge-free access to 35,000 ATMs and access to a nationwide network of branches.
Today, Logix is the largest financial institution headquartered in the San Fernando Valley. The credit union operates 14 branches in the San Fernando, San Gabriel, Conejo, Santa Clarita and Antelope valleys, as well as eastern Ventura County.
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64 Comments
I got mine today ya
Chris you get any of this?
Yup
Nice going guys.
I didn’t get any Clara. I am not with logix, I am with BCU credit union.
How much is it per member ?
My parents probably should get one.
The amount varies depending on the extent of the relationship, Maylin. Here’s a link with some details: https://www.logixbanking.com/dividend-faq
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Anthony Sherman
Matt Sreden
Jazz Mays
Only if you have $10k in your accts total. That’s crap, I’ve been with logix since it was lockhead, but there’s no way I could have that much in my acct after I was a single mom that entire time up until recently. I could only wish
Not true I got money from them today
I’ve had it since I was 15 I hope I get something
Thank you for your comment, Jillian. We truly appreciate your membership. One of the reasons we chose $10k in combined balances is because we’ve found that members who consider us their primary banking relationship have either $10k in loans (car, credit, mortgage etc.) or savings (money market, checking, etc.) or some combination of the two adding up to $10k.
As a credit union, our most important job is to maintain fantastic banking services for our members, and that’s where almost all of our profit goes. Thus, every member did benefit in the most important way, as indicated by our industry leading marks in service and our market leading rate and fee structures.. In years where we have a little left over after ensuring the best rates and service for the entire body of membership, the remaining funds are distributed to members who utilize Logix as their primary financial institution. This is because, while we are thankful for every account, not every account is actually profitable to the membership body until a certain threshold is achieved. Since our responsibility is to ensue the financial health of our membership as a whole, we must make tough decisions regarding the award amount for each individual as a reflection of his/her contribution to the profit which lead to the dividend in the first place. We sincerely hope this explanation makes sense, and cannot express our thanks for your membership loudly enough. If you would like more information about the dividend payout structure, please visit https://www.logixbanking.com/dividend-faq
Thank you Logix.for the explanation. Enjoying the extra money.
Gus Gonzalez
Not for the average member. Bummer.
Logix is awesome I lovem
Sarah Shoesmith
What the heck? I hope this is true
Gio Brindis
I love Logix !
Toni Papa
Ha! Not me. Guess I don’t get anything for not keeping $10K in my checking
Thank you for your membership, Justin. I’d like to clarify that it is calculated on combined balances. For example, if a member had $100 in savings, $900 in checking, and a $9,000 auto loan, it would qualify. Please visit this link for details: https://www.logixbanking.com/dividend-faq
I think the 10k refers to “balances” i.e. your mortgage, auto loan etc
That is correct. Thank you for taking the time to clarify that, Sheryl!
Here’s a link to explain: https://www.logixbanking.com/dividend-faq
I got mine! Thanks Logix.
What did you get I saw this lol
Sam Mejia did you get anything?
Allison Ramboldt
Angelina Carrolli
Jane Giampaolo Ramboldt
Steven you need to switch already!
Yeah Steven!! ‘) (but seriously, though, Danielle is a good friend and only wants what’s best for you. You should listen to her. Just sayin’.) (Also, there might be some cash in it for you both. https://www.logixbanking.com/referrals)
This was on the logix website..
On FAQ for what qualifies a member
(1) Services: Members must have two or more services to qualify for a dividend. Eligible services include loan and savings products, such as Checking accounts, Credit Cards, IRAs, and Auto loans. The Share/Savings account is considered a service only if the average balance in that account (in December 2014) was $100 or greater. Members who do not meet the “two or more” services criteria qualified for a dividend if they had at least one of the following services: (1) Mortgage, (2) Home Equity Loan/Line, (3) Checking Account or (4) Money Market Account. Access services such as Online Banking and debit cards do not count toward the “two or more” service requirement.
(2) Balances: The Loyalty Dividend was based on the combined total of all Checking, Savings, Money Market, Certificate, IRA Certificate and loan balances each member had with Logix. We combined the daily average of deposit accounts maintained during the month of December with the loan balances members had outstanding as of December 31.
(3) Payment: We paid a $25 bonus for members with the service relationships described above and $10,000 in combined deposit and loan balances, $100 for members with $25,000, and $225 for members with $100,000.
We got ours and loving it.
Jeff Coburn lol
Shawn Forbes
Thank you Logix!!!
Alfred Irene Delariva
Yes! I received an email today that they made the deposit into my account.
If you get deposit for $112.90 then congrats, your were one of the 54,029
Love Logix and apparently they love me!
Me too
Yazmin Deltoro
Sweet I’ll be in to pick up my $0.85 tomorrow!!!!!!!
Lmao
I got 25$ today from them
Whoa baller! Where are you taking me? I’d say sushi but 25$ isn’t gonna cut it.
Lol ass
I got $100.00
Nick Mitchell I knew when you became 1 of the main men over there good things would happen.
I got mine, thank you! Finally a bank that treats u right.
logix has been the best bank I’ve ever had. It’s like going in to a bar where everybody knows your name!
I was surprised to see $100 in my account today!
Got my $100 yesterday…Logix is the best!
I got my $225 today and find Logix is the best in overall banking, excellent customer service and the best in mortgage loans.
Dustin Grieve
I love Logix! Best credit union ever!
I love Logix! Best credit union ever!
I got $140!! Thanks :)