Lockport Schools Federal Credit Union

Your deposit insurance coverage has been increased from $100,000 to $250,000 from now until December 31, 2009.

Our coverage is through the National Credit Union Share Insurance Fund (NCUSIF) which is a federal insurance fund backed by the full faith and credit of the U.S. Government.

With recent reports of bank and insurance bailouts by the US government, many still may question the safety and soundness of the financial institution that they do business with. Below is an excerpt of an article found online at Kiplinger’s Personal Finance Magazine, October 2008 (www.kiplinger.com)

When IndyMac bank failed this summer, the lines of nervous account holders trying to withdraw their money made headlines everywhere. But that was an anomaly.

The Federal Deposit Insurance Corp. has taken over ten other banks this year without incident. If you are worried about the safety of your money -- in banks or brokerages, such as Lehman Brothers, which filed for bankruptcy September 14 -- or money you've paid your mortgage service for taxes or insurance, here are answers to your pressing questions.

I bank at a credit union. Is my money insured? Yes. The National Credit Union Share Insurance Fund (NCUSIF), which was established by Congress and is backed by the U.S. government, insures individual accounts up to $100,000. As with FDIC insurance, a two-person joint account is insured up to $200,000.

Are my credit-union retirement accounts insured? Yes, the NCUSIF covers retirement accounts, too. The funds in traditional and Roth IRAs are added together and insured up to $250,000; Keogh accounts are insured separately up to $250,000. If you have both IRAs and a Keogh at your credit union, you can have a total of $500,000 in insured retirement assets.

How can I check to see if all my money is insured? Both the FDIC's Web site and the National Credit Union Administration's site have a calculator that allows you to plug in all your accounts and the amounts deposited so you can find out whether any of your money is uninsured. Go to www.fdic.gov and click on the Electronic Deposit Insurance Estimator (EDIE), or go to www.ncua.gov and use its Share Insurance Estimator Report.

E-Statements Agreement and Disclosure plus Application

Sign up today to receive your LSFCU statements electronically. Your statement will be posted on the Home Banking Web site a few days after the statement period ends. Once you begin using E-Statements a history of your statements begins to be built online. Click here for the Agreement and Disclosure plus Application. After the Agreement, complete the Application and send or take it to the office for enrollment.

The staff at LSFCU loves to see your smiling face. But when you don't have time to visit us in person, how about visiting us online?

Online Home Banking can save you time. You'll no longer have to wait at an ATM to check your balance, and you can view your accounts anytime--not just during hours of operation.

With Home Banking you'll be able to:

As long as you have access to the Internet, online banking allows you to contact us from anywhere. It's especially convenient for members who aren't always in close proximity to the credit union.

This module purchase has been made possible, in part, by a grant from the New York Credit Union Foundation.

2. For security, the application will need to be received before the Home Banking feature is set up for you in the office.

3. When this has been completed, we will contact you. Then click here to enter Home Banking or the Home Banking button on the left sidebar.

4. Please use your account number to login. (For example: If 1/2222.0 was your account number, the account number you would use to Login would be 22220). Please do not use the “1”, “/” or decimal point.

5. Your initial Password will be the first 5 digits of your social security number. As soon as you logon, you will be prompted to change your password. The Password maximum length is 7 letters and/or numbers.

*** The safest password (most difficult to "crack" by Internet thieves) is a random "jumble" of letters AND numbers that does NOT contain your name or other personal information such as your address, date of birth, names of children, etc. Once you have created a user ID and password, you are then ready to access your accounts.

If you have any questions, please call the office at 716-433-7740 or stop in if you want assistance.

External links provided on this Web site are for informational purposes only. By linking, you will be leaving LSFCU’s Web site and going to a site not maintained by LSFCU. Consequently, LSFCU cannot be responsible for the content of alternate sites and cannot represent you or the third party if you enter into a transaction. Privacy and security policies of such sites may differ from those practiced by LSFCU.